Core Viewpoint - Cao Cao Mobility has demonstrated strong financial performance following its Hong Kong IPO, with significant revenue growth and a narrowing loss, indicating a positive trend in its core business operations [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.456 billion yuan, a year-on-year increase of 53.5% [1]. - Gross profit reached 796 million yuan, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [1]. - The company's loss narrowed by 39.8% compared to the previous year, reflecting overall financial optimization [1][3]. Market Expansion - Cao Cao Mobility's services now cover 163 cities, with 27 new cities added during the reporting period [1]. - Total order volume reached 380 million, representing a 49% year-on-year increase [1]. Strategic Initiatives - The launch of the "Cao Cao Smart Travel" autonomous driving platform and the initiation of Robotaxi pilot services in Suzhou and Hangzhou are key growth drivers [1][6]. - The company is collaborating with Geely and other partners to develop autonomous driving technology and customized vehicles [1][3]. Future Growth Potential - Analysts predict that the company will approach breakeven in 2026 and achieve significant profitability by 2027, driven by the scaling of its customized vehicle model [5][9]. - The Robotaxi business is expected to have higher profit margins compared to traditional ride-hailing services due to reduced costs associated with autonomous driving technology [9]. Industry Trends - The regulatory environment is becoming more favorable for Robotaxi operations, with new policies allowing for broader commercial deployment of autonomous vehicles [8]. - The market for Robotaxi services is projected to grow significantly, with cost advantages expected to increase as technology matures [6][8]. Investment Outlook - The company has been included in the Hang Seng Composite Index, which is anticipated to attract more investors as it continues to meet growth expectations [10].
曹操出行（02643）上半年收入增超五成，盈利时间表或提前，Robotaxi有望贡献关键增量