三巨头盘踞共享电单车市场，松果出行增长乏力如何冲击港股？

Core Viewpoint - The company "Songguo Travel" has officially submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming to raise funds for regional expansion, R&D in AI and big data, commercialization of electric bike sales, and potential overseas expansion opportunities [1][2]. Group 1: Company Overview - Songguo Travel is the fourth largest shared electric bike brand in China, adopting a "rural encircling urban" strategy to penetrate less competitive markets [2][3]. - The company has a market share of approximately 6.6% in transaction value and 5.9% in the number of bikes deployed, with a total of about 420,000 bikes as of the end of 2024 [2]. - The company has faced significant losses, totaling over 400 million RMB in the past three years, and is currently under pressure to achieve profitability [1][8]. Group 2: Market Dynamics - The shared electric bike service market in China is projected to grow from 2.2 billion RMB in 2019 to 16.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 49.7% [2]. - By 2032, the market size is expected to reach 108.3 billion RMB, with a CAGR of 26.4% from 2024 to 2032 [2]. Group 3: Financial Performance - Revenue for Songguo Travel was 953.3 million RMB in 2023 and is projected to be 962.8 million RMB in 2024, with losses of 192.2 million RMB and 151.1 million RMB for the respective years [9][10]. - The company's revenue from shared electric bike services has been declining, with a 3.8% decrease in service revenue in the first nine months of 2025 compared to the previous year [10][11]. - The average price per ride is expected to increase from 2.73 RMB in 2023 to 2.94 RMB in 2025, indicating a potential for improved revenue per transaction [11]. Group 4: Strategic Initiatives - The company plans to diversify its revenue structure and enhance operational efficiency to improve profitability, including increasing bike deployment and targeting larger cities for higher order prices [12]. - Songguo Travel is unique in that it operates its own manufacturing facility, which differentiates it from competitors that rely on larger internet platforms for user acquisition [5][6].