2026年1月2日，Pinecone Wisdom Inc.（俗称"松果出行"）正式向香港联合交易所主板递交首次公开募股（IPO）申请，华泰国际担任独家保荐人，试图冲 刺"港股电单车第一股"的头衔。 松果出行的IPO故事在业内一度被解读为"下沉市场的胜利者"尝试打破美团、滴滴和哈啰三巨头垄断局面，但深入其财务与业务逻辑后，隐隐浮现一条不 同于市场宣传的风险主线。 在这份看似光鲜的拟上市答卷背后，是持续亏损的业绩黑洞、逐年下滑的订单量、多地频发的违规罚单，以及高管与股东的微妙动作。 从美股上市折戟到港股仓促赶考，松果出行的资本之路布满荆棘，而其经营层面的诸多沉疴，更让这场IPO之旅充满变数。 一、IPO紧急赶考：估值缩水背后的资本焦虑 松果出行的上市野心并非首次显露。早在2021年，公司就曾向美国证券交易委员会秘密递交招股文件，试图登陆美股市场，但最终因"不利的资本市场环 境"终止进程，转而将目光投向港股。时隔四年重启上市进程，松果出行的资本紧迫感不言而喻。 招股书显示，公司最新一轮D+轮融资完成于2025年11月，投资方包括创新工场、软银、蓝驰资本等老股东，投后估值达到9.96亿美元。但鲜为人知的是， 这一估 ...

以下文章来源于天天IPO ，作者余梦莹 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 攻占县城 。 作者/余梦莹 走在街头，你或许会被一排排整齐小电驴所吸引。扫码、开锁，花费2 . 5元就能骑上半小时，共享电 单车化身为"最后三公里"的代步选择。 现 在 ， 它 们 也 要 去 上 市 了 —— 投 资 界 - 天 天 I PO 获 悉 ， 近 日 松 果 出 行 母 公 司 P i n e c o n e Wis d om I n c （简称"松果出行"） 递表港交所，华泰国际担任独家保荐人。 早年在交通行业摸爬滚打，翟光龙呆过美团也做过顺风车，后来辗转捕捉到共享电单车行业的机遇， 选择主攻县域下沉市场，杀出了一片天。 曾考虑带着松果出行赴美上市 ，最终转战港交所。 回想起1 0年前共享单车 诞生之际 ，"彩虹大战"历历在目，最终大多黯然收场。这一次，共享电单车 能改写命运吗？ 美团前员工带队 投资人来了 2 0 0 4年毕业于中科大，翟光龙在宝洁集团工作了5年，后加入美团创始团队和蚂蚁短租，积累起不少 O2O及P 2 P领域的经验。2 0 1 4年，翟光龙创立顺风车移动软件天天用车， ...

在共享电单车行业规范化发展的关键阶段,松果出行交出了"规模扩张+合规适配"的双重答卷:截至2025年 9月30日,公司已在全国422个市县级行政单位实现服务覆盖,投放共享电单车45.46万辆,注册用户总数攀升 至1.283亿。 近日,松果出行在招股书中披露的最新财务数据显示,公司经营质效持续优化:2025年前9个月毛利率攀升 至24.3%,同比提升4.4个百分点;经调整净利润实现2640万元,首次实现阶段性盈利;同时亏损净额收窄至 6000万元,较2023年的1.922亿元大幅收窄68%,盈利路径日益清晰。 这一系列业绩亮点,印证了公司"规模扩张+效率提升"的良性发展逻辑,而此前公司连续两年入选"中国独 角兽企业"的荣誉,更成为其业务潜力与行业地位的重要背书。 业绩表现持续亮眼,盈利能力稳步提升 422城布局+1.28亿用户,市场基本面持续夯实 强劲的业绩表现,离不开扎实的市场布局与用户基础。截至2025年9月30日,松果出行已在全国422个市县 级行政单位投放45.46万辆共享电单车,服务网络较2023年的371个市县实现稳步扩张,成为覆盖范围最广 的共享电单车运营商之一。 用户规模同步高速增长,注册用户总 ...

据港交所1月2日披露，Pinecone Wisdom Inc.向港交所主板递交上市申请，华泰国际为独家保荐人。 共享电单车服务是Pinecone Wisdom Inc.商业模式的核心。为支持Pinecone Wisdom Inc.的商业生态系统，该公司亦(i)提供平台服务以支持公司的运营合作伙 伴，包括提供特定的IT基础设施支持及人工智能营运管理系统，(ii)透过松果出行应用程序提供广告服务，及(iii)向公司的运营合作伙伴及客户销售电单车及 备件。 财务资料 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 金額 | % | 金額 | % | 金額 | % | 金額 | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | (未經審核) | | | 收入 | 953,334 | 100.0 | 962,750 | 100.0 | 745.499 | ...

