Core Viewpoint - Shengwei Times has refiled for an IPO on the Hong Kong Stock Exchange after its initial application lapsed in November 2024, despite ongoing revenue growth and challenges in its ride-hailing business, which heavily relies on the Gaode platform and has consistently low profit margins [1][4][11]. Group 1: Company Overview - Shengwei Times is the parent company of the ride-hailing service "Chuxing 365" and provides intercity road passenger transport information services, ranking 14th in China's ride-hailing market by GTV as of 2024 [1][4]. - The company has established operations in over 30 provinces and municipalities, collaborating with major partners like 12306 and various travel platforms [4][10]. - Shengwei Times has been focusing on customized passenger transport services, developing a range of transport solutions including airport shuttles and intercity rides [4][10]. Group 2: Financial Performance - Revenue for Shengwei Times was reported at 816 million yuan in 2022, 1.206 billion yuan in 2023, and 1.594 billion yuan in 2024, with a compound annual growth rate of 39.8% from 2022 to 2024 [11][12]. - The company has faced continuous losses, with net losses of 499 million yuan in 2022, 482 million yuan in 2023, and 426 million yuan in 2024, totaling approximately 1.496 billion yuan over three and a half years [13][15]. - The gross profit margin has been low, with figures of 6.6% in 2022, 7.1% in 2023, and dropping to 3.5% in 2024, indicating ongoing profitability challenges [11][12]. Group 3: Market Challenges - The ride-hailing market in China is becoming increasingly competitive, with 392 licensed platforms as of July 2025, leading to rising sales costs for Shengwei Times [16][19]. - The company is heavily dependent on the Gaode platform for customer acquisition, which poses risks if partnerships weaken [19][22]. - Shengwei Times faces pressure from other ride-hailing companies that have recently gone public, indicating a potential industry turning point [19][22]. Group 4: Strategic Considerations - To improve its market position, Shengwei Times needs to reduce its reliance on the Alibaba ecosystem and enhance its independent customer acquisition capabilities [22][23]. - The company must optimize its cost structure, particularly by lowering the high service fees paid to drivers, which currently account for 82.3% of sales costs [15][23]. - Regulatory compliance is becoming more stringent in the ride-hailing industry, necessitating increased resources for compliance to avoid penalties and reputational damage [23].

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].

| | | | 截至12月31日正午反 | | | | | 観王0月30日正バ | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2021年 | | 2022年 | | 2023年 | | 2023年 | | | | | | | | | (人民幣千元,百分比除外) | | | | | | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | -1 - | | | | | | | | | (未經審核) | | | | 客運服務 | 27,958 | 51.9 | 21,406 | 44.3 | 37,027 | 53.7 | 19.947 | 57.3 | 20, | | 網約車服務 | 10,793 | 2.3 | 20.534 | 2.9 | 12,158 | 1.2 | 5.218 | 1.1 | (3, | | 數字化及業務 | | | | | | | | | | | 解決方案 | 8.426 | 27.8 | 11.635 | 18.2 | 36.47 ...