盛威时代IPO：关联交易扮演重要角色 营收三年接近翻倍却只是赚“吆喝”？
Mei Ri Jing Ji Xin Wen·2025-09-29 12:21

Core Viewpoint - Shengwei Times Technology Co., Ltd. is pursuing an IPO in Hong Kong, with significant expansion in its ride-hailing services at the cost of short-term profits, leading to negative gross margins in 2024 [1][3]. Group 1: Business Expansion - The ride-hailing service is the primary business segment, contributing over 85% of total revenue during the reporting period [2]. - Gross Transaction Value (GTV) for ride-hailing services increased from 718 million yuan in 2022 to 1.521 billion yuan in 2024, with a 27.04% year-on-year growth in the first half of 2025 [2]. - The number of orders rose from 32.7 million in 2022 to 70.3 million in 2024, with a 40.45% year-on-year increase in the first half of 2025 [2]. Group 2: Profitability Challenges - The average net commission rate for ride-hailing services dropped from 2.9% in 2022 to -0.2% in 2024, with a slight recovery to 0.4% in the first half of 2025 [3]. - Direct profit per order fell from 0.6 yuan in 2022 to a loss of 0.1 yuan in 2024, improving to 0.1 yuan in the first half of 2025 [3]. - Administrative penalties related to ride-hailing services totaled approximately 1.6 million yuan, 2.4 million yuan, 2.4 million yuan, and 2.1 million yuan for the years 2022 to 2025 [3]. Group 3: Related Party Transactions - Related party transactions play a significant role in Shengwei Times' operations, with a substantial portion of ride-hailing revenue generated through Alibaba's Gaode platform [4][5]. - GTV from Gaode accounted for 92.9%, 89.5%, 93.9%, and 94.5% of total ride-hailing GTV during the reporting period [4]. - Revenue from Gaode represented 92.8%, 89.2%, 93.6%, and 94.4% of total ride-hailing revenue during the same period [4]. Group 4: Financial Performance - Revenue for Shengwei Times was 816 million yuan, 1.207 billion yuan, 1.594 billion yuan, and 903 million yuan over the reporting period, with losses of 499 million yuan, 482 million yuan, 426 million yuan, and 90 million yuan [8]. - The gross margin for the company was 6.6%, 7.1%, 3.5%, and 4.1% during the reporting period, with the ride-hailing service's gross margin at 2.9%, 1.2%, -0.2%, and 0.5% [8]. - The platform fees accounted for approximately 10% of the revenue costs, primarily paid to aggregation platforms for customer traffic and SaaS services [9].