Core Viewpoint - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] Group 1: Company Overview - Cao Cao Mobility is leveraging its deep experience in the ride-hailing sector and the breakthrough potential of its Robotaxi business to reshape the industry landscape from the supply side, with expectations to turn profitable by 2026 [1] - The company's core competitive advantage lies in its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2: Robotaxi Development - Despite some opinions suggesting that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition is fundamentally a test of technology and operational capabilities [1] - Cao Cao Mobility is collaborating with Geely Holding Group to participate in vehicle design and develop a comprehensive automotive service solution, which significantly reduces Total Cost of Ownership (TCO) while enhancing operational efficiency [1] Group 3: Market Position and Future Prospects - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, making it the largest fleet of its kind in the country [1] - On February 28, 2025, the company launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou, showcasing its advantages in developing and deploying next-generation Robotaxi vehicles [2] - The company is working with Geely Group on a custom vehicle designed for L4 autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4: Valuation and Market Impact - Huatai Securities has assigned a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion and a target price of HKD 100.4 [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company is expected to be included in the Hong Kong Stock Connect on September 8, which is anticipated to attract more mainland capital [2]

Group 1 - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] - The report highlights that Cao Cao Mobility is reshaping the industry landscape from the "supply side" due to its deep accumulation in the ride-hailing sector and the breakthrough potential of its Robotaxi business, with expectations to turn profitable by 2026 [1] - The core competitiveness of Cao Cao Mobility stems from its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2 - Despite some views that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition in Robotaxi is fundamentally a contest of technology and operational capabilities [1] - Cao Cao Mobility is optimizing total cost of ownership (TCO) and demonstrating long-term competitiveness in the Robotaxi sector through solid operational accumulation [1] - The company collaborates with Geely Holding Group to participate deeply in vehicle design and develop a comprehensive automotive service solution, significantly reducing TCO and enhancing operational efficiency [1] Group 3 - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, becoming the largest fleet of its kind in the country [1] - On February 28, 2025, Cao Cao Mobility launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou [2] - The company is developing a custom vehicle specifically designed for L4-level autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4 - Huatai Securities assigns a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion, based on the average valuation levels of global mobility platforms [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company was included in the Hang Seng Composite Index on August 22, and it is expected to be included in the Hong Kong Stock Connect on September 8, which may attract more mainland capital [2]

Core Viewpoint - The launch of the "Cao Cao Intelligent Travel" satellite marks a significant step for Cao Cao Mobility in breaking through the commercialization of Robotaxi, addressing key industry pain points related to safety and cost efficiency [1][6]. Industry Context - The current Robotaxi industry is transitioning from the question of operational capability to concerns about safe and low-cost operations, with operational costs per kilometer significantly exceeding traditional ride-hailing services [1][2]. - The costs associated with positioning and communication are notably high, particularly in urban environments and adverse weather conditions, which hinder the scalability of Robotaxi operations [1][2]. Company Strategy - Cao Cao Mobility's partnership with Geely's Space-Time Daoyu aims to leverage satellite technology to enhance the management and operation of autonomous vehicle fleets, addressing the high operational costs of Robotaxi services [1][2]. - The integration of satellite communication and high-precision positioning technology is expected to reduce the reliance on third-party service providers, thereby lowering costs significantly [2][3]. Operational Insights - The "Cao Cao Intelligent Travel" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions, which is a substantial improvement over vehicles without satellite modules [3]. - The satellite technology supports a multi-layered safety redundancy system, allowing for remote emergency braking and dispatch even if ground stations fail, which is crucial for addressing safety concerns in Robotaxi operations [3]. Competitive Landscape - The satellite launch aligns with Cao Cao Mobility's strategic positioning as a core player in Geely's Robotaxi initiative, allowing for direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming deployment of a new generation of Robotaxi in April 2025 is expected to significantly reduce manufacturing costs through hardware-level integration of autonomous driving components and satellite modules [4]. Industry Impact - The introduction of the "Cao Cao Intelligent Travel" satellite is likely to reshape the competitive dynamics of the Robotaxi industry, shifting the focus from algorithm precision to a broader technological ecosystem [4]. - Other second-tier ride-hailing platforms are reportedly exploring similar collaborations with private aerospace companies, indicating a potential shift in industry supply chain dynamics [4]. Policy Alignment - This initiative aligns with national strategic goals, as outlined in the 2024 Commercial Space Development Action Plan, which emphasizes the integration of satellite technology with intelligent connected vehicles [5][6]. - The satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications, positioning the company favorably in the evolving regulatory landscape [6].

