市占率1.2%、业务线单一、强敌环伺！航班管家、高铁管家母公司活力集团IPO：靠一条腿能走多远？

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Huoli Group, operates two well-known ticket booking apps, "Flight Butler" and "High-speed Rail Butler," and is preparing for an IPO in Hong Kong [1][2] - The company has a market share of 1.2% in the online travel agency (OTA) sector, significantly trailing behind the market leader, Trip.com, which holds a 31.6% share [21][22] - The company's revenue model is primarily B2B, with travel-related services accounting for 88% of total revenue in 2023, while online marketing and data services contribute a smaller share [19][20] Summary by Sections Company Background - Founded in 2009, Huoli Group was initially listed on the New Third Board in 2017 but delisted in 2021 to pursue a larger capital market [13][14] - The founders, Wang Jiang and Li Lijun, hold a combined 35.15% stake in the company [5] Business Model - The company positions itself as a "one-stop comprehensive travel platform," with a focus on providing dynamic flight and train information [15][21] - In 2023, the company reported a total transaction volume of 30.8 billion RMB, ranking second in the domestic market [21] Financial Performance - The company's revenue grew from 340 million RMB in 2021 to 500 million RMB in 2022, with a compound annual growth rate (CAGR) of 21% [30] - In the first half of 2024, the company reported revenue of 280 million RMB, a 23% year-on-year increase [32] Competitive Landscape - The company faces intense competition from established players like Trip.com and emerging competitors backed by significant resources [57] - The company's gross margin of 58.6% in the first half of 2024 is notably lower than Trip.com's 81.6% [35] Operational Challenges - The company relies heavily on ticket booking services, which accounted for 73% of its revenue in the first half of 2024, indicating a lack of diversification [39] - The company has struggled to invest adequately in non-ticketing services, limiting its growth potential in a competitive OTA market [47][48]