曹操出行（02643）：Robotaxi战略有序推进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.50 [6]. Core Insights - The company reported total revenue of RMB 107.34 billion for 2H25, a year-on-year increase of 26.3%, and an annual revenue of RMB 201.90 billion, up 37.7%, slightly below expectations by 2% [1]. - Core ride-hailing service revenue reached RMB 99.64 billion, growing 27.3% year-on-year, driven by a significant increase in monthly active users (MAU) and active drivers [2][3]. - The adjusted net loss for 2H25 was RMB -1.79 billion, with an annual adjusted net loss of RMB -5.08 billion, narrowing by 29.8%, exceeding expectations by 10% [2]. Revenue Growth - The core ride-hailing service revenue of RMB 99.64 billion was primarily driven by a 43.9% year-on-year increase in MAU and a 35.4% increase in average monthly active drivers [2]. - The Gross Transaction Value (GTV) for 2H25 reached RMB 124.73 billion, reflecting a year-on-year growth of 27.0% [3]. User Expansion and Market Penetration - The company has expanded its services to 195 cities, adding 59 new cities, which has improved supply-demand matching efficiency in tier-3 and tier-4 markets [3]. - The increase in user MAU and active drivers indicates enhanced penetration and user stickiness across the country [3]. Robotaxi Strategy - The company is advancing its Robotaxi strategy, having launched the Caocao Smart Mobility platform and deployed Robotaxi pilot programs in early 2025, with plans for mass production by 2027 [4]. - The company aims to expand its Robotaxi operations internationally, with plans for initial operations in Abu Dhabi and Hong Kong [4]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are RMB 262 billion, RMB 324 billion, and RMB 394 billion, respectively, with adjusted net profits expected to be RMB 0.5 billion, RMB 5.3 billion, and RMB 13.6 billion [5][11]. - The report anticipates a continued narrowing of losses through operational efficiency and algorithm optimization [2][11].