Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.50 [6]. Core Insights - The company reported total revenue of RMB 107.34 billion for 2H25, a year-on-year increase of 26.3%, and an annual revenue of RMB 201.90 billion, up 37.7%, slightly below expectations by 2% [1]. - Core ride-hailing service revenue reached RMB 99.64 billion, growing 27.3% year-on-year, driven by a significant increase in monthly active users (MAU) and active drivers [2][3]. - The adjusted net loss for 2H25 was RMB -1.79 billion, with an annual adjusted net loss of RMB -5.08 billion, narrowing by 29.8%, exceeding expectations by 10% [2]. Revenue Growth - The core ride-hailing service revenue of RMB 99.64 billion was primarily driven by a 43.9% year-on-year increase in MAU and a 35.4% increase in average monthly active drivers [2]. - The Gross Transaction Value (GTV) for 2H25 reached RMB 124.73 billion, reflecting a year-on-year growth of 27.0% [3]. User Expansion and Market Penetration - The company has expanded its services to 195 cities, adding 59 new cities, which has improved supply-demand matching efficiency in tier-3 and tier-4 markets [3]. - The increase in user MAU and active drivers indicates enhanced penetration and user stickiness across the country [3]. Robotaxi Strategy - The company is advancing its Robotaxi strategy, having launched the Caocao Smart Mobility platform and deployed Robotaxi pilot programs in early 2025, with plans for mass production by 2027 [4]. - The company aims to expand its Robotaxi operations internationally, with plans for initial operations in Abu Dhabi and Hong Kong [4]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are RMB 262 billion, RMB 324 billion, and RMB 394 billion, respectively, with adjusted net profits expected to be RMB 0.5 billion, RMB 5.3 billion, and RMB 13.6 billion [5][11]. - The report anticipates a continued narrowing of losses through operational efficiency and algorithm optimization [2][11].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） 授出受限制股份單位 本公告乃由本公司根據上市規則第17.06A、17.06B及17.06C條作出。 董事會宣佈，於2026年3月31日，本公司根據股份激勵計劃向286名承授人授出合 共22,791,235份受限制股份單位，惟須待承授人接納後方可作實。向本公司執行 董事兼首席執行官龔昕先生及本公司執行總裁兼首席財務官柳森森先生各自授出 受限制股份單位，須待獨立股東批准後，方可作實。 授出受限制股份單位 授出日期： 2026年3月31日 (vi) 本集團280名僱員；及 (vii) 一名服務提供商，為戰略合夥人。 1 承授人： (i) 龔昕先生，本公司執行董事兼首席執行官； (ii) 劉欣女士，獨立非執行董事； (iii) 劉寧女士，獨立非執行董事； (iv) 付強先生，獨立非執行董事； (v) 柳森森先生， ...

Group 1: Liquor Industry Analysis - The report indicates that the pressure on the liquor industry has passed, with leading companies clarifying their long-term strategies and shifting from passive to proactive tactics [17][20] - The report highlights that the overall performance of the liquor industry during the Spring Festival was better than expected, with key products from leading companies showing good performance [20] - The report anticipates that the price of Moutai will stabilize above 1500 yuan, confirming the expectation of a turning point in the industry cycle [20] Group 2: Luzhou Laojiao (000568) Analysis - Luzhou Laojiao is recognized for its comprehensive competitive advantages in team capability, management level, incentive mechanisms, brand strength, product structure, and channel capabilities, positioning it as a "hexagonal warrior" in the liquor sector [3][11] - The company is expected to see its performance bottom out in the short term, with stable pricing strategies in place, aiming to reduce channel inventory and improve financial statements [11][13] - By 2030, the revenue potential for Luzhou Laojiao is projected to reach 40 billion yuan, with significant contributions from its high-end products [13][14] Group 3: Crystal International (02232) Analysis - Crystal International is positioned as a diversified international garment manufacturer, deeply integrated with top global brand clients, enhancing profitability through vertical integration [3][12] - The company is expected to benefit from a significant increase in customer orders, particularly from major clients like Uniqlo, Nike, and Adidas, while also expanding into the outdoor and sportswear sectors [12][16] - The report projects a steady increase in net profit for Crystal International from 2.5 billion to 3.0 billion USD from 2026 to 2028, with a "buy" rating assigned [16] Group 4: Shijia Photon (688313) Analysis - Shijia Photon is a leading domestic manufacturer of optical chips and devices, benefiting from the AI-driven demand for AWG and MPO products, with revenue reaching 1.