如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02643 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告並不構成或組成在美國購買或認購證券的任何要約或招攬的一部分。本公告提及的證券 尚未且將不會根據1933年美國證券法（「美國證券法」）登記，且除非已根據美國證券法登記，或 獲豁免遵守美國證券法的登記規定，或在毋須遵守美國證券法登記規定的交易中進行，否則不 得在美國境內提呈發售或出售。本公司並無意根據美國證券法登記本公告所述的任何證券，亦 無意在美國進行證券公開發售。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限責任公司） 根據一般授權完成配售新股份 整體協調人及聯席配售代理 （按字母順序排列） 茲提述曹操出行有限公司（「本公司」）日期為2026年1月28日有關配售事項之公告 （「該公告」）。除另有界定者外，本公告所用詞彙與該公告所界定者具有相同涵義。 完成配售事項 董事會欣然宣佈，配售協議所載之所有條件均已達 ...

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: | 2026年1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: | 2026年2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 | | 證券代號 (如上市) | 02643 | 說明 | | | | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.2.0 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 5,000,000,000 USD 0.00001 USD 50,000 增加 / 減少 (-) USD 本月底結存 5,000,000,000 USD 0.00001 USD 50,000 FF301 II. 已發行股份及/或庫存 ...

Core Insights - Cao Cao Mobility officially launched its global business travel service strategy at the 2026 Partner Conference, marking its entry into the trillion-yuan corporate travel service market [1] - The company has made strategic moves since its listing on the Hong Kong Stock Exchange in June 2025, demonstrating strong strategic determination [1] - The integration of various services aims to create a one-stop technology travel platform, addressing the fragmented service chain in corporate travel [2][3] Group 1: Business Travel Strategy - The acquisition of Yao Travel and Geely Business Travel is seen as a strategic move to enhance corporate services [2] - The company has served over 13,500 enterprises since launching corporate client services in 2016, with the new acquisitions filling critical gaps in travel management [2] - The global business travel market is projected to reach $1.57 trillion by 2025, with China contributing $373.1 billion, highlighting the growth potential in this sector [3] Group 2: Operational Efficiency and Cost Control - Cao Cao Mobility aims to create a closed-loop system for corporate travel, improving data integration and user experience [3] - The company’s customized vehicles have reduced total cost of ownership (TCO) by approximately 36.4% compared to typical electric vehicles, enhancing driver earnings [7] - The integration of battery swap technology allows for rapid energy replenishment, increasing operational efficiency and driver income [8] Group 3: Robotaxi and Technological Integration - The company’s Robotaxi strategy aligns with its business travel services, targeting fixed routes commonly used by corporate clients [5] - Cao Cao Mobility is developing a comprehensive operational system for Robotaxi, focusing on safety and regulatory compliance [6] - The company plans to expand its Robotaxi services globally, leveraging its technological capabilities and partnerships [12] Group 4: Market Positioning and Future Goals - The company differentiates itself by building supply-side barriers in the mobility sector, supported by Geely's industrial ecosystem [11] - The goal of "Ten Years, Hundred Cities, Thousand Billion" aims to establish five global operation centers and promote Robotaxi services in 100 cities, achieving a total transaction value of 100 billion RMB [12] - The dual strategy of enhancing corporate client value through business travel and expanding Robotaxi services aims to drive growth and profitability [12]

Core Insights - The satellite industry is experiencing significant long-term strategic value, as evidenced by substantial capital inflows into the satellite industry ETF (159218), which saw over 200 million yuan in net inflows on February 2, and a total of approximately 2.72 billion yuan year-to-date [1][3] Group 1 - The recent influx of capital is attributed to key breakthroughs in the commercialization of the industry, particularly highlighted by the announcement from Cao Cao Mobility regarding its Robotaxi 2.0 model, which will utilize low-orbit satellite communication [3] - This development is viewed as a milestone commercial signal, indicating a shift from foundational infrastructure to deep integration with trillion-dollar consumer markets like smart connected vehicles, thereby clarifying the path for performance realization across the industry chain [3] - There is a growing market consensus on the strategic necessity, technological feasibility, and broad market prospects of the satellite industry, supported by nearly 3 billion yuan in continuous net inflows this year and initiatives like SpaceX's "Million Starlink" project [3] Group 2 - The acceleration of domestic satellite constellation construction, breakthroughs in reusable rocket technology, and the emergence of more integrated applications like "vehicle + satellite" are expected to expedite the commercialization process of the entire industry [3] - The satellite industry ETF (159218) is positioned as a key tool for investors to gain exposure to the entire industry chain, likely continuing to serve as an important vehicle for capital to seize opportunities in the space economy era [3]

