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盛威时代拟港股IPO 业绩持续亏损
Zhong Guo Zheng Quan Bao·2025-09-12 15:25

Core Viewpoint - Shengwei Times Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, primarily providing urban ride-hailing services and intercity passenger transport information services, but has reported continuous losses in recent years [1][2]. Financial Performance - The net profits for Shengwei Times from 2022 to the first half of 2025 are as follows: -499 million yuan, -482 million yuan, -426 million yuan, and -90 million yuan, indicating ongoing financial losses [2]. - The operating revenues for the same period are: 816 million yuan, 1.206 billion yuan, 1.594 billion yuan, and 903 million yuan, showing a growth trend in revenue despite the losses [2]. Business Operations - Shengwei Times has established operations in over 30 provinces and regions, providing customized passenger transport services in collaboration with various transport enterprises [2]. - The company ranks 14th in the domestic ride-hailing market based on total gross transaction value (GTV) for 2024 [2]. - The revenue from ride-hailing services constitutes a significant portion of total revenue, accounting for 86.2%, 85.3%, 88.9%, and 90.4% from 2022 to the first half of 2025 [2]. Liabilities and Financial Health - The net current liabilities of Shengwei Times increased from 2.442 billion yuan as of December 31, 2024, to 2.534 billion yuan as of June 30, 2025, primarily due to an increase in implied valuation leading to a rise in redemption rights issued to investors by 78 million yuan [3]. Industry Competition - The industry in which Shengwei Times operates is highly competitive, with significant risks associated with maintaining market share against existing and new competitors [4]. - Revenue from the top five customers has decreased from 7.1% of total revenue in 2022 to 3.8% in the first half of 2025, indicating a potential risk in customer concentration [4]. - The company’s largest supplier accounted for 7.2% of total procurement costs in 2022, which has remained relatively stable over the years [4].