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 - Vigor Group Limited, the parent company of Flight Butler, is experiencing a decline in gross margin despite growth in user base, revenue, and total GMV, primarily due to increased sales costs and competition in the airline ticket market [1][5]. Group 1: User Growth and Financial Performance - As of June 30, 2025, Vigor Group's registered user count reached 217 million, a 56.5% increase from January 1, 2022 [3]. - For the first half of 2025, Vigor Group 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]. Group 2: Revenue Sources and Business Diversification - 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, indicating a diversification in revenue sources [4]. - The increase in online marketing service revenue reflects a strategic shift to reduce reliance on a single business line, which may optimize the business structure for long-term development [4]. Group 3: Cost and Margin Analysis - Vigor Group's gross margin slightly declined from 58.6% to 57.1% due to a 29.3% increase in sales costs, which outpaced revenue growth [5][6]. - The rise in sales costs is attributed to increased expenses paid to service providers and higher marketing and promotional costs [5][6]. - The total GMV, including ticket and accommodation GMV, showed significant growth, but corporate travel GMV declined from 41.7 million yuan to 36.8 million yuan, indicating potential challenges in customer retention or acquisition [6]. Group 4: Market Competition and Future Outlook - The competitive landscape in the airline ticket market is intensifying, with major airlines promoting direct sales through various platforms, which may pose challenges for Vigor Group [7]. - Analysts suggest that Vigor Group needs to explore additional value in travel management and destination services, and enhance its technology capabilities through AI to remain competitive [7].