7月22日，据时空道宇消息，时空道宇与曹操出行达成战略合作。双方计划共同探索全球卫星通信与高 精定位技术在自动驾驶车队管理与运营中的应用，为未来卫星数据服务在Robotaxi等新型出行方式中实 现规模化落地奠定基础。(智通财经) ...

智通财经APP获悉，7月22日，曹操出行(02643)宣布与吉利控股集团旗下的商业航天公司时空道宇达成 深度战略合作。双方将依托"吉利星座"卫星网络及相关技术，共同探索将全球卫星通信与厘米级高精定 位技术应用于曹操智行自动驾驶平台的运营车辆管理，并计划实现Robotaxi车辆标配相关卫星应用产品 及服务。 这标志着曹操出行有望成为全球首个在Robotaxi运营中全面整合低轨卫星通信与高精定位技术的出行平 台。该技术整合旨在解决自动驾驶规模化运营的两大核心痛点： 通信安全冗余： 集成卫星通信能力，确保车辆(尤其在偏远地区或地面网络失效时)能保持与控制中心的 实时数据传输与紧急状态上报，为远程监控、调度和紧急干预提供"永不失联"的底层保障。 此次将卫星通信服务引入Robotaxi，是曹操出行追求"极致安全"理念的延续，为自动驾驶高速发展阶段 的到来奠定更坚实基础。 吉利生态高效协同，加速Robotaxi规模化落地 此次合作是吉利智能出行科技生态高效协同的体现。 曹操出行基于定制车已验证的服务标准化能力、成本优化路径和资产管理体系，结合此次卫星技术加 持，将进一步夯实其推动Robotaxi服务规模化落地的能力。 公 ...

Core Insights - Jinko Electronics' Chairman, Xiao Guowei, emphasized Hong Kong's role as a "super connector" in linking global capital with Chinese technological innovation, advocating for the integration of Hong Kong with the Greater Bay Area while maintaining its international advantages in research and finance [1][2] - The company has successfully leveraged the supply chain and industrial synergy advantages of the Greater Bay Area, ensuring efficient operations and rapid response capabilities through strategic locations in Guangzhou and Hong Kong [2][3] - Jinko Electronics is committed to sustainable development through continuous investment in green technologies, focusing on energy-efficient LED solutions and advocating for Hong Kong's role in green finance and ESG disclosures [2][3] Company Strategy - The company has established a "dual-engine" strategy by building a headquarters in Nansha, Guangzhou, and a technology R&D platform in Hong Kong, balancing national strategy with global development [2] - Jinko Electronics plans to enhance its technological R&D and innovation investments while exploring opportunities in Southeast Asia to provide efficient delivery and technical support to global clients [3] - The company has completed an investment in Cao Cao Travel, acquiring 374,200 shares at a price of HKD 41.94 per share, totaling approximately HKD 16 million, to strengthen its collaboration with Geely Group in the smart automotive ecosystem [3][4] Investment Principles - Jinko Electronics adheres to investment principles that focus on empowering the industrial chain and maintaining controllable risks, targeting companies with technological innovation capabilities and advantageous business models [4] - The company aims to deepen vertical integration and core technology positioning through strategic investments, enhancing both capital appreciation and industrial competitiveness [4]

Group 1 - In the first half of 2025, significant events occurred in the mobile travel sector, including major financing rounds and IPOs [1] - Xiangdao Mobility completed a C-round financing of over 1.3 billion RMB, marking the largest single financing in the industry in nearly three years, and announced plans for a Hong Kong IPO [3][4] - The financing history of Xiangdao Mobility shows a progressive increase in funding, with previous rounds including 1 billion RMB in B-round and 300 million RMB in A-round [4] Group 2 - Pinba Mobility announced the completion of a multi-million RMB Pre-A round financing, which will be used to expand its national market presence and enhance AI integration in travel scenarios [5][6] - Caocao Mobility was listed on the Hong Kong Stock Exchange, becoming the largest travel platform in the Hong Kong market [6][8] - Caocao Mobility's chairman emphasized the need for innovation in shared travel and plans to enhance vehicle performance and service functions through collaboration with Geely Group [8] Group 3 - The automatic driving sector is witnessing advancements, with Caocao Mobility launching Robotaxi pilot operations in Suzhou and Hangzhou, indicating a shift towards automated driving solutions [14] - Pony.ai and ComfortDelGro announced a partnership to launch Robotaxi services in Guangzhou, marking a significant step in the commercialization of autonomous driving technology [16] - The overall market for mobile travel is evolving, with increased regulatory scrutiny and a focus on compliance among various platforms [12]

