曹操出行锚定Robotaxi万亿市场，三张牌重构出行生态

Core Viewpoint - The Robotaxi industry is transitioning from a "technology story" to a "business story," with 2025 marking a critical commercialization turning point [1][3]. Industry Overview - The Robotaxi sector is approaching a pivotal moment, evolving from single-vehicle intelligence validation to ecosystem competition [2]. - By 2025, significant advancements in the Robotaxi sector are expected, with a projected annual decrease in autonomous driving system costs of 10%-15% [3]. - The market for Robotaxis is anticipated to grow significantly, with Goldman Sachs predicting 1.9 million Robotaxis in operation in China by 2035, leading to a market size of $47 billion [3]. Company Strategy - Cao Cao Mobility has launched a "Ten Years, One Hundred Cities, One Hundred Billion" strategic goal, leveraging the Geely technology ecosystem to establish a unique three-in-one development model of "smart customized vehicles + smart driving technology + smart operations" [1][4]. - The company plans to introduce a customized Robotaxi model designed for L4 autonomous driving by the end of 2026, utilizing battery swapping technology [6]. Competitive Advantage - The three-in-one model creates a competitive moat for Cao Cao Mobility in the Robotaxi ecosystem, focusing on smart driving technology, customized vehicles, and operational systems [5][7]. - The "Green Intelligent Passage Island" enhances operational capabilities, serving as a hub for automated battery swapping, cleaning, and vehicle management, with plans for replication in other cities [7]. Implementation Plan - Cao Cao Mobility's "three-step" strategy includes: 1. Technical validation and small-scale testing; 2. Transitioning to unmanned operations; 3. Full-scale commercial operations with customized Robotaxi models [9]. - The company has initiated global expansion, signing a memorandum with the Abu Dhabi Investment Office to pilot autonomous driving and green travel technologies [10]. Investment Perspective - The value of Cao Cao Mobility's Robotaxi strategy lies in optimizing unit economics, with total cost of ownership (TCO) for customized vehicles reduced by 36.4% compared to typical electric vehicles [12][13]. - As the Robotaxi business progresses, the company's valuation may shift from a "mobility platform" to a "smart mobility technology company," reflecting its role in future smart city infrastructure [13][14].