45万辆共享电驴要IPO了

Core Viewpoint - The article discusses the upcoming IPO of Pinecone Wisdom Inc., the parent company of Pinecone Mobility, which focuses on the shared electric bicycle market in China, particularly in county-level cities, highlighting its growth potential and challenges in a competitive landscape [4][8]. Company Overview - Pinecone Mobility was founded in 2017 by Zhai Guanglong, who previously worked at Meituan and in the ride-hailing sector, identifying a market opportunity in shared electric bicycles for less urbanized areas [5][8]. - The company has adopted a heavy asset development model, establishing its own factories and maintaining a direct operation ratio [7]. Financial Performance - As of September 2025, Pinecone Mobility has deployed over 450,000 electric bicycles across 422 cities and counties, with 128 million registered users [11]. - The company's revenue for 2023 and 2024 is projected to be approximately 953.3 million and 962.8 million RMB, respectively, showing a modest growth rate of 1% [12]. - The adjusted net losses for 2023 and 2024 are estimated at 80.08 million and 44.07 million RMB, with a potential turnaround to a profit of approximately 26.4 million RMB in the first nine months of 2025 [12][13]. Market Position - Pinecone Mobility ranks first in the Chinese sinking market and fourth overall, with a market share of only 6.6% in 2024, facing significant competition from major players like Meituan and Didi [11][14]. - The company has experienced a decline in daily order volume, dropping from 1.1 million in 2023 to 1.0 million in the first nine months of 2025 [14]. Investment and Valuation - The latest funding round in November 2022 valued the company at approximately 996 million USD, reflecting a decrease from previous valuations [8][14]. - The company has maintained a consistent fundraising rhythm, completing multiple rounds of financing since its inception, with notable investors including Baidu and Sequoia Capital [7][8]. Industry Challenges - The shared electric bicycle industry faces profitability challenges due to high operational costs and increasing competition, with many players struggling to achieve sustainable business models [12][16]. - Regulatory environments in major cities are becoming more restrictive, limiting the growth potential of shared electric bicycle services [16].