旅游市场恢复却增收不增利，出行平台活力集团再度递表港交所

Core Viewpoint - Vigor Group, a pioneer in the travel service market, is seeking to go public on the Hong Kong Stock Exchange to expand internationally despite not holding a leading market share in online ticket booking [2][3] Group 1: Market Position and Performance - Vigor Group is currently the fifth largest third-party platform for online flight bookings with a market share of approximately 1.9% and the third largest for online train ticket bookings with a market share of about 2.4% as of 2024 [3] - The largest competitor in the comprehensive internet travel service market holds around 44.4% market share, indicating significant competition [3] - Despite a notable revenue increase from 280 million yuan in 2022 to 647 million yuan in 2024, the company faces a situation of revenue growth without profit growth [3][4] Group 2: Revenue Breakdown - Vigor Group's revenue is derived from three main segments: travel-related services, online marketing services, and data and technology services [4] - Travel-related services generated 267 million yuan, accounting for 41.3% of total revenue, primarily from flight ticket commissions [4] - Online marketing services and data and technology services contributed 55.1 million yuan and 20.9 million yuan respectively, with travel-related services making up 85.2% of total revenue [5] Group 3: Profitability Challenges - The company reported a decrease in net profit from 59.3 million yuan in 2023 to 51.2 million yuan in 2024, a decline of 13.8% [5][6] - Increased costs from service providers and rising sales and marketing expenses contributed to the profit decline, with sales costs rising from 217 million yuan to 301 million yuan and marketing expenses increasing from 115 million yuan to 145 million yuan [6] Group 4: Future Expansion Plans - Vigor Group plans to leverage its technology platform to enter overseas markets, particularly in Asia, focusing on Singapore, Japan, and South Korea, where market concentration is lower than in China [6] - The company has established a regional headquarters in Hong Kong and aims to gradually penetrate these markets over the next five years [6]