四年巨亏82亿、超6万司机无证，曹操出行“带病”冲刺港股IPO

Core Viewpoint - Caocao Travel is facing significant challenges in its upcoming IPO due to substantial financial losses, high debt levels, compliance issues, and strained relationships with drivers and passengers [3][10]. Financial Performance - Caocao Travel has reported continuous losses over four years, with losses of 3.007 billion RMB, 2.007 billion RMB, 1.981 billion RMB, and 1.246 billion RMB for the years 2021 to 2024, totaling 8.241 billion RMB [3]. - The company's total liabilities have been increasing, reaching 11.283 billion RMB by December 31, 2024, with net current liabilities of 8.146 billion RMB, significantly above industry averages [3][4]. Business Model Challenges - The company heavily relies on aggregation platforms for order acquisition, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of Gross Transaction Value (GTV) from 2022 to 2024 [4]. - This dependency undermines Caocao Travel's pricing power and market competitiveness, making it vulnerable to changes in aggregation platform policies [4]. Compliance Issues - Caocao Travel has numerous compliance failures, with a significant number of active vehicles and drivers lacking the necessary transport and driver certificates. In 2022, 15.8% of active vehicles and 18.0% of active drivers were unlicensed [5]. - The company has faced over 3,000 administrative penalties, primarily for operating vehicles without the required transport certificates [6]. Relationship with Drivers and Passengers - There is a growing tension between Caocao Travel and its drivers due to high commission rates and unfair penalties, leading to dissatisfaction among drivers [10]. - Passengers have also expressed dissatisfaction, citing issues such as fare discrepancies and poor service quality, which have eroded trust in the platform [10]. IPO Prospects - Given the financial, operational, and compliance challenges, Caocao Travel's path to a successful IPO in Hong Kong is fraught with difficulties, raising questions about its ability to overcome these obstacles and achieve a turnaround [10].