IPO雷达｜活力集团三度递表港交所！市场份额仅1.4%，旗下APP屡遭点名

Core Viewpoint - Vigor Group Holdings Limited has submitted an application to list on the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading integrated travel platform in China, despite facing significant competition in the rapidly growing market [1][4]. Company Overview - Vigor Group is a well-known integrated travel platform in China, providing multi-modal travel products and services primarily through its apps, Flight Butler and High-speed Rail Butler [1]. - The company has a historical background dating back to 2009, with its main operating company, Vigor Tianhui, launching its first mobile application, Flight Butler, to provide real-time flight information [1]. Market Position - In 2024, Vigor Group ranked eighth in China's integrated internet travel service market with a market share of approximately 1.4% [1]. - The company is the third-largest third-party platform in China's online train ticket booking market, holding a market share of about 2.4% [1]. Financial Performance - Revenue figures for Vigor Group from 2022 to 2024 are as follows: 280 million CNY in 2022, 502 million CNY in 2023, and 647 million CNY in 2024 [2][3]. - Adjusted net profits for the same period were -670,000 CNY in 2022, 61.64 million CNY in 2023, and 73.45 million CNY in 2024 [2][3]. - For the first half of 2025, the company reported revenue of 351 million CNY and an adjusted net profit of 49.76 million CNY [2][3]. Competitive Landscape - The integrated internet travel service industry in China is experiencing rapid growth and intense competition, with the top three players holding approximately 88.2% of the market share in 2024 [3]. - Vigor Group faces significant challenges not only from market leaders but also from emerging domestic players and international travel companies seeking to expand into China [3]. Marketing and Investment - The company has invested heavily in sales, marketing, and brand building, with expenditures of 441 million CNY, 1.159 billion CNY, and 1.455 billion CNY from 2022 to 2025, representing 15.7%, 23.1%, and 22.5% of total revenue respectively [4]. - The effectiveness of these marketing activities in achieving sales expectations remains uncertain [4]. Leadership - Wang Jiang, the chairman, CEO, and co-founder of Vigor Group, is a significant shareholder and has a background in TMT companies, having previously invested in Meituan and other brands [4].