业绩持续跑赢行业！松果出行2025年前9月毛利率攀升至24.3% 蝉联中国独角兽企业

Core Insights - The company has achieved significant growth in the shared electric bike industry, with a dual focus on "scale expansion and compliance adaptation" as of September 30, 2025, covering 422 administrative units and deploying 454,600 bikes, with a total registered user base of 128.3 million [1][4] Financial Performance - The financial data reveals continuous improvement in operational efficiency, with a gross margin rising to 24.3% in the first nine months of 2025, an increase of 4.4 percentage points year-on-year; adjusted net profit reached 26.4 million yuan, marking the first instance of interim profitability; net losses narrowed to 60 million yuan, a significant reduction of 68% from 192.2 million yuan in 2023 [1][2] Market Position and User Base - The company has established a robust market presence, expanding its service network to 422 cities and counties, and increasing its user base from 99 million at the end of 2023 to 128.3 million by September 30, 2025, indicating enhanced user engagement and market penetration [4][5] Technological Innovation - The company leverages its full value chain advantage by independently designing and producing electric bikes, along with an AI-driven operational management system that reduces costs through dynamic scheduling and predictive maintenance; the average bike acquisition cost in the industry has decreased to approximately 2,978 yuan in 2024 [3][6] Industry Recognition - The company has been recognized as a "unicorn" for two consecutive years, reflecting its technological innovation, leading market position, and sustainable growth potential; only 409 companies in China received this honor in 2025, with a total valuation of approximately 1,506.8 billion USD [5][6] Future Outlook - The company is advancing its listing process on the Hong Kong Stock Exchange with Huatai Financial Holdings (Hong Kong) as the exclusive sponsor, supported by strong financial performance, solid market positioning, and industry recognition, aiming to enhance regional coverage and AI capabilities for improved service efficiency [6]