Core Points - The event held on April 22 in Haidian District focused on the release of the "New Employment Group Series Service Projects," which includes 87 services across ten categories aimed at enhancing support for new employment groups [1][6] - The services cover various aspects such as healthcare, dining discounts, rights protection, and more, demonstrating a comprehensive approach to addressing the needs of new employment groups [1][2] Service Categories - The services are divided into eight main categories: healthcare, dining discounts, residential convenience, transportation support, skill enhancement, rights protection, service stations, and warm care [2][6] - Specific initiatives include regular first aid training, partnerships with restaurants for dining discounts, and legal support through dedicated legal service teams [3][4] Healthcare Initiatives - Haidian District will conduct regular training sessions on CPR and Heimlich maneuver for new employment groups [3] - The district has engaged various chain restaurants to provide dining discounts and other conveniences for new employment groups [3] Rights Protection - A one-stop service platform for labor dispute resolution will be established to provide legal education and mediation services for new employment groups [3] - The district will utilize existing legal service platforms to offer free legal consultations and educational sessions [3] Community Support - Initiatives such as holiday welfare for drivers and special events to show appreciation for delivery personnel are part of the "warm care" measures [4] - The district has launched various community engagement activities to foster a supportive environment for new employment groups [4][5] Organizational Structure - The establishment of industry party committees for the delivery and real estate sectors aims to enhance service delivery and management for new employment groups [5] - A platform enterprise party alliance has been formed to address service management issues collaboratively among various companies [5] Future Plans - Haidian District plans to continue implementing central and municipal directives, leveraging local technological advantages to enhance community engagement and service delivery for new employment groups [7]

市场运行监测显示，一季度网约车成交订单1.16亿单，日均活跃车辆7.73万辆。值得关注的是，单 车运营效率向好，日均订单量达16.63单，环比增长4.76%。其中33.32%的车辆日均订单超过21单，少于 10单的车辆占比27.48%，网约车从业专兼职各半。 杭州市运管部门特别提醒从业者，当前市场已进入成熟发展阶段，新入行驾驶员应详细了解本地相 关法律法规，审慎评估市场风险，租赁车辆时建议采用省级示范合同文本，注意厘清权责关系。接下 来，杭州交通运输部门将持续推动"巡网融合"，进一步激发行业活力，维护客运市场秩序，推动行业安 全健康稳定发展。 近日，杭州市交通运输局发布2025年第一季度网约车市场运行监测信息。数据显示，全市网约车市 场保持稳健发展态势，日均运输总量达195.42万人次，运输服务费总额突破30亿元。这也意味着，网约 车已成为城市生活、交通出行的重要组成部分，行业监管治理呈现良好效果。 与此同时，行业监管持续强化。一季度网约车订单合规率环比下降2.1%，交通运输执法部门开展 集中整治，共查处网约车相关违法违规案件676起。此外，新入职驾驶员背景审查淘汰率8.95%，主要 因驾驶经历不足和违法记录 ...

Core Viewpoint - The approval from the China Securities Regulatory Commission marks a significant step for Cao Cao Mobility's long-awaited IPO in Hong Kong, following a year of application processes and regulatory hurdles [1][2]. Group 1: Company Overview - Cao Cao Mobility, backed by Geely, has seen a revenue growth of 25% in the first half of last year, expanding its business into 32 new cities and increasing its operational footprint by over 60% [1]. - The company differentiates itself by utilizing custom vehicles developed by Geely, which are sold or leased to drivers, contrasting with competitors that typically require drivers to provide their own vehicles [4][5]. Group 2: Business Strategy - Cao Cao Mobility leverages Geely's extensive network of battery swap stations and auto repair shops to provide cost advantages to drivers, enhancing their net income [5]. - The company has increasingly adopted aggregation applications, which integrate various ride-hailing services, leading to a significant rise in orders processed through these platforms, from 3.5% in 2018 to 30% in 2023 [6]. Group 3: Financial Performance - In the first half of last year, Cao Cao Mobility's revenue rose from 4.94 billion to 6.16 billion (approximately 844 million USD), while its marketing expenses as a percentage of revenue increased from 7.1% in 2021 to 8.4% [7]. - The company achieved its first-ever gross profit in 2023, with gross profit rising from 165 million to 429 million, and gross margin improving from 5.8% to 7.0% [7]. Group 4: Market Position and Valuation - Despite rapid growth, Cao Cao Mobility holds only 4.8% of the market share, while the leading player, Didi, controls about 75% [7]. - The expected valuation for Cao Cao Mobility is around 40 billion, with a projected price-to-sales ratio of approximately 3, aligning it closer to leading companies like Uber and Grab [8].

