Core Viewpoint - Cao Cao Mobility has reported impressive interim results following its listing on the Hong Kong Stock Exchange, showcasing significant growth in various operational metrics and financial performance [1][2]. Financial Performance - For the six months ending June 30, 2025, Cao Cao Mobility achieved a total order volume of 380 million, representing a year-on-year increase of 49% [1]. - The company generated revenue of RMB 9.46 billion, reflecting a year-on-year growth of 53.5% [1]. - Gross margin improved from 7.0% to 8.4% year-on-year, driven by economies of scale and enhanced operational efficiency [1]. - Losses narrowed by 39.8% compared to the previous year, while net cash flow from operating activities surged by 164.6% [1]. Market Position and Growth - Cao Cao Mobility is recognized as the second-largest ride-hailing platform in China, according to Frost & Sullivan data, based on 2024 GTV [2]. - The average monthly active user count increased by 57.4%, and the average monthly active driver count rose by 53.5% [2]. - The average order value (AOV) increased to RMB 28.9 [2]. Business Strategy - The company has been actively expanding its customized vehicle strategy, holding over 37,000 customized vehicles across 31 cities as of June 30, 2025, contributing RMB 2.5 billion to GTV, a 34.7% increase year-on-year [3]. - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025, with sales revenue increasing by 137.3% to RMB 743.6 million [3]. Industry Outlook - The shared mobility market in China is projected to grow at a compound annual growth rate (CAGR) of 17.0%, reaching RMB 804.2 billion by 2029, with market penetration expected to rise from 4.3% in 2024 to 7.6% in 2029 [3]. Technological Advancements - Cao Cao Mobility is advancing in the autonomous driving sector through its platform "Cao Cao Zhixing," focusing on the development and application of Robotaxi services [4]. - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou as of the report date [4]. - By the end of 2026, the company plans to launch L4-level Robotaxi models specifically designed for autonomous driving [5]. Social Responsibility - The company has initiated a barrier-free public welfare brand, deploying over 1,000 barrier-free vehicles in more than 20 cities and conducting monthly "Barrier-Free Public Welfare Days" [5]. - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers, establishing various support funds for drivers and their families [5]. Future Expansion Plans - The company aims to expand its geographical coverage, focusing on lower-tier cities, and plans to enter 27 new cities by mid-2025 [6]. - Future growth strategies will leverage unique competitive advantages, successful regional expansion, and strong development in Robotaxi services [6].
曹操出行上半年营收大增53.5%，定制车队增至3.7万辆，已开始部署新一代Robotaxi