Core Viewpoint - The report highlights significant declines in revenue and net profit for Youon Technology Co., Ltd. during the first half of 2025, attributed to weakened market demand and increased provisions for bad debts [2][3][7]. Company Overview and Financial Indicators - Youon Technology Co., Ltd. reported a total revenue of CNY 193.16 million for the first half of 2025, a decrease of 21.29% compared to CNY 245.42 million in the same period last year [2][3]. - The total profit for the period was a loss of CNY 64.55 million, a drastic increase in loss of 4145.46% from a loss of CNY 1.52 million in the previous year [2][3]. - The net profit attributable to shareholders was a loss of CNY 65.48 million, down 739.17% from a loss of CNY 7.80 million in the same period last year [2][3]. - The net cash flow from operating activities was CNY 34.33 million, a decrease of 44.66% from CNY 62.03 million in the previous year [2][3]. - Total assets decreased by 3.70% to CNY 4.25 billion from CNY 4.41 billion at the end of the previous year [2][3]. Industry Overview - The report discusses the rapid growth of the shared mobility market, particularly in shared bicycles, which are increasingly recognized as a vital part of urban transportation [7]. - Hydrogen energy is highlighted as a key component in the global energy transition, with increasing national strategies being implemented worldwide, including in China [7][8]. - The hydrogen two-wheeler industry is positioned as a promising market, offering advantages such as safety, speed, comfort, and zero pollution, catering to daily commuting and short-distance travel needs [7][8]. - The hydrogen fuel cell industry is emphasized for its efficiency and zero-carbon potential, with government support driving its development [4][5][6]. - The report notes the establishment of a comprehensive hydrogen energy ecosystem, integrating production, storage, and usage, which aligns with the company's strategic goals [14][15]. Business Operations - Youon Technology's main business includes public bicycle and shared mobility services, effectively addressing the "last mile" transportation issue for residents [7][8]. - The company has developed hydrogen-powered two-wheelers and hydrogen production and refueling systems, enhancing its service offerings in the hydrogen energy sector [7][8]. - The company has made significant investments in research and development, with a focus on hydrogen energy technologies and smart living solutions [10][13]. Competitive Advantages - The company benefits from extensive experience in the mobility sector, having developed a strong operational and technical foundation over the years [12][13]. - Youon Technology has established a leading position in the hydrogen energy industry through early investments and continuous innovation [13][14]. - The recent acquisition of a controlling stake by Hello Group is expected to enhance the company's resource capabilities and operational efficiency [15].

Core Insights - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [1] - Adjusted net loss decreased to RMB 330 million, a reduction of 34% compared to the previous year [1] - The total Gross Transaction Value (GTV) reached RMB 11 billion, up 53.6% from RMB 7.1 billion in the same period last year [1] Financial Performance - The company recorded a loss attributable to shareholders of RMB 495 million, which is a decrease of 35.45% year-on-year [1] - Basic loss per share was RMB 1.09 [1] Operational Metrics - The company operated in 163 cities as of June 30, 2025 [1] - Total order volume reached 379.5 million, an increase of 49.0% from 254.8 million in the same period last year [1] - The fleet consisted of over 37,000 customized vehicles deployed in 31 cities [1] Vehicle Sales and User Recognition - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [2] - The company was rated as having the "best service reputation" among leading shared mobility platforms in China, reflecting high user recognition [2]

Core Insights - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [1] - Adjusted net loss decreased to RMB 330 million, a reduction of 34% compared to the previous year [1] - The total Gross Transaction Value (GTV) reached RMB 11 billion, up 53.6% from RMB 7.1 billion in the same period last year [1] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 9.456 billion, a 53.5% increase year-on-year [1] - Adjusted net loss was RMB 330 million, down 34% from the previous year [1] - Loss attributable to shareholders was RMB 495 million, a decrease of 35.45% year-on-year [1] - Basic loss per share was RMB 1.09 [1] Operational Metrics - The company operated in 163 cities as of June 30, 2025 [1] - Total order volume reached 379.5 million, an increase of 49.0% from 254.8 million in the same period last year [1] - The fleet consisted of over 37,000 customized vehicles deployed in 31 cities [1] Vehicle Sales and User Recognition - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [2] - The company was rated as having the "best service reputation" among leading shared mobility platforms in China, reflecting high user recognition [2]

