Core Insights - The company has made significant progress in its Robotaxi business, with the second-generation Robotaxi model entering trial operations and the introduction of the industry's first "green intelligent passage island" in Hangzhou by the end of the year [1][2] Group 1: Robotaxi Development - The second-generation Robotaxi model is currently in the testing phase, focusing on validating unmanned capabilities and operational efficiency [1] - A clear product iteration roadmap has been established, with the first-generation model having been demonstrated in Hangzhou and Suzhou since February 2025 [1] - The third-generation Robotaxi model is in the research and development stage, aimed at deep design and optimization for unmanned driving scenarios [1] Group 2: Technological Innovations - The Robotaxi 2.0 plan will introduce multiple technological upgrades, including a remote safety assistance platform, intelligent fulfillment platform, AI travel cabin, intelligent asset management system, and a central travel brain for intelligent scheduling [2] - The green intelligent passage island will serve as a comprehensive hub for smart operations, integrating functions such as intelligent vehicle dispatch, parking, automatic battery swapping, inspection, maintenance, and cleaning [2] - Future expansions of the green intelligent passage island will include capabilities for green energy storage and low-altitude aircraft connections, evolving into a multi-dimensional travel hub [2] Group 3: Strategic Positioning - The company positions itself as one of the few global platforms with comprehensive Robotaxi capabilities, focusing on a three-pronged development strategy of smart customized vehicles, intelligent driving technology, and smart operations [1]

Core Insights - The company, Cao Cao Mobility, showcased its Robotaxi business development at the 2025 World Internet Conference, highlighting its second-generation Robotaxi model and the upcoming "green intelligent passage island" in Hangzhou [1][2] Group 1: Robotaxi Development - The second-generation Robotaxi model has entered trial operation, with the innovative "green intelligent passage island" expected to be operational by the end of the year in Hangzhou, providing a systematic solution for large-scale deployment [1][2] - Cao Cao Mobility has established a three-pronged development strategy for Robotaxi, focusing on "intelligent customized vehicles, intelligent driving technology, and intelligent operations," creating a resource loop and collaborative advantages for commercialization [1][2] Group 2: Vehicle Development Roadmap - The company has a clear roadmap for three generations of products: the first generation has been demonstrated in Hangzhou and Suzhou since February 2025; the second generation is currently in trial operation, emphasizing large-scale and unmanned operation verification; the third generation is in the R&D phase, designed specifically for autonomous driving scenarios [1] Group 3: Central Mobility Brain - The second-generation Robotaxi will fully utilize the company's self-developed "Central Mobility Brain," which optimizes order-taking strategies based on global supply and demand efficiency, enhancing vehicle dispatch, route planning, and energy management [2] - The first "green intelligent passage island" will serve as an integrated maintenance center for Robotaxi, enhancing safety and operational efficiency, with future expansions planned for green energy storage and low-altitude vehicle connections [2] Group 4: Competitive Advantage - Industry insiders believe that Cao Cao Mobility has built a unique competitive edge in the Robotaxi sector by leveraging Geely's ecosystem and its operational experience, covering vehicle development, technology integration, and operational services [3]

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11月5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 | | | | | | | | | | | 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 | 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 本月底法定/註冊股本總額： USD 50,000 | | | 第 1 頁 共 ...

Core Insights - Cao Cao Travel has launched an overseas ride-hailing service covering six countries and ten popular tourist cities, including Hong Kong, Singapore, South Korea, Malaysia, Thailand, the Philippines, and Vietnam [1][2] - The service aims to meet the growing demand for convenient and localized overseas travel services among Chinese tourists, with outbound travel expected to exceed 145 million trips in 2024 [1] - The platform offers a unified Chinese interface, real-time online translation, and supports mobile payments in RMB, eliminating the need for currency exchange [1] Company Overview - Cao Cao Travel operates in 163 cities across China, with an average monthly active user count of 38.1 million and over 37,000 customized vehicles in operation [1] - The overseas service is part of Geely Holding Group's strategic platform for intelligent shared mobility [1] Industry Context - According to ITB CHINA's 2025/26 Travel Trends Report, the number of outbound trips by Chinese residents is projected to continue growing, highlighting the increasing demand for efficient travel solutions [1]

Core Insights - The company, Cao Cao Travel, has launched an overseas ride-hailing service covering six countries and ten popular tourist cities, simplifying the travel process for domestic users [1][2] - The demand for convenient and localized overseas travel services is increasing among Chinese tourists, with outbound travel expected to exceed 145 million trips in 2024 [1] Group 1: Service Launch - Cao Cao Travel has introduced an overseas ride-hailing guide, allowing users to switch their location in the app to access services in supported countries [1] - The initial launch includes cities in Singapore, South Korea, Malaysia, Thailand, the Philippines, and Vietnam [1] Group 2: User Experience - The service features a unified Chinese interface, real-time online translation, and supports mobile payments in RMB, eliminating the need for currency exchange [2] - The app aims to enhance the experience for both Chinese tourists and local users by providing familiar services [2] Group 3: Market Position - Cao Cao Travel operates in 163 cities across China with an average monthly active user count of 38.1 million and over 37,000 customized vehicles [2] - The company is positioned as the largest technology ride-hailing platform on the Hong Kong Stock Exchange [2]

