估值缩水近3成、三年亏超4亿元，松果出行拟赴港IPO

Core Viewpoint - Pinecone Wisdom Inc., a shared electric bike company primarily targeting county-level markets, has submitted its IPO application to the Hong Kong Stock Exchange after previously withdrawing from a U.S. listing due to unfavorable market conditions [2][3]. Group 1: Company Overview - Pinecone Wisdom Inc. was founded in 2017 by Zhai Guanglong, a former member of the Meituan founding team, and has previously launched several projects in the transportation sector [5]. - The company has received investments from notable institutions such as Innovation Works, Qiming Venture Partners, and Sequoia China, with major shareholders holding significant stakes prior to the IPO [5]. Group 2: Market Position and Financial Performance - As of 2024, Pinecone ranks first in China's "peripheral development areas" and fourth overall in the market, with a market share of only 6.6% compared to the top three competitors who hold 67.4% [3][5]. - The company's valuation has significantly decreased, with the latest funding round valuing it at $996 million, down $386 million from its peak in 2021 [3]. - Financial data shows that the company has faced cumulative net losses exceeding 400 million RMB in the first three quarters of 2023, 2024, and 2025, with revenue growth stagnating over the past three years [5][6]. Group 3: Financial Metrics - For the fiscal year ending December 31, 2023, the company reported revenues of 953.334 million RMB, with a gross profit of 150.716 million RMB, resulting in a net loss of 192.172 million RMB [6]. - Research and development expenditures have decreased over the years, with 2023, 2024, and the first nine months of 2025 showing R&D costs of 129 million RMB, 123 million RMB, and 85 million RMB respectively [7]. - Cash and cash equivalents stood at 157 million RMB as of September 30, 2025, indicating a need for careful cash flow management [8]. Group 4: Strategic Direction and Challenges - The company plans to use IPO proceeds to expand its regional coverage and explore overseas opportunities, shifting its focus to higher-tier cities starting in 2024 [10]. - Regulatory challenges are emerging, with cities like Chengdu and Shanghai implementing measures that may hinder the growth of shared electric bikes, reflecting safety concerns and urban management issues [11]. - The future outlook for Pinecone Wisdom remains uncertain as it navigates a competitive landscape and regulatory hurdles [12].