浙江绍兴货车司机宋文君加入货拉拉平台已6年多，在跑单过程中，他发现平台降低了部分长里程订单的抽佣比例，他曾接过一个从绍兴柯桥运输一批 布料到金华义乌的订单，订单里程120多公里，运费500多元，平台抽佣比例只有1%。 0:00 / 5:46 近日，货拉拉发布了两期关于提升司机权益工作成果的公告。根据公告，货拉拉推出了包括持续降低抽佣比例、上线到付服务费和高峰服务费、加大运 费垫付力度，以及司机自主选择车贴、解除司机行为分与提现关联等利好司机的措施。 今年7月，货拉拉、滴滴送货、快狗打车、满帮集团等四家主要货运平台企业共同签署了《网络货运信息交易撮合平台保障货车司机合法权益自律公 约》。货拉拉此次对平台规则革新和调整，也是其在签署该公约后首次披露在保障货车司机权益方面的工作成果。 保障司机合理收入，持续降抽佣、加大运费垫付力度 "同一个订单，平台抽佣少一点，我们赚钱就多一点。"他说。 12月19日，货拉拉平台发布第一期提升司机权益的公告显示，为保障司机收入，该平台持续降低抽佣比例，上线"到付服务费"；针对运费拖欠问题，平 台完成了货主实名认证，并将加大运费垫付的力度。 在降低抽佣比例方面，货拉拉公告称，该平台" ...

《港湾商业观察》张冰 王璐 1 当十余次被约谈成为习惯，顽疾如何解？ 就在货拉拉递表前一个月，市场监管总局还在对其约谈，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反垄断 合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权益，推动平台规则和算法公平 公正、公开透明，促进行业规范健康发展。 外界统计，2021年至今，包括交通运输部等对货拉拉约谈已经高达18次。多次约谈来看，基本上都剑指像保护司机权益等问题。 2025年10月27日，货拉拉母公司拉拉科技控股有限公司（以下简称，货拉拉）第六次向港交所递交招股书，持续推进自2023年3 月启动的港股上市计划，联席保荐人为高盛、美银证券和摩根大通。 货拉拉"漫长的上市"已经耗时两年多，到底"卡"在哪？此次递表是否将终结多次循环真正实现挂牌上市？外界显然非常关心。 在黑猫投诉平台上，截至2025年12月8日，货拉拉投诉量有90265条，已完成68978条，近30天投诉量有1523条，已完成266条。除 了一般用的投诉外，也有不少司机的投诉。 一位用户投诉称，"在货拉拉平台接了单，但是联系客户电话打了没人接，我给下单人打了电 ...

Core Viewpoint - The company, Huolala, is making another attempt to go public on the Hong Kong Stock Exchange after a six-month hiatus, with updated performance data indicating a revenue of $935 million for the first half of 2025, reflecting a year-on-year growth of 31.8% [2] Financial Performance - Huolala's revenue and profit have shown positive trends, but growth is perceived as below expectations, especially with a global transaction volume (GTV) nearing $6 billion [2] - The monetization rate for Huolala's freight platform services has declined from 10.3% in 2023 to 9.2% by mid-2025, indicating a potential underperformance in revenue generation relative to market growth [2] Revenue Strategy - The decline in monetization rate is attributed to Huolala's decision to reduce commission rates on selected order types, which has led to a revenue shortfall of approximately $50 million, equivalent to about 357 million RMB [3][4] - The company has actively lowered commission rates for long-distance orders by about 4% and for carpool orders by approximately 6% to enhance compliance and stimulate driver engagement [4] Business Diversification - Huolala is expanding its business into three main segments: freight platform services, diversified logistics services, and value-added services, with diversified logistics contributing over $370 million in revenue, accounting for 40.1% of total revenue in the first half of 2025 [5] - The diversified logistics services have seen a significant year-on-year growth of approximately 73.2%, indicating a strong market demand for these services [5] International Expansion - Huolala's overseas brand, Lalamove, has shown promising growth, achieving approximately $150 million in revenue for 2024 and $88.94 million by mid-2025, benefiting from a less competitive environment [6] - Lalamove adapts its services to local markets, such as offering motorcycle delivery in Southeast Asia, which has resulted in higher efficiency compared to competitors [7] Future Outlook - The company is working on integrating domestic and international operations, allowing for cross-border services, which could enhance its market presence and revenue potential [7] - With a more diversified business strategy and a focus on long-term growth, Huolala's renewed IPO attempt reflects its commitment to overcoming past challenges and achieving success in the Hong Kong market [7]

