Core Viewpoint - Lala Technology Holdings Limited (货拉拉) is making its sixth attempt to go public in Hong Kong, showcasing revenue and net profit growth in its latest prospectus, but faces significant challenges including declining core business monetization rates, high debt pressure, and unresolved compliance risks [1][2][3] Financial Performance - In the first half of 2025, Lala reported revenue of $935 million, a year-on-year increase of 31.8%, and a net profit of $245 million, up 33.3% year-on-year, with a global transaction volume (GTV) exceeding $5.967 billion [1][2] - Despite revenue and net profit growth, the company's gross margin fell from 59.4% to 52.3%, marking a significant decline of 7.1 percentage points, the lowest since 2022 [3] - The operating profit margin increased to 28.5%, the highest since 2022, driven by a strategy of reducing sales, research and administrative expenses, which all fell below 10% for the first time [3] Cost Management - The company has implemented a "cost-cutting" strategy, reducing its workforce from 10,718 at the end of 2022 to 8,743 by mid-2025, a decrease of 18% [3] - The reduction in expenses has been a key factor in achieving short-term profit growth, but raises concerns about the sustainability of this profit model [3] Debt and Liquidity - As of June 30, 2025, Lala's total current assets were approximately $3.134 billion, while current liabilities reached $5.462 billion, resulting in a debt-to-asset ratio of 164%, indicating a state of insolvency [5] - The company holds $1.68 billion in cash and cash equivalents, but faces significant short-term debt pressures, leading to liquidity concerns [5] Compliance Risks - Since April 2021, Lala has been subject to 18 regulatory discussions, with issues ranging from driver rights to anti-monopoly concerns, indicating ongoing compliance challenges [7][8] - Despite implementing measures such as commission reductions and algorithm transparency, core compliance issues remain unresolved, leading to scrutiny from regulatory bodies [7] Market Valuation - Lala's market valuation has decreased from $92 billion in late 2022 to $65 billion in 2024, with a slight recovery to $67 billion in 2025, but remains uncertain due to ongoing regulatory risks [9] - Compared to peers like Manbang Group and Kuaigou, Lala's current valuation corresponds to a TTM price-to-earnings ratio of 19.1, which is lower than Manbang's 22.6, reducing its attractiveness to investors [10][11]
六度叩关港交所大门仍未果：货拉拉双增业绩难掩毛利率滑坡与18次合规约谈重压
Xin Lang Zheng Quan·2025-11-11 07:45