曹操出行在国内网约车市场排名前列。若正式在港股上市，曹操出行将是"吉利系"旗下第10家上市公司。 "吉利系"已掌控9家上市公司，分别为吉利汽车、沃尔沃汽车、极星汽车、亿咖通科技、钱江摩托、汉马科技、路特斯科技、千里科技（原 力帆科技）、极氪。 曹操出行盈利能力提升 网约车市场竞争激烈 公告显示，曹操出行计划全球发售4417.86万股股份，发售价为41.94港元/股，预计募资18.53亿港元，引入的6名基石投资者分别是梅赛 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。 【 导读 】 曹操出行今日港股招股， "吉利系"将迎第10家上市公司 中国基金报记者 邱德坤 6月17日， 曹操出行 发布招股 公告 ，计划6月25日在港交所主板上市，发售价为41.94港元 /股。 按照发售价计算，曹操出行 估值约 为 228.23亿港元。 | 全球發售的發售股份數目 : 44,178,600股發售股份(視乎超額配 | | | --- | --- | | | 股權行使與否而定） | | 香港發售股份數目 .. | 4.417.900股發售股份(可予車新分配) | | 國際發售股份數目 | : ...

中国第二大网约车平台。 另根据 2023年第四季度至2024年第四季度独立第三方相继进行的五次涵盖全国数千名共享出行用 户的季度调查，在中国领先共享出行平台中，曹操出行获评为"服务口碑最佳"，用户认可度排名第 一。 值得注意的是， 截至 2024年12月31日，曹操出行在31个城市拥有一支超过34,000辆定制车的车 队供其附属司机使用。根据弗若斯特沙利文的资料，曹操出行的车队为中国同类车队最大 。 目前，曹操出行运营枫叶 80V、曹操60两款针对出行场景的定制车辆。根据弗若斯特沙利文的资 料，枫叶80V和曹操60的预计TCO分别为每公里0.53元和0.47元。这意味着与典型纯电动汽车相 比，曹操出行的定制车辆TCO（全周期成本）分别降低33%和40%。2024年，定制车履行的订单 占曹操出行GTV的25.1%，较2023年的20.1%再提升5个百分点。 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 "）今日招股、至 6月20日结束，并计划于2025年6月25日正式以"2 ...

Core Viewpoint - The article discusses the potential shift in the regulatory landscape for large technology companies in the U.S., highlighting recent antitrust actions that may disrupt their dominance and foster competition in the tech industry [1][2][3]. Group 1: Antitrust Actions - A federal court in Virginia ruled that Google illegally monopolized two online advertising technology markets, violating antitrust laws [2]. - A district court broke the "Apple Tax" monopoly, prohibiting Apple from charging fees on purchases made outside its app store and restricting developers from directing users to external purchasing options [2]. - The FTC's antitrust lawsuit against Meta (Facebook's parent company) is ongoing, with potential implications for the separation of its services like Instagram and WhatsApp [2][5]. Group 2: Impact on Competition - The antitrust measures could revitalize competition in the tech sector, providing opportunities for smaller companies and improving service quality [3][5]. - If Facebook is forced to separate its services, it could lead to the emergence of multiple social media platforms with different algorithms, enhancing user experience [5]. - A successful lawsuit against Amazon could create a more competitive marketplace, allowing consumers to find better-priced products [5]. Group 3: Historical Context and Lessons - The article references the historical context of AT&T's breakup in 1984, which initially fostered innovation but eventually led to a new form of duopoly in the telecommunications industry [6][7]. - The current situation emphasizes the need for ongoing regulatory oversight to prevent technology companies from abusing their market power [7].

Core Viewpoint - The company, Cao Cao Travel, is set to launch an IPO with plans to issue 44.1786 million shares at a price of HKD 41.94 per share, aiming to raise approximately HKD 17.18 billion to HKD 19.89 billion depending on the exercise of the over-allotment option [1][3]. Group 1: Company Overview - Cao Cao Travel is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [1]. - The company's Gross Transaction Value (GTV) reached RMB 12.2 billion in 2023, a 37.5% increase from 2022, and is projected to grow to RMB 17 billion in 2024, reflecting a 38.8% increase [1]. - The company holds a market share of 5.4% in the ride-hailing sector according to Frost & Sullivan [1]. Group 2: Fleet and Custom Vehicles - The strategic partnership with Geely Group enables the company to develop and deploy custom vehicles on a large scale, with over 34,000 custom vehicles in operation across 31 cities as of December 31, 2024 [2]. - Custom vehicles accounted for 25.1% of the company's GTV in 2024, with expectations for this percentage to increase as the company plans to provide custom vehicles to all affiliated drivers [2]. Group 3: Use of Proceeds from IPO - The estimated net proceeds from the global offering are approximately HKD 17.18 billion, or HKD 19.89 billion if the over-allotment option is fully exercised [3]. - Approximately 19.0% of the net proceeds will be allocated to improving vehicle service solutions and service quality over the next three years [3]. - About 18.0% will be used to enhance and launch a series of custom vehicles, while 17.0% will focus on technology improvements and investments in autonomous driving [3]. - The company plans to use 16.0% of the proceeds to expand its geographical coverage and 20.0% to repay part of its bank loans [3].

