中经记者 李静 北京报道 特斯拉不准备卖车了？！ 近日，特斯拉首席执行官埃隆·马斯克（Elon Musk）在特斯拉发布2025年第四季度财报后，直接释放出 重磅战略调整，特斯拉Model S与Model X项目将逐渐停产，并明确特斯拉的业务核心已从"卖车"彻底转 向"提供交通即服务（TaaS）"，也就是现在常说的Robotaxi业务。 要知道，在半年前，2025年6月，当特斯拉的Robotaxi首次在美国奥斯汀上路后，次日就带动特斯拉股 价大涨8.23%。随着特斯拉的战略转向，全球智能出行赛道也正经历新一轮战略聚焦。 Robotaxi将从试点走向规模化 根据马斯克所言，此前生产Model S与Model X项目的弗里蒙特工厂生产线，将全面改造为年产100万台 Optimus机器人的基地。 作为中国自动驾驶出行服务的重要参与者，曹操出行（02643.HK）于2026年1月27日盘后公告，拟推出 一项与公司千亿市值目标深度绑定的股份激励计划，明确将Robotaxi运营规模、收入增长及市值表现设 为关键考核指标。 《中国经营报》记者获悉，此次推出的股份激励计划，被视为曹操出行加速推进"十年百城千亿"全球战 略的关键 ...

Core Viewpoint - Companies that occupy a core position in the capital market or accumulate strong growth momentum in emerging sectors are worthy of attention. Caocao Travel, currently in a loss-making situation, is targeting the ambitious Robotaxi narrative with plans to deploy 100,000 fully customized Robotaxis globally by 2030 [1][3]. Group 1: Business Strategy and Market Position - Caocao Travel has set a strategic goal of "Ten Years, One Hundred Cities, One Hundred Billion," aiming to establish five operational centers globally and promote Robotaxi services to 100 cities, with a cumulative GTV (Gross Transaction Value) of 100 billion RMB over the next decade [3]. - Despite being one of the first ride-hailing platforms in China, Caocao Travel has struggled to gain a competitive edge, ranking second in market share with 5.4% compared to Didi's 70.4% as of 2024 [4][6]. - The company has been forced to invest heavily to retain drivers and attract users due to its lack of market influence, leading to significant financial strain [6][10]. Group 2: Financial Performance and Challenges - Caocao Travel's financial reports indicate a continuous loss, with net losses of 2.007 billion RMB, 1.981 billion RMB, 1.246 billion RMB, and 495 million RMB from 2022 to the first half of 2025, totaling 5.729 billion RMB [9][14]. - The company's gross margin is low, with a projected gross margin of only 8.1% for 2024, compared to Didi's 14.5% [9]. - The reliance on aggregation platforms has increased, with the share of orders from these platforms rising from 51.4% in 2022 to 85.7% in 2024, which has also led to higher commission costs that erode profit margins [10][12]. Group 3: Research and Development Limitations - Caocao Travel's R&D spending has been limited, with annual expenditures of 225 million RMB, 339 million RMB, 234 million RMB, and 117 million RMB from 2022 to the first half of 2025, resulting in a declining R&D expense ratio [19]. - The company is attempting to pivot towards Robotaxi technology, but its limited R&D budget hampers its ability to compete effectively in the autonomous driving sector [15][19]. - The market has reacted negatively to Caocao Travel's financial instability and limited R&D investment, with its stock price dropping significantly from a high of 92.5 HKD to 35.66 HKD, indicating a lack of confidence from investors [19].

海外打车业务的快速扩张，不仅增强了公司在国际出行市场的服务能力，也为商旅业务的全球化发展提 供了重要支撑。未来曹操出行境外打车网络、高端用车服务及商旅业务将进一步协同发展，形成全球 化、全场景的商旅服务，持续助力中国企业及其员工在全球范围内实现更高效、更便捷、更一体化的出 行体验。 智通财经APP获悉，曹操出行(02643)正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。数据显示， 33.2%的企业计划上调海外差旅预算，其中6.1%的企业增幅超过30%，远高于国内差旅预算增长率 (24%)。海外差旅支出占比也从2023年的3.3%提升至2025年上半年的4.9%，其中用车服务是跨境差旅管 理中高频且重要的一环。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支 ...

