这是曹操出行自今年6月港股上市后首次重大战略收购，市场认为其向万亿级to B市场进军的野心正式显现。 三家公司系出"同门" 吉利系的整合再进一步。 12月30日，曹操出行宣布两项重要战略收购，以现金对价2.25亿元全面收购蔚星科技有限公司（下称"耀出行"）100%股权，并以6500万元拟收购浙江吉利 商务服务有限公司（下称"吉利商旅"）100%股权，两项交易合计近3亿元。待交易完成后，耀出行和吉利商旅将成为曹操出行的全资附属公司。 江瀚认为，在滴滴、T3出行等对手加速布局企业出行市场的背景下，曹操出行通过并购实现"弯道超车"，不仅强化差异化优势，也为未来Robotaxi商业化 落地积累高净值客户场景。 出行业务加速整合 此次并购本质上是吉利控股出行业务的内部整合。 值得注意的是，此次公告中的三家公司均属吉利系。 曹操出行创立于2015年，总部位于苏州相城区，是一家由吉利控股集团孵化的网约车平台，也是国内第二大共享出行平台，旗下定制车型主要有枫叶 80V、曹操60及 LEVC TX。 耀出行是吉利控股集团与梅赛德斯—奔驰联手打造的高端出行品牌；成立于2010年的吉利商旅是吉利控股集团战略投资的差旅管理公司，其聚 ...

消息面上，12月30日，曹操出行宣布两项重要战略收购：收购蔚星科技有限公司（下称"耀出行"） 100%股权；拟收购浙江吉利商务服务有限公司（下称"吉利商旅"）100%股权。两项收购事项分别完成 后，耀出行、吉利商旅将成为曹操出行的全资附属公司。此举将进一步升级曹操出行产品矩阵，打造一 站式科技出行平台。 据介绍，曹操出行是吉利控股集团Robotaxi最重要的商业化载体，致力于打造全球领先的科技出行平 台。本次融合完成后，曹操出行将进一步整合内部资源，形成业务合力，作为吉利控股集团在移动出行 业务的核心平台，撬动商旅服务市场的增长。 本文源自：智通财经网 智通财经获悉，曹操出行(02643)早盘涨超6%，截至发稿，涨2.32%，报30.92港元，成交额3260.29万港 元。 ...

年终盘点|网约车这一年：司机谋求打破低价，平台押注Robotaxi和出海 过去一年，网约车行业在持续发展与结构调整中，迎来了供需关系的新阶段。 随着市场逐步从增量步入存量，平台、司机与监管部门共同面对挑战，积极推动价格机制优化、司机权 益保障与服务模式创新。尽管部分司机感受到收入压力，但平台和监管层正在采取积极措施改变低价困 局。此外，出海也成为平台今年的重点。 供需有待平衡 司机端的挑战在于价格。广东网约车司机梁师傅对比了去年和今年的流水，发现有一定落差。"去年每 月还有8000元的流水，今年7000元不到。" 南京的网约车司机俞师傅对比了2025年和2022年的流水数据，她表示2022年每月流水约有15000元，类 似工作强度下2025年每月流水大概在9000元左右。 从整体行业来看，乘客叫车单量仍在保持增长态势，但由于运力供给的增长速度更快，司机竞争激烈， 这使得平均每车每日接单量和司机收入面临一定的分摊压力。当前阶段，网约车市场正从快速扩张期逐 步进入结构优化与效率提升的新阶段。 以部分城市为例，杭州交通数据显示，2025年第三季度日均订单总量为148.61万单(含巡网融合6.3万 单)，日均运输总量 ...

在国内网约车行业进入存量市场时，平台纷纷探索新的赛道，Robotaxi和出海成为重要方向。 过去一年，网约车行业在持续发展与结构调整中，迎来了供需关系的新阶段。 随着市场逐步从增量步入存量，平台、司机与监管部门共同面对挑战，积极推动价格机制优化、司机权 益保障与服务模式创新。尽管部分司机感受到收入压力，但平台和监管层正在采取积极措施改变低价困 局。此外，出海也成为平台今年的重点。 供需有待平衡 司机端的挑战在于价格。广东网约车司机梁师傅对比了去年和今年的流水，发现有一定落差。"去年每 月还有8000元的流水，今年7000元不到。" 他的在线时长并未缩短，这也使得车辆空驶的情况有所增多。同时他观察到低价单也不缺接单的司 机，"1公里1元的单都抢着做。"接下来，梁师傅表示自己有意愿尝试代驾来增加收入。 南京的网约车司机俞师傅对比了2025年和2022年的流水数据，她表示2022年每月流水约有15000元，类 似工作强度下2025年每月流水大概在9000元左右。 从整体行业来看，乘客叫车单量仍在保持增长态势，但由于运力供给的增长速度更快，司机竞争激烈， 这使得平均每车每日接单量和司机收入面临一定的分摊压力。当前阶段 ...

