45万辆共享电单车，从县城跑向港股

Core Viewpoint - The article discusses the recent IPO attempt of Pinecone Wisdom Inc., the parent company of the shared electric bike service, Songguo Travel, highlighting the challenges and market dynamics of the shared electric bike industry in China [5][6]. Group 1: Company Overview - Songguo Travel has filed for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a failed attempt to list in the U.S. in 2021 due to unfavorable market conditions [6]. - The company reported revenues of 9.53 billion RMB, 9.63 billion RMB, and 7.46 billion RMB for the first three quarters of 2023, 2024, and 2025, respectively, with adjusted net profits in a loss state for 2023 and 2024, but expected to turn profitable in 2025 [6][7]. Group 2: Market Dynamics - The shared electric bike market has faced regulatory challenges, with a significant slowdown in growth due to government restrictions in major cities, although lower-tier cities have seen some relaxation of these regulations since 2019 [8][19]. - The market for shared electric bikes is projected to reach 22.1 billion RMB by 2025, with major players like Hello, Didi, and Meituan dominating the market, while Songguo Travel ranks fourth with a market share of 6.6% [8][20][27]. Group 3: Business Model and Financial Performance - Songguo Travel operates on a heavy asset leasing model, generating revenue primarily from bike rentals, which accounted for 98.1%, 97%, and 93.6% of total revenue in 2023, 2024, and 2025, respectively [13][14]. - Despite a slight increase in gross margin from 15.8% in 2023 to 24.3% in 2025, the company has faced cumulative adjusted losses of 97.75 million RMB, with a significant portion of losses occurring in the fourth quarter of 2024 [15][16]. Group 4: Competitive Landscape - The article notes that while shared electric bikes have a better unit economics model compared to shared bicycles, the market is becoming saturated, with a projected compound annual growth rate (CAGR) of only 8.3% from 2025 to 2029 [19][20]. - Songguo Travel's strategy includes expanding into higher-tier cities and diversifying its business, although it faces challenges in competing with larger players who benefit from ecosystem advantages [30][31]. Group 5: Future Prospects - The company aims to use the funds from its IPO to expand its market coverage, enhance AI and data analytics capabilities, and explore international expansion opportunities [26][27]. - However, the article raises concerns about the attractiveness of being a smaller player in a market that is losing investor interest, questioning whether Songguo Travel can achieve sustainable profitability in the long term [32].