货拉拉六度冲击港交所：上半年收入增长三成 变现率持续下降

Core Viewpoint - The company, Huolala, has submitted its IPO prospectus to the Hong Kong Stock Exchange for the sixth time, with Goldman Sachs, Bank of America Securities, and JPMorgan as sponsors. The updated prospectus indicates significant growth in global transaction volume and revenue for the first half of 2025 compared to the previous year [1][3]. Group 1: Financial Performance - In the first half of 2025, Huolala's global transaction volume (GTV) reached $5.967 billion, a year-on-year increase of 17.7%, with revenue of $935 million, up 31.8%, and a net profit of $245 million, reflecting a 33.3% growth [1][4]. - The total revenue for Huolala from 2020 to 2025 is reported as $529 million, $845 million, $1.036 billion, $1.334 billion, and $1.593 billion, with the first half of 2025 showing revenue of $935 million [4]. Group 2: Market Presence and Operations - Founded in 2013, Huolala operates in over 400 cities across 14 global markets, with more than 7.79 billion completed orders in 2024 and an average of 16.7 million active merchants and 1.7 million active drivers monthly [3][4]. - The company has raised a total of 8 rounds of financing from major investors including Hillhouse Capital, Tencent, and Sequoia Capital [3]. Group 3: Profitability and Monetization - After recording net losses from 2020 to 2022, Huolala achieved net profits of $973 million in 2023 and $434 million in 2024, with a net profit of $245 million in the first half of 2025 [5]. - The monetization rate of Huolala's freight platform services in mainland China decreased from 10.3% in 2023 to 9.6% in 2024, while the overseas market's monetization rate increased from 14.6% in 2022 to 15.9% in 2024 [5][6]. Group 4: Regulatory Environment - Huolala has faced multiple regulatory discussions regarding operational practices and algorithm transparency, committing to optimize algorithms and reduce commission rates to enhance driver income [7][8]. - The company has pledged to comply with antitrust regulations and improve its operational practices to ensure fair competition and protect the rights of drivers and consumers [8].