Core Viewpoint - The recent collaboration between Cao Cao Mobility and Geely's Space-Time Daoyu to launch the "Cao Cao Zhixing" satellite marks a significant advancement in the Robotaxi industry, transitioning from technology validation to potential large-scale profitability [1][6]. Industry Status - The current core challenge for the Robotaxi sector has shifted from "can it operate" to "can it operate safely and cost-effectively" [1]. - Domestic Robotaxi operating costs per kilometer are significantly higher than traditional ride-hailing services, with positioning and communication costs being a major contributor [1]. - Traditional GPS systems face accuracy issues in urban canyons and adverse weather, leading to delayed vehicle decision-making, which hampers large-scale operations [1]. Company Strategy - Cao Cao Mobility's entry into the satellite domain aims to address the industry's pain points of high operational costs and safety concerns [1][2]. - The partnership with Space-Time Daoyu leverages Geely's full industry chain capabilities, integrating satellite communication and high-precision positioning technologies into autonomous vehicle fleet management [2]. Operational Insights - The "Cao Cao Zhixing" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions [3]. - The integration of low-orbit satellite services with ground systems creates a multi-layered safety redundancy, enabling remote emergency braking and dispatch even if ground stations fail [3]. Competitive Landscape - This satellite initiative positions Cao Cao Mobility as a core player in Geely's Robotaxi strategy, allowing direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming Robotaxi models are expected to have significantly lower manufacturing costs due to the integration of satellite and autonomous driving components [4]. - The launch of the satellite may reshape industry competition by elevating the focus from algorithm precision to a broader "technology ecosystem" perspective [4]. Policy Alignment - The initiative aligns with national strategies, as the 2024 Commercial Space Development Action Plan emphasizes the integration of satellite technology with smart connected vehicles [5]. - This satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications [5]. Future Outlook - The launch of the "Cao Cao Zhixing" satellite could signal a shift in the Robotaxi industry from a "burning money for scale" model to a "technology-driven profitability" phase [6]. - Geely's comprehensive ecosystem collaboration is seen as a critical advantage for Cao Cao Mobility in this industrial transformation [6].

Group 1 - Dongwu Securities has initiated coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its integrated platform for Robotaxi services, which combines vehicle manufacturing, operational capabilities, and technology [1] - The Chinese ride-hailing market is transitioning from "wild growth" to "compliant intelligence," with a focus on autonomous driving technology and the restructuring of human-vehicle relationships [1] - Cao Cao Mobility aims to replicate the success of ride-hailing by leveraging its partnership with Geely Group to create an optimal Robotaxi system [1] Group 2 - Revenue projections for Cao Cao Mobility from 2025 to 2027 are estimated at 20.67 billion, 26.24 billion, and 32.37 billion yuan, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan from 2025 to 2027, with a potential return to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index on September 8, attracting additional mainland capital [2]

Group 1 - The core viewpoint of the report is that Cao Cao Mobility is positioned as a unique integrated platform for Robotaxi services in China, leveraging Geely's manufacturing capabilities, advanced autonomous driving technology, and operational experience to achieve competitive advantages [1] - The Chinese ride-hailing market is undergoing a significant transformation from "wild growth" to "compliance and intelligence," with the focus shifting from capital subsidies to the restructuring of autonomous driving technology and human-vehicle relationships [1] - The report highlights that with L4-level autonomous driving technology, decreasing hardware costs, and an improving policy framework, the commercialization of Robotaxi services is accelerating [1] Group 2 - The analyst projects that Cao Cao Mobility's revenue will reach 20.67 billion, 26.24 billion, and 32.37 billion yuan from 2025 to 2027, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan for the same period, with a potential turnaround to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index, which is expected to attract additional capital from mainland investors [2]

Group 1 - The Chinese ride-hailing market is transitioning from "wild growth" to "regulated intelligence," with the core conflict shifting from capital subsidies to the institutional reconstruction of autonomous driving and human-vehicle relationships [1] - The market is expected to reach nearly 1 trillion yuan by 2030, with aggregation platforms and multi-location "non-one-car-one-platform" policies creating opportunities for other players [1] - Robotaxi, leveraging L4 autonomous driving technology, is seen as a key breakthrough, with leading companies like Waymo reducing accident rates by over 80% compared to human drivers [1] Group 2 - The company is actively seizing industry opportunities by deepening cooperation with aggregation platforms, leading to a rapid expansion of market share and driver income above industry averages from 2022 to 2024 [2] - In H1 2025, the company reported 544,000 active drivers (up 53.5% YoY) and 38 million orders (up 49.0% YoY), indicating strong market penetration through a light-asset model [2] - The company’s customized vehicle fleet reached 37,000 units, the largest in the industry, enhancing service comfort and standardizing the travel experience [2] Group 3 - The integration of vehicle technology and operations is accelerating the rollout of Robotaxi, with the company planning to launch the Zeekr RT in collaboration with Waymo in 2025 [3] - The company is evolving into an integrated Robotaxi platform, combining vehicle manufacturing, operational services, and technology research and development, aiming to replicate the success of its ride-hailing business [3] - A strategic integration within the Geely Group aims to enhance R&D efficiency and accelerate the commercialization of L4 technology [3] Group 4 - The company is expected to improve brand strength and market share in first- and second-tier cities, with projected revenues of 20.67 billion, 26.24 billion, and 32.37 billion yuan from 2025 to 2027 [4] - The average PS ratios for comparable companies from 2025 to 2027 are projected to be 22.4, 15.0, and 7.1 times, respectively [4] - The company is given a "buy" rating based on steady development in ride-hailing and broad opportunities in the Robotaxi business [4]

