Group 1 - Wu Yanni's video "Starting for Yourself" gained significant attention online, highlighting her journey from a dancer to becoming Asia's top athlete, emphasizing the message "Starting is the beginning of everything" [1] - Wu Yanni has been appointed as the brand ambassador for Cao Cao Mobility, aligning with the brand's philosophy that everyone can become their expected self, promoting a positive attitude towards starting new journeys [1] - Cao Cao Mobility has successfully listed on the Hong Kong Stock Exchange, becoming the largest technology mobility platform in Hong Kong, with operations in 163 cities and 38 million monthly active users [4] Group 2 - The brand's core message "Starting is the beginning" aims to establish a deeper emotional connection with users, representing not just physical movement but also the beginning of opportunities and growth [7] - Wu Yanni is set to compete in the 2025 World Athletics Championships in Tokyo, marking a significant achievement as the only Chinese female athlete in the women's 100m hurdles since 2015 [7] - Cao Cao Mobility plans to leverage this brand message to enhance its services and technology, supporting users in their journeys towards personal achievements [7]

Core Viewpoint - Cao Cao Mobility has announced a "three-dimensional integrated transportation" blueprint in collaboration with domestic low-altitude travel technology company WoFei ChangKong, marking a significant step in the evolution of shared mobility and aiming to break through the physical limitations of urban ground transportation [2] Group 1: Company Developments - Cao Cao Mobility showcased future travel scenarios where users can input their pick-up and drop-off points in the app, utilizing AI algorithms to plan the optimal "three-dimensional integrated transportation" route [2] - The CEO of Cao Cao Mobility, Gong Xin, emphasized that the shared mobility industry is entering a new phase centered around Robotaxi, and the "three-dimensional integrated transportation" blueprint is a forward-looking plan to create a seamless transportation network [2] - WoFei ChangKong's CEO, Guo Liang, stated that the collaboration is not merely about adding transportation tools but is a significant exploration in building a three-dimensional urban transportation network [2] Group 2: Strategic Collaboration - The partnership aims to leverage each company's operational strengths to establish standards and regulations for "ground-air intermodal" services, integrating Robotaxi ground travel with eVTOL low-altitude travel [2] - Plans include constructing operational hubs at key urban nodes in collaboration with ecosystem partners to provide users with efficient and seamless ground-air transfer experiences [2]

Core Insights - The shared mobility platform Cao Cao Mobility has announced a "three-dimensional integrated" shared mobility blueprint in collaboration with low-altitude travel technology company WoFei ChangKong, aiming to develop a future vertical transportation network [1][2] - The partnership will focus on creating a "ground-air intermodal" service standard and operational specifications, integrating Robotaxi ground travel with eVTOL low-altitude travel [1][2] Industry Overview - The shared mobility industry has entered its 3.0 phase, centered around Robotaxi technology, which is now in practical application [2] - The low-altitude economy in China has reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035 [2] Company Strategy - Cao Cao Mobility, as a key commercial vehicle for Robotaxi under Geely Holding Group, is positioning itself for future mobility with its "three-dimensional integrated" blueprint [2] - The collaboration with WoFei ChangKong is expected to enhance the low-altitude travel service ecosystem, making it as convenient for users to book low-altitude flights as it is to book a taxi [2]

Core Viewpoint - The article highlights the significant progress of Cao Cao Mobility, which has been included in the Hong Kong Stock Connect list, marking a key milestone in its capital market journey since its IPO on June 25, 2023 [3] Group 1: Company Overview - Cao Cao Mobility is the largest technology-based ride-hailing company listed in the Hong Kong market, and it is a leading shared mobility platform incubated by Geely Holding Group [3] - The company aims to become a global leader in technology-driven mobility services, with plans to commercialize Robotaxi operations [3] Group 2: Financial Performance - In the first half of 2025, Cao Cao Mobility achieved a revenue of 9.456 billion yuan, representing a year-on-year growth of 53.5% [4] - The company has over 37,000 self-operated customized vehicles, leading the industry in this segment [4] Group 3: Market Position and Future Prospects - The inclusion in the Stock Connect is expected to broaden the investor base and enhance stock liquidity, reflecting strong market recognition of its business model and growth prospects [3] - Analysts from multiple brokerage firms have issued positive ratings for Cao Cao Mobility, with target prices reaching up to 103.17 HKD, indicating a potential revaluation of the company's worth in the market [4]

