Robotaxi系列报告（二）：曹操出行提“十年百城千亿”战略目标

Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Insights - On December 3, 2025, Cao Cao Mobility announced its "Ten Years, One Hundred Cities, One Hundred Billion" strategic goal, aiming to establish five operational centers globally over the next decade, covering 100 cities and achieving a total transaction value (GTV) of 100 billion yuan [2] - The company has initiated a "three-step" strategy for its Robotaxi operations, which includes technology validation and small-scale testing, moving towards automation and large-scale deployment, and developing a third-generation vehicle for global market operations [2] - Cao Cao Mobility integrates its Robotaxi services within Geely's ecosystem, launching the first "Green Intelligent Passage Island" in Hangzhou, which features automatic battery swapping, vehicle cleaning, intelligent scheduling, and automatic settlement [2] - The company has established a comprehensive operational capability by combining smart customized vehicles, intelligent driving technology, and smart operation systems, significantly reducing operational costs and enhancing efficiency [2] Summary by Sections Industry Overview - The report highlights the differentiation in annual sales target completion among car manufacturers, with a focus on the performance of smart vehicles [1] Strategic Developments - Cao Cao Mobility's strategic plan includes a phased approach to Robotaxi deployment, with initial operations starting in Hangzhou and Suzhou in February 2025, transitioning from closed testing to real commercial environments [2] - The company plans to expand its operations to 10 core cities by 2027, targeting over 80% coverage of major urban roads [2] Technological Integration - The integration of Geely's satellite technology and the establishment of a battery swapping network are key components of Cao Cao Mobility's strategy to enhance communication and positioning capabilities in complex urban environments [2] - The company has developed a smart operation system that manages 37,000 self-operated vehicles across 163 cities, ensuring efficient order processing for future Robotaxi operations [2]