人民财讯9月24日电，9月24日，由科技部、天津市人民政府共同主办的2025中国民营企业投融资洽谈会 在天津开幕。在政策发布环节，大会相继发布了国家支持民营企业系列政策、《天津市支持创业投资高 质量发展若干措施》《中国哪吒企业发展报告（2025）》等。杭州云深处科技、新大陆（000997）科技 集团、宁德时代（300750）等企业代表就人工智能、创新生态、Robotaxi商业化等前沿话题进行分享。 五大金融AIC集中推介投资意向清单。 ...

Core Viewpoint - The article highlights the significant progress of Cao Cao Mobility, which has been included in the Hong Kong Stock Connect list, marking a key milestone in its capital market journey since its IPO on June 25, 2023 [3] Group 1: Company Overview - Cao Cao Mobility is the largest technology-based ride-hailing company listed in the Hong Kong market, and it is a leading shared mobility platform incubated by Geely Holding Group [3] - The company aims to become a global leader in technology-driven mobility services, with plans to commercialize Robotaxi operations [3] Group 2: Financial Performance - In the first half of 2025, Cao Cao Mobility achieved a revenue of 9.456 billion yuan, representing a year-on-year growth of 53.5% [4] - The company has over 37,000 self-operated customized vehicles, leading the industry in this segment [4] Group 3: Market Position and Future Prospects - The inclusion in the Stock Connect is expected to broaden the investor base and enhance stock liquidity, reflecting strong market recognition of its business model and growth prospects [3] - Analysts from multiple brokerage firms have issued positive ratings for Cao Cao Mobility, with target prices reaching up to 103.17 HKD, indicating a potential revaluation of the company's worth in the market [4]

近日，如祺出行发布财报称，公司2025年上半年收入同比增长61.7%至16.76亿元，其中Robotaxi（无人 驾驶出租车）业务订单量同比增长超470%，月度活跃用户量同比增长超70%。 多家自动驾驶上市企业的最新财报，传递出Robotaxi赛道商业化加速的信号。小马智行、文远知行的 Robotaxi业务收入，二季度同比分别增长157.8%、836.7%。 Robotaxi作为AI在出行行业的重要应用场景之一，近期迎来宁德时代、蚂蚁集团、哈啰联手入局，特斯 拉Robotaxi服务在美国得克萨斯州的奥斯汀地区正式投运。特斯拉CEO埃隆·马斯克此前预判，Robotaxi 赛道是一个"万亿美元级的机会"。 Robotaxi业务商业化提速 "Robotaxi赛道已经进入比拼落地能力的阶段。"如祺出行CEO蒋华表示，能否实现规模化商业落地，决 定了行业玩家们是否有资格在这个赛道继续走下去。 财报显示，2025年上半年，如祺出行的出行服务业务收入同比增长86%至16.36亿元，包含网约车和 Robotaxi业务。 如祺出行被认为是"Robotaxi第一股"，自2024年7月在港股上市以来，Robotaxi业务的进展颇受 ...

Core Viewpoint - Caocao Travel (02643) has seen its stock price rise over 5%, reaching a new high of 82.5 HKD, following its inclusion in the Hang Seng Composite Index, effective September 8 [1] Group 1: Stock Performance - As of the report, Caocao Travel's stock increased by 5.05%, trading at 81.2 HKD with a transaction volume of 47.36 million HKD [1] Group 2: Index Inclusion - On August 22, the Hang Seng Index Company announced its semi-annual index adjustment results, which included Caocao Travel in the Hang Seng Composite Index [1] - The adjustment will be implemented after market close on September 5 and will take effect on September 8 [1] Group 3: Market Predictions - Several institutions, including JPMorgan and Huatai Securities, have predicted that Caocao Travel is likely to be included in the Hong Kong Stock Connect trading range starting September 8 [1] Group 4: Company Positioning - According to a report by Zheshang Securities, Caocao Travel has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [1] - The company is developing a three-in-one ecosystem comprising customized vehicles, intelligent driving, and a ride-hailing platform, positioning itself to capitalize on the upcoming Robotaxi commercialization wave, which could enhance its long-term valuation [1]