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 114% [3][15] - The company is expected to capitalize on the growing demand for high-density connections in AI data centers, with plans to enhance its supply chain through strategic acquisitions [15][16] - The report assigns a "buy" rating to Shijia Photon, anticipating significant revenue growth from 2.13 billion to 4.09 billion yuan from 2025 to 2027 [15][16] Group 5: Food and Beverage Industry Insights - The report concludes that the food and beverage sector is showing structural improvements, with competition shifting from price to quality, and a gradual balance in supply and demand [20] - The report emphasizes the potential for recovery in consumer prices, particularly in the liquor and food sectors, as companies adapt to changing market conditions [20] - Key recommendations include focusing on cyclical food and beverage companies with growth potential, such as Anjuke Food and Haitian Flavoring [20]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 20.19 billion RMB in 2025, representing a year-on-year growth of 37.7%. The net loss was reduced to 635 million RMB, a decrease of 50.8% compared to the previous year. The adjusted net loss was 508 million RMB, down 29.8% year-on-year [7] - The company has successfully transitioned to positive EBITDA for the full year of 2025 and achieved positive adjusted profits in Q4 2025 [7] - The growth in revenue is driven by both ride-hailing services and vehicle sales, with ride-hailing revenue reaching 18.564 billion RMB (up 36.8% YoY) and vehicle sales revenue at 1.418 billion RMB (up 63.6% YoY) [7] - The gross margin for 2025 was 9.4%, an increase of 1.3 percentage points, attributed to the efficient allocation of subsidies and economies of scale in vehicle procurement [7] - The company is accelerating the commercialization of Robotaxi and has launched its intelligent driving platform in Suzhou and Hangzhou, with plans for international deployment in 2026 [7] - Strategic acquisitions, including the purchase of Weixing Technology and Geely Business, are expected to enhance corporate service offerings and create cross-selling opportunities [7] Financial Forecasts - Projected revenues for 2026, 2027, and 2028 are 25.946 billion RMB, 31.982 billion RMB, and 37.790 billion RMB, respectively, with growth rates of 28.5%, 23.3%, and 18.2% [2] - The company is expected to achieve a net profit of 606 million RMB in 2027 and 1.151 billion RMB in 2028, with corresponding growth rates of 772.7% and 90.0% [2] - Earnings per share (EPS) is projected to turn positive in 2027 at 1.04 RMB and further increase to 1.98 RMB in 2028 [2]

Core Viewpoint - The company has achieved significant financial and operational growth, marking a milestone with its first adjusted net profit in Q4 2025, indicating a shift towards sustainable profitability [1][2]. Financial Performance - In 2025, the company reported a total revenue of 20.2 billion RMB, representing a year-on-year increase of 38% [3]. - The gross margin improved from 8.1% in 2024 to 9.4%, an increase of 1.3 percentage points [3]. - The net loss was reduced by 50.8% year-on-year, and cash generated from operating activities increased by 60.3%, indicating enhanced financial health [3]. Business Metrics - The average monthly active users reached 41.3 million, a 43.9% increase year-on-year [3]. - The average monthly active drivers reached 631,000, up 35.4% year-on-year, showcasing the platform's growing scale [3]. Robotaxi Business Development - The company is accelerating its Robotaxi business, aiming to deploy 100,000 vehicles globally by 2030 [1][10]. - It has launched the Robotaxi 1.0 and 2.0 solutions, with over 100 Robotaxis already deployed [7][10]. - The company is developing fully customized Robotaxi models in collaboration with Geely, expected to debut by the end of 2026 [6][10]. AI and Operational Efficiency - The company utilizes AI technology through its "Caocao Brain" operational decision-making system to enhance dispatch efficiency and profitability [4]. - The "Caocao Intelligent RAS Remote Safety Service Platform" has been implemented to ensure passenger safety and improve the overall experience during Robotaxi rides [8]. International Expansion - The company's ride-hailing services are now available in 42 countries, covering thousands of cities [10]. - Strategic partnerships, including one with the Abu Dhabi Investment Office, are being formed to expand the Robotaxi business internationally [10].

