2024年营收同比增长37.4%，毛利率亦继续提升。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， CaoCao Inc. （ 曹操出行有限公司 ，以下简称 " 曹操出行 "）于2025年4 月30日更新招股书，继续推进港交所主板上市进程，华泰国际、农银国际和广发证券（香港）担任 联席保荐人。 4月18日，中国证监会国际合作司已披露了《 关于 CaoCao Inc.（曹操出行有限公司）境外发行上 市备案通知书 》。 成立于 2015年的曹操出行作为一家 由吉利集团孵化的网约车平台 ，现已成为 中国最大的网约车平 台之一。 截至 2024年12月31日，曹操出行的业务已覆盖136座城市，其中2024年新拓展85座城 市 。 2023年和2024年，曹操出行的 总 GTV 分别为 122亿元 和 170亿元，分别较2022年和2023年 增长 37.5% 和 38.8% 。 根据弗若斯特沙利文的资料 ， 按 GTV 计算 ， 曹操出行 过去三年均一 直位列中国网约车平台前三名 ，其中 2024年的市场份额进一步提升至行业第二。 另一方面，曹操出行 ...

Company Updates - Caocao Travel has submitted an IPO application to the Hong Kong Stock Exchange [1] - Luckin Coffee has appointed Li Hui as the new chairman, replacing Guo Jinyi, who will continue as CEO [6] - Douyu has been enforced to pay approximately 3.5 million RMB due to a court ruling [5] - The first quarter financial results of major companies show varied performance, with Gree Electric achieving a net profit of 32.185 billion RMB, a 10.91% increase year-on-year, despite a 7.26% decline in revenue [3] Financial Performance - Adidas reported a net profit of 428 million euros in Q1, exceeding market expectations of 376.4 million euros [14] - China Petroleum's Q1 net profit was 46.81 billion RMB, a 2.3% increase year-on-year, with revenue down 7.3% [15] - China Life's Q1 net profit reached 28.802 billion RMB, up 39.5% year-on-year, despite an 8.9% decline in revenue [16] - Guizhou Moutai reported a Q1 revenue of 50.601 billion RMB, a 10.54% increase year-on-year [17] Market Trends - The Long Triangle Railway expects a 6% increase in passenger volume during the May Day holiday, with an estimated 2.88 million passengers over the holiday period [7] - The cultural industry in China saw a 6.2% year-on-year increase in revenue in Q1 2025, with new business models growing by 12.5% [8] - The U.S. stock market saw all three major indices rise, with notable performances from Tesla and Netflix [9] Investment and Financing - Anhui Wanzhi Construction Engineering Co., Ltd. completed a 26 million RMB Pre-A round financing to advance smart construction technology [28] - "Yinshi Robot" completed nearly 100 million RMB in B3 round financing to enhance technology development and market expansion [29] - "Zhiyuan Gold Chain" secured angel round financing to develop distributed computing resources using blockchain technology [30]

曹操出行在港交所提交IPO申请。 ...

4月29日，南京市中级人民法院、市人力资源和社会保障局、市总工会联合通报新业态用工纠纷案件情况，并发布典型案例帮助规范平台企业和用工者的 行为，促进新业态行业健康、可持续发展。 据介绍，2021年至2024年，南京新业态用工纠纷案件数量呈现逐年增长态势。这类案件行业分布广泛，涉及网约车、外卖、快递、网络主播、物流、家政 服务、汽车服务、农贸销售等8个行业类别。其中，网约车行业、外卖行业、网络主播、快递员四个行业涉案纠纷数量占总数的七成以上。从业者职业类 型多样，除常见的上述四种职业外，还包括网约保洁师、网约美容师等零工职位。 在案件审理过程中发现，行业用工"去劳动关系化"倾向明显，广泛存在招工与用工分离，工作管理与薪资发放分离的现象。行业用工模式更迭较快且比较 隐蔽，从业者举证能力弱，司法审查难度加大。同时，部分用工主体随意扣罚从业者薪酬，成为引发纠纷的重要因素。 为切实维护新业态从业者合法权益，规范、引领平台经济健康发展，市法院联合市人社局、市总工会，精选近年来新业态用工纠纷案件典型案例予以发 布。及时回应社会关切，为促进南京经济社会高质量发展提供更加有力的司法服务和保障。 【典型案例】 案例一：工会帮48 ...