浙商证券发布研报称，公司运营网络已覆盖全国136座城市，以轻资产模式进军85个新城市，即向当地 运力合作伙伴销售定制车，并激励其向曹操出行平台提供出行服务。公司开放全产业链生态合作，2024 年末全模式合作商家超1000家，合作伙伴收入年同比+34%，计划2025年新开200城。该行认为，公司依 托吉利生态，凭借"定制车+轻资产扩张"已稳居网约车行业第二，并有望在即将到来的Robotaxi商业化 浪潮中抢占先机，打开中长期估值空间。 东吴证券(国际)指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车 队规模居行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度 等方面的核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。该行续指，此前摩根大通预测曹 操出行有望于9月8日被纳入港股通名单，允许内地投资者参与交易，有望带来显著资金增量。 曹操出行(02643)涨超8%，盘中高见68.5港元再创上市新高。截至发稿，涨8.08%，报66.25港元，成交 额4768.6万港元。 本文源自：智通财经网 ...

曹操出行(02643)涨超8%，盘中高见68.5港元再创上市新高。截至发稿，涨8.08%，报66.25港元，成交 额4768.6万港元。 东吴证券(国际)指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车 队规模居行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度 等方面的核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。该行续指，此前摩根大通预测曹 操出行有望于9月8日被纳入港股通名单，允许内地投资者参与交易，有望带来显著资金增量。 浙商证券（601878）发布研报称，公司运营网络已覆盖全国136座城市，以轻资产模式进军85个新城市 （300778），即向当地运力合作伙伴销售定制车，并激励其向曹操出行平台提供出行服务。公司开放全 产业链生态合作，2024年末全模式合作商家超1000家，合作伙伴收入年同比+34%，计划2025年新开200 城。该行认为，公司依托吉利生态，凭借"定制车+轻资产扩张"已稳居网约车行业第二，并有望在即将 到来的Robotaxi商业化浪潮中抢占先机，打开中长期估值空间。 ...

浙商证券发布研报称，公司运营网络已覆盖全国136座城市，以轻资产模式进军85个新城市，即向当地 运力合作伙伴销售定制车，并激励其向曹操出行平台提供出行服务。公司开放全产业链生态合作，2024 年末全模式合作商家超1000家，合作伙伴收入年同比+34%，计划2025年新开200城。该行认为，公司依 托吉利生态，凭借"定制车+轻资产扩张"已稳居网约车行业第二，并有望在即将到来的Robotaxi商业化 浪潮中抢占先机，打开中长期估值空间。 智通财经APP获悉，曹操出行(02643)涨超8%，盘中高见68.5港元再创上市新高。截至发稿，涨8.08%， 报66.25港元，成交额4768.6万港元。 东吴证券(国际)指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车 队规模居行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度 等方面的核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。该行续指，此前摩根大通预测曹 操出行有望于9月8日被纳入港股通名单，允许内地投资者参与交易，有望带来显著资金增量。 ...

Summary of Didi Chuxing Conference Call Company Overview - Didi Chuxing operates in three main segments: domestic business (ride-hailing), international business (ride-hailing, food delivery, finance), and new business (Robotaxi, energy) [2][4][10] Key Financial Insights - Domestic business has achieved breakeven, expected to contribute 12 billion RMB in profit this year, with revenue growth around 10% and GTV margin reaching 3.7%, projected to reach 4% next year [2][6] - International business is expected to incur losses of 1.5 to 1.8 billion RMB this year, primarily due to food delivery losses, with overall breakeven anticipated around 2027 [2][10] - New business is projected to lose 3 billion RMB this year, with Robotaxi losses at 1.5 billion RMB, maintaining potential for significant future growth [6][10] - Overall EBITDA for the year is estimated at 7.2 billion RMB, with net profit around 7.3 to 7.4 billion RMB, and a projected compound annual growth rate of nearly 30% over the next 3 to 5 years [7] Market Position and Growth - Didi holds a strong market position in Latin America, particularly in Mexico and Brazil, competing closely with Uber [11] - In Mexico, Didi's food delivery market share exceeds 50%, while in Brazil, it faces strong competition from iFood, which holds a 90% market share [12] - Didi's international ride-hailing GTV is approximately 100 billion RMB, about one-third of the domestic GTV, with a significant growth rate of 25% compared to 10% domestically [10] Robotaxi Development - The market has varying expectations for the Robotaxi sector, with companies like Xiaoma Zhixing leading in technology. However, as licensing becomes more equitable, operational capabilities and user perception will become key competitive factors [13] - The BOM cost for the latest Robotaxi model is around 300,000 RMB, with future models expected to maintain similar cost levels [13] Listing Plans - Didi initially planned to submit a Hong Kong listing application in April 2025, but this has been delayed, with expectations now set for 2026. The company is adjusting accounting standards to meet Hong Kong requirements [14] Additional Insights - The domestic ride-hailing business has a daily order volume of approximately 30 million, with a GTV of over 300 billion RMB, growing at about 10% annually [9] - The international ride-hailing business has achieved profitability, but overall remains affected by food delivery losses [10] - The company is exploring new business opportunities, including self-developed community group buying [5]

