Summary of the Conference Call for Cao Cao Mobility Company Overview - **Company**: Cao Cao Mobility - **Current Valuation**: Approximately HKD 20 billion - **Projected Revenue for the Year**: CNY 26 billion - **Comparison**: Positioned against Didi, Uber, and Lyft in the ride-hailing sector [2][3][12] Industry Insights - **Evolution of Ride-Hailing**: Transition from traditional taxis to ride-hailing and now to autonomous vehicles, with algorithms replacing drivers and vehicle management handled by rental companies or platforms [2][4] - **Cost Advantage**: Shared mobility prices per kilometer are nearly half that of private cars, indicating potential to replace some private car demand. The private car market in China is approximately CNY 11 trillion [2][4] - **Market Size**: - China’s ride-hailing vehicle count is around 5 million, with expectations of a single operating entity exceeding 10,000 vehicles by 2028 and a 50% penetration rate for autonomous vehicles by 2030 [5] - Global Robotaxi count is projected to exceed 1.5 million by 2030, with North America leading in development, followed by China and the Middle East [5][8] Competitive Positioning - **Strategic Partnerships**: Backed by Geely, enhancing operational capabilities and technology through partnerships with Qianli Technology [2][6][7] - **Market Role**: Positioned as a third-party traffic platform in the autonomous vehicle era, similar to Didi in the ride-hailing era, with diversified supply sources [3][9] Financial Projections - **2026 Goals**: Aim to operate 500 Robotaxis, with expectations of reducing losses in traditional ride-hailing operations and achieving a projected revenue of CNY 26 billion, with a slight net loss of CNY 270 million [3][10] - **Long-term Vision**: Plans to operate around 100,000 Robotaxis by 2030, anticipating a market turning point by 2028 that will drive company valuation growth [3][11] Investment Opportunities - **Undervalued Status**: Current valuation is considered low compared to peers; if Didi lists successfully, its valuation should exceed that of Lyft or Uber. A price-to-sales ratio of at least 1x is suggested based on projected revenues [2][12] - **Catalysts for Growth**: Key developments such as Tesla's Subcab production in 2026, the launch of XPeng's second-generation VRA model, and the introduction of L3/L4 national standards are expected to accelerate market growth [3][13] Conclusion Cao Cao Mobility is positioned as a significant player in the evolving ride-hailing and autonomous vehicle market, with strong backing, strategic partnerships, and a clear growth trajectory. The company is currently undervalued, presenting potential investment opportunities as the market transitions towards autonomous mobility.

Investment Highlights - The smart car index decreased by 2.7%, while the index excluding Tesla fell by 5.6%. As of January 16, 2026, the smart car index PS (TTM) is 13.7x, placing it in the 93rd percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.9x, in the 95th percentile since early 2023. The top five gainers in the smart car index include Cao Cao Mobility, Asia-Pacific Shares, Jingwei Hengrun, Hesai Technology, and Xidi Zhijia [4][10][19]. Industry Core Changes - Shanghai plans to achieve large-scale implementation of high-level autonomous driving scenarios by 2027 [5][10]. - Six cities in the Greater Bay Area announced mutual recognition of road testing and demonstration applications for smart connected vehicles [5][10]. - Tesla has expanded its testing range, with the Cybercab arriving in Buffalo, New York for winter testing [5][10]. - WeRide's global Robotaxi fleet has reached 1,023 vehicles, marking a milestone [5][10]. - As of January 16, Tesla's Robotaxi fleet has 195 operational vehicles, with a total FSD mileage of 7.29 billion miles; Waymo's latest daily active users number 107,900 [5][10][28]. Current Investment Recommendations - The company maintains a strong outlook for the 2026 L4 RoboX mainline, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include Xpeng Motors, Horizon Robotics, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][10]. - In terms of downstream application-related stocks from the Robotaxi perspective: 1. Integrated model: Tesla/Xpeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/WeRide/Qianli Technology, etc. 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][10]. - For Robovan perspective: Desay SV + Jiushi Intelligent/New Stone Technology/White Rhino (proposed listing) [6][10]. - Other autonomous vehicle perspectives include mining trucks (proposed listings: Xidi Zhijia/Yikong Zhijia, etc.), ports (Jingwei Hengrun, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (WeRide, etc.) [6][10]. - Upstream supply chain-related stocks include: 1. B-end unmanned vehicle OEMs (BAIC Blue Valley/Guangzhou Automobile Group/Jiangling Motors/Tongli Co./Yika Zhijia (proposed listing)) 2. Core upstream suppliers: testing services (China Automotive Research/China Automotive Co., etc.), chips (Horizon Robotics + Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hengrun/JMST Electronics/Huayang Group/Keboda, etc.), sensors (Sungrow Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Sebao), lights (Xingyu Co.)/glass (Fuyao Glass), etc. [6][10].

