Group 1 - The core viewpoint of the news is the strategic positioning of Geely Holding Group and its subsidiary Cao Cao Mobility in the development of the Robotaxi market and the broader smart transportation ecosystem in Hainan Free Trade Port [1][2][3] Group 2 - Cao Cao Mobility has launched the "Cao Cao Zhixing" autonomous driving platform, establishing a comprehensive self-research closed-loop intelligent driving ecosystem, which is currently the only company in China with a full-chain capability similar to Tesla [1] - As of June 30, 2023, Cao Cao Mobility has completed over 15,000 kilometers of autonomous driving testing in Suzhou and Hangzhou, indicating significant progress in its autonomous vehicle deployment [2] - The company is expected to be included in the Hong Kong Stock Connect on September 8, 2023, which will broaden its investor base and attract additional capital from mainland investors [3]

Group 1 - Cao Cao Mobility is partnering with Geely's company Space-Time Daoyu to launch the "Cao Cao Zhixinghao" satellite, expanding its presence in the smart mobility sector into aerospace [2] - The strategic cooperation was established on July 22, focusing on the application of satellite IoT communication and high-precision positioning technology for the management and operation of autonomous vehicle fleets [2] - Geely Holding Group's chairman, Li Shufu, stated that Cao Cao Mobility will serve as the most important commercial vehicle for Robotaxi, aiming to create a globally leading technology mobility platform [2]

Core Insights - The event "Policy Project Promotion Conference to Support Private Enterprises in Participating in Hainan Free Trade Port Construction" was held in Haikou, attracting over 100 company representatives to explore opportunities in Hainan's free trade port development [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, focusing on Robotaxi commercialization [1] Company Developments - Cao Cao Mobility is positioned as Geely Holding Group's strategic platform for intelligent shared mobility, having launched the "Cao Cao Zhixing" autonomous driving platform earlier this year [3] - The company has developed a comprehensive self-research closed-loop intelligent driving ecosystem, making it the only domestic company with capabilities across manufacturing, intelligent driving, and operations [3] - As of June 30, the company completed over 15,000 kilometers of autonomous driving testing in Suzhou and Hangzhou [3] Strategic Partnerships and Future Plans - In July, Cao Cao Mobility formed a strategic partnership with commercial aerospace company Shikong Daoyu to leverage satellite technology for autonomous driving, ensuring vehicles remain "always online" [3] - The company plans to deploy a new generation of Robotaxi starting April 2025, integrating advanced safety and operational capabilities [3] Market Outlook - Multiple institutions, including Dongwu Securities, predict that the Robotaxi market will reach several hundred billion yuan by 2030 [4] - Cao Cao Mobility's deep collaboration with Geely and its decade-long experience in ride-hailing positions it to lead in the Robotaxi market, providing a model for the transformation of the mobility industry [4] - Following its listing on the Hong Kong Stock Exchange, Cao Cao Mobility has gained recognition in the capital market and is expected to be included in the Hong Kong Stock Connect on September 8, broadening its investor base [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company is positioned as a leading shared mobility platform in China, leveraging technology to reshape the industry and enhance service reputation [12]. - The report highlights the significant growth potential in the ride-hailing market, driven by the integration of Robotaxi technology and the expansion of service areas [2][8]. - The company's revenue is expected to grow substantially, with projections indicating a rise from 20.67 billion CNY in 2025 to 32.37 billion CNY by 2027 [1]. Summary by Sections Company Overview - The company is the second-largest shared mobility platform in China, founded in 2015 as part of Geely's strategic investment in the "new energy vehicle sharing ecosystem" [12]. - It operates in 163 cities, with a monthly active driver count of 554,000 and a market share of 5.4% as of 2024 [12]. Market Dynamics - The ride-hailing market is transitioning from "barbaric growth" to "compliant intelligence," with a focus on automated driving and regulatory restructuring [8]. - The market is expected to reach nearly 1 trillion CNY by 2030, with significant growth opportunities for second-tier platforms [32]. Business Model and Growth Strategy - The company is expanding its customized vehicle fleet, which has reached 37,000 units, enhancing the standardization of service experiences [13]. - The integration of Robotaxi services is a key growth driver, with plans for mass production and deployment of autonomous vehicles [8][12]. Financial Performance - Revenue is projected to increase significantly, with 2024 revenue expected to reach 14.66 billion CNY, reflecting a year-on-year growth of 37.4% [1]. - The company is expected to narrow its losses, with net profit projections improving from -1.25 billion CNY in 2024 to a profit of 891.83 million CNY by 2027 [1]. Competitive Landscape - The report notes the competitive dynamics in the ride-hailing market, with major players like Didi holding over 70% market share, creating opportunities for other platforms [32]. - The rise of aggregation platforms is reshaping the market, allowing for better resource allocation and service integration [56].

