手握“航班管家”“高铁管家”，活力集团三度冲刺港交所

Core Viewpoint - The company, Vitality Group Holdings Limited, has submitted its IPO application for the third time, focusing on the travel sector with its main products being "Flight Butler" and "High-speed Rail Butler" [1] Group 1: Company Overview - Vitality Group is a one-stop comprehensive travel platform specializing in "railway + aviation" services, differentiating itself from broader OTA platforms like Ctrip and Fliggy [2] - The company has shown significant revenue growth, with revenues of approximately 280 million, 502 million, and 647 million yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 52.0% [2] - The gross profit margin has remained high, with figures of 47.1%, 56.8%, 53.5%, and 57.1% for the years 2022 to 2025 [2] Group 2: Business Segments - Vitality Group's main business segments include travel-related services, online marketing services, and data and technology services, with travel-related services contributing nearly 90% of total revenue [3] - Within travel-related services, ticketing services account for the largest share, generating 206 million yuan in revenue for the first half of 2024, which is 73.1% of the segment's revenue [3] Group 3: User Engagement and Market Position - The company relies on its two main applications to sell tickets and related services, with approximately 9.48 million paid users and a total GMV of about 40.52 billion yuan in 2024 [4] - In 2023, the total transaction volume reached 30.8 billion yuan, positioning Vitality Group as the second-largest one-stop travel platform in China, although it holds only 1.2% market share compared to Ctrip's 31.6% [5] Group 4: Shareholder Structure - The company's ownership is relatively dispersed, but founder Wang Jiang has effective control through a voting agreement, holding 16.79% directly and 15.99% indirectly, totaling 32.78% [6] - Notably, Wang Xing, the founder of Meituan, is also a shareholder, holding 2.28% of the company, highlighting connections within the internet and investment sectors [7]