Core Insights - PwC has successfully assisted five outstanding companies from mainland China in their IPOs on the Hong Kong Stock Exchange, showcasing strong performance [1] - The companies include Yunzhisheng, Yingtong Holdings, Cao Cao Travel, Rongda Hezhong, and Bokan Vision, each representing different sectors such as AI, consumer goods, ride-sharing, technology solutions, and ophthalmic biotechnology [1][3][4] Company Summaries - Bokan Vision Pharmaceutical Co., Ltd. was listed on July 3, 2025, under stock code 2592, focusing on developing treatments for chronic eye diseases with two core self-developed products [1] - Rongda Hezhong Technology Group Co., Ltd. was listed on June 10, 2025, under stock code 9881, providing technology solutions and serving as an important player in the market [3] - Cao Cao Travel, a ride-hailing platform incubated by Geely Group, was listed on June 25, 2025, under stock code 02643, becoming a strong competitor in the industry [3] - Yingtong Holdings, the largest perfume group in China (including Hong Kong and Macau), was listed on June 26, 2025, under stock code 6883, focusing on brand expansion and distribution [3] - Yunzhisheng Intelligent Technology Co., Ltd. was listed on June 30, 2025, under stock code 9678, specializing in AI solutions with a focus on enhancing operational efficiency and decision-making [4]

Core Viewpoint - Caocao Travel's listing on the Hong Kong Stock Exchange marks it as the largest ride-hailing platform in Hong Kong, but it faced significant stock price decline on its debut, indicating market skepticism about its financial health and future profitability [1][4]. Group 1: Company Overview - Caocao Travel, founded in 2015 and incubated by Geely Group, became the fourth listed ride-hailing company in China after Didi, Ruqi, and Dida [1]. - The company reported a revenue growth from 7.153 billion yuan in 2021 to 14.7 billion yuan in 2024, but it has accumulated losses totaling 8.241 billion yuan [1][4]. - As of June 30, 2023, Caocao's stock price was down 14.3% from its IPO price, with a market capitalization of 19.56 billion HKD [1]. Group 2: Financial Performance - The company has a high liquidity risk, with current liabilities reaching 9.682 billion yuan and cash reserves of only 159 million yuan [1]. - Despite narrowing losses, the net loss per order is projected to decrease to 1.34 yuan by 2024, indicating a long path to profitability [1][4]. Group 3: Competitive Landscape - Caocao Travel faces intense competition, with Didi still holding a 75% market share despite its delisting, and tech giants like Huawei and Tencent entering the ride-hailing space [4]. - The company's business model heavily relies on Geely's ecosystem, which may limit its ability to diversify its vehicle offerings and meet varied consumer demands [4]. Group 4: Leadership and Strategy - Li Shufu's control over Caocao Travel is significant, holding 83.9% of the shares through indirect ownership, reinforcing his influence in the automotive and mobility sectors [2]. - The listing of Caocao Travel is part of Geely's strategy to create a comprehensive ecosystem encompassing vehicle manufacturing, mobility services, and technology [9]. Group 5: Market Position and Future Outlook - The listing enhances Geely's capital portfolio, which now includes ten publicly traded companies with a total market value of approximately 699 billion yuan [2][6]. - The ongoing competition between traditional manufacturing and internet-driven business models, exemplified by Li Shufu and Lei Jun, highlights differing philosophies in the automotive industry [9].

