Core Viewpoint - Companies that occupy a core position in the capital market or accumulate strong growth momentum in emerging sectors are worthy of attention. Caocao Travel, currently in a loss-making situation, is targeting the ambitious Robotaxi narrative with plans to deploy 100,000 fully customized Robotaxis globally by 2030 [1][3]. Group 1: Business Strategy and Market Position - Caocao Travel has set a strategic goal of "Ten Years, One Hundred Cities, One Hundred Billion," aiming to establish five operational centers globally and promote Robotaxi services to 100 cities, with a cumulative GTV (Gross Transaction Value) of 100 billion RMB over the next decade [3]. - Despite being one of the first ride-hailing platforms in China, Caocao Travel has struggled to gain a competitive edge, ranking second in market share with 5.4% compared to Didi's 70.4% as of 2024 [4][6]. - The company has been forced to invest heavily to retain drivers and attract users due to its lack of market influence, leading to significant financial strain [6][10]. Group 2: Financial Performance and Challenges - Caocao Travel's financial reports indicate a continuous loss, with net losses of 2.007 billion RMB, 1.981 billion RMB, 1.246 billion RMB, and 495 million RMB from 2022 to the first half of 2025, totaling 5.729 billion RMB [9][14]. - The company's gross margin is low, with a projected gross margin of only 8.1% for 2024, compared to Didi's 14.5% [9]. - The reliance on aggregation platforms has increased, with the share of orders from these platforms rising from 51.4% in 2022 to 85.7% in 2024, which has also led to higher commission costs that erode profit margins [10][12]. Group 3: Research and Development Limitations - Caocao Travel's R&D spending has been limited, with annual expenditures of 225 million RMB, 339 million RMB, 234 million RMB, and 117 million RMB from 2022 to the first half of 2025, resulting in a declining R&D expense ratio [19]. - The company is attempting to pivot towards Robotaxi technology, but its limited R&D budget hampers its ability to compete effectively in the autonomous driving sector [15][19]. - The market has reacted negatively to Caocao Travel's financial instability and limited R&D investment, with its stock price dropping significantly from a high of 92.5 HKD to 35.66 HKD, indicating a lack of confidence from investors [19].
网约车业务突围无望，曹操出行想靠Robotaxi翻身