盛威时代科技股份有限公司（以下简称盛威时代）正冲刺港股IPO（首次公开募股）。《每日经济新 闻》记者注意到，作为盛威时代最主要业务的网约车服务，在报告期内（2022~2024年以及2025年上半 年，下同）大幅扩张，但这却是以牺牲短期利益为代价，其毛利率在2024年甚至为负。 与此同时，关联交易在盛威时代的三大业务中都扮演了重要角色，尤其在网约车服务中，盛威时代的业 务绝大部分来自阿里巴巴旗下高德平台，而阿里巴巴旗下的浙江阿里旅行投资有限公司（以下简称阿里 旅行）则是盛威时代的第一大股东。 此外，尽管收入规模持续增长，但盛威时代在报告期内却持续亏损。在盛威时代的成本中，除司机服务 费外，来自网约车服务业务的聚合平台费占比最高。 牺牲短期利润换取扩张 盛威时代是一家中国城内网约车服务提供商及城际道路客运信息服务提供商，其业务板块主要包括网约 车服务、客运服务和数字化及业务解决方案。其中，网约车服务是最主要的业务，报告期内，盛威时代 来自网约车服务的收益占公司整体收益的比例保持在85%以上。 从盛威时代的网约车服务来看，其业务规模在报告期内不断扩大。公司的GTV（总交易金额）从2022 年的7.18亿元增长至20 ...

Core Viewpoint - Shengwei Times has refiled for an IPO on the Hong Kong Stock Exchange after its initial application lapsed in November 2024, despite ongoing revenue growth and challenges in its ride-hailing business, which heavily relies on the Gaode platform and has consistently low profit margins [1][4][11]. Group 1: Company Overview - Shengwei Times is the parent company of the ride-hailing service "Chuxing 365" and provides intercity road passenger transport information services, ranking 14th in China's ride-hailing market by GTV as of 2024 [1][4]. - The company has established operations in over 30 provinces and municipalities, collaborating with major partners like 12306 and various travel platforms [4][10]. - Shengwei Times has been focusing on customized passenger transport services, developing a range of transport solutions including airport shuttles and intercity rides [4][10]. Group 2: Financial Performance - Revenue for Shengwei Times was reported at 816 million yuan in 2022, 1.206 billion yuan in 2023, and 1.594 billion yuan in 2024, with a compound annual growth rate of 39.8% from 2022 to 2024 [11][12]. - The company has faced continuous losses, with net losses of 499 million yuan in 2022, 482 million yuan in 2023, and 426 million yuan in 2024, totaling approximately 1.496 billion yuan over three and a half years [13][15]. - The gross profit margin has been low, with figures of 6.6% in 2022, 7.1% in 2023, and dropping to 3.5% in 2024, indicating ongoing profitability challenges [11][12]. Group 3: Market Challenges - The ride-hailing market in China is becoming increasingly competitive, with 392 licensed platforms as of July 2025, leading to rising sales costs for Shengwei Times [16][19]. - The company is heavily dependent on the Gaode platform for customer acquisition, which poses risks if partnerships weaken [19][22]. - Shengwei Times faces pressure from other ride-hailing companies that have recently gone public, indicating a potential industry turning point [19][22]. Group 4: Strategic Considerations - To improve its market position, Shengwei Times needs to reduce its reliance on the Alibaba ecosystem and enhance its independent customer acquisition capabilities [22][23]. - The company must optimize its cost structure, particularly by lowering the high service fees paid to drivers, which currently account for 82.3% of sales costs [15][23]. - Regulatory compliance is becoming more stringent in the ride-hailing industry, necessitating increased resources for compliance to avoid penalties and reputational damage [23].

