Core Viewpoint - The company is optimistic about Cao Cao Mobility (02643) due to its full-chain support from Geely's ecosystem, mature mobility service experience, and a comprehensive operational system, which are essential for the development of autonomous driving [1] Group 1: Company Current Status - On December 3, 2025, Cao Cao Mobility held a Robotaxi strategic upgrade conference in Hangzhou, where management announced Robotaxi 2.0 and set a strategic goal of "100 cities in ten years with 100 billion" [2] - The company aims to create a multifunctional integrated transportation hub with the launch of its first "green intelligent passage island," accelerating the commercialization of Robotaxi [2] Group 2: Strategic Development - The company has established a "three-step" strategy for Robotaxi development, focusing initially on technology validation and small-scale testing, transitioning to a mixed operation model of human and unmanned driving, and finally moving towards full commercial operation based on customized Robotaxi models [3] - The strategic goal of "100 cities in ten years with 100 billion" includes building five major operational centers, achieving Robotaxi service coverage in 100 cities, and accumulating a Gross Transaction Value (GTV) of 100 billion [3] - In the Robotaxi 2.0 phase, the company plans to enhance the automation level of large-scale fleet operations, launching the Cao Cao Zhixing Ras remote safety service platform and implementing a digital asset management system [3] Group 3: Collaboration and Ecosystem - Cao Cao Mobility collaborates deeply with Geely's ecosystem, creating a development model that integrates "intelligent customized vehicles + intelligent driving + intelligent operations" [3] - Geely empowers the company with electric intelligent vehicle R&D, computational algorithm data support, and a nationwide service network, positioning Cao Cao Mobility as a core vehicle for exploring future mobility [3] - A strategic cooperation agreement has been signed with Qianli Zhijia to deepen collaboration on intelligent driving technology, leveraging both parties' strengths to accelerate the large-scale application of autonomous driving technology [3]
中金：维持曹操出行跑赢行业评级 目标价70港元