松果出行拟赴港IPO 近3年累计亏损超4亿元

Core Viewpoint - Songguo Travel, a shared electric bike company founded in 2017, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence despite facing significant profitability challenges in a highly competitive environment dominated by major players like Meituan, Hello, and Qinjue [1][2]. Company Overview - Songguo Travel was established by Zhai Guanglong, a member of the founding team of Meituan, and focuses on penetrating lower-tier markets, ranking first in peripheral development areas and fourth overall in China by transaction volume and vehicle deployment as of 2024 [1]. - The company has deployed over 450,000 electric bikes across 422 cities and counties, accumulating 128 million registered users [1]. Financial Performance - For the first nine months of 2025, Songguo Travel reported an adjusted net profit of 26.4 million yuan, marking its first profitable period, although cumulative losses exceeded 400 million yuan from 2023 to 2025 [1][3]. - Revenue for 2023 and 2024 is projected at approximately 953 million yuan and 963 million yuan, respectively, with losses of about 192 million yuan and 151 million yuan during the same periods [3]. Market Position and Competition - Songguo Travel holds a market share of only 6.6% as of 2024, while the top three competitors control 67.4% of the market, highlighting the intense competition from larger ecosystem players [2][9]. - The shared electric bike industry has not yet achieved sustainable profitability, with many major players, including Songguo, facing ongoing financial challenges [4]. Strategic Initiatives - The company plans to use the funds raised from the IPO to expand its network coverage, enhance research and development, and explore commercialization of electric bike sales and potential overseas expansion [9]. - Songguo Travel aims to increase its average fare per trip, which is expected to rise from 2.73 yuan in 2023 to 2.94 yuan by 2025, as it targets larger cities with higher order prices [6]. Industry Context - The shared electric bike market in China is projected to grow from 16.6 billion yuan in 2024 to 108.3 billion yuan by 2032, indicating significant growth potential despite the competitive landscape [9]. - The company’s focus on lower-tier markets provides a unique value proposition, although it lacks the ecosystem synergies that larger competitors enjoy [4][10]. Challenges and Opportunities - Songguo Travel faces challenges from growth bottlenecks, profitability pressures, and competition from larger firms, necessitating innovation in its business model to find new growth avenues [11]. - The company has the potential to leverage its extensive data from lower-tier markets to create user insights and align with smart city initiatives, which could open new value opportunities [10].