近期，港股IPO市场持续火爆，但在6月25日上市的曹操出行和香江电器则未能延续这一热度。 Wind显示，曹操出行和香江电器双双破发，二者发售价分别为每股41.94港元和每股2.86港元。截至收盘，曹操出行下跌14.16%，收盘价报每股36港元；香江电 器下跌11.89%，收盘价报每股2.52港元。 | 36.000 -5.940 -14.16% | | 32.867 (CNY) | | | | | | 曹操出行 立即 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2643 交易 | | HKEX HKD 16:08:14 | | | | | | | | 1 . + | | 安化 | -76.77% 变差 | | -1434 | 文年 | | 0.00% 120日 | | 0.00% | | 死 | 36.200 | 4.25万 | 18 ) | 5日 | | 0.00% 250日 | | 0.00% | | 卖口 | 36.150 | 1300 | 5) | 20日 | | 0.00% 52周高 | | ...

Core Viewpoint - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange but experienced a significant drop in stock price on the first day of trading, closing at HKD 36.00, which is below the IPO price of HKD 41.94 [2][3] Group 1: IPO Details - The company planned to issue 44.18 million shares globally, with 4.42 million shares for Hong Kong and 39.76 million shares for international investors, aiming to raise HKD 18.53 billion [3] - Despite the initial drop, six cornerstone investors, including Mercedes-Benz and others, committed to purchasing 22.64 million shares, accounting for 51.4% of the total fundraising [3] - The estimated valuation of Cao Cao Mobility at the IPO was approximately HKD 228.23 billion, but the market capitalization at closing was HKD 195.90 billion, about 85.8% of the pre-IPO valuation [3][4] Group 2: Financial Performance - The company has reported losses every year since its establishment, with operating losses of HKD 1.9 billion, HKD 1.6 billion, and HKD 800 million for the years 2022 to 2024, respectively [4] - Net losses for the same period were HKD 2 billion, HKD 2 billion, and HKD 1.2 billion, with expectations of continued net losses in 2025 [4] Group 3: Market Context and Future Outlook - The drop in stock price is part of a broader trend in the Hong Kong market, where over 30% of new listings have experienced price declines [4] - The company is focusing on the Robotaxi market, which has significant growth potential, and has launched its autonomous driving platform in early 2025 [6] - Competitors in the Robotaxi space include major players like Didi and Baidu, indicating a highly competitive environment [6][7]

曹操出行 网约车行业普遍遵循以下简易盈利模型：对平台而言，毛利润=GTV-用户补贴-司机收入-司机补贴；对司机而言，毛利润=司机收入+司机补贴-车辆持有 成本（TCO，包括车辆折旧/租赁费、能源费、维修保养费）。 毫无疑问，平台与司机都追求各自毛利润最大化。平台希望提高GTV、降低对用户和司机的补贴，但这容易与司机和用户的利益产生冲突，对司机而言， 补贴直接关乎净收益，对用户而言，补贴降低意味着价格提升。同时，在网约车流量入口从独立App转向聚合平台后，用户、司机在不同网约车平台的切 换成本均大幅降低，因此，如何平衡与司机、用户的利益，成为平台面临的重要难题。 成为港股市场规模最大的科技出行平台。 6月25日，曹操出行正式登陆港交所，成为港股市场规模最大的科技出行平台。 尽管此前港交所已有嘀嗒出行、如祺出行两家网约车服务平台相继上市，但对资本市场而言，曹操出行依然是一个特别的存在： 一是规模明显更大，2024年曹操出行GTV达到170亿元，在网约车行业市占率第二；二是业务生态更综合，公司不仅兼具自营车队+三方合作运力，还大 规模部署持有成本更低的定制车模式；三是业务探索更前沿，公司自2025年2月起在两个城市 ...

