该行认为，网约车行业迈入规范成熟期，下沉市场需求未充分满足，新能源降本与聚合平台流量推动行 业稳健增长，预计2024至2026年网约车行业规模维持高个位数增长。其次是曹操出行以订制车构建差异 化优势，依托吉利供应链掌控5万多辆车队，其低购置与车服成本降低司机全生命周期成本(TCO)，换 电模式提升司机收入，司机时薪和黏性上升。 中金又指，曹操出行拥有丰富的Robotaxi全链条生态，可联动吉利集团覆盖研发、制造、营运等环节。 另外曹操出行拥有现成的派单网络，未来可通过混合模式支持业务启动与数据积累。市场认为中小网约 车平台很难盈利，但中金认为供给充裕，平台可降低司乘补贴、提升效率来实现UE优化。 中金发表报告，首次覆盖曹操出行，予"跑赢行业"评级以及目标价70港元，认为智驾开拓上行空间。 ...

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors consists of executive, non-executive, and independent non-executive directors, led by Mr. Yang Jian as Chairman - Executive Director: **Mr. Gong Xin**[5](index=5&type=chunk) - Non-executive Directors: **Mr. Yang Jian** (Chairman of the Board), **Mr. Zhang Quan**, **Mr. Liu Jinliang**, **Mr. Li Yang**, **Ms. Zhou Xiaohong**[5](index=5&type=chunk) - Independent Non-executive Directors: **Ms. Liu Xin**, **Ms. Liu Ning**, **Mr. Fu Qiang**[5](index=5&type=chunk) [Audit Committee](index=3&type=section&id=Audit%20Committee) The Audit Committee is composed of Ms. Liu Xin (Chairperson), Mr. Zhang Quan, and Ms. Liu Ning - Members include **Ms. Liu Xin** (Chairperson), **Mr. Zhang Quan**, and **Ms. Liu Ning**[5](index=5&type=chunk) [Remuneration Committee](index=3&type=section&id=Remuneration%20Committee) The Remuneration Committee comprises Mr. Fu Qiang (Chairman), Mr. Gong Xin, and Ms. Liu Xin - Members include **Mr. Fu Qiang** (Chairman), **Mr. Gong Xin**, and **Ms. Liu Xin**[5](index=5&type=chunk) [Nomination Committee](index=3&type=section&id=Nomination%20Committee) The Nomination Committee is composed of Mr. Yang Jian (Chairman), Ms. Liu Ning, and Mr. Fu Qiang - Members include **Mr. Yang Jian** (Chairman), **Ms. Liu Ning**, and **Mr. Fu Qiang**[5](index=5&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) The Joint Company Secretaries are Mr. Zhong Xueyin and Mr. Li Zhongcheng - Joint Company Secretaries: **Mr. Zhong Xueyin**, **Mr. Li Zhongcheng**[5](index=5&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) The Authorized Representatives are Mr. Gong Xin and Mr. Li Zhongcheng - Authorized Representatives: **Mr. Gong Xin**, **Mr. Li Zhongcheng**[5](index=5&type=chunk) [Auditor](index=3&type=section&id=Auditor) The company's auditor is PricewaterhouseCoopers - Auditor: **PricewaterhouseCoopers**[5](index=5&type=chunk) [Registered Office](index=3&type=section&id=Registered%20Office) The company's registered office is located in the Cayman Islands - Registered Office: P.O. Box 31119, Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman, KY1-1205 Cayman Islands[5](index=5&type=chunk) [Headquarters and Principal Place of Business in China](index=3&type=section&id=Headquarters%20and%20Principal%20Place%20of%20Business%20in%20China) The company's headquarters and principal place of business in China are located in Suzhou, Jiangsu Province, China - Headquarters and Principal Place of Business in China: Building 1, Xinhui Lake Building, No. 66 Lugang Street, High-speed Rail New City, Xiangcheng District, Suzhou, Jiangsu Province, China[5](index=5&type=chunk) [Principal Place of Business in Hong Kong](index=3&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) The company's principal place of business in Hong Kong is located in Wan Chai, Hong Kong - Principal Place of Business in Hong Kong: 46th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong[5](index=5&type=chunk) [Legal Advisers](index=4&type=section&id=Legal%20Advisers) The company's legal advisers include Latham & Watkins LLP (Hong Kong law), King & Wood Mallesons (PRC law), and Ogier (Cayman Islands law) - Legal Adviser for Hong Kong Law: **Latham & Watkins LLP**[6](index=6&type=chunk) - Legal Adviser for PRC Law: **King & Wood Mallesons**[6](index=6&type=chunk) - Legal Adviser for Cayman Islands Law: **Ogier**[6](index=6&type=chunk) [Compliance Adviser](index=4&type=section&id=Compliance%20Adviser) The company's compliance adviser is Halcyon Capital Limited - Compliance Adviser: **Halcyon Capital Limited**[6](index=6&type=chunk) [Hong Kong Share Registrar](index=4&type=section&id=Hong%20Kong%20Share%20Registrar) The company's Hong Kong share registrar is Computershare Hong Kong Investor Services Limited - Hong Kong Share Registrar: **Computershare Hong Kong Investor Services Limited**[6](index=6&type=chunk) [Principal Share Registrar](index=4&type=section&id=Principal%20Share%20Registrar) The company's principal share registrar is Vistra (Cayman) Limited - Principal Share Registrar: **Vistra (Cayman) Limited**[6](index=6&type=chunk) [Principal Banks](index=4&type=section&id=Principal%20Banks) The company's principal banks include China Merchants Bank Suzhou Branch and Bank of China Zhejiang Provincial Branch - Principal Banks: **China Merchants Bank Suzhou Branch**, **Bank of China Zhejiang Provincial Branch**[6](index=6&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 2643 - Stock Code: **2643**[6](index=6&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's website is www.caocao.com.cn - Company Website: **www.caocao.com.cn**[6](index=6&type=chunk) [Listing Date](index=4&type=section&id=Listing%20Date) The company's listing date is June 25, 2025 - Listing Date: **June 25, 2025**[6](index=6&type=chunk) [Summary](index=5&type=section&id=Summary) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company's revenue increased by **53.5%** to **RMB 9.456 billion**, gross margin improved by **1.4 percentage points** to **8.4%**, loss for the period narrowed by **39.8%**, adjusted net loss narrowed by **34.0%**, and net cash from operating activities significantly increased by **164.6%** 2025 H1 Financial Highlights (RMB thousands) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,455,968 | 6,160,176 | 53.5% | | Gross Margin | 8.4% | 7.0% | 1.4 percentage points | | Loss for the Period | (468,208) | (778,093) | 39.8% | | Adjusted Net Loss (Non-IFRS Measure) | (329,641) | (499,823) | 34.0% | | Adjusted Loss Margin (Non-IFRS Measure) | (3.5%) | (8.1%) | 4.6 percentage points | | Net Cash from Operating Activities | 325,206 | 122,906 | 164.6% | [Operating Metrics](index=5&type=section&id=Operating%20Metrics) For the six months ended June 30, 2025, the company's Gross Transaction Value (GTV) and order volume increased by **53.6%** and **49.0%** year-on-year, respectively, with significant growth in average monthly active users and drivers 2025 H1 Key Operating Metrics | Indicator | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | GTV (RMB millions) | 10,954 | 7,132 | 53.6 | | Order Volume (thousands) | 379,505 | 254,766 | 49.0 | | AOV (RMB yuan) | 28.9 | 28.0 | 3.2 | | Daily Order Volume (thousands) | 2,108 | 1,400 | 50.6 | | Average Monthly Active Users (millions) | 38.1 | 24.2 | 57.4 | | Average Monthly Active Drivers (thousands) | 554 | 361 | 53.5 | [Business Overview](index=6&type=section&id=Business%20Overview) [Company Background and Market Position](index=6&type=section&id=Company%20Background%20and%20Market%20Position) Caocao Mobility, incubated by Geely Group, is China's second-largest ride-hailing platform by 2024 GTV, known for its excellent service quality and customized fleet - The company was incubated by Geely Group, established in 2015 with a mission to reshape green shared mobility through technology[11](index=11&type=chunk) - According to Frost & Sullivan, the company is China's **second-largest ride-hailing platform by 2024 GTV**[11](index=11&type=chunk) - Caocao Mobility was rated "Best Service Reputation" and ranked first in user recognition in quarterly surveys from Q4 2023 to Q2 2025[12](index=12&type=chunk) [Revenue Streams and Business Scope](index=6&type=section&id=Revenue%20Streams%20and%20Business%20Scope) The company's revenue primarily stems from mobility services, particularly ride-hailing, and also offers vehicle leasing and sales services, operating in **163 cities** with a customized fleet of over **37,000 vehicles** as of June 30, 2025 - Revenue primarily derived from mobility services, especially ride-hailing, with additional vehicle leasing and sales services[11](index=11&type=chunk) - As of June 30, 2025, the company operates in **163 cities**[12](index=12&type=chunk) - Over **37,000 customized vehicles** are deployed for affiliated drivers as of June 30, 2025[12](index=12&type=chunk) - Customized vehicles contributed **RMB 2.5 billion** in GTV, a **34.7%** year-on-year increase[12](index=12&type=chunk) - Vehicle sales significantly increased from **2,826 units** in H1 2024 to **7,993 units** in H1 2025[12](index=12&type=chunk) [Market Opportunities and Growth