Group 1 - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] - The report highlights that Cao Cao Mobility is reshaping the industry landscape from the "supply side" due to its deep accumulation in the ride-hailing sector and the breakthrough potential of its Robotaxi business, with expectations to turn profitable by 2026 [1] - The core competitiveness of Cao Cao Mobility stems from its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2 - Despite some views that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition in Robotaxi is fundamentally a contest of technology and operational capabilities [1] - Cao Cao Mobility is optimizing total cost of ownership (TCO) and demonstrating long-term competitiveness in the Robotaxi sector through solid operational accumulation [1] - The company collaborates with Geely Holding Group to participate deeply in vehicle design and develop a comprehensive automotive service solution, significantly reducing TCO and enhancing operational efficiency [1] Group 3 - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, becoming the largest fleet of its kind in the country [1] - On February 28, 2025, Cao Cao Mobility launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou [2] - The company is developing a custom vehicle specifically designed for L4-level autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4 - Huatai Securities assigns a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion, based on the average valuation levels of global mobility platforms [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company was included in the Hang Seng Composite Index on August 22, and it is expected to be included in the Hong Kong Stock Connect on September 8, which may attract more mainland capital [2]

Core Insights - The article highlights the dual forces of cost reduction and efficiency improvement, alongside the transformative potential of Robotaxi technology, which are igniting renewed enthusiasm in the capital markets for mobility companies [1][2]. Performance Growth - Major ride-hailing companies have reported significant growth in their financial performance. For instance, Didi's revenue for the first half of 2025 reached 109.67 billion yuan, a 9.7% increase from the previous year, with a second-quarter revenue of 56.4 billion yuan, up 10.88% year-on-year. Adjusted net profit for the second quarter was 3.069 billion yuan, a remarkable 108% increase from the previous year [3]. - Cao Cao Travel, the second-largest ride-hailing platform, achieved a revenue of 9.456 billion yuan in the first half of 2025, marking a 53.5% year-on-year growth. The company's gross margin improved by 1.4 percentage points to 8.4%, while adjusted net loss narrowed to 330 million yuan, significantly improving its loss ratio by 4.6 percentage points [5]. - Ruqi Travel, although smaller, reported a 61.7% increase in revenue to 1.676 billion yuan, with its ride-hailing service revenue growing by 86% [7]. Robotaxi Development - Robotaxi technology is seen as a catalyst for market excitement. Didi plans to launch 1,000 to 2,000 Robotaxi vehicles in collaboration with GAC by the end of 2026, with a long-term goal of deploying one million vehicles by 2030 [11][13]. - Cao Cao Travel has launched its autonomous driving platform and completed over 15,000 kilometers of testing by June 2025, with plans to introduce L4-level Robotaxi models by the end of next year [13][15]. - Ruqi Travel's Robotaxi orders surged by over 470% year-on-year, reflecting strong market demand [15]. Market Valuation and Investor Sentiment - The future valuation of mobility companies is increasingly tied to their growth potential, particularly in the Robotaxi sector, which is expected to significantly enhance growth expectations [17]. - Following strategic partnerships, such as the one between Pony.ai and Uber, stock prices have surged, indicating strong investor confidence in the Robotaxi market [17][19]. - The overall market sentiment is buoyed by positive financial performances and technological advancements in the Robotaxi space, with companies like Baidu and Pony.ai also reporting substantial growth in their Robotaxi operations [16][19]. Future Outlook - Goldman Sachs projects that by 2030, the number of operational Robotaxi vehicles in China could reach 500,000, supported by favorable policies and ongoing technological innovations [20]. - The article emphasizes the importance of continuous investment in research and development to optimize costs and enhance user experience in the Robotaxi sector [20][21].