Key takeaways: ▶ 获得中国证券监管机构的批准后，曹操出行耗时一年的港股上市计划或即将完成 ▶ 该公司去年上半年收入增长25%，超越竞争对手，在此期间它进军32个新城市，业务版图扩大 逾60% 上周，在首次向港交所提交上市申请一年后，这家由吉利投资的网约车应用程序终于获得中国证监 会的境外上市许可 汽车巨头吉利一向在最新的驾驶科技与服务领域起步稍晚，但往往能凭借更雄厚的资源与执行力迅速迎头 赶上。这点在吉利对标 Uber （UBER.US）打造的出行平台 曹操出行有限公司 身上或许会再次应验。如 今，其一度停滞的IPO计划终于接近终点线。 曹操出行一年前首次向香港交易所提交上市申请但未能成功，后于去年10月重新提交申请。上周五，中国 证监会终于批准了此次上市，清除了主要的监管障碍之一。现在，曹操出行须通过港交所的上市聆讯，此 事可能在未来一两个月内完成，这将为其最终上市铺平道路。 届时，曹操出行将加入一个日渐拥挤的赛道，与中国的上市同行一较高下，其中包括规模较小的 嘀嗒出行 （2559.HK）和 如祺出行 （9680.HK）。许多人认为，行业巨头滴滴也可能会在不久的未来在香港上市， 在2021年 ...

Core Points - A customer reported an incident involving overloading in a ride-sharing service, where a family of five paid over 1400 yuan for a non-shared ride but ended up with eight passengers in a seven-seat vehicle, leading to discomfort and safety concerns [2][4] - The ride-sharing platform, 哈啰顺风车, acknowledged the issue, stating that the driver had indeed picked up additional passengers and has since permanently banned the driver's account, promising compensation to the affected customer [8] Group 1 - The customer, Mr. Mo, experienced significant discomfort during a 600-kilometer journey due to overloading, which included unsafe driving behaviors such as chatting on the phone while driving [4][6] - The platform's initial compensation was only 45 yuan, which the customer found unacceptable, prompting a public outcry regarding the reliability of the ride-sharing service [6][7] - 哈啰顺风车's response included an apology and a commitment to provide satisfactory compensation, indicating a proactive approach to customer service and safety [8] Group 2 - The incident has sparked widespread criticism from users, highlighting concerns about the reliability and safety of ride-sharing services, particularly regarding adherence to booking preferences [7] - The platform has mechanisms for reporting violations, including internal reporting options and consumer complaint hotlines, emphasizing the importance of accountability in the ride-sharing industry [9][10] - Legal provisions exist for reporting overloading incidents to authorities, reinforcing the regulatory framework surrounding ride-sharing services and passenger safety [12][13]

4月12日，滴滴宣布将追加投入20亿元专项资金，聚焦"稳就业促消费"以及助力制造业"走出去"，切实发 挥平台企业责任，积极应对外部不确定性带来的挑战。 助力应对外部不确定性挑战，又一家平台出手了！ 就在近日，中国商业联合会、中国连锁经营协会、中国百货商业协会等八家协会发出倡议，各大企业应积 极对接外贸企业，了解需求，规划合作，积极行动，化解外贸企业的燃眉之急。随后，多家平台迅速响 应，展开行动。 滴滴：帮助出口重点区域新增司机顺利 过渡 4月8日，国家发展改革委主任郑栅洁主持召开座谈会，邀请北京滴滴出行、山东歌尔股份等5家民营企业 与会，听取宏观政策在微观主体的落实情况及建议，听取稳外贸、稳就业的意见及建议。 会上郑栅洁表示："民营经济已经形成相当的规模、占有很重的分量，是吸纳城镇就业的主要渠道，在稳 增长、稳就业中发挥重要作用。" 与会企业负责人均表示，对美国加征关税已有准备，正在积极采取应对措施，同时国内发展环境稳定、市 场空间广阔，企业有信心在党中央坚强领导下克服困难、取得突破、实现更好发展。 在助力稳就业方面，4月12日，滴滴表示，2025年将追加投入10亿元，通过增加补贴、优化收入和权益保 障等举措 ...

Core Viewpoint - A recent incident involving a driver of the ride-hailing service "Hello" using assisted driving while sleeping has raised safety concerns, prompting the company to investigate the matter and reiterate the importance of safe driving practices [1][2][3]. Company Response - The company is currently investigating the claims made by a passenger who reported that the driver was asleep while traveling at a speed of 100 km/h using assisted driving [2][3]. - Customer service representatives stated that while there are no explicit prohibitions against using smart assisted driving, drivers are required to ensure safe driving practices and are advised to avoid using such modes [3]. Safety Concerns - The incident has highlighted broader safety issues, with warnings from traffic authorities in various regions advising against the use of intelligent driving modes on highways due to the potential for misjudgment in rapidly changing road conditions [3]. - Experts emphasize that intelligent driving should be viewed as an aid rather than a substitute for human control, reinforcing the need for drivers to remain attentive and engaged [3].