Strategy](index=6&type=section&id=Market%20Opportunities%20and%20Growth%20Strategy) China's shared mobility market is vast with low penetration, projected for continuous growth, and the company aims for revenue growth and margin improvement through strategic positioning, economies of scale, and operational efficiency - China's shared mobility market is projected to grow at a **CAGR of 17.0%** from 2025, reaching **RMB 804.2 billion** by 2029[13](index=13&type=chunk) - Market penetration is expected to increase from **4.3%** in 2024 to **7.6%** in 2029[13](index=13&type=chunk) - Revenue for the six months ended June 30, 2025, increased by **53.5%** year-on-year to **RMB 9.5 billion**[13](index=13&type=chunk) - Gross margin improved from **7.0%** in H1 2024 to **8.4%** in H1 2025[13](index=13&type=chunk) - The company will continue to optimize its growth strategy, aiming for a healthy combination of rapid growth and profitability, benefiting from competitive advantages, geographical expansion, Robotaxi development, and strategic relationship with Geely Group[15](index=15&type=chunk) [Robotaxi Services](index=7&type=section&id=Robotaxi%20Services) The company continues to invest in its autonomous driving platform, Caocao Zhixing, expanding Robotaxi coverage and collaborating with Geely Group on customized vehicle development, having completed over **15,000 km** of autonomous driving test mileage in Suzhou and Hangzhou as of June 30, 2025 - Continued investment in its autonomous driving platform, Caocao Zhixing, to enhance Robotaxi operational capabilities and gradually expand coverage[16](index=16&type=chunk) - Collaboration with Geely Group on developing autonomous driving technology and customized vehicles pre-installed with proprietary autonomous driving components[16](index=16&type=chunk) - Deployment of the latest generation of Robotaxis since April 2025, featuring Geely's newest redundant architecture design[16](index=16&type=chunk) - As of June 30, 2025, Caocao Zhixing has accumulated over **15,000 km** of autonomous driving test mileage in Suzhou and Hangzhou[16](index=16&type=chunk) [Vehicle Sales](index=7&type=section&id=Vehicle%20Sales) The market for mobility service vehicle sales is growing significantly, and the company strategically focuses on this segment, with vehicle sales increasing by **137.3%** to **7,993 units** and sales revenue reaching **RMB 743.6 million** for the six months ended June 30, 2025 - The mobility operation vehicle sales market is projected to grow at a **CAGR of 8.2%** from **RMB 260.4 billion** in 2025 to **RMB 357.5 billion** in 2029[17](index=17&type=chunk) - Vehicle sales significantly increased from **2,826 units** in H1 2024 to **7,993 units** in H1 2025[17](index=17&type=chunk) - Vehicle sales revenue increased by **137.3%** year-on-year to **RMB 743.6 million**[17](index=17&type=chunk) [Geographical Coverage](index=8&type=section&id=Geographical%20Coverage) The company plans to continue expanding its geographical coverage, particularly in lower-tier cities, by selling customized vehicles to local capacity partners, having entered **27 new cities** - Expected to continue expanding geographical coverage, with a focus on lower-tier cities[19](index=19&type=chunk) - Entered **27 new cities** by selling customized vehicles to local capacity partners for the six months ended June 30, 2025[19](index=19&type=chunk) [Corporate Social Responsibility](index=8&type=section&id=Corporate%20Social%20Responsibility) The company actively promotes corporate social responsibility initiatives, including accessibility services, driver rights protection, and support for drivers' children's education - Launched an accessibility public welfare brand on March 28, 2025, deploying over **1,000 accessible vehicles** in more than 20 key cities, serving over **5 million passenger trips**[21](index=21&type=chunk) - As the first platform in the industry to participate in the pilot program for occupational injury protection for new employment forms, committed to reducing driver occupational injury risks and providing comprehensive insurance coverage[22](index=22&type=chunk) - Initiated the Luming Plan and Qingdou Plan since 2021, offering scholarships and educational assistance to children of high-performing drivers for college entrance examinations[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=9&type=section&id=Financial%20Review) This section provides a detailed review of the company's financial performance for the six months ended June 30, 2025, including changes in revenue, costs, gross profit, various expenses, finance costs, and loss for the period, along with their primary drivers [Operating Results](index=9&type=section&id=Operating%20Results) In H1 2025, the company achieved revenue of **RMB 9.456 billion**, a **53.5%** year-on-year increase, with gross profit of **RMB 796 million** and a gross margin of **8.4%**, while the loss for the period narrowed to **RMB 468 million** Condensed Consolidated Statement of Comprehensive Loss Summary (RMB thousands) | Indicator | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 9,455,968 | 100 | 6,160,176 | 100 | | Cost of Sales | (8,659,954) | (91.6) | (5,731,682) | (93.0) | | Gross Profit | 796,014 | 8.4 | 428,494 | 7.0 | | Selling and Marketing Expenses | (840,728) | (8.9) | (519,239) | (8.4) | | General and Administrative Expenses | (452,618) | (4.8) | (382,073) | (6.2) | | Research and Development Expenses | (116,903) | (1.2) | (125,641) | (2.0) | | Other Income | 112,840 | 1.2 | 81,108 | 1.3 | | Net Other Income | 5,496 | 0.1 | 14,298 | 0.2 | | Reversal of Impairment Loss on Financial Assets / (Net Impairment Loss) | 1,703 | 0.0 | (3,931) | (0.1) | | Operating Loss | (494,196) | (5.2) | (506,984) | (8.2) | | Net Finance Costs | (144,239) | (1.5) | (159,265) | (2.6) | | Change in Carrying Amount of Financial Liabilities at Fair Value Through Profit or Loss | 138,864 | 1.4 | (64,532) | (1.1) | | Loss Before Income Tax | (499,571) | (5.3) | (730,781) | (11.9) | | Income Tax Credit / (Expense) | 31,363 | 0.3 | (47,312) | (0.7) | | Loss for the Period | (468,208) | (5.0) | (778,093) | (12.6) | [Revenue](index=10&type=section&id=Revenue) The company's total revenue increased by **53.5%** year-on-year to **RMB 9.5 billion**, primarily driven by strong growth in mobility services and vehicle sales - Total revenue increased by **53.5%** from **RMB 6.2 billion** in H1 2024 to **RMB 9.5 billion** in H1 2025[28](index=28&type=chunk) Revenue Breakdown (RMB thousands) | Revenue Source | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Mobility Services | 8,600,024 | 90.9 | 5,741,834 | 93.2 | | Vehicle Sales | 743,587 | 7.9 | 313,320 | 5.1 | | Vehicle Leasing | 103,923 | 1.1 | 82,700 | 1.3 | | Others | 8,434 | 0.1 | 22,322 | 0.4 | | Total | 9,455,968 | 100.0 | 6,160,176 | 100.0 | - Mobility services revenue同比增長49.8%至人民幣86億元，得益於地域擴展、用戶流量增加及品牌認知度提升[30](index=30&type=chunk) - Vehicle sales revenue increased by **137.3%** year-on-year to **RMB 743.6 million**, primarily due to the establishment of a sales system and strategic expansion, with sales volume increasing to **7,993 units**[32](index=32&type=chunk) - Vehicle leasing revenue increased by **25.7%** year-on-year to **RMB 103.9 million**, but its proportion of total revenue is not significant[33](index=33&type=chunk) [Cost of Sales](index=11&type=section&id=Cost%20of%20Sales) Cost of sales increased by **51.1%** year-on-year to **RMB 8.66 billion**, mainly due to higher driver income and incentives for mobility services, increased cost of vehicles sold, and commissions to capacity partners - Cost of sales increased by **51.1%** from **RMB 5.7317 billion** in H1 2024 to **RMB 8.66 billion** in H1 2025[34](index=34&type=chunk) - The primary reasons were increased driver income and incentives for mobility services, higher cost of vehicles sold, and increased commissions paid to capacity partners[34](index=34&type=chunk) [Gross Profit and Gross Margin](index=11&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased to **RMB 796 million**, and gross margin improved to **8.4%**, primarily benefiting from economies of scale and enhanced operational efficiency - Gross profit increased from **RMB 428.5 million** in H1 2024 to **RMB 796 million** in H1 2025[35](index=35&type=chunk) - Gross margin improved from **7.0%** in H1 2024 to **8.4%** in H1 2025[35](index=35&type=chunk) - The improvement in gross margin is mainly attributed to revenue growth outpacing cost of sales growth, benefiting