新股前瞻|快驴科技：年营收16亿，身患最大供应商超威“依赖症”

Core Viewpoint - Kuailu Technology, a leading short-distance green travel technology service provider in China, has submitted its IPO application to the Hong Kong Stock Exchange, marking its first attempt to go public [1][2]. Company Overview - Founded in 2014, Kuailu Technology focuses on providing customized solutions for light electric vehicle users, large commercial logistics, and urban green shared travel users [1]. - The company has developed a comprehensive ecosystem centered around Kuailu Travel, Kuailu Selection, and Kuailu Education, offering diverse products and services [3]. Financial Performance - Kuailu Technology's revenue has shown significant growth, with reported revenues of 1.311 billion RMB, 1.223 billion RMB, and 1.631 billion RMB for the years 2022, 2023, and 2024 respectively, despite a 6.7% decline in 2023 [3]. - The net profit figures for the same years were 6.293 million RMB, 2.295 million RMB, and 7.993 million RMB, indicating notable fluctuations in profitability [4]. - As of December 31, 2024, the company reported a net cash flow from operating activities of 84.31 million RMB and cash and cash equivalents of 312 million RMB, reflecting a healthy financial structure [4]. Market Position - Kuailu Technology holds a 2.2% market share in the short-distance green travel technology service sector, making it a leading player in the industry [2]. - The overall market for short-distance green travel services in China is projected to grow from 43.9 billion RMB in 2020 to 72.2 billion RMB in 2024, with a compound annual growth rate (CAGR) of 13.3% [8]. Competitive Landscape - The company faces increasing competition from both independent service platforms and traditional electric two-wheeler manufacturers, which could pressure its market share [9]. - Kuailu Technology's reliance on a single supplier, Chaowei Group, poses a risk, as approximately 98.5% to 99.2% of its total purchases from 2022 to 2024 were from this supplier [6][7]. Strategic Initiatives - To address competitive pressures, Kuailu Technology plans to use IPO proceeds to expand its service network, enhance store image, and develop new product experience zones, among other initiatives [9].