新股前瞻|活力集团再递表：年营收突破6亿，“出行热”背后仍不乏成长困扰

Core Viewpoint - The travel market in China is experiencing significant growth, with a projected increase in total revenue from RMB 6.4 trillion in 2024 to RMB 12.8 trillion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9% [1]. Company Overview - Vigor Group, a travel service platform based in Shenzhen, has submitted its listing application to the Hong Kong Stock Exchange, aiming for a mainboard listing [2]. - Founded in 2009, Vigor Group has evolved from a flight information application to a comprehensive travel platform, integrating various transportation modes [2]. - The company reported a gross merchandise volume (GMV) of RMB 40.5 billion in 2024, ranking 8th nationally in the comprehensive travel service platform market, with a market share of 1.4% [3]. Financial Performance - Vigor Group's revenue has shown substantial growth, with figures of RMB 280 million, RMB 502 million, and RMB 647 million from 2022 to 2024, representing a CAGR of 52% [4]. - The revenue structure is primarily composed of travel-related services, online marketing services, and data and technology services, with travel-related services accounting for over 85% of total revenue [4]. - Despite revenue growth, the company's net profit has fluctuated, with net profits of RMB 758,000, RMB 59.3 million, and RMB 51.2 million from 2022 to 2024 [4]. Market Dynamics - The Chinese travel market is diverse, with the integrated internet travel service market expected to grow from RMB 670 billion in 2019 to RMB 992.2 billion in 2024, at a CAGR of 8.2% [6]. - By 2029, the revenue of the integrated internet travel service market is projected to reach RMB 1.7 trillion, with the online transportation booking market expected to reach RMB 1.4 trillion [7]. Competitive Landscape - Vigor Group holds a competitive position in the online train ticket booking market, ranking third with a market share of approximately 2.4%, and fifth in the online flight booking market with a share of 1.9% [10]. - The online travel market in China is highly concentrated, with the top three platforms (Ctrip, Meituan, and Fliggy) holding 88.2% of the market share, posing challenges for smaller players like Vigor Group [11]. - The company faces pressures from user demand for enhanced travel efficiency and technological advancements, as well as competition from official platforms and regulatory scrutiny regarding user data [11].