Core Viewpoint - Despite the announcement of reduced commission rates by major ride-hailing platforms, drivers have not experienced a significant increase in income, primarily due to the complexities of commission algorithms and the ongoing low fare rates in the industry [1][9]. Group 1: Commission Rate Changes - Major platforms like Didi, T3, and Gaode have reduced their maximum commission rates to 27%, down from the previous 30%, while Caocao has lowered it to 22.5% [1]. - Drivers report that the reduction in commission rates has not translated into higher earnings due to opaque commission calculations and the presence of numerous small platforms driving down fare rates [1][9]. Group 2: Transparency Issues - Drivers have expressed frustration over the lack of transparency in commission calculations, with many unable to verify the actual commission taken from their earnings [2][4]. - The complexity of the commission structure often leads to discrepancies between the displayed commission rates and the actual rates, with some drivers reporting effective rates exceeding the stated limits [3][4]. Group 3: Order Reselling Practices - The practice of order reselling among platforms has led to compounded commission rates, where drivers may receive significantly less than expected due to multiple layers of commission [5][6]. - Instances of drivers receiving only a fraction of the fare paid by passengers highlight the hidden costs associated with order reselling, with effective commission rates sometimes exceeding 50% [5][6]. Group 4: Low Fare Rates - Many drivers have noted that the fundamental issue lies in the low mileage rates, which are often below 50% of traditional taxi fares, impacting their overall income [7][9]. - In cities like Shanghai, the average mileage fee is around 1.1 yuan per kilometer, while in some regions, it can drop to as low as 0.8 yuan, further exacerbating the income challenges for drivers [7]. Group 5: Regulatory Environment - Regulatory bodies have begun to take notice of the issues surrounding order reselling and opaque commission practices, with new guidelines being introduced to curb these practices [10][11]. - Despite regulatory efforts, reports indicate that practices like "shadow billing" and order reselling continue to persist in the industry [10][11]. Group 6: Market Dynamics - The market for ride-hailing platform licenses remains competitive, with prices for licenses in less developed regions rising significantly, indicating ongoing demand despite regulatory challenges [12]. - The increase in the number of licensed platforms, even amidst the removal of non-compliant ones, suggests a complex and evolving market landscape [12][13].

Core Insights - The average monthly income of ride-hailing drivers is 7,623 yuan, ranking second only to truck drivers [1] - Ride-hailing drivers express a higher satisfaction with their income compared to truck drivers, delivery workers, and construction workers [1] - The working environment for ride-hailing drivers is perceived as more comfortable and secure, akin to that of urban white-collar workers, with air conditioning and a sense of safety while accepting orders [1]

Core Viewpoint - Shengwei Times Technology Co., Ltd. is attempting to relist on the Hong Kong Stock Exchange after its initial application failed in November 2024, facing multiple challenges including reliance on Alibaba, continuous losses, and numerous complaints from consumers [1][2]. Business Overview - Shengwei Times positions itself as a leading provider of intercity and urban road passenger transport information services, focusing on intercity transport services and urban ride-hailing services [1]. - The company has developed a "Cloud Station" system to digitize traditional passenger transport stations and offers a comprehensive SaaS solution called "Passenger Transport Da" for transport companies [1]. - As of June 2025, the company holds 204 ride-hailing licenses, with 1.7 million registered drivers and 84,000 active drivers monthly, processing an average of 240,000 orders daily [1]. Financial Performance - Revenue increased from 816 million yuan in 2022 to 1.594 billion yuan in 2024, reflecting a compound annual growth rate of approximately 40% [1]. - However, the net losses for the parent company were 499 million yuan, 482 million yuan, and 426 million yuan over the same period, totaling around 1.4 billion yuan due to high driver subsidies and market expansion costs [2]. - In the first half of 2025, revenue reached 903 million yuan, with adjusted losses reduced to 9.33 million yuan, indicating a significant improvement in loss rate to 1% [2]. Dependency on Alibaba - Alibaba is the largest shareholder with a 27.01% stake, and over 80% of Shengwei Times' revenue comes from ride-hailing services, with 90% of that revenue dependent on cooperation with Gaode [2]. - The total transaction volume generated through Gaode accounted for 92.9%, 89.5%, 93.9%, and 94.5% of the company's ride-hailing service GTV from 2022 to the first half of 2025 [2]. Regulatory and Market Challenges - The company faced numerous consumer complaints, with over a thousand complaints related to "365 Ride-Hailing" on the Black Cat Complaint platform, primarily concerning service quality and regulatory compliance [2]. - In 2024, "365 Ride-Hailing" was subject to 35 administrative penalties, mainly for violations related to driver certification and vehicle licensing [3]. - The competitive landscape for ride-hailing services is intensifying, with recent IPOs of similar companies like Dida and Qiji facing poor market performance, raising investor skepticism about profitability and business models [3]. IPO and Future Prospects - The upcoming IPO represents not only a fundraising opportunity but also a test of the company's business model and market competitiveness [4]. - The company must reduce its dependency on a single platform and demonstrate its technology's neutrality to attract orders outside the Alibaba ecosystem [4]. - Funds raised from the IPO are intended for enhancing platform capacity, expanding provincial passenger transport digital projects, and exploring acquisition and strategic alliance opportunities [4]. Market Sentiment - The capital market's willingness to invest in a company heavily reliant on Alibaba, with ongoing losses and numerous complaints, remains uncertain [5]. - Shengwei Times must prove it is not merely an "outsourced worker" within the Alibaba ecosystem but a technology company with core capabilities, independent customer acquisition, and a clear path to profitability [5].

