Core Viewpoint - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange on June 25, but experienced a significant drop in share price, indicating market concerns about its profitability and future growth prospects [4][5]. Company Overview - Cao Cao Mobility was established in 2015 by Geely Holding Group, focusing on ride-hailing and carpooling services, with revenue primarily derived from mobility services [4]. - The company has consistently ranked among the top three ride-hailing platforms in China by gross transaction value (GTV) since 2021, achieving the second position in the industry last year [4]. Financial Performance - Revenue projections for Cao Cao Mobility from 2022 to 2024 are 7.631 billion yuan, 10.7 billion yuan, and 14.7 billion yuan, with the share of revenue from mobility services being 97.9%, 96.6%, and 92.5% respectively [4]. - Despite increasing revenues, the company reported losses of 2.007 billion yuan, 1.981 billion yuan, and 1.246 billion yuan for the same period, with high sales costs of 7.97 billion yuan, 10.052 billion yuan, and 13.471 billion yuan [5]. Debt and Financial Risks - Cao Cao Mobility maintains significant debt levels to support operations, with short-term debts projected at 3.5 billion yuan, 5.2 billion yuan, and 5.7 billion yuan from 2022 to 2024 [5]. Market Position and Competition - The company relies heavily on aggregator platforms, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of total transaction value from 2022 to 2024 [6]. - Cao Cao Mobility holds a market share of only 5.4%, significantly lower than Didi, which commands a 70.4% share [6]. Strategic Initiatives - The company aims to improve profitability through investments in customized vehicles and Robotaxi technology, planning to purchase approximately 8,000 customized vehicles annually from 2025 to 2027 [7]. - About 17% of the net proceeds from the IPO will be allocated to enhance technology and invest in autonomous driving, with specific plans for developing next-generation Robotaxi models [7]. Industry Trends - The Robotaxi market is seen as a significant growth area, with projections suggesting a potential annual profit of $1 trillion by 2030 [8]. - Competition in the Robotaxi sector is intensifying, with various companies, including Tesla and Waymo, also investing heavily in this space [8].
上市首日破发，曹操出行困局待解