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  按照申万行业分类(2021),洪田股份(维权)(603800)属于机械设备-专用设备-能源及重型设备。

  公司是集研发、设计、制造、销售、服务为一体的油气开发设备制造商,致力于为全球客户提供安全可靠、高性能的油气开发设备和系统解决方案。

  2025年4月26日,公司发布了立案告知书,涉嫌未按规定披露关联交易等违法违规被立案调查。

  初步判断:

  在2025年4月25日之前买入,且2025年4月26日及以后卖出或继续持有的投资者,包括个人投资者和机构投资者。针对本次信披违规,后续的索赔区间可能会随着立案调查结果而发生调整。

  (本文由万商天勤(上海)律师事务所刘彦梅律师供稿,不代表新浪财经的观点。刘彦梅律师,系金融诉讼、公司诉讼律师,辽宁大学法律硕士,具有保荐代表人(投资银行)资格、证券从业、私募基金从业资格,并具备20年以上法律实务经验。目前已通过CPA审计、经济法、会计、战略、税法,是为数不多的具有投行、财务思维的律师,她在证券诉讼和商事诉讼领域深耕多年,赢得了业界的好评和赞誉。)

  经济导报记者杨佳琪

  近期,拉拉科技控股有限公司(货拉拉的上市主体,下称“货拉拉”)在港交所递交招股书,拟在港交所上市,并披露了2024年度财报数据。这是其继2023年3月28日、2023年9月28日、2024年4月2日、2024年10月2日四次递表失效后的又一次申请。

  经济导报记者注意到,此前货拉拉四次折戟主要在于市场对其业务模式与长期成长性的质疑。具体看来,货拉拉高度依赖国内市场,国际化拓展缓慢,且面临来自本地平台的激烈竞争。本次卷土重来,该公司带来了一份看上去不错的成绩单,但背后仍有诸多问题待解。

  01

  向司机“双重收费”

  财务数据显示,2022年至2024年货拉拉营收分别为10.36亿美元、13.34亿美元、15.93亿美元;2022年经调整净亏损1210万美元,2023年及2024年经调整净利润分别是3.91亿美元和5.01亿美元。

  从细分业务来看,货拉拉的营收主要来自货运平台服务、多元化物流服务及增值服务。其中,货运平台服务是最主要的营收来源,2024年实现收入8.22亿美元,占总营收比例的51.7%。该公司大部分收入来自中国内地,2022年至2024年,来自中国内地的收入占其总收入的比例分别为90.4%、91.2%及90.7%。

  据悉,货运平台服务业务板块采用混合变现模式,收入主要来自司机会员费以及完成订单后向他们收取佣金,司机只有购买更高级别的会员,才可享受更低的佣金率。数据显示,2022至2024年,货拉拉向司机收取的佣金和会员费占营收比在60%左右。与此同时,国内的货运平台服务板块毛利率逐年升高,从74.3%增长至81.9%。

  对于缴纳会员费的司机,该平台对佣金率进行过多轮调整,从全部会员免佣金到2019年调整为超级会员免佣,到现在最新招股书披露,货拉拉非会员佣金率已调降至15%,一级、二级、三级会员的会员月费分别调降至209元、499元和709元,对应佣金率为11%、8%和5%。

  司机挣钱多少除了看佣金率,还要看订单量。2022年和2023年,货拉拉推出“多因素计费”“特惠顺路单”“议价订单”等举措,被指变相压低运价,加剧司机低价竞争。同时订单分配机制被指不透明,部分司机接到的订单量大幅下滑,收入难以保障。因此,在今年3月,该公司发布《货拉拉关于推动算法公开透明、向上向善机制的公告》,明确平台90%以上的订单采用“司机自主,就近优先”的分单模式,并通过自动降抽佣算法、补贴政策及安全防控机制保障司机权益与交易公平。

  经济导报记者注意到,仍有不少司机在社交平台反应,货拉拉平台算法并非如公告所称,要不没单,要不抢不到,有的客户明明看到在门口两三台车等单,还派给几公里或者十几公里外的车。

  在货拉拉等平台的宣传中,“月入过万”似乎成了每一位司机的可能。然而,有些司机反映,大多数司机月收入低于6000元,加上油费、保养、会员费等多重支出,甚至出现收支相抵的情况。

  02

  屡屡被约谈如何改正?

  交通运输部门处罚案例显示,某驾驶员使用自家的小面包车拆掉后排座位用于拉货,车身喷涂了货拉拉标志,而该车辆原本是非营运七座面包客车。

  据了解,货拉拉方面对于注册车辆是客运版还是货运版并无要求,因此改装比较常见。同时,司机的入驻门槛不高,也没有从业资格证等要求。对此,经济导报记者发送采访邮件,货拉拉回应表示,“目前公司4.5吨以下货车无需审核营运证,4.5吨以上货车需提供相应的证件资质。平台正不断加大新能源货车和合规车队合作,同时也鼓励新能源货运车辆加入,逐步淘汰落后运力,补充优质运力。”

  实际上,货拉拉对司机缺乏监管已不是个案。据不完全统计,自2021年以来,货拉拉遭遇交通运输部约谈十多次,指向的问题包括改装运营、非法运营、定价机制、会员费等方面。

  据黑猫投诉【下载黑猫投诉客户端】显示,截至4月27日,货拉拉的投诉量累计为7.51万条,近30天投诉量为2271条,已完成387条。经济导报记者注意到,投诉大多数来自司机,主要包括了霸王条款、扣分机制不公平、审核申诉不到位等,其中司机的大部分诉求是返还被恶意扣掉的分数。

  近几年货拉拉安全问题频发,此前运送商品还被查出违禁。日前,据媒体报道,北京东城柯女士使用货拉拉的跑腿服务运送价值17017元的货物,货物给到骑手后,反复拨打骑手的电话皆未接通,人和货“人间蒸发”。柯女士称,“我联系到货拉拉平台,等了整整14天,货拉拉让我要么等他们找到骑手,要么报警处理。”

  “平台对用户遭遇深表歉意,经过与柯女士协商一致,已对柯女士此次事件的损失进行特殊垫付,并且已报警追偿并将全力配合调查。我们始终重视用户权益,将持续完善服务保障机制。”货拉拉方面对此表示。

  市场人士认为,对于货拉拉而言,有一个健康的司机、用户及平台的三角关系,才是持续发展的关键。此次IPO不仅是其获取资金支持的重要途径,更是品牌升级与战略转型的关键节点。然而,能否提高自身盈利和服务质量,同时加速国际化布局并开拓新业务增长点,将成为其突破发展瓶颈的核心考验。

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