Company Dynamics - The company held a Robotaxi strategic upgrade conference on December 3, 2025, in Hangzhou, where it announced the Robotaxi 2.0 initiative and set a strategic goal of "Ten Years, One Hundred Cities, One Hundred Billion" [1] - The company outlined 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 [1] Strategic Goals - The strategic goal includes establishing five operational centers over the next ten years, achieving Robotaxi service coverage in 100 cities, and generating a cumulative Gross Transaction Value (GTV) of 100 billion yuan [1] Operational Enhancements - The company plans to enhance large-scale fleet automation through the launch of the Caocao Zhixing Ras remote safety service platform and the implementation of a digital asset management system [2] - A collaboration with Geely will create a "smart customized vehicle + smart driving + smart operation" integrated development model, leveraging Geely's technological ecosystem for electric smart vehicle development and nationwide service network resources [2] Financial Outlook - The company maintains revenue forecasts of 21 billion yuan and 25.4 billion yuan for 2025 and 2026, respectively, with Non-IFRS net profit estimates of -470 million yuan and 15.93 million yuan for the same years [2] - The target price is set at 70 HKD, indicating a potential upside of 53%, based on a 35 times forward price-to-earnings ratio for 2028 discounted back to 2025 [2]
曹操出行(02643.HK)：ROBOTAXI战略升级 启商业化新篇