Core Viewpoint - The launch of the "Cao Cao Intelligent Travel" satellite marks a significant step for Cao Cao Mobility in breaking through the commercialization of Robotaxi, addressing key industry pain points related to safety and cost efficiency [1][6]. Industry Context - The current Robotaxi industry is transitioning from the question of operational capability to concerns about safe and low-cost operations, with operational costs per kilometer significantly exceeding traditional ride-hailing services [1][2]. - The costs associated with positioning and communication are notably high, particularly in urban environments and adverse weather conditions, which hinder the scalability of Robotaxi operations [1][2]. Company Strategy - Cao Cao Mobility's partnership with Geely's Space-Time Daoyu aims to leverage satellite technology to enhance the management and operation of autonomous vehicle fleets, addressing the high operational costs of Robotaxi services [1][2]. - The integration of satellite communication and high-precision positioning technology is expected to reduce the reliance on third-party service providers, thereby lowering costs significantly [2][3]. Operational Insights - The "Cao Cao Intelligent Travel" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions, which is a substantial improvement over vehicles without satellite modules [3]. - The satellite technology supports a multi-layered safety redundancy system, allowing for remote emergency braking and dispatch even if ground stations fail, which is crucial for addressing safety concerns in Robotaxi operations [3]. Competitive Landscape - The satellite launch aligns with Cao Cao Mobility's strategic positioning as a core player in Geely's Robotaxi initiative, allowing for direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming deployment of a new generation of Robotaxi in April 2025 is expected to significantly reduce manufacturing costs through hardware-level integration of autonomous driving components and satellite modules [4]. Industry Impact - The introduction of the "Cao Cao Intelligent Travel" satellite is likely to reshape the competitive dynamics of the Robotaxi industry, shifting the focus from algorithm precision to a broader technological ecosystem [4]. - Other second-tier ride-hailing platforms are reportedly exploring similar collaborations with private aerospace companies, indicating a potential shift in industry supply chain dynamics [4]. Policy Alignment - This initiative aligns with national strategic goals, as outlined in the 2024 Commercial Space Development Action Plan, which emphasizes the integration of satellite technology with intelligent connected vehicles [5][6]. - The satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications, positioning the company favorably in the evolving regulatory landscape [6].

Core Viewpoint - The recent collaboration between Cao Cao Mobility and Geely's Space-Time Daoyu to launch the "Cao Cao Zhixing" satellite marks a significant advancement in the Robotaxi industry, transitioning from technology validation to potential large-scale profitability [1][6]. Industry Status - The current core challenge for the Robotaxi sector has shifted from "can it operate" to "can it operate safely and cost-effectively" [1]. - Domestic Robotaxi operating costs per kilometer are significantly higher than traditional ride-hailing services, with positioning and communication costs being a major contributor [1]. - Traditional GPS systems face accuracy issues in urban canyons and adverse weather, leading to delayed vehicle decision-making, which hampers large-scale operations [1]. Company Strategy - Cao Cao Mobility's entry into the satellite domain aims to address the industry's pain points of high operational costs and safety concerns [1][2]. - The partnership with Space-Time Daoyu leverages Geely's full industry chain capabilities, integrating satellite communication and high-precision positioning technologies into autonomous vehicle fleet management [2]. Operational Insights - The "Cao Cao Zhixing" satellite has already demonstrated its value in pilot programs, achieving a lane-level tracking accuracy of 99.8% in peak traffic conditions [3]. - The integration of low-orbit satellite services with ground systems creates a multi-layered safety redundancy, enabling remote emergency braking and dispatch even if ground stations fail [3]. Competitive Landscape - This satellite initiative positions Cao Cao Mobility as a core player in Geely's Robotaxi strategy, allowing direct utilization of Geely's automotive manufacturing resources [4]. - The upcoming Robotaxi models are expected to have significantly lower manufacturing costs due to the integration of satellite and autonomous driving components [4]. - The launch of the satellite may reshape industry competition by elevating the focus from algorithm precision to a broader "technology ecosystem" perspective [4]. Policy Alignment - The initiative aligns with national strategies, as the 2024 Commercial Space Development Action Plan emphasizes the integration of satellite technology with smart connected vehicles [5]. - This satellite deployment lays the groundwork for Cao Cao Mobility to apply for broader "no safety driver" testing qualifications [5]. Future Outlook - The launch of the "Cao Cao Zhixing" satellite could signal a shift in the Robotaxi industry from a "burning money for scale" model to a "technology-driven profitability" phase [6]. - Geely's comprehensive ecosystem collaboration is seen as a critical advantage for Cao Cao Mobility in this industrial transformation [6].

