Core Viewpoint - The article discusses the challenges and potential of Huoli Group, a company in the travel service sector, as it attempts to go public in Hong Kong, highlighting its low market share, compliance issues, and fluctuating profitability despite significant revenue growth [5][16]. Market Position and Growth - Huoli Group has entered the top ten in its industry, yet its overall market share remains below 2%, indicating significant challenges in market expansion [2]. - The company has experienced a revenue increase from 280 million yuan in 2022 to 502 million yuan in 2023, with a projected rise to 647 million yuan in 2024, achieving a compound annual growth rate (CAGR) of 52% over three years [6][17]. - In the first half of 2025, revenue reached 351 million yuan, marking a 24.8% increase compared to the same period in 2024 [6]. Profitability and Financial Performance - Despite revenue growth, Huoli Group's net profit has been unstable, with a loss of 758,000 yuan in 2022, a profit of 59.31 million yuan in 2023, followed by a decline to 51.15 million yuan in 2024, representing a 13.75% decrease [7][8]. - The company's sales and marketing expenses surged from 44.1 million yuan in 2022 to 145 million yuan in 2024, while R&D spending decreased as a percentage of revenue from 21.1% to 12.6% during the same period [8][9]. Compliance and Regulatory Issues - Huoli Group has faced multiple compliance issues, with its core apps being flagged by regulatory bodies for privacy violations and user complaints, leading to a significant trust crisis among users [9][10]. - The company has accumulated over 9,700 complaints on platforms regarding service issues, including slow refunds and misleading practices [10]. Investment and Valuation Challenges - Huoli Group's valuation has decreased by over 36% from its peak of 3.3 billion yuan in 2021 to approximately 2.087 billion yuan in 2024, despite attracting significant investment from top-tier venture capital firms [11][12]. - The company holds only a 1.4% market share in the overall internet travel service market, with the top three competitors controlling 88.2% of the market [12]. Competitive Advantages and Future Potential - Despite its challenges, Huoli Group benefits from a strong user base, with over 217 million registered users and a high repurchase rate of over 50% among paid users [16]. - The company has developed a proprietary supply chain management system and has secured official data sources, enhancing its service quality and competitive edge [17]. - The ongoing recovery in the travel market and the potential for further growth in its B2B services and international markets present opportunities for Huoli Group [17][18].

据港交所11月30日披露，活力集团控股有限公司(简称"活力集团")递表港交所主板，招商证券国际、民 银资本为联席保荐人。该公司曾于2024年10月、2025年4月两次向港交所递表。 | | | | 蒙至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民感 | 2 | 人民营 | બર | 人民营 | મર | 人居餐 | ક્રી | 人民营 | ભર | | | | | | | (以千元計,由分比除外) | | | | | | | | | | | | | | (未是素良) | | | | | 收入 ... | 280,117 | 100.0 | 501,622 | 100.0 | 646,981 | 100.0 | 281,416 | 100.0 | 351,089 | 100.0 | | 第售成本 | (148,114) | ( ...

据港交所11月30日披露，活力集团控股有限公司(简称：活力集团)递表港交所主板，招商证券国际、民银资本为联席保荐人。 招股书显示，活力集团是中国知名的综合出行平台，提供全套多模式出行产品及服务。目前，公司通过旗舰应用航班管家及高铁管家为个人旅客提供旅行相 关服务，并为成熟的企业客户提供数据及技术服务。凭借平台上庞大的用户群，该公司亦为各式各样的品牌拥有人提供营销服务。于业绩记录期，公司的收 入主要来自旅行相关服务。 2024年，中国综合互联网出行服务市场总GMV达到人民币29542亿元。就整体市场份额而言，该公司排名第八位，约占整体市场的1.4%。中国的在线火车票 预订市场于2024年的GMV 约为人民币5929亿元，占中国综合互联网出行服务市场的约20.1%。在此分部内，按2024年的GMV计，该公司是中国在线火车票 预订的第三大第三方平台，占整体市场份额约2.4%。 2009年，活力集团推出首款移动应用航班管家，是中国首个为旅客提供实时航班动态信息的产品。于接下来的三年，公司经历快速增长。为了向用户提供更 佳服务，公司开始从一家纯粹旅行信息提供商发展成为一个综合出行平台，为用户提供出行前、出行中、出行后的 ...

在旅游市场，国内向来不乏"人挤人"效应，而这背后也显露了这一行业可观的发展前景。 据弗若斯特沙利文数据，随着经济稳步增长及居民收入水平提高，未来旅游需求将不断增加，推断旅游市场的总 收入将由2024年的人民币6.4万亿元增加至2029年的人民币12.8万亿元，期内复合年增长率为14.9%。 出行热持续加剧的背后，显然也给予了相关企业冲刺二级市场的信心。 4月30日，来自深圳的出行服务平台——活力集团再次向港交所递交上市招股书，拟香港主板上市，联席保荐人为 招商证券国际和民银资本。 该公司创立于2009年，最初以航班动态信息应用"航班管家"起家，后推出"高铁管家"，逐步发展成为涵盖出行前、 中、后全链条的一站式综合出行平台。该公司有别于传统的移动平台，主要充当旅客与企业之间的交易中介，可 无缝整合各类交通方式，包括飞机、火车及网约车服务。 2017年，活力集团以"活力天汇"为主体在新三板挂牌，而后于2021年2月18日正式完成退市，转向更具国际影响力 的港股市场，2024年10月29日，活力集团首次向港交所递交上市申请，但因材料失效不了了之。 那么，在此次赴港上市的背后，活力集团又将凭借什么"生长故事"打动投资 ...