Core Insights - Didi Chuxing predicts a significant increase in ride-hailing demand during the upcoming May Day holiday, with peak demand expected to rise by approximately 55% compared to normal days [1] - Popular cities for ride-hailing during this period include Guilin, Zhuhai, and Harbin, with emerging cities like Jingdezhen and Xiaogan showing notable demand growth [1] Ride-Hailing Demand - The last day before the holiday (April 30) will see peak ride-hailing demand starting at 3 PM and lasting until 9 PM, with the highest demand between 5 PM and 7 PM [1] - The overall ride-hailing demand is expected to increase by about 55% compared to regular days [1] Charter Services - Didi's charter service orders are projected to grow by 304% during the holiday compared to pre-holiday levels, with top destinations being Shanghai, Beijing, Chengdu, Guangzhou, and Hangzhou [1] - Cities with the highest increase in charter service orders include Xi'an, Foshan, Zhanjiang, and Dali [1] Intercity Travel - The demand for Didi's bus services is anticipated to rise by 130% compared to pre-holiday levels, with May 5 expected to be the peak travel day [1] - Specific travel routes such as Dali-Kunming and Xishuangbanna Jinghong to various tourist spots are projected to see demand increases exceeding 150% [1] - The average daily scale for Hefei airport express services is expected to surpass 4,000 seats during the holiday [1]

Core Viewpoint - Caocao Travel Co., Ltd. has filed for an IPO and plans to list on the Hong Kong Stock Exchange, which would mark another public listing for Geely Holding Group's founder, Li Shufu [2] Financial Performance - Caocao Travel reported revenues of RMB 7.15 billion, RMB 7.63 billion, and RMB 10.67 billion for the years 2021, 2022, and 2023, respectively [5] - The company experienced gross losses of RMB 1.75 billion, RMB 339 million, and a gross profit of RMB 615 million for the same years, with gross margins of -24.4%, -4.4%, and 5.8% [5] - Operating losses were RMB 2.8 billion, RMB 1.87 billion, and RMB 1.58 billion for 2021, 2022, and 2023, with operating loss rates of 39.2%, 24.5%, and 14.8% [6][8] - The adjusted losses were RMB 2.96 billion, RMB 1.65 billion, and RMB 966 million for the same years, with adjusted loss rates of 41.4%, 21.6%, and 9.1% [7] Recent Developments - In the first half of 2024, Caocao Travel achieved revenues of RMB 6.16 billion, a 24.7% increase from RMB 4.94 billion in the same period of the previous year [8] - The gross profit for the first half of 2024 was RMB 428 million, compared to RMB 164 million in the same period of 2023, resulting in a gross margin of 7% [8] - The company has incurred nearly RMB 8 billion in losses over the past three and a half years [8] Shareholding Structure - Prior to the IPO, Geely Holding's Ugo Investment Limited holds an 83.9% stake in Caocao Travel, with other investors holding smaller percentages [15][16] Valuation - The pre-IPO valuation of Caocao Travel is estimated at RMB 17 billion [10]

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - High-growth companies in ride-hailing, digital freight, and instant delivery platforms are expected to deliver significant returns, with business volume and revenue growth around 20% and operating profits increasing substantially [3][4] - As competition stabilizes, operating leverage will lead to greater growth in operating profits, with companies like Manbang Group and Meituan projected to see substantial profit increases in 2024 [4][5] - The rising penetration rates in ride-hailing, digital freight, and instant delivery are expected to drive revenue and gross profit growth of approximately 30% for leading companies in 2024 [5] Summary by Sections Growth Logic - Revenue growth and declining expense ratios are key drivers for profit growth, with companies like Manbang Group benefiting from rapid revenue increases and improved monetization rates [14][17] - The report highlights that the faster the revenue growth and the quicker the expense ratio declines, the more significant the profit growth potential [16] High Growth in Leading Companies - In 2024, leading companies in ride-hailing, freight platforms, and instant delivery are expected to see high growth in operating profits, with Didi Chuxing turning profitable [19][23] - The operating profit growth rates for these companies are significantly higher than their gross profit growth rates, indicating effective cost management [23] Operating Leverage - The report notes that the increase in operating profit growth is due to a decrease in sales, management, and R&D expense ratios, showcasing the effect of operating leverage [28][31] - As leading companies solidify their market positions, their expense ratios are expected to stabilize, further enhancing profit margins [28][46] Revenue and Market Penetration - The revenue growth for leading companies is primarily driven by increases in business volume, with many companies outpacing industry growth rates [39][41] - The rising market penetration rates in various segments, such as ride-hailing and digital freight, are contributing to revenue growth exceeding overall market growth [44] Monetization Rates - Manbang Group's monetization rate is on the rise, which is expected to accelerate revenue growth compared to competitors whose monetization rates are stabilizing [49]

