松果出行冲击“共享电单车第一股”，营收增长陷入停滞

Core Viewpoint - Pinecone Wisdom Inc. (referred to as "Pinecone") has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with Huatai International as the sole sponsor [1]. Group 1: Company Overview - Pinecone was founded in 2017 by members of the Meituan founding team and the co-founder of Tian Tian Yong Che [1]. - As a shared electric bike service provider, Pinecone has deployed 454,627 electric bikes across 422 cities and counties in China as of September 30, 2025 [1]. - The registered user base has grown from 99 million on December 31, 2023, to 113 million by December 31, 2024, and further to 128 million by September 30, 2025 [1]. Group 2: Business Model - Pinecone is the only professional shared electric bike platform that covers the entire value chain from self-designed electric bikes to production and operational management [2]. - The company utilizes its Pinecone AI operational management system to collect data from users and bikes, predicting local travel patterns and optimizing bike deployment [2]. Group 3: Financial Performance - Revenue for Pinecone was 953.3 million RMB in 2023 and 962.8 million RMB in 2024, with 746.0 million RMB reported for the first three quarters of 2025, showing stability year-over-year [3][4]. - The gross profit margin improved from 15.8% in 2023 to 24.3% in the first three quarters of 2025 [5]. - The company recorded net losses of 192.2 million RMB in 2023, 151.1 million RMB in 2024, and 100.5 million RMB in the first three quarters of 2025 [6]. Group 4: Investment and Future Plans - Pinecone's IPO proceeds will primarily be used to expand regional coverage, enhance market penetration, invest in R&D, commercialize electric bike sales, explore overseas expansion, and seek strategic investment opportunities [7].