Group 1 - The core event was the "Policy Project Promotion Conference" aimed at supporting private enterprises in participating in the construction of Hainan Free Trade Port, attended by over 100 company representatives [1] - Geely Holding Group's Chairman Li Shufu announced the company's investments in new energy commercial vehicles and smart mobility in Hainan, with its subsidiary Cao Cao Mobility operating in six cities [1] - Cao Cao Mobility aims to become a leading global technology mobility platform, leveraging Robotaxi as a key commercial vehicle [1] Group 2 - Cao Cao Mobility is positioned as a strategic platform for Geely's intelligent shared mobility ecosystem, having launched the "Cao Cao Smart Travel" autonomous driving platform earlier this year [6] - The company has begun deploying a new generation of Robotaxi, integrating advanced design and capabilities in autonomous dispatch, remote safety assurance, and digital asset management [6] - As of June 30, the company completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou [6] Group 3 - Cao Cao Mobility formed a strategic partnership with a commercial aerospace company to utilize satellite technology for enhancing autonomous driving services, ensuring vehicles remain "always online" [6] - The Robotaxi market is projected to reach several hundred billion yuan by 2030, with Cao Cao Mobility expected to lead in large-scale operations due to its unique ecosystem and experience [7] - The company was listed on the Hong Kong Stock Exchange, becoming the largest technology mobility platform in the market and is anticipated to be included in the Hong Kong Stock Connect, attracting more mainland investment [7]

Core Viewpoint - The news highlights the strategic initiatives of Geely Holding Group and its subsidiary Cao Cao Mobility in the development of Robotaxi services and the broader smart transportation ecosystem in Hainan Free Trade Port, emphasizing their technological advancements and market positioning [1][2]. Group 1: Company Initiatives - Geely Holding Group has established a presence in Hainan with investments in new energy commercial vehicles and smart mobility, with Cao Cao Mobility operating in six cities including Haikou [1]. - Cao Cao Mobility launched the "Cao Cao Zhixing" autonomous driving platform, creating a comprehensive self-research closed-loop intelligent driving ecosystem, making it the only domestic company with a full-chain capability similar to Tesla [1][2]. - The company has begun deploying a new generation of Robotaxi vehicles, integrating advanced features such as automatic dispatch and remote safety assurance [2]. Group 2: Strategic Partnerships and Market Outlook - Cao Cao Mobility has formed a strategic partnership with aerospace company Shikong Daoyu to leverage satellite technology for enhancing autonomous driving capabilities, aiming for continuous vehicle connectivity [2]. - Multiple institutions, including Dongwu Securities, predict that the Robotaxi market will reach several hundred billion yuan by 2030, positioning Cao Cao Mobility to lead in the large-scale deployment of Robotaxi services [2]. Group 3: Market Recognition - Cao Cao Mobility went public on the Hong Kong Stock Exchange in June, becoming the largest tech mobility platform in the market and was subsequently included in the Hang Seng Composite Index [3]. - The company is expected to be included in the Hong Kong Stock Connect on September 8, which will broaden its investor base and attract additional capital from mainland investors [3].

Group 1 - The core viewpoint of the news is the strategic development of Geely Holding Group's subsidiary, Cao Cao Mobility, in the Robotaxi sector, aiming to establish a leading technology transportation platform in the global market [1][2]. - Cao Cao Mobility has launched the "Cao Cao Zhixing" autonomous driving platform, creating a comprehensive self-research closed-loop intelligent driving ecosystem, which is currently the only domestic company with a full-chain capability similar to Tesla [1][2]. - The company has completed over 15,000 kilometers of autonomous driving testing in Suzhou and Hangzhou as of June 30, and is collaborating with aerospace companies to enhance its autonomous driving capabilities [2]. Group 2 - Cao Cao Mobility was listed on the Hong Kong Stock Exchange in June, becoming the largest technology transportation platform in the Hong Kong market and has been included in the Hang Seng Composite Index [3]. - The company is expected to be included in the Hong Kong Stock Connect on September 8, which will broaden its investor base and attract additional capital from mainland investors [3].