from economies of scale and improved operating efficiency[35](index=35&type=chunk) [Selling and Marketing Expenses](index=11&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased by **61.9%** year-on-year to **RMB 840.7 million**, primarily due to higher aggregation platform commissions, partially offset by reduced promotion, advertising, and customer referral subsidies - Selling and marketing expenses increased by **61.9%** from **RMB 519.2 million** in H1 2024 to **RMB 840.7 million** in H1 2025[36](index=36&type=chunk) - Aggregation platform commissions increased by **70.0%** to **RMB 738 million**, while promotion, advertising, and customer referral subsidies decreased by **21.1%** to **RMB 39.3 million**[36](index=36&type=chunk) [General and Administrative Expenses](index=12&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by **18.5%** year-on-year to **RMB 452.6 million**, mainly due to higher share-based payment expenses and listing expenses - General and administrative expenses increased by **18.5%** from **RMB 382.1 million** in H1 2024 to **RMB 452.6 million** in H1 2025[38](index=38&type=chunk) - The main reasons were increased share-based payment expenses and higher listing expenses[38](index=38&type=chunk) [Research and Development Expenses](index=12&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by **7.0%** year-on-year to **RMB 116.9 million**, primarily due to reduced expenses related to mature existing vehicle technologies and a slight decrease in R&D personnel - Research and development expenses decreased by **7.0%** from **RMB 125.6 million** in H1 2024 to **RMB 116.9 million** in H1 2025[39](index=39&type=chunk) - The main reasons were reduced expenses related to customized vehicle technical services and a slight decrease in the number of R&D personnel[39](index=39&type=chunk) [Other Income](index=12&type=section&id=Other%20Income) Other income increased by **39.1%** year-on-year to **RMB 112.8 million**, primarily due to increased government subsidies - Other income increased by **39.1%** from **RMB 81.1 million** in H1 2024 to **RMB 112.8 million** in H1 2025[40](index=40&type=chunk) - The main reason was increased government subsidies related to local taxes paid to local governments[40](index=40&type=chunk) [Net Other Income](index=12&type=section&id=Net%20Other%20Income) Net other income decreased by **61.6%** year-on-year to **RMB 5.5 million**, primarily due to reduced income from the disposal of property, plant, and equipment and assets classified as held for sale - Net other income decreased by **61.6%** from **RMB 14.3 million** in H1 2024 to **RMB 5.5 million** in H1 2025[41](index=41&type=chunk) - The main reason was reduced income from the disposal of property, plant, and equipment and assets classified as held for sale[41](index=41&type=chunk) [Net Finance Costs](index=13&type=section&id=Net%20Finance%20Costs) Net finance costs decreased by **9.4%** year-on-year to **RMB 144.2 million**, primarily due to reduced interest expenses on borrowings, despite a decrease in interest income from cash and cash equivalents - Finance income decreased by **66.0%** from **RMB 6.3 million** in H1 2024 to **RMB 2.2 million** in H1 2025, mainly due to reduced interest income from cash and cash equivalents[43](index=43&type=chunk) - Finance costs decreased by **11.6%** from **RMB 165.6 million** in H1 2024 to **RMB 146.4 million** in H1 2025, mainly due to reduced interest expenses on borrowings[43](index=43&type=chunk) - Net finance costs decreased by **9.4%** from **RMB 159.3 million** in H1 2024 to **RMB 144.2 million** in H1 2025[43](index=43&type=chunk) [Fair Value Change of Financial Liabilities at Fair Value Through Profit or Loss](index=13&type=section&id=Fair%20Value%20Change%20of%20Financial%20Liabilities%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The company recognized a fair value gain of approximately **RMB 138.9 million**, primarily due to the reclassification of financial liabilities to equity following the conversion of Series B preferred shares to ordinary shares after listing - As of June 30, 2025, financial liabilities at fair value through profit or loss were **zero**, compared to **RMB 1.9719 billion** as of December 31, 2024[44](index=44&type=chunk) - Following the listing on June 25, 2025, Series B preferred shares were converted to ordinary shares, and financial liabilities at fair value through profit or loss were reclassified to equity[44](index=44&type=chunk) - A fair value gain of approximately **RMB 138.9 million** was recognized[44](index=44&type=chunk) [Income Tax Credit / (Expense)](index=13&type=section&id=Income%20Tax%20Credit%20%2F%20%28Expense%29) The company recorded an income tax credit of **RMB 31.4 million** in H1 2025, compared to an income tax expense in the prior period, mainly due to an increase in deferred tax assets - An income tax credit of **RMB 31.4 million** was recorded for the six months ended June 30, 2025, compared to an income tax expense of **RMB 47.3 million** for the same period in 2024[45](index=45&type=chunk) - The change is primarily due to an increase in deferred tax assets arising from tax losses carried forward by certain subsidiaries[45](index=45&type=chunk) [Loss for the Period](index=13&type=section&id=Loss%20for%20the%20Period) Loss for the period decreased by **39.8%** year-on-year to **RMB 468.2 million** - Loss for the period decreased by **39.8%** from **RMB 778.1 million** in H1 2024 to **RMB 468.2 million** in H1 2025[46](index=46&type=chunk) [Non-IFRS Measures](index=14&type=section&id=Non-IFRS%20Measures) The company uses adjusted loss and adjusted EBITDA as non-IFRS measures to provide a clearer comparison of operating performance, with both showing improvement in H1 2025 - Adjusted net loss (Non-IFRS measure) decreased by **34.0%** from **RMB 499.8 million** in H1 2024 to **RMB 329.6 million** in H1 2025[51](index=51&type=chunk) - Adjusted loss margin (Non-IFRS measure) improved from **(8.1%)** in H1 2024 to **(3.5%)** in H1 2025[51](index=51&type=chunk) - Adjusted EBITDA (Non-IFRS measure) increased by **42.9%** from **RMB 91.99 million** in H1 2024 to **RMB 131.5 million** in H1 2025[53](index=53&type=chunk) - Adjusted EBITDA margin (Non-IFRS measure) slightly decreased from **1.5%** in H1 2024 to **1.4%** in H1 2025[53](index=53&type=chunk) Reconciliation of Adjusted Loss and Adjusted EBITDA (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the Period | (468,208) | (778,093) | | Net Loss Margin (%) | (5.0) | (12.6) | | Add: Listing Expenses | 42,057 | 9,354 | | Add: Share-based Payment Expenses | 235,374 | 204,384 | | Add: Fair Value Change of Financial Liabilities at Fair Value Through Profit or Loss | (138,864) | 64,532 | | Adjusted Loss for the Period (Non-IFRS Measure) | (329,641) | (499,823) | | Adjusted Loss Margin (Non-IFRS Measure) (%) | (3.5) | (8.1) | | EBITDA (Non-IFRS Measure) | (7,091) | (186,284) | | EBITDA Margin (Non-IFRS Measure) (%) | (0.1) | (3.0) | | Adjusted EBITDA (Non-IFRS Measure) | 131,476 | 91,986 | | Adjusted EBITDA Margin (Non-IFRS Measure) (%) | 1.4 | 1.5 | [Debt](index=16&type=section&id=Debt) As of June 30, 2025, the company's total debt was **RMB 7.8067 billion**, a decrease from the end of 2024, with a gearing ratio of **124.8%**, and approximately **RMB 7.4 billion** in unutilized bank credit facilities Debt Details (RMB thousands) | Category | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Subtotal Current Portion | 6,238,537 | 7,717,479 | | Subtotal Non-current Portion | 1,568,148 | 1,601,730 | | Total | 7,806,685 | 9,319,209 | - As of June 30, 2025, total borrowings amounted to **RMB 7.6889 billion**[58](index=58&type=chunk) - As of June 30, 2025, the company had approximately **RMB 7.4 billion** in unutilized bank credit facilities[58](index=58&type=chunk) - Total lease liabilities (current and non-current portions) were **RMB 117.8 million**, a slight increase from the end of 2024[61](index=61&type=chunk) - As of June 30, 2025, other payables were **zero**, with amounts from the end of 2024 having been settled[62](index=62&type=chunk) - As of June 30, 2025, the gearing ratio was **124.8%**[63](index=63&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash and cash equivalents significantly increased to **RMB 2.1984 billion**, with net cash from operating activities growing substantially; the company raised funds through various channels, including a global offering, asset-backed securities, and bank borrowings, and