Xin Lang Cai Jing·2025-12-02 14:49Core Viewpoint - Vigor Group Holdings Limited has submitted its third IPO application to the Hong Kong Stock Exchange, with its pre-IPO valuation decreasing by 36.74% from 3.299 billion to 2.087 billion yuan since 2021 [3][6]. Group 1: Company Overview - Vigor Group is a one-stop comprehensive travel platform focusing on the travel sector, with notable products including "Flight Butler" and "High-speed Rail Butler" [3]. - The company was co-founded by CEO Wang Jiang, who has a background in mobile communications and has transitioned from a successful gaming company to leading Vigor Group [4][5]. Group 2: Financial Performance - In the first half of 2025, Vigor Group reported revenue of 351 million yuan, a 24.9% increase from 281 million yuan in the same period last year [8]. - The company’s revenue has grown from 280 million yuan in 2022 to 647 million yuan in 2024, with a stable gross margin above 47%, reaching 53.5% in 2024 [7][8]. - Adjusted net profit improved from a loss of 670,000 yuan in 2022 to a profit of 7.345 million yuan in 2024 [7]. Group 3: User and Market Metrics - As of 2024, Vigor Group had 9.48 million paying users and a total GMV of 40.52 billion yuan, with ticket services contributing the largest share [7]. - The user engagement metrics show that "Flight Butler" has 1.49 million monthly active users, while "High-speed Rail Butler" has 4.73 million [7]. Group 4: Competitive Landscape - Vigor Group faces challenges in maintaining its competitive edge due to pressure from industry giants and the potential for its differentiated model to be replicated [9]. - The company has established a strong user base and high user retention rates, but its revenue dependency on ticketing services poses risks [8][9].