货拉拉更新招股书：持续降费、降抽佣，变现率三连降

Core Viewpoint - Lalamove, under the parent company "Lala Technology," has shown significant growth in revenue and order volume in the first half of 2025, despite a declining monetization rate in its core Chinese market [2][3]. Financial Performance - In the first half of 2025, Lalamove achieved revenue of $935 million, a year-on-year increase of 31.8%, with over 455 million completed orders, reflecting a 34% growth [2][3]. - The global transaction value reached $5.967 billion, marking a 17.7% increase compared to the previous year [3]. - Adjusted profit for the same period was $272 million, with corporate income tax paid amounting to $37.72 million, up from the previous year [3]. Market Position - Lalamove operates in over 400 cities across 14 markets globally, maintaining its position as the largest logistics platform by transaction value in the first half of 2025 [3]. - The average monthly active merchants reached 19.7 million, with approximately 2 million active drivers [3]. Monetization Rate - The monetization rate for Lalamove's freight platform services in mainland China dropped to 9.2% in the first half of 2025, continuing a three-year decline from 10.3% in 2023 [4][5]. - This decline in monetization rate has resulted in a significant revenue loss, estimated at nearly $50 million compared to 2023 levels [5]. International Expansion - Lalamove has been expanding its business into Southeast Asia and Latin America since 2014, successfully replicating its business model in new markets [9]. - The overseas market accounted for 9.5% of total revenue in the first half of 2025, with significant growth potential as the global road freight market increasingly adopts digital platforms [10]. Cost Reduction Strategies - The decline in monetization rate is attributed to ongoing fee reductions and commission cuts for drivers, initiated in 2024, which have impacted revenue growth [7][8]. - Lalamove has committed to enhancing driver welfare, including lowering commission rates and expanding insurance coverage for drivers [8].