Core Insights - Caocao Travel has launched an overseas ride-hailing service covering six countries and regions, allowing domestic users to use the app without downloading local ride-hailing software [1][6] - The service aims to simplify the overseas travel process for Chinese tourists, addressing common issues such as language barriers and payment incompatibility [6][8] Group 1: Service Overview - The initial rollout includes popular tourist cities in Singapore, South Korea, Malaysia, Thailand, the Philippines, Vietnam, and Hong Kong [1][8] - Users can switch their location in the app to access ride-hailing services in these countries, providing a seamless travel experience [4][6] Group 2: Market Context - According to ITB CHINA's latest report, outbound travel from mainland China is expected to exceed 145 million trips in 2024, indicating a growing demand for convenient and localized overseas travel services [6] - Caocao Travel's service addresses pain points faced by domestic tourists, such as unfamiliarity with local apps and payment methods [6] Group 3: Company Background - Caocao Travel operates in 163 cities across China, with an average monthly active user count of 38.1 million and over 37,000 customized vehicles [6] - The app features a unified Chinese interface, real-time translation, and supports mobile payments in RMB, enhancing the user experience for Chinese tourists abroad [6][8]

Core Insights - The company has launched an overseas ride-hailing service, simplifying the travel process for domestic users by allowing them to use the existing app without needing to download local ride-hailing software [1] Group 1 - The service initially covers six countries: Singapore, South Korea, Malaysia, Thailand, the Philippines, and Vietnam, across ten popular tourist cities [1] - This initiative significantly enhances the convenience of international travel for users by streamlining the ride-hailing process [1]

Core Viewpoint - Caocao Travel has launched overseas ride-hailing services in multiple countries and regions, simplifying the travel process for domestic users [1] Group 1 - The initial coverage of the overseas ride-hailing service includes Hong Kong, Singapore, Seoul, Busan, Jeju, Kuala Lumpur, Kota Kinabalu, Bangkok, Ho Chi Minh City, and Pasay [1] - Users can utilize the Caocao Travel app to book rides abroad without needing to download local ride-hailing applications [1] - The company plans to expand its overseas services to more popular global cities in the future [1]

Core Insights - Caocao Travel has launched an overseas ride-hailing service covering six countries and regions, allowing domestic users to book rides without needing local apps, simplifying the travel process significantly [1][3] Group 1: Service Overview - The service initially covers Singapore, South Korea, Malaysia, Thailand, the Philippines, Vietnam, and Hong Kong, enabling users to switch their location in the Caocao app for seamless ride-hailing [1][4] - Users can access local transportation needs through the app, which intelligently recommends pickup locations based on their position, enhancing the user experience [1] Group 2: Market Context - According to ITB CHINA's report, outbound travel from mainland China is expected to exceed 145 million trips in 2024, indicating a growing demand for convenient and localized overseas travel services [3] - Domestic tourists often face challenges such as language barriers and unfamiliar payment methods when hailing rides abroad, which Caocao's service aims to address [3] Group 3: Company Positioning - Caocao Travel operates in 163 cities across China, with an average monthly active user count of 38.1 million and over 37,000 customized vehicles, making it the largest tech ride-hailing platform on the Hong Kong Stock Exchange [3] - The new overseas service features a unified Chinese interface, real-time translation, and supports RMB mobile payments, catering to domestic user habits and enhancing the overall travel experience [3][4]

Core Viewpoint - The shared mobility platform Cao Cao Mobility is gaining attention in the capital market due to its clear commercialization path for Robotaxi and improving financial status [2][3] Group 1: Market Performance and Analyst Ratings - Citi has initiated coverage on Cao Cao Mobility with a "Buy" rating and a target price of 70 HKD, highlighting its outstanding performance in the Chinese ride-hailing market, which is growing faster than the industry average [2] - Major domestic brokerages, including Huatai Securities, CICC, and CITIC Securities, have also covered Cao Cao Mobility, all giving "Buy" or "Outperform" ratings [2][3] - As of October 20, 2025, eight analysts covering Cao Cao Mobility have given "Strong Buy" ratings, with target prices averaging close to 80 HKD, indicating strong investor confidence in its long-term value [4] Group 2: Competitive Advantages and Strategic Positioning - Cao Cao Mobility's unique competitive advantage lies in its integrated model of "customized vehicles + intelligent driving + platform," supported by Geely Holding Group, which provides cost advantages from the upstream of the supply chain [3][6] - The Robotaxi business is viewed as a key catalyst for valuation enhancement, with expectations that it will help establish a first-mover advantage in the commercialization of intelligent driving [3][6] - The company has deployed over 37,000 customized vehicles across 31 cities, contributing a Gross Transaction Value (GTV) of 2.5 billion CNY, reflecting a year-on-year growth of 34.7% [5] Group 3: Financial Performance and Cost Efficiency - For the six months ending June 30, 2025, Cao Cao Mobility reported revenues of 9.456 billion CNY, representing a year-on-year increase of 53.5% [5] - The customized vehicle strategy significantly reduces the total cost of ownership (TCO), with an average TCO reduction of 36.4%, bringing it down to approximately 0.5 CNY per kilometer [6] - The network of 133 Geely-authorized maintenance shops has led to a 25% reduction in average maintenance time and a 54% reduction in maintenance costs [6] Group 4: Future Outlook and Industry Trends - The ride-hailing service industry is entering a more attractive development phase, with structural demand increasing and order frequency continuing to rise [7] - As Robotaxi deployment scales up, the synergy between Cao Cao Mobility and Geely is expected to create barriers in cost optimization and service enhancement, suggesting that overall opportunities outweigh threats [7]