需突破的挑战决定行业发展高度 税务与合规压力待解：个体司机难以开具增值税专用发票，导致平台增值税抵扣链断裂，头部企业实际增值税税率多在 8% 以上。尽管有油料、路桥费抵 扣政策，但实际操作中存在诸多堵点，而依赖税收返还并非长久之计。此外，跨区域数据互通壁垒、数据安全与确权问题，也对平台合规运营提出更高要 求。 网络货运作为物流数字化转型的核心业态，正处于从规模扩张向高质量发展的关键阶段，不仅当下有政策、技术、市场需求形成的多重支撑，未来还将迎 来规模持续增长与模式深度升级，长远发展空间广阔，不过也需应对合规、盈利等方面的挑战。具体分析如下： 多重有利因素支撑行业长远发展 政策筑牢合规发展根基：目前网络货运领域已形成 "国家框架引领、地方细化落地" 的完善政策体系。国家层面，《互联网平台企业涉税信息报送规定》 《网络货运平台信用管理办法》等政策落地，推动 "以数治税" 和信用体系建设；地方层面则细化车辆审核、数据监控等标准，将其纳入法定货运经营范 围。截至 2025 年底，全国已有 3600 多家网络货运企业完成合规备案，政策规范有效遏制了行业乱象，为合规平台的持续发展扫清障碍。 技术创新驱动效率质变：AI、大 ...

本报讯 （记者梁傲男）在亚洲货运吞吐量第一的中国香港国际机场旁，菜鸟eHub智慧航空货运中心内 一片繁忙。进货站台口处，一台酷似大型"抓娃娃机"的超级机械臂正以每6秒一个大包的抓取速度高效 运转，紧锣密鼓地处理着一年中最大促销季发往全球的海量包裹。 据了解，今年年终大促旺季，菜鸟全力迎战全球物流高峰，国际物流和科技实力双护航。依托于全球电 商物流供应链网络，结合全球最大规模无人物流科技投入，菜鸟为全球用户提供"全球五日达""G2G核 心区域三日达""海外仓隔日达""双11国内预售分钟级配送"等极致物流体验。 为确保旺季大促期间的履约效率及客户体验，该自动码垛系统支持多模式灵活切换，即使在网络中断情 况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字化追踪，客 户可通过系统接口随时掌握货物状态，真正做到了全程透明可视，为旺季百万级别单量处理提供坚实保 障。 在试运营期间，菜鸟自动码垛系统高效完成了墨西哥包机的全货量处理任务。在严格遵循高规格的安检 标准下，该系统仅用7小时就完成了数十万件、近百吨电商货物的自动化码垛作业，较传统模式效率提 升20%，并实现全程"无人化"操作。 "自 ...

在亚洲货运吞吐量第一的香港机场旁，菜鸟eHub智慧航空货运中心内一片繁忙。进货站台口，一台酷 似大型"抓娃娃机"的超级机械臂正以每6秒一个大包的抓取速度高效运转，紧锣密鼓地处理着一年中最 大促销季发往全球的海量包裹。 12月1日，菜鸟香港eHub智慧航空货运中心迎来数字化升级，正式上线自动码垛系统，成为香港首个实 现"安检-组托"全流程自动化的安检前置仓。记者了解到，这台自动码垛机好比机场贵宾厅的VIP快捷通 道，让货物在完成安检后立即自动打托上板，可大大减少货物在货站的停留时间，为品牌出海全球再提 速。 为确保旺季大促期间的履约效率及客户体验，该自动码垛系统可支持多模式灵活切换，即使在网络中断 情况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字化追踪， 客户可通过系统接口随时掌握货物状态，真正做到了全程透明可视，为旺季百万级别单量处理提供坚实 保障。 在试运营期间，菜鸟自动码垛系统高效完成了墨西哥包机的全货量处理任务。在严格遵循高规格的安检 标准下，该系统仅用7小时就完成了数十万件、近百吨电商货物的自动化码垛作业，较传统模式效率提 升20%，并实现全程"无人化"操作。 "自 ...

