货拉拉更新招股书：2025年上半年营收同比增长31.8%，变现率三连降

Core Insights - The core viewpoint of the news is that Huolala has shown significant revenue growth in the first half of 2025, but faces challenges in monetization rates in mainland China due to policy changes aimed at reducing fees for drivers [1][2]. Financial Performance - In the first half of 2025, Huolala achieved revenue of $935 million, representing a year-on-year growth of 31.8% [1]. - The total number of completed orders reached 455 million, an increase of 34% compared to the same period last year [1]. - The global transaction volume (GTV) amounted to $5.967 billion, reflecting a year-on-year growth of 17.7% [1]. Monetization Rates - Huolala's monetization rate for its freight platform services in mainland China has declined for three consecutive years, dropping from 10.3% in 2023 to 9.6% in 2024, and further to 9.2% in the first half of 2025 [2]. - In contrast, the monetization rate for its overseas freight platform services has increased from 14.6% in 2022 to 15.9% in 2024, maintaining the same rate in the first half of 2025 [2]. Strategic Initiatives - The decline in monetization rates is attributed to the implementation of fee reductions for drivers and lower commission policies since 2024, which have resulted in revenue growth percentages lagging behind GTV [2]. - In 2025, Huolala plans to reduce commissions by approximately $23 million, with an average reduction of 6% for ride-sharing and 4% for long-distance orders over 100 kilometers [2]. Technological Advancements - Huolala leverages technology as a core business pillar, integrating AI, big data, and IoT to enhance the digital ecosystem of the freight industry [3]. - The platform can handle millions of orders daily, with an average order response rate of about 85%, allowing drivers to respond to transport orders within approximately 20 seconds [3]. - Research and development expenditures were $197 million, $175 million, and $179 million in 2022, 2023, and 2024, respectively [3]. Competitive Advantage - The "closed-loop transaction" model is a key competitive advantage for Huolala, facilitating seamless processes from order placement to payment settlement [3]. - This model has been successfully replicated in Southeast Asia and Latin America, contributing to a GTV of $491 million in overseas markets in the first half of 2025, a year-on-year increase of 33.5% [3].