新浪科技讯 1月30日上午消息，曹操出行正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。自2016年启 动企业客户服务以来，截至2024年12月31日，曹操出行已累计服务超过1.35万家企业。未来将与旗下耀 出行、吉利商旅，打通从日常通勤、商务接待到差旅管理的全场景 ...

Core Insights - The company, Cao Cao Mobility, has expanded its overseas ride-hailing services to 42 countries and approximately 16,000 cities, marking a significant milestone in its global travel service network [1] - The company aims to integrate overseas ride-hailing, high-end vehicle services, and business travel into a comprehensive global travel service platform [1] - A strategic goal has been set to deploy 100,000 fully customized Robotaxis by 2030, leveraging the industrial ecosystem of Geely Holding Group [2] Group 1: Global Expansion and Strategy - The rapid expansion of the overseas network is closely aligned with the company's long-term strategy and capital actions, including a share incentive plan aimed at achieving a market value of 100 billion and deploying 100,000 fully customized Robotaxis [1][2] - The company plans to raise approximately HKD 383 million through a share placement, with nearly 70% allocated for Robotaxi vehicle procurement, technology development, and global expansion [1] - The transition from a single ride-hailing service provider to a comprehensive technology travel platform is being accelerated through multi-line layouts [2] Group 2: Operational Advantages and Ecosystem - The company benefits from a strong industrial foundation backed by Geely Holding Group, excelling in vehicle customization, large-scale fleet operations, and asset management [3] - The integration of "Yao Travel" (high-end travel) and "Geely Business Travel" resources has established a multi-dimensional service network covering personal and corporate needs [3] - The planned fully customized Robotaxi is designed to meet diverse global market regulations and demands, moving away from traditional retrofitting methods [3] Group 3: Infrastructure and Commercial Logic - The goal of deploying 100,000 fully customized Robotaxis is not merely quantitative but aims to build a "green intelligent passage island" infrastructure network in key global markets [4] - This infrastructure is intended to address the industry's long-standing challenges of high investment and operational difficulties [4] Group 4: Competitive Edge and Technology - The ultimate competition in the Robotaxi industry will focus on a systematic approach combining technology, vehicles, and operations [5] - The company's "intelligent customized vehicle + intelligent driving technology + intelligent operation" model is becoming a core competitive barrier in the global market [5] - The second-generation Robotaxi has initiated pilot testing, utilizing a hybrid model of "in-vehicle safety personnel + remote monitoring" to transition towards full automation [6] Group 5: Global Partnerships and Future Outlook - The company has established a strategic partnership with the Abu Dhabi Investment Office to create an autonomous driving trial area and deploy a battery swap network [6] - The aim is to position the Middle East as a key hub for the company's Robotaxi expansion [6] - The company is packaging its validated domestic customized vehicle technology, battery swap systems, and intelligent operation solutions as a "Chinese smart travel solution" for international markets [6]

在国际化方面，公司与阿布扎比达成合作，积极推动自动驾驶技术与换电体系出海。曹操出行正以全链 路生态和清晰的商业化路径与国内外双线布局，全力推进Robotaxi 战略落地。 盈利预测与投资评级：公司Robotaxi 商业化路径清晰，构建车辆技术运营生态闭环。我们维持曹操出行 2025-2027 年营业收入预期分别为206.7/262.4/323.7 亿元，对应PS 分别为0.9/0.7/0.6 倍（截至2026 年1月 27 日），基于网约车业务稳步发展、Robotaxi 业务空间广阔，维持"买入"评级。 机构：东吴证券 研究员：张良卫/黄细里/童明祺 事件：2026 年1 月28 日，公司公告拟配售不多于1200 万股配售股份，占扩大后已发行股份总数的约 2.06%，配售价每股32.46 港元，筹资净额3.83 亿港元，较1 月27 日收市价35.66 港元折让约8.97%，所 得款项净额将主要用于Robotaxi 业务。 整体资金运用旨在强化公司Robotaxi 与企业服务领域的战略布局。约67.7%将投入国内外Robotaxi 业务 的发展，重点用于采购定制化的Robotaxi 车辆、构建与之匹配的运营体 ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for Cao Cao Mobility (02643), highlighting a clear commercialization path for its Robotaxi business and the establishment of a vehicle technology operation ecosystem [1] Recent Events - On January 28, 2026, the company announced a plan to place no more than 12 million shares, accounting for approximately 2.06% of the enlarged total issued shares, at a price of HKD 32.46 per share, raising a net amount of HKD 383 million, which is about 8.97% lower than the closing price of HKD 35.66 on January 27 [1] Financial Allocation - Approximately 67.7% of the raised funds will be invested in the development of domestic and international Robotaxi businesses, focusing on the procurement of customized Robotaxi vehicles, building matching operational systems, and ongoing core technology research and development [2] - About 22.3% will be used to expand enterprise services through operational investments, platform upgrades, and recent or ongoing acquisitions, such as Weixing Technology and Zhejiang Geely Business Services [2] - The remaining approximately 10% will be allocated for working capital and general corporate purposes [2] Strategic Importance - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy a total of 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in the new share incentive plan [3] - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data, algorithms, and a nationwide service network accumulated over ten years of shared mobility [3] - The second-generation Robotaxi has entered the pilot operation phase, transitioning from human-monitored to unmanned operations, with fully customized models set to debut this year [3] - Internationally, the company has partnered with Abu Dhabi to promote the export of autonomous driving technology and battery swap systems [3]

