滴滴出行：今年年底前，将把每笔订单最高抽成上限从29%降至27% 近日，多家网约车宣布降低抽成。其中，滴滴出行、T3出行都将最高抽成降低至27%，曹操出行则降低至22.5%。高德打车也表示，将联合网约车平台合 作伙伴，支持司机权益保障。 滴滴出行表示，今年年底前，将把每笔订单最高抽成上限从29%降至27%，超出27%的部分将随单返还。虽然目前抽成达到27%以上的订单只占极少数， 但希望通过这项无门槛的调整，进一步确保滴滴平台内所有网约车司机都能受益。 来源：滴滴出行公众号 滴滴出行同时表示，滴滴在扩大平台就业容量的同时，努力稳定司机收入，持续降低抽成，2024年，滴滴所有订单平均抽成为14%。在公开透明的账单页 面，司机师傅们可以看到每笔订单的抽成，有高有低，还有一些订单是不抽成、负抽成。司机师傅也可以通过滴滴车主App流水页面查看司机收入报告， 可以看到过去7天平均抽成和上月平均抽成。 T3出行：今年年底前，抽成比例26%-27%的订单数量占比将从21%降至17% T3出行表示，平台抽成比例最高不超过27%，今年年底前，抽成比例26%-27%的订单数量占比将从21%降至17%。 来源：T3出行公众号 T3出 ...

Core Viewpoint - Caocao Travel has been selected to be included in the Hang Seng Composite Index, effective September 8, 2025, indicating strong market recognition and potential for growth [1] Group 1: Company Performance and Market Position - Since its listing on the Hong Kong Stock Exchange on June 25, 2025, Caocao Travel's stock price has been on the rise, supported by positive ratings from various institutions [1] - The company has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [1] - By the end of 2024, Caocao Travel is expected to have approximately 1.5 million active vehicles on its platform, achieving a Gross Transaction Value (GTV) of around 17 billion yuan [1] Group 2: Business Strategy and Growth Potential - Caocao Travel has deployed 34,000 customized electric vehicles in 31 core cities, leading the market in terms of fleet size [2] - The total cost of ownership (TCO) for the customized vehicles is 36% lower than typical electric vehicles, contributing to an expected gross margin increase to 8.1% in 2024 [2] - The Robotaxi business is anticipated to be the company's largest growth driver, with the "Caocao Zhixing" autonomous driving platform launched in February 2025 [2] - The company is collaborating with Geely to develop L4-level Robotaxi models, which are expected to have significantly lower TCO compared to industry peers [2] Group 3: Financial Projections - According to Zheshang Securities, Caocao Travel's projected revenues for 2025, 2026, and 2027 are 19.7 billion, 25.6 billion, and 30 billion yuan respectively, with a compound annual growth rate of 27% [2] - The company is expected to achieve positive EBIT for the first time in 2026 and to become fully profitable by 2027 [2] - Current valuation levels are significantly lower than international peers, presenting an attractive investment opportunity [2]

Core Viewpoint - Caocao Travel has been selected to be included in the Hang Seng Composite Index, effective September 8, 2025, which is expected to enhance its market visibility and trading volume [1] Group 1: Company Performance and Market Position - Since its listing on the Hong Kong Stock Exchange on June 25, 2025, Caocao Travel's stock price has been on the rise, supported by positive ratings from various institutions [1] - The company has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [1] - By the end of 2024, Caocao Travel is projected to have approximately 1.5 million active vehicles on its platform, with a Gross Transaction Value (GTV) of around 17 billion yuan [1] Group 2: Business Model and Growth Strategy - Caocao Travel operates a light-asset model, entering 85 new cities by selling customized vehicles to local partners, incentivizing them to provide services on the platform [1] - The company has over 1,000 cooperative merchants in its ecosystem, with partner revenue increasing by 34% year-on-year, and plans to open 200 new cities in 2025 [1] Group 3: Cost Control and Profitability - The company has deployed 34,000 customized electric vehicles in 31 core cities, achieving the largest fleet in its category, with a Total Cost of Ownership (TCO) 36% lower than typical electric vehicles [2] - The gross margin is expected to improve to 8.1% in 2024, indicating ongoing enhancements in profitability [2] Group 4: Future Growth Potential - The Robotaxi business is anticipated to be the company's largest growth driver, with the "Caocao Zhixing" autonomous driving platform launched in February 2025 [2] - By 2035, the Chinese Robotaxi market is projected to reach 1.6 trillion yuan, and Caocao Travel aims to capitalize on this growth through its integrated ecosystem of customized vehicles, smart driving, and ride-hailing services [2] - Revenue forecasts for Caocao Travel from 2025 to 2027 are 19.7 billion, 25.6 billion, and 30 billion yuan respectively, with a compound annual growth rate of 27% [2]

Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, CaoCao Inc. (the "Company") is writing to inform you that the Company has adopted electronic dissemination of corporate com ...