secured approval for new asset-backed securities shelf offerings - Cash and cash equivalents increased from **RMB 1.5349 billion** in H1 2024 to **RMB 2.1984 billion** in H1 2025, primarily due to net proceeds from the global offering[66](index=66&type=chunk)[68](index=68&type=chunk) - Net cash from operating activities increased from **RMB 122.9 million** in H1 2024 to **RMB 325.2 million** in H1 2025, mainly due to improved profitability and operational efficiency[68](index=68&type=chunk) Cash Flow Summary (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 325,206 | 122,906 | | Net Cash (Used in) / From Investing Activities | (235,804) | 21,569 | | Net Cash from Financing Activities | 1,949,457 | 807,468 | | Net Increase in Cash and Cash Equivalents | 2,038,859 | 951,943 | | Cash and Cash Equivalents at Beginning of Period | 159,497 | 582,995 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 3 | 1 | | Cash and Cash Equivalents at End of Period | 2,198,359 | 1,534,939 | - Approval for a **RMB 6 billion** asset-backed securities shelf offering was obtained in April 2025, with the first tranche of **RMB 1.5 billion** already issued[69](index=69&type=chunk) - An application for a new **RMB 5.5 billion** asset-backed securities shelf offering was submitted to the Shanghai Stock Exchange and approved on August 22, 2025[69](index=69&type=chunk) - As of June 30, 2025, unutilized bank credit facilities amounted to approximately **RMB 7.4 billion**[69](index=69&type=chunk) - Capital expenditures primarily for the purchase of property, plant, and equipment amounted to **RMB 234 million** in H1 2025, largely consistent with the prior year[70](index=70&type=chunk) - As of June 30, 2025, total outstanding capital commitments were **RMB 9.5 million**, a significant decrease from the end of 2024[71](index=71&type=chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) The company's asset-backed securities are pledged against the right to receive service fees from ride-hailing services using certain group-owned vehicles and are guaranteed by Geely Holding; as of June 30, 2025, total pledged assets amounted to **RMB 1.0443 billion** - Asset-backed securities are pledged against the right to receive service fees generated from ride-hailing services using certain group-owned vehicles and are guaranteed by Geely Holding[75](index=75&type=chunk) Carrying Amount of Assets Pledged as Security (RMB thousands) | Category | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Vehicles Pledged under Asset-Backed Securities Arrangements | 1,038,815 | 1,194,612 | | Vehicles Pledged under Finance Lease Arrangements | 5,481 | 77,995 | | Total | 1,044,296 | 1,272,607 | [Future Plans for Material Investments and Capital Assets](index=21&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the company has no specific plans for material investments or acquisitions of capital assets - As of June 30, 2025, the company has no specific plans for material investments or acquisitions of capital assets[76](index=76&type=chunk) [Foreign Currency Exchange Risk](index=21&type=section&id=Foreign%20Currency%20Exchange%20Risk) The company primarily operates in China, with most transactions settled in RMB, and considers its exposure to exchange rate fluctuations insignificant, thus not hedging against foreign currency risks - The company primarily operates in China, with most transactions settled in RMB[77](index=77&type=chunk) - Proceeds from the global offering were received in HKD but converted to RMB after the reporting period, resulting in no significant exchange gains or losses[77](index=77&type=chunk) - The company considers its exposure to exchange rate fluctuations insignificant and therefore does not hedge against any foreign currency fluctuations[77](index=77&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Disclosure of Interests](index=22&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of directors, chief executives, and substantial shareholders in the company's shares and related shares as of June 30, 2025 [Interests and Short Positions of Directors and Chief Executives in Shares, Underlying Shares, and Debentures of the Company or any Associated Corporation](index=22&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executives%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, Executive Director Mr. Gong Xin and Non-executive Director Mr. Liu Jinliang held **2.80%** and **1.02%** of the company's shares, respectively Interests of Directors or Chief Executives in the Company's Shares | Name of Director or Chief Executive | Capacity / Nature of Interest | Number of Shares Held | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Gong Xin | Beneficial Owner | 15,221,429 (L) | 2.80% | | Mr. Liu Jinliang | Beneficial Owner | 5,555,556 (L) | 1.02% | - The beneficial ownership of the listed directors refers to the shares underlying the share options granted to them under the pre-IPO share incentive scheme[79](index=79&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=23&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Mr. Li and his wholly-owned Ugo Investment Limited were substantial shareholders, collectively holding approximately **77.06%** of the company's equity and controlling an additional **3.93%** of voting rights through a voting proxy arrangement, while Xiangcheng Xiangxing Venture Capital held **6.84%** equity Interests of Substantial Shareholders in Shares and Underlying Shares | Name of Substantial Shareholder | Capacity / Nature of Interest | Number of Shares Held | Approximate Percentage of Equity in the Company | | :--- | :--- | :--- | :--- | | Mr. Li | Controlled Corporation Interest | 419,346,000 (L) | 77.06% | | | Voting Proxy Arrangement Interest | 21,403,500 (L) | 3.93% | | Ugo Investment Limited | Beneficial Owner | 419,346,000 (L) | 77.06% | | | Voting Proxy Arrangement Interest | 21,403,500 (L) | 3.93% | | Xiangcheng Xiangxing Venture Capital | Beneficial Owner | 37,234,000 (L) | 6.84% | - Mr. Li holds shares through Ugo Investment Limited, which is wholly owned by him[83](index=83&type=chunk) - Under the voting proxy agreement, Oceanpine Marvel has entrusted Ugo Investment Limited to exercise the voting rights attached to its shares[83](index=83&type=chunk) [Pre-IPO Incentive Scheme](index=24&type=section&id=Pre-IPO%20Incentive%20Scheme) The company adopted a pre-IPO employee share ownership scheme in November 2022 to incentivize employees through share options, aligning personal interests with shareholder interests; as of June 30, 2025, **53,510,685 shares** related to unexercised share options remained under the scheme [Pre-IPO Employee Share Ownership Scheme](index=24&type=section&id=Pre-IPO%20Employee%20Share%20Ownership%20Scheme) This scheme aims to link employee interests with shareholder interests and promote company success by granting share options or other awards, with a maximum of **55,555,600 shares** issuable and a typical four-year vesting period - Scheme Purpose: To promote the company's success and enhance value by aligning employees' personal interests with shareholders' interests and providing incentives[86](index=86&type=chunk) - Award Types: Grant of share options to purchase shares, or other awards determined by the administrator[86](index=86&type=chunk) - Maximum Number of Shares: The maximum total number of shares issuable under all awards granted under the scheme is **55,555,600 shares**[89](index=89&type=chunk) - Vesting Schedule: Unless otherwise approved by the Board, the vesting schedule for each grant is four years, with **25%** vesting annually[89](index=89&type=chunk) [Unexercised Share Options Granted Under the Pre-IPO Employee Share Ownership Scheme](index=25&type=section&id=Unexercised%20Share%20Options%20Granted%20Under%20the%20Pre-IPO%20Employee%20Share%20Ownership%20Scheme) As of June 30, 2025, the number of shares related to unexercised share options granted under the pre-IPO share incentive scheme was **53,510,685**, representing approximately **9.83%** of the issued shares - As of June 30, 2025, the number of shares related to unexercised share options was **53,510,685**, equivalent to approximately **9.83%** of the issued shares[90](index=90&type=chunk) - As of June 30, 2025, share options were conditionally granted to **735 participants** and remain unexercised[90](index=90&type=chunk) - All share options were granted between November 30, 2022, and June 10, 2025, with no share options available for grant after