Core Viewpoint - The report highlights the complaint rates of various ride-hailing platforms in Dongguan for the second half of 2024, indicating significant issues with service quality and management among certain platforms [1][8]. Complaint Rates by Order Volume - Among platforms with daily order volumes exceeding 10,000, "如祺出行" has the highest complaint rate at 0.40 complaints per 10,000 orders [2][4]. - For platforms with daily order volumes between 500 and 10,000, "哈啰出行" leads with a complaint rate of 2.13 [2][6]. - In the category of platforms with daily order volumes below 500, "小拉出行" has the highest complaint rate at 3.47 [3][6]. Types of Complaints - Passenger complaints primarily involve issues such as overcharging, refusal to pick up, and poor service attitude [3][8]. - Driver complaints are mainly related to platform responsibility disputes, payment issues, and unreasonable dispatch mechanisms [5][9]. Recommendations for Improvement - The Dongguan Road Transport Affairs Center emphasizes the need for ride-hailing companies to enhance driver management and complaint handling mechanisms to improve service quality [8][10]. - Companies are advised to conduct thorough training for drivers regarding penalties and complaint processes, ensuring clear communication and documentation [8][9]. Overall Industry Implications - The high complaint rates for "如祺出行," "哈啰出行," and "小拉出行" suggest a failure to meet service quality management requirements, leading to a deduction of 50 points in their service quality assessment for 2024 [7][8]. - Companies with persistent high complaint rates and poor management practices may face penalties, including being listed as poorly rated companies by the taxi industry association [10].

港股如祺出行(09680.HK)跌近15%，现报8.88港元。 ...

Macro Dynamics - The People's Bank of China and the State Administration of Foreign Exchange have drafted a notice to improve and unify the management of cross-border funds for domestic companies listed overseas, enhancing the convenience of cross-border financing for domestic enterprises [1] - The notice allows for the return of funds raised from overseas listings in either foreign currency or RMB, with flexibility in foreign exchange risk management [1] Foreign Investment - In the first four months of 2025, China established 18,832 new foreign-invested enterprises, a year-on-year increase of 12.1%, while the actual use of foreign capital amounted to 320.78 billion RMB, a decrease of 10.9% [2] - The manufacturing sector attracted 84.06 billion RMB, and the service sector attracted 231.25 billion RMB in foreign investment [2] - High-tech industries saw a significant increase in foreign investment, with e-commerce services up 137%, aerospace manufacturing up 86.2%, and pharmaceutical manufacturing up 57.8% [2] Financial Institutions - Nomura Holdings reported that the total compensation for its seven executives reached 4.6 billion JPY (approximately 320 million USD), marking a 3% increase from the previous year and the highest level in over a decade [6] - The company achieved a record profit of 340.7 billion JPY, benefiting from a rebound in global securities trading and improved cost control [6] Company Dynamics - Sinopec has invested in CATL as a cornerstone investor during its IPO on the Hong Kong Stock Exchange, aiming to promote the construction of new battery swap station infrastructure [11] - Jinhua Co., Ltd.'s chairman is under investigation for alleged violations related to stock disclosure, but this will not affect the company's daily operations [12] - Spring Airlines plans to launch a new route from Shanghai to Hanoi, Vietnam, starting July 2, 2025, with plans to expand its Southeast Asia route network based on market demand [13] - Apple has announced a trade-in program for new iPhones, offering additional discounts ranging from 50 to 400 RMB for customers trading in older models [14]