Core Viewpoint - The recent IPO of Cao Cao Mobility reflects the ongoing challenges and competitive dynamics within the ride-hailing industry, as the company faces significant operational losses despite revenue growth and a strategic push from its parent company, Geely [1][4][13]. Group 1: IPO and Market Position - Cao Cao Mobility plans to list on the Hong Kong Stock Exchange with an estimated valuation of approximately HKD 22.8 billion, marking Geely's 10th IPO [1]. - The stock price of Cao Cao Mobility fell nearly 20% on its first trading day, indicating a lack of confidence from investors in the ride-hailing sector [1][2]. - The ride-hailing industry is experiencing a wave of IPOs, but companies like Dida Chuxing and Huqee have also faced significant stock price declines post-IPO, highlighting a broader market skepticism [2][3]. Group 2: Financial Performance - Cao Cao Mobility reported revenue growth from RMB 7.63 billion in 2022 to RMB 14.66 billion in 2024, with a compound annual growth rate of nearly 40% [4][12]. - Despite revenue increases, the company has accumulated losses exceeding RMB 5.2 billion over the past three years, indicating ongoing profitability challenges [4][13]. - The company's gross profit margin improved from 5.8% in 2023 to 8.1% in 2024, but it remains significantly lower than competitors like Didi, which reported a gross margin of 18.15% [13]. Group 3: Competitive Landscape - The ride-hailing market is characterized by intense competition, with Didi holding a dominant market share of 70.4%, while Cao Cao Mobility's share is only 5.4% [7][8]. - The influx of new drivers has led to a surplus in supply, causing a decline in driver earnings and increased pressure on ride-hailing platforms to offer subsidies [3][6]. - Cao Cao Mobility has increasingly relied on aggregation platforms for order fulfillment, with the proportion of orders processed through these platforms rising from 3.5% in 2018 to 30% in 2023 [8][14]. Group 4: Strategic Initiatives - The company is pursuing a heavy asset model by purchasing vehicles and employing dedicated drivers, which allows for greater control but also incurs higher operational costs [9][11]. - Cao Cao Mobility plans to invest in technology and autonomous driving, with a pilot Robotaxi project underway, aiming to enhance its competitive edge in the smart mobility sector [15][16]. - The collaboration with Geely provides Cao Cao Mobility with access to advanced vehicle technology and infrastructure, potentially improving its market position [9][16]. Group 5: Future Outlook - The reliance on aggregation platforms poses risks to brand recognition and user retention, as the company struggles to build a loyal customer base [14]. - The future success of Cao Cao Mobility hinges on its ability to leverage Geely's resources and technology to differentiate itself in the crowded ride-hailing market [17]. - The transition to autonomous driving is seen as a potential growth area, but significant challenges remain in terms of consumer trust and regulatory frameworks [15][17].

6月25日，曹操出行正式登陆港交所，成为港股市场规模最大的科技出行平台。 尽管此前港交所已有嘀嗒出行、如祺出行两家网约车服务平台相继上市，但对资本市场而言，曹操出行依然是一个特别的存 在： 一是规模明显更大，2024年曹操出行GTV达到170亿元，在网约车行业市占率第二；二是业务生态更综合，公司不仅兼具自营车 队+三方合作运力，还大规模部署持有成本更低的定制车模式；三是业务探索更前沿，公司自2025年2月起在两个城市试点推出 Robotaxi实地业务，抢先占领下一个万亿风口。 招股书披露，曹操出行2022、2023、2024年的营业收入分别达到76.31、106.68、146.57亿元，复合增速高达39%。那么，曹操出 行这些差异化优势能否转化为持续的盈利能力与增长动力？曹操出行的基本面究竟如何？ 那么，定制车模式究竟有何优势？ 网约车行业普遍遵循以下简易盈利模型：对平台而言，毛利润=GTV-用户补贴-司机收入-司机补贴；对司机而言，毛利润=司机 收入+司机补贴-车辆持有成本（TCO，包括车辆折旧/租赁费、能源费、维修保养费）。 毫无疑问，平台与司机都追求各自毛利润最大化。平台希望提高GTV、降低对用户和司机 ...

Core Viewpoint - The ride-hailing platform Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2023, but experienced a significant drop in stock price, falling over 10% on its first day of trading [2]. Financial Performance - Cao Cao Mobility's revenue from 2022 to 2024 is projected to grow from 7.63 billion RMB to 14.66 billion RMB, maintaining a growth trend [3][4]. - Despite the revenue growth, the company is still operating at a loss, with losses of approximately 2.01 billion RMB, 1.98 billion RMB, and 1.25 billion RMB for the years 2022, 2023, and 2024 respectively [3][4]. Market Position - As of 2024, Cao Cao Mobility is expected to have a market share of 5.4% in the ride-hailing industry [2]. - The company's Gross Transaction Value (GTV) is projected to increase from 12.2 billion RMB in 2023 to 17 billion RMB in 2024, reflecting a year-on-year growth of 38.8% [2]. Dependency on Aggregation Platforms - Cao Cao Mobility has a high dependency on aggregation platforms, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of GTV from 2022 to 2024 [2]. Future Developments - The company plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone for the commercialization of autonomous driving services [4]. - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [5].