Core Viewpoint - Shengwei Times Technology Co., Ltd. is attempting to relist on the Hong Kong Stock Exchange after its initial application failed in November 2024, facing multiple challenges including reliance on Alibaba, continuous losses, and numerous complaints from consumers [1][2]. Business Overview - Shengwei Times positions itself as a leading provider of intercity and urban road passenger transport information services, focusing on intercity transport services and urban ride-hailing services [1]. - The company has developed a "Cloud Station" system to digitize traditional passenger transport stations and offers a comprehensive SaaS solution called "Passenger Transport Da" for transport companies [1]. - As of June 2025, the company holds 204 ride-hailing licenses, with 1.7 million registered drivers and 84,000 active drivers monthly, processing an average of 240,000 orders daily [1]. Financial Performance - Revenue increased from 816 million yuan in 2022 to 1.594 billion yuan in 2024, reflecting a compound annual growth rate of approximately 40% [1]. - However, the net losses for the parent company were 499 million yuan, 482 million yuan, and 426 million yuan over the same period, totaling around 1.4 billion yuan due to high driver subsidies and market expansion costs [2]. - In the first half of 2025, revenue reached 903 million yuan, with adjusted losses reduced to 9.33 million yuan, indicating a significant improvement in loss rate to 1% [2]. Dependency on Alibaba - Alibaba is the largest shareholder with a 27.01% stake, and over 80% of Shengwei Times' revenue comes from ride-hailing services, with 90% of that revenue dependent on cooperation with Gaode [2]. - The total transaction volume generated through Gaode accounted for 92.9%, 89.5%, 93.9%, and 94.5% of the company's ride-hailing service GTV from 2022 to the first half of 2025 [2]. Regulatory and Market Challenges - The company faced numerous consumer complaints, with over a thousand complaints related to "365 Ride-Hailing" on the Black Cat Complaint platform, primarily concerning service quality and regulatory compliance [2]. - In 2024, "365 Ride-Hailing" was subject to 35 administrative penalties, mainly for violations related to driver certification and vehicle licensing [3]. - The competitive landscape for ride-hailing services is intensifying, with recent IPOs of similar companies like Dida and Qiji facing poor market performance, raising investor skepticism about profitability and business models [3]. IPO and Future Prospects - The upcoming IPO represents not only a fundraising opportunity but also a test of the company's business model and market competitiveness [4]. - The company must reduce its dependency on a single platform and demonstrate its technology's neutrality to attract orders outside the Alibaba ecosystem [4]. - Funds raised from the IPO are intended for enhancing platform capacity, expanding provincial passenger transport digital projects, and exploring acquisition and strategic alliance opportunities [4]. Market Sentiment - The capital market's willingness to invest in a company heavily reliant on Alibaba, with ongoing losses and numerous complaints, remains uncertain [5]. - Shengwei Times must prove it is not merely an "outsourced worker" within the Alibaba ecosystem but a technology company with core capabilities, independent customer acquisition, and a clear path to profitability [5].

| | | | 截至12月31日正午反 | | | | | 観王0月30日正バ | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2021年 | | 2022年 | | 2023年 | | 2023年 | | | | | | | | | (人民幣千元,百分比除外) | | | | | | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | -1 - | | | | | | | | | (未經審核) | | | | 客運服務 | 27,958 | 51.9 | 21,406 | 44.3 | 37,027 | 53.7 | 19.947 | 57.3 | 20, | | 網約車服務 | 10,793 | 2.3 | 20.534 | 2.9 | 12,158 | 1.2 | 5.218 | 1.1 | (3, | | 數字化及業務 | | | | | | | | | | | 解決方案 | 8.426 | 27.8 | 11.635 | 18.2 | 36.47 ...

Core Viewpoint - Shengwei Times Technology Co., Ltd. is facing significant challenges on its path to an IPO in Hong Kong, as its rapid growth is underpinned by various risks, including heavy reliance on Alibaba, questionable profitability, and independence issues [1] Financial Performance - Revenue for Shengwei Times increased from RMB 553.53 million in 2021 to RMB 1,206.49 million in 2023, reflecting a growth rate of 47.80% [2] - The company reported a net loss of RMB 483 million in 2023, with a continued loss of RMB 285 million in the first half of 2024, indicating a persistent negative net margin [7][14] - Gross profit margins have fluctuated, with gross profit of RMB 85.89 million in 2023, representing a margin of 7.1% [2] Revenue Composition - Over 80% of Shengwei Times' revenue is derived from Alibaba and its affiliates, particularly through the Gaode platform, which accounts for a significant portion of its ride-hailing service revenue [3][4] - The company's ride-hailing services accounted for 84.7% of total revenue in 2021, increasing to 88.5% in 2023 [4][5] - Despite low direct revenue from Alibaba, the dependence on Gaode for ride-hailing services creates a "nominal independence, substantial binding" revenue structure [6] Business Model and Market Position - Shengwei Times positions itself as a leading provider of intercity and urban transportation information services, but its growth is largely driven by internal cycles within the Alibaba ecosystem rather than market expansion [7][9] - The company operates with a high commission rate of 9% paid to Gaode, which is higher than competitors, indicating a lack of control over its business terms [7][10] - The governance structure shows a lack of independence, with major shareholders controlling approximately 42.20% of voting rights, further complicating its position as a standalone entity [13] Market Perception and Future Outlook - The market remains skeptical about Shengwei Times' valuation, as it is heavily reliant on future cash flow assumptions rather than current business fundamentals [14] - The company's growth is primarily driven by internal revenue transfers within the Alibaba ecosystem, raising concerns about its ability to compete in the broader market [14][15] - To gain market acceptance, Shengwei Times must demonstrate technological independence and the ability to attract customers outside the Alibaba ecosystem [14][15]