新股速递| 重资产模式的曹操出行能否跑出资本化路径？

Core Viewpoint - Caocao Travel, established in 2015 and headquartered in Suzhou, is a key strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [1]. The company aims to raise funds primarily for autonomous driving research, debt repayment, market expansion, and vehicle business upgrades [1]. Group 1: IPO Information - The IPO is scheduled from June 17 to June 20, with the listing date on June 25 [2]. - The total fundraising scale is 44,178,600 shares, with approximately 90% allocated for international offerings and 10% for public offerings [2]. - The share price is set at HKD 41.94, with a market capitalization of HKD 22.823 billion [2]. Group 2: Financial Performance - The company's Gross Transaction Value (GTV) for the reporting period is projected to be CNY 89 billion, CNY 122 billion, and CNY 170 billion, with a year-on-year growth of 38.8% in 2024, making it the second-largest ride-hailing platform in China with a market share of 5.4% [5][19]. - Revenue for the years 2022 to 2024 is reported as CNY 76.3 billion, CNY 106.7 billion, and CNY 146.6 billion, with ride-hailing services contributing 92.6% in 2024 [6][7]. - The company has experienced a narrowing of losses, with net profits of CNY -20.1 billion, CNY -19.8 billion, and CNY -12.5 billion from 2022 to 2024 [7]. Group 3: Market Expansion and Strategy - The company plans to expand to 200 new cities within the year, aiming to create a "national + regionally dense" network by 2025 [8]. - Caocao Travel ranks first in user recognition in third-party surveys, particularly in first and second-tier cities, with market shares of 7.7% and 7.5% respectively [9]. Group 4: Competitive Landscape and Industry Trends - The ride-hailing market in China is highly concentrated, with Didi holding a dominant 70.4% market share, while Caocao Travel competes for the remaining market [19]. - The shared mobility penetration rate in China is currently at 4.3%, with a projected compound annual growth rate of 17% from 2025 to 2029 [18]. Group 5: Business Model and Competitive Advantages - Caocao Travel operates a heavy asset model, managing a fleet of 34,000 customized vehicles, which provides a cost advantage with total cost of ownership (TCO) significantly lower than the industry average [10][11]. - The company benefits from the Geely ecosystem, leveraging shared resources such as supply chains and R&D teams, enhancing brand trust and user recognition [12]. - The accumulation of operational data from its fleet aids in vehicle design and optimization of energy supply and autonomous driving algorithms [13].