炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 2025年10月27日，拉拉科技控股有限公司（下称"货拉拉"）第六次向港交所递交招股书，高盛、美银证券与摩根大通共同担任 联席保荐人。这是这家同城货运巨头自2023年3月以来，在不到三年时间里的第六次上市冲刺。最新招股书试图用"营收净利双 增长"的成绩单打动市场：2025年上半年营收9.35亿美元，同比增幅31.8%；净利润2.45亿美元，同比增长33.3%，全球交易总 额（GTV）突破59.67亿美元。但剥开光鲜数据的外衣，货拉拉的上市之路仍布满荆棘。持续下滑的核心业务变现率、靠"极限 控费"撑起的盈利假象、居高不下的负债压力、悬而未决的合规风险等，共同构成了货拉拉难以回避的多重困局。而货拉拉六 度递表未果，不仅错失了最佳上市窗口期，也面临着"市场耐心耗尽"的风险——多次递表失败可能让投资者对公司解决问题的 能力产生怀疑，进而影响后续融资效率。 营收与净利润双双增长背后 毛利率下滑 三费收缩 资产负债率高企 货拉拉2025年上半年的财务数据呈现出显著的矛盾性：营收与净利润双双增长，但核心盈利能 ...

Core Viewpoint - The latest prospectus update from Lalamove (the operating entity of Huolala) reveals a mixed performance, with impressive global growth metrics overshadowed by declining monetization rates in its core Chinese market, highlighting the challenges faced by platform-based logistics companies in balancing regulatory compliance and commercial interests [1][8]. Market Overview - The same-city freight market in China has reached a scale of 1.6 trillion yuan in 2024, growing by 8.5% year-on-year, and is expected to rise to 1.73 trillion yuan in 2025 [2]. - The growth is driven by structural factors such as the demand for "hourly delivery" from new retail, increased delivery density from community group buying, and the digital transformation of SMEs [2]. - The contribution from third- and fourth-tier cities is increasing, accounting for 39% of the market in 2024, up 2.3 percentage points from the previous year [2]. Competitive Landscape - Huolala holds a dominant position in the domestic market with a 63.1% market share, while competitors like Kuaigou and Manbang are also vying for market share through various strategies [4]. - The regulatory environment is evolving, with increased scrutiny on driver rights and commission transparency, pushing the industry towards more standardized development [4][22]. Business Expansion - Huolala has diversified its services beyond same-city freight, including moving, less-than-truckload transportation, and enterprise logistics solutions, with diversified logistics services accounting for 40.1% of revenue in the first half of 2025 [6][13]. - The company has expanded globally, entering markets in Southeast Asia and Latin America, with overseas revenue contributing 9.5% of total income [6][13]. Financial Performance - Huolala achieved adjusted profits of $2.72 billion in the first half of 2025, with expectations to exceed $5.4 billion for the full year, driven by cost control and the growth of high-margin enterprise services [7][8]. - The company has seen a significant reduction in operating expenses, with the operating expense ratio dropping from 57.8% in 2022 to 34.1% in 2024 [7]. Monetization Challenges - The monetization rate for Huolala's core domestic freight services has declined for three consecutive years, reaching 9.2% in the first half of 2025, which could limit future revenue growth [11][12]. - The decline is attributed to the company's proactive commission reduction policies, which have decreased revenue per transaction [12]. Strategic Focus - To address the declining monetization rate, Huolala is accelerating its business structure adjustment, focusing on diversified logistics services and overseas markets as new growth engines [12][13]. - The company plans to enhance its high-margin enterprise services and aims to increase their revenue share from 33% to 50% by 2027 [24]. Technological Innovation - Huolala emphasizes technological innovation as a core competitive advantage, with significant investments in R&D, particularly in smart logistics and AI-driven dispatch systems [16][25]. - The company aims to reduce driver idle time and improve operational efficiency through advanced algorithms and the adoption of new energy vehicles [16][25]. Conclusion - Huolala's journey towards IPO reflects the broader transition of platform economies in China, balancing growth with quality and regulatory compliance [26]. - The company's future success will depend on its ability to navigate the challenges of monetization, competition, and regulatory pressures while leveraging its technological and operational strengths [26].

Core Viewpoint - The recent regulatory interview with Huolala signifies a shift in the freight O2O industry, marking the end of its rapid, unregulated growth and the beginning of a compliance-focused era, emphasizing safety, profitability, and regulatory adherence [1][5][17]. Regulatory Storm Upgrade: Normalization of Industry Interviews - The freight O2O industry has faced significant challenges, including opaque pricing mechanisms, inadequate driver rights protection, and safety regulation gaps, leading to increased scrutiny from regulators [1][2]. - Huolala was interviewed by the State Administration for Market Regulation on September 23, 2025, for allegedly violating antitrust laws and was required to uphold the rights of truck drivers and consumers. This marks the eighth time Huolala has been named by regulatory bodies in 2023 [1][2]. - Other platforms, such as Manbang Group, have also faced similar scrutiny, indicating widespread issues within the industry regarding pricing mechanisms and operational fairness [1]. Systemic Challenges Awaiting Resolution: Safety, Pricing, and Rights Protection - Safety remains a critical issue, with past incidents highlighting significant shortcomings in journey monitoring and safety measures [7]. - Pricing mechanisms are criticized for being non-transparent, with users frequently facing unexpected additional charges, complicating the dispute resolution process [10]. - Driver rights protection is inadequate, with platforms often adjusting pricing rules and fees in ways that undermine drivers' earnings and working conditions [10]. Capital and Valuation: Repeated IPO Failures and Market Concerns - Huolala's ongoing safety controversies and trust issues have severely impacted its capital-raising efforts, marking its fifth attempt to go public on the Hong Kong Stock Exchange [11][12]. - The company has faced repeated rejections due to concerns over its business model's sustainability, high commission rates, and compliance issues in its financial operations [12][14]. - Huolala's valuation has significantly decreased from 90 billion RMB in 2023 to 65 billion RMB in 2024, reflecting market skepticism about its business model and ability to balance interests among drivers, users, and the platform [16]. Conclusion - The regulatory interview serves as both a challenge and an opportunity for Huolala, emphasizing the need for the company to address compliance issues before pursuing capital opportunities [14][17]. - The freight O2O industry is entering a new phase characterized by stringent regulations, where efficiency must not come at the expense of fairness, necessitating a shift from a "traffic-driven" to a "value-driven" operational model [17].

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].