Core Viewpoint - Shengwei Times Technology Co., Ltd. (referred to as "Shengwei Times") has re-applied for a listing on the Hong Kong Stock Exchange after its initial application expired in November 2024, with CITIC Construction Investment International as the sole sponsor. The company, which has shifted focus to the ride-hailing market after Alibaba's investment of 160 million yuan, is currently not profitable and relies heavily on Alibaba's Gaode platform for 90% of its ride-hailing market [1][4][6]. Company Overview - Shengwei Times was established in 2012 and specializes in urban ride-hailing services and intercity road passenger transport information services. The company collaborates with various passenger transport enterprises to provide customized transport services, covering over 30 provinces, autonomous regions, and municipalities in China [4][10]. - As of mid-2025, Shengwei Times has obtained 204 ride-hailing operating licenses and has approximately 1.7 million registered drivers. The company has also undertaken digital projects for provincial road passenger transport in 17 provinces [4][9]. Financial Performance - Shengwei Times has reported revenues of 816 million yuan, 1.206 billion yuan, and 1.594 billion yuan for the years 2022, 2023, and the first half of 2025, respectively, with net losses of 499 million yuan, 482 million yuan, 426 million yuan, and 90 million yuan during the same periods. Adjusted net losses were 50.53 million yuan, 17.76 million yuan, 40.55 million yuan, and 9.32 million yuan [9][10]. - Over 80% of the company's revenue comes from ride-hailing services, with 90% of that revenue dependent on cooperation with Gaode. The revenue contribution from ride-hailing services was 86.2%, 85.3%, and 88.9% for the years 2022 to 2024, increasing to 90.4% in the first half of 2025 [9][10]. Investment and Shareholding Structure - Shengwei Times has completed nine rounds of financing, with a valuation of 2.216 billion yuan as of the latest financing round in November 2024. Alibaba's travel division is the largest shareholder, holding 27.01% of the company [11][12].

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 ...