政策不鼓励、增长亦乏力松果出行冲击“共享电单车第一股”面临考验

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in this sector in Hong Kong. The company has carved out a niche in the overlooked county market, but faces significant challenges in policy, competition, and operational compliance as it seeks to expand into higher-tier cities [1][2][4]. Group 1: Market Position and Strategy - Songguo Travel has successfully penetrated the county market, holding an 18.7% market share in this segment, but only 6.6% of the overall market share, ranking fourth in the industry [1][2]. - The company plans to shift its focus to higher-tier cities starting in 2024, where it will face intense competition from established players like Hello, Meituan, and Didi Qingju [2][3]. - Despite increasing the number of bikes deployed, the company has experienced a decline in total order volume, attributed to its strategic pivot to higher-tier cities [3][4]. Group 2: Regulatory Environment and Compliance - The shared electric bike sector is subject to stringent regulatory scrutiny, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on operations [4][5]. - Songguo Travel operates in a "grey area," with many of its deployed bikes lacking proper government approval, leading to compliance issues and public complaints [4][6]. Group 3: Financial Performance and Growth Challenges - The company has shown minimal revenue growth, with total revenues of 9.53 billion yuan and 9.63 billion yuan for 2023 and 2024, respectively. The first three quarters of 2025 reported revenues of 7.46 billion yuan [7]. - Despite a slight profit in the first three quarters of 2025, the company acknowledges the uncertainty of maintaining profitability in the short term. Its valuation has decreased from 1.382 billion USD in 2021 to 996 million USD in 2025, a nearly 30% drop [7][8]. - The company faces the challenge of convincing investors in the secondary market amid a backdrop of slowing industry growth and increasing competition [7][8].