Core Viewpoint - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] Group 1: Company Overview - Cao Cao Mobility is leveraging its deep experience in the ride-hailing sector and the breakthrough potential of its Robotaxi business to reshape the industry landscape from the supply side, with expectations to turn profitable by 2026 [1] - The company's core competitive advantage lies in its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2: Robotaxi Development - Despite some opinions suggesting that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition is fundamentally a test of technology and operational capabilities [1] - Cao Cao Mobility is collaborating with Geely Holding Group to participate in vehicle design and develop a comprehensive automotive service solution, which significantly reduces Total Cost of Ownership (TCO) while enhancing operational efficiency [1] Group 3: Market Position and Future Prospects - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, making it the largest fleet of its kind in the country [1] - On February 28, 2025, the company launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou, showcasing its advantages in developing and deploying next-generation Robotaxi vehicles [2] - The company is working with Geely Group on a custom vehicle designed for L4 autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4: Valuation and Market Impact - Huatai Securities has assigned a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion and a target price of HKD 100.4 [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company is expected to be included in the Hong Kong Stock Connect on September 8, which is anticipated to attract more mainland capital [2]

Group 1 - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] - The report highlights that Cao Cao Mobility is reshaping the industry landscape from the "supply side" due to its deep accumulation in the ride-hailing sector and the breakthrough potential of its Robotaxi business, with expectations to turn profitable by 2026 [1] - The core competitiveness of Cao Cao Mobility stems from its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2 - Despite some views that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition in Robotaxi is fundamentally a contest of technology and operational capabilities [1] - Cao Cao Mobility is optimizing total cost of ownership (TCO) and demonstrating long-term competitiveness in the Robotaxi sector through solid operational accumulation [1] - The company collaborates with Geely Holding Group to participate deeply in vehicle design and develop a comprehensive automotive service solution, significantly reducing TCO and enhancing operational efficiency [1] Group 3 - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, becoming the largest fleet of its kind in the country [1] - On February 28, 2025, Cao Cao Mobility launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou [2] - The company is developing a custom vehicle specifically designed for L4-level autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4 - Huatai Securities assigns a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion, based on the average valuation levels of global mobility platforms [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company was included in the Hang Seng Composite Index on August 22, and it is expected to be included in the Hong Kong Stock Connect on September 8, which may attract more mainland capital [2]

Core Viewpoint - The launch of the "Cao Cao Intelligent Travel" satellite marks a significant step for Cao Cao Mobility in breaking through the commercialization of Robotaxi, addressing key industry pain points related to safety and cost efficiency [1][6]. Industry Context - The current Robotaxi industry is transitioning from the question of operational capability to concerns about safe and low-cost operations, with operational costs per kilometer significantly exceeding traditional ride-hailing services [1][2]. - The costs associated with positioning and communication are notably high, particularly in urban environments and adverse weather conditions, which hinder the scalability of Robotaxi operations [1][2]. Company Strategy - Cao Cao Mobility's partnership with Geely's Space-Time Daoyu aims to leverage satellite technology to enhance the management and operation of autonomous vehicle fleets, addressing the high operational costs of Robotaxi services [1][2]. - The integration of satellite communication and high-precision positioning technology is expected to reduce the reliance on third-party service providers, thereby lowering costs significantly [2][3]. Operational Insights - The "Cao Cao Intelligent Travel" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions, which is a substantial improvement over vehicles without satellite modules [3]. - The satellite technology supports a multi-layered safety redundancy system, allowing for remote emergency braking and dispatch even if ground stations fail, which is crucial for addressing safety concerns in Robotaxi operations [3]. Competitive Landscape - The satellite launch aligns with Cao Cao Mobility's strategic positioning as a core player in Geely's Robotaxi initiative, allowing for direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming deployment of a new generation of Robotaxi in April 2025 is expected to significantly reduce manufacturing costs through hardware-level integration of autonomous driving components and satellite modules [4]. Industry Impact - The introduction of the "Cao Cao Intelligent Travel" satellite is likely to reshape the competitive dynamics of the Robotaxi industry, shifting the focus from algorithm precision to a broader technological ecosystem [4]. - Other second-tier ride-hailing platforms are reportedly exploring similar collaborations with private aerospace companies, indicating a potential shift in industry supply chain dynamics [4]. Policy Alignment - This initiative aligns with national strategic goals, as outlined in the 2024 Commercial Space Development Action Plan, which emphasizes the integration of satellite technology with intelligent connected vehicles [5][6]. - The satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications, positioning the company favorably in the evolving regulatory landscape [6].