证券研究报告·海外公司点评·其他互联网服务 曹操出行（02643.HK） 配股加速全球 Robotaxi 布局，深化出行全场 景服务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,668 | 14,657 | 20,674 | 26,235 | 32,365 | | 同比(%) | 39.80 | 37.40 | 41.05 | 26.90 | 23.37 | | 归母净利润（百万元） | (1,916.48) | (1,250.77) | (1,102.42) | (273.67) | 891.83 | | 同比(%) | 2.82 | 34.74 | 11.86 | 75.18 | 425.87 | | EPS-最新摊薄（元/股） | (3.39) | (2.21) | (1.95) | (0.48) | 1.58 | | P/E（现价&最新摊薄） | (9.37) | (14.36) | (16.2 ...

配股加速全球 Robotaxi 布局，深化出行全场 景服务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,668 | 14,657 | 20,674 | 26,235 | 32,365 | | 同比(%) | 39.80 | 37.40 | 41.05 | 26.90 | 23.37 | | 归母净利润（百万元） | (1,916.48) | (1,250.77) | (1,102.42) | (273.67) | 891.83 | | 同比(%) | 2.82 | 34.74 | 11.86 | 75.18 | 425.87 | | EPS-最新摊薄（元/股） | (3.39) | (2.21) | (1.95) | (0.48) | 1.58 | | P/E（现价&最新摊薄） | (9.37) | (14.36) | (16.29) | (65.62) | 20.14 | [Table_Tag] [T ...

Market Overview - Hong Kong stock market opened positively with Hang Seng Index up 0.73%, National Enterprises Index up 0.63%, and Hang Seng Tech Index up 0.56% [1][4] - Major blue-chip stocks like HSBC Holdings rose by 2.23%, Zijin Mining by 2.21%, China Ping An by 1.65%, and JD Group by 1.5% [1][4] - New Oriental saw a decline of 3.56%, Haidilao down 0.75%, and Trip.com down 0.72% [1][4] Company Highlights - CloudWalk Technology (云知声) opened high at 10.56%, expecting to achieve revenue from large model-related businesses of approximately RMB 600 million to 620 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 1,057% to 1,095% compared to RMB 51.87 million for the fiscal year ending December 31, 2024 [1][4] - China Gold International (中国黄金国际) opened up 3.76% and provided production guidance for 2026, estimating copper production at approximately 140 million to 149 million pounds (about 63,500 to 67,500 tons), gold production at approximately 70,732 to 75,554 ounces (about 2.2 to 2.35 tons), and silver production at approximately 4.18 million to 4.82 million ounces (about 130 to 150 tons) from the Jiamar Mine [5] - Vanke Enterprises (万科企业) opened up 2.49%, announcing that its major shareholder, Shenzhen Metro Group, will provide a loan of up to RMB 2.36 billion for repaying bond principal and interest, with a loan term of 36 months [6] Financial Activities - Vanke also reported that the extension proposal for the principal repayment of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" was approved unanimously at a bondholder meeting [6] - Cao Cao Travel (曹操出行) opened down 1.96%, planning to place 12 million shares at HKD 32.46 per share, which represents a discount of approximately 8.97% compared to the last trading day's closing price, with expected total proceeds of about HKD 389.52 million [6]