浙商证券发布研报称，公司运营网络已覆盖全国136座城市，以轻资产模式进军85个新城市，即向当地 运力合作伙伴销售定制车，并激励其向曹操出行平台提供出行服务。公司开放全产业链生态合作，2024 年末全模式合作商家超1000家，合作伙伴收入年同比+34%，计划2025年新开200城。该行认为，公司依 托吉利生态，凭借"定制车+轻资产扩张"已稳居网约车行业第二，并有望在即将到来的Robotaxi商业化 浪潮中抢占先机，打开中长期估值空间。 东吴证券(国际)指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车 队规模居行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度 等方面的核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。该行续指，此前摩根大通预测曹 操出行有望于9月8日被纳入港股通名单，允许内地投资者参与交易，有望带来显著资金增量。 曹操出行(02643)涨超8%，盘中高见68.5港元再创上市新高。截至发稿，涨8.08%，报66.25港元，成交 额4768.6万港元。 本文源自：智通财经网 ...

Core Viewpoint - Cao Cao Mobility (02643) has seen a significant stock price increase, reaching a new high of 68.5 HKD, with a current rise of 8.08% to 66.25 HKD, indicating strong market performance and investor interest [1] Group 1: Company Performance - The company operates in 136 cities nationwide and is expanding into 85 new cities using a light-asset model, selling customized vehicles to local partners [1] - The company aims to have over 1,000 cooperative merchants by the end of 2024, with partner revenue expected to grow by 34% year-on-year [1] - Plans are in place to open 200 new cities by 2025, indicating aggressive growth strategies [1] Group 2: Strategic Advantages - The strategic collaboration with Geely Group provides a unique competitive advantage in the customized vehicle sector, with the largest fleet in the industry [1] - The optimization of Total Cost of Ownership (TCO) and experience upgrades for customized vehicles enhance driver retention and user satisfaction, driving continuous growth in the ride-hailing business [1] - There is a potential for significant capital influx as the company is expected to be included in the Hong Kong Stock Connect list, allowing mainland investors to participate in trading [1]

浙商证券发布研报称，公司运营网络已覆盖全国136座城市，以轻资产模式进军85个新城市，即向当地 运力合作伙伴销售定制车，并激励其向曹操出行平台提供出行服务。公司开放全产业链生态合作，2024 年末全模式合作商家超1000家，合作伙伴收入年同比+34%，计划2025年新开200城。该行认为，公司依 托吉利生态，凭借"定制车+轻资产扩张"已稳居网约车行业第二，并有望在即将到来的Robotaxi商业化 浪潮中抢占先机，打开中长期估值空间。 智通财经APP获悉，曹操出行(02643)涨超8%，盘中高见68.5港元再创上市新高。截至发稿，涨8.08%， 报66.25港元，成交额4768.6万港元。 东吴证券(国际)指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车 队规模居行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度 等方面的核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。该行续指，此前摩根大通预测曹 操出行有望于9月8日被纳入港股通名单，允许内地投资者参与交易，有望带来显著资金增量。 ...

Core Viewpoint - On June 25, 2025, Cao Cao Mobility was listed on the Hong Kong Stock Exchange, but its stock price fell by 14.16% on the first day, indicating investor skepticism about the sustainability of its profit model [1] Company Overview - Founded in 2015, Cao Cao Mobility is part of Geely's strategy to develop a "new energy vehicle sharing ecosystem" [1] - The company initially focused on a self-owned fleet and contracted drivers, emphasizing a premium ride experience with differentiated advantages in customized electric vehicles [1] - By 2024, Cao Cao Mobility's business had expanded to cover 136 cities, ranking second in China's ride-hailing market by total transaction volume [1] Financial Performance - Revenue increased from 7.63 billion to 14.66 billion yuan from 2022 to 2024, with a narrowing net loss and rising order volume and average revenue per order [1] - Gross margin improved from -4.4% to 8.1% during the same period [1] - Despite these improvements, the company has accumulated a net loss of over 5.2 billion yuan in the past three years, with a debt-to-asset ratio reaching 149% [1] Market Dynamics - The ride-hailing industry has become increasingly concentrated since regulatory measures were implemented in 2016, with the top five platforms holding over 90% of the market share by 2024 [1] - The rise of aggregation platforms around 2019 has shifted the control of traffic distribution, with Cao Cao Mobility's reliance on these platforms increasing significantly [1] - The share of Gross Transaction Value (GTV) from aggregation platforms rose from 49.9% to 85.4% from 2022 to 2024, while expenses paid to these platforms surged from 50.3% to 85.6% of sales and marketing costs [1] Operational Challenges - Cao Cao Mobility operates on a "heavy asset" model, having deployed over 34,000 customized vehicles by the end of 2024, but faces high sales costs that account for over 90% of revenue [1] - The company has been criticized for compliance issues, with a ranking of 8th in order compliance among leading platforms, and has received a total of 10,748 complaints as of May 10, 2025 [1] - Driver dissatisfaction is evident, with average hourly wages dropping to 35.7 yuan, leading to concerns about income sustainability [1] Future Outlook - The company plans to launch an autonomous driving platform in February 2025, in collaboration with Geely, with a target to introduce a new model by the end of 2026 [1] - Approximately 17% of the funds raised from the IPO will be allocated to technology and autonomous driving development [1] - Immediate priorities include improving cash flow, reducing dependency on aggregation platforms, and enhancing compliance rates [1]

