三度叩门港交所：活力集团的垂直突围与上市困局

Core Viewpoint - Vigor Group has submitted its IPO application for the third time, aiming to achieve its "listing dream" after previous attempts were hindered by financial data issues [1]. Company Overview - Vigor Group Holdings Limited, established in 2009, operates as a "railway + aviation" dual-scenario travel service provider, launching China's first flight dynamic information app "Flight Butler" in 2009 and "High-speed Rail Butler" in 2012 [4]. - The company has gained a first-mover advantage in the "railway + aviation" sectors through its early vertical deepening strategy [4]. Business Strategy - The primary strategy of Vigor Group is vertical scene deep binding, with services covering over 5,200 airports in more than 220 countries and regions, and over 3,500 domestic train stations [6]. - The company aims to differentiate itself in a market dominated by OTA platforms like Ctrip and Qunar by focusing on vertical deepening in the "railway + aviation" scenarios [6]. Revenue Structure - In 2024, over 70% of Vigor Group's revenue came from transportation ticketing services, with 41.3% from flight services and 26.9% from train ticket services [7]. - This heavy reliance on a single business model makes the company vulnerable to industry competition and policy changes [7]. Competitive Advantages - Vigor Group has established a competitive edge through three core advantages: first-mover advantage in vertical scenes, strong user stickiness with a higher-than-average paid user ratio and repurchase rate, and B2B business growth in corporate travel services [9]. Challenges - The competitive barriers faced by Vigor Group are not robust enough, with significant market share held by industry giants, leading to pressure on its business [11]. - The company's financial performance shows rapid revenue growth but unstable profitability, with marketing expenses increasing significantly, squeezing profit margins [11]. Financial Performance - Revenue growth from 2022 to 2024 was significant, with figures of 280.1 million RMB, 501.6 million RMB, and 646.9 million RMB, reflecting a compound annual growth rate of 52.0% [12]. - Net profit fluctuated, with a loss of 758,000 RMB in 2022, a profit of 59.3 million RMB in 2023, and a decline to 51.2 million RMB in 2024 [13]. Marketing and R&D Expenditure - Marketing expenses surged from 44.1 million RMB in 2022 to 145.5 million RMB in 2024, while R&D spending decreased as a percentage of total revenue [14]. - This shift towards marketing over R&D may drive short-term user growth but lacks long-term technological support [14]. Regulatory Compliance Issues - Vigor Group's apps have faced multiple regulatory issues from 2020 to 2024, including excessive permission requests and user privacy violations, impacting brand reputation and user trust [15]. - Despite claims of completing all corrective measures, user complaints persist, indicating ongoing compliance challenges [15]. IPO Prospects - The probability of success for the current IPO application has improved, with steady revenue and profit growth, but core issues such as high business concentration and unresolved compliance risks remain [18]. - The overall market sentiment towards small-scale travel platforms is cautious, and the company must address key concerns regarding information disclosure and competitive sustainability to avoid potential setbacks in the IPO process [19].