Group 1 - The company announced the resignation of Mr. Li Zhongcheng as the co-secretary, authorized representative, and legal document agent [1] - Mr. Wu Dongcheng has been appointed as the new co-secretary, authorized representative, and legal document agent, effective from September 26, 2025 [1] - Mr. Zhong Xueyin will continue to serve as another co-secretary [1]

曹操出行(02643)公布，李忠成先生已辞任公司联席公司秘书、授权代表及法律程序文件代理人，吴东 澄先生已获委任为联席公司秘书、授权代表及法律程序文件代理人，自2025年9月26日起生效。钟雪垠 先生将继续担任另一位联席公司秘书。 ...

Core Viewpoint - Cao Cao Travel (02643.HK) announced the resignation of Li Zhongcheng from multiple positions effective September 26, 2025, and the appointment of Wu Dongcheng as the new joint company secretary and authorized representative [1] Group 1 - Li Zhongcheng will resign as (i) joint company secretary; (ii) authorized representative under the Hong Kong Stock Exchange Listing Rules Section 3.05; and (iii) legal process document agent effective September 26, 2025 [1] - Wu Dongcheng has been appointed as the joint company secretary, authorized representative, and legal process document agent effective September 26, 2025 [1] - Zhong Xueyin will continue to serve as another joint company secretary [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） 更換聯席公司秘書、授權代表 及法律程序文件代理人； 及 豁免嚴格遵守上市規則第3.28及8.17條 曹操出行有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，李忠成先 生（「李先生」）已提呈辭任(i)本公司聯席公司秘書（「聯席公司秘書」）；(ii)香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.05條項下本公司 之授權代表（「授權代表」）；及(iii)根據上市規則第19.05(2)條及香港法例第622章 公司條例第16部的規定代本公司在香港接收送達之法律程序文件及通知書之代表 （「法律程序文件代理人」），自2025年9月26日起生效。 李先生已確認其與董事會並無意見分歧，亦無任何與其辭任有關的事宜須提請本 公司股東或聯交所垂注。 董事會進一步宣佈，李先生辭任後，吳東澄 ...

Core Insights - The company is focusing on space technology to enhance its Robotaxi operations, aiming to create a "Heaven and Earth Integrated" system to gain a competitive edge in the market [1][2] - The successful launch of the "Caocao Zhixinghao" satellite marks the completion of the first phase of the "Geely Constellation" project, with a total of 64 satellites in orbit [1][2] Group 1: Satellite Network and Technology - The satellite network will support the autonomous driving platform "Caocao Zhixing," addressing the issue of vehicle disconnection in signal blind spots, which is crucial for scaling Robotaxi operations [2][3] - The integration of satellite communication capabilities will ensure reliable connectivity even in areas with poor 5G coverage, enhancing emergency response capabilities [3] Group 2: Safety and Commercialization - The ultimate goal of the satellite technology is to facilitate commercialization, with the launch of the Robotaxi service already initiated in Suzhou and Hangzhou [4] - The company plans to introduce a custom L4 Robotaxi model by the end of 2026, designed specifically for autonomous driving, which will optimize total cost of ownership (TCO) [4] - Analysts suggest that the combination of vehicle customization, automated operations, and the "Heaven and Earth Integrated" safety system will provide significant cost and safety advantages as Robotaxi services scale [4]

Core Viewpoint - The successful launch of the "Caocao Zhixinghao" satellite marks a significant step for Caocao Mobility in integrating aerospace technology into its autonomous driving platform, enhancing the safety and operational capabilities of its Robotaxi fleet [1][5][6] Group 1: Strategic Developments - The satellite launch is part of Caocao Mobility's long-term strategic layout, aimed at technological innovation and breakthroughs in the Robotaxi sector [5] - The company has initiated pilot operations for its autonomous driving platform in Suzhou and Hangzhou, accumulating valuable experience for the application of autonomous driving technology [5] - A strategic partnership with Shikong Daoyu was established to explore the application of satellite communication and high-precision positioning technology in managing autonomous vehicle fleets [5][6] Group 2: Operational Enhancements - The integration of satellite communication capabilities into Caocao Mobility's vehicles ensures reliable connectivity with control centers, enhancing remote monitoring, dispatching, and emergency response capabilities [6] - The satellite system, with 64 satellites in orbit, provides global real-time communication coverage, addressing signal blind spots in remote areas and adverse weather conditions [6][8] - The company plans to equip its operational vehicles with satellite application products and services to accelerate the commercialization of autonomous driving [6][8] Group 3: Market Position and Future Outlook - Caocao Mobility is set to become the largest technology mobility platform in the Hong Kong stock market, with a strategic position as a key commercial vehicle for Geely Holding Group's Robotaxi initiatives [8] - The company is building a comprehensive mobility ecosystem that integrates ground vehicles, satellite navigation, and low-altitude aircraft [8] - CICC's research report projects that Caocao Mobility will continue to expand its market share and achieve positive Non-IFRS net profit by 2026, supported by Geely Group's resources and customized vehicle advantages [8][9]

