FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 曹操出行有限公司 | | | | | | 呈交日期: | 2025年9月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 1. 股份分類 | 普通股 | 股份類別 | | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02643 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Core Insights - The 2025 Growth Industry Strategy Conference hosted by CITIC Securities focused on key sectors including innovative pharmaceuticals, smart driving, humanoid robots, AI technology, medical devices, and solid-state batteries [1] - Strong Qi, CTO of Cao Cao Mobility, emphasized that AI represents a new industrial revolution and that Robotaxi could become a strategic high ground in the transportation market over the next five years [1] Group 1: Industry Developments - Robotaxi is expected to be a significant application of AI, requiring a comprehensive approach that integrates autonomous driving, customized vehicles, and operational systems [1] - Level 4 autonomous driving technology is a prerequisite for commercial deployment, with operational capabilities being crucial for success [1] Group 2: Company Strategy - Cao Cao Mobility is a key component of Geely Group's future mobility strategy, having launched the Cao Cao Intelligent Driving platform and initiated Robotaxi pilot operations in Hangzhou and Suzhou [2] - The company has established a unique self-research ecosystem in China, combining customized vehicles, autonomous driving technology, and a transportation platform, similar to Tesla's full-chain capabilities [2] - By the end of 2025, Cao Cao Mobility plans to deploy a new generation of vehicles featuring Geely's latest redundant architecture, integrating various operational capabilities [2] - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou, laying the groundwork for future commercialization [2]

Core Viewpoint - The company demonstrated strong revenue growth and improved cash generation capabilities in the first half of 2025, with a significant reduction in losses compared to the previous year [1][2]. Group 1: Financial Performance - The company's operating revenue reached 9.456 billion yuan, representing a 53.5% increase year-on-year [1]. - The gross profit margin improved to 8.4%, up by 1.4 percentage points [1]. - The net loss for the period was 470 million yuan, a reduction of 310 million yuan year-on-year, while the adjusted net loss was 330 million yuan, down by 170 million yuan [1]. - Cash generated from operating activities increased significantly by 164.6% to 325 million yuan, indicating enhanced self-financing capabilities [1]. Group 2: Revenue Breakdown - Revenue from mobility services was 8.6 billion yuan, up 49.8%, while vehicle sales revenue surged by 137.3% to 740 million yuan [2]. - Vehicle leasing revenue increased by 25.7% to 10 million yuan, while other business revenue fell by 62.2% due to a one-time contribution last year [2]. - The Gross Transaction Value (GTV) for mobility services reached 10.95 billion yuan, reflecting a 53.6% increase, driven by the sale of customized vehicles and expansion into 27 new cities [2]. Group 3: Operational Metrics - The platform's average daily order volume was 2.108 million, up 50.6%, with an Average Order Value (AOV) of 28.9 yuan, an increase of 3.2% [3]. - The estimated platform Take Rate was 78.5%, down by 2.0%, likely due to increased user subsidies in new cities [3]. - Driver costs and subsidies accounted for approximately 63.4%, up by 0.4 percentage points, while vehicle depreciation and maintenance costs decreased to 6.2%, down by 3.7 percentage points [3]. Group 4: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange in June 2025, raising 1.7 billion HKD to support cash flow and attract key industry investors [3]. - The launch of the autonomous driving platform in February 2025 has led to 15,000 kilometers of testing by June 2025, with plans to introduce a dedicated L4 Robotaxi model by the end of 2026 [3].

Group 1 - Multiple ride-hailing platforms have collectively announced a reduction in commission rates, with T3 Mobility lowering its maximum commission to 27% and Cao Cao Mobility to 22.5% [2][3] - Despite the reduction in commission rates, actual income growth for drivers remains minimal, with many drivers reporting low monthly earnings due to increased driver numbers and low per-kilometer pricing [2][6] - Research indicates that 50% of ride-hailing drivers earn between 30 to 45 yuan per hour, which is considered low income after deducting various costs [2][6] Group 2 - The State Administration for Market Regulation has encouraged platforms to provide benefits to operators and support small businesses, leading to the recent commission reductions by major ride-hailing platforms [3][4] - T3 Mobility has committed to ensuring that drivers completing at least 50 orders per month will have a commission cap of 25% on their total earnings, with excess amounts returned to drivers [3] - Cao Cao Mobility emphasizes its commitment to sharing development benefits with drivers, reinforcing its "driver-first" philosophy [3][5] Group 3 - Aggregator platforms typically charge a commission rate of 14%, which is then further reduced by ride-hailing platforms, impacting driver earnings [4][6] - High-frequency promotions and low base fares have led to a significant portion of orders being at discounted rates, further squeezing driver income [6][7] - Industry experts suggest that the root causes of low driver income are oversupply and intense price competition, necessitating policy interventions to stabilize the market [6][7] Group 4 - T3 Mobility and Cao Cao Mobility have expressed intentions to continuously monitor driver income and improve the ride-hailing ecosystem for better service quality [7] - The industry is urged to shift focus from price competition to enhancing service quality and safety, as a long-term strategy for sustainable growth [7]

