昔日独角兽“流血”赴港：松果出行近三成车辆闲置？ 违规成顽疾、高比例VC/PE持股埋隐患

Core Viewpoint - Pinecone Wisdom Inc. (松果出行) is attempting to go public again after a failed IPO in 2021, but its financial performance shows stagnation and significant losses, raising concerns about its viability in the competitive shared electric bike market [1][12][13]. Financial Performance - For the first three quarters of 2023-2025, the company reported revenues of 9.53 billion, 9.63 billion, and 7.46 billion, showing minimal growth of 0.99% and 0.05% [14]. - Net losses for the same periods were 1.92 billion, 1.51 billion, and 599.87 million, with total cumulative losses exceeding 4 billion [14]. - The adjusted net profit as of September 30, 2025, was approximately 264.96 million, compared to a net loss of 1.89 billion in the same period of 2024 [14]. User and Operational Metrics - The total registered users increased from 99 million to 128 million, and the number of cities served rose from 371 to 422, with the total number of electric bikes deployed increasing from 389,900 to 454,600 [15]. - However, daily order volume decreased from 1.1019 million to 1.006 million, indicating a decline in usage despite the increase in bike deployment [15]. - The average daily orders per bike fell from 2.83 to 2.21, while the average daily orders per active bike increased by approximately 11.6% [15]. Cost Structure - Operational costs have risen significantly, with labor and employee costs, service payments, maintenance, and logistics costs accounting for over 51% of sales costs and nearly 40% of total revenue [16]. - For the first nine months of 2025, total operational costs reached 2.90 billion, with labor costs increasing by 1.7% to 1.70 billion and maintenance costs rising by 36.1% to 377.96 million [16]. Regulatory Environment - The company faces increasing regulatory scrutiny, with new national standards for electric bikes set to take effect by December 2025, requiring compliance and certification [17]. - Several cities have already banned the deployment of electric bikes, and others have implemented quota and registration systems, complicating the company's operational model [18]. Investment and Valuation - The company's valuation has decreased by approximately 30.1%, dropping it out of the unicorn status, with major VC/PE firms holding 72.05% of the shares [19][22]. - Prior to the IPO attempt, the largest external shareholder was Innovation Works, holding about 23.23% of the company, followed by other significant investors like Sequoia and SoftBank [22].