Core Viewpoint - Cao Cao Mobility has achieved its first annual financial report since its listing, highlighting continuous revenue growth and a significant milestone of turning adjusted net profit positive in Q4 2025, marking its entry into a profitable growth trajectory [1][2]. Financial Performance - In 2025, Cao Cao Mobility's Gross Transaction Value (GTV) and revenue both experienced double-digit growth, with GTV increasing by 38% to 23.4 billion yuan and revenue reaching 20.2 billion yuan, also up by 38% year-on-year [3]. - The company's gross margin improved significantly, rising from 8.1% in 2024 to 9.4% in 2025, a 1.3 percentage point increase, while losses narrowed by 50.8% year-on-year [3]. - Operating cash flow saw a substantial increase of 60.3% year-on-year, and the company achieved its first positive net profit in Q4 2025, indicating a sustainable improvement in profitability [3]. Business Model and Operational Efficiency - The improvement in profitability is attributed to the expansion of Cao Cao Mobility's operational scale and brand recognition, leading to economies of scale [5]. - The implementation of AI technology, particularly through its transaction engine "Cao Cao Brain," has optimized driver dispatch efficiency, enhancing profitability [5]. - The average monthly active users reached 41.3 million, a 43.9% increase year-on-year, while the average monthly active drivers grew by 35.4% to 631,000, indicating improved unit economics and operational efficiency [5]. Supply-Side Barriers - Cao Cao Mobility's cost advantages stem from its customized vehicle strategy, which features a leading fleet of vehicles designed specifically for shared mobility, addressing operational challenges faced by traditional private cars [8]. - The total cost of ownership (TCO) for Cao Cao's customized vehicles is approximately 36.4% lower than typical electric vehicles used in shared mobility, with the Cao Cao 60 model achieving a TCO as low as 0.47 yuan per kilometer, about 40% lower than mainstream electric models [10]. Future Growth Prospects - The Robotaxi market represents a significant future growth opportunity, with projections indicating a potential market size of 83.1 billion yuan by 2030 and over 709.6 billion yuan by 2035 [12][19]. - In 2025, Cao Cao Mobility initiated its Robotaxi strategy, launching pilot programs in Suzhou and Hangzhou, and has deployed over 100 Robotaxis [14]. - The company's strategy integrates smart customized vehicles, intelligent driving technology, and smart operations, leveraging its extensive operational experience across 195 cities [16]. International Expansion - Cao Cao Mobility aims to replicate its successful domestic model internationally, leveraging its partnership with Geely to expand into markets like Abu Dhabi and Hong Kong [20]. - The company anticipates deploying 100,000 Robotaxis globally by 2030, with overseas markets expected to become a new growth driver [22].

