李书福再添IPO，曹操出行通过聆讯，日均出行163万单，市占率跃居中国第二

Core Viewpoint - Caocao Travel, a ride-hailing platform under Geely, is set to go public on the Hong Kong Stock Exchange after passing its listing hearing, marking the potential tenth IPO for Geely's chairman Li Shufu [1][2][3] Company Overview - Caocao Travel ranked among the top three ride-hailing platforms in China over the past three years, with a projected market share of 5.4% in 2024, positioning it as the second-largest platform [1][5][15] - The platform processed 598 million orders last year, averaging 1.63 million orders per day, or approximately 19 orders per second [1][15] Business Model - Caocao Travel operates a unique business model combining B2C public transportation with certified drivers, leveraging Geely's automotive manufacturing experience [5][11] - The company has developed a fleet of customized electric vehicles, primarily the Fengye 80V and Caocao 60, and also engages in vehicle leasing and sales to other ride-hailing companies [11][20] Financial Performance - Total revenue for Caocao Travel has shown significant growth, with figures of 7.63 billion RMB, 10.67 billion RMB, and 14.66 billion RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 41.4% [18][20] - The gross profit margin improved from -4.4% in 2022 to 8.1% in 2024, with gross profits of 6.15 billion RMB and 11.86 billion RMB in 2023 and 2024 respectively [22] Market Context - The ride-hailing market in China is highly competitive, with Didi holding approximately 70.4% market share in 2024, posing significant challenges for Caocao Travel [5][30] - The overall travel market in China is projected to reach 8 trillion RMB in 2024, with the shared mobility segment expected to grow to 344.4 billion RMB, indicating substantial growth potential [30][32] Future Prospects - The shared mobility market is anticipated to maintain a growth trajectory, with a projected compound annual growth rate of 17.0% from 2024 to 2029, increasing market penetration from 4.3% to 7.6% [32] - The emergence of Robotaxi services is seen as a new frontier in the mobility sector, with ongoing exploration of technology and business models [35]