切入视角上，本文要探讨的是当自动驾驶成为一个日常技术之后，对出行以及网约车行业会产生哪些影响，自动驾驶技术实际的发展路径和时间节点，以及哪 （几）家公司、那种技术路径会最终胜出不在我们讨论之列，因此我们直接做出一下2点假设，作为后文分析的基础： * 注意：以下内文中涉及隐藏估值部分，公众号未完全展示，感兴趣的用户可进入长桥 App 后搜索 " 海豚投研 " ，查看同名文章，免费畅读完整内容。 作为海豚投研先前最看好的、具备长期投资价值的标的之一，Uber在快速发展的自动驾驶技术（尤其是Tesla风头正盛且高调宣布Robotaxi计划之时）对整个汽车及 出行产业造成革命性改变的担忧下，往日被市场一致看多的风光不再。在24.10.14~24.12.月中旬期间股价从$87下跌到$60以下，相当于近1/3的回撤，明显跑输同期 标普指数上涨的表现。 但尽管如此，市场围绕Uber的多空博弈实际仍相当激烈，先有著名投资人Bill Ackman高调宣布看多Uber，JPM在1月初的投资者调研中Uber也名列Mid-cap内最被看 好的标的。而分歧正是机会的来源之一，创造去投资被一致看多因此估值性价比不足的好公司的机会。 因此 ...

Core Insights - 如祺出行 reported a revenue of 2.46 billion yuan for 2024, representing a year-on-year growth of 14% [1] - The annual net loss narrowed to 560 million yuan, a decrease of 18.6% compared to the 690 million yuan loss in 2023 [1] - The company has been in a loss position for several years, with losses of 684 million yuan, 627 million yuan, and 693 million yuan in 2021, 2022, and 2023 respectively [1] Financial Performance - Revenue cost increased by 8.1% to 2.5 billion yuan in 2024, influenced by rising driver service fees and increased payments to third-party ride service platforms [1] - The gross margin improved due to increased revenue from technology services, which have a higher margin than ride-hailing services [1] Market Position and Competition - The proportion of revenue from ride-hailing services increased from 83.9% in 2023 to 89.2% in 2024 [4] - The average transaction value per order decreased by 5.7% to 26.4 yuan in 2024 compared to 28 yuan in 2023 [4] - The company is facing intense market competition, particularly in Guangzhou, which remains its largest market [4][5] Research and Development - R&D expenditure for 2024 was 140 million yuan, an increase of 18.8%, primarily due to enhanced R&D capabilities and investments related to Robotaxi [4] - Revenue from other business segments, including Robotaxi, was only 2.04 million yuan, a slight increase of 2% from 2 million yuan in 2023, accounting for just 0.1% of total revenue [4] Regulatory Environment - Regulatory scrutiny has increased, with multiple agencies conducting inspections and requiring compliance from ride-hailing platforms, including 如祺出行 [5] - In 2024, the number of operational violations for several ride-hailing platforms, including 如祺出行, ranked among the highest in Guangzhou [5]

Core Insights - The company, 如祺出行, reported a total revenue of 2.463 billion RMB for the year 2024, marking a 14% year-on-year growth, with a significant increase in gross margin by 80% [1][2] - The company aims to expand its ride-hailing and Robotaxi services internationally, improve operational efficiency, and enhance the Robotaxi experience [1] Revenue Growth - The core business revenue from ride-hailing and Robotaxi services reached 2.199 billion RMB, reflecting a 21.2% increase year-on-year [2] - The registered user base grew to 34.5 million, a 45% increase, while the total ride service orders reached 113 million, up 15.7% year-on-year [2] - Overall transaction volume increased by 8.7% to 2.979 billion RMB, driven by the rise in order volume [2] Profitability Improvement - The gross profit margin improved significantly, with a year-on-year increase of 80%, and gross profit improved by 76.5%, leading to an 18.6% increase in profit [2] - Factors contributing to the margin improvement include increased technology service revenue, reduced incentives for customers and drivers, and enhanced operational efficiency [2] Investment in Autonomous Driving - The company invested 140 million RMB in R&D for Robotaxi and operational areas, a year-on-year increase of 18.8% [3] - The operational range of Robotaxi services expanded from Nansha, Guangzhou to Baoan and Nanshan in Shenzhen, and other areas [3] - As of February 2025, the company operated over 300 Robotaxi vehicles, covering more than 2 million kilometers in the Greater Bay Area [3] Low-altitude Travel Services - The company is exploring low-altitude travel service operations, including flying cars, to create a comprehensive intelligent travel platform [5] - The partnership with GAC Group aims to leverage data services for advanced autonomous driving model development [4]