记者从菜鸟获悉，12月1日，菜鸟香港eHub智慧航空货运中心迎来数字化升级，正式上线自动码垛系 统，成为香港首个实现"安检—组托"全流程自动化的安检前置仓。记者在现场了解到，这台自动码垛机 好比机场贵宾厅的VIP快捷通道，让货物在完成安检后立即自动打托上板，可大大减少货物在货站的停 留时间，为品牌出海全球再提速。 自动码垛系统的上线是香港eHub智慧航空货运中心迈向全面数字化转型的重要一步。菜鸟香港智慧航 空货运中心负责人表示，"未来，我们将持续提升智慧航空货运中心的自动化程度，实现更高比例的自 动化运营，为客户提供更快、更准、更稳的服务体验。" 据悉，今年年终大促旺季，菜鸟全力迎战全球物流高峰，国际物流和科技实力双护航。依托于全球电商 物流供应链网络，结合全球最大规模无人物流科技投入，菜鸟为全球用户提供"全球五日达"、"G2G核 心区域三日达"、"海外仓隔日达"及"双11国内预售分钟级配送"等极致物流体验。 据了解，为确保旺季大促期间的履约效率及客户体验，该自动码垛系统可支持多模式灵活切换，即使在 网络中断情况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字 化追踪，客户可通 ...

Core Viewpoint - The latest prospectus update from Lalamove (the operating entity of Huolala) reveals a mixed performance, with impressive global growth metrics overshadowed by declining monetization rates in its core Chinese market, highlighting the challenges faced by platform-based logistics companies in balancing regulatory compliance and commercial interests [1][8]. Market Overview - The same-city freight market in China has reached a scale of 1.6 trillion yuan in 2024, growing by 8.5% year-on-year, and is expected to rise to 1.73 trillion yuan in 2025 [2]. - The growth is driven by structural factors such as the demand for "hourly delivery" from new retail, increased delivery density from community group buying, and the digital transformation of SMEs [2]. - The contribution from third- and fourth-tier cities is increasing, accounting for 39% of the market in 2024, up 2.3 percentage points from the previous year [2]. Competitive Landscape - Huolala holds a dominant position in the domestic market with a 63.1% market share, while competitors like Kuaigou and Manbang are also vying for market share through various strategies [4]. - The regulatory environment is evolving, with increased scrutiny on driver rights and commission transparency, pushing the industry towards more standardized development [4][22]. Business Expansion - Huolala has diversified its services beyond same-city freight, including moving, less-than-truckload transportation, and enterprise logistics solutions, with diversified logistics services accounting for 40.1% of revenue in the first half of 2025 [6][13]. - The company has expanded globally, entering markets in Southeast Asia and Latin America, with overseas revenue contributing 9.5% of total income [6][13]. Financial Performance - Huolala achieved adjusted profits of $2.72 billion in the first half of 2025, with expectations to exceed $5.4 billion for the full year, driven by cost control and the growth of high-margin enterprise services [7][8]. - The company has seen a significant reduction in operating expenses, with the operating expense ratio dropping from 57.8% in 2022 to 34.1% in 2024 [7]. Monetization Challenges - The monetization rate for Huolala's core domestic freight services has declined for three consecutive years, reaching 9.2% in the first half of 2025, which could limit future revenue growth [11][12]. - The decline is attributed to the company's proactive commission reduction policies, which have decreased revenue per transaction [12]. Strategic Focus - To address the declining monetization rate, Huolala is accelerating its business structure adjustment, focusing on diversified logistics services and overseas markets as new growth engines [12][13]. - The company plans to enhance its high-margin enterprise services and aims to increase their revenue share from 33% to 50% by 2027 [24]. Technological Innovation - Huolala emphasizes technological innovation as a core competitive advantage, with significant investments in R&D, particularly in smart logistics and AI-driven dispatch systems [16][25]. - The company aims to reduce driver idle time and improve operational efficiency through advanced algorithms and the adoption of new energy vehicles [16][25]. Conclusion - Huolala's journey towards IPO reflects the broader transition of platform economies in China, balancing growth with quality and regulatory compliance [26]. - The company's future success will depend on its ability to navigate the challenges of monetization, competition, and regulatory pressures while leveraging its technological and operational strengths [26].