listing[90](index=90&type=chunk) Number of Shares Related to Unexercised Share Options as of June 30, 2025 | Name | Position | Number of Unexercised Share Options as of January 1, 2025 | Granted for the Six Months Ended June 30, 2025 | Exercised for the Six Months Ended June 30, 2025 | Cancelled for the Six Months Ended June 30, 2025 | Number of Unexercised Share Options as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Subtotal Directors | | 23,551,985 | – | – | 2,775,000 | 20,776,985 | | Subtotal Other Grantees | | 28,409,127 | 6,218,088 | 459,231 | – | 32,733,700 | | Total | | 51,961,112 | 6,218,088 | 459,231 | 2,775,000 | 53,510,685 | [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with all principles and applicable code provisions of Appendix C1 (Corporate Governance Code) of the Listing Rules from its listing date up to June 30, 2025 - The company has complied with all principles and applicable code provisions set out in Part 2 of Appendix C1 (Corporate Governance Code) of the Listing Rules from its listing date up to June 30, 2025[99](index=99&type=chunk) [Compliance with Model Code](index=28&type=section&id=Compliance%20with%20Model%20Code) The company has adopted the Model Code as the code of conduct for directors' dealings in company securities and established guidelines for employee securities transactions; all directors confirmed compliance with the Model Code - The company has adopted the Model Code as the code of conduct for directors' dealings in the company's securities[100](index=100&type=chunk) - All directors confirmed compliance with the provisions of the Model Code from the listing date to June 30, 2025[101](index=101&type=chunk) - The company has established written guidelines for securities transactions by employees who may possess inside information, and no breaches were identified[101](index=101&type=chunk) [Audit Committee and Review of Interim Financial Results](index=28&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Financial%20Results) The Audit Committee has reviewed and approved the unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, confirming its compliance with IAS 34 - The Audit Committee comprises two independent non-executive directors and one non-executive director, with Chairperson Ms. Liu Xin possessing professional qualifications[102](index=102&type=chunk) - The interim financial report is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with International Standard on Review Engagements 2410[104](index=104&type=chunk) - The Audit Committee has reviewed, and the Board has approved, the company's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025[104](index=104&type=chunk) - The Audit Committee is satisfied that the financial information was prepared in accordance with applicable accounting standards and fairly presents the financial position and results[104](index=104&type=chunk) [Directors' Responsibilities for Financial Reporting of Financial Statements](index=29&type=section&id=Directors'%20Responsibilities%20for%20Financial%20Reporting%20of%20Financial%20Statements) The directors confirm their responsibility for preparing the financial statements and ensuring that the report provides a balanced, clear, and understandable assessment; management provides the Board with necessary information for informed evaluations - The directors confirm their responsibility for preparing the company's financial statements for the six months ended June 30, 2025[105](index=105&type=chunk) - The Board is responsible for making balanced, clear, and understandable assessments in annual and interim reports, inside information announcements, and other disclosures[105](index=105&type=chunk) [Changes in Information of Directors and Chief Executives](index=29&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Chief%20Executives) Since June 2025, Independent Non-executive Director Ms. Liu Ning has served as an independent director and member of the strategy committee of Shangwei Co., Ltd.; no other significant changes have occurred - Since June 2025, Independent Non-executive Director **Ms. Liu Ning** has served as an independent director and member of the strategy committee of Shangwei Co., Ltd. (a company listed on the Shanghai Stock Exchange)[106](index=106&type=chunk) - From the listing date up to the date of this interim report, there have been no other changes in the information of directors and chief executives requiring disclosure, apart from those mentioned above[106](index=106&type=chunk) [Employees, Training, and Remuneration Policy](index=30&type=section&id=Employees%2C%20Training%2C%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **949 full-time employees**; the company offers competitive remuneration, performance-linked bonuses, and long-term incentives, along with new employee training and regular on-the-job training - As of June 30, 2025, the Group had **949 full-time employees**, with three located in Hong Kong and the rest in mainland China[108](index=108&type=chunk) - Offers competitive remuneration, performance-linked cash bonuses, regular awards, and long-term incentives[108](index=108&type=chunk) - For the six months ended June 30, 2025, staff costs (including directors' remuneration and share-based payment expenses) amounted to approximately **RMB 446.1 million**[108](index=108&type=chunk) - Provides new employee training and regular on-the-job training to enhance employees' skills and knowledge[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) From the listing date to the date of this interim report, neither the company nor any of its subsidiaries or consolidated affiliated entities purchased, sold, or redeemed any of the company's listed securities - From the listing date to the date of this interim report, neither the company nor any subsidiary purchased, sold, or redeemed any of the company's listed securities[110](index=110&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[111](index=111&type=chunk) [Arrangements to Purchase Shares or Debentures](index=30&type=section&id=Arrangements%20to%20Purchase%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries was a party to any arrangement enabling directors to acquire benefits by purchasing shares or debentures of the company or any other corporation - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries was a party to any arrangement designed to enable directors to obtain benefits by acquiring shares or debentures of the company or any other corporation[112](index=112&type=chunk) [Material Acquisitions and Disposals and Material Investments](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) For the six months ended June 30, 2025, the company had no material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor any material investments in other companies - For the six months ended June 30, 2025, the company had no material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor any material investments in other companies[114](index=114&type=chunk) [Use of Proceeds from Global Offering](index=31&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company was listed on June 25, 2025, with net proceeds from the global offering of approximately **HKD 1.7184 billion**; as of June 30, 2025, these proceeds remained unutilized, and their intended use aligns with the prospectus disclosure - Shares were listed on the Main Board of the Stock Exchange on **June 25, 2025**[115](index=115&type=chunk) - Net proceeds from the global offering amounted to approximately **HKD 1.7184 billion**[115](index=115&type=chunk) - As of June 30, 2025, no portion of these net proceeds had been utilized[115](index=115&type=chunk) - The intended use of net proceeds remains unchanged from what was previously disclosed in the "Future Plans and Use of Proceeds" section of the prospectus[115](index=115&type=chunk) [Future Plans for Material Investments or Capital Assets](index=31&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Except as disclosed in the prospectus and this interim report, as of June 30, 2025, the company has no detailed future plans for material investments or capital assets - As of June 30, 2025, the company has no detailed future plans for material investments or capital assets, other than those disclosed in the prospectus and this interim report[116](index=116&type=chunk) [Interim Dividend](index=31&type=section&id=Interim%20Dividend) The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[117](index=117&type=chunk) [Significant Events After June 30, 