Core Viewpoint - The public transportation industry is facing unprecedented challenges due to the rise of alternative transportation options, leading to declining passenger numbers and revenue, necessitating urgent reforms and innovative strategies to ensure sustainability and growth [3][5][19]. Group 1: Current Challenges - The public transportation sector is experiencing significant operational difficulties, with many cities reporting a decline in passenger flow and revenue, exacerbated by rising operational costs and competition from private transport options [3][5]. - From 2015 onwards, urban public transport passenger numbers have decreased, with 2024 projections indicating that passenger volume will only reach 55.9% of 2019 levels [5]. - The operational costs for conventional public transport have risen sharply, with costs in cities like Beijing at 9.68 yuan per passenger and Wuhan close to 7 yuan, while ticket prices remain significantly lower, leading to financial strain [5][6]. Group 2: Strategies for Recovery - To address these challenges, public transport companies are adopting diversified business models, such as integrating conventional and customized services, logistics, and maintenance to create a multi-faceted operational framework [6][10]. - For instance, Xuzhou Public Transport has implemented a dual-circulation strategy, focusing on four economic models: network economy, circular economy, holiday economy, and flow economy, achieving a revenue of 240 million yuan in 2024 [6][10]. - The company has optimized its bus network to improve passenger attraction, with measures including 100% connection with subway stations and the introduction of micro-circulation routes [8]. Group 3: Innovations and Developments - Xuzhou Public Transport has enhanced its operational efficiency through targeted reforms, achieving a 4.57% increase in passenger volume per kilometer and a 6.65% reduction in operational costs in the first half of the year [8]. - The company is also investing in smart public transport solutions, such as electronic bus stops and free Wi-Fi on major routes, to improve the passenger experience [8][9]. - Additionally, Xuzhou has developed themed tourist bus lines in collaboration with the local tourism bureau, resulting in a 5.62% increase in tourism-related passenger flow [9][10]. Group 4: Future Outlook - The public transport industry must redefine its role from merely being a transport provider to becoming a service-oriented entity that enhances urban mobility and integrates with other sectors [19][21]. - The shift towards a more innovative and adaptive approach is essential for the industry's survival, focusing on creating unique value propositions rather than relying on traditional revenue models [19][21]. - Successful examples from various cities indicate that proactive innovation and diversification are key to overcoming current challenges and ensuring the long-term viability of public transport systems [19][21].