多地涉嫌违规投放？松果出行急于IPO：差评越来越多，订单越来越少

Core Viewpoint - Songguo Travel, the fourth largest shared electric bike operator in China, is preparing for an IPO but is facing significant challenges including rising prices, declining user satisfaction, and increasing competition from major players like Didi and Meituan [1][5][27] Financial Performance - Songguo Travel has reported a cumulative loss exceeding 400 million yuan over two years, with net losses of 1.92 billion yuan in 2023, 1.51 billion yuan in 2024, and 600 million yuan in the first three quarters of 2025 [3][17] - Revenue has stagnated, with figures of 9.53 billion yuan in 2023, 9.63 billion yuan in 2024, and 7.46 billion yuan in the first three quarters of 2025, showing little growth [9][21] Pricing Strategy - The average price per ride has increased from 2.73 yuan in 2023 to 2.85 yuan in 2024, and further to 2.94 yuan in the first three quarters of 2025, yet this strategy has not effectively boosted revenue [8][9] User Experience and Satisfaction - User complaints have surged, with the WeChat mini-program rating plummeting to 1.2, indicating significant dissatisfaction with pricing and service quality [2][15] - Issues reported include high fees for services, inadequate customer support, and operational inefficiencies leading to unexpected charges [15][16] Market Position and Competition - As of September 30, 2025, Songguo Travel operates 454,627 bikes across 422 cities, holding an 18.7% market share in peripheral development areas, but faces fierce competition from Didi, Meituan, and Hello [7][26] - The company has been accused of illegal deployments in multiple cities, which could hinder its growth and operational capabilities [5][23][25] Cost Management - To achieve profitability, Songguo Travel has reduced R&D expenditures and employee benefits, while management salaries have increased, indicating a disparity in cost management strategies [4][18][20]