9月23日，货拉拉遭国家市场监管总局约谈，第五次IPO突生变数。这不仅是货拉拉一家的困境，更是整个货运O2O行业的缩影。在快狗打车股价低迷、滴 滴货运扩张的背景下，此次约谈标志着行业结束野蛮生长，正式进入合规深水区。安全、盈利与合规，已成为压在行业头上的三座大山。 出品 | 网经社 撰写 | 南烛 配图 | 网经社图库 一审 | 无痕 二审 | 云马 （1）平台经济"野蛮生长"时代彻底结束； （2）货运行业"算法黑箱"与"高抽成"套路将被系统性拆解； （3）公平竞争、司机权益、消费者体验将成为政策高压线。 一、监管风暴升级：从货拉拉看行业约谈常态化 货运O2O行业作为数字经济发展的重要组成部分，近年来在提升物流效率、降低空驶率方面发挥了重要作用。然而，其快速发展也伴随着诸多共性挑战， 包括价格机制不透明、司机权益保障不足、安全监管存在漏洞等。这些行业性难题，使得主要平台屡屡成为监管焦点。 2025年9月23日，货拉拉因涉嫌违反《反垄断法》及相关规范经营要求，被国家市场监督管理总局约谈，要求其维护货车司机和消费者合法权益。此次约谈 并非孤例，而是2023年以来货拉拉第八次被监管部门点名，也是其在2025年内第二 ...

Core Viewpoint - The collaboration between the global air logistics platform Qiaoqiao and the domestic logistics platform HuoLala aims to address the efficiency bottlenecks and service gaps in the last-mile delivery of air freight logistics, creating a seamless door-to-door logistics system [1][3]. Group 1: Collaboration and Integration - Qiaoqiao has partnered with HuoLala to enhance the efficiency of "cargo pickup" and "last-mile delivery," addressing key pain points in the logistics chain [1][3]. - The integration with HuoLala's extensive land transportation network complements Qiaoqiao's air transport capabilities, providing a more efficient logistics solution [3]. Group 2: Customer Experience and Cost Reduction - The partnership offers customers a streamlined service experience from cargo pickup to air transport and final delivery, enhancing overall service quality [4]. - Qiaoqiao has introduced a promotional offer of a 200 yuan discount on HuoLala's dedicated delivery service to further reduce logistics costs for businesses [4]. Group 3: Technological Advancements and Future Plans - Qiaoqiao leverages technology to improve customer experience and meet diverse needs, utilizing an OTA model to integrate resources and allow for transparent pricing and flexible route selection [5]. - The company has developed an intelligent freight service system (IFS) for real-time tracking and dynamic management of the entire air transport process, enhancing visibility and efficiency [5]. - Future plans include deepening industry chain integration and expanding international door-to-door service capabilities, linking with local delivery resources abroad to provide a high-quality logistics experience globally [5].

Group 1 - The municipal Human Resources and Social Security Bureau has announced the expansion of occupational injury protection pilot programs for new employment forms in the city [1] - Starting from July 1, the original food delivery and instant delivery industries will be merged into a new instant delivery industry, with additional platform companies included in the pilot program [1] - By 2026 and beyond, other platform companies meeting the criteria will be incorporated into the pilot program based on national arrangements [1] Group 2 - The occupational injury protection fee standards are determined based on the principle of balancing income and expenditure, with specific fees set for different industries [2] - The travel industry will have a fee of 0.01 yuan per order, while the instant delivery industry will have fees of 0.07 yuan and 0.25 yuan per order, and the same-city freight industry will have a fee of 0.18 yuan per order [2] Group 3 - The municipal Human Resources and Social Security Bureau can adjust the fee standards for related industries as needed, with annual adjustments starting from January 1 of each year [3] - The Social Security Center is responsible for determining the fee standards for platform companies based on national regulations and various factors such as the usage of occupational injury protection fees and injury occurrence rates [3] Group 4 - Platform companies are required to implement a "one-click reporting" feature in their applications for new employment form personnel and provide standardized training for reporting accidents [4] - Occupational injury protection benefits include medical treatment, disability benefits, and death benefits, with specific procedures for treatment and reporting of occupational injuries [4] Group 5 - Delivery companies are enhancing traffic safety measures for riders, including the establishment of a traffic behavior evaluation mechanism and safety incentive programs [5] - Meituan has implemented cash rewards for top-performing riders in terms of safety scores and has introduced measures to address traffic violations [5]

Core Viewpoint - Huolala has initiated its fifth attempt for an IPO in Hong Kong amidst various expectations and skepticism, facing ongoing questions about its business model and long-term growth potential [1][4]. Group 1: IPO Attempts and Challenges - Huolala has made multiple attempts to list on the Hong Kong Stock Exchange, with applications submitted on March 28, 2023, September 28, 2023, April 2, 2024, and October 2, 2024 [1][4]. - The company has faced scrutiny from the Hong Kong Stock Exchange regarding its profitability, high commission rates for drivers, and the founder's history of cashing out shares [1][4]. - Despite having prominent underwriters like Goldman Sachs, Bank of America, and JPMorgan, the uncertainties surrounding Huolala's IPO remain significant [1][4]. Group 2: Financial Performance - In 2024, Huolala reported revenue of $1.593 billion, a year-on-year increase of 19.39%, and an adjusted net profit of $501 million, marking two consecutive years of profitability [6]. - The platform's average monthly active merchants reached approximately 16.7 million, while the average monthly active drivers stood at around 1.7 million [6]. - Over the past three years, the number of global orders processed by Huolala grew from 428 million to 779 million, reflecting a compound annual growth rate of 35% [6]. Group 3: Valuation and Market Position - Huolala's valuation has significantly declined, dropping from $90 billion in 2023 to $65 billion in 2024, returning to its 2021 valuation level [6]. - The company ranked 30th in the 2023 Hurun Global Unicorn List but fell to 64th in 2024 due to this valuation drop [6]. - Competitors like Kuaigou Dache and Manbang Group have successfully completed their IPOs, highlighting Huolala's lag in capital market performance [6]. Group 4: Driver Relations and Regulatory Issues - Huolala has faced criticism for high commission rates and alleged exploitation of drivers, leading to multiple regulatory inquiries and protests from drivers [7][9]. - The company has been subject to over a dozen regulatory discussions from 2021 to 2023, addressing issues such as pricing rules and commission rates [9][10]. - Recent adjustments to commission rates and membership fees have been made in response to regulatory pressure, with non-member commission rates reduced to 15% [10]. Group 5: Strategic Outlook - For Huolala, establishing a healthy relationship among drivers, users, and the platform is crucial for sustainable growth [11]. - The upcoming IPO represents not only a financing opportunity but also a chance for brand enhancement and strategic transformation [11]. - Key challenges include improving monetization efficiency, service quality, and expanding international operations to identify new growth avenues [11].