消息面上，曹操出行公布，12月16日，合计19名公司管理层成员自愿向公司承诺，于直至明年6月24日 之期间内，其不会出售根据首次公开发售前股份激励计划授予的期权行权后获得的股份。公司认为，相 关管理层成员自愿限售其所持股份的承诺展现其对集团的信心，并有利于集团持续、稳定、健康发展。 曹操出行(02643)午后涨超5%，截至发稿，涨5.59%，报30.58港元，成交额8319.24万港元。 值得注意的是，12月3日，曹操出行举行Robotaxi战略升级发布会，提出"十年百城千亿"战略目标，计 划未来十年在全球设立五大运营中心，覆盖100座城市，累计实现1000亿元总交易价值GTV，并发布首 个未来城市交通枢纽"绿色智能通行岛"。 ...

Core Viewpoint - Cao Cao Mobility (02643) shares rose over 5%, reaching HKD 30.58, with a trading volume of HKD 83.19 million, reflecting positive market sentiment following management's commitment to hold shares until June 24 next year [1] Group 1: Management Commitment - A total of 19 members of the management team voluntarily committed not to sell shares obtained through the pre-IPO stock incentive plan until June 24 next year [1] - The company's management believes this commitment demonstrates confidence in the group and supports its sustainable, stable, and healthy development [1] Group 2: Strategic Goals - On December 3, Cao Cao Mobility held a Robotaxi strategic upgrade conference, announcing a "Ten Years, Hundred Cities, Thousand Billion" strategic goal [1] - The plan includes establishing five major operational centers globally over the next decade, covering 100 cities and achieving a total transaction value (GTV) of HKD 100 billion [1] - The company also introduced its first future urban transportation hub, the "Green Intelligent Passage Island" [1]

Core Insights - The CEO of Caocao Travel, Gong Xin, announced an upgraded Robotaxi strategy with a goal of "100 cities in 10 years and 100 billion RMB" [1] - The first future urban transportation hub, the "Green Intelligent Passage Island," was unveiled, indicating accelerated commercialization of Robotaxi under Geely Technology's ecosystem [1] Group 1: Strategic Goals - Caocao Travel aims to establish five operational centers globally over the next decade, expanding Robotaxi services to 100 cities and achieving a total transaction value (GTV) of 100 billion RMB [1] - The "three-step" strategy for Robotaxi includes initial technology validation and small-scale testing, transitioning to mixed operations of human-driven and autonomous vehicles, and finally launching fully customized Robotaxi models for comprehensive commercialization [1][2] Group 2: Technological Advancements - In the Robotaxi 2.0 phase, Caocao Travel will enhance the automation capabilities of large-scale fleets and launch the Caocao Zhixing Ras remote safety service platform, integrating digital asset management systems [2] - The Green Intelligent Passage Island features automatic battery swapping, cleaning, vehicle interior management, intelligent scheduling, and automatic settlement, laying the groundwork for future urban transportation infrastructure [2] Group 3: Competitive Landscape - The competition in the Robotaxi sector extends beyond algorithms and hardware to include a comprehensive system of smart customized vehicles, intelligent driving technology, and operational platforms, forming a competitive moat for Geely's smart technology ecosystem [3] - Caocao Travel's unique development model combines smart customized vehicles, intelligent driving technology, and smart operations, supported by advanced electric vehicle R&D and manufacturing capabilities [3]

