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, user complaints, and increasing competition from major players like Didi and Meituan [2][21]. Group 1: Financial Performance - Songguo Travel has experienced a cumulative loss of over 400 million yuan from 2023 to the first three quarters of 2025 [3][8]. - Revenue has stagnated, with 2023 and 2024 revenues reported at 953 million yuan and 963 million yuan respectively, and 746 million yuan for the first three quarters of 2025, showing little growth [6][25]. - The average price per ride has increased from 2.73 yuan in 2023 to 2.94 yuan in the first three quarters of 2025, but this strategy has not effectively boosted revenue [4][24]. Group 2: User Experience and Market Position - User complaints have surged, with the WeChat mini-program rating dropping to 1.2, highlighting issues such as high fees and poor service [3][26]. - Daily order volume has decreased from 1.1019 million in 2023 to 1.006 million in the first three quarters of 2025, attributed to strategic adjustments in operational areas [4][23]. - As of September 30, 2025, Songguo Travel has deployed 454,627 bikes across 422 cities, holding an 18.7% market share in peripheral development areas [4][22]. Group 3: Cost Management and Operational Challenges - The company has reduced R&D spending from 1.29 billion yuan in 2023 to 850 million yuan in the first three quarters of 2025, alongside a decline in employee costs [10][29]. - Despite cost-cutting measures, executive salaries have increased, raising concerns about management priorities amid ongoing financial losses [10][30]. - Regulatory challenges have emerged, with reports of illegal bike deployments in cities like Luoyang and Hefei, complicating market expansion efforts [13][32]. Group 4: Competitive Landscape - Songguo Travel faces intense competition from established players like Didi, Meituan, and Hello, which possess greater financial and technological resources [17][36]. - The company’s market share is significantly lower than its competitors, with a reported 6.6% market share based on transaction volume for 2024 [17][36]. - The company previously attempted to list in the US but shifted focus to the Hong Kong market due to unfavorable conditions [17][36].