东吴证券(国际)发布研究报告称，曹操出行(02643)作为吉利生态体系内核心的出行服务平台，构建 起"制造-运营-技术"的一体化能力，且前瞻布局Robotaxi优势明确，合理估值约342亿人民币，给予2025 年底目标价69港元。 东吴证券(国际)主要观点如下： 该研报指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车队规模居 行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度等方面的 核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。 该机构认为曹操出行作为国内共享出行的重要参与者，以差异化竞争策略实现规模性扩张，市场份额有 望持续提升;同时，公司前瞻储备Robotaxi技术、推进商业化试点，有望颠覆行业利润模型，看好公司出 行服务业务增长的持续性。 报告预测，2030年全国网约车订单总量将增长至151亿单，同期公司市占率有望提升至12%、订单 AOV(平均订单价格)提升至30元，其中Robotaxi订单和有人驾驶网约车订单占比预计分别为20%和 80%，对应业务的净利率预计分别约为17%和5%。计算公司整体合理估值约342亿人民币，给予20 ...

智通财经APP获悉，东吴证券(国际)发布研究报告称，曹操出行(02643)作为吉利生态体系内核心的出行 服务平台，构建起"制造-运营-技术"的一体化能力，且前瞻布局Robotaxi优势明确，合理估值约342亿人 民币，给予2025年底目标价69港元。 东吴证券(国际)主要观点如下： 该研报指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车队规模居 行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度等方面的 核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。 公司积极布局智能出行未来赛道，2025年2月正式上线自动驾驶平台"曹操智行"，并率先在苏州、杭州 启动Robotaxi运营试点，标志着公司从传统网约车平台向L4级自动驾驶领域的战略延伸。公司正逐步构 建Robotaxi规模化运营能力，并计划推出专为L4级自动驾驶设计的定制车型，为未来智能出行市场竞争 奠定技术与场景基础。 该机构认为曹操出行作为国内共享出行的重要参与者，以差异化竞争策略实现规模性扩张，市场份额有 望持续提升;同时，公司前瞻储备Robotaxi技术、推进商业化试点，有望颠覆行业 ...

