曹操出行招股书更新：业务覆盖136城，市场规模加速提升至行业第二

Core Viewpoint - Caocao Travel has submitted an updated prospectus for its IPO in Hong Kong, marking a significant advancement in its listing process after receiving approval from the China Securities Regulatory Commission for overseas issuance [1][3]. Group 1: Company Overview - Founded in 2015, Caocao Travel is a strategic investment of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" and has established a significant presence in China's ride-hailing market [3]. - According to Frost & Sullivan, Caocao Travel has ranked among the top three ride-hailing platforms in China by Gross Transaction Value (GTV) since 2021 and is projected to become the second-largest player in the industry by 2024 [3]. Group 2: Financial Performance - As of December 31, 2024, Caocao Travel's ride-hailing business has expanded to 136 cities, adding 85 cities compared to 2023 [3]. - The company achieved a revenue of 14.7 billion yuan in 2024, reflecting a year-on-year growth of 37.4% [3]. - The gross margin improved from 5.8% in 2023 to 8.1% in 2024, indicating ongoing enhancement in profitability [3]. Group 3: Operational Efficiency - The increase in profitability is attributed to the scale effects of customized vehicles and vehicle service solutions, allowing the company to manage the entire lifecycle of vehicles from design to operation [3]. - Caocao Travel operates a customized fleet of over 34,000 vehicles across 31 cities, making it the largest fleet of its kind in China [4]. - The GTV contribution from customized vehicles rose from 20.1% in 2023 to 25.1% in 2024, with significant reductions in Total Cost of Ownership (TCO) for its vehicles compared to typical electric vehicles [4]. Group 4: Brand and Service Quality - Caocao Travel has established a strong brand advantage by providing high-quality services, being recognized as having the "best service reputation" in five independent third-party surveys conducted between 2023 and 2024 [4]. - The company has a significantly lower order accident rate compared to the industry average, further enhancing its reputation [4]. Group 5: Social Responsibility and Innovation - The company has created flexible employment opportunities for over 3.9 million drivers, paying out more than 40 billion yuan in service compensation [5]. - Caocao Travel has launched an accessible ride service and initiated a public welfare day for accessible transportation in multiple cities [5]. - In the autonomous driving sector, the company has launched the Caocao Intelligent Driving platform and commenced Robotaxi demonstration operations in Suzhou and Hangzhou, with plans to introduce a dedicated L4 Robotaxi model by the end of 2026 [5].