Group 1 - Dongwu Securities has initiated coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its integrated platform for Robotaxi services, which combines vehicle manufacturing, operational capabilities, and technology [1] - The Chinese ride-hailing market is transitioning from "wild growth" to "compliant intelligence," with a focus on autonomous driving technology and the restructuring of human-vehicle relationships [1] - Cao Cao Mobility aims to replicate the success of ride-hailing by leveraging its partnership with Geely Group to create an optimal Robotaxi system [1] Group 2 - Revenue projections for Cao Cao Mobility from 2025 to 2027 are estimated at 20.67 billion, 26.24 billion, and 32.37 billion yuan, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan from 2025 to 2027, with a potential return to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index on September 8, attracting additional mainland capital [2]

Group 1 - The core viewpoint of the report is that Cao Cao Mobility is positioned as a unique integrated platform for Robotaxi services in China, leveraging Geely's manufacturing capabilities, advanced autonomous driving technology, and operational experience to achieve competitive advantages [1] - The Chinese ride-hailing market is undergoing a significant transformation from "wild growth" to "compliance and intelligence," with the focus shifting from capital subsidies to the restructuring of autonomous driving technology and human-vehicle relationships [1] - The report highlights that with L4-level autonomous driving technology, decreasing hardware costs, and an improving policy framework, the commercialization of Robotaxi services is accelerating [1] Group 2 - The analyst projects that Cao Cao Mobility's revenue will reach 20.67 billion, 26.24 billion, and 32.37 billion yuan from 2025 to 2027, with year-on-year growth rates of 41.0%, 26.9%, and 23.4% respectively [2] - The company is expected to achieve a net profit of -1.1 billion, -270 million, and 890 million yuan for the same period, with a potential turnaround to profitability by 2027 [2] - Cao Cao Mobility is set to be listed on the Hong Kong Stock Exchange on June 25, 2025, and is anticipated to be included in the Hang Seng Composite Index, which is expected to attract additional capital from mainland investors [2]

Core Viewpoint - The Chinese ride-hailing market is transitioning from "wild growth" to "compliance and intelligence," with the core conflict shifting from capital subsidies to the institutional reconstruction of automated driving and human-vehicle relationships. The market is expected to reach nearly 1 trillion yuan by 2030, with opportunities arising for second-tier platforms due to the rise of aggregation platforms and Robotaxi technology breakthroughs [2][5]. Group 1: Industry Overview - The ride-hailing market is experiencing internal flow decentralization, with aggregation platforms capturing approximately 25%-30% of order share, creating structural opportunities for second-tier platforms [2]. - The Robotaxi, leveraging L4 autonomous driving technology, is seen as a key breakthrough, significantly reducing accident rates compared to human drivers by over 80% [2]. - The market is projected to grow to nearly 1 trillion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 20% [35]. Group 2: Company Performance - The company is actively expanding its market share through partnerships with aggregation platforms, achieving a 53.5% year-on-year increase in active drivers to 544,000 and a 57.4% increase in active users to 38 million in the first half of 2025 [3]. - The company’s revenue is expected to grow significantly, with projected revenues of 206.7 billion yuan in 2025, 262.4 billion yuan in 2026, and 323.7 billion yuan in 2027, reflecting a strong growth trajectory [5]. - The company has developed a fleet of 37,000 customized vehicles, leading the industry and enhancing the standardization of travel experiences [3][15]. Group 3: Technological Integration - The company is integrating vehicle manufacturing, operational services, and technology research and development into a unified Robotaxi platform, aiming to replicate the success of its ride-hailing business [4]. - The launch of "Cao Cao Smart Travel" and the introduction of customized vehicles are part of the strategy to enhance user experience and operational efficiency [4][15]. - The company is leveraging its parent group’s resources to enhance research and development efficiency, which is expected to accelerate the commercialization of L4 technology [4]. Group 4: Financial Projections - The company’s revenue for 2024 is projected to be 146.6 billion yuan, a 37.4% year-on-year increase, driven by a significant rise in order volume and average order value [24]. - The gross profit margin is expected to improve from -4.4% in 2022 to 8.4% in the first half of 2025, reflecting effective cost control and increased customer spending [29]. - The company’s operational revenue is primarily derived from ride-hailing services, which accounted for 90.9% of total revenue in the first half of 2025 [27].

