松果出行“集中催收”用户欠款，原来它已经盈利都准备IPO了

Core Insights - The article discusses the contrasting fortunes of shared bicycles and shared electric bicycles, highlighting the profitability of the latter compared to the former's ongoing struggles [1][6][25] Group 1: Company Performance - Songguo Travel, a shared electric bicycle company, reported a revenue of 746 million yuan for the first nine months of 2025, with a gross margin increase from 19.9% to 24.3% year-on-year [3][6] - The adjusted net profit for Songguo was 26.4 million yuan, indicating that the company has reached the breakeven point [3][6] - In contrast, Hello Bike, a veteran in the shared bicycle market, has accumulated losses of nearly 5 billion yuan from 2018 to 2020, and its profitability remains elusive despite recent price hikes [3][6][15] Group 2: Business Models - Shared bicycles have a low customer price point, with a gross margin hovering in the single digits, leading to inevitable losses due to high operational costs [6][7] - Shared electric bicycles, while having higher manufacturing costs (2,000-2,500 yuan), can achieve profitability more quickly due to higher pricing (2-3 yuan per ride) and better demand models [8][10] - The average ride distance for electric bicycles is 2.91 kilometers, which aligns well with user needs, leading to higher usage frequency compared to shared bicycles [10][13] Group 3: Market Dynamics - Shared electric bicycles have found a favorable market in lower-tier cities, where public transport is less developed, and the average commuting distance fits well within the electric bicycle's capabilities [16][18] - The regulatory environment in first-tier cities has limited the growth of shared electric bicycles, inadvertently allowing companies like Songguo to thrive in less competitive markets [16][17] - The entry of major players like Hello Bike into the electric bicycle rental market indicates a shift in strategy and increased competition in the sector [4][19][22] Group 4: Future Outlook - Songguo's IPO aims to raise funds for expanding its fleet and enhancing technology, preparing for intensified competition from larger companies [23][24] - Hello Bike faces a dual challenge of maintaining its shared bicycle business while expanding into electric bicycles and rentals, which requires strategic resource allocation [24][25]