2025](index=31&type=section&id=Significant%20Events%20After%20June%2030%2C%202025) In August 2025, the company received approval from the Shanghai Stock Exchange for a **RMB 5.5 billion** asset-backed securities shelf offering and has issued a new tranche of approximately **RMB 1.1 billion** in asset-backed securities - The company received approval from the Shanghai Stock Exchange on August 22, 2025, for a **RMB 5.5 billion** asset-backed securities shelf offering[118](index=118&type=chunk) - The company issued a new tranche of approximately **RMB 1.1 billion** in asset-backed securities on August 28, 2025, utilizing the approved quota[118](index=118&type=chunk) [Interim Financial Information Review Report](index=32&type=section&id=Interim%20Financial%20Information%20Review%20Report) [Introduction](index=32&type=section&id=Introduction) The auditor has reviewed the company's interim financial information for the six months ended June 30, 2025, which was prepared in accordance with IAS 34 and is the responsibility of the company's directors for presentation - The auditor has reviewed the interim condensed consolidated statement of financial position of the company and its subsidiaries as of June 30, 2025, and the statements of comprehensive loss, changes in deficit, and cash flows for the six-month period then ended[120](index=120&type=chunk) - The interim financial information report must comply with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[120](index=120&type=chunk) - The company's directors are responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 "Interim Financial Reporting"[120](index=120&type=chunk) [Scope of Review](index=32&type=section&id=Scope%20of%20Review) The review was conducted in accordance with International Standard on Review Engagements 2410, with a scope smaller than an audit, thus no audit opinion is expressed - The review was conducted in accordance with International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[121](index=121&type=chunk) - The scope of a review is substantially less than that of an audit conducted in accordance with International Standards on Auditing, and consequently, no audit opinion is expressed[121](index=121&type=chunk) [Conclusion](index=32&type=section&id=Conclusion) The auditor found no matters that lead them to believe the Group's interim financial information is not prepared, in all material respects, in accordance with IAS 34 "Interim Financial Reporting" - The auditor has not become aware of any matter that causes them to believe that the Group's interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[122](index=122&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Loss](index=33&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Loss) [Condensed Consolidated Interim Statement of Comprehensive Loss](index=33&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Loss) For the six months ended June 30, 2025, the company recorded a loss for the period of **RMB 468.2 million**, a narrowing from **RMB 778.1 million** in the prior period, with basic loss per share of **RMB 1.09** and diluted loss per share of **RMB 1.26** Condensed Consolidated Interim Statement of Comprehensive Loss (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 9,455,968 | 6,160,176 | | Cost of Sales | (8,659,954) | (5,731,682) | | Gross Profit | 796,014 | 428,494 | | Selling and Marketing Expenses | (840,728) | (519,239) | | General and Administrative Expenses | (452,618) | (382,073) | | Research and Development Expenses | (116,903) | (125,641) | | Other Income | 112,840 | 81,108 | | Net Other Income | 5,496 | 14,298 | | Reversal of Impairment Loss on Financial Assets / (Net Impairment Loss) | 1,703 | (3,931) | | Operating Loss | (494,196) | (506,984) | | Finance Income | 2,151 | 6,334 | | Finance Costs | (146,390) | (165,599) | | Net Finance Costs | (144,239) | (159,265) | | Fair Value Change of Financial Liabilities at Fair Value Through Profit or Loss | 138,864 | (64,532) | | Loss Before Income Tax | (499,571) | (730,781) | | Income Tax Credit / (Expense) | 31,363 | (47,312) | | Loss for the Period | (468,208) | (778,093) | | Loss for the Period Attributable to Owners of the Company | (494,983) | (766,777) | | Loss for the Period Attributable to Non-controlling Interests | 26,775 | (11,316) | | Basic Loss Per Share (RMB yuan/share) | (1.09) | (1.70) | | Diluted Loss Per Share (RMB yuan/share) | (1.26) | (1.70) | | Total Comprehensive Loss for the Period | (468,205) | (778,092) | [Condensed Consolidated Interim Statement of Financial Position](index=35&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) [Condensed Consolidated Interim Statement of Financial Position](index=35&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **RMB 6.1591 billion**, and total liabilities were **RMB 10.1176 billion**, resulting in a total deficit of **RMB 3.9584 billion**; total current assets significantly increased, while total current liabilities decreased Condensed Consolidated Interim Statement of Financial Position (RMB thousands) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 2,464,067 | 2,542,534 | | Total Current Assets | 3,695,053 | 1,535,118 | | **Total Assets** | **6,159,120** | **4,077,652** | | **Liabilities** | | | | Total Non-current Liabilities | 1,568,148 | 1,601,730 | | Total Current Liabilities | 8,549,404 | 9,681,501 | | **Total Liabilities** | **10,117,552** | **11,283,231** | | **Deficit** | | | | Deficit Attributable to Owners of the Company | (3,765,946) | (6,970,034) | | Non-controlling Interests | (192,486) | (235,545) | | **Total Deficit** | **(3,958,432)** | **(7,205,579)** | [Condensed Consolidated Interim Statement of Changes in Deficit](index=37&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Deficit) [Condensed Consolidated Interim Statement of Changes in Deficit](index=37&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Deficit) For the six months ended June 30, 2025, the company's total deficit decreased from **RMB 7.2056 billion** at the beginning of the period to **RMB 3.9584 billion**, primarily due to an increase in capital reserves from the conversion of Series B preferred shares to ordinary shares and the issuance of ordinary shares in the global offering Condensed Consolidated Interim Statement of Changes in Deficit (RMB thousands) | Indicator | Share Capital | Other Equity Instruments | Other Reserves | Accumulated Losses | Total Attributable to Owners of the Company | Non-controlling Interests | Total Deficit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at January 1, 2025 (Audited) | 30 | 2 | 6,411,142 | (13,381,208) | (6,970,034) | (235,545) | (7,205,579) | | Loss / Profit for the Period | – | – | – | (494,983) | (494,983) | 26,775 | (468,208) | | Currency Translation Differences | – | – | 3 | – | 3 | – | 3 | | Total Comprehensive Loss | – | – | 3 | (494,983) | (494,980) | 26,775 | (468,205) | | Conversion of Series A and A1 Preferred Shares to Ordinary Shares after IPO | 2 | (2) | – | – | – | – | – | | Conversion of Series B Preferred Shares to Ordinary Shares after IPO | 4 | – | 1,833,033 | – | 1,833,037 | – | 1,833,037 | | Issuance of Ordinary Shares after IPO | 3 | – | 1,648,642 | – | 1,648,645 | – | 1,648,645 | | Exercise of Share Options | -* | – | 4,096 | – | 4,096 | – | 4,096 | | Transactions with Non-controlling Interests | – | – | (22,084) | – | (22,084) | 16,284 | (5,800) | | Share-based Payment Expenses | – | – | 235,374 | – | 235,374 | – | 235,374 | | Balance at June 30, 2025 (Unaudited) | 39 | – | 10,110,206 | (13,876,191) | (3,765,946) | (192,486) | (3,958,432) | [Condensed Consolidated Interim Statement of Cash Flows](index=39&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) [Condensed Consolidated Interim Statement of Cash Flows](index=39&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company's net cash from operating activities was **RMB 325.2 million**, net cash outflow from investing activities was **RMB 235.8 million**, net cash from financing activities was **RMB 1.9495 billion**, and cash and cash equivalents increased to **RMB 2.1984 billion** at period-end Condensed Consolidated Interim Statement of Cash Flows (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 325,206 | 122,906 | | Net Cash (Used in) / From Investing Activities | (235,804) | 21,569 | | Net Cash from Financing Activities | 1,949,457 | 807,468 | | Net Increase in Cash and Cash Equivalents | 2,038,859 | 951,943 | | Cash and Cash Equivalents at Beginning of Period | 159,497 | 582,995 