Core Viewpoint - Caocao Travel Limited (曹操出行) has been listed on the Hong Kong Stock Exchange, with its stock closing at HKD 36.00, reflecting a decline of 14.16% on its first trading day [1]. Group 1: IPO Details - The total number of shares offered by Caocao Travel was 44,178,600 [2]. - The final number of shares for the Hong Kong public offering, after reallocation, was 13,253,600, while the international offering amounted to 30,925,000 shares [2]. - At the time of listing, the total number of shares issued was 544,178,600 [2]. Group 2: Financials - The final offer price for the shares was HKD 41.94, resulting in total proceeds of HKD 1,852.85 million [3]. - After deducting estimated listing expenses of HKD 134.50 million, the net proceeds amounted to HKD 1,718.35 million [4]. Group 3: Use of Proceeds - Approximately 19.0% of the net proceeds will be used to improve vehicle service solutions and service quality over the next three years [5]. - About 18.0% will be allocated to enhance and launch customized vehicles, while 17.0% is earmarked for technology improvements and investments in autonomous driving [5]. - Additionally, 16.0% will be used to expand geographical coverage, 20.0% for repaying part of certain bank loans, and around 10.0% for working capital and other general corporate purposes [5]. Group 4: Key Investors - Notable cornerstone investors in the global offering include Mercedes-Benz Mobility Services GmbH, Future Asset Securities (Hong Kong) Limited, Infini Global Master Fund, Guoxuan High-Tech (国轩高科), EVE Energy Co., Ltd., and RoboSense HongKong Limited [5].

点 击 蓝 字 关 注 我 们 本文全文共 4100 字，阅读全文约需 13 分钟 目录 国内新闻 1.商务部开展千县万镇新能源汽车消费季活动 8.广汽利比亚班加西销售服务中心开业 国外新闻 1.韩国进口柴油车市场持续萎缩 2.凯迪拉克Celestiq交付 35万美元起定制旗舰 3.Uber和Waymo开始推出无人驾驶网约车服务 2.六部门联合印发《关于金融支持提振和扩大消费的指导意见》 3.商务部:稳妥推进高阶智能驾驶汽车商业化应用 4.广东:广州市实施"久摇不中"申请人直接领取号牌政策 5.赛力斯汽车完成50亿元战略增资 6.雷军:小米YU7支持车外小爱语音 7.蔚来萤火虫推出BaaS电池租用服务 4.大陆集团下调今年利润率目标 商用车 1. 北汽福田签署沙特属地化工厂合作备忘录 2. 首条跨境重卡换电干线启动 3. 山海炮Hi4-T正式上市 4. 远程醇氢电动技术亮相浙江省节能"三新"推广活动 国内新闻 1 商务部开展千县万镇新能源汽车消费季活动 时间:2025.6.25 来源:网通社 为持续释放新能源汽车消费潜力，加快培育汽车消费新增长点，商务部将于2025年7月至12月期间，组织 开展2025年千县 ...

6月25日，曹操出行（股份代号：02643.HK）于港交所主板上市，开盘报33.8港元/股，低于 发售价近20%，总市值超190亿港元，高于港股上市企业嘀嗒出行、如祺出行。由此，曹操 出行成为继滴滴出行（已退市）、嘀嗒出行、如祺出行后又一上市的网约车股。此外， T3、享道出行也已启动港股IPO计划。不过，以如祺出行、曹操出行为代表的Robotaxi（无 人驾驶出租车）企业仍处在亏损状态，还需要解决盈利难的问题。 此前6月17日，曹操出行启动招股，计划全球发售4417.86万股股份，每股发售股份41.94港元，预计募资 18.53万元，所得款项净额约为17.18万港元，拟在未来三年内用于改进车服解决方案及改善服务质量、 升级并推出一系列定制车、提升技术及投资自动驾驶、扩大地理覆盖范围等。据悉，曹操出行在本次 IPO中引入包括梅赛德斯·奔驰在内的六位基石投资者并达成协议，将获得募资约9.52亿港元。 网约车市场第三，订单量超85%来自聚合平台 据第三方机构统计，由于消费者对经济型出行选择的需求不断增加以及共享出行服务在下沉城市的渗透 率提高，预计共享出行市场将从2024年的3547亿元增至2028年的7513亿元 ...

以下文章来源于天天IPO ，作者刘博 网约车"老二"上市了。 投资界-天天IPO消息，曹操出行今天（6月25日）正式在港交所主板挂牌上市。此次IPO 发行价为41 .94港元/股， 开盘破发，市值190亿港元。 翻 看 基 石 投 资 阵 容 ， 此 次 共 引 入 6 名 基 石 投 资 者 ， 包 括 梅 赛 德 斯 - 奔 驰 、 未 来 资 产 证 券 （香港）、无极资本、国轩高科（香港）、亿纬亚洲和速腾聚创，合计认购2264.2 4万 股，约9. 5 2亿港元。 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 来自苏州。 作者 I 刘博 报道 I 投资界-天天IPO 成立于20 15年的曹操出行，脱胎自吉利集团，两年时间便跻身独角兽行列，自20 21年起 连续位列国内网约车平台规模前三。作为吉利集团创始人，李书福也化身IPO收割机，在 今天收获了自己的第10个IPO。 电子科大校友带队 李书福第10个IPO来了 故事还要从2015年说起。 彼时正值滴滴、优步大战正酣，曹操专车由此应运而生，当年5月从吉利集团正式孵化成 立。之所以如此命名，创始团队曾对外解释称 ...