Group 1 - As of December 31, 2025, a total of 395 ride-hailing platform companies have obtained operating licenses in China [1] - In December, the ride-hailing regulatory information exchange system recorded a total of 9.63 billion orders [1] - The top 10 platforms by order compliance rate (the proportion of orders where both drivers and vehicles are licensed) are ranked as follows: Ruqi Mobility, Fengyun Mobility, Jishi Mobility, Xixing Ride-hailing, T3 Mobility, Xiangdao Mobility, Sunshine Mobility, Caocao Mobility, Didi Mobility, and Huaxiaozhu Mobility [1]

Core Viewpoint - Cao Cao Mobility (02643) has seen a nearly 10% increase in stock price, currently trading at 36.2 HKD, following the announcement of two strategic acquisitions aimed at enhancing its service offerings in the business travel sector [1] Group 1: Strategic Acquisitions - The company plans to fully acquire Weixing Technology (Yao Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [1] - CEO Gong Xin stated that the acquisitions will enable the company to create a comprehensive service chain for daily commuting, business reception, and travel management, thereby generating business growth in the B2B travel sector [1] Group 2: Market Position and Financial Performance - According to Guotai Junan Securities, Cao Cao Mobility has established a leading capacity network and customized vehicle ecosystem in the Chinese mobility market, currently holding the second-largest market share [1] - The company has been optimizing operational efficiency and the lifecycle costs of its vehicles, leading to a significant reduction in Non-GAAP net losses, indicating that a profitability turning point is approaching [1] - The company is also leveraging its relationship with Geely to actively invest in autonomous driving, positioning itself as a core entry point for the commercialization of technology [1] Group 3: Future Outlook - Overall, the company is entering a phase of reduced losses and increased efficiency alongside technological innovation, suggesting potential for upward valuation elasticity [1]

Group 1 - The Hang Seng Index fell by 0.27%, down 71 points, closing at 26,851 points, while the Hang Seng Tech Index decreased by 0.22% [1] - MiniMax (00100) surged over 12%, leading the large model sector, while Zhiyuan (02513) rose over 2% after launching a new image generation model in collaboration with Huawei [1] Group 2 - Jiaxin International Resources (03858) increased by over 3%, approaching a market capitalization of 35 billion HKD, as black tungsten concentrate prices surpassed 500,000 HKD [2] - Jiangxi Copper (600362) (00358) also rose over 3% after its subsidiary signed an investment option agreement with First Quantum in Kazakhstan [2] - Robotics stocks saw a broad increase, with Chinese manufacturers leading the global humanoid robot market, including significant gains for companies like Extreme Intelligence (02590) and Cloudwalk (02670) [2] Group 3 - Tianyue Advanced (02631) rose over 15% following TSMC's better-than-expected earnings and positive guidance, as the company expands its silicon carbide applications [3] Group 4 - Weichai Power (000338) (02338) increased by over 4.5%, nearing previous highs, as the company accelerates its SOFC capacity expansion to meet customer demand [4] Group 5 - Innovation Industry (02788) rose nearly 8%, with institutions optimistic about the profitability of the electrolytic aluminum sector in the first half of 2026 [5] - Power equipment stocks saw gains, with Dongfang Electric (600875) (01072) rising over 4% following a 4 trillion HKD plan disclosed by the State Grid [5] Group 6 - Kangnait Optical (02276) increased by over 8%, as institutions believe Meta's increased investment in smart glasses will accelerate industry development [6] Group 7 - Cao Cao Travel (02643) rose nearly 8% after acquiring Yao Travel and Geely Business Travel, expanding into the B2B travel sector [7]

江西铜业股份(00358)涨超3%，子公司与第一量子哈萨克签署《投资选择权契约》， 合作勘探矿业项 目。 机器人概念股早盘普涨。中国厂商领跑全球人形机器人市场，产业发展持续加速。极智嘉-W(02590)涨 6.3%；云迹(02670)涨5.5%；蓝思科技(06613)涨4.68%。 智通财经APP获悉，港股恒生指数跌0.27%，跌71点，报26851点；恒生科技指数跌0.22%。港股早盘成 交1408亿港元。 八部门力挺AI+制造，MiniMax（00100）涨超12%领涨大模型；智谱（02513）涨超2%，智谱联合华为 开源的新一代图像生成模型GLM-Image，在模型开源不到24小时即登上全球知名AI开源社区Hugging Face（抱抱脸）榜单的全球第一。 佳鑫国际资源(03858)再涨超3%，总市值逼近350亿港元，黑钨精矿价格突破50万元大关。 康耐特光学(02276)涨超8%，机构称Meta加大智能眼镜业务投入有望引领产业加速发展。 曹操出行(02643)再涨近8%，公司收购耀出行和吉利商旅，拓展B端商旅出行赛道。 禾赛-W(02525)涨超6%，激光雷达渗透率有望持续提升，公司今年规划年产能翻番 ...