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - High-growth companies in ride-hailing, digital freight, and instant delivery platforms are expected to achieve revenue growth of around 20%, with operating profits increasing significantly. Companies like Manbang Group and Meituan are projected to have a PE ratio below 20 times in 2025, making them attractive investments [3] - As the competitive landscape stabilizes, stable sales, management, and R&D expenses are expected to lead to substantial growth in operating profits. Companies like Manbang Group, Meituan, and SF Express are anticipated to see their operating profits double in 2024, with continued rapid growth thereafter [4] - The rising penetration rates in ride-hailing, digital freight, and instant delivery are expected to drive revenue and gross profit growth of around 30% for companies like Manbang Group, Meituan, and SF Express in 2024. Manbang Group's monetization rate is expected to increase, leading to a gross profit growth rate of 42% in 2024 [5] Summary by Sections Growth Logic - The growth in profits is driven by revenue growth, market expansion, and decreasing expense ratios. Companies with faster revenue growth and declining expense ratios are likely to see quicker profit growth, particularly in the cross-city digital freight sector, where Manbang Group is expected to experience high profit growth [14][16][17] High Growth in Express Delivery, Ride-Hailing, and International Air Transport - In early 2025, most transportation modes are experiencing low growth in volume, while international air transport, express delivery, and ride-hailing are seeing faster growth [11] Head Companies' Profit Growth - In 2024, leading companies in ride-hailing, freight platforms, and instant delivery are expected to see high growth in operating profits, with Didi Chuxing turning profitable. The gross profits of these companies are also expected to grow, although at a slower rate than operating profits [23] Operating Leverage - The increase in operating profit growth is attributed to a decline in sales, management, and R&D expense ratios, which enhances operating profit margins. As leading companies solidify their positions, these expenses are expected to stabilize [28][31] Revenue Growth Driven by Business Volume - The revenue growth of leading companies is primarily driven by an increase in business volume, with many companies expected to outpace industry growth rates in 2024 [39][41] Market Penetration Rate Increase - The market penetration rates for various sectors are on the rise, leading to revenue growth that exceeds overall market growth. This trend is particularly evident in ride-hailing, digital freight, and instant delivery sectors [44] Monetization Rate - Manbang Group's monetization rate is significantly increasing, contributing to faster revenue growth compared to competitors like Uber and Didi Chuxing, whose monetization rates are stabilizing [49]

智通财经APP获悉，优步(UBER.US)与大众汽车集团达成合作，将在美国部署数千辆电动ID Buzz厢型 车，这是该网约车平台为拓展自动驾驶服务选项达成的最新合作。 在美国其他地区，优步计划与Avride合作，今年在达拉斯推出基于现代艾尼氪5车型的自动驾驶服务。 在海外市场，该公司正与中国企业文远知行合作，在阿布扎比和迪拜提供自动驾驶服务。 竞争对手Lyft公司也表示，计划"最快今年夏天"在亚特兰大与丰田汽车支持的初创企业May Mobility推 出其首项自动驾驶服务。 自动驾驶汽车已成为优步日益重视的领域。在放弃自主研发方案后，该公司选择与汽车制造商和车队运 营商合作——数年前优步曾在该领域投入巨资。其最引人注目的合作之一是与Waymo在美国的合作， 目前已在凤凰城提供自动驾驶服务，并即将扩展至亚特兰大。 截至目前，优步已与十余家全球合作伙伴达成协议，在其拼车、配送和货运业务中部署自动驾驶技术。 这一布局正值市场扩张之际：特斯拉公司的人工监督机器人出租车即将登陆奥斯汀，而Waymo正在主 要城市快速扩充车队。 大众汽车已在奥斯汀开展配备人类操作员的ID Buzz厢型车测试。这些车辆搭载了英特尔旗下Mob ...

