松果出行IPO前夕估值缩水，CEO翟光龙、CTO朱蓝天涨薪

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 country [2]. - As of September 30, 2025, the company has deployed 454,600 shared electric bikes across 422 cities and counties in China [2]. Financial Performance - The company's revenue for the years 2023, 2024, and the first nine months of 2025 was reported as 953.3 million RMB, 962.8 million RMB, and 745.5 million RMB respectively [4]. - The losses for the same periods were 192.2 million RMB, 151.1 million RMB, and 59.9 million RMB, with gross profit margins improving from 15.8% in 2023 to 24.3% in the first nine months of 2025 [4][2]. User Growth - The registered user base is projected to grow from 99 million at the end of 2023 to 113 million by the end of 2024, and further to 128 million by September 2025 [2]. Investment and Valuation - The company has completed multiple rounds of financing, with the latest round in November 2025 valuing it at approximately 996 million USD, a significant increase from 25 million USD in its first round in January 2018, representing a growth of 38.84 times [5]. - However, there has been a decline in valuation from 1.382 billion USD in March 2021 to 996 million USD in November 2025, indicating a decrease of about 27.93% [5]. Leadership - The co-founders, Zhai Guanglong and Zhu Lantian, hold significant positions within the company, with Zhai serving as the Executive Director and Chairman, and Zhu as the Executive Director and CTO [8][9]. - Their compensation has seen fluctuations, with Zhai earning 804,000 RMB in 2023 and 767,000 RMB in 2024, while Zhu earned 287,000 RMB in 2023 and 272,000 RMB in 2024 [10][11].