表彰大会现场。 原永辉 "车轮一动，责任千斤"是原永辉的座右铭。都说网约车司机的工作很辛苦，也很枯燥，但对原永辉 来说，这份工作很有意义，"我是一名司机，也是党员先锋车队的车队长，从开始工作以来一直在和车 打交道。我开过出租车和货车，也当过私人司机，但令我最骄傲的，还是党员车队长这个身份。虽说我 做的都是些平凡的工作，但我觉得我坚持去做也会有闪光点。"从司机到队长，原永辉主动承担起"教导 员"责任，每周定时与队员们交流；司机们一碰上难事儿，原永辉也都会及时"出声"。刚当上队长时， 大伙儿喜欢把原永辉叫"原队"，但慢慢地，称呼就成了"原哥""老原"。8年里，"老原"带领车队在"服务 他人，照亮自我"道路上不断进步，先后参与金砖国家峰会、互联网大会·乌镇峰会、杭州亚运会等大会 服务保障工作；参与"爱心送考""爱心送医""无偿献血"等志愿服务80余场；亚运期间与上千名司机投身 贵宾出行服务、亚运物资转运等服务……"我是众多司机里的一员，做着我该做的事情。荣誉属于所有 坚守岗位的司机，我的方向盘永远朝着服务人民的方向。"朴素的话语里，流露出的是"老原"的劳动者 本色。 "优质服务是一场永无止境的马拉松" "作为一名基 ...

齐鲁晚报·齐鲁壹点记者 戚淑军 2025年4月28日，全国劳动模范和先进工作者表彰大会在北京隆重召开。曹操出行的三位网约车司机原永辉、张桂 容、刘滨杰凭借高质量的服务水平荣获"全国劳动模范"称号。曹操出行也成为2025年网约车领域唯一一家司机获此殊 荣的平台。 （张桂容） 刘滨杰是山西的退役军人和网约车驾驶员，也是太原市巡游网约车行业工会联合会兼职副主席。退役不褪色，刘滨杰 将部队作风融入服务，工作中坚持"三检""一保"，严格做到"四不开"，确保安全行车无死角。2024年，他带领团队研 发《高舒适出行服务规程》，总结出标准化的接单服务规范，并先后荣获"山西省五一劳动奖章""省城最美的哥的 姐"等称号。 （刘滨杰） 在曹操出行"用心服务国民出行"理念的驱动下，原永辉、张桂容、刘滨杰在岗位上兢兢业业、用心服务，以实际行动 为社会创造价值，展现了新时代"全国劳动模范"的风采。 全国劳动模范称号不仅是对个人的高度认可，更承载着鲜明的时代意义。作为新就业形态劳动者，三位司机以不同方 式践行新时代的劳动者精神，在网约车行业里发光发热，成为了行业的楷模与骄傲。 原永辉的一天从"三查三检"开始。出车前，原永辉都会仔细检查轮胎 ...

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]

证券研究报告 2025年04月27日 行业报告 | 行业专题研究 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 请务必阅读正文之后的信息披露和免责申明 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 交通运输 摘要 交运平台高增长，进入利润兑现期 ⚫ 估值相对低位，发掘成长公司 作者： ⚫ 经营杠杆，利润进入兑现期 随着竞争格局稳定，销售、管理、研发费用维持稳定，毛利润增长有望带动营业利润更大 幅度增长。2024年满帮集团、美团、顺丰同城的营业利润成倍增长，未来或持续较快增长。 ⚫ 渗透率上升，毛利持续增长 网约车、网络货运、即时配送的渗透率上升，带动满帮集团、美团、顺丰同城等公司2024 年营收和毛利润30%左右增长。满帮集团的变现率上升，2024年毛利润增速42%。 风险提示：公路运价下跌风险，市场竞争加剧风险，监管要求降低佣金率风险 请务必阅读正文之后的信息披露和免责申明 2 1.1 聚焦交运高成长板块 高成长公司带来高回报机会。新兴的网约车、数字货运、即时配送等平台头部公司，业务 量和收入增速20%左右，营业利润成倍增长。随着新能源汽车普及、智能驾驶 ...