以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One（dingjiaoone） 作者丨金玙璠 编辑丨魏佳 最近， 网约车赛道正上演着冰火两重天的资本大戏。 一面是二线平台扎堆IPO： 4月30日， 曹操出行向港交所更新了招股书，4月18日，它刚拿到中国证监会的海外上市通行证； 5月9日，上汽集团旗下享道出行宣布完成13亿元C轮融资，创下近三年行业最大单笔融资纪录。 享道出行表示，已启动港股IPO计划，将借此轮融资加速 IPO进程。 另 一面是市场饱和与盈利困局： 5月13日，盛威时代（旗下网约车平台365约车） 港股IPO招股书失效。业内分析， 或 是 因 其 持续亏 损、 监管处罚，以及 订单 高度依赖 高德流量。 广汽系如祺出行的亏损表现和Robotaxi 商业化进展缓慢 ，让它的市值从上市之初的80亿港元跌至目前的23亿港元。 网约车平台上市潮背后，是 中国网约车市场"金字塔型"的竞争生态 ： 滴滴 处于第一梯队 （市场份额70%以上），后方玩家分化出四个派别。 | | 网约车平台分类 | 定焦One(F) | | --- | --- | --- | | 四大 ...

Core Insights - The ride-hailing industry is experiencing a significant clash between capital and market dynamics, showcasing two contrasting scenarios: a surge in IPO activities among second-tier platforms and challenges related to market saturation and profitability [1][3]. Group 1: IPO Activities and Market Dynamics - Several second-tier ride-hailing platforms are racing towards IPOs, with Cao Cao Mobility updating its prospectus on April 30 and securing approval from the China Securities Regulatory Commission for overseas listing [1]. - Xindao Mobility, a subsidiary of SAIC Group, announced on May 9 that it completed a C-round financing of 1.3 billion yuan, marking the largest single financing in the ride-hailing sector in nearly three years, and has initiated plans for a Hong Kong IPO [1]. - The contrasting activities indicate a vibrant market potential despite underlying challenges [1]. Group 2: Profitability Challenges - Many platforms are facing difficulties due to market saturation and profitability issues, exemplified by the failed IPO of Shengwei Times, attributed to continuous losses and regulatory penalties [1][3]. - GAC Group's Ruqi Mobility has seen its market value plummet from 8 billion HKD at listing to 2.3 billion HKD, highlighting the financial struggles within the sector [1]. Group 3: Market Competition and Structure - Didi dominates the Chinese ride-hailing market with over 70% market share, while second-tier platforms are fragmented into various factions [1]. - The competitive landscape is evolving as platforms like Dida and Ruqi go public, and others like Cao Cao Mobility and Xindao Mobility pursue IPOs [1]. Group 4: Revenue Models and Risks - Dida is the only profitable platform, benefiting from a differentiated ride-sharing model, while others are trapped in a "traffic trap," relying heavily on third-party platforms for orders [3]. - Cao Cao Mobility's reliance on third-party platforms is evident, with 85% of its orders coming from these sources, leading to a significant imbalance in its revenue model [3]. - The commission paid by Cao Cao Mobility to aggregation platforms surged from 322 million yuan in 2022 to 1.046 billion yuan in 2024, indicating a more than twofold increase in just three years [5]. Group 5: Future Growth Strategies - To escape dependence on aggregation platforms, second-tier ride-hailing companies are exploring new growth avenues, such as Cao Cao Mobility's customized vehicle model and Ruqi Mobility's collaboration with Pony.ai for Robotaxi services [3][5]. - However, these new initiatives face substantial challenges, including high competition and the need for technology, data, policy, and capital [5].