格隆汇8月26日丨曹操出行(02643.HK)发布公告，截至2025年6月30日止六个月，公司收入增加53.5%至 人民币95亿元。持续增长带来的规模效应与营运效率提升，显著推动毛利增长并使毛利率稳步改善，公 司的毛利率由截至2024年6月30日止六个月的7.0%提升至截至2025年6月30日止六个月的8.4%。 此外，公司已将并预期将更加战略性地专注于车辆销售。公司的车辆销量由截至2024年6月30日止六个 月的2,826辆大幅增加至截至2025年6月30日止六个月的7,993辆。截至2025年6月30日止六个月，公司的 车辆销售收入为人民币7.436亿元，较截至2024年6月30日止六个月的人民币3.133亿元增长137.3%。公 司相信，出行运营车辆拥有庞大的市场，凭藉公司在设计及运营定制车方面的独特优势，公司具备在这 一市场中竞争的优势。 凭藉公司的竞争优势、地理扩张的成功、Robotaxi的强劲发展势头以及与吉利集团的战略关系，公司将 继续优化增长策略，致力实现快速增长与盈利能力的健康结合。 公司将继续投资于旗下自动驾驶平台曹操智行，以增强公司Robotaxi运营能力，并寻求机会逐步将 robota ...

共享单车的车筐，本是为骑行便利而设计，却在不经意间成了一些人眼中的"垃圾桶"。 近日记者在北京十里河桥附近探访，据不完全统计，探访时段内，大约五分之一的单车车筐内存在垃 圾。据了解，车筐内有垃圾的现象多集中于商圈、地铁站等人流密集区。 记者询问几位常骑共享单车的市民，有的人表示，往车筐里放垃圾后，经常忘了拿出来。"有时候垃圾 是上一个人留下的。"一位市民表示，他会挑选一辆垃圾较少的共享单车，自己不会主动扔垃圾，但也 不会主动清理别人遗留的垃圾。 8月13日13时20分至14时30分，在北京十里河桥附近，记者统计了车筐内有垃圾的车辆数量：西北角有 85辆共享单车，其中20辆有垃圾；西南角有128辆共享单车，其中37辆有垃圾；东南角有25辆共享单 车，其中7辆有垃圾；东北角有301辆共享单车，其中37辆有垃圾。总的来看，在当天这个时间段，大约 五分之一的单车车筐内存在垃圾。 共享单车车筐内垃圾何时、何地最多？ 有共享单车企业表示，经过长期观察和运维反馈，通常商圈、交通枢纽、写字楼、景区等地的共享单车 车筐里垃圾比较多。"商圈人流量大，消费活动频繁，人们在购物、用餐后产生垃圾，部分人图方便会 将垃圾留在车筐内。地铁 ...

Group 1: Consumer Trends - The "Shanghai Summer" international consumption season is transforming consumer behavior from mere purchasing to a comprehensive urban lifestyle experience that includes wearing, shopping, and entertainment [1] - The collaboration between Uniqlo and the Chinese cultural brand Pop Mart has led to a surge in demand for the new UT series, with children's T-shirts selling out quickly on the first day of launch [2][4] Group 2: Transportation and Urban Mobility - Meituan's bike-sharing initiative has introduced a flat rate of 0.99 yuan for rides in over 40 cities, enhancing urban exploration and promoting low-carbon travel [5][7] - Approximately 23% of Meituan's bike users have replaced high-carbon transportation methods, contributing to the city's green development [7] Group 3: Experiential Retail - Shanghai's commercial landmarks are evolving from shopping centers to cultural and entertainment spaces, as exemplified by the immersive experiences offered at the "Bonus Track" event at Taikoo Li in Pudong [9][11] - The integration of art and culture into commercial spaces is becoming a norm, with events like the "She and Her Jewelry" exhibition and collaborations with various artists enhancing consumer engagement [11][12]