Core Viewpoint - The stock price of Cao Cao Mobility has shown strong performance since its IPO, indicating robust market confidence in its investment value, with the stock price doubling from its initial offering price of 41.94 HKD to a peak of 92.5 HKD within a few months [1] Financial Performance - In the first half of 2025, Cao Cao Mobility reported a significant increase in Gross Transaction Value (GTV) of 53.6% year-on-year, reaching 10.954 billion RMB [4] - The company achieved a revenue of 9.456 billion RMB, marking a 53.5% increase compared to the previous year [4] - The adjusted net loss narrowed to 3.3 billion RMB, with an adjusted net loss rate of 3.5%, improving by 4.6 percentage points year-on-year [5] - Operating cash flow turned positive with a net inflow of 325 million RMB, reflecting a 164.6% increase year-on-year [4] Market Position and Growth Potential - Cao Cao Mobility has expanded its operational footprint to 163 cities, with a fleet of over 37,000 customized vehicles, and has entered 27 new cities [3] - The company is expected to maintain a GTV growth rate of over 40% in the coming years, driven by its strategic expansion and the introduction of new vehicle models [7] Strategic Initiatives - The company has launched its autonomous driving platform, with plans to introduce L4 level Robotaxi models by the end of next year, positioning itself to benefit from the anticipated growth in the Robotaxi market [8] - The integration into the Hang Seng Composite Index is expected to attract additional mainland capital, enhancing trading activity and liquidity for the stock [2][14] Analyst Predictions - Analysts predict that Cao Cao Mobility will achieve adjusted net profit in the coming year, with target stock prices ranging from 98 to 108 HKD, indicating significant upside potential from current levels [15]

Core Viewpoint - The stock price performance of Cao Cao Mobility (曹操出行) post-IPO indicates strong market recognition of its investment value, with the stock price doubling from its IPO price of HKD 41.94 to a peak of HKD 92.5, signaling robust growth potential [1][2]. Financial Performance - In the first half of 2025, Cao Cao Mobility reported a significant increase in Gross Transaction Value (GTV) of 53.6% year-on-year, reaching RMB 10.954 billion [4]. - The company achieved a revenue of RMB 9.456 billion, marking a 53.5% increase compared to the previous year, with a notable improvement in gross margin, which rose by 1.4 percentage points to 8.4% [4]. - The adjusted net loss for the period was RMB 3.3 billion, with an adjusted net loss rate of 3.5%, showing a substantial improvement of 4.6 percentage points year-on-year [5]. Market Expansion and User Growth - As of June 30, 2025, the company operated in 163 cities with a daily order volume of 2.108 million, reflecting a 50.6% increase year-on-year [4]. - The average monthly active users reached 38.1 million, up 57.4% year-on-year, and the average monthly active drivers increased by 53.5% to 554,000 [4]. Strategic Developments - Cao Cao Mobility has been approved for inclusion in the Hang Seng Composite Index, effective September 8, which is expected to attract additional mainland capital through the Hong Kong Stock Connect [2][14]. - The company plans to expand into 200 new cities this year and aims to sell 1.5-3.2 million customized vehicles from 2025 to 2027, leveraging its low Total Cost of Ownership (TCO) advantage [7][8]. Future Outlook - The company is strategically positioned to benefit from the anticipated growth of Robotaxi services, with plans to launch L4-level Robotaxi models by the end of next year [8]. - Analysts predict that the Robotaxi segment could significantly enhance profitability, with expectations of a return to positive adjusted net profit by next year [7][15]. - The Robotaxi market in China is projected to reach RMB 1.6 trillion by 2035, with Cao Cao Mobility aiming for a 15% market share, potentially valuing this segment at RMB 240 billion [13].

FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 曹操出行有限公司 | | | | | | 呈交日期: | 2025年9月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 1. 股份分類 | 普通股 | 股份類別 | | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02643 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Core Insights - The 2025 Growth Industry Strategy Conference hosted by CITIC Securities focused on key sectors including innovative pharmaceuticals, smart driving, humanoid robots, AI technology, medical devices, and solid-state batteries [1] - Strong Qi, CTO of Cao Cao Mobility, emphasized that AI represents a new industrial revolution and that Robotaxi could become a strategic high ground in the transportation market over the next five years [1] Group 1: Industry Developments - Robotaxi is expected to be a significant application of AI, requiring a comprehensive approach that integrates autonomous driving, customized vehicles, and operational systems [1] - Level 4 autonomous driving technology is a prerequisite for commercial deployment, with operational capabilities being crucial for success [1] Group 2: Company Strategy - Cao Cao Mobility is a key component of Geely Group's future mobility strategy, having launched the Cao Cao Intelligent Driving platform and initiated Robotaxi pilot operations in Hangzhou and Suzhou [2] - The company has established a unique self-research ecosystem in China, combining customized vehicles, autonomous driving technology, and a transportation platform, similar to Tesla's full-chain capabilities [2] - By the end of 2025, Cao Cao Mobility plans to deploy a new generation of vehicles featuring Geely's latest redundant architecture, integrating various operational capabilities [2] - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou, laying the groundwork for future commercialization [2]

Core Viewpoint - The company demonstrated strong revenue growth and improved cash generation capabilities in the first half of 2025, with a significant reduction in losses compared to the previous year [1][2]. Group 1: Financial Performance - The company's operating revenue reached 9.456 billion yuan, representing a 53.5% increase year-on-year [1]. - The gross profit margin improved to 8.4%, up by 1.4 percentage points [1]. - The net loss for the period was 470 million yuan, a reduction of 310 million yuan year-on-year, while the adjusted net loss was 330 million yuan, down by 170 million yuan [1]. - Cash generated from operating activities increased significantly by 164.6% to 325 million yuan, indicating enhanced self-financing capabilities [1]. Group 2: Revenue Breakdown - Revenue from mobility services was 8.6 billion yuan, up 49.8%, while vehicle sales revenue surged by 137.3% to 740 million yuan [2]. - Vehicle leasing revenue increased by 25.7% to 10 million yuan, while other business revenue fell by 62.2% due to a one-time contribution last year [2]. - The Gross Transaction Value (GTV) for mobility services reached 10.95 billion yuan, reflecting a 53.6% increase, driven by the sale of customized vehicles and expansion into 27 new cities [2]. Group 3: Operational Metrics - The platform's average daily order volume was 2.108 million, up 50.6%, with an Average Order Value (AOV) of 28.9 yuan, an increase of 3.2% [3]. - The estimated platform Take Rate was 78.5%, down by 2.0%, likely due to increased user subsidies in new cities [3]. - Driver costs and subsidies accounted for approximately 63.4%, up by 0.4 percentage points, while vehicle depreciation and maintenance costs decreased to 6.2%, down by 3.7 percentage points [3]. Group 4: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange in June 2025, raising 1.7 billion HKD to support cash flow and attract key industry investors [3]. - The launch of the autonomous driving platform in February 2025 has led to 15,000 kilometers of testing by June 2025, with plans to introduce a dedicated L4 Robotaxi model by the end of 2026 [3].