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 3 | 1 | | Cash and Cash Equivalents at End of Period | 2,198,359 | 1,534,939 | [Notes to the Condensed Consolidated Interim Financial Information](index=41&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1 General Information](index=41&type=section&id=1%20General%20Information) Caocao Mobility Limited was incorporated in the Cayman Islands on November 8, 2021, primarily operating a new energy ride-hailing platform, mobility services, and vehicle sales in China, with Mr. Li Shufu as the ultimate controlling shareholder - The company was incorporated as an exempted company in the Cayman Islands on **November 8, 2021**[141](index=141&type=chunk) - The Group primarily operates a new energy ride-hailing platform, providing mobility services, other services, and selling automobiles in the People's Republic of China[141](index=141&type=chunk) - The ultimate controlling shareholder of the Group is **Mr. Li Shufu**[141](index=141&type=chunk) [2 Basis of Preparation](index=41&type=section&id=2%20Basis%20of%20Preparation) As of June 30, 2025, the Group had a total deficit and net current liabilities, but management has formulated plans and measures to alleviate liquidity pressure and prepared financial information on a going concern basis; this interim financial information is prepared in accordance with IAS 34 - As of June 30, 2025, the Group had a total deficit of approximately **RMB 3.958 billion** and net current liabilities of approximately **RMB 4.854 billion**[143](index=143&type=chunk) - For the six months ended June 30, 2025, the Group incurred a loss of approximately **RMB 468.2 million** and generated net cash inflows from operating activities of approximately **RMB 325.2 million**[143](index=143&type=chunk) - The Group has formulated plans and measures, including obtaining approval for asset-backed securities issuance, financial support from related parties, improving operating cash flows, and managing capital expenditures, to alleviate liquidity pressure[143](index=143&type=chunk)[146](index=146&type=chunk) - The condensed consolidated interim financial information is prepared on a going concern basis, expecting to realize assets and settle liabilities in the ordinary course of business[145](index=145&type=chunk) - This interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[145](index=145&type=chunk) - All effective standards, amendments to standards, and interpretations mandatory for financial years beginning on or after January 1, 2025, have been adopted since January 1, 2025, and have no significant impact on the Group[148](index=148&type=chunk) [3 Financial Risk Management](index=44&type=section&id=3%20Financial%20Risk%20Management) The Group faces various financial risks, including market risk (foreign exchange, interest rate), credit risk, and liquidity risk; this section explains fair value estimation methods and categorizes financial instruments into three levels - The Group's operations are exposed to various financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[151](index=151&type=chunk) - There have been no significant changes in risk management policies since December 31, 2024[151](index=151&type=chunk) - Financial instruments are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (valuation techniques using observable market data), and Level 3 (significant unobservable input data)[152](index=152&type=chunk)[153](index=153&type=chunk) - As of June 30, 2025, financial liabilities at fair value through profit or loss were **zero**, compared to **RMB 1.8832 billion** as of January 1, 2024, with a fair value gain of **RMB 138.9 million** recognized during the period due to the conversion of Series B preferred shares to ordinary shares[158](index=158&type=chunk) [4 Key Accounting Estimates and Judgments](index=47&type=section&id=4%20Key%20Accounting%20Estimates%20and%20Judgments) The preparation of financial statements involves accounting estimates and management judgments; the significant judgments and key sources of estimation uncertainty in this interim financial information are consistent with those applied in the accountants' report - The preparation of financial statements requires the use of accounting estimates, and management also needs to make judgments when applying the Group's accounting policies[159](index=159&type=chunk) - In preparing this condensed consolidated interim financial information, the significant judgments made by management and the key sources of estimation uncertainty are the same as those applied in the accountants' report[159](index=159&type=chunk) [5 Revenue and Segment Information](index=47&type=section&id=5%20Revenue%20and%20Segment%20Information) The Group has only one operating segment, with all sales derived from the Chinese market; revenue primarily comes from mobility services, vehicle sales, and vehicle leasing - The Group has only one operating segment, with all sales derived from the Chinese market[160](index=160&type=chunk) Revenue Breakdown by Business Line (RMB thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Mobility Services | 8,600,024 | 5,741,834 | | Vehicle Sales | 743,587 | 313,320 | | Vehicle Leasing | 103,923 | 82,700 | | Others | 8,434 | 22,322 | | Total | 9,455,968 | 6,160,176 | Contract Revenue with Customers (RMB thousands) | Revenue Recognition Point | 2025 | 2024 | | :--- | :--- | :--- | | At a Point in Time | 9,352,045 | 6,072,661 | | Over Time | – | 4,815 | | Total | 9,352,045 | 6,077,476 | [6 Expenses by Nature](index=49&type=section&id=6%20Expenses%20by%20Nature) For the six months ended June 30, 2025, total cost of sales, selling and marketing expenses, general and administrative expenses, and R&D expenses amounted to **RMB 10.0702 billion**, primarily comprising driver income and subsidies for mobility services Expenses by Nature (RMB thousands) | Expense Item | 2025 | 2024 | | :--- | :--- | :--- | | Driver Income and Subsidies for Mobility Services | 6,950,513 | 4,497,503 | | Commissions Charged by Aggregation Platforms | 737,990 | 434,132 | | Cost of Vehicles Sold | 685,907 | 303,129 | | Employee Benefit Expenses | 446,053 | 411,364 | | Depreciation of Property, Plant and Equipment | 321,833 | 349,220 | | Commissions Paid to Capacity Partners | 199,324 | 128,702 | | Insurance Costs | 167,532 | 174,887 | | Battery Service Fees | 122,894 | 119,901 | | Vehicle Maintenance Fees | 67,861 | 61,037 | | Listing Expenses | 42,057 | 9,354 | | Promotion, Advertising and Customer Referral Subsidies | 39,301 | 49,805 | | Depreciation of Right-of-Use Assets | 25,771 | 34,609 | | Auditor's Remuneration | 1,850 | – | | Amortization of Intangible Assets | 637 | 1,403 | | Others | 260,680 | 183,589 | | Total | 10,070,203 | 6,758,635 | [7 Employee Benefit Expenses](index=50&type=section&id=7%20Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, total employee benefit expenses amounted to **RMB 446.1 million**, primarily comprising share-based payment expenses, wages, salaries, and bonuses Employee Benefit Expenses (RMB thousands) | Expense Item | 2025 | 2024 | | :--- | :--- | :--- | | Share-based Payment Expenses | 235,374 | 204,384 | | Wages, Salaries and Bonuses | 177,596 | 174,804 | | Housing Benefits | 14,274 | 13,711 | | Employee Social Security Schemes, Medical Insurance and Other Social Insurance Obligations | 12,154 | 11,946 | | Employee Benefits | 6,655 | 6,519 | | Total | 446,053 | 411,364 | [8 Other Income](index=50&type=section&id=8%20Other%20Income) For the six months ended June 30, 2025, other income primarily consisted of government grants, totaling **RMB 112.8 million** Other Income (RMB thousands) | Income Source | 2025 | 2024 | | :--- | :--- | :--- | | Government Grants | 112,840 | 81,108 | - Government grants are recognized in the statement of comprehensive loss upon receipt of cash subsidies and fulfillment of grant conditions[167](index=167&type=chunk) [9 Net Other Income](index=51&type=section&id=9%20Net%20Other%20Income) For the six months ended June 30, 2025, net other income was **RMB 5.5 million**, primarily including income from the disposal of property, plant, and equipment, offset by fines for unlicensed vehicles or drivers Net Other Income (RMB thousands) | Income Item | 2025 | 2024 | | :--- | :--- | :--- | | Income from Disposal of Property, Plant and Equipment and Assets Classified as Held for Sale | 10,836 | 15,132 | | Income from Disposal of Investments Accounted for Using the Equity Method | – | 900 | | Fines for Unlicensed