22 August 2025 Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, CaoCao Inc. (the "Company") is writing to inform you that the Company has adopted electronic dissemination of co ...

Core Viewpoint - Cao Cao Mobility (02643) has seen its stock price rise over 9%, reaching a new high of 77.95 HKD, driven by recent announcements from multiple ride-hailing companies to lower commission rates, enhancing market stability and benefiting leading platforms like Cao Cao Mobility [1] Company Summary - Cao Cao Mobility has reduced its commission rate to 22.5%, while competitors like Didi and T3 have lowered theirs to 27%, indicating a trend towards lower fees in the industry [1] - The company is supported by the Geely Group's ecosystem, leveraging technology and manufacturing advantages to create a unique "customized vehicle + intelligent driving + mobility platform" Robotaxi self-research closed-loop ecosystem [1] - The company is expected to be included in the Hong Kong Stock Connect program in September, according to Huatai Securities [1] - The company plans to hold a board meeting on August 26 to approve its interim results [1] - Shenwan Hongyuan highlights Cao Cao Mobility's differentiated advantages in customized operations, cost control, and technological ecosystem, indicating a clear path to profitability with high growth potential in its Robotaxi business [1] Industry Summary - The reduction in commission rates by major platforms is expected to stabilize driver supply and contribute to a healthier long-term development of the ride-hailing market [1] - The overall market structure is anticipated to stabilize as leading platforms benefit from the industry's healthy development [1]

消息面上，近日，多家网约车宣布降低抽成。其中，滴滴出行、T3出行都将最高抽成降低至27%，曹操 出行则降低至22.5%。民生证券认为，行业主要平台宣布降低费率水平，将增强司机供给的稳定性和持 续性，长期将使得网约车平台市场格局走向稳定，该行认为行业头部平台网约车业务中长期均受益于行 业健康发展，关注多元化布局的平台公司曹操出行，深度依托吉利集团的生态支撑，公司叠加技术与制 造优势，构建国内首个"定制车+智能驾驶+出行平台"Robotaxi自研闭环生态。 恒指公司今日将发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8日起生效，据华泰证券 预测，曹操出行有望于9月被纳入港股通范围。另外，公司拟于8月26日举行董事会会议批准中期业绩。 申万宏源指出，曹操出行在定制化运营、成本控制及技术生态方面具备差异化优势，未来扭亏为盈路径 清晰，Robotaxi业务贡献高成长性及期权属性，潜在利润弹性值得关注。 智通财经APP获悉，曹操出行(02643)涨超9%，高见77.95港元创上市新高。截至发稿，涨8.94%，报77.4 港元，成交额5676.83万港元。 ...

长期困扰网约车司机的高抽成问题有望得到改善。 近期，滴滴出行、T3出行、曹操出行等平台接连发布公告，通过降低抽成比例，进一步保障司机权益。 集体官宣降低抽成比例 滴滴出行表示，今年年底前，平台将把每笔订单最高抽成上限从29%降至27%，超出27%的部分将随单返还。同时，针对每月在平台完成订单达到50单的 司机，平台将通过"返佣宝"保障其当月月均抽成上限不超过25%，超过部分将在次月自动返还至司机账户。 滴滴发布的新版账单示例 滴滴表示，2024年，平台所有订单平均抽成为14%。在公开透明的账单页面，司机可以看到每笔订单的抽成。司机师傅也可以通过滴滴车主App流水页面 查看司机收入报告，可以看到过去7天平均抽成和上月平均抽成。 T3出行表示，平台订单的抽成比例最高不超过27%，今年年底前将抽成比例26%~27%的订单数量占比从21%降至17%。对于每月订单完成量不少于50单 的平台司机，保障其当月流水总额的抽成上限不超过25%，超出部分自动返还司机。 关于半台减少抽成的公告 为切实加强保障广大司机权益,T3出行现就平 台抽成减少工作公告如下： 1.T3出行平台订单的抽成比例最高不超过27%。 今年年底前将抽成比 ...