Core Points - The event held on April 22 in Haidian District focused on the release of the "New Employment Group Series Service Projects," which includes 87 services across ten categories aimed at enhancing support for new employment groups [1][6] - The services cover various aspects such as healthcare, dining discounts, rights protection, and more, demonstrating a comprehensive approach to addressing the needs of new employment groups [1][2] Service Categories - The services are divided into eight main categories: healthcare, dining discounts, residential convenience, transportation support, skill enhancement, rights protection, service stations, and warm care [2][6] - Specific initiatives include regular first aid training, partnerships with restaurants for dining discounts, and legal support through dedicated legal service teams [3][4] Healthcare Initiatives - Haidian District will conduct regular training sessions on CPR and Heimlich maneuver for new employment groups [3] - The district has engaged various chain restaurants to provide dining discounts and other conveniences for new employment groups [3] Rights Protection - A one-stop service platform for labor dispute resolution will be established to provide legal education and mediation services for new employment groups [3] - The district will utilize existing legal service platforms to offer free legal consultations and educational sessions [3] Community Support - Initiatives such as holiday welfare for drivers and special events to show appreciation for delivery personnel are part of the "warm care" measures [4] - The district has launched various community engagement activities to foster a supportive environment for new employment groups [4][5] Organizational Structure - The establishment of industry party committees for the delivery and real estate sectors aims to enhance service delivery and management for new employment groups [5] - A platform enterprise party alliance has been formed to address service management issues collaboratively among various companies [5] Future Plans - Haidian District plans to continue implementing central and municipal directives, leveraging local technological advantages to enhance community engagement and service delivery for new employment groups [7]

市场运行监测显示，一季度网约车成交订单1.16亿单，日均活跃车辆7.73万辆。值得关注的是，单 车运营效率向好，日均订单量达16.63单，环比增长4.76%。其中33.32%的车辆日均订单超过21单，少于 10单的车辆占比27.48%，网约车从业专兼职各半。 杭州市运管部门特别提醒从业者，当前市场已进入成熟发展阶段，新入行驾驶员应详细了解本地相 关法律法规，审慎评估市场风险，租赁车辆时建议采用省级示范合同文本，注意厘清权责关系。接下 来，杭州交通运输部门将持续推动"巡网融合"，进一步激发行业活力，维护客运市场秩序，推动行业安 全健康稳定发展。 近日，杭州市交通运输局发布2025年第一季度网约车市场运行监测信息。数据显示，全市网约车市 场保持稳健发展态势，日均运输总量达195.42万人次，运输服务费总额突破30亿元。这也意味着，网约 车已成为城市生活、交通出行的重要组成部分，行业监管治理呈现良好效果。 与此同时，行业监管持续强化。一季度网约车订单合规率环比下降2.1%，交通运输执法部门开展 集中整治，共查处网约车相关违法违规案件676起。此外，新入职驾驶员背景审查淘汰率8.95%，主要 因驾驶经历不足和违法记录 ...

