《货拉拉更新招股书：2025年上半年履约订单同比增长34%，变现率持续走低》

Core Viewpoint - HuoLaLa (listed entity "Lala Technology") updated its prospectus to the Hong Kong Stock Exchange, indicating significant growth in revenue and order volume for the first half of 2025, despite a declining monetization rate in its freight platform services in mainland China [1][2]. Financial Performance - In the first half of 2025, HuoLaLa achieved revenue of $935 million, representing a year-on-year growth of 31.80% [1]. - The total number of orders facilitated exceeded 455 million, marking a year-on-year increase of 34% [1]. - The global Gross Transaction Value (GTV) reached $5.967 billion in the first half of 2025, up 17.7% year-on-year [1]. Operational Metrics - The monetization rate of HuoLaLa's freight platform services in mainland China has been declining for three consecutive years, dropping from 10.3% in 2023 to 9.2% in the first half of 2025 [1][2]. - The average monthly active merchants increased from 10.4 million in 2022 to a projected 19.7 million in 2025 [2]. - The average monthly active drivers rose from 916.5 thousand in 2022 to an expected 1.960.1 thousand in 2025 [2]. Market Segmentation - The freight GTV in mainland China is projected to grow from $6.208 billion in 2022 to $9.444 billion in 2025 [2]. - The completed orders in mainland China are expected to increase from 326 million in 2022 to 608 million in 2025 [2]. - The freight platform service monetization rate in overseas markets is projected to remain stable, increasing slightly from 14.6% in 2022 to 15.9% in 2025 [2].