智通财经获悉，据港交所1月2日披露，Pinecone Wisdom Inc.向港交所主板递交上市申请，华泰国际为 独家保荐人。 公司简介 据招股书，Pinecone Wisdom Inc.是中国领先的共享电单车服务供货商。根据灼识咨询报告，按2024年 交易额及截至2024年12月31日已投放的电单车数量计算，Pinecone Wisdom Inc.是中国外围发展区域中 最大的共享电单车服务营运商，并在中国整体市场中位居第四。 截至2025年9月30日，Pinecone Wisdom Inc.的共享电单车服务广受各年龄层用户认可，在全国422个市 县共投放454,627辆共享电单车。该公司的注册用户总数由截至2023年12月31日的9900万持续增至截至 2024年12 月31日的1.131亿，并进一步攀升至截至2025年9月30日的1.283亿。 共享电单车服务是Pinecone Wisdom Inc.商业模式的核心。为支持Pinecone Wisdom Inc.的商业生态系 统，该公司亦(i)提供平台服务以支持公司的运营合作伙伴，包括提供特定的IT基础设施支持及人工智能 营运管理系统，(ii)透过松果出行 ...

Core Viewpoint - The rapid growth of shared electric bikes has highlighted deep-seated issues within the industry, necessitating a multi-faceted approach involving policy guidance, technological innovation, and corporate responsibility to establish a new order of "orderly competition" [1] Group 1: Industry Challenges - Shared electric bikes have not experienced the same over-expansion as shared bicycles, instead following a more restrained development path due to high operational costs and strong regulatory measures from local governments [3] - Current market conditions are characterized by "insufficient competition," with government regulations playing a dominant role in market entry, leading to a lack of genuine competitive dynamics [3][4] - The existing quota system for operators, while aiming to regulate the market, can create administrative barriers that stifle potential competitors and reduce innovation incentives [4] Group 2: Government Role and Recommendations - Governments should shift from a restrictive approach to a more facilitative role, establishing dynamic assessment mechanisms based on service quality to promote operational efficiency and user satisfaction [5] - There is a need for improved urban infrastructure, including dedicated parking and battery swap stations, to alleviate operational challenges for companies and enhance user experience [5] - The industry requires a transition from quantity-focused competition to quality-driven competition, supported by effective market mechanisms and regulatory frameworks [6] Group 3: Future Outlook - The development of shared electric bikes should not only serve as a supplementary transportation option but also play a crucial role in the construction of smart cities [6]

Core Viewpoint - The shared electric bike industry is experiencing upward momentum driven by government support, market demand, and technological advancements [1][2][3] Industry Development - The government is promoting a unified national market, which will provide clearer market access standards for the shared electric bike industry [1] - The industry is witnessing intensified competition, with national brands like Qingju, Meituan, and HelloBike gaining significant advantages in user scale and revenue [2] - Shared electric bikes have become popular among young users aged 16-34, particularly in lower-tier cities, due to their convenience for commuting and leisure [3] Regulatory Environment - The new national standards for electric bicycles are expected to enhance product quality and safety, driving technological innovation and green development [4][16] - Policies are increasingly supportive of shared electric bikes as part of the public transport system, addressing the "last mile" issue in urban transportation [12][21] Economic Context - The national economy is steadily growing, with transportation and communication spending increasing, indicating a robust market for shared electric bikes [7] - The demand for low-carbon and environmentally friendly transportation options is rising, with shared electric bikes playing a crucial role in this transition [10][13] User Insights - Users favor shared electric bikes for their convenience, affordability, and environmental benefits, with a high satisfaction rate reported in key operational aspects [3][49][73] - The average riding distance is approximately 2.91 kilometers, with peak usage times in the evening [60][53] Technological Innovations - Advancements in autonomous driving technology are expected to address operational challenges and reshape the industry landscape [5][89] - The implementation of smart technologies and improved vehicle features is enhancing user experience and operational efficiency [40][87] Market Trends - The industry is moving towards a more regulated and competitive environment, with a focus on product innovation and operational efficiency [80][82] - User preferences are shifting towards comfort and practical features in electric bikes, prompting companies to innovate [85] Competitive Landscape - The shared electric bike market is consolidating around a few national brands, which are focusing on differentiated services and improved user experiences [2][82] - Companies are leveraging technology to enhance their operational capabilities and meet diverse user needs [87][89]