Group 1 - The core viewpoint is that southbound funds have become a crucial driving force in the Hong Kong stock market, with their influence expected to deepen due to unique investment opportunities and long-term policy support [1][2] - Southbound funds account for over one-third of the daily net inflow in the Hong Kong Stock Exchange's main board trading volume and hold nearly 15% of the free float market capitalization of Hong Kong stocks, both metrics having increased by over 30% since before 2024 [2] - Cumulative net inflow from southbound funds has reached $14 billion since 2025, surpassing the total for 2024, with daily inflows increasing by 84.6% year-on-year [2] Group 2 - Stocks included in the southbound trading scheme typically show strong performance prior to inclusion, with an average increase of 3.7% in the 30 days before inclusion, outperforming the Hang Seng Index by 5.2% [3] - In February, 26 out of 27 stocks included in the southbound scheme rose in the 30 days prior, with an average absolute return of 41% and a relative return of 19% compared to the Hang Seng Index [3] - Post-inclusion, stocks may experience short-term pressure, with an average relative return of -2.0% over 30 days, but still show a long-term excess return of 4.6% over 90 days [3] Group 3 - Morgan Stanley has developed a southbound stock selection model (MSSBT) that accurately predicts stocks to be included in the scheme, achieving an average hit rate of 85% across the last four semi-annual inclusion cycles, with a peak of 97% in August 2024 [4] - The simulated portfolio under equal-weight allocation shows an average absolute return of 10.1% in the 30 days prior to inclusion, outperforming the Hang Seng Index by 7.4% [4] - The model employs strict selection criteria, including market capitalization above 50 billion HKD and compliance with turnover rate standards, while excluding stocks with high ownership concentration [4] Group 4 - The latest forecast indicates that 19 stocks will be included in the southbound scheme in September, covering seven major sectors, with healthcare (6 stocks) and industrials (5 stocks) making up over 50% of the list [5][6] - The top five candidates by market capitalization include Cao Cao Inc (Industrials), Ying En Biological (Healthcare), Nanshan Aluminum International (Materials), Zhengli New Energy (Industrials), and Yunzhisheng (Information Technology) [6] Group 5 - The recommended strategy for maximizing returns involves entering positions one month prior to inclusion, diversifying risk through equal-weight allocation of selected stocks, and locking in short-term gains by selling on the official inclusion date [8]

Core Viewpoint - The report by Shenwan Hongyuan highlights that Cao Cao Mobility, a significant ride-sharing platform under Geely Group, is actively developing customized fleets and Robotaxi autonomous driving services, showcasing a clear path to profitability and high growth potential [1][2]. Company Overview - Cao Cao Mobility operates in the ride-hailing service, vehicle sales, and vehicle leasing sectors, making it a key player in China's shared mobility market [1]. - The company has the largest customized ride-hailing fleet in the country, benefiting from Geely Group's strong vehicle research and manufacturing capabilities [1]. Business Strategy - The company employs a "pre-subsidy penetration + post-subsidy optimization" strategy for rapid market expansion, which is expected to improve revenue as user habits develop and operational scale increases [1]. - Revenue growth has consistently outpaced the industry average over the past two years, with a forecast for continued high growth in order volume over the next three years [1][2]. Financial Performance - Despite concerns about ongoing losses, Shenwan Hongyuan believes these are a temporary characteristic of the customized vehicle model, with operating cash flow turning positive in recent years and losses narrowing [2]. - The company is expected to achieve positive EBIT next year and reach profit margins comparable to industry leaders in the following year [2]. Technological Development - Cao Cao Mobility has established a comprehensive ecosystem in the Robotaxi sector, effectively mitigating external technology dependency risks [2]. - The self-developed "Qianli Haohan" autonomous driving solution supports its Robotaxi demonstration operations, with customized vehicles optimized for energy consumption, space, and safety in autonomous driving scenarios [2]. Market Position and Valuation - The company possesses differentiated advantages in customized operations, cost control, and technological ecosystem, with a clear path to profitability [2]. - Shenwan Hongyuan's absolute valuation method estimates the current target market value of Cao Cao Mobility at HKD 46.9 billion (RMB 42.8 billion), indicating approximately 21% upside potential, leading to a "buy" rating [2]. Stock Performance - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, with an initial price of HKD 41.94 per share, and has seen a steady increase in stock price, reaching HKD 77 by August 19, representing a 69.3% increase from the issue price [3]. - The company is anticipated to be included in the Hong Kong Stock Connect list on September 8, according to predictions from institutions like Morgan Stanley [3].