公司上半年总GTV为110亿元，同比增加53.6%；总订单量达379.5百万单，同比增加49.0%。截至2025年6月30日，公司在163个城市经营业务。 曹操出行(2643.HK)拉升涨近14%，报92.5港元，股价创历史新高，市值超500亿港元。 消息面上，公司昨晚公布业绩显示，2025年上半年收入95亿元，同比增加53.5%。持续增长带来的规模效应与营运效率提升，显著推动毛利增长并使毛利 率稳步改善，公司毛利率由上年同期的7.0%提升至8.4%。 ...

Core Viewpoints - The company, established in 2015, is one of the top three ride-hailing platforms in China, with projected revenue of approximately 14.7 billion yuan in 2024 and a GTV market share of about 5.4% [1] - The shared mobility market is expected to grow significantly, reaching a market size of 804.2 billion yuan by 2029, driven by technological upgrades and cost reductions [1] - The company plans to expand its fleet to 34,000 vehicles and operate in 136 cities by the end of 2024, which will likely enhance its market share [1][3] - Backed by Geely Auto, the company is actively developing autonomous driving technology, which may benefit from the manufacturing capabilities of leading automotive companies and the large-scale commercialization of Robotaxi [1][4] Summary of Company - The company, known as Cao Cao Mobility, is a leading ride-hailing platform incubated by Geely Group, successfully listing on the Hong Kong Stock Exchange in June 2025 [1] - The company has a stable and concentrated shareholding structure, with Geely's chairman holding 77.1% of the shares, and has implemented stock incentives for over 700 employees prior to its IPO [1] - The revenue composition for 2024 is projected to be 92.6% from ride-hailing services, 5.9% from vehicle sales, and 1.3% from vehicle leasing [1] - From 2021 to 2024, the company's revenue is expected to double, with a projected revenue of approximately 14.657 billion yuan in 2024, representing a year-on-year growth of 37.4% [1] Summary of Industry - The Chinese ride-hailing market is projected to reach approximately 310 billion yuan in 2024, forming a competitive landscape characterized by "one strong player and multiple strong competitors" [2] - Didi remains the dominant player with a market share of 70.4%, while Cao Cao Mobility is expected to surpass T3 Mobility with a market share of 5.4% in 2024 [2] - The shared mobility market is anticipated to grow significantly, with the overall transportation market in China expected to reach 10.6 trillion yuan by 2029 [2] - The traditional ride-hailing business still has growth potential, with Cao Cao Mobility's GTV increasing from 4.4 billion yuan in 2022 to 14.5 billion yuan in 2024, driven by orders from aggregation platforms [3]

Core Insights - Cao Cao Mobility reported a total order volume of 379.5 million, representing a year-on-year growth of 49.0% [1] - The company achieved a revenue of 9.456 billion yuan, an increase of 53.5% compared to the previous year [1] - The gross profit margin improved from 7.0% to 8.4%, and the net loss narrowed by 39.8% year-on-year [1] - Cash flow from operating activities increased by 164.6% year-on-year, indicating an improvement in financial health [1] Business Expansion and Strategy - The company operates in 163 cities and has over 37,000 customized vehicles in 31 cities as part of its tailored vehicle strategy [1] - Customized vehicles contributed 2.5 billion yuan to GTV, showing a year-on-year growth of 34.7% [1] - The average monthly active users increased by 57.4%, and the average monthly drivers grew by 53.5% [2] Technological Advancements - Cao Cao Mobility is developing Robotaxi services through its platform "Cao Cao Zhixing," with over 15,000 kilometers of autonomous driving tests completed in Suzhou and Hangzhou [2] - The company collaborates with Geely and partners to develop autonomous driving technology and customized vehicles with proprietary components [2] Social Responsibility Initiatives - The company launched a barrier-free public welfare brand and deployed over 1,000 barrier-free vehicles in more than 20 cities [2] - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers [2] Future Outlook - The company aims to leverage its competitive advantages, successful regional expansion, and strong development of Robotaxi services to optimize growth strategies and achieve a balance between rapid growth and profitability [3]

Core Insights - Cao Cao Mobility reported a total order volume of 379.5 million, representing a year-on-year growth of 49.0% as of June 30, 2025 [1] - The company achieved a revenue of RMB 9.456 billion, marking a 53.5% increase compared to the previous year [1] - The gross profit margin improved from 7.0% to 8.4%, and the net loss narrowed by 39.8% year-on-year [1] - Operating cash flow increased by 164.6% year-on-year [1] Business Performance - The service coverage expanded to 163 cities nationwide [1] - The average monthly active users grew by 57.4%, while the average monthly active drivers increased by 53.5% [1] - The average order value (AOV) rose to RMB 28.9 [1] Vehicle and Technology Development - The company owns over 37,000 customized vehicles across 31 cities [1] - Customized vehicles contributed RMB 2.5 billion to gross transaction value (GTV), a year-on-year increase of 34.7% [1] - Cao Cao Mobility has begun deploying a new generation of Robotaxi, integrating advanced technologies and safety features [1] - Over 15,000 kilometers of autonomous driving tests have been completed in Suzhou and Hangzhou [1] Social Responsibility Initiatives - The company launched a barrier-free public welfare brand, deploying over 1,000 barrier-free vehicles in more than 20 cities [2] - Monthly "Barrier-Free Public Welfare Day" activities are conducted [2] - Initiatives such as driver care funds and education funds for drivers' children have been established [2]