Core Viewpoint - The approval from the China Securities Regulatory Commission marks a significant step for Cao Cao Mobility's long-awaited IPO in Hong Kong, following a year of application processes and regulatory hurdles [1][2]. Group 1: Company Overview - Cao Cao Mobility, backed by Geely, has seen a revenue growth of 25% in the first half of last year, expanding its business into 32 new cities and increasing its operational footprint by over 60% [1]. - The company differentiates itself by utilizing custom vehicles developed by Geely, which are sold or leased to drivers, contrasting with competitors that typically require drivers to provide their own vehicles [4][5]. Group 2: Business Strategy - Cao Cao Mobility leverages Geely's extensive network of battery swap stations and auto repair shops to provide cost advantages to drivers, enhancing their net income [5]. - The company has increasingly adopted aggregation applications, which integrate various ride-hailing services, leading to a significant rise in orders processed through these platforms, from 3.5% in 2018 to 30% in 2023 [6]. Group 3: Financial Performance - In the first half of last year, Cao Cao Mobility's revenue rose from 4.94 billion to 6.16 billion (approximately 844 million USD), while its marketing expenses as a percentage of revenue increased from 7.1% in 2021 to 8.4% [7]. - The company achieved its first-ever gross profit in 2023, with gross profit rising from 165 million to 429 million, and gross margin improving from 5.8% to 7.0% [7]. Group 4: Market Position and Valuation - Despite rapid growth, Cao Cao Mobility holds only 4.8% of the market share, while the leading player, Didi, controls about 75% [7]. - The expected valuation for Cao Cao Mobility is around 40 billion, with a projected price-to-sales ratio of approximately 3, aligning it closer to leading companies like Uber and Grab [8].

Key takeaways: ▶ 获得中国证券监管机构的批准后，曹操出行耗时一年的港股上市计划或即将完成 ▶ 该公司去年上半年收入增长25%，超越竞争对手，在此期间它进军32个新城市，业务版图扩大 逾60% 上周，在首次向港交所提交上市申请一年后，这家由吉利投资的网约车应用程序终于获得中国证监 会的境外上市许可 汽车巨头吉利一向在最新的驾驶科技与服务领域起步稍晚，但往往能凭借更雄厚的资源与执行力迅速迎头 赶上。这点在吉利对标 Uber （UBER.US）打造的出行平台 曹操出行有限公司 身上或许会再次应验。如 今，其一度停滞的IPO计划终于接近终点线。 曹操出行一年前首次向香港交易所提交上市申请但未能成功，后于去年10月重新提交申请。上周五，中国 证监会终于批准了此次上市，清除了主要的监管障碍之一。现在，曹操出行须通过港交所的上市聆讯，此 事可能在未来一两个月内完成，这将为其最终上市铺平道路。 届时，曹操出行将加入一个日渐拥挤的赛道，与中国的上市同行一较高下，其中包括规模较小的 嘀嗒出行 （2559.HK）和 如祺出行 （9680.HK）。许多人认为，行业巨头滴滴也可能会在不久的未来在香港上市， 在2021年 ...

Core Points - A customer reported an incident involving overloading in a ride-sharing service, where a family of five paid over 1400 yuan for a non-shared ride but ended up with eight passengers in a seven-seat vehicle, leading to discomfort and safety concerns [2][4] - The ride-sharing platform, 哈啰顺风车, acknowledged the issue, stating that the driver had indeed picked up additional passengers and has since permanently banned the driver's account, promising compensation to the affected customer [8] Group 1 - The customer, Mr. Mo, experienced significant discomfort during a 600-kilometer journey due to overloading, which included unsafe driving behaviors such as chatting on the phone while driving [4][6] - The platform's initial compensation was only 45 yuan, which the customer found unacceptable, prompting a public outcry regarding the reliability of the ride-sharing service [6][7] - 哈啰顺风车's response included an apology and a commitment to provide satisfactory compensation, indicating a proactive approach to customer service and safety [8] Group 2 - The incident has sparked widespread criticism from users, highlighting concerns about the reliability and safety of ride-sharing services, particularly regarding adherence to booking preferences [7] - The platform has mechanisms for reporting violations, including internal reporting options and consumer complaint hotlines, emphasizing the importance of accountability in the ride-sharing industry [9][10] - Legal provisions exist for reporting overloading incidents to authorities, reinforcing the regulatory framework surrounding ride-sharing services and passenger safety [12][13]