Core Viewpoint - Cao Cao Mobility has entered a high-growth profitability track, achieving significant milestones in its financial performance and operational capabilities in 2025 [3]. Financial Performance - In 2025, Cao Cao Mobility reported a revenue of 20.2 billion RMB, representing a year-on-year growth of 38% [9]. - The gross profit reached 1.89 billion RMB, with a strong year-on-year increase of 59.3% [4][5]. - The gross margin improved to 9.4%, up by 1.3 percentage points from 8.1% in 2024 [6][9]. - The net loss was significantly reduced by 50.8% year-on-year, indicating improved profitability [9]. - The net cash flow from operating activities was 380 million RMB, reflecting a 60.3% year-on-year increase, showcasing enhanced cash-generating ability [8][9]. - In Q4 2025, the company achieved a milestone by turning positive in adjusted net profit [7]. User and Driver Metrics - As of December 31, 2025, Cao Cao Mobility's services covered 195 cities nationwide [10]. - The average monthly active users reached 41.3 million, a year-on-year increase of 43.9% [10]. - The average monthly active drivers reached 631,000, up by 35.4% year-on-year [10]. Technological Advancements - AI has become a key driver for operational efficiency, with the "Cao Cao Brain" system optimizing algorithms to enhance dispatch efficiency [11]. - The company has developed a comprehensive Robotaxi platform, launching the Robotaxi 1.0 solution in February 2025 and the Robotaxi 2.0 solution in December 2025 [11]. - Over 100 Robotaxi vehicles have been deployed as part of the pilot program [11]. Infrastructure Development - The world's first "Green Intelligent Passage Island" was inaugurated in Hangzhou, integrating various automated functions and setting standards for future developments [12]. - The company has established over 38,000 customized vehicles across 31 cities, reinforcing its asset management and fleet operation barriers [12]. Future Outlook - For 2026, Cao Cao Mobility plans to accelerate the deployment of Robotaxi services domestically and internationally, including exploring opportunities in Hong Kong [13]. - The company aims to leverage its operational capabilities and strategic partnerships to replicate its successful model in international markets [13]. - A total of 100,000 customized Robotaxi vehicles are planned for deployment by 2030, with a focus on commercial operations globally [13].

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 20,189.8 million, a 37.7% increase from RMB 14,657.5 million in 2024[3] - Net loss decreased by 50.8% to RMB 613.6 million in 2025, compared to RMB 1,246.4 million in 2024[3] - Adjusted net loss (non-IFRS measure) reduced by 29.8% to RMB 508.5 million in 2025 from RMB 724.0 million in 2024[3] - Operating loss reduced to RMB 463.3 million in 2025, compared to RMB 800.5 million in 2024, indicating improved operational efficiency[23] - The net loss for 2025 was RMB 613.6 million, a significant improvement from RMB 1,246.4 million in 2024, resulting in a net loss margin of (3.0%) compared to (8.5%) in the previous year[45] - Adjusted net loss (non-IFRS measure) decreased from RMB 724.0 million in 2024 to RMB 508.5 million in 2025, driven by improved operational efficiency and strict cost control[45] - The company reported a basic loss per share of RMB (1.27) for 2025, an improvement from a loss of RMB (2.77) in 2024[72] - Total comprehensive loss for the year was RMB (613,630) thousand, significantly reduced from RMB (1,246,389) thousand in the previous year[72] Revenue Growth - Gross profit margin improved to 9.4% in 2025, up from 8.1% in 2024, representing a 1.3 percentage point increase[3] - Mobility service revenue increased by 36.8% from RMB 13.6 billion in 2024 to RMB 18.6 billion in 2025, driven by expanded service areas and enhanced user satisfaction[26] - Vehicle sales revenue surged by 63.6% from RMB 866.8 million in 2024 to RMB 1.42 billion in 2025, with sales volume rising from 8,004 units to 15,346 units[27] - Revenue from mobility services for the year ended December 31, 2025, was RMB 18,564,222,000, an increase of 37% from RMB 13,566,590,000 in 2024[94] - Total revenue for the year ended December 31, 2025, was RMB 20,189,817,000, compared to RMB 14,657,499,000 in 2024, representing a growth of 37.5%[94] - Revenue from vehicle sales for the year ended December 31, 2025, was RMB 