Core Viewpoint - Li Shufu has expanded his capital empire with the recent IPO of Cao Cao Travel, marking his 10th listed company and solidifying his position as the leader of the most listed companies among domestic automakers [2][5][12]. Company Overview - Cao Cao Travel has successfully listed on the Hong Kong Stock Exchange under the stock code 02643.HK, with an initial offering price of HKD 41.94 per share. However, the stock price fell significantly on its debut, closing at HKD 36.00, a drop of over 14.16% [2][3]. - As of June 30, the market capitalization of Cao Cao Travel stands at HKD 19.56 billion, which is significantly higher than its competitors, such as Ruqi and Dida, whose market caps are HKD 2.037 billion and HKD 1.151 billion, respectively [6][10]. Financial Performance - The prospectus indicates that Cao Cao Travel has completed three rounds of equity financing before its listing, raising over RMB 2.8 billion [5][8]. - From 2021 to 2024, the company is projected to incur cumulative operating losses of RMB 8.241 billion, while revenues are expected to grow from RMB 7.153 billion in 2021 to RMB 14.7 billion in 2024, representing a 109% increase [10][11]. - Despite not being profitable yet, the company's losses are narrowing, with the average monthly net loss since 2021 being approximately RMB 147 million [11][10]. Shareholding Structure - The largest shareholder of Cao Cao Travel's parent company, Hangzhou Youxing Technology Co., Ltd., is Zhejiang Jidi Technology Co., Ltd., holding 69.927% of the shares. Li Shufu is the ultimate beneficiary of this company, controlling 91% of the shares through various entities [8][9]. Comparison with Competitors - Li Shufu's business empire is often compared to that of Lei Jun, with discussions around who has a stronger commercial footprint. While Li Shufu has 10 listed companies, Lei Jun has only 4, but his company Xiaomi has seen significant stock price appreciation [18][21]. - As of June 30, Li Shufu's ten listed companies have a total market capitalization of approximately RMB 699 billion, with notable increases in value for most of these companies compared to the previous year [12][14].

Core Viewpoint - Caocao Mobility has officially listed on the Hong Kong Stock Exchange, becoming the largest technology mobility platform in the market, backed by major industry players like Mercedes-Benz and Guoxuan High-Tech, which highlights its differentiated value proposition in the customized vehicle ecosystem and Robotaxi strategy [1][3]. Market Dynamics and Industry Challenges - Despite the initial stock price volatility post-listing, the overall market sentiment and profitability expectations in the mobility sector have influenced this fluctuation [3][4]. - The Hang Seng Tech Index has experienced a downturn since mid-March 2023, impacting investor sentiment and market performance [3]. - The Chinese mobility market is projected to grow from 6.895 trillion yuan in 2022 to 8 trillion yuan in 2024, with a compound annual growth rate of 5.4% from 2025 to 2029, yet challenges such as "economies of scale" and high fixed costs persist [4][5]. Business Model and Competitive Advantage - Caocao Mobility is leveraging its integration with Geely Group to build a customized vehicle ecosystem, which is expected to enhance its long-term value proposition [5][7]. - The company has developed two customized vehicles, the Maple Leaf 80V and Caocao 60, which focus on cost efficiency and passenger experience, leading to a significant reduction in total cost of ownership (TCO) by 36.4% compared to typical electric vehicles [7][8]. - The average gross margin is projected to improve from 5.8% in 2023 to 8.5% in Q1 2025, driven by the increasing share of customized vehicle orders [7][10]. Driver and User Engagement - Caocao Mobility has successfully increased driver earnings, with average hourly income rising from 30.9 yuan in 2022 to 35.7 yuan in 2024, outperforming industry averages [9]. - The company has been recognized for its service quality, achieving a significantly lower accident rate compared to industry norms, which enhances user retention and loyalty [9]. Future Growth and Strategic Focus - The company plans to allocate 48% of its IPO proceeds towards upgrading customized vehicles, developing Robotaxi technology, and expanding geographically, indicating a strategic focus on creating a closed-loop ecosystem of customized vehicles, autonomous driving, and mobility services [10][11]. - The anticipated growth of the Robotaxi market in China, projected to reach a trillion yuan by 2030, positions Caocao Mobility favorably for future expansion and valuation enhancement [10][11].