Group 1 - The article discusses the emergence of a new role in corporate governance known as the "professional chairman," highlighting its significance in the context of China's evolving business landscape [1][2] - The article reflects on the journey of various global ride-hailing platforms, including Uber, Lyft, Didi, and CaoCao, as they navigate their paths to capital markets and address the challenges of the ride-hailing business [3][4] - A comparison table illustrates the market positions of these companies, showcasing their IPO valuations and current market values, with CaoCao's market value noted as approximately 43.3 billion HKD as of September 7, 2025 [5] Group 2 - The appointment of a professional chairman at CaoCao was a bold decision by the major shareholder, Li Shufu, aimed at introducing new perspectives and methods to the management team [5][6] - The chairman emphasized the importance of building trust through listening and understanding the team's challenges, which was crucial for effective collaboration [7][8] - The strategic shift from a focus on high growth to prioritizing efficiency and cost control was necessary due to external market pressures and internal competition [11][12] Group 3 - The company underwent significant restructuring, including a 40% workforce reduction and a 50% budget cut, to adapt to the changing market conditions and ensure sustainability [12][14] - The chairman's approach involved balancing the diverse interests of various stakeholders, including major shareholders and management, to foster a collaborative decision-making environment [15] - The future vision for the ride-hailing industry is centered around the development of Robotaxi, which is seen as the ultimate evolution of the business model, driven by advancements in autonomous driving technology [16] Group 4 - The article outlines a methodology for effective leadership, emphasizing the importance of listening, understanding different perspectives, maintaining a holistic view, and managing operational rhythms [17][18][19][20][21] - The chairman's role is likened to that of a brake operator, ensuring that the company balances speed with efficiency and quality in its operations [21][22]

Group 1 - The core viewpoint is that national trade unions are actively promoting algorithm negotiations among platform companies, with expected coverage of over 20 million new employment form workers [1][2] - As of now, 15 leading platform companies have been included in the initiative, with 7 companies, including T3 Travel and Didi, having signed special agreements on algorithms and labor rules [1] - The agreements stipulate that labor remuneration will not be lower than the local minimum wage, and measures such as the gradual elimination of "overtime deductions" are being implemented [1][2] Group 2 - The focus of the algorithm negotiations includes core worker rights such as labor remuneration, rest rights, labor safety, and algorithm transparency [2] - In the ride-hailing industry, agreements have been made to publicly disclose pricing rules and reduce commission rates, along with enhancements to fatigue prevention rules [2] - New features such as abnormal order interception and mandatory rest reminders have been introduced to improve worker safety and well-being [2]

"要求建设单位交存物业保修金的规定不符合上位法的规定，增加了企业负担，应当予以纠正""规定申 请从事网约车经营的平台公司应当在本市设立分支机构，属于不合理、不必要的措施"……近年来，针 对维护公平竞争的市场环境，全国人大常委会法工委对法规、司法解释等依法开展备案审查，推动和督 促制定机关纠正处理各类规范性文件，助力市场竞争秩序持续优化。 修改交存物业保修金规定，减轻企业负担 "平等保护民营企业合法权益，优化营商环境，进而维护公平的市场竞争秩序，是近年来全国人大常委 会法工委开展备案审查工作的一项重要目标。"全国人大常委会法工委法规备案审查室主任严冬峰说。 7月30日召开的中共中央政治局会议指出："纵深推进全国统一大市场建设，推动市场竞争秩序持续优 化。" 阳光爬过塔吊顶端，钢铁脚手架分布在未封顶的楼体周围，穿着橙色工装的工人攥着安全带在架体间移 动…… "听说企业交物业保修金的规定要修改，这对我们民营企业，还有整个建筑行业，确实是极大的利 好！"在黑龙江一工地，某建设单位负责人艾某十分高兴。 什么是物业保修金？全国人大常委会法工委法规备案审查室处长张晓楠介绍，许多地方性法规中有建设 单位应当交存物业保修金的规 ...

