wen | ipocankao qibai

10月29日，综合出行平台活力集团控股有限公司(以下简称“活力集团”)在港交所提交了上市申请，计划在主板上市。

huoxuzaibushaorenyanzhong，zheigemingzitingqilaijiuxiangshijinnianlaizhongxinzouhongdehuoli28xiyifendemugongsi。huolijituanduiyixierenlaishuokenengshaoxianmosheng，danqiqixiadechanpin，ruhangbanguanjiayugaotieguanjiazheiliangkuanchuxingappqueshiduoshurenderichangzhixuan。

zhaogushuxianshi，2023nian，huolijituandezongjiaoyieda308yiyuan，zaizhongguoyizhanshizonghechuxingpingtaizhongweijudier，jinciyuxiecheng。buguo，zheige“xingyedier”shichangfenequejinyou1.2%，yulaodaxiecheng31.6%deshichangfenexiangbixiangcha25beizhiduo。

yejifangmian，huolijituan2021nianji2022nianyizhichuyukuisunzhuangtai，zhidao2023niancaiganggangniukuiweiying。

ciciipo，mianduishichangjingzhengjiaju、yingxiaokaizhizhunianzengzhangdengwenti，huolijituannengfouchenggongshanganni？

传奇投资人押中美团、UC 此次亲自操刀IPO

huolijituandechuangshirenweiwangjiang，yinduimeiju《xiongdilian》zhonglianzhangwentesijiaosedexiai，jizijiqilegebieming“lianzhang”。zheigedutedechenghuhenkuaibianzaitouzijierenshizhongchuanbokailai，dajiayedoukaishiyi“lianzhang”laichenghuta。

ziliaoxianshi，wangjiangbiyeyuqinghuadaxuegongchengwulixi，biyehoujiarushanghaiximenziyidongtongxinyouxiangongsi，danrenxiangmujingli。

2001nian，wangjiangxuanzelikaiximenzi，chuangliyanjiangshuma，zhuyingduanxinyewu，suandeshangshitalaobenxing。

raner，duanxinxingyededimenjianxiyinledaliangjingzhengzhe。2003nian，wangjiangdeyanjiangshumajuedingzhuanxingzhishouyoulingyu，qihoudahuochenggong。2005niandi，wangjiangjianggongsichushoujileshoucishezutianshitouzideshennanpeng。zhihou，shennanpengyi410wanmeiyuanjiangyanjiangshumamaijilehuayoushiji，chenggongtuichu。erwangjiangzeyincihuodelekeguandeshouyi，bingzaihuayoushijidanrenlegaojifuzongcaidezhiwu。

2007nian，shouwozijindewangjiangkaishichangshitianshitouzi，shoucichushoubianyazhonglehexiaopengchuanglideucliulanqi。yidonghulianwangchuqi，gaoangdeliuliangfeiyongchengweilezuaiyonghuguangfanjieshouheshiyongyidongyingyongdeyidazhangai。yinci，dangyikuanjinengzaishoujishangliuchangliulanwangye，younengtongguogaoxiaodejishushouduanbangzhuyonghuxianzhujieshengliuliangdechanpinshi，wangjiangbiaoxianchulejidadexingquhereqing。

bishi，yuyongfuganggangbeileijunconglianxiangtouzifuzongcaideweizhiladaoucdanrenceo，liangrenzaileijunjialouxiadekafeiguanliqiaodingletouziyixiang。houlai，ucliulanqiyi43yimeiyuandeguzhibingrualibaba，wangjiangyeheleijunyiyang，shixiangaoetouzihuibao。

ciwai，2010nian，wangjianghaicanyulemeituandezhongzilunrongzi，chengweiqitianshitouzirenzhiyi。suizhemeituanyudazhongdianpingdehebing，wangjiangdezaoqitouzizaicihuodelefenghouhuibao。

zaitouzimeituanzhiqian，wangjiangyijingkaishilerenshengdediercichuangye。2009nian，tazaiqinghuaxiaoyou、139youxiangchuangshirenlilijundeyaoqingxia，fangqilezaiaozhoudingjudejihui，huidaobeijingdanrenhangbanguanjiaceo。tongnian，hangbanguanjiatuanduituichulezhongguoshougeshishihangbandongtaixinxichaxundeyidongyingyong——“hangbanguanjia”。

gongkaiziliaoxianshi，huolijituanzichengliyilai，yichenggongwanchengle6lunrongzi，xiyinlebaokuohongshanziben、jingweichuangtou、greylock、shanxishukunjijin、huashenglingshi、shanghaichuangji、zhuhaifuhai、ningbokaisayijilinghuijishidengduojiazhimingtouzijigoudecanyu。zaihuolijituanwanchengjingneiguquandiaozhengbingzheshouchaichuhongchoujiagoudeguochengzhong，jingwei、hongshanhegreylockxuanzeletuichu。