Group 1: Robotics Sector - The robotics concept stocks experienced a broad increase, with notable gains from companies like XAG (02590) up 5.93%, Yunji (02670) up 5.10%, and Blues Technology (06613) up 4.82%. According to an Omdia report, the global annual installation of humanoid robots is expected to add approximately 16,000 units by 2025, with Zhiyuan Robotics leading the market in installations [1][2] - Tianyue Advanced (02631) surged over 15.8% as a report from Zheshang Securities highlighted its active expansion into silicon carbide applications in emerging fields, indicating long-term growth potential [1] - WeRide (00800) rose over 3.4% as it announced that its global Robotaxi fleet will reach 1,000 vehicles by January 12, 2026, with successful commercial operations in cities like Guangzhou, Beijing, and Abu Dhabi [1] - Cao Cao Mobility (02643) increased nearly 8% following its announcement of two strategic acquisitions, including a full acquisition of Weixing Technology and plans to acquire Geely Business Travel [1] Group 2: Energy and Materials Sector - Oil and gas stocks saw significant declines, with Shandong Molong (00568) dropping over 8.1% due to a sharp decrease in international oil prices, with Brent crude futures falling by $2.76 or 4.15% to $63.76 per barrel [2] - Innovation Industry (02788) rose nearly 8% as aluminum prices have surged significantly since 2026, with Huatai Securities indicating that the overall supply-demand tightness will continue, supporting a long-term profit increase in the aluminum sector [2] Group 3: Aerospace and Technology Sector - The commercial aerospace sector showed signs of recovery, with companies like Asia Pacific Satellite (01045) and JunDa Co. (02865) both rising by 5.02%. This follows Elon Musk's announcement that SpaceX aims to increase Starship launch frequency to over once per hour within three years [2] - Weichai Power (02338) increased over 4.9% as it announced advancements in solid-state battery research and strong demand for its power generation products [3] - Zhaoyi Innovation (03986) rose over 6.2% as a Counterpoint Research report indicated that the memory market has entered a "super bull market," surpassing historical highs from 2018 [4] Group 4: US Market Highlights - Nuclear power stocks strengthened, with Talen Energy (TLN.US) up 11.8% and Vistra Energy (VST.US) up 6.63%, following news of a new bipartisan bill proposing a $2.5 billion Strategic Resilience Reserve to secure key minerals domestically [5] - Morgan Stanley (MS.US) rose 5.78% after reporting Q4 revenue growth of 10% to $17.89 billion, exceeding market expectations [5] - The weight loss drug sector faced pressure, with Eli Lilly (LLY.US) down 3.76% as its weight loss drug was placed under FDA review, delaying a decision until April 2026 [6] - Dell Technologies (DELL.US) increased by 0.82% as Omdia reported a significant recovery in the global PC market, with a projected 9.2% increase in total shipments for 2025 [8]

Core Viewpoint - Caocao Travel (02643) has announced two strategic acquisitions, which are expected to enhance its service offerings and create business growth in the B2B travel sector [5]. Group 1: Company Developments - Caocao Travel's stock price increased by 10.38% to HKD 36.78, with a trading volume of HKD 267 million [5]. - The company plans to fully acquire Weixing Technology (Yaotong Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [5]. - CEO Gong Xin stated that the acquisitions will enable the company to integrate services from daily commuting to business reception and travel management, thereby enhancing its service chain [5]. Group 2: Analyst Insights - Guotai Junan Securities initiated coverage on Caocao Travel with a "Buy" rating, highlighting the company's focus on customized vehicle ecosystems and optimization of total cost of ownership (TCO) for profitability [5]. - The firm believes that the company's valuation has upside potential, particularly due to its reliance on Geely's background for autonomous driving initiatives [5]. - Based on the price-to-sales (PS) valuation method, the estimated market value of the company is RMB 22.455 billion, with a target price of HKD 44.16 per share [5].

Group 1 - The stock of Cao Cao Mobility (02643.HK) experienced a significant increase, rising nearly 10% at one point and closing up 8.64% at HKD 36.2 [1] - The trading volume reached HKD 216 million, indicating strong investor interest and activity in the stock [1]

Core Viewpoint - Caocao Travel (02643) has seen a nearly 10% increase in stock price following the announcement of two strategic acquisitions, which are expected to enhance its service offerings in the business travel sector [1] Group 1: Strategic Acquisitions - Caocao Travel plans to fully acquire Weixing Technology (Yaotong Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [1] - The CEO of Caocao Travel, Gong Xin, stated that the acquisitions will enable the company to create a comprehensive service chain for daily commuting, business reception, and travel management, thereby generating business growth in the B2B travel sector [1] Group 2: Market Position and Financial Performance - According to Guotai Junan Securities, Caocao Travel has established a leading capacity network and customized vehicle ecosystem in the Chinese travel market, currently holding the second-largest market share [1] - The company has been optimizing operational efficiency and the lifecycle costs of its vehicles, leading to a significant reduction in Non-GAAP net losses, indicating that a profitability turning point is approaching [1] - Caocao Travel is leveraging its relationship with Geely to actively invest in autonomous driving technology, positioning itself as a key player in the commercialization of this technology [1] - Overall, the company is entering a phase of reduced losses and increased efficiency alongside technological innovation, suggesting potential for upward valuation elasticity [1]