Core Insights - The company plans to deploy a total of 100,000 fully customized Robotaxis by 2030, marking a significant step towards global commercialization of autonomous ride-hailing services [1][2] - The development model integrates smart customized vehicles, intelligent driving technology, and smart operations, leveraging a decade of experience in the shared mobility market [1] - The second-generation Robotaxi has already begun pilot operations, with ongoing enhancements in automated fleet management and the introduction of a remote safety service platform [1] Group 1 - The company is collaborating with Geely and partners to develop a fully customized Robotaxi model, which will be unveiled this year [2] - The "green intelligent passage island" initiative aims to integrate transportation, energy, and data chains, serving as a key support for a multi-dimensional mobility network [2] - The company has established a replicable construction standard for automated operations, planning extensive deployment alongside the expansion of its Robotaxi business [2] Group 2 - The company is actively pursuing international partnerships, including a memorandum of understanding with the Abu Dhabi Investment Office to establish an operational center and promote sustainable transportation solutions [2] - Future plans include deepening collaboration with various business segments under Geely, focusing on building a nationwide and globally radiating autonomous driving service system [3] - The company aims to drive urban transportation towards a greener, smarter, and more efficient direction through its fully customized Robotaxi fleet and intelligent infrastructure [3]

每经AI快讯，部分智驾概念股走高。截至发稿，小马智行-W(02026.HK)涨5.77%，报130.2港元；文远 知行-W(00800.HK)涨5.71%，报24.08港元；浙江世宝(01057.HK)涨5.55%，报6.09港元；曹操出行 (02643.HK)涨3.67%，报34.5港元。 ...

智通财经APP获悉，部分智驾概念股走高，截至发稿，小马智行-W(02026)涨5.77%，报130.2港元；文 远知行-W(00800)涨5.71%，报24.08港元；浙江世宝(01057)涨5.55%，报6.09港元；曹操出行(02643)涨 3.67%，报34.5港元。 东吴证券指，全球Robotaxi商业化拐点将现，看好国内L4公司出海再扬帆。平安证券认为，尽管目前L3 车型的运行条件还存在诸多限制，但L3车型的准入获批意味着智驾在技术、政策端的进步，为后续智 驾的商业化进程奠定基础。2026年智能驾驶的商业闭环有望进一步打通。 消息面上，当地时间1月22日，马斯克罕见现身达沃斯论坛，他在谈话中表示，特斯拉的自动驾驶出租 车服务Robotaxi今年有望在美国大规模部署，"到今年年底，这项服务将在美国范围内非常非常普及"， 已经开始在得州奥斯汀提供没有设置车内安全监督员的Robotaxi服务。 ...

消息面上，1月22日，在吉利控股集团战略解析会上，曹操出行宣布，计划到2030年累计投放10万辆完 全定制Robotaxi，在全球范围开启全面商业化运营。作为吉利控股集团Robotaxi最重要的商业化载体， 曹操出行具备Robotaxi发展所需的全部关键要素，形成了独特的"智能定制车+智能驾驶技术+智能运 营"三位一体发展模式。 目前，曹操出行第二代Robotaxi已开展试点运营。公司正持续提升大规模车队的自动化运营能力，将推 出曹操智行RAS远程安全服务平台，并全面应用智能化资产管理系统，进一步将运营优势与智能座舱、 智能驾驶技术深度融合。在Robotaxi2.0阶段，公司将逐步实现从主驾安全员到无人化运营的平稳过渡， 并探索有人驾驶与无人驾驶混合运营模式。 曹操出行(02643)盘中涨超6%，截至发稿，涨3.97%，报34.6港元，成交额6159.19万港元。 ...

Core Viewpoint - Caocao Travel plans to deploy a total of 100,000 fully customized Robotaxis by 2030, marking a significant step towards global commercialization of autonomous vehicle services [1] Group 1: Company Strategy - Caocao Travel's strategy is centered around a unique three-in-one development model that integrates smart customized vehicles, intelligent driving technology, and smart operations [1] - The company has initiated pilot operations for its second-generation Robotaxi, indicating progress in its autonomous vehicle deployment [1] Group 2: Technological Advancements - Caocao Travel is enhancing its large-scale fleet's automated operational capabilities and plans to launch the Caocao Zhixing RAS remote safety service platform [1] - The company aims to fully implement an intelligent asset management system to further integrate operational advantages with smart cockpit and intelligent driving technologies [1] Group 3: Operational Transition - In the Robotaxi 2.0 phase, Caocao Travel will gradually transition from having a safety driver to fully unmanned operations, while also exploring a mixed operation model of human-driven and autonomous vehicles [1]