2019nian5yue，huolijituancengyushenwanhongyuanqianshu《fudaoxieyi》，jihuazaikechuangbanshangshi。raner，daole2021nian7yue，huolijituanquejuedingfangqiagushangshishenqing，zhuanerxunqiuzaizhongguoxianggangshangshi。

zaiguquanjiegoufangmian，jiezhizhaogushuqianshuzhiri，wangjiangchiyougongsi16.79%degufen，lilijunchiyou15.99%degufen。ciwai，tingruixingzhou、shanxishukunjijinhefontusyefenbiechiyou10.77%、10.67%he9.60%degufen，junchaoguole5%dechigubili。

raner，youyuguzhixiajiang，muqianduoshutouzirenduihuolijituandetouzidouchuyufukuizhuangtai。

活力集团  有“水分”的“行业第二”

huolijituanzuoweiguoneizhimingdechuxingpingtai，2009nianhe2012nianfenbietuichuleliangdahexinyingyong——hangbanguanjiayugaotieguanjia。congzuichudedanyilvxingxinxitigongzhe，gongsizhubuzhuanxingweihangaichuxingqian、zhong、houquanliantiaodezonghechuxingfuwupingtai，weiyonghutigongyizhanshidelvyouxiangguanfuwu。

“hangbanguanjia”ji“gaotieguanjia”keweilvketigongquantaoduomoshichuxingchanpinjifuwu，ruzhijixuanzuo、liechexuanzuo、hangbanyanwuchaxun、jichangxinxidaohangjijiudianyudingdeng。muqian，huolijituandefuwubianjiyu220geguojiahediqudeyu5000gejichang，baokuoyu3000geguoneihuochezhanjiweiyu40wanjiajiudiantigongyudingxuanze。

caiwufangmian，2021nianzhi2023nianji2024nianshangbannian（yixiajiancheng“baogaoqi”），huolijituanfenbieludeyingshou3.44yiyuan、2.8yiyuan、5.02yiyuan、2.81yiyuan，qineilirunfenbiewei-3.58yiyuan、-75.8wanyuan、5930.9wanyuan、3171.2wanyuan。qizhong，2023nianshixianniukui。

furuositeshaliwendeziliaoxianshi，2023nianhuolijituandezongjiaoyiewei308yiyuan，zaizhongguoyizhanshizonghechuxingpingtaishichangzhongpaimingdier，zhanjule1.2%deshichangfene。

raner，yushichangfenepaimingdiyidexiechengxiangbi，huolijituanzexiandexunsebushao。xiechengzai2023niandeshichangfenegaoda31.6%，zongshouruyuewei446yiyuan，erhuolijituantongqideshourujinwei5.02yiyuan，yuanyuanluohouyuxiecheng。

ciwai，huolijituandeyonghufuwutixigaoduyanglaishangyouhangbanshujugongyingshangdeguanfangshujuzhichi。julejie，huolijituanyuzhongguoyijiahangkongyequanweishujulaiyuandinglishujushouquanxieyi，yibiannenggoucunqubingtigongjiliyongshishizhunquehangbanxinxidengchuxingxiangguanzixun，gongsiyugaigongyingshangdinglidexieyiweiqi1nian，bingyunxuzaitongzhihouzhongzhi。

huolijituanzaizhaogushuzhongbiaoshi，ruguogaigongyingshangzhongzhiheyue，huozaixianyouqixiandaoqishijujuexuqian，jianghuiduigongsideyewu、caiwuzhuangkuangjijingyingyejizaochengzhongdabuliyingxiang。

zhideyitideshi，huolijituanzhengmianlinfufeiyonghuliushideqianzaitiaozhan。zhaogushuxianshi，huolijituandeshourubodongyufufeiyonghushuliangdeqifuxixixiangguan。