Company Overview - Cao Cao Travel is a ride-hailing service platform incubated by Geely Group, with the actual controller holding approximately 77% of the shares [1] - The platform's total transaction volume is projected to reach 17 billion yuan in 2024, capturing a market share of 5.4%, ranking second in the industry [1] - From 2015 to 2020, the company built its capacity from scratch using a B2C model, leveraging the advantages of its parent automotive manufacturer [1] - Between 2021 and 2023, the company underwent a strategic transformation, shifting leadership from automotive backgrounds to professional ride-hailing managers, and introduced customized vehicles as a differentiation strategy [1] Industry Development - The ride-hailing industry is experiencing stable penetration growth, with an average daily passenger volume of 98 million in 2024, reflecting a 7.1% year-on-year increase [2] - The daily order volume for ride-hailing services in China is expected to reach 31.5 million in 2024, with penetration rates increasing from 10% in 2015 to 41% in 2022 [2] - The industry faces challenges due to low profit margins, with leading player Didi's adjusted EBITA/GTV expected to be 3.0%/4.0% in 2024/2025 Q1 [2] - The core of the industry is controlled by two networks (capacity and traffic), with the rise of aggregation platforms providing traffic access for smaller players [2] Key Insights - The company aims to achieve profitability through customized vehicles and is expected to reach a daily order volume of 2.29 million by 2025, with EBIT per order projected at -0.3 yuan [3] - The introduction of customized vehicles is expected to reduce driver vehicle ownership costs and enhance long-distance order volumes, with driver hourly wages at 36 yuan compared to the industry average of 27 yuan in 2024 [3] - Geely Group's integration of its smart driving business and plans to launch a dedicated L4 Robotaxi model by the end of 2026 positions the company for mid-term growth [3] Investment Outlook - Revenue projections for the company are 20.9 billion, 27.5 billion, and 34.6 billion yuan for 2025-2027, representing year-on-year growth rates of 43%, 32%, and 26% respectively [4] - The company is expected to reach a net profit of -490 million, 100 million, and 510 million yuan in the same period [4] - The introduction of customized vehicles and Robotaxi services is anticipated to open new profit avenues, with a target price range of 98-108 HKD for 2026 [4]

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Core Viewpoint - Cao Cao Mobility has demonstrated strong financial performance following its Hong Kong IPO, with significant revenue growth and a narrowing loss, indicating a positive trend in its core business operations [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.456 billion yuan, a year-on-year increase of 53.5% [1]. - Gross profit reached 796 million yuan, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [1]. - The company's loss narrowed by 39.8% compared to the previous year, reflecting overall financial optimization [1][3]. Market Expansion - Cao Cao Mobility's services now cover 163 cities, with 27 new cities added during the reporting period [1]. - Total order volume reached 380 million, representing a 49% year-on-year increase [1]. Strategic Initiatives - The launch of the "Cao Cao Smart Travel" autonomous driving platform and the initiation of Robotaxi pilot services in Suzhou and Hangzhou are key growth drivers [1][6]. - The company is collaborating with Geely and other partners to develop autonomous driving technology and customized vehicles [1][3]. Future Growth Potential - Analysts predict that the company will approach breakeven in 2026 and achieve significant profitability by 2027, driven by the scaling of its customized vehicle model [5][9]. - The Robotaxi business is expected to have higher profit margins compared to traditional ride-hailing services due to reduced costs associated with autonomous driving technology [9]. Industry Trends - The regulatory environment is becoming more favorable for Robotaxi operations, with new policies allowing for broader commercial deployment of autonomous vehicles [8]. - The market for Robotaxi services is projected to grow significantly, with cost advantages expected to increase as technology matures [6][8]. Investment Outlook - The company has been included in the Hang Seng Composite Index, which is anticipated to attract more investors as it continues to meet growth expectations [10].

