Core Insights - Cao Cao Mobility, incubated by Geely Group, is launching a global IPO, revealing its competitive advantages and growth strategy in the increasingly competitive ride-hailing market in China [1] Group 1: Business Model and Competitive Advantage - Cao Cao Mobility's unique business model centers around a fleet of customized vehicles, which are designed specifically for ride-sharing scenarios, providing a significant cost advantage [2] - As of December 31, 2024, the company has deployed over 34,000 customized vehicles across 31 cities, recognized as the largest in China by a third-party agency [2] - The total cost of ownership (TCO) for its vehicles, such as the Fengye 80V and Cao Cao 60, is reduced by 33% to 40% compared to typical electric vehicles in the industry [2] Group 2: Market Expansion Strategy - In 2024, Cao Cao Mobility expanded into 85 new cities using a "light asset" model, partnering with local capacity providers to sell customized vehicles rather than managing its own fleet [3] - By the end of 2024, the company operated in 136 cities, achieving a gross transaction value (GTV) of 17 billion yuan, a 38.8% increase from 2023 [3] - The contribution of partner drivers to GTV rose from 55% in 2022 to 72.3% in 2024, indicating the effectiveness of the partnership model [3] Group 3: Technological Innovation - The "Cao Cao Brain" system enhances operational efficiency through real-time supply-demand analysis, achieving an order response rate of approximately 88%, surpassing the industry average of 70%-80% [4] - Safety metrics are strong, with accident rates per million orders significantly lower than industry averages, attributed to advanced safety technologies in customized vehicles [4] - The company is also venturing into autonomous driving, with plans to launch L4 autonomous vehicles by the end of 2026 [4] Group 4: Financial Performance - From 2022 to 2024, Cao Cao Mobility's revenue increased from 7.6 billion yuan to 14.7 billion yuan, with a gross margin improvement from -4.4% to 8.1% [5] - The adjusted EBITDA margin improved from -10.1% to 2.6%, showcasing the potential for profitability as the company scales [5] - Vehicle sales revenue reached 867 million yuan in 2024, a significant increase from 0.4% in 2022, indicating a new growth driver [5] Group 5: Industry Outlook - The Chinese ride-sharing market is projected to grow from 344.4 billion yuan in 2024 to 804.2 billion yuan by 2029, with a penetration rate increase from 4.3% to 7.6% [6] - The cost advantage of ride-sharing over private car ownership is significant, with ride-sharing costing approximately 2.7 yuan per kilometer compared to 4.5 yuan for private vehicles [6] - Cao Cao Mobility is positioned to leverage these market trends through its differentiated approach, including customized vehicles and technological advancements [6]
2025曹操出行招股说明书