Financial Performance - The company reported a revenue of $500 million for the last quarter, representing a 20% increase year-over-year[8]. - The company's total revenue increased from RMB 2,161.1 million in 2023 to RMB 2,463.4 million in 2024, representing a growth of approximately 14%[21]. - Total revenue for the year ended December 31, 2024, was RMB 2,463.4 million, an increase of 14.0% compared to RMB 2,161.1 million for the same period in 2023[24]. - Ride-hailing service revenue increased by 21.2% from RMB 1,814.1 million in 2023 to RMB 2,199.0 million in 2024, driven by an increase in transaction volume from RMB 2,714.0 million to RMB 2,970.0 million[27]. - The net loss for the year ending December 31, 2024, was RMB 564.2 million, a decrease of 18.6% compared to RMB 692.8 million for the same period in 2023[41]. - The adjusted net loss (non-IFRS measure) for the year ending December 31, 2024, was RMB 457.8 million, down 15.4% from RMB 541.2 million in 2023[43]. User Growth and Market Expansion - User data showed a growth of 1 million active users, bringing the total to 10 million, a 10% increase from the previous quarter[8]. - Market expansion plans include entering two new regions, projected to increase user base by 15%[8]. - The number of registered passengers grew from 23.8 million in 2023 to 34.5 million in 2024, an increase of about 45%[19]. Product Development and Investment - The company is investing $30 million in R&D for new technologies, focusing on AI and automation[8]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[8]. Financial Health and Assets - The company's net assets turned positive to RMB 1,106.3 million in 2024 from a negative net asset of RMB 1,430.2 million in 2023[17]. - Current assets rose significantly from RMB 775.8 million in 2023 to RMB 1,196.3 million in 2024, an increase of about 54%[17]. - Non-current assets increased from RMB 147.3 million in 2023 to RMB 182.3 million in 2024, representing a growth of approximately 23.7%[17]. Cost Management and Expenses - Operating loss decreased from RMB 593.9 million in 2023 to RMB 483.5 million in 2024, showing an improvement of about 18.6%[16]. - Sales and marketing expenses decreased by 10.4% from RMB 218.9 million in 2023 to RMB 196.2 million in 2024, attributed to reduced promotional spending[33]. - General and administrative expenses decreased by 12.4% from RMB 155.0 million in 2023 to RMB 135.7 million in 2024, due to reduced listing expenses and improved operational efficiency[34]. Risk Management - The company faces credit, liquidity, interest rate, and currency risks in its daily operations, managing these risks to ensure timely and effective measures are taken[57]. - Credit risk primarily arises from trade receivables, deposits, and other receivables, with limited risk from cash and cash equivalents due to counterparties being banks and financial institutions with strong credit ratings[58]. - The company’s liquidity management involves monitoring cash needs and obtaining board approval for loans exceeding certain thresholds, ensuring sufficient cash reserves[59]. Corporate Governance - The company has complied with all corporate governance code provisions since its listing date[95]. - The board consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[98]. - The company emphasizes a strong corporate culture as a foundation for achieving its mission and vision[96]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific matters[102]. Employee and Management Information - As of December 31, 2024, the company had a total of 465 full-time employees, with employee benefits totaling RMB 207.2 million[56]. - The company is committed to long-term growth strategies, investing in employee training and team building to foster a conducive work environment[56]. - The company has adopted a pre-IPO equity incentive plan to attract, retain, and motivate senior staff, directors, and employees[56]. Shareholder Communication and Policies - The company has established a shareholder communication policy to enhance investor relations and facilitate effective communication with shareholders[154]. - The company has adopted a dividend policy that requires the board to consider the ability to pay dividends before making any recommendations, subject to shareholder approval[153]. Environmental, Social, and Governance (ESG) Reporting - The company’s environmental, social, and governance report discusses its policies and performance in relation to stakeholders and compliance with relevant laws and regulations[166].