Core Insights - Caocao Travel has launched its overseas ride-hailing service in 42 countries and approximately 16,000 cities, establishing a broad international travel service network [1] - The app allows users to switch their location to the target city and call compliant local vehicles, simplifying the overseas travel process for Chinese users [1] - A significant portion of companies (33.2%) plan to increase their overseas travel budgets, with 6.1% of these companies expecting increases of over 30%, indicating a growing demand for international travel services [1] Group 1 - Caocao Travel has served over 13,500 enterprises since launching its corporate client services in 2016, indicating strong market penetration [2] - The company aims to integrate its services across daily commuting, business receptions, and travel management, enhancing the overall service chain [2] - The rapid expansion of the overseas ride-hailing business strengthens the company's capabilities in the international travel market and supports the globalization of its business travel services [2] Group 2 - The global high-end service network of Caocao's subsidiary, Yao Travel, has expanded to 12 international cities, including Paris, Tokyo, and Seoul [2] - Caocao Travel plans to further develop its overseas ride-hailing network, high-end vehicle services, and business travel operations to create a comprehensive global travel service [2] - The company aims to provide a more efficient, convenient, and integrated travel experience for Chinese enterprises and their employees worldwide [2]

Core Insights - Tesla's CEO Elon Musk announced a significant strategic shift, moving the company's focus from selling cars to providing Transportation as a Service (TaaS), specifically through Robotaxi operations [1][4] - This shift comes after the successful launch of Robotaxi in Austin, Texas, which previously boosted Tesla's stock by 8.23% [1] - In response to Tesla's strategic pivot, Chinese autonomous driving service provider Cao Cao Mobility is implementing a share incentive plan tied to its Robotaxi operations and market valuation goals [1][2] Tesla's Strategic Shift - Tesla will gradually phase out the Model S and Model X projects, transforming its Fremont factory into a base for producing 1 million Optimus robots annually [4] - Musk aims to redefine the business model, distancing Tesla from traditional automotive definitions and focusing on a new product form [4] Cao Cao Mobility's Response - Cao Cao Mobility's new share incentive plan links company milestones, such as achieving a market value of HKD 100 billion and increasing platform revenue, to individual performance [2] - The plan includes a broad range of stakeholders, emphasizing ecosystem collaboration rather than just executive focus [2] Robotaxi Development - Cao Cao Mobility is transitioning its second-generation Robotaxi from a "safety driver" model to fully autonomous operations, with plans for a custom model to debut in 2026 [5] - The company's three-phase strategy includes initial pilot testing, a shift to commercialized autonomous operations, and global expansion [5] International Expansion - In 2025, Cao Cao Mobility signed a memorandum with the Abu Dhabi Investment Office to establish an operational center and conduct autonomous driving trials [6] - Abu Dhabi's supportive regulatory environment for autonomous vehicles presents a significant opportunity for Cao Cao Mobility to expand internationally [6] Market Challenges - The development pace of Robotaxi services in China has slowed due to regulatory challenges, prompting many companies to explore overseas markets [5][6] - The success of Cao Cao Mobility's ambitious market valuation goal will depend on the speed of technological implementation, regulatory adaptability, and commercialization efficiency [6]

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].

Core Insights - Caocao Travel has officially launched its overseas ride-hailing service in 42 countries and approximately 16,000 cities, establishing a broad international travel service network [1] - The app allows users to switch their location to the target city and call compliant local vehicles, simplifying the overseas travel process by supporting a Chinese interface and real-time currency conversion [1] - As Chinese companies expand internationally, corporate travel and local employee transportation have become critical components of international operations, with 33.2% of companies planning to increase their overseas travel budgets [1] Group 1 - The overseas ride-hailing service covers major cities such as Los Angeles, Berlin, and Paris, allowing users to avoid the hassle of downloading local apps and currency exchange [1] - Companies are expected to see a rise in overseas travel spending from 3.3% in 2023 to 4.9% by mid-2025, with transportation services being a high-frequency and important aspect of cross-border travel management [1] - Since launching corporate client services in 2016, Caocao Travel has served over 13,500 enterprises by the end of 2024 [2] Group 2 - The company plans to integrate services across daily commuting, business receptions, and travel management through partnerships with Yao Travel and Geely Business Travel [2] - Yao Travel has expanded its global high-end service network to 12 international cities, including Paris, Tokyo, and Seoul [2] - The rapid expansion of the overseas ride-hailing business enhances the company's service capabilities in the international travel market and supports the globalization of its business travel services [2]

Core Insights - Caocao Travel has officially launched its overseas ride-hailing service in 42 countries and approximately 16,000 cities, gradually building a broad international travel service network [1][2] Company Overview - Users in cities like Los Angeles, Berlin, and Paris can call local compliant vehicles by switching their location in the Caocao Travel app, which supports a Chinese interface and real-time currency conversion to RMB [1][2] - The service simplifies the overseas travel process by eliminating the need to download local apps or exchange foreign currency, thus enhancing user convenience [1][2] Business Development - Since initiating corporate client services in 2016, Caocao Travel has served over 13,500 enterprises as of December 31, 2024 [1][2] - The company plans to integrate services across its subsidiaries, including Yao Travel and Geely Business Travel, to provide a comprehensive service chain from daily commuting to business reception and travel management [1][2] - Yao Travel's global service network has expanded to 12 international cities, including Paris, Tokyo, and Seoul, while Geely Business Travel offers full travel solutions and event services for overseas corporate clients [1][2]