Core Viewpoint - The recent collaboration between Cao Cao Mobility and Geely's Space-Time Daoyu to launch the "Cao Cao Zhixing" satellite marks a significant advancement in the Robotaxi industry, transitioning from technology validation to potential large-scale profitability [1][6]. Industry Status - The current core challenge for the Robotaxi sector has shifted from "can it operate" to "can it operate safely and cost-effectively" [1]. - Domestic Robotaxi operating costs per kilometer are significantly higher than traditional ride-hailing services, with positioning and communication costs being a major contributor [1]. - Traditional GPS systems face accuracy issues in urban canyons and adverse weather, leading to delayed vehicle decision-making, which hampers large-scale operations [1]. Company Strategy - Cao Cao Mobility's entry into the satellite domain aims to address the industry's pain points of high operational costs and safety concerns [1][2]. - The partnership with Space-Time Daoyu leverages Geely's full industry chain capabilities, integrating satellite communication and high-precision positioning technologies into autonomous vehicle fleet management [2]. Operational Insights - The "Cao Cao Zhixing" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions [3]. - The integration of low-orbit satellite services with ground systems creates a multi-layered safety redundancy, enabling remote emergency braking and dispatch even if ground stations fail [3]. Competitive Landscape - This satellite initiative positions Cao Cao Mobility as a core player in Geely's Robotaxi strategy, allowing direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming Robotaxi models are expected to have significantly lower manufacturing costs due to the integration of satellite and autonomous driving components [4]. - The launch of the satellite may reshape industry competition by elevating the focus from algorithm precision to a broader "technology ecosystem" perspective [4]. Policy Alignment - The initiative aligns with national strategies, as the 2024 Commercial Space Development Action Plan emphasizes the integration of satellite technology with smart connected vehicles [5]. - This satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications [5]. Future Outlook - The launch of the "Cao Cao Zhixing" satellite could signal a shift in the Robotaxi industry from a "burning money for scale" model to a "technology-driven profitability" phase [6]. - Geely's comprehensive ecosystem collaboration is seen as a critical advantage for Cao Cao Mobility in this industrial transformation [6].

Group 1 - Dongwu Securities has initiated coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its integrated platform for Robotaxi services, which combines vehicle manufacturing, operational capabilities, and technology [1] - The Chinese ride-hailing market is transitioning from "wild growth" to "compliant intelligence," with a focus on autonomous driving technology and the restructuring of human-vehicle relationships [1] - Cao Cao Mobility aims to replicate the success of ride-hailing by leveraging its partnership with Geely Group to create an optimal Robotaxi system [1] Group 2 - Revenue projections for Cao Cao Mobility from 2025 to 2027 are estimated at 20.67 billion, 26.24 billion, and 32.37 billion yuan, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan from 2025 to 2027, with a potential return to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index on September 8, attracting additional mainland capital [2]

Group 1 - The core viewpoint of the report is that Cao Cao Mobility is positioned as a unique integrated platform for Robotaxi services in China, leveraging Geely's manufacturing capabilities, advanced autonomous driving technology, and operational experience to achieve competitive advantages [1] - The Chinese ride-hailing market is undergoing a significant transformation from "wild growth" to "compliance and intelligence," with the focus shifting from capital subsidies to the restructuring of autonomous driving technology and human-vehicle relationships [1] - The report highlights that with L4-level autonomous driving technology, decreasing hardware costs, and an improving policy framework, the commercialization of Robotaxi services is accelerating [1] Group 2 - The analyst projects that Cao Cao Mobility's revenue will reach 20.67 billion, 26.24 billion, and 32.37 billion yuan from 2025 to 2027, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan for the same period, with a potential turnaround to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index, which is expected to attract additional capital from mainland investors [2]