近日，有湖北武汉的网友发布视频称，其扫码骑行了一辆哈啰单车，但还车时根据提示地址无法找到运 营区，花了10元调度费。8月21日，哈啰单车相关负责人向南都N视频记者表示，该用户开锁的车辆是 为家庭用户试点运营的亲子车，其开锁地点已在该车型的试点运营范围外，目前公司已向用户诚恳致 歉，系统自动免除了调度费。 该网友反映称，"骑车2分钟就到了目的地，却花了50分钟找还车点。一会儿告诉我运营区在那边，骑过 去发现不是，一会儿告诉我运营区在这边，骑过来仍然不是。最后不得不花费10元调度费还车。"哈啰 单车界面提示"您在运营区外，请骑回运营区还车"。 8月21日，哈啰单车相关负责人就此事回应南都记者称，对于本次的用户骑行体验问题，哈啰单车深感 抱歉并已紧急处理。经核查，用户开锁的车辆是为家庭用户试点运营的亲子车，其开锁地点已在该车型 的试点运营范围外。 该负责人表示，"虽然扫码时已有弹窗提醒，但哈啰单车意识到对于此类特色服务，提示方式必须更醒 目。根据用户关怀政策，系统已自动免除了该用户调度费，用户仅支付了正常骑行费用。同时，哈啰单 车方面已向用户诚恳致歉并解释清楚，将立即升级特色车型的提醒机制，杜绝此类误会。" ...