Core Viewpoint - The ride-hailing industry in China is experiencing a bifurcation, with second-tier platforms pushing for IPOs while facing market saturation and profitability challenges [1][3]. Group 1: IPO Activity - On April 30, Cao Cao Travel updated its prospectus for an IPO on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission [2]. - On May 9, Enjoy Travel, a subsidiary of SAIC Group, announced it had completed a C-round financing of 1.3 billion yuan, marking the largest single financing in the industry in nearly three years, and is accelerating its IPO process [2]. - Other second-tier platforms, such as T3 Travel and Shengwei Times, are also at critical junctures in their IPO plans, with T3's CEO indicating that the IPO timeline is imminent [5]. Group 2: Market Saturation and Profitability Issues - Shengwei Times' IPO prospectus became invalid due to ongoing losses and regulatory penalties, highlighting the profitability struggles within the industry [3]. - The market is characterized by a "pyramid" competition structure, with Didi holding over 70% market share, while other players are fragmented into four distinct factions [3][7]. - Cao Cao Travel's reliance on third-party platforms for 85% of its orders indicates a shift from self-sourced to aggregated orders, raising concerns about profitability [5][12]. Group 3: Dependency on Aggregation Platforms - The increasing dependency on aggregation platforms has led to a significant rise in commission payments, with Cao Cao's commission expenses growing from 322 million yuan in 2022 to 1.046 billion yuan in 2024 [17][18]. - The share of orders from third-party platforms for Cao Cao has increased from 49.9% in 2022 to 85.4% in 2024, indicating a shift in the operational model [14][15]. - User retention rates are declining, with Cao Cao reporting a drop in user retention to below 28% in 2023 due to increased reliance on third-party platforms [19][21]. Group 4: Differentiation Strategies - To achieve higher valuations, second-tier platforms are attempting to tell differentiated stories, such as Cao Cao's focus on customized vehicles leveraging its parent company, Geely's resources [22][23]. - Enjoy Travel is pursuing a mixed operation model that includes Robotaxi services, although its commercial progress has been slow [24][25]. - The competition in the autonomous driving sector is intense, with significant barriers to entry, and the success of these strategies remains uncertain [25][28].

习近平总书记十分关心快递小哥、网约车司机、电商从业人员等新就业群体，强调"在管理服务上要跟 上，填补好这个空白。要既有管理，又有服务"。 聚焦新就业群体，各地出台举措不断提升管理服务水平，助力技能培养、保障权益、实现职业发展等。 便利举措提升外卖骑手归属感 穿上工作服，戴好头盔，80后鲁祺骑着电动车，穿梭在浙江省杭州市拱墅区的大街小巷。伴随着手机叮 叮作响的提示音，鲁祺当外卖骑手已有9年。 过去，有的商场不让进门、不让上电梯，电动车没地方停，如今，专停泊位、专行通道等设施日益完 善；过去，外卖员进小区常常经历"被拦住的烦恼"，如今扫个"小哥码"，不用登记就能进小区，每单节 省几分钟……路上的点滴变化，体现城市温度，展现治理精度。 送餐的间隙，鲁祺来到拱墅区文晖街道新和平商务社区的骑手驿站歇歇脚。驿站照片墙上是一张张全家 福，那是今年春节，街道为留守杭州的骑手和他们的家人专门拍摄的，鲁祺和妻子女儿也有一张。这里 每个月还会进行一次骑手恳谈会，大家围坐在一起，说说心里话。 与驿站一墙之隔的，是新和平商务社区骑手党群服务中心，500多平方米的空间设置了休闲运动、心理 咨询、儿童托管等各种服务项目，骑手也都可以享受到 ...

Market Highlights: Military Industry - Tianfeng Securities indicates that in Q1 2025, the top ten military stocks held by active funds will see 80% of their value in military electronics, suggesting a potential rebound in this sector after significant underperformance over the past three years [6] - Wangzi New Materials, with over 20 years in plastic packaging and partnerships with major clients like Foxconn and Haier, has expanded into military technology through a 51% acquisition of a military high-tech firm, enhancing its product applications in military and aerospace [6] Market Highlights: Third Generation Semiconductors - Nanwei Semiconductor announced a partnership with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which is expected to boost HVDC penetration in AI data centers [9] - Following the announcement, Nanwei's stock surged by over 190%, indicating strong market interest in HVDC technology and its applications [9] Market Highlights: Innovative Drugs - On May 20, 2023, 3SBio announced an exclusive agreement with Pfizer for the global development and commercialization rights of its PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China [12] - 3SBio is focusing on autoimmune diseases after divesting its oncology and ophthalmology assets, with a pipeline of 14 autoimmune projects expected to drive future growth [12] Market Highlights: Consumer Sector - The Shanghai Municipal Government has launched a plan to boost consumption, focusing on expanding silver-haired consumer offerings and enhancing cruise consumption potential [17] - The Huangjiu (yellow wine) industry is expected to see short-term growth due to increased consumption density and long-term growth through brand and category development beyond regional cultural boundaries [17] Market Highlights: Ride-Hailing - Baidu's autonomous driving platform, Apollo Go, has expanded to 15 cities with over 1,000 self-driving cars, while Tesla plans to launch its Robotaxi service in Austin, Texas, by the end of June [19] - Tencent Cloud is collaborating with WeRide to enhance Robotaxi commercialization, indicating a shift in the automotive transportation ecosystem [19]