Core Viewpoint - The financial performance of Cao Cao Mobility shows significant improvement, with a notable increase in revenue and a reduction in losses, indicating a positive trend in the company's operations [3][4]. Financial Performance - In the first half of the year, Cao Cao Mobility achieved a revenue of 9.456 billion yuan, representing a year-on-year growth of 53.5% [3]. - The gross profit margin increased from 7.0% in the same period of 2024 to 8.4% [3]. - The net loss narrowed by 39.8% year-on-year, and the net cash flow from operating activities grew by 164.6% [3]. Business Operations - The company expanded its operations to cover 163 cities nationwide, with a total order volume of 379.5 million, marking a 49.0% increase year-on-year [3]. - Cao Cao Mobility has been actively promoting its customized vehicle strategy, owning over 37,000 customized vehicles across 31 cities as of June 30, 2025, contributing 2.5 billion yuan to GTV, a 34.7% increase [4]. User Engagement - The average monthly active users on the platform increased by 57.4% year-on-year, while the average monthly active drivers rose by 53.5% [4]. - The average order value (AOV) increased to 28.9 yuan [4]. - The company received recognition for having the best service reputation among major shared mobility platforms in China during user surveys conducted from Q4 2023 to Q2 2025 [4]. Technological Development - Cao Cao Mobility is developing Robotaxi services through its platform "Cao Cao Zhixing," with the deployment of a new generation of Robotaxi starting in April 2025 [4]. - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou by the end of the reporting period [4]. Social Responsibility - The company launched a barrier-free public welfare brand and deployed over 1,000 barrier-free special vehicles in more than 20 cities, providing free rides for wheelchair users [5]. - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers and has established various support programs for drivers [5]. Future Outlook - The company aims to leverage its unique competitive advantages, successful regional expansion, strong development of Robotaxi, and strategic relationship with Geely Holding Group to optimize growth strategies and achieve a healthy balance between rapid growth and profitability [5].

8月26日晚，《每日经济新闻》记者获悉，曹操出行（02643.HK）发布了2025年中期业绩公告。数据显 示，公司上半年实现收入95亿元，同比增长53.5%；毛利率由去年同期的7.0%提升至8.4%，财务状况呈 改善态势；业务覆盖全国163座城市，总订单量为3.795亿单，同比增长49.0%。自2025年4月起，公司已 开始部署新一代Robotaxi。 （文章来源：每日经济新闻） ...

Core Insights - The company reported a revenue of 9.456 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 53.5% [1] - Adjusted net loss narrowed to 330 million RMB, a decrease of 34% compared to the previous year [1] - Loss attributable to shareholders was 495 million RMB, down 35.45% year-on-year, with a basic loss per share of 1.09 RMB [1] Business Performance - The company's operations have expanded to cover 163 cities as of June 30, 2025 [1] - Total Gross Transaction Value (GTV) reached 11 billion RMB, marking a 53.6% increase from the same period last year [1] - Total order volume hit 379.5 million, reflecting a year-on-year growth of 49.0% [1] Vehicle Deployment - As of June 30, 2025, the company deployed over 37,000 customized vehicles across 31 cities for affiliated drivers [1] - Customized vehicles contributed 2.5 billion RMB to GTV, showing a year-on-year growth of 34.7% [1]

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Group 1 - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [2] - The adjusted net loss for the company was RMB 330 million, which is a 34% reduction compared to the previous year [2] - The loss attributable to the company's owners was RMB 495 million, reflecting a decrease of 35.45% year-on-year [2] - The basic loss per share was RMB 1.09 [2]

Core Insights - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [1] - Adjusted net loss decreased to RMB 330 million, a reduction of 34% compared to the previous year [1] - The total Gross Transaction Value (GTV) reached RMB 11 billion, up 53.6% from RMB 7.1 billion in the same period last year [1] Financial Performance - The company recorded a loss attributable to shareholders of RMB 495 million, which is a decrease of 35.45% year-on-year [1] - Basic loss per share was RMB 1.09 [1] Operational Metrics - The company operated in 163 cities as of June 30, 2025 [1] - Total order volume reached 379.5 million, an increase of 49.0% from 254.8 million in the same period last year [1] - The fleet consisted of over 37,000 customized vehicles deployed in 31 cities [1] Vehicle Sales and User Recognition - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [2] - The company was rated as having the "best service reputation" among leading shared mobility platforms in China, reflecting high user recognition [2]