Vehicles or Drivers | (6,532) | (4,130) | | Others | 1,192 | 2,396 | | Total | 5,496 | 14,298 | [10 Net Finance Costs](index=51&type=section&id=10%20Net%20Finance%20Costs) For the six months ended June 30, 2025, net finance costs amounted to **RMB 144.2 million**, primarily composed of interest expenses on asset-backed securities and bank and other borrowings, partially offset by interest income from cash and cash equivalents Net Finance Costs (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Income: Interest Income from Cash and Cash Equivalents | 2,151 | 6,334 | | Finance Costs: Interest Expense on Asset-Backed Securities | (78,997) | (121,029) | | Finance Costs: Interest Expense on Bank and Other Borrowings | (44,788) | (41,472) | | Finance Costs: Interest Expense on Loans from Related Parties | (19,984) | – | | Finance Costs: Interest Expense on Lease Liabilities | (2,621) | (3,098) | | Net Finance Costs | (144,239) | (159,265) | [11 Taxation](index=52&type=section&id=11%20Taxation) For the six months ended June 30, 2025, the company recorded an income tax credit of **RMB 31.36 million**, primarily due to deferred income tax credits; the company is exempt from income tax in the Cayman Islands and BVI, has no taxable profits in Hong Kong, and its PRC subsidiaries are subject to corporate income tax rates of **25%** or **15%** Taxation (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax Expense | (93) | (30) | | Deferred Income Tax Credit / (Expense) | 31,456 | (47,282) | | Total | 31,363 | (47,31

Core Insights - The article discusses the strategic collaboration between Cao Cao Mobility and WoFei ChangKong, focusing on the development of an integrated transportation model that combines ground and low-altitude travel [1][3]. Group 1: Strategic Collaboration - Cao Cao Mobility announced a strategic partnership with WoFei ChangKong to promote the construction of a low-altitude travel service ecosystem, aligning with national initiatives to develop the low-altitude economy as a strategic emerging industry [1]. - This collaboration signifies a deepening synergy among Geely's ecological enterprises, leading the shared mobility industry into a new three-dimensional realm of transportation [1]. Group 2: Technological Integration - At a press conference in Chengdu, Cao Cao Mobility showcased a future travel scenario where users can input their pick-up and drop-off locations into the app, which utilizes AI algorithms to plan the optimal "integrated ground and air" route [3]. - Users will be able to seamlessly transition from Robotaxi to aerial vehicles at transfer hubs, achieving efficient travel through a single platform and order [3]. Group 3: Future Developments - WoFei ChangKong's CEO emphasized that the partnership is not merely about adding transportation modes but is a significant exploration in building a three-dimensional urban traffic network [4]. - The two companies plan to leverage their respective business strengths to establish standards and operational norms for integrated ground and air transport services, aiming to create a smart transportation network that combines Robotaxi and eVTOL services [4].

Group 1 - The core viewpoint of the article is that Cao Cao Mobility has officially launched its "integrated transportation strategy," marking a significant step towards the development of three-dimensional urban transportation by collaborating with low-altitude travel technology company WoFei ChangKong [1][2] - The strategy aims to provide users with a seamless travel experience through a single platform that integrates ground and air transportation, utilizing AI algorithms to create comprehensive route plans [1][2] - The partnership will focus on establishing service standards and operational norms for "ground-air intermodal" transport, creating a smart transportation network that combines autonomous ground vehicles and eVTOL low-altitude travel [1][2] Group 2 - The acceptance of low-altitude travel by users largely depends on the convenience of "last-mile" connections, and the introduction of a one-stop transfer model is expected to facilitate the commercialization of urban air transportation [2] - Cao Cao Mobility benefits from significant ecological advantages due to its affiliation with Geely Holding Group, allowing it to integrate key resources such as automotive manufacturing, low-altitude aircraft, and satellite technology [2] - The company has already launched the "Cao Cao Intelligent Travel" autonomous driving platform and is conducting pilot operations in cities like Suzhou and Hangzhou, with plans to deploy the latest Robotaxi models [2]

Core Insights - The article highlights the strategic collaboration between Cao Cao Mobility and WoFei ChangKong, marking a significant advancement in China's shared mobility industry towards a three-dimensional transportation model [1][6]. Group 1: Industry Overview - The shared mobility sector is transitioning into a new phase centered around Robotaxi, indicating a shift towards more advanced and integrated transportation solutions [6]. - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035, presenting a substantial growth opportunity [3]. Group 2: Company Developments - Cao Cao Mobility has reported a revenue of 9.456 billion yuan for the first half of 2025, reflecting a year-on-year growth of 53.5%, with a gross margin increase to 8.4% and a significant reduction in losses by 39.8% [4]. - The company operates a fleet of 37,000 customized vehicles, achieving a 36.4% reduction in total cost of ownership (TCO) compared to typical electric vehicles, which enhances its competitive edge in the market [3]. Group 3: Technological Advancements - The eVTOL (electric vertical takeoff and landing) technology is crucial for urban air mobility, with WoFei ChangKong's AE200 model achieving significant safety improvements and entering the certification process for commercial operation [9]. - The collaboration aims to integrate operational networks and resources, enhancing the development of a new ecosystem for three-dimensional transportation [6]. Group 4: Market Dynamics - Cao Cao Mobility's total order volume reached 379.5 million, a 49.0% increase year-on-year, with active monthly users and drivers growing by 57.4% and 53.5%, respectively, indicating strong market engagement [9]. - The infrastructure for eVTOL operations is being developed, with plans for joint hubs at key urban locations to facilitate seamless ground-to-air transfers [9]. Group 5: Future Outlook - The partnership between Cao Cao Mobility and WoFei ChangKong signifies a pioneering effort in the low-altitude economy, with expectations that urban air travel will become as commonplace as traditional ride-hailing services [10]. - The article suggests that the evolution from two-dimensional to three-dimensional transportation will not only transform travel methods but also create new business models and economic opportunities [10].

Core Viewpoint - The article discusses the strategic collaboration between Cao Cao Mobility and WoFei ChangKong to develop an integrated "Earth-Sky" transportation model, focusing on the implementation of Robotaxi and eVTOL services for seamless urban mobility [1][2]. Group 1: Company Initiatives - Cao Cao Mobility has unveiled a "Heaven and Earth Integration" shared mobility blueprint, showcasing a future travel scenario where users can plan optimal routes using AI algorithms through the app [1]. - The company is entering the 3.0 phase of the shared mobility industry, with Robotaxi as a core component, aiming to create a new travel experience and expand growth opportunities [1]. - The company has launched the "Cao Cao Smart Travel" autonomous driving platform in February, initiating pilot operations in Suzhou and Hangzhou [2]. Group 2: Strategic Partnerships - The collaboration with WoFei ChangKong aims to establish a three-dimensional smart transportation network that integrates ground and low-altitude travel, enhancing user experience through efficient transfer services [2]. - Cao Cao Mobility has also partnered with Time Space Dao Yu to explore the application of satellite communication and high-precision positioning technology in Robotaxi management and operations [3]. - The partnerships are part of a broader strategy to position Cao Cao Mobility not just as a transportation service provider but as a builder and operator of future multi-dimensional transportation ecosystems [3].

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]