Core Viewpoint - The report by Shenwan Hongyuan highlights that Cao Cao Mobility, a significant ride-sharing platform under Geely Group, is actively developing customized fleets and Robotaxi autonomous driving services, showcasing a clear path to profitability and high growth potential [1][2]. Company Overview - Cao Cao Mobility operates in the ride-hailing service, vehicle sales, and vehicle leasing sectors, making it a key player in China's shared mobility market [1]. - The company has the largest customized ride-hailing fleet in the country, benefiting from Geely Group's strong vehicle research and manufacturing capabilities [1]. Business Strategy - The company employs a "pre-subsidy penetration + post-subsidy optimization" strategy for rapid market expansion, which is expected to improve revenue as user habits develop and operational scale increases [1]. - Revenue growth has consistently outpaced the industry average over the past two years, with a forecast for continued high growth in order volume over the next three years [1][2]. Financial Performance - Despite concerns about ongoing losses, Shenwan Hongyuan believes these are a temporary characteristic of the customized vehicle model, with operating cash flow turning positive in recent years and losses narrowing [2]. - The company is expected to achieve positive EBIT next year and reach profit margins comparable to industry leaders in the following year [2]. Technological Development - Cao Cao Mobility has established a comprehensive ecosystem in the Robotaxi sector, effectively mitigating external technology dependency risks [2]. - The self-developed "Qianli Haohan" autonomous driving solution supports its Robotaxi demonstration operations, with customized vehicles optimized for energy consumption, space, and safety in autonomous driving scenarios [2]. Market Position and Valuation - The company possesses differentiated advantages in customized operations, cost control, and technological ecosystem, with a clear path to profitability [2]. - Shenwan Hongyuan's absolute valuation method estimates the current target market value of Cao Cao Mobility at HKD 46.9 billion (RMB 42.8 billion), indicating approximately 21% upside potential, leading to a "buy" rating [2]. Stock Performance - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, with an initial price of HKD 41.94 per share, and has seen a steady increase in stock price, reaching HKD 77 by August 19, representing a 69.3% increase from the issue price [3]. - The company is anticipated to be included in the Hong Kong Stock Connect list on September 8, according to predictions from institutions like Morgan Stanley [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is positioned as a ride-hailing platform under Geely Group, focusing on customized vehicle fleets and actively participating in the Robotaxi layout. It is expected to achieve a net profit of -1.05 billion, -0.08 billion, and 0.73 billion RMB from 2025 to 2027, with corresponding net profit margins of -5%, 0%, and 2% [6][7]. - The company is experiencing rapid revenue growth, with a projected revenue increase from 10.67 billion RMB in 2023 to 29.93 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of 39.8% [5][6]. - The Robotaxi business is anticipated to contribute significantly to future profitability, with a potential gross margin exceeding 40% by 2030, driven by reduced driver costs [6][7]. Summary by Sections Company Overview - The company, established in 2015 and backed by Geely Group, aims to create a shared ecosystem for new energy vehicles. It has expanded its operations to include ride-hailing services, vehicle sales, and rentals [6][15]. - The company has achieved a market share of 5.4% in the ride-hailing industry, ranking second, and is expanding into lower-tier cities [6][47]. Financial Data and Profit Forecast - Revenue is expected to grow significantly, with estimates of 10.67 billion RMB in 2023, 14.66 billion RMB in 2024, and reaching 20.51 billion RMB in 2025 [5][6]. - The company is projected to reduce its net loss from -1.91 billion RMB in 2023 to -1.05 billion RMB in 2025, with a path to profitability by 2027 [5][6]. Industry Analysis - The shared mobility market in China is expected to grow at a CAGR of 17% from 2025 to 2029, with the market size projected to reach 804.2 billion RMB [6][38]. - The Robotaxi segment is entering a phase of commercialization, with significant market potential as technology advances towards higher levels of automation [6][54]. Competitive Advantages - The company leverages a customized vehicle fleet strategy, enhancing service quality and optimizing cost control. The first-generation model, Maple 80V, and the second-generation model, Cao Cao 60, are designed specifically for ride-hailing services, offering competitive total cost of ownership (TCO) [6][63][66]. - The integration with Geely Group provides a comprehensive ecosystem that supports vehicle design, manufacturing, and operational efficiency, creating a competitive barrier [6][21].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Views - The company is positioned as a ride-hailing platform incubated by Geely Group, focusing on building a new energy vehicle sharing ecosystem. It has achieved rapid business expansion and is on the verge of turning profitable [6][17]. - The ride-hailing industry in China is experiencing high growth, with the company holding the second-largest market share and benefiting from a strong consumer base in first- and second-tier cities [6][51]. - The company is implementing a customized vehicle strategy, which enhances service quality and optimizes cost control, contributing to a clearer path to profitability [6][67]. Financial Data and Profit Forecast - Revenue is projected to grow significantly from 10,668 million RMB in 2023 to 29,931 million RMB in 2027, with a compound annual growth rate (CAGR) of 39.8% from 2023 to 2025 [5][28]. - The net profit attributable to ordinary shareholders is expected to improve from -1,916 million RMB in 2023 to 727 million RMB in 2027, indicating a turnaround in profitability [5][7]. - The company’s gross profit margin is anticipated to increase from 5.8% in 2023 to 15.3% in 2027, reflecting improved operational efficiency [5][34]. Industry Overview - The shared mobility market in China is projected to grow at a compound annual growth rate of 17% from 2025 to 2029, with significant potential for market expansion [6][42]. - The Robotaxi segment is entering a phase of commercialization, with substantial market opportunities anticipated as technology advances [6][58]. Customized Vehicle Strategy - The company operates the largest customized ride-hailing fleet in the country, with a focus on cost-effective vehicle models that enhance user experience and operational efficiency [6][67]. - The total cost of ownership (TCO) for the company's customized vehicles is significantly lower than that of typical electric vehicles, providing a competitive edge [6][72]. Robotaxi Development - The company plans to launch the "Caocao Zhixing" platform in 2025, with initial Robotaxi services already piloted in Suzhou and Hangzhou, indicating a strong commitment to integrating autonomous driving technology [6][63]. - The long-term profit potential of the Robotaxi business is substantial, with estimates suggesting a gross margin exceeding 40% by 2030 [6][7].