【公司点评/曹操出行】配股加速全球Robotaxi布局，深化出行全场景服务

Core Viewpoint - The company plans to issue up to 12 million shares at a price of HKD 32.46 per share, raising approximately HKD 383 million, primarily for its Robotaxi business, despite an 8.97% discount from the closing price on January 27, 2026 [3]. Funding Utilization - Approximately 67.7% of the raised funds will be allocated to the development of domestic and international Robotaxi operations, focusing on purchasing customized vehicles, building operational systems, and ongoing core technology research [4]. - About 22.3% will be used to expand enterprise services, including operational investments, platform upgrades, and acquisitions like Weixing Technology and Zhejiang Geely Business Services [4]. - The remaining 10% will be reserved for working capital and general corporate purposes [4]. Strategic Importance of Robotaxi - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in its new share incentive plan [5]. - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data and algorithms accumulated over ten years in shared mobility to support Robotaxi commercialization [6]. Operational Progress - The second-generation Robotaxi has entered pilot operations, transitioning from human-monitored to unmanned operations through a remote safety service platform and intelligent management system [6]. - The fully customized model is set to debut this year, supported by a "green intelligent passage island" and replicable construction standards to create an automated support network [6]. - Internationally, the company has partnered with Abu Dhabi to promote autonomous driving technology and battery swapping systems [6]. Financial Projections - The company maintains revenue forecasts for 2025-2027 at RMB 20.67 billion, RMB 26.24 billion, and RMB 32.37 billion, respectively, with corresponding price-to-sales ratios of 0.9, 0.7, and 0.6 [7].