享道出行三年半亏超19亿元，上半年收入下滑，却一边砍员工福利一边给CEO涨薪？

Core Viewpoint - Xiangdao Mobility, backed by major shareholders like SAIC Group and CATL, is pursuing an IPO despite facing significant challenges including financial losses, reliance on aggregation platforms, and compliance issues [2][3] Financial Performance - Revenue growth has not been sustained since the company's inception, with revenues of 4.729 billion yuan in 2022, 5.718 billion yuan in 2023, and 6.395 billion yuan in 2024, reflecting a compound annual growth rate of 16.3%. However, in the first half of 2025, revenue declined by 2.8% year-on-year to 3.013 billion yuan [2] - The core ride-hailing service revenue saw a more pronounced decline, dropping from 2.428 billion yuan in the first half of 2024 to 2.298 billion yuan in the first half of 2025, attributed to a decrease in completed orders [2] - Net losses from 2022 to the first half of 2025 were 781 million yuan, 604 million yuan, 407 million yuan, and 115 million yuan, totaling 1.907 billion yuan over three and a half years [3] Business Model and Market Position - As of 2024, Xiangdao Mobility ranked fifth in China's ride-hailing market based on gross transaction value (GTV), with services covering 85 cities by June 30, 2025 [2] - The company heavily relies on aggregation platforms for order flow, with its independent app and mini-programs generating minimal orders [3] Cost Management and Employee Compensation - To address financial pressures, the company has significantly reduced administrative and R&D expenses, with administrative costs decreasing by 25.9% to 116 million yuan and R&D costs down by 49.6% to 85.4 million yuan in 2024 [3] - Employee compensation has also been cut, with total employee wages dropping from 314 million yuan in 2022 to 97.38 million yuan in the first half of 2025, raising concerns about potential layoffs or salary reductions [4] - In contrast, CEO Ni Licheng's compensation increased from 893,000 yuan in the first half of 2024 to 969,000 yuan in the first half of 2025, leading to internal dissatisfaction and external scrutiny [4] IPO Challenges - The ongoing IPO process is overshadowed by the company's financial losses, dependence on platforms, compliance risks, and internal compensation disputes, which could pose significant challenges even if the IPO is successful [4]