Core Viewpoint - The forum on shared electric bicycles, organized by the China Urban Public Transport Association, focused on the future development paths of the industry, emphasizing the need for collaboration among government, enterprises, and society for standardized growth [1][2]. Group 1: Forum Themes and Discussions - The forum's theme was "Standardization, Integration, Innovation," addressing topics such as fair competition mechanisms, comprehensive governance systems, and the integration of shared electric bicycles with public transport [1]. - Key discussions included legal regulations, technological innovation, and detailed governance of shared electric bicycles, with contributions from experts and industry representatives [2][3]. Group 2: Industry Development and Innovation - Industry experts highlighted that high-quality development relies on innovation, which is crucial for the growth of enterprises and the industry as a whole [2]. - The forum featured a technology exhibition showcasing the latest products and technologies from various companies, including Meituan, Didi, and Weikong Technology [2]. Group 3: Consensus and Future Initiatives - A consensus was reached during the roundtable discussion on the need for a dynamic assessment mechanism to prevent "bad money driving out good," and the establishment of unified standards by industry associations to balance market vitality and management order [3]. - The forum initiated the compilation of the "2025-2026 Shared Electric Bicycle Industry Social Responsibility Observation Report" and awarded the "2025 Shared Electric Bicycle Industry Social Responsibility Units" [2].

Core Viewpoint - The recognition of People's Travel (Nanning) Technology Co., Ltd. as a "2025 Shared Electric Bicycle Industry Social Responsibility Contribution Unit" highlights its significant contributions to promoting green travel and advancing industry standards [1][2] Group 1: Company Achievements - People's Travel has been awarded for its outstanding performance in promoting green travel and driving industry development [1] - The company utilizes smart hardware and big data platforms, leveraging 5G technology for efficient urban transportation solutions [1] - The advanced intelligent systems in their vehicles ensure precise location tracking and fault warnings, setting a benchmark for operational service in the industry [1] Group 2: Industry Impact - Shared electric bicycles serve as a crucial supplement for urban green transportation, addressing traffic congestion and promoting low-carbon development [1] - People's Travel's smart scheduling reduces vehicle idling and optimizes route planning, providing operational references for the industry [1] - The company aims to guide more enterprises to prioritize social responsibility and contribute to a healthy and orderly industry ecosystem [1] Group 3: Future Directions - The award serves as a catalyst for People's Travel to deepen its "Technology + Green" strategy, enhancing the application of intelligent technologies [2] - The company plans to upgrade its vehicles and platform systems to improve operational efficiency and user experience [2] - Future initiatives include exploring deeper integration with public transportation to build a more comprehensive green travel system [2]

Core Viewpoint - The first "Urban Shared Electric Bicycle Comprehensive Governance and Industry Development Forum" will be held from July 9 to 11 in Beijing, focusing on the scientific governance paths for shared electric bicycles to promote the healthy, scientific, and sustainable development of the industry [1][2]. Group 1: Industry Development and Governance - The forum aims to address issues such as market access, parking order, safety hazards, and operational management faced by the shared electric bicycle industry [1]. - The Ministry of Housing and Urban-Rural Development has emphasized the importance of green and low-carbon development, promoting the construction of urban green slow-moving transportation systems [1]. - The shared electric bicycle industry has contributed positively to urban travel efficiency, green low-carbon development, and optimization of public resource utilization [1]. Group 2: Research and Collaboration - In 2024, the Ministry of Housing and Urban-Rural Development commissioned the China Urban Public Transport Association to initiate a special project on "Shared (Electric) Bicycle Urban Safety Operation and Governance," which will promote refined management practices across multiple cities [2]. - The project will compile a report on the safety operation and governance of shared (electric) bicycles for reference by various regions, showcasing successful governance experiences and models [2]. - The forum will bring together government departments, industry experts, shared electric bicycle operators, financial institutions, and research institutes to create a dialogue platform for discussing scientific governance paths and guiding fair competition among enterprises [2]. Group 3: Forum Focus Areas - The forum will focus on topics such as multi-party governance, collaborative development, standard formulation, and technological innovation [2]. - Key discussion areas will include fair competition mechanisms in the shared electric bicycle industry, comprehensive governance systems, collaboration between new travel modes and public transport, safety guarantees for shared electric bicycles and private electric vehicles, planning and management of electric bicycles in universities, and the industry's social responsibility reports and new safety technologies [2].