| 全球發售的發售股份數目 ： 44,178,600股發售股份(視乎超額配股權行使 | | | | --- | --- | --- | | | | 與否而定) | | 香港發售股份數目 | | : 4.417.900股發售股份(可予重新分配) | | 國際發售股份數目 | .. | 39,760,700股發售股份(可予重新分配及視乎 | | | | 超額配股權行使與否而定) | | | | 發售價 : 每股發售股份41.94港元,另加1.0%經紀佣 | | | | 金、0.0027％證監會交易徵費、0.00565% | | | | 聯交所交易費及0.00015%會財局交易徵費 | | | | (須於申請時以港元繳足,多繳股款可予 | | | | 狠禮) | | 商值 | : | 每股股份0.00001美元 | | 10 10 11 10 1 | | 04/10 | 曹操出行申请通过香港IPO发行4418万股股票。 发行价为每股41.94港元。 预计股票将从6月25日开始交易。 ...

Group 1 - Uber is launching JourneyTV, an in-car advertising platform, in New York starting June 2025, featuring video ads ranging from 15 to 90 seconds [2] - The collaboration with T-Mobile, which acquired Octopus Interactive, enables Uber to deploy in-car media across approximately 75,000 vehicles in the U.S. [2] - The advertising strategy focuses on high-engagement content from major cultural events to attract attention and drive interaction [2] Group 2 - New York's strict regulations on in-car advertising were lifted in 2024 due to the growing demand for advertising opportunities as the economy recovers [5] - The new advertising approach allows users to mute or close ads, with content tailored to their location and context, enhancing user experience [5][6] - JourneyTV boasts a 98% completion rate for ads, with 74% of surveyed individuals expressing interest in offers seen during rides [6] Group 3 - New advertising revenue will benefit drivers, as New York law mandates that at least 25% of ad revenue must be returned to them [7] - The in-car advertising environment presents challenges, balancing effective ad delivery with user comfort and privacy [8] - Other companies like Cargo and Vugo are exploring different business models, such as mobile retail and AI-driven contextual advertising [9][11] Group 4 - Lyft is developing a multi-channel advertising network that includes in-app ads and vehicle wraps, providing a non-intrusive advertising experience [11] - Innovative approaches like Steereo's "sound marketing" integrate advertising into background music, minimizing visual distraction [14] - In China, the car advertising market faces challenges due to negative user experiences, highlighting the need for improved content delivery and user engagement [16][17] Group 5 - Effective car advertising in China requires a shift from passive to active engagement, leveraging local payment systems and app ecosystems for better user interaction [23][24] - The future of car advertising in China lies in redefining the value exchange, making ads a bridge between user needs and contextual value [24]

Core Viewpoint - The report highlights the complaint rates of various ride-hailing platforms in Dongguan for the second half of 2024, indicating significant issues with service quality and management among certain platforms [1][8]. Complaint Rates by Order Volume - Among platforms with daily order volumes exceeding 10,000, "如祺出行" has the highest complaint rate at 0.40 complaints per 10,000 orders [2][4]. - For platforms with daily order volumes between 500 and 10,000, "哈啰出行" leads with a complaint rate of 2.13 [2][6]. - In the category of platforms with daily order volumes below 500, "小拉出行" has the highest complaint rate at 3.47 [3][6]. Types of Complaints - Passenger complaints primarily involve issues such as overcharging, refusal to pick up, and poor service attitude [3][8]. - Driver complaints are mainly related to platform responsibility disputes, payment issues, and unreasonable dispatch mechanisms [5][9]. Recommendations for Improvement - The Dongguan Road Transport Affairs Center emphasizes the need for ride-hailing companies to enhance driver management and complaint handling mechanisms to improve service quality [8][10]. - Companies are advised to conduct thorough training for drivers regarding penalties and complaint processes, ensuring clear communication and documentation [8][9]. Overall Industry Implications - The high complaint rates for "如祺出行," "哈啰出行," and "小拉出行" suggest a failure to meet service quality management requirements, leading to a deduction of 50 points in their service quality assessment for 2024 [7][8]. - Companies with persistent high complaint rates and poor management practices may face penalties, including being listed as poorly rated companies by the taxi industry association [10].