Core Insights - The article discusses the ongoing challenges faced by Huolala, a logistics platform founded by Zhou Shengfu, as it attempts to go public on the Hong Kong Stock Exchange after multiple failed attempts [1][3]. Group 1: Company Overview - Huolala, founded in 2013, has become a leading logistics trading platform in China, with projections indicating it will be the largest global closed-loop GTV logistics platform by mid-2025 [3]. - The company has submitted its IPO application to the Hong Kong Stock Exchange six times but has not yet received the necessary approval from the China Securities Regulatory Commission [3][4]. Group 2: Regulatory Challenges - The regulatory environment has become more stringent following the scrutiny of Didi in 2021, which has impacted Huolala's ability to secure the required approvals for its IPO [3][4]. - Since 2021, Huolala has faced 18 public reprimands related to issues such as driver rights and illegal passenger transport, indicating increased regulatory focus on compliance and antitrust measures [4][11]. Group 3: Financial Performance - Huolala's revenue has grown from $1.036 billion in 2022 to an estimated $1.593 billion in 2024, with a 31.9% year-on-year increase in the first half of 2025, reaching $945 million [7][10]. - Despite revenue growth, the company's profitability has been inconsistent, with net profit fluctuating significantly due to non-recurring items, such as a $606 million gain from the fair value change of redeemable convertible preferred shares in 2023 [9][12]. Group 4: Business Model and Challenges - The company's revenue heavily relies on its freight platform services, which account for over half of its income, but the monetization rate has declined from 10.3% in 2023 to an expected 9.2% in 2025 [9][10]. - Huolala's overall gross margin has decreased from 61.2% in 2023 to 52.3% in the first half of 2025, indicating pressure on profitability [11]. Group 5: Funding and Valuation - Since 2014, Huolala has raised a total of $2.662 billion across 11 funding rounds, with notable investors including Sequoia China and Tencent [12]. - The fair value of Huolala's redeemable convertible preferred shares has increased from $4.673 billion in 2023 to $4.738 billion in the first half of 2025, contributing to high liabilities on its balance sheet [12][14]. - As of mid-2025, Huolala's current liabilities reached approximately $5.46 billion, leading to a debt ratio of about 164%, indicating a state of insolvency [14].

Core Viewpoint - Huolala, listed under "Lala Technology," has faced challenges in its IPO journey, despite strong business performance and market leadership, primarily due to regulatory compliance issues [1][3][4]. Group 1: Market Position and Performance - Huolala is projected to be the largest logistics trading platform globally by GTV in the first half of 2025, holding a market share of 53.3% [3]. - In mainland China, Huolala's market share reaches 69.8%, indicating a dominant position in the local market [3]. - The company reported revenues of approximately $1.036 billion, $1.334 billion, and $1.593 billion for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 24.0% [8]. Group 2: Regulatory Challenges - Regulatory compliance has become a significant concern for Huolala, especially given its substantial market share, which raises potential monopoly issues [5][8]. - The company has faced multiple regulatory discussions regarding pricing practices and competition fairness, leading to skepticism in the capital market [7][8]. Group 3: Business Model and Revenue Structure - Huolala's revenue model includes commissions and membership fees from drivers, with varying commission rates based on membership levels [6]. - The company has been adjusting its pricing strategy, leading to a decline in the revenue share from its core logistics services from 58.3% to 44.9% [11]. Group 4: Cost Management and Profitability - Despite revenue growth, Huolala's gross margin has been declining, with figures of 61.2%, 57.8%, and 52.3% for 2023 and the first half of 2024 [12]. - The company has successfully reduced employee costs from 9.8% in 2022 to 4.8% in the first half of 2024 [12][13]. Group 5: Future Growth Opportunities - Huolala has expanded its global operations, covering 14 markets and over 400 cities, with significant growth potential in international markets [17][18]. - The company is exploring AI technology, although it has not made significant advancements in autonomous driving compared to competitors [19][20].

