三次递表港交所：活力集团的IPO困局

Core Viewpoint - The company, Vitality Group Holdings Limited, has submitted its IPO application to the Hong Kong Stock Exchange for the third time, driven by a short-term improvement in financial performance, despite facing challenges such as low market share, significant profit volatility, and compliance issues [1][3][10]. Group 1: Company Overview - Vitality Group operates as a dual-scenario travel service provider, focusing on both "railway and aviation" sectors, with its flagship products being "Flight Butler" and "High-speed Rail Butler" [3]. - The company has established a presence in over 220 countries and regions, serving more than 5,200 airports and 3,500 domestic train stations, while providing booking options for over 1.3 million hotels globally [3]. - As of 2024, over 70% of the company's revenue is derived from transportation ticketing services, with air ticket services accounting for 41.3% and train ticket services for 26.9% [3]. Group 2: Market Position and Competition - Vitality Group's market share in the Chinese internet mobile comprehensive service market is only 1.4%, ranking eighth, with its related revenue in the business travel management service market being merely 0.7% of the total market [4]. - The company faces intense competition from established players like Ctrip and specialized platforms like TravelSky, which have stronger resource control and market presence [6][10]. Group 3: Financial Performance - The company reported revenues of approximately RMB 280.1 million, RMB 501.6 million, RMB 646.9 million, and RMB 351.1 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [7][8]. - Despite a revenue growth of 29% in 2024, the net profit declined by 14%, indicating a typical "growth without profit" scenario due to high marketing expenditures [9]. - The sales and marketing expenses surged from RMB 44.1 million in 2022 to approximately RMB 145.5 million in 2024, representing an increase in the expense ratio from 15.7% to 22.5% of revenue [7][9]. Group 4: Compliance and Regulatory Issues - The company has faced multiple regulatory penalties, which pose significant compliance risks for its IPO application, including issues related to software violations and user complaints [10][12]. - Vitality Group's apps have been reported for excessive permission requests and difficulties in account cancellation, with a total of over 9,800 complaints recorded on consumer platforms [13]. - The company has not adequately disclosed the frequency and amounts of administrative penalties, which could jeopardize its IPO approval under Hong Kong's listing rules [13].