Group 1 - The core viewpoint of the article highlights the significant advancements in the Robotaxi sector, particularly the launch of fully autonomous ride-hailing services in Shanghai, marking a transition from closed testing to limited open operations [1][3] - Pony.ai, a leading player in the Robotaxi market, has established a fleet of over 300 vehicles operating in major cities, with a testing mileage exceeding 33.5 million kilometers, indicating a foundational step towards commercialization [2][3] - The collaboration between CATL and Shenzhou Car Rental aims to deploy over 100,000 "chocolate battery" swap models nationwide, creating a robust battery swap network that could accelerate the commercialization of Robotaxi services [1][4] Group 2 - The operational efficiency of Robotaxi services is currently hindered by low daily operating hours compared to traditional ride-hailing services, primarily due to energy replenishment and return trips, which increases operational costs [3][4] - Battery swapping technology is positioned as a critical variable that could enhance the operational efficiency of Robotaxi, potentially reducing charging times from an average of 45 minutes to just 3-5 minutes, thus increasing vehicle utilization [4][7] - The integration of battery swapping stations into existing car rental networks is expected to lower deployment costs and create a seamless energy replenishment system for Robotaxi operations [9][10] Group 3 - The collaboration among Pony.ai, CATL, and Shenzhou Car Rental represents a multi-faceted approach to building a low-cost, high-density energy replenishment and scheduling network, which is essential for the sustainable operation of Robotaxi services [12][13] - The shift towards battery swapping not only improves efficiency but also transforms the operational structure of Robotaxi, potentially enabling continuous 24-hour service and significantly enhancing cash flow [9][10] - The successful implementation of battery swapping and the establishment of a supportive infrastructure are crucial for Robotaxi to transition from a technological demonstration to a commercially viable business model [12][13]

Group 1 - Hong Kong stock indices experienced a decline, with the automotive sector facing significant losses, particularly for companies like Geely, BYD, and Xpeng, which fell over 3% in the afternoon session [1] - The Hong Kong Stock Connect automotive ETF (159323) saw a drop of nearly 2%, with major holdings such as Zhejiang Shibao, Youjia Innovation, Geely, BYD, Xpeng, and Zhixing Technology among the biggest decliners [1] - Everbright Securities noted that the commercialization of Robotaxi is accelerating, with a turning point in scale approaching, and identified Xpeng as closely following Tesla's technology path, planning to launch Robotaxi by 2026 [1] Group 2 - The Hong Kong Stock Connect automotive ETF (159323) focuses heavily on the Hong Kong vehicle sector, with a leading proportion of passenger vehicles compared to similar indices, and includes relatively scarce new car-making forces in the A-share market [2] - As of June 25, the top five weighted stocks in the index are BYD, Xpeng, Li Auto, Geely, and Leap Motor, collectively accounting for 58.24% of the index [2] - The index also includes companies in the intelligent driving industry chain, such as Zhixing Technology, Horizon Robotics, Sunny Optical Technology, and Zhejiang Shibao, which aligns more closely with the trends in the automotive industry compared to A-share automotive theme indices [2]