Core Insights - The Guangzhou International Auto Show highlighted the commercialization of autonomous driving and Robotaxi services, with 如祺出行 showcasing its "Robotaxi+" strategy aimed at accelerating the mass application of autonomous driving technology [1][2] Group 1: Robotaxi Operations - 如祺出行 plans to expand its Robotaxi operations to 100 core cities over the next five years, aiming to build a fleet of over 10,000 Robotaxis and establish a three-tier operational network to support 100,000 Robotaxi operations annually [3] - The company has been operating over 300 Robotaxis since September 2025, covering areas such as Guangzhou, Shenzhen, and the Hengqin Guangdong-Macao Deep Cooperation Zone, with more than 10,000 operational stations [5] Group 2: Data Solutions - High-quality data is essential for the continuous iteration of autonomous driving technology, and 如祺出行 introduced its "如祺智驾数据采集车" solution at the auto show, which allows for the collection of road environment and driver behavior data while generating revenue [6][8] - As of September 2025, the first batch of over 300 data collection vehicles has been operating regularly in Guangzhou, utilizing an in-house data labeling platform to automate data processing and improve efficiency [7] - The company is expanding its AI data services brand "如祺数据" to various industries, leveraging its data processing capabilities accumulated in the autonomous driving sector, and currently serves over 100 well-known enterprises [7]

Core Viewpoint - 文远知行 is a leading player in the global L4 autonomous driving sector, set to go public on NASDAQ in October 2024, and is projected to be the top Chinese company in the 2025 Fortune Global Future 50 list [1] Group 1: Company Overview - Founded in 2017, 文远知行 operates in 11 countries and 30 cities, holding autonomous driving licenses in seven countries, including China, the US, and the UAE, making it the only company globally with such a license portfolio [1] - The company utilizes L2-L4 full-stack technology to provide autonomous driving solutions across three main scenarios: mobility, logistics, and sanitation [1] Group 2: Financial Performance - For FY25H1, the company reported revenue of 200 million RMB, a year-on-year increase of 32.8%, with product revenue reaching 70 million RMB, up 230.0% year-on-year, while service revenue remained stable at 130 million RMB [1] - The gross profit for FY25H1 was 60 million RMB, reflecting an 11.5% year-on-year growth, and the net loss narrowed to 790 million RMB, a 10.2% improvement year-on-year [1] Group 3: Market Dynamics and Growth Drivers - The Robotaxi sector is experiencing cost reductions and efficiency improvements due to declining core hardware costs, optimized remote safety personnel models, and energy-efficient specialized chips [2] - The Chinese regulatory framework supports L4 level commercial operations in major cities, with global market predictions estimating the Robotaxi market to reach 66.6 billion USD by 2030 [2] - The company is focusing on the Middle Eastern market for its Robotaxi business, with significant growth potential due to high customer spending [2] Group 4: Future Projections and Valuation - Revenue forecasts for the company from 2025 to 2027 are 587 million, 1.131 billion, and 2.017 billion RMB, with corresponding price-to-sales (PS) ratios of 34x, 17x, and 10x [3] - The company is expected to maintain a competitive edge due to ongoing reductions in hardware and operational costs, alongside supportive global policies [3] - The company is rated as a "buy" based on its unique market position and potential for premium valuation [3]

Core Insights - Company Wenyan Zhixing is a leading player in the global L4 autonomous driving sector, established in 2017 and set to go public on NASDAQ in October 2024 as the "first global general autonomous driving stock" [4] - The company operates in 11 countries and 30 cities, holding autonomous driving licenses in seven countries, making it the only company globally with such a distinction [4] - For FY25H1, the company reported revenue of 200 million yuan, a year-on-year increase of 32.8%, with product revenue soaring by 230% to 70 million yuan, while service revenue remained flat at 130 million yuan [4] Group 1: Robotaxi Cost Reduction and Policy Support - Continuous optimization of Robotaxi operating costs is driven by several factors: decreasing core hardware costs like LiDAR, improved human-vehicle ratios through remote safety personnel, and energy-efficient specialized chips [5] - The revised Chinese "Autonomous Driving Management Measures (2025)" allows for full-scale L4-level paid operations in cities like Shanghai, with similar policies in key areas of Beijing and support from international locations such as Abu Dhabi and San Francisco [5] - The global Robotaxi market is projected to reach $66.6 billion by 2030, with a concentrated competitive landscape led by top companies in China and the U.S., and emerging markets in the Middle East expected to be key growth areas [5] Group 2: Commercialization and Technology Development - The company is the only entity with autonomous driving licenses in seven countries, covering 11 countries and 30 cities, with five core product lines tailored for smart mobility, freight, and sanitation [6] - The Robotaxi business is focusing on the Middle East, where high customer spending enhances profitability, with a partnership with Uber accelerating fleet expansion [6] - In FY25Q2, the Robotaxi business generated 50 million yuan in revenue, a staggering year-on-year increase of 836.7%, with the Abu Dhabi Robotaxi fleet tripling since December 2024, indicating strong revenue growth potential in the near term [6]