截至4月25日收盘，如祺出行（09680.HK）报9.810港元，较上个交易日下跌1.9%，当日盘中最低价触 及9.810港元，创近一年新低。 资金流向方面，当日主力流入5.398万港元，流出5.404万港元，净流出0.01万港元。 如祺出行是中国行业领先的出行科技与服务公司。公司致力于搭建全方位、立体化的出行科技解决方案 及服务体系。公司的业务包括(i)出行服务,主要包括网约车及Robotaxi服务;(ii)技术服务,主要包括人工智 能数据及模型解决方案以及高精地图;及(iii)为司机及运力加盟商提供全套支持的生态服务。公司具备整 合汽车和出行服务行业丰富资源的独特优势,这一优势使公司有别于公司的竞争对手。公司由广汽集团 和腾讯联合发起创立,其后引入一家领先的自动驾驶解决方案供应商小马智行作为战略股东。公司拥有 不同行业背景的股东,丰富了公司于整个出行行业服务价值链上主要利益相关方的市场洞察力及见解。 广汽集团作为全国顶尖整车集团,随着公司的智慧出行业务的发展及增长,为公司提供不懈支持。领先的 互联网服务提供商腾讯在平台运营和市场开拓方面为公司持续赋能。小马智行与公司在创新举措上无缝 合作,为公司在自动驾驶 ...

1. 友邦保险(01299.HK)拟回购最高达16亿美元的股份。 2. 世茂集团(00813.HK)一季度累计合约销售总额约70.7亿元。 3. 富力地产(02777.HK)3月总销售收入共约11.9亿元，同比增长10.2%。 4. 紫金矿业(02899.HK)一季度归母净利润101.67亿元，同比增长62.39%。 5. 花旗集团增持中国人寿(02628.HK)约514.5万股，每股作价约12.83港元。 6. 中广核新能源(01811.HK)3月完成发电量1765.1吉瓦时，同比减少4.7%。 7. 众安在线(06060.HK)前三个月原保险保费收入约79.57亿元，同比增长12.29%。 8. 君实生物(01877.HK)主席熊俊认可公司长期投资价值，拟增持不低于1亿元的股份。 9. 如祺出行(09680.HK)联手高域科技战略合作，探索"飞行汽车+Robotaxi"智慧交通新场景。 10. 昭衍新药(06127.HK)可能因美国FDA拟取消单克隆抗体及其他药物的动物试验而导致股价异动。 11. 中国太保(02601.HK)：太平洋人寿保险一季度累计原保险保费收入1002.15亿元，同比增长9.3%。 ...

4月11日，出行科技与服务公司如祺出行（09680.HK）宣布，与低空出行科技生态企业广东高域科技有 限公司（下称"高域科技"）签订战略合作协议，共同推动低空出行服务商业化落地及创新发展。 如祺出行方面称，公司正依托智慧出行平台运营经验和优势，打造立体化智能出行平台，加快推进飞行 汽车融入出行服务生态。值得注意的是，此次合作意味着如祺出行开始将出行服务从传统网约车和 Robotaxi，拓展至低空出行服务场景，成为首家正式在业务层面布局飞行汽车运营的出行服务平台。 出行服务的赛道正从地面向空中延伸。 据了解，低空出行以1000米或3000米以下空域为依托，涉及无人驾驶航空器、飞行汽车等多个方面，涵 盖空中通勤、旅游等多个领域，是低空经济主要应用场景之一。2024年，低空经济首次被写入《政府工 作报告》；今年的《政府工作报告》再次指出，将推动低空经济等新兴产业安全健康发展。据不完全统 计，今年已有超过30个省（区、市）将低空经济纳入年度重点工作部署。 在国家战略和地方政策双重利好下，低空经济作为战略性新兴产业正逐步成为我国经济增长的新引擎。 据中国民航局测算，预计2025年我国低空经济的市场规模将达到1.5万亿元 ...