（文章来源：经济日报） 全总有关负责人介绍，今年以来，全国工会系统以开展2025年度集体协商"集中要约行动"为抓手，重点 推动平台企业开展算法协商。截至目前，已将15家头部平台企业纳入工作范围。T3出行、极兔、UU跑 腿、满帮、滴滴、圆通、饿了么7家企业已签订算法与劳动规则专项协议，其余企业将于9月底前全部完 成协商并签订算法协议。北京、河北、吉林、上海等15个省（市）积极指导平台企业本地分支机构开展 省域协商，共召开33场省域协商会或意见征询会。 本报北京9月11日讯（记者康琼艳）从全国总工会获悉，今年以来，全国各级工会积极推动平台企业开 展算法协商，协商成果预计覆盖新就业形态劳动者逾2000万人。其中，多家平台算法协议明确劳动报酬 不低于当地小时最低工资、逐步取消"超时扣款"。 平台算法协商聚焦劳动报酬、休息权、劳动安全、算法知情与参与等劳动者核心权利，围绕订单价格、 抽成比例、派单方式、时间预估、路线规划等核心算法规则开展并取得积极成效。多家平台算法协议明 确劳动报酬不低于当地小时最低工资、设立恶劣天气补贴、逐步取消"超时扣款"。在网约车行业，约定 公开计价规则并降低抽成比例，全面升级防疲劳规则，推出异 ...

来源：新浪港股-好仓工作室 在当前竞争激烈的出行服务市场中，盛威时代科技股份有限公司冲刺港股IPO，其招股书披露的财务信 息和运营情况备受关注。尽管公司营收呈现高速增长态势，然而净亏损问题却始终存在，这背后究竟隐 藏着怎样的风险与挑战？本文将对盛威时代招股书进行深度解读。 业务模式：多元化出行服务构建综合体系 综合出行服务，业务覆盖广泛 盛威时代作为中国城内网约车服务提供商及城际道路客运信息服务提供商，构建了综合出行服务体系。 业务涵盖网约车服务、客运服务（联网售票服务和定制客运服务）以及数字化及业务解决方案。通过与 政府、客运企业、聚合平台等多方合作，满足乘客多元化出行需求。网约车服务：与高德等主流聚合平 台合作获客，通过第三方SaaS平台招聘注册司机并连接至聚合平台及其自有平台，为乘客提供网约车服 务，部分业务按总额基准确认收益，部分以净额基准呈列收益。客运服务：通过"云站务""客运达"等系 统，为客运站及客运企业赋能，从旅游供应商收取佣金，按净额列示收益。数字化及业务解决方案：为 多行业客户提供定制化服务，涵盖软件开发、硬件销售、系统集成等，收益确认时间根据不同业务类 型，在客户验收软件、硬件或服务完成 ...

每经记者｜岳楚鹏 每经编辑｜何小桃 兰素英 ⑥【Lyft在亚特兰大推出自动驾驶车队】当地时间9月10日，网约车公司Lyft和自动驾驶汽车初创公司May Mobility表示，他们将从10日开始在亚特兰大推 出试点自动驾驶出租车服务。截至发稿，Lyft涨0.35%。 ⑦【凯雷、红杉等据称成为星巴克中国的最终竞购者】当地时间9月11日，据媒体援引知情人士透露，投资公司凯雷集团、殷拓集团、红杉资本集团和博 裕资本正在准备对星巴克中国业务的控股权提出最终报价。消息人士称，星巴克已要求他们在10月初之前提交具有约束力的投标。截至发稿，星巴克上涨 0.33%。 ⑧【波音与机械师工会达成临时协议，有望结束罢工】当地时间9月10日，机械师工会官员宣布，波音防务部门已与其达成临时协议，可能结束在圣路易 斯地区设施持续五周的工人罢工。 ⑨北京时间9月11日20:30，美国8月CPI数据公布。经济学家普遍预测8月核心CPI环比上涨0.3%，同比上涨3.1%，这一水平仍远高于美联储2%的目标。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。） 记者|岳楚鹏 ①【三大期指齐涨】截至发稿，道指期货涨 ...

据港交所9月11日披露，盛威时代科技股份有限公司(简称：盛威时代)向港交所主板提交上市申请书，中信建投（601066）国际为独 家保荐人。该公司曾于2024年11月13日向港交所递交过上市申请。 结合盛威时代深耕于行业的经验积累和自身的科技实力，帮助客运企业开展了定制客运业务。公司的整合数字解决方案可满足各种 业务模式的需求，确保运力资源的精细调配，弥补传统服务不足，提升客运企业运营效率。 招股书显示，盛威时代是一家中国城内网约车服务提供商及城际道路客运信息服务提供商。根据弗若斯特沙利文的资料，按2024年 GTV计算，公司在中国网约车服务市场排名第14。此外，截至2025年6月30日，公司已承接17个省、自治区及直辖市的省级道路客运 数字化项目。 出行是人类日常生活的刚需，根据弗若斯特沙利文的资料，中国2024年客运总量为102亿人次，其中道路客运量占48.0%。根据弗若 斯特沙利文的资料，中国农村道路总里程已由2019年的4200万公里增加至2024年的4600万公里，复合年增长率为1.8%。中国道路客 运行业市场机会巨大，下沉至低线城市及农村市场的趋势明显。 盛威时代主要提供城内网约车服务及城际道路客运 ...