松果出行递表港交所 2025年前三季度扭亏为盈

Core Viewpoint - Pinecone Wisdom Inc. (松果出行) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for regional expansion, R&D, commercialization of electric bike sales, overseas exploration, and general operational funding [1] Company Overview - Established in 2017, Pinecone Wisdom Inc. is a leading shared electric bike service provider in China, having received investments from notable institutions such as Innovation Works, Qiming Venture Partners, SoftBank, Nokia Investment Fund, and Sequoia China [1] - The company operates a complete value chain from electric bike design and production to operational management, making it the largest shared electric bike operator in China's peripheral development areas and the fourth largest in the overall market [1] Market Position and Growth - As of September 30, 2025, Pinecone Wisdom has deployed 454,627 shared electric bikes across 422 cities and counties in China, with registered users increasing from 99 million at the end of 2023 to 128 million by September 30, 2025 [1] - The shared electric bike service market in China is projected to grow significantly, with the number of electric bikes increasing from 1.2 million in 2019 to 7.1 million in 2024, and the market transaction value rising from 2.2 billion yuan to 16.6 billion yuan during the same period, reflecting a compound annual growth rate of 49.7% [3] Financial Performance - In 2023 and 2024, Pinecone Wisdom's revenue was 953 million yuan and 963 million yuan, respectively, with gross margin improving from 15.8% to 18.9%. The net loss decreased from 192 million yuan to 151 million yuan, with adjusted net losses of 80 million yuan and 44 million yuan [2] - For the first three quarters of 2025, the company reported revenue of 746 million yuan, a gross margin of 24.3%, and a reduced net loss of 60 million yuan, achieving an adjusted net profit of approximately 26 million yuan [2] Industry Challenges - The company faces challenges such as asset turnover efficiency and operational cost pressures due to its heavy asset operation model. Its reliance on local government partnerships creates regional barriers but also heightens dependence on policy environments, which may restrict future expansion [2] - As an independent operator in a competitive market, Pinecone Wisdom's single business model lacks the ecosystem support that larger platforms like Meituan and Didi possess, posing significant challenges in terms of profitability as competition intensifies [3][4]