点个外卖，收到一张"五星好评返现5元"的卡片，你会动心吗？在不少人看来，这似乎已经成了行业"默契"，但事实上， 这种行为涉嫌违反《中华人民共和国消费者权益保护法》《中华人民共和国反不正当竞争法》，同时也触碰了民法典关 于诚实信用的基本原则。评价是消费者了解商品品质、作出购买决策的重要参考信息。当好评变成交易，评价机制的公 信力在悄然流失，使得其他消费者无法获取商品真实准确的信息，作出不准确的消费决策，不仅误导了其他消费者，也 对市场竞争秩序造成了不良影响，严重破坏了公平竞争环境。 "千人好评"背后信任危机正在蔓延 消费，是丈量民生温度的标尺，更是驱动经济前行的强劲引擎，一头承载着百姓对品质生活的向往，一头连接着经济高 质量发展的未来。作为全球最大电子商务市场，我国2024年网上零售额155225亿元，比上年增长7.2%。随着网络零售市 场份额的持续增长，网购评价体系对网络零售交易的影响愈发直接重要，电商平台上"万单爆款""千人好评"的繁荣幻象 背后，一场数据世界的信任危机正在蔓延。 3月12日，北京市民张女士在网购平台浏览一款儿童牙刷时，评论区一条"内裤严重掉色"的留言让她哭笑不得。这个荒 诞的片段，撕开了电 ...

Robotaxi关键供应商与网约车平台巨头Uber加速共建未来出行生态 全球Robotaxi商业化进程加速，2025年或将成为未来出行变革的关键拐点。多家企业如小马智行、文远知行、萝卜快跑等正加速布局，北京、深圳、武汉 等城市已开放无人收费运营，未来几年示范区将迅速扩展。Uber加紧与全球Robotaxi企业战略合作与平台业务接入，布局未来出行生态。 | | 国内Robotaxi TOP3业务最新进展 | | 网约车开创者Uber与全球Robotaxi企业合作动态 | | | --- | --- | --- | --- | --- | | | 小马智行在广州正式推出了自动驾驶出租 车示范运营专线。市民可,从广州市中心 | DOUD | | 2025年5月,小马智行与Uber达成了全球战略合作, 其Robotaxi服务和车队计划于今年下半年接入Uber | | | 的指定地点往返广州白云机场和广州南站 | | 平台 | | | | 文远知行新-代量产Robotaxi GXR获得 了在北京开展"车内无人"自动驾驶出行 收费服务的批准 | | | 2025年5月,Uber对文远知行投资1亿美元,是其在 自动驾驶领域 ...