Core Viewpoint - Cao Cao Mobility (02643.HK) listed on the Hong Kong Stock Exchange on June 25, 2024, but experienced a significant drop in share price on its first day, closing at 36 HKD per share, down 14.16% from the issue price of 41.94 HKD per share [2] Group 1: Company Overview - Cao Cao Mobility is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [2] - The company's Gross Transaction Value (GTV) reached 12.2 billion CNY in 2023, a 37.5% increase from 2022, and is projected to grow to 17 billion CNY in 2024, representing a 38.8% increase [2] - The market share of Cao Cao Mobility is reported to be 5.4% [2] Group 2: IPO and Financials - The company raised approximately 1.853 billion HKD through its IPO, with a post-listing valuation of 22.823 billion HKD [3] - 30% of the raised funds will be used for debt repayment and operational funding, as the company has a high debt-to-asset ratio of 276.71% and total debts of 7.219 billion CNY against cash reserves of only 159 million CNY [3] - Cao Cao Mobility has not yet achieved profitability, with cumulative losses exceeding 8.2 billion CNY from 2021 to 2024, despite increasing revenues [4] Group 3: Operational Challenges - The company operates on a B2C model, owning a fleet of over 33,000 vehicles, which incurs significant depreciation and maintenance costs [6] - Cao Cao Mobility heavily relies on aggregation platforms for customer acquisition, with orders from these platforms accounting for 85.4% of its GTV in 2024 [6] - The commissions paid to aggregation platforms have increased from 321 million CNY in 2022 to 1.046 billion CNY in 2024 [6] Group 4: Regulatory Issues - The company faces compliance issues, with a significant number of vehicles and drivers lacking the necessary permits, leading to multiple regulatory penalties [7] Group 5: Strategic Initiatives - The company is promoting a "customized vehicle" strategy, leveraging Geely Group's automotive resources to enhance driver retention and reduce operational costs [8] - Cao Cao Mobility is collaborating with Geely Group to develop a dedicated L4-level Robotaxi, expected to launch by the end of 2026 [9]

Core Viewpoint - Caocao Travel's stock price drop on its debut reflects structural challenges in the ride-hailing industry, yet the company is pursuing a unique path to overcome these obstacles [1][2] Group 1: Reasons for Stock Price Drop - The stock price drop is attributed to both internal and external factors, including a persistently low liquidity in the Hong Kong market, which has negatively impacted valuations of unprofitable tech growth stocks [2] - The ride-hailing industry faces significant profitability challenges due to multiple cost pressures, including regulatory limits on platform commissions, high driver costs, and substantial fixed costs related to vehicle acquisition and maintenance [2] - Despite achieving positive gross margins and adjusted EBITDA, Caocao Travel has accumulated losses exceeding 8.2 billion yuan from 2021 to 2024, leading some investors to adopt a wait-and-see approach [2] Group 2: Unique Solutions by Caocao Travel - Caocao Travel differentiates itself by leveraging Geely Group's ecosystem to integrate supply chains and reconstruct unit economics, focusing on customized vehicles designed specifically for ride-hailing scenarios [3] - The customized vehicles, developed in collaboration with Geely, feature cost-saving designs and enhanced durability, which improve driver experience and operational efficiency [3] - Financial indicators show improvement, with gross margins projected to rise from -4.4% in 2022 to 8.1% in 2024, and adjusted EBITDA rates improving from -10.1% in 2022 to 2.6% in 2024 as the share of customized vehicle orders increases [3][4] Group 3: Future Prospects and Strategic Positioning - Caocao Travel is positioned uniquely for the Robotaxi era, being the only company in China with full-stack capabilities in customized vehicle manufacturing, autonomous driving technology, and ride-hailing platform operations [5] - The existing customized vehicle ecosystem serves as an ideal training ground for Robotaxi operations, with plans to launch L4 autonomous driving customized Robotaxi models by the end of 2026 [5] - The backing of strategic investors like Mercedes-Benz and Guoxuan High-Tech highlights Caocao Travel's value as a hub for smart electric mobility, indicating a shift from a ride-hailing platform to a smart transportation technology ecosystem [6] Group 4: Conclusion - The volatility in the Hong Kong market and the inherent low-profit characteristics of the industry are the backdrop for Caocao Travel's stock price drop, with future focus on achieving profitability and validating its business model [7] - The comprehensive Robotaxi ecosystem built on Geely's support represents a rare opportunity for Caocao Travel to tap into the trillion-dollar autonomous driving market, potentially transforming its valuation from a ride-hailing platform to a smart transportation technology entity [7]