航班、高铁用户超2亿的活力集团，三遭工信部通报

Core Viewpoint - The article discusses the challenges and potential of Huoli Group, a company in the travel service sector, as it attempts to go public in Hong Kong, highlighting its low market share, compliance issues, and fluctuating profitability despite significant revenue growth [5][16]. Market Position and Growth - Huoli Group has entered the top ten in its industry, yet its overall market share remains below 2%, indicating significant challenges in market expansion [2]. - The company has experienced a revenue increase from 280 million yuan in 2022 to 502 million yuan in 2023, with a projected rise to 647 million yuan in 2024, achieving a compound annual growth rate (CAGR) of 52% over three years [6][17]. - In the first half of 2025, revenue reached 351 million yuan, marking a 24.8% increase compared to the same period in 2024 [6]. Profitability and Financial Performance - Despite revenue growth, Huoli Group's net profit has been unstable, with a loss of 758,000 yuan in 2022, a profit of 59.31 million yuan in 2023, followed by a decline to 51.15 million yuan in 2024, representing a 13.75% decrease [7][8]. - The company's sales and marketing expenses surged from 44.1 million yuan in 2022 to 145 million yuan in 2024, while R&D spending decreased as a percentage of revenue from 21.1% to 12.6% during the same period [8][9]. Compliance and Regulatory Issues - Huoli Group has faced multiple compliance issues, with its core apps being flagged by regulatory bodies for privacy violations and user complaints, leading to a significant trust crisis among users [9][10]. - The company has accumulated over 9,700 complaints on platforms regarding service issues, including slow refunds and misleading practices [10]. Investment and Valuation Challenges - Huoli Group's valuation has decreased by over 36% from its peak of 3.3 billion yuan in 2021 to approximately 2.087 billion yuan in 2024, despite attracting significant investment from top-tier venture capital firms [11][12]. - The company holds only a 1.4% market share in the overall internet travel service market, with the top three competitors controlling 88.2% of the market [12]. Competitive Advantages and Future Potential - Despite its challenges, Huoli Group benefits from a strong user base, with over 217 million registered users and a high repurchase rate of over 50% among paid users [16]. - The company has developed a proprietary supply chain management system and has secured official data sources, enhancing its service quality and competitive edge [17]. - The ongoing recovery in the travel market and the potential for further growth in its B2B services and international markets present opportunities for Huoli Group [17][18].