除毕业生外，司机也是滴滴的重要招募群体。2024年，已有数百万网约车司机通过滴滴获得收入。平台 通过透明账单公示、抽成规则展示，搭配收入保底、流水加速等机制，在扩大就业规模的同时，全力保 障新老司机收入稳定。 作为一站式智慧出行平台，滴滴为用户提供多元化便捷出行服务的同时，始终将稳就业作为重要社会责 任之一。通过构建"稳就业—促消费—助转型"的全链条生态闭环，平台正持续发挥数字经济时代的就 业"稳定器"作用，为不同群体创造有温度、可持续的职业发展空间。 今年校招开启以来，滴滴陆续走进北京、西安等多所高校举办校园宣讲会，还和中国人民大学、中国传 媒大学、北京邮电大学、北京航空航天大学等院校联合举办了"校企交流日"活动，让毕业生充分了解企 业用人需求。 "现在好的时候月收入在1万元左右，还能照顾孩子。"连云港司机陈军曾是一家光电企业的技术员，如 今在滴滴平台寻得兼顾家庭与收入的新出路。在跑滴滴的半年里，陈军受益于完善的新人培训体系与新 手激励政策，快速融入职业新赛道。 滴滴创始人、CEO程维说，得益于出行市场的强劲活力，滴滴业务及生态持续向好发展，第一季度国内 国际业务继续保持稳健增长。2025年，滴滴将持续发挥 ...

Group 1 - Cao Cao Mobility has passed the listing hearing at the Hong Kong Stock Exchange, with Ugo Investment Limited holding 83.9% of its shares, fully owned by Geely Group's chairman Li Shufu [2][9][47] - As of March 31, 2025, Cao Cao Mobility operates in 146 cities, with a first-quarter GTV (Gross Transaction Value) of 4.8 billion yuan, a year-on-year increase of 54.9%, and an order volume of 164.4 million, up 51.8% year-on-year [2][9][47] - The company is experiencing a continuous reduction in losses but faces risks from industry competition and high dependence on aggregation platforms [2][9][47] Group 2 - Guangzhou's Commerce Bureau has released a draft plan for a special action to boost consumption, proposing 33 specific measures across eight areas to activate the consumption market [3][10][11] - The plan includes the establishment of new consumption brands and the promotion of duty-free shops, aiming to enhance the shopping experience for international transit tourists [3][10][12] - The initiative also focuses on improving service quality in consumption, developing new consumption models such as live e-commerce and community group buying, and creating integrated online and offline shopping experiences [3][10][12][14] Group 3 - Tencent's Hongyuan 3D 2.1 model has been fully open-sourced, including model weights, architecture, training code, and data processing workflows, marking a significant advancement in 3D modeling capabilities [4][16][48] - The open-source model significantly enhances texture quality and lighting effects, making it more practical for realistic modeling in gaming and animation [4][16][48] - Developers can utilize the model for secondary training or fine-tuning based on their specific needs, thus broadening its application in various industries [4][16][48]

Core Viewpoint - The article provides an overview of recent IPO activities in the Hong Kong, U.S., and A-share markets, highlighting key companies and their financial performances. Group 1: YingShi Innovation - YingShi Innovation Technology Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 11, 2025, with a fundraising scale of 1.938 billion yuan, ranking first in the Sci-Tech Innovation Board and third overall in the Shanghai Stock Exchange for 2025 [3] - The company specializes in panoramic technology and has a global market share of 67.2% in the panoramic camera sector, expected to rise to 81.7% in 2024 [5] - The founder emphasized the company's mission to help people better record and share life, aiming to become a world-class smart imaging brand [5] Group 2: CaoCao Inc. - CaoCao Inc. has passed the Hong Kong Stock Exchange hearing and is one of China's largest ride-hailing platforms, covering 136 cities as of December 31, 2024 [7] - The company's total Gross Transaction Value (GTV) for 2023 and 2024 was 12.2 billion yuan and 17 billion yuan, respectively, showing growth rates of 37.5% and 38.8% [7][8] - In Q1 2024, CaoCao's GTV reached 4.8 billion yuan, a 54.9% increase year-on-year [9] Group 3: YunZhiSheng - YunZhiSheng Intelligent Technology Co., Ltd. has passed the Hong Kong Stock Exchange hearing and is positioned to become the "first AGI stock" in Hong Kong [11] - The company has developed a large language model, ShanHai, which scored 82.2 in the MedBench evaluation, ranking first [13] - From 2022 to 2024, YunZhiSheng's revenue grew from 601 million yuan to 939 million yuan, with a compound annual growth rate of 25% [14] Group 4: Saint Bella - Saint Bella Inc. has passed the Hong Kong Stock Exchange hearing and operates 96 high-end maternity centers, making it the largest postpartum care group in Asia [17][18] - The company's revenue increased from 472 million yuan in 2022 to 799 million yuan in 2024, with a significant growth rate [18] - In 2023, Saint Bella achieved profitability with an adjusted net profit of 20.77 million yuan, further increasing to 42.25 million yuan in 2024 [18]