Core Viewpoint - Cao Cao Mobility has demonstrated strong financial performance following its Hong Kong IPO, with significant revenue growth and a narrowing loss, indicating a positive trend in its core business operations [1][2]. Financial Performance - In the first half of 2025, Cao Cao Mobility achieved revenue of 9.456 billion yuan, a year-on-year increase of 53.5%, and a gross profit of 796 million yuan, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [1]. - The company's loss narrowed by 39.8% compared to the previous year, reflecting a comprehensive optimization of its core financial metrics [1]. - The average monthly active users increased by 57.4% year-on-year, and the average monthly active drivers grew by 53.5% [3]. Market Expansion - Cao Cao Mobility expanded its service coverage to 163 cities, entering 27 new cities during the reporting period, with total order volume reaching 380 million, a 49% increase year-on-year [1]. - The company is developing a customized vehicle fleet, which differentiates it from competitors and enhances user experience [3]. Strategic Initiatives - The launch of the "Cao Cao Zhixing" autonomous driving platform and the initiation of Robotaxi pilot services in Suzhou and Hangzhou are key growth drivers, with over 15,000 kilometers of autonomous driving tests completed by the end of June [1]. - The company is collaborating with Geely and other partners to develop autonomous driving technology and customized vehicle applications [1]. Future Growth Potential - Analysts predict that Cao Cao Mobility will approach breakeven in 2024 and achieve significant profitability by 2027, driven by the scaling of its customized vehicle model and the reduction of subsidies in new cities [6]. - The Robotaxi business is expected to have a higher profit margin compared to traditional ride-hailing services due to reduced costs associated with driver payments [10]. Industry Trends - The regulatory environment is becoming more favorable for Robotaxi operations, with new policies allowing for commercial operations of L4 autonomous vehicles in select cities [9]. - The market for Robotaxi is projected to grow significantly, with cost advantages expected to increase as technology matures, potentially lowering operational costs to 0.9 yuan per kilometer by 2035 [7][9].

Core Viewpoint - Cao Cao Mobility has reported impressive interim results following its listing on the Hong Kong Stock Exchange, showcasing significant growth in various operational metrics and financial performance [1][2]. Financial Performance - For the six months ending June 30, 2025, Cao Cao Mobility achieved a total order volume of 380 million, representing a year-on-year increase of 49% [1]. - The company generated revenue of RMB 9.46 billion, reflecting a year-on-year growth of 53.5% [1]. - Gross margin improved from 7.0% to 8.4% year-on-year, driven by economies of scale and enhanced operational efficiency [1]. - Losses narrowed by 39.8% compared to the previous year, while net cash flow from operating activities surged by 164.6% [1]. Market Position and Growth - Cao Cao Mobility is recognized as the second-largest ride-hailing platform in China, according to Frost & Sullivan data, based on 2024 GTV [2]. - The average monthly active user count increased by 57.4%, and the average monthly active driver count rose by 53.5% [2]. - The average order value (AOV) increased to RMB 28.9 [2]. Business Strategy - The company has been actively expanding its customized vehicle strategy, holding over 37,000 customized vehicles across 31 cities as of June 30, 2025, contributing RMB 2.5 billion to GTV, a 34.7% increase year-on-year [3]. - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025, with sales revenue increasing by 137.3% to RMB 743.6 million [3]. Industry Outlook - The shared mobility market in China is projected to grow at a compound annual growth rate (CAGR) of 17.0%, reaching RMB 804.2 billion by 2029, with market penetration expected to rise from 4.3% in 2024 to 7.6% in 2029 [3]. Technological Advancements - Cao Cao Mobility is advancing in the autonomous driving sector through its platform "Cao Cao Zhixing," focusing on the development and application of Robotaxi services [4]. - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou as of the report date [4]. - By the end of 2026, the company plans to launch L4-level Robotaxi models specifically designed for autonomous driving [5]. Social Responsibility - The company has initiated a barrier-free public welfare brand, deploying over 1,000 barrier-free vehicles in more than 20 cities and conducting monthly "Barrier-Free Public Welfare Days" [5]. - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers, establishing various support funds for drivers and their families [5]. Future Expansion Plans - The company aims to expand its geographical coverage, focusing on lower-tier cities, and plans to enter 27 new cities by mid-2025 [6]. - Future growth strategies will leverage unique competitive advantages, successful regional expansion, and strong development in Robotaxi services [6].