Core Viewpoint - The successful launch of the "Caocao Zhixinghao" satellite marks a significant advancement for Caocao Mobility's autonomous driving platform, enhancing its Robotaxi fleet operations [1] Group 1: Company Developments - Caocao Mobility has received investment from Geely Holding, making it a crucial commercial vehicle for Geely's Robotaxi initiative [1] - The company has established a deep strategic partnership with Time Space Path, increasing the number of operational satellites to 64, which provides global communication coverage except for the polar regions [1] Group 2: Technological Advancements - The satellite communication service aims to offer stable and reliable instant satellite IoT communication in areas with insufficient traditional ground network coverage, ensuring continuous connection between vehicles and control centers [1] - Future operational vehicles on the Caocao Zhixing platform will be equipped with satellite application products and services, addressing signal blind spots in remote areas and accelerating the commercialization of autonomous driving [1]

Core Viewpoint - Cao Cao Mobility has recently released its first financial report since its listing on the Hong Kong Stock Exchange, indicating a narrowing of losses and significant revenue growth. Financial Performance - The company reported a revenue increase of 53.5% to 9.456 billion RMB, with a gross margin improvement to 8.4% [4] - The net loss for the period narrowed by 39.8% to 468 million RMB [4] - Total transaction volume reached 10.954 billion RMB, with over 3.795 billion orders processed [5] Business Segments - Revenue from mobility services grew by 49.8%, while vehicle sales surged by 137.3% [5] - The expansion into Robotaxi services and lower-tier markets has become a key strategic focus for the company [5] Management Background - Liu Sen Sen, the Executive President and CFO, has a history of working in financial roles at companies like ofo and Didi Chuxing before joining Cao Cao Mobility [3] - Liu participated in the listing ceremony alongside CEO Gong Xin, marking a significant milestone for the company [2][3]

该行指，曹操出行依托吉利供应链、借助聚合平台流量快速扩张新城，UE优化可期。曹操出行以定制 车构建差异化优势，依托吉利供应链掌控5万多台车队，其低购置与车服成本降低司机TCO，换电模式 提升司机收入，司机时薪和粘性上升。2023年起通过聚合平台获流量，并拓展下沉市场。该行认为未来 曹操出行可通过提升司机抽佣、降低用户补贴、优化合作伙伴返点、扩大规模实现效率提升，来逐步优 化网约车业务的UE水平。 此外，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、运营等环节。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撑业务启动与数据积累。目前苏杭已经开展 Robotaxi试点，公司计划2026年底与吉利合作开发L4级Robotaxi定制车型，加速商业化落地。 中金发布研报称，首次覆盖曹操出行(02643)，给予"跑赢行业"评级，给予70港元目标价。市场认为中 小网约车平台很难盈利，该行认为供给充裕，平台可降低司乘补贴、提升效率来实现UE优化。 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，该行预计2024-2026年网约车行业规模维持高 ...

Group 1 - The core viewpoint of the report is that despite market skepticism regarding the profitability of small and medium-sized ride-hailing platforms, the company can optimize user experience (UE) by reducing driver and passenger subsidies and improving efficiency [1] - The ride-hailing industry is entering a phase of regulation and maturity, with unmet demand in lower-tier markets and cost reductions in new energy vehicles driving steady growth; the industry is expected to maintain high single-digit growth from 2024 to 2026 [1] - The company is projected to rank second in gross transaction value (GTV) share with 6% in 2024, leveraging its customized vehicles and service advantages to expand market share [1] Group 2 - The company has a comprehensive Robotaxi ecosystem that connects with Geely Group, covering research and development, manufacturing, and operations [2] - The existing dispatch network allows the company to support business initiation and data accumulation through a hybrid model; pilot Robotaxi operations have already begun in Suzhou and Hangzhou [2] - The company plans to collaborate with Geely to develop L4-level Robotaxi customized models by the end of 2026, accelerating commercialization [2]