Group 1 - Major stock index futures are down, with Dow futures falling by 0.53%, S&P 500 futures down by 0.51%, and Nasdaq futures decreasing by 0.56% [1] - Popular Chinese stocks are seeing pre-market gains, with Alibaba up by 0.24%, JD.com up by 0.41%, Ctrip up by 0.27%, Baidu up by 2.13%, and Li Auto up by 4.07% [1] - SoftBank plans to raise $15 billion through a syndicated loan to boost its AI investments, marking one of its largest financings to date, with contributions from 21 banks [1] - Cathie Wood's ARK Investment Management continues to buy TSMC ADRs, purchasing 27,099 shares through ARKK and 16,172 shares through ARKW, totaling approximately $8.4 million in value [1] Group 2 - Volvo Cars and Google are deepening their collaboration to develop Android software for vehicles, aiming to deliver new features and experiences to customers [2] - Wolfspeed's stock plummeted over 55% in pre-market trading amid reports of its plans to file for bankruptcy [2] - SpaceX is set to invest approximately $1.5 billion to provide broadband internet services across Vietnam, particularly in remote and border areas [2] - Gold prices have surpassed $3,300 per ounce, reaching $3,310.12 per ounce for the first time since May 9 [2] - Elon Musk stated that Tesla does not need to acquire Uber, believing that people will eventually rely on self-driving Tesla cars instead of ride-hailing services [2]

"搭摩行"小程序。 安全性和合规性受到关注 湖南郴州桂阳等地出现的网约摩托车在社交平台受到广泛关注。南都记者实测发现，此类网约摩托车微 信小程序的操作与网约汽车平台类似，用户选择起点、终点后即可一键叫车。 网约摩托车服务平台"摩的一下"的计费规则为，起步价6元/前2公里，超出后每增加500米加收0.8 元。"搭摩行"的计费规则较为复杂，不仅按常规时段、0时至6时、23时至0时设置了5元至7.5元不等的 起步价，还对短途部分、长途部分及时长分别计费。 近期，"网约摩的"在多地市县悄然兴起，5元左右的起步价很"亲民"，但这种摩托车载客营运模式的安 全性和合规性也受到了热议。南都记者查询发现，"网约摩的"服务平台"摩的一下"在打车协议中明 确，"司机私自改装车辆、无牌照无证件上路被查到后，平台一概不负责。"另一平台"搭摩行"也在用户 协议中注明，"平台不对司机提供的服务内容、服务质量等承担任何责任。" 在安全保障方面，5月20日，"摩的一下"项目负责人告诉南都记者，"平台有设置路线偏离提醒等，并要 求司机和乘客都要买保险。各地加盟商也会对当地摩的司机进行安全培训。近几个月用户量有所上涨， 但我们会暂时控制订单量，先 ...

Core Insights - Xiangdao Mobility has completed a C-round financing of over 1.3 billion RMB, marking a significant breakthrough in capital and indicating the immense potential of the mobility industry amid the wave of smart technology [1][2][10] - The company plans to accelerate its "ACTS" technology strategy, focusing on big data, artificial intelligence, smart transportation, and intelligent safety, while also aiming for a Hong Kong IPO [2][10] - Xiangdao Mobility aims to solidify its leading position in the mid-to-high-end mobility market, expand into overseas markets, and promote the commercialization of Robotaxi services [1][3][10] Financing and IPO Plans - The recent C-round financing is expected to expedite Xiangdao Mobility's IPO process in Hong Kong [2] - Previous funding rounds included partnerships with Alibaba and CATL, enhancing data capabilities and safety in mobility services [2][10] Business Expansion and Strategy - Xiangdao Mobility has established a service network in nearly 100 cities across China, with a compound annual growth rate of approximately 30% during the 14th Five-Year Plan period [3] - The company is extending its operations to international markets while maintaining a focus on core cities [3][10] Robotaxi Development - As the first L4-level autonomous driving operation platform backed by an automotive manufacturer in China, Xiangdao's Robotaxi has completed over 330,000 orders and traveled over 2.5 million kilometers since its launch in 2021 [4] - The company plans to expand its Robotaxi fleet to 200 vehicles by 2026, leveraging partnerships with Momenta to enhance operational capabilities [4][7] Strategic Partnerships - A strategic cooperation agreement has been signed with Momenta to create the world's first mass-produced Robotaxi fleet, starting operations in Shanghai [5][6] - This partnership aims to facilitate the commercialization of autonomous driving technology and enhance operational efficiency [6][7] Industry Context - The mobility industry is undergoing a transformation towards smart and connected services, with autonomous driving technology expected to play a crucial role in future growth [11][12] - The market for autonomous ride-hailing services is projected to approach 450 billion RMB by 2025, driven by advancements in technology and increasing consumer demand [13][14]