1月22日，在吉利控股集团战略解析会上，曹操出行宣布，计划到2030年累计投放10万辆完全定制Robotaxi，在全球范围开启全面商业化运营。 作为吉利控股集团Robotaxi最重要的商业化载体，曹操出行具备Robotaxi发展所需的全部关键要素，形成了独特的"智能定制车+智能驾驶技术+智能运营"三 位一体发展模式。公司历经十年共享出行市场深耕，积累了海量出行数据、成熟调度算法和覆盖全国的服务网络，为Robotaxi的商业化落地奠定了坚实基 础。公司还持有运营国内同类规模最大的定制车队，为Robotaxi时代所需的规模化车队运营与资产高效管理积累了经验。 在推进国内布局的同时，曹操出行也积极拓展国际合作。公司已与阿布扎比投资办公室(ADIO)签署合作备忘录，将于今年在当地设立办事处与运营中心， 并与当地机构合作推进自动驾驶与绿色出行技术试点。双方将共同推广以电动及换电车辆为核心的可持续交通解决方案，把曹操出行在中国市场经过大规模 验证的高效换电网络与运营体系，融入阿布扎比的绿色能源生态系统。 未来，曹操出行将继续深化与吉利控股旗下各业务板块的协同，以完全定制Robotaxi车队为核心载体，以智能化基础设施为支 ...

到2030年，吉利控股将初步形成覆盖全球主要城市的天地一体化的服务能力，并投放10万辆曹操出行的Robotaxi的完全定制车型，在全球范围内开启商 业化运营。 孙婉秋摄 1月22日，吉利控股集团CEO安聪慧在战略解析会上表示，要加快在未来出行生态方面的布局。 ...

在推进国内布局的同时，曹操出行也积极拓展国际合作。公司已与阿布扎比投资办公室（ADIO）签署合作备忘录，将 于今年在当地设立办事处与运营中心，并与当地机构合作推进自动驾驶与绿色出行技术试点。双方将共同推广以电动 及换电车辆为核心的可持续交通解决方案，把曹操出行在中国市场经过大规模验证的高效换电网络与运营体系，融入 阿布扎比的绿色能源生态系统。 目前，曹操出行第二代Robotaxi已开展试点运营。公司正持续提升大规模车队的自动化运营能力，将推出曹操智行 RAS远程安全服务平台，并全面应用智能化资产管理系统，进一步将运营优势与智能座舱、智能驾驶技术深度融合。 在Robotaxi 2.0阶段，公司将逐步实现从主驾安全员到无人化运营的平稳过渡，并探索有人驾驶与无人驾驶混合运营模 式。 与此同时，曹操出行正与吉利及相关合作伙伴共同开发预装专属自动驾驶组件及应用的Robotaxi完全定制车型。该车 型将于今年亮相，并计划至2030年累计投放10万辆。 绿色智能通行岛作为吉利控股"引领绿色智能通行生态"愿景的实体呈现，未来将推动交通链、能源链、数据链三链融 合，成为构建立体出行网络的关键支点。曹操出行已制定了可复制的建设标 ...

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Summary of the Conference Call for Cao Cao Mobility Company Overview - **Company**: Cao Cao Mobility - **Current Valuation**: Approximately HKD 20 billion - **Projected Revenue for the Year**: CNY 26 billion - **Comparison**: Positioned against Didi, Uber, and Lyft in the ride-hailing sector [2][3][12] Industry Insights - **Evolution of Ride-Hailing**: Transition from traditional taxis to ride-hailing and now to autonomous vehicles, with algorithms replacing drivers and vehicle management handled by rental companies or platforms [2][4] - **Cost Advantage**: Shared mobility prices per kilometer are nearly half that of private cars, indicating potential to replace some private car demand. The private car market in China is approximately CNY 11 trillion [2][4] - **Market Size**: - China’s ride-hailing vehicle count is around 5 million, with expectations of a single operating entity exceeding 10,000 vehicles by 2028 and a 50% penetration rate for autonomous vehicles by 2030 [5] - Global Robotaxi count is projected to exceed 1.5 million by 2030, with North America leading in development, followed by China and the Middle East [5][8] Competitive Positioning - **Strategic Partnerships**: Backed by Geely, enhancing operational capabilities and technology through partnerships with Qianli Technology [2][6][7] - **Market Role**: Positioned as a third-party traffic platform in the autonomous vehicle era, similar to Didi in the ride-hailing era, with diversified supply sources [3][9] Financial Projections - **2026 Goals**: Aim to operate 500 Robotaxis, with expectations of reducing losses in traditional ride-hailing operations and achieving a projected revenue of CNY 26 billion, with a slight net loss of CNY 270 million [3][10] - **Long-term Vision**: Plans to operate around 100,000 Robotaxis by 2030, anticipating a market turning point by 2028 that will drive company valuation growth [3][11] Investment Opportunities - **Undervalued Status**: Current valuation is considered low compared to peers; if Didi lists successfully, its valuation should exceed that of Lyft or Uber. A price-to-sales ratio of at least 1x is suggested based on projected revenues [2][12] - **Catalysts for Growth**: Key developments such as Tesla's Subcab production in 2026, the launch of XPeng's second-generation VRA model, and the introduction of L3/L4 national standards are expected to accelerate market growth [3][13] Conclusion Cao Cao Mobility is positioned as a significant player in the evolving ride-hailing and autonomous vehicle market, with strong backing, strategic partnerships, and a clear growth trajectory. The company is currently undervalued, presenting potential investment opportunities as the market transitions towards autonomous mobility.