松果出行递表港交所，每日订单量逐年减少

Core Viewpoint - Pinecone Wisdom Inc, the parent company of the shared electric bike service provider Songguo Travel, has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor [1]. Group 1: Company Overview - Songguo Travel primarily targets county-level markets, with registered users expected to reach 128 million by September 30, 2025, and a total of 454,600 electric bikes deployed [1][3]. - The company reported an adjusted net profit of 26.4 million yuan for the first three quarters of 2025, while it is projected to incur losses in 2023 and 2024 [1][2]. Group 2: Financial Performance - Revenue figures for Songguo Travel are projected at 953 million yuan, 963 million yuan, and 746 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [2]. - The adjusted net profits for the same periods are expected to be -88.1 million yuan, -44.1 million yuan, and 26.4 million yuan, indicating a turnaround to profitability in 2025 [2]. - The revenue from the shared electric bike service is expected to account for 98.1%, 97%, and 93.6% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [2]. Group 3: Market Dynamics - Daily order volume has been decreasing, with figures of 1.1019 million, 1.0551 million, and 1.006 million orders for 2023, 2024, and the first three quarters of 2025 [2][3]. - The average price per ride is projected to increase from 2.73 yuan in 2023 to 2.94 yuan in 2025 [2][3]. Group 4: Funding and Future Plans - The current listing aims to raise funds for expanding regional coverage, enhancing market penetration, developing AI and big data analytics, commercializing electric bike sales, and exploring overseas expansion opportunities [5]. - Songguo Travel previously attempted to list in the US but withdrew due to unfavorable market conditions, having raised a total of $156 million across five funding rounds before 2021 [4].