在政策引导与企业创新的双重推动下，以定制客运为代表的转型升级路径日益清晰。作为连接供需的关 键一环，定制客运网络平台在整合运力、提升服务体验等方面作用显著。 《中国定制客运发展报告(2024)》显示，截至2024年底，全国定制客运网络平台数量达302个，其中服 务线路数量排名前十的平台覆盖了全国91%的定制客运线路，涌现出多个全国性平台，以及区域性定制 客运品牌。这些平台不仅提供线上售票、智能调度、服务评价等功能，更通过数据挖掘与智能算法，推 动客运产品持续迭代升级。 日益完善的政策保障给了定制客运发展的底气和支撑。据交通运输部公路科学研究院发布《中国定制客 运发展报告(2024)》，截至2024年底，全国已开通定制客运线路9000余条，同比增长40%。 从线路结构看，200公里以下的短途市际班线成为定制客运的"主战场"，占比达67.1%，凸显其在城市 群、都市圈通勤需求方面的显著优势。从地域分布看，江苏、山东、广东等省份在定制客运线路数量上 位居全国前列，排名前十的省份线路总数占全国75.4%，呈现"东部引领、中西部跟进"的发展格局。值 得一提的是，四川、云南等地在网络平台建设方面表现活跃，区域性、地方性平 ...

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].

Core Points - The article highlights the frequent dishonesty of Maitian Travel (Shandong) Network Technology Co., Ltd.'s Linyi branch, which has been listed in the high-frequency dishonesty market entity information announcement [1] - The company has accumulated 44 administrative penalty records from July 2022 to October 2024, primarily for operating vehicles and drivers without the required permits [1][2] Group 1: Company Background - Maitian Travel focuses on urban ride-hailing, airport transfers, and customized passenger transport, having established strategic partnerships with major platforms like Didi and Baidu Maps [5] - The company operates over 90 branches nationwide and has obtained operating licenses in more than 60 cities across 18 provinces [5] - Founded in 2019, Maitian Travel has a registered capital of 50 million RMB, with Tian Xiangzhu as the legal representative [5] Group 2: Administrative Penalties - The Linyi branch has been penalized for providing services with vehicles lacking the required "Online Appointment Taxi Transport Certificate," resulting in a fine of 10,000 RMB [2] - The parent company has a total of 136 administrative penalties, with the most recent fine of 5,000 RMB issued for discrepancies between online and offline service vehicles [2] - A restriction on consumption has been placed on Tian Xiangzhu, the legal representative, by the Shenyang Heping District People's Court, indicating further legal issues [6]