此次合作，标志着集团自2021年进入Robotaxi市场后，再次拓展出行服务边界，探索包括飞行汽车在内 的低空出行服务运营场景，打造立体化智慧出行平台。 高域于2024年12月成立，主要从事飞行汽车整机及其生态产品的研发、生产、销售与服务。高域已发佈 多旋翼飞行汽车GOVY AirCar、首款复合翼飞行汽车产品 GOVY AirJet，其中GOVY AirCar已获中国民 用航空局民用无人驾驶航空器特许飞行证。 基于集团对智慧出行市场的深刻理解和丰富运营经验，以及高域在飞行汽车的整车研发製造与创新应用 方面的优势，高域及集团将建立战略合作关系，联手以智慧出行平台运营经验和优势，加快飞行汽车融 入出行服务生态，实现从产品到服务无缝对接，为用户带来更便捷、高效的智慧立体出行方式，共同推 动低空出行服务商业化落地及创新发展。低空出行以1000米或3000米以下空域为依托，涉及无人机、无 人驾驶航空器、飞行汽车等多个方面，涵盖空中通勤、旅游等多个领域，是低空经济主要应用场景之 一。 智通财经APP讯，如祺出行(09680)发布公告，近日，公司的关联併表实体广州祺宸科技有限公司与广东 高域科技有限公司("高域")签署战 ...

Core Viewpoint - 如祺出行 has reported its first financial results since its IPO, showing a revenue of 2.463 billion yuan for 2024, a 14% year-on-year increase, but still incurring a net loss of 564 million yuan, although this loss has narrowed compared to the previous year [2][7][8] Financial Performance - Revenue for 2024 reached 2.463 billion yuan, marking a 14% increase from the previous year [2][7] - The net loss for 2024 was 564 million yuan, a reduction from the previous year's loss [2][7] - Cumulative net losses over four years amount to 2.569 billion yuan [8] - Gross loss for 2024 was 35.4 million yuan, a 76.5% improvement year-on-year, with a gross loss margin improving from -7% in 2023 to -1.4% in 2024 [2][9] Business Operations - The number of ride service orders reached 113 million in 2024, a 15.7% increase year-on-year [9] - Average transaction value per order decreased by 5.71% to 26.4 yuan [9] - The platform's registered users grew by 45% to 34.5 million [9] Investment and R&D - R&D expenditure for 2024 was 140 million yuan, an 18.8% increase, primarily focused on Robotaxi and operational research [10] - The company is exploring low-altitude travel services, including flying cars, to create a comprehensive smart travel platform [2][15] Market Position and Future Outlook - 如祺出行 continues to operate in a "burning money" state, similar to many other ride-hailing platforms [6] - The company aims to expand its ride-hailing and Robotaxi services internationally and improve operational efficiency [9] - The company is leveraging its operational capabilities and data services to support 广汽集团's autonomous driving research and development [11][13] Stock Market Performance - Following its IPO, 如祺出行's stock price fell over 10% on the first trading day, closing at 33.9 HKD per share [16] - As of March 28, 2025, the stock price was reported at 11.5 HKD per share, with a total market capitalization of 2.347 billion HKD [16]

中证报中证网讯（记者 万宇）3月27日，如祺出行发布2024年度业绩公告。2024年，如祺出行延续 了增长态势，全年总收入达到24.63亿元，同比增长14%，毛利率同比提升80%，全年多项核心财务指标 持续改善。包括网约车和Robotaxi的出行服务作为主营业务，收入同比增长21.2%。如祺出行近日还发 布消息称，探索包括飞行汽车在内的低空出行服务运营场景，打造立体化智能出行平台。 近日广汽集团公开提及，如祺出行平台为广汽智驾研发提供强大数据服务支持。广汽透露，将建设 万卡级别的算力集群以支持千万级场景数据训练，并发挥在B端的运营数据优势、在如祺出行部署超千 台数据采集车，相当于拥有百万级更优质、更有效的C端数据，可以让广汽能培育出性能更优的高阶智 驾模型。 如祺出行近日还在公司官微上发布消息称，正基于运营优势探索包括飞行汽车在内的低空出行服务 运营场景，打造立体化智能出行平台。 作为国内Robotaxi第一梯队公司，如祺出行在Robotaxi方面的进展一直备受市场关注。报告显示， 如祺出行持续加大在Robotaxi等方面的投入，2024年研发开支达到1.4亿元，同比增长18.8%，相关费用 主要用于Robo ...