1,418,363,000, up from RMB 866,760,000 in 2024, marking a growth of 63.6%[94] User Engagement - Average monthly active users increased by 43.9% to 41.3 million in 2025, up from 28.7 million in 2024[4] - The company expanded its service coverage to 195 cities, adding 59 new cities during the year[6] Operational Efficiency - The company achieved positive EBITDA for the full year 2025, marking a significant milestone towards sustainable profitability[7] - Financial costs decreased to RMB 277.5 million in 2025 from RMB 328 million in 2024, contributing to reduced overall losses[23] - General and administrative expenses decreased by 19.8% to RMB 611.2 million in 2025, attributed to reduced share-based compensation costs[33] - Research and development expenses fell by 12.0% to RMB 206.3 million in 2025, mainly due to a decrease in share-based compensation[34] - The company plans to continue implementing measures to improve operating cash flow and increase working capital through enhanced service revenue and cost control[85] Strategic Initiatives - The company launched its Robotaxi service in Suzhou and Hangzhou in February 2025, with plans for further expansion[10] - The company aims to establish a comprehensive Robotaxi service network in major cities by 2030, leveraging its partnership with Geely Group[11] - The acquisition of Weixing Technology and Geely Business Services is expected to enhance corporate service capabilities and operational efficiency[14][15] - The company plans to enhance user retention and market penetration in lower-tier cities through refined operations and brand building[13] Financial Position - Total debt as of December 31, 2025, was RMB 7,322.6 million, down from RMB 9,319.2 million in 2024[49] - Cash and cash equivalents rose from RMB 159.5 million as of December 31, 2024, to RMB 1,176.4 million as of December 31, 2025, primarily due to net proceeds from a global offering and other cash flow fluctuations[56] - The company had unused bank credit facilities of approximately RMB 5.5 billion as of December 31, 2025, indicating strong liquidity[50] - The debt ratio as of December 31, 2025, was 139.8%, calculated as total liabilities divided by total assets at year-end[54] - The company has no significant long-term debt obligations or capital commitments as of December 31, 2025, indicating a strong balance sheet position[62] Capital and Investments - The company issued asset-backed securities totaling RMB 15 billion in April 2025 and RMB 11 billion in August 2025, with further issuances planned for 2026[59] - The company plans to continue investing in customer acquisition and market expansion to support long-term revenue growth and market share increase[46] - The company has resolved not to declare a final dividend for the fiscal year ending December 31, 2025[135] Employee and Governance - The group has 1,091 full-time employees as of December 31, 2025, with employee costs amounting to approximately RMB 622.0 million for the fiscal year[129] - The company has established a compensation committee to review and provide recommendations on the remuneration of directors and senior management[129] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[140] Future Outlook - The Chinese shared mobility market is projected to grow at a CAGR of 17.0%, reaching RMB 804.2 billion by 2029, indicating substantial growth opportunities[8] - The company plans to continue exploring new business development and investment opportunities, although no specific major investment plans were disclosed[69]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） 董事會謹此重申，本集團將繼續專注於主營網約車業務，持續提升運營效率及服 務質量，並在審慎原則下推進包括自動駕駛及國際化拓展在內的中長期戰略佈 局。本公司管理層對本集團的長期發展前景保持審慎而積極的態度。 1 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 曹操出行有限公司 董事會主席 楊健先生 香港，2026年3月24日 自願公告 股價及成交量不尋常變動 本公告乃由曹操出行有限公司（「本公司」，連同其附屬公司及併表聯屬實體，統 稱「本集團」）自願作出。 本公司董事會（「董事會」）注意到本公司股份價格及成交量近期出現不尋常變動。 經就本公司作出所有有關合理查詢後，董事會確認，截至本公告日期，其並不知 悉(i)任何導致本公司該等股價及成交量變動之原因；(ii)任何必須公佈以避免本公 司證券 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） (1) 完成收購吉利商務全部股權 及 (2) 根據上市規則第14A.60條進行的持續關連交易 完成收購事項 茲提述本公司日期為2025年12月30日及2026年2月27日的公告以及本公司日期 為2026年1月27日的通函，內容有關（其中包括）蘇州優行收購吉利商務全部股 權。 董事會欣然宣佈，完成已於2026年3月24日落實。完成後，吉利商務已成為本 公司的間接全資附屬公司，其財務業績將併入本集團的財務報表。 完成前，吉利商務及其附屬公司與李先生的聯繫人訂立若干具有固定期限及固定 條款的協議（統稱「現有協議」），包括(i)商旅服務協議、(ii)酒店預訂月結協議、 (iii)活動策劃服務協議及(iv)廣告及印刷品製作協議。根據上市規則第14A.60條， 現有協議項下交易於完成後已成為本公司的持續關連交易。 現 ...