Core Viewpoint - HuoLaLa has submitted its prospectus to the Hong Kong Stock Exchange, showcasing strong financial performance with a global GTV of $5.967 billion in the first half of 2025, reflecting a 17.7% year-on-year growth, and a revenue of $935 million, up 31.8% from the same period in 2024 [2][4]. Group 1: Performance Metrics - In the first half of 2025, HuoLaLa completed 455 million orders, a 34% increase year-on-year, and had an average of 19.7 million active merchants and 2 million active drivers [3][11]. - The company has shown consistent revenue growth over the past three years, with revenues of $1.036 billion in 2022, $1.334 billion in 2023, and $1.593 billion in 2024, resulting in a compound annual growth rate (CAGR) of 24% [4][5]. - HuoLaLa's global GTV increased from $7.307 billion in 2022 to $11.137 billion in 2024, with a CAGR of 23.5% [6]. Group 2: Operational Efficiency - The operating expenses as a percentage of revenue have significantly decreased from 57.8% in 2022 to 26.1% in the first half of 2025, driven by technological advancements [7][10]. - HuoLaLa has maintained high R&D investment levels, with expenditures of $196.8 million in 2022, $174.8 million in 2023, and $178.6 million in 2024 [8][9]. Group 3: Market Position and Strategy - HuoLaLa has established a vast network covering 363 cities in mainland China, reinforcing its market leadership [11][12]. - The company has implemented measures to enhance driver welfare, including occupational injury insurance for over 685 million transportation orders and the establishment of a health center for drivers [12]. - HuoLaLa's overseas business has been expanding, covering 14 major markets by mid-2025, with international revenue contributing 9.5% of total revenue [14][15]. Group 4: Future Growth Potential - The global digital freight market is expected to grow significantly, with only 2.4% of road freight GTV currently facilitated through digital platforms, projected to reach 3.4% by 2029 [18]. - HuoLaLa's strategy includes leveraging its established brand and operational model to capture growth opportunities in international markets, which are projected to be three times larger than the domestic market [16][18].

Core Viewpoint - The company, Lalamove, is making its sixth attempt to go public on the Hong Kong Stock Exchange, backed by major investment banks, highlighting its determination to enter the capital market [1][2]. Group 1: Company Overview - Lalamove has established itself as a leading logistics platform, claiming four "global firsts" in its industry, including being the largest closed-loop freight GTV platform and the largest same-city logistics platform as of the first half of 2025 [2][7]. - As of June 30, 2025, Lalamove facilitated over 4.55 billion orders, with a global transaction value (GTV) of $5.967 billion, reflecting a year-on-year growth of 17.7% [3][4]. Group 2: Financial Performance - Lalamove's revenue for 2022, 2023, and 2024 was $1.036 billion, $1.334 billion, and $1.593 billion, respectively [6]. - The company has experienced a decline in its monetization rate in mainland China, dropping from 10.3% in 2023 to 9.2% in the first half of 2025 [6]. Group 3: Regulatory Challenges - Lalamove has faced scrutiny from regulatory authorities, including an antitrust inquiry that raised concerns about its market dominance, as its market share exceeds 50% [9][10]. - The company has been required to implement measures to ensure fair competition and protect the rights of drivers and consumers [10][11]. Group 4: IPO Challenges - The company has faced multiple setbacks in its IPO attempts, with previous submissions lapsing due to the expiration of the six-month validity period for the prospectus [13]. - The current IPO attempt is seen as a critical test for Lalamove, as it must address three key issues: sustainable profitability, compliance with antitrust regulations, and growth potential in international markets [15][19][20].

Core Insights - The sustainability of profitability is in question as HuoLaLa's operating cash flow growth slows down following a series of commission reductions and fee cuts [1][5] - The company faces significant complaints from drivers and users, raising concerns about management and service improvements [2][9] - HuoLaLa's valuation has declined, prompting questions about whether this reflects a rational market correction or a loss of investor confidence in its growth potential [2][20] Financial Performance - In the first half of 2025, HuoLaLa reported revenue of $935 million, a year-on-year increase of 31.8%, with total earnings of approximately $254 million, up 46.62% from the previous year [5] - The gross margin decreased to 52.3% from 59.4% year-on-year, while the core metric of service monetization has declined for three consecutive years, with rates of 10.3%, 9.6%, and 9.2% for 2023, 2024, and the first half of 2025, respectively [5][6] Regulatory and Compliance Challenges - HuoLaLa's decline in monetization rates is attributed to regulatory pressures and public scrutiny, leading to significant changes in its business model [6] - The company has been subject to multiple regulatory discussions since 2022, resulting in a commitment to reduce commission rates and improve driver welfare [6][7] - Specific measures include reducing non-member commission rates from 18% to 15% and optimizing membership fees, which are expected to reduce profits by approximately $230 million in 2025 [7][8] Customer Complaints and Service Quality - HuoLaLa has received over 100,000 complaints on the Black Cat Complaints platform, primarily related to issues such as overcharging and order disputes [9][10] - The complaint resolution rate was only 3.4% in 2025, marking a historical low, with drivers expressing dissatisfaction over high membership fees and strict penalties [9][10] Cash Flow and Financial Stability - As of June 30, 2025, HuoLaLa held $1.681 billion in cash and equivalents, with trade and other payables around $694 million, indicating a relatively stable short-term financial position [12] - However, the company's operating cash flow growth has slowed, increasing only slightly from $359 million in 2023 to $369 million in 2024 [12] Revenue Sources and Market Expansion - HuoLaLa's revenue primarily comes from three segments: freight platform services, diversified logistics services, and value-added services, with the freight platform accounting for about 52% of total revenue [13][14] - The company is focusing on expanding its overseas market presence, particularly in Southeast Asia and Latin America, where it has seen higher monetization rates compared to domestic operations [14][15] IPO and Market Position - HuoLaLa is attempting its sixth submission for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for market expansion and technology development [2][20] - If successful, HuoLaLa could become the first logistics technology stock in Hong Kong, but failure to pass the review may further pressure its valuation and financing capabilities [20]