Group 1 - The Chinese ride-hailing market is transitioning from "wild growth" to "regulated intelligence," with the core conflict shifting from capital subsidies to the institutional reconstruction of autonomous driving and human-vehicle relationships [1] - The market is expected to reach nearly 1 trillion yuan by 2030, with aggregation platforms and multi-location "non-one-car-one-platform" policies creating opportunities for other players [1] - Robotaxi, leveraging L4 autonomous driving technology, is seen as a key breakthrough, with leading companies like Waymo reducing accident rates by over 80% compared to human drivers [1] Group 2 - The company is actively seizing industry opportunities by deepening cooperation with aggregation platforms, leading to a rapid expansion of market share and driver income above industry averages from 2022 to 2024 [2] - In H1 2025, the company reported 544,000 active drivers (up 53.5% YoY) and 38 million orders (up 49.0% YoY), indicating strong market penetration through a light-asset model [2] - The company’s customized vehicle fleet reached 37,000 units, the largest in the industry, enhancing service comfort and standardizing the travel experience [2] Group 3 - The integration of vehicle technology and operations is accelerating the rollout of Robotaxi, with the company planning to launch the Zeekr RT in collaboration with Waymo in 2025 [3] - The company is evolving into an integrated Robotaxi platform, combining vehicle manufacturing, operational services, and technology research and development, aiming to replicate the success of its ride-hailing business [3] - A strategic integration within the Geely Group aims to enhance R&D efficiency and accelerate the commercialization of L4 technology [3] Group 4 - The company is expected to improve brand strength and market share in first- and second-tier cities, with projected revenues of 20.67 billion, 26.24 billion, and 32.37 billion yuan from 2025 to 2027 [4] - The average PS ratios for comparable companies from 2025 to 2027 are projected to be 22.4, 15.0, and 7.1 times, respectively [4] - The company is given a "buy" rating based on steady development in ride-hailing and broad opportunities in the Robotaxi business [4]

Group 1 - The core event was the "Policy Project Promotion Conference" aimed at supporting private enterprises in participating in the construction of Hainan Free Trade Port, attended by over 100 company representatives [1] - Geely Holding Group's Chairman Li Shufu announced the company's investments in new energy commercial vehicles and smart mobility in Hainan, with its subsidiary Cao Cao Mobility operating in six cities [1] - Cao Cao Mobility aims to become a leading global technology mobility platform, leveraging Robotaxi as a key commercial vehicle [1] Group 2 - Cao Cao Mobility is positioned as a strategic platform for Geely's intelligent shared mobility ecosystem, having launched the "Cao Cao Smart Travel" autonomous driving platform earlier this year [6] - The company has begun deploying a new generation of Robotaxi, integrating advanced design and capabilities in autonomous dispatch, remote safety assurance, and digital asset management [6] - As of June 30, the company completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou [6] Group 3 - Cao Cao Mobility formed a strategic partnership with a commercial aerospace company to utilize satellite technology for enhancing autonomous driving services, ensuring vehicles remain "always online" [6] - The Robotaxi market is projected to reach several hundred billion yuan by 2030, with Cao Cao Mobility expected to lead in large-scale operations due to its unique ecosystem and experience [7] - The company was listed on the Hong Kong Stock Exchange, becoming the largest technology mobility platform in the market and is anticipated to be included in the Hong Kong Stock Connect, attracting more mainland investment [7]

Core Viewpoint - The article discusses the regulatory measures taken by various cities in China to control the pricing behavior of ride-hailing platforms, aiming to balance platform competition and the rights of drivers [1][10]. Regulatory Actions - Multiple cities, including Xi'an, have implemented regulations to suspend low-price marketing behaviors such as "one-price" and "special price" orders since August 19, 2023 [1]. - Similar policies have been adopted in other regions like Guangdong, Henan, and Jiangxi to prevent platforms from forcing drivers to accept low-priced orders [1][10]. Impact on Drivers - Drivers have reported slight income increases since the implementation of these regulations, but overall earnings remain low due to high commission rates taken by platforms [4][5]. - The average daily operating hours for drivers in various cities range from 9.5 to 15 hours, with net monthly incomes for some drivers falling below 4,000 yuan [5][6]. Platform Performance - Despite regulatory challenges, major platforms like Didi have shown strong financial performance, with a core platform transaction volume exceeding 100 billion yuan in Q1 2023 and a 15.9% year-on-year growth in Q2 [10]. - Didi's total transaction volume reached 1,096 billion yuan in Q2, with a significant contribution from its domestic business [10]. Industry Dynamics - The article highlights a shift from aggressive price competition to a focus on service quality as platforms adapt to new regulations [11]. - The need for transparency in pricing algorithms and a balanced negotiation power between platforms and drivers is emphasized as essential for sustainable industry growth [11].