松果出行冲刺港交所：在全国422个市县投放超45万辆共享电单车，已扭亏为盈

Core Viewpoint - Pinecone Wisdom Inc. (松果出行) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to expand its market presence in the shared electric bike service sector in China [3]. Company Overview - Founded in 2017 by members of the Meituan founding team, Pinecone Wisdom has grown to become the largest shared electric bike service operator in China's peripheral development markets [4]. - As of September 30, 2025, the company has deployed 454,627 shared electric bikes across 422 cities and counties in China [4]. Market Position - By the end of 2024, Pinecone Wisdom is projected to rank as the fourth largest operator in China's shared electric bike service market based on transaction volume and bike deployment, while holding the top position in peripheral development areas with a market share of 18.7% [5]. User Growth - The total number of registered users has increased from 99 million at the end of 2023 to 128.3 million by September 30, 2025 [6]. - The coverage of cities and counties expanded from 371 to 422 within the same period [6]. Financial Performance - Revenue for Pinecone Wisdom was reported at 9.53 billion RMB in 2023 and 9.63 billion RMB in 2024, with 7.46 billion RMB for the first three quarters of 2025, showing stability in revenue generation [7]. - The gross profit margin improved significantly from 15.8% in 2023 to 24.3% in the first three quarters of 2025 [8]. - The company achieved a net profit of approximately 26.4 million RMB in the first three quarters of 2025, marking a turnaround to profitability [9]. Investment and Future Plans - Pinecone Wisdom has attracted investments from notable firms such as Innovation Works, Qiming Venture Partners, and Sequoia China, with major shareholders holding significant stakes [9]. - The funds raised from the IPO will be primarily used for expanding regional coverage, enhancing market penetration, R&D, commercializing electric bike sales, exploring overseas expansion, and general corporate purposes [9].