松果出行冲击港股IPO：研发开支逐年走低，或无法在短期内实现或维持盈利

Core Viewpoint - Pinecone Wisdom Inc. has submitted its IPO application to the Hong Kong Stock Exchange, claiming to be the largest shared electric bike service operator in China's peripheral development areas and the fourth largest in the overall market [1]. Group 1: Company Overview - The company operates a shared electric bike service as its core business, supplemented by platform services, advertising services, and sales of electric bikes and spare parts [2]. - As of September 30, 2025, the company has deployed 454,627 shared electric bikes across 422 cities and counties in China, with registered users expected to grow from 99 million in December 2023 to 128 million by September 2025 [1]. Group 2: Financial Performance - Revenue from shared electric bike services for the years 2023, 2024, and the first nine months of 2025 was 935 million, 933 million, and 698 million RMB respectively [3]. - Total revenue for the same periods was 953 million, 962 million, and 745 million RMB, with gross profit of 151 million, 182 million, and 148 million RMB, resulting in gross margins of 15.8%, 18.9%, and 24.3% [3][4]. - The company reported net losses of 192 million, 151 million, and 60 million RMB for the respective periods, with adjusted net losses of 80 million, 44 million, and a net profit of 26 million RMB for the first nine months of 2025 [3][4]. Group 3: Research and Receivables - Research and development expenditures have decreased over the years, with amounts of 128 million, 122 million, and 85 million RMB for the respective periods [5]. - Conversely, accounts receivable have increased, with figures of 7.9 million, 17.6 million, and 20.2 million RMB, alongside provisions for receivables losses of 9.1 million, 17.9 million, and 27.1 million RMB [5]. Group 4: Liabilities and Cash Position - As of September 30, 2025, the company held cash and cash equivalents of 157 million RMB [6]. - The net current liabilities increased to approximately 1.127 billion, 1.204 billion, and 1.452 billion RMB over the reporting periods [8]. Group 5: Business Strategy and Challenges - The company employs a "rural encirclement of cities" strategy, focusing on lower-tier cities to avoid competition in higher-tier cities [9]. - Despite significant growth since its establishment in 2017, the company has incurred substantial losses and may struggle to achieve or maintain profitability in the short term [9][10]. - The company's success is contingent upon its ability to establish and maintain long-term partnerships with local governments, which can influence operational scale and market access [10][11].