2026年春运将于2月2日开启。记者从交通运输部获悉：今年春运开始时间较往年偏晚，叠加9天春节假 期，客流出行强度大，自驾出行占主体，预计春运客流将呈现"五个新高"—— 一是春运40天全社会跨区域人员流动总量将创历史同期新高，总量有望达到95亿人次。 二是春节9天假期日均人员流动量或创春节假期新高。 加强综合运输运力调配。会同铁路、民航部门，通过加强班列班次、到站时间、旅客数量等信息共享， 做好干线运输与城市交通衔接。积极推广联程联运，强化综合运输服务供给，努力满足群众探亲、旅游 等各类出行需求。全国已建成22个空铁联运枢纽。 强化重点枢纽运力保障。针对火车站、机场等大型客运枢纽，根据到发客流变化，综合采取延长运营时 间、缩短发车间隔、调度机动运力等方式，做好枢纽到发旅客城市公交、城市轨道交通、出租汽车集疏 运服务保障。全国39个火车站实现与城市轨道交通安检互认。 加强重点区域运输服务保障。针对热门旅游城市、景区景点等，引导企业加大运力投放，通过开行旅游 包车、旅游直通车、定制客运等方式，有效保障游客出行需求。8个省份发布了春运春节期间高速公路 车辆免费救援政策，有力保障群众自驾出行需求。 三是单日峰值或创历 ...

Core Viewpoint - The customized passenger transport industry is experiencing significant growth, driven by changing public travel preferences and the need for more flexible and comfortable transportation options. The number of customized transport routes and passenger volume is increasing rapidly, indicating a shift from traditional transport methods to more tailored services [1][5]. Group 1: Industry Overview - Customized passenger transport refers to operators with road passenger transport licenses using e-commerce platforms to publish route information and sell tickets online, allowing for flexible scheduling based on passenger demand [2][5]. - The industry is seeing a transformation as traditional passenger transport struggles to meet the demand for convenience and comfort, leading to a sharp decline in passenger flow on conventional routes [1][5]. Group 2: Market Status - In 2024, there are 9,073 customized transport routes in China, an increase of 2,542 routes from 2023, with an average annual growth rate of 40.8% over three years. The total number of passengers transported is projected to reach 130 million, a year-on-year increase of 29.7% [1][6]. - The majority of routes (6,087) are under 200 kilometers, accounting for 67.1% of the total, highlighting the service's effectiveness in urban commuting needs [6][9]. Group 3: Network Platform Development - By the end of 2024, the number of customized transport network platforms is expected to reach 302, an increase of 47 from 2023. Key platforms include "Travel 365," "Bus Butler," and "Didi Station Bus," which enhance service through data mining and smart algorithms [1][9]. - The platforms provide essential functions such as online ticket sales, vehicle scheduling, and service evaluation, contributing to continuous product upgrades [1][9]. Group 4: Operational Models - Customized transport operators can choose from various service models, including door-to-door, fixed-point pick-up, and short-distance transfer, with fixed-point pick-up being the most common, accounting for 72.3% of services [10][12]. - The operational flexibility allows for tailored services that meet diverse passenger needs, enhancing overall customer experience [10][12]. Group 5: Industry Trends - The competition in the customized transport market is intensifying as more companies enter the field, leading to fierce competition in pricing, service quality, and vehicle configuration [14]. - The industry is moving towards greater intelligence in operations, with advanced navigation, monitoring, and scheduling systems being implemented to enhance service delivery [15]. - Customized transport services are expanding into diverse scenarios, including airport shuttles, tourism lines, and medical transport, to meet the varied needs of different passenger groups [16].

Core Viewpoint - The traditional road passenger transport industry is experiencing structural contraction due to changing public travel habits, and customized passenger transport is seen as a key solution to this challenge [1]. Policy and Regulatory Environment - The Ministry of Transport has been deepening the "delegation, regulation, and service" reform in road passenger transport, introducing multiple policy documents to optimize the business environment and encourage innovation [1]. - Since 2020, several policy documents have been revised and issued, defining customized passenger transport and promoting its standardized development [1]. Market Development - As of the end of 2024, over 9,000 customized passenger transport routes have been opened nationwide, representing a 40% year-on-year increase [1]. - Short-distance intercity routes under 200 kilometers account for 67.1% of customized passenger transport, highlighting its advantages in urban commuting [2]. Regional Insights - Provinces such as Jiangsu, Shandong, and Guangdong lead in the number of customized passenger transport routes, with the top ten provinces accounting for 75.4% of the total [2]. - Regions like Sichuan and Yunnan show strong local innovation in network platform development, with over 20 regional and local platforms [2]. Service Innovation - Customized passenger transport has gained market acceptance by offering flexible "door-to-door" services, breaking the limitations of traditional "station-to-station" transport [2]. - Examples include the "Beijing-Tianjin-Hebei Customized Express Bus," which serves over 7,000 passengers daily and reduces commuting time by over 30% [2]. Platform Development - By the end of 2024, there are 302 customized passenger transport network platforms, with the top ten platforms covering 91% of the routes [3]. - Platforms like "Didi Bus" collaborate with over 200 passenger transport companies, enhancing service through data mining and smart algorithms [3]. Business Growth - Didi Bus reported a business scale growth of over 75% from October to November 2025, leveraging the "Internet+" model to combine digital technology with offline service capabilities [5]. - The traditional road passenger transport industry is gradually moving towards digitalization, scalability, and branding, paving a sustainable path for transformation [5].

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]