三度递表！“抢票神器” 母公司拟港股IPO，所处行业竞争激烈

Core Viewpoint - The company, Vitality Group Holdings Limited, has submitted its third IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the competitive and growing integrated travel service market in China [1][3]. Group 1: Company Overview - Vitality Group is a well-known integrated travel platform in China, evolving from a travel information provider to a comprehensive travel service provider [2]. - The company offers services through its flagship applications, "Flight Butler" and "High-speed Rail Butler," primarily generating revenue from travel-related services [2]. - As of June 30, 2025, the company's services cover over 220 countries and regions, including more than 5,200 airports and over 3,500 domestic train stations [2]. Group 2: Market Position - In 2024, the total GMV of China's integrated internet travel service market is projected to reach 29,542 billion yuan, with the company holding an 8th place market share of approximately 1.4% [2]. - The online ticket booking market is expected to reach a GMV of 13,758 billion yuan in 2024, where the company ranks as the fifth-largest third-party platform with a market share of about 1.9% [2]. - The online train ticket booking market is projected to have a GMV of approximately 5,929 billion yuan in 2024, positioning the company as the third-largest third-party platform with a market share of around 2.4% [2]. Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were approximately 280 million yuan, 502 million yuan, 647 million yuan, and 351 million yuan, respectively [4]. - The net profit figures for the same periods were approximately -758,000 yuan, 59 million yuan, 51 million yuan, and 47 million yuan [4]. Group 4: Customer Base - The company's revenue from its top five customers for the years 2022, 2023, 2024, and the first half of 2025 were approximately 85 million yuan, 90 million yuan, 141 million yuan, and 57 million yuan, representing 30.2%, 18.0%, 21.8%, and 16.3% of total revenue, respectively [5]. - Revenue from the largest customer for the same periods was approximately 38 million yuan, 31 million yuan, 51 million yuan, and 21 million yuan, accounting for 13.6%, 6.2%, 7.8%, and 6.0% of total revenue, respectively [5]. Group 5: Revenue by Geography - Revenue from Chinese customers for the years 2022, 2023, 2024, and the first half of 2025 were approximately 278 million yuan, 498 million yuan, 639 million yuan, and 348 million yuan, constituting 99.1%, 99.3%, 98.8%, and 99.1% of total revenue, respectively [6].