2021nianzhi2023nian，huolijituanyonghuzongguimowenbushangsheng，fenbiedadao1.39yi、1.45yihe1.62yiren；danfufeiyonghushuliangquejinglilebodong，yiciwei649.7wan、434wanhe875.4wanren。duiyu2022nianfufeiyonghushuliangjianshaodeqingkuang，huolijituanzaizhaogushuzhongzhichu，zheishishoudaocovid-19yiqingdefumianyingxiang。

jiezhi2024nianshangbannianmo，jinguanyonghuzongshuyipanshengzhi1.74yiren，danfufeiyonghushuliangquexiajiangzhi621.8wanren，zheiyishuzibujindiyu2023nianmodeshuiping，shenzhihuidaole2021nianzhiqiandeshuipingzhixia。

网约车业务遭遇挑战显疲态 ToB与海外业务拓展成新增长点

jinguanhuolijituanzuoyong“hangbanguanjia”yu“gaotieguanjia”liangdachuxinglingyudemingxingyingyong，danqizaishichangzhongjinzhan1.2%defene，nanyiyuxingyelongtouxiechengxiangkangheng。

weilezaijingzhengjiliedexingyezhongxunzhaoxindefazhanjiyu，huolijituanjinnianlaibuduanchangshitansuoxindeyewulingyu。raner，qiwangyuechefuwu“huolizhuanche”debiaoxianqueweinengdadaoyuqi，yingshougongxianzhunianxiahua，chengweilegongsifazhandeyigepingjing。

据招股书，报告期各期，“伙力专车”业务产生的收入分别为1134.01万元、392.16万元、802.60万元和309.56万元，这一数字与网约车行业的巨头相比显得微不足道。以滴滴weili，qi2024nianshangbanniandeyingshougaoda999.36yiyuan。ciwai，tongyangzaijinxingipodecaocaochuxingyezaiqizhaogushuzhongpilu，2024nianshangbanniandeyingshoudadaole62yiyuan。

muqian，wangyuechefuwuzaihuolijituandeyingshougouchengzhongzhanbibugao，bingqiezheiyibilichengxianchuzhunianjiangdidequshi。baogaoqinei，gaiyewushouruzhanbifenbiewei3.3%、1.4%、1.6%、1.1%。

zaiwangyuecheyewushenchukunjingnanyitupodeqingkuang，huolijituankaishijijitansuotoblingyudeyewutuozhan。

2017nian，huolijituankaishishenhuaduiqiyekehujiaotongpiaowufuwudebuju，weiqiyetigonghangaihuiyi、jianglilvxing、daxinghuiyizuzhi、zhanlandengduozhongxuqiudeduandaoduanchalvguanlijiejuefangan。gongsitongchanggenjukehuxuqiuzhidingtaocanjiage，bingzaikouchuchengbenhou，xingchengshanglvguanlifuwushouru。

juzhaogushu，2021nianzhi2023nianji2024nianshangbannian，huolijituanlaiziqianwudakehudeshourufenbiewei5440wanyuan、8460wanyuan、8980wanyuan、6330wanyuan，fenbiezhanzongshourude15.9%、30.2%、18%ji22.5%；qizhong，gongsilaizizuidakehushourufenbiewei1700wanyuan、3810wanyuan、3090wanyuanji2550wanyuan，fenbiezhanzongshourude5%、13.6%、6.2%ji9.1%。

buguo，weilexiyinxinkehubingtishengpinpaizhimingdu，huolijituanjinnianzaiyingxiaoshangdehuafeibuduanpansheng。baogaoqigeqi，huolijituandexiaoshoujiyingxiaokaizhifenbiewei9450wanyuan、4410wanyuan、1.16yiyuanji6260wanyuan，fenbiezhantongqizongshourude27.5%、15.7%、23.1%ji22.3%。

zonghelaikan，jinguanhuolijituanjinqishixianleniukui，qieyongyouliangkuanbeishouhuanyingdechuxingapp，danqizhengtiyingshouguimorengranxiangduijiaoxiao。mianduiriyijiliedeshichangjingzheng，huolijituannengfouchenggongshangshi，bingyiciweiqijiyinglaixindefazhanjieduan，ipocankaojiangchixuguanzhu。