Core Viewpoint - Cao Cao Mobility, after ten years of operation, went public on the Hong Kong Stock Exchange, raising approximately HKD 1.718 billion, but faced skepticism regarding its sustainable profitability despite a strong market narrative in the new energy and mobility sector [1][3]. Company Overview - Founded in 2015, Cao Cao Mobility is a strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [3]. - The company has differentiated itself by emphasizing high-quality, low-carbon ride experiences with its own fleet of new energy vehicles and contracted drivers, rather than engaging in subsidy wars like competitors [3]. - By 2024, the company had expanded its operations to 136 cities, with revenue growth from CNY 7.631 billion in 2022 to CNY 14.657 billion in 2024, while reducing net losses from CNY 20.07 billion to CNY 12.46 billion over the same period [3]. Market Position - Cao Cao Mobility ranked among the top three ride-hailing platforms in China by gross transaction value (GTV) since 2021 and is projected to become the second-largest player by 2024 [3]. - The ride-hailing market in China has become highly concentrated, with the top five platforms holding over 90% market share by the end of 2024 [4]. Financial Performance - The company’s GTV from third-party aggregation platforms increased significantly, from 49.9% in 2022 to 85.4% in 2024, indicating a heavy reliance on external platforms for order volume [5]. - Cao Cao's sales and marketing expenses have seen a rise in commission payments to aggregation platforms, from 50.3% to 85.6% of total expenses, highlighting vulnerability to changes in platform commission structures [5]. - The company has incurred over CNY 5.2 billion in net losses over the past three years, with a high asset-liability ratio of 149% as of 2024 [5]. Regulatory and Compliance Issues - As of October 2024, a significant portion of Cao Cao's active vehicles and drivers lacked the necessary operating licenses, with 8.6% of vehicles and 11.1% of drivers not compliant [7]. - The company ranked eighth in compliance rates among major platforms, reflecting broader industry challenges in meeting regulatory requirements [7]. User Experience Challenges - Complaints against Cao Cao Mobility have been prevalent, with issues related to pricing transparency and service quality, indicating systemic problems within the industry [7][8]. - Driver dissatisfaction has been noted due to low earnings and the imposition of low-paying "special orders," which has led to high turnover rates among drivers [8]. Future Outlook - The company is investing in autonomous driving technology, with plans to launch a Robotaxi service by 2026, although this is not expected to provide immediate financial support [10]. - Addressing cash flow issues, reducing dependency on aggregation platforms, and improving compliance and user experience are critical for gaining investor confidence in the near term [10].

Group 1 - The company, Cao Cao Travel (02643.HK), announced that it will hold a board meeting on August 26, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1]

曹操出行有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 8月26日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至2025年6月30日止六個月的中期業績。 承董事會命 曹操出行有限公司 董事會主席 楊健先生 香港，2025年8月12日 截至本公告日期，本公司董事會包括(i)執行董事龔昕先生；(ii)非執行董事楊健 先生、張權先生、劉金良先生、李陽先生及周肖虹女士；及(iii)獨立非執行董事 劉欣女士、劉寧女士及付強先生。 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） 董事會會議日期 ...

Core Viewpoint - The recent increase in tariffs on technology products by the US has accelerated the urgency for domestic substitution in China, while the central bank's liquidity release is expected to support the technology and automotive sectors [2][4][21]. Group 1: Market Performance - On August 7, US imposed approximately 100% tariffs on technology products, exempting domestic manufacturers, which has heightened the urgency for domestic substitution [2]. - The People's Bank of China announced a 0.5% reduction in the reserve requirement ratio, releasing about 1 trillion yuan in long-term funds, and conducted a 700 billion yuan reverse repurchase operation to support technology innovation, consumption, and small enterprises [2]. - Following these developments, the three major stock indices in China turned positive, with over 70% of 101 Chinese automotive stocks rising, averaging a price increase of 3.23% [4][21]. Group 2: Automotive Sector Highlights - The total market capitalization of Chinese automotive stocks increased by 35.35 billion yuan to 10.76 trillion yuan, despite declines in major stocks like BYD and Xiaomi [5]. - The intelligent driving sector saw a significant weekly increase of 6.02%, likely due to the World Robot Conference and supportive policies in Shanghai [5]. - Notable stock performances included Cao Cao's rise of 30.09%, benefiting from an 18.11% surge on August 7, and Dongfeng Group's unexpected stock price increase despite a 90% drop in expected net profit [6][7][8]. Group 3: Individual Stock Performances - Cao Cao's stock price increased by 30.09%, while Dongfeng Group's stock rose by 22.84% despite a significant profit drop [7][8]. - Other notable performers included Hesai with a 20.82% increase and multiple stocks like Zhongtai and Wuling rising over 15% [6][7]. - Conversely, Jianghuai Auto led the decline with a 7.22% drop, while other major players like BYD and Xiaomi also experienced declines [17][18]. Group 4: Future Outlook - The liquidity release and foreign capital inflow are expected to inject confidence into the market, particularly benefiting sectors focused on intelligence and embodied intelligence [21]. - The ability of automotive companies to navigate the challenges of domestic substitution and embrace intelligent transformation will be crucial for their long-term success [21].