45万辆电单车撑起一家IPO！松果出行年入近10亿元，李开复、蓝驰参股

Core Viewpoint - Pinecone Wisdom Inc. (松果出行) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading shared electric bike service provider in China, particularly in peripheral regions [2]. Company Overview - Pinecone Wisdom Inc. was established in 2017 and is recognized as the largest shared electric bike operator in China's peripheral development areas, ranking fourth overall in the Chinese market [2]. - As of September 30, 2025, the company has deployed 454,600 shared electric bikes across 422 cities and counties in China [2]. User Growth - The registered user base has grown from 99 million at the end of 2023 to 113 million by the end of 2024, and is projected to reach 128 million by September 2025 [2]. Financial Performance - Revenue figures for Pinecone Wisdom Inc. are as follows: - 2023: 953.3 million RMB - 2024: 962.8 million RMB - 2025 (first nine months): 745.5 million RMB [4] - The company reported losses of: - 2023: 192 million RMB - 2024: 151 million RMB - 2025 (first nine months): 59.99 million RMB [4] - Gross profit margins have improved from 15.8% in 2023 to 24.3% in the first nine months of 2025 [4]. Investment and Valuation - Prior to the IPO, Pinecone Wisdom Inc. completed its last funding round in November 2025, achieving a post-money valuation of 996 million USD, a significant increase from 25 million USD in its first funding round in January 2018, representing a growth of 38.84 times [5]. - However, the valuation has seen a decline from 1.382 billion USD in March 2021 to 996 million USD in November 2025, a decrease of approximately 27.93% [5]. Shareholding Structure - Major shareholders include co-founders Zhai Guanglong and Zhu Lantian, who collectively hold about 31.30% of the company’s issued shares [6]. - Other significant investors include Innovation Funds (23.23%), K2 Funds (14.12%), and BlueRun Ventures (11.85%) [7].