Core Viewpoint - The article highlights the strong performance of Lalamove (货拉拉) in the logistics sector, showcasing significant revenue growth and order completion rates, while also addressing the challenges related to declining monetization rates in its core business. Group 1: Financial Performance - In the first half of 2025, Lalamove achieved revenue of $935 million, representing a year-on-year growth of 31.8% [4] - The total global transaction value (GTV) reached $5.967 billion, with a year-on-year increase of 17.7% [2][4] - The number of completed orders exceeded 455 million, marking a 34% increase compared to the previous year [2][4] Group 2: Market Position - Lalamove is recognized as the largest logistics transaction platform globally in terms of closed-loop GTV for the first half of 2025 [2][4] - The company operates in over 400 cities across 14 markets worldwide, maintaining a leading market position [4] Group 3: Monetization Rate Trends - The monetization rate for Lalamove's freight platform services in mainland China dropped to 9.2% in the first half of 2025, continuing a downward trend for three consecutive years [5][7] - The decline in monetization rate is attributed to ongoing fee reductions and commission cuts for drivers, which have impacted revenue growth [9][12] Group 4: Diversification and Growth Strategies - Lalamove has expanded its service offerings, with the share of diversified logistics services in revenue increasing from 30.5% in the first half of 2024 to 40.1% in the first half of 2025 [5] - The company has successfully replicated its business model in Southeast Asia and Latin America, with plans for further market penetration [13][15] Group 5: Future Outlook - The global road freight market is expected to see increased digital platform penetration, with Lalamove positioned to capitalize on this growth opportunity [15] - The overseas market accounted for 9.5% of total revenue in the first half of 2025, indicating significant potential for future growth [14]

Core Viewpoint - The article discusses the financial performance and operational metrics of Lalamove (货拉拉) for the first half of 2025, highlighting significant revenue growth but a decline in monetization rates in the Chinese market due to reduced fees for drivers and lower commission policies [1][5]. Financial Performance - In the first half of 2025, Lalamove achieved a revenue of $935 million, representing a year-on-year growth of 31.8% [1]. - The total number of completed orders reached 455 million, an increase of 34% compared to the same period last year [1]. - The global gross transaction value (GTV) amounted to $5.967 billion, reflecting a year-on-year growth of 17.7% [1][4]. Operational Metrics - The average monthly active merchants reached 19.7 million, while the average monthly active drivers was approximately 200,000 [2]. - Lalamove is recognized as the largest logistics trading platform globally in terms of completed orders and GTV [2]. Monetization Rates - The monetization rate for Lalamove's freight platform services in mainland China has declined for three consecutive years, dropping from 10.3% in 2023 to 9.2% in the first half of 2025 [3][5]. - In contrast, the monetization rate for overseas markets has remained stable at 15.9% since 2024 [5]. Strategic Initiatives - Lalamove has implemented policies to reduce fees and commissions for drivers, which has contributed to the decline in monetization rates [5][6]. - The company is investing significantly in AI and technology to enhance operational efficiency, with R&D expenditures of $197 million, $175 million, and $179 million in 2022, 2023, and 2024, respectively [10]. Competitive Advantage - Lalamove's unique "closed-loop transaction" model is a core competitive advantage, allowing for seamless order processing from placement to payment [12][13]. - The company is expanding its operations in Southeast Asia by replicating its successful business model from mainland China [13]. Market Potential - The global online freight platform market is expected to grow from $192 billion in 2024 to $350 billion by 2029, with a compound annual growth rate of 12.8% [16]. - Lalamove is well-positioned to capitalize on this growth due to its technological capabilities and global expansion strategy [16].