航班管家母公司港交所再递表，规模化狂奔后遭遇毛利下跌

Core Viewpoint - After rapid growth in scale, Vigor Group Limited, the parent company of Flight Butler, is facing declining gross margins while seeking capitalization [1] Financial Performance - As of June 30, 2025, Vigor Group's registered user base increased to 217 million, a 56.5% rise since January 1, 2022 [3] - For the first half of 2025, the company reported revenue of 351 million yuan, a year-on-year increase of 24.8%, and a net profit of 47.1 million yuan, up 48.5% [3] - The growth in revenue is attributed to an increase in travel-related service income by 36.5 million yuan and online marketing service income by 30.1 million yuan [3] Revenue Sources - Travel-related services still dominate revenue but their share decreased from 89.5% in the first half of 2024 to 82.1% in the first half of 2025, while online marketing service revenue's share increased [4] - This diversification indicates Vigor Group's strategy to reduce reliance on a single business line, which may optimize its business structure for long-term growth [4] Cost and Margin Analysis - Despite positive overall performance, the gross margin slightly declined from 58.6% to 57.1% due to a 29.3% increase in sales costs, which outpaced revenue growth [6] - Increased costs were driven by higher expenses to service providers and marketing efforts, reflecting growing customer demand [6] Market Dynamics - The total GMV (Gross Merchandise Volume) for the company showed significant growth, but the GMV for corporate travel services notably decreased from 41.7 million yuan to 36.8 million yuan [6][7] - The decline in corporate travel GMV may indicate challenges in customer retention or acquisition [8] Competitive Landscape - The airline ticket service accounts for approximately 65% of Vigor Group's total transaction volume, making it the primary revenue source [8] - The company faces intensified competition as airlines increasingly promote direct sales through their platforms, which may impact Vigor Group's market position [9]