新股前瞻|盛威时代二递表：城乡出行“隐形冠军”的翻倍增长与盈利困局

Core Insights - The article discusses the competitive landscape of China's ride-hailing market, highlighting the differentiated strategy of Shengwei Times Technology Co., Ltd. as it seeks to establish itself amid industry giants [1][2]. Company Overview - Shengwei Times has submitted a new listing application to the Hong Kong Stock Exchange, marking its second attempt since its initial submission in November 2024 [1]. - The company focuses on digital services for road passenger transport and has become a key player in 17 provinces and municipalities in China [2]. Market Potential - In 2024, China's total passenger transport volume reached 10.2 billion trips, with road transport accounting for 48% of this figure, indicating a significant market opportunity [2]. - The total rural road mileage in China increased from 42 million kilometers in 2019 to 46 million kilometers in 2024, reflecting a compound annual growth rate of 1.8% and showcasing the potential of lower-tier markets [2]. Business Model - Shengwei Times employs a "dual-engine" business model, focusing on both urban ride-hailing services and intercity road passenger transport, with the latter being its core strength [2]. - The company has developed customized passenger transport services in collaboration with various transport enterprises, enhancing its network effect across over 30 provinces and municipalities by June 30, 2025 [3]. Financial Performance - Revenue grew from 816 million RMB in 2022 to 1.594 billion RMB in 2024, nearly doubling, with 903 million RMB reported in the first half of 2025 [3][5]. - Despite revenue growth, the company's gross margin has been low, dropping from 6.6% in 2022 to 3.5% in 2024, indicating low profitability [3][5]. - The net loss for the company was 499 million RMB in 2022, 482 million RMB in 2023, and 426 million RMB in 2024, totaling nearly 1.4 billion RMB in cumulative losses [4][5]. Challenges - The average net commission rate plummeted from 2.9% in 2022 to -0.2% in 2024, indicating that the company was losing money on each transaction due to high subsidy costs [5][7]. - The company's liquidity crisis is evident, with net current liabilities increasing from 1.533 billion RMB in 2022 to 2.534 billion RMB in mid-2025, and total liabilities exceeding total assets [8]. Strategic Outlook - Shengwei Times aims to create an integrated travel platform combining intercity and urban services, leveraging its ride-hailing user base to drive profitability in its higher-margin digital services [9]. - The upcoming IPO is seen as a crucial opportunity for the company to raise funds for business expansion and technology development, potentially leading to a turnaround in profitability [9][10].