【曹操出行冲刺港股上市，"吉利系"多家企业亏损，其自身盈利难题待解】曹操出行在网约车市场份额 为5.4%，位列第二。其将以200亿元发行市值登陆港股，成李书福控制的第11家上市企业。不过，"吉利 系"11家企业中有6家亏损，极星汽车2024年亏147亿元，路特斯和极氪汽车分别亏损79亿、64亿元。曹 操出行属重资产运营，定制车折旧和维护费用高，85%订单GTV来自聚合平台，佣金费率超7%，挤压 利润。近4年其亏损超80亿元，半数员工持股，人均持股市值354万元，但同行上市后多破发，造富效应 未知。6月17日，曹操出行启动招股，拟6月25日在港交所主板挂牌。本次IPO预计发行4418万股，每股 41.94港元，募资18.5亿港元，10%为香港公开发售。截至6月19日，已录得近12亿港元孖展认购，超购 5.4倍。六家基石投资者将出资9.52亿港元，认购2264万余股，占发行股份超半数。曹操出行持续巨亏， 靠高额借贷运营，账上现金仅1.59亿元，流动性差。此次IPO募资难完全解决债务问题。IPO前，曹操出 行融资三轮，约29亿元。苏州国资最后一轮投资后，其总部从杭州迁到苏州。IPO前556名员工获股权 激励，人均持 ...

Core Viewpoint - Didi Chuxing is launching multiple promotional activities to meet the surge in travel demand during the summer, including significant subsidies for drivers and various discount coupons for users to enhance their travel experience [1][7]. Group 1: Promotional Activities - Didi is offering a "Complete One Order to Get Two Coupons" promotion, where users can earn two 50% discount coupons worth up to 15 yuan each by completing specific ride orders in 81 cities [1]. - From June 23 to July 13, users in 98 cities can participate in a "One-Click Ride with Didi, Everyone Reduces 5 Yuan and Then 10 Yuan" campaign, allowing them to receive limited 5 yuan and 10 yuan discount coupons [3]. - Users in 26 cities can access a "1 Yuan Deducts 10 Yuan" discount coupon for rides until July 6, while users in Urumqi can earn a "9.9 Yuan Deducts 30 Yuan" coupon through friend referrals [5]. Group 2: Driver Support Initiatives - Didi is distributing over 600 million yuan in summer subsidies to drivers across nearly 300 cities to help them manage increased operating costs during hot weather [7][9]. - The company encourages drivers to provide better service by offering rewards for completing rides during the subsidy period, ensuring they can earn good income while meeting passenger needs [7]. Group 3: User Experience Enhancements - Didi has implemented a "Trip Guardian" service to improve the efficiency of driver-passenger meet-ups, including features that allow users to adjust their pick-up points and receive alerts for optimal meeting locations [9]. - The company is also introducing summer-themed vehicles with special amenities like cooling seat cushions and sunshade curtains to enhance passenger comfort during rides [7]. Group 4: Collaboration with Local Events - Didi is actively collaborating with local tourism departments in cities like Nanchang, Ningbo, and Nanjing to promote travel and consumption through various initiatives, including issuing travel coupon packages and setting up dedicated ride stations [11].

证券研究报告 海外2025年中期策略：稳定币跑步入场， 虚拟资产趋势已成 C | 国金证券 NOLINK SEURITIES 易永坚 (执业S1130525020001) 徐熠雯 (执业S1130525030005) 作熠 (执业S1130525030003) 柴梦婷 (执业S1130525030013) 洁 (执业S1130525030015) 2025/6/77 2 虚拟资产&资产交易平台：随着各国对虚拟资产领域监管框架不断完善，机构入局增加，叠加流动性宽松预期， 虚拟资产趋势持续向好。稳定币有望加速w eb3.0扩圈，且稳定币相关政策只是大趋势下的一环，未来可以期待更 多各地政策出台，建议积极关注。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应持续驱动盈利杠杆 释放，建议持续关注音乐订阅平台。 O2O服务平台强者恒强的趋势加强：5月部分核心城市二手房交易量出现环比负增长；1-5月车后市场进店台次和产 值同环比均持续下滑，地产和汽车后市场需求持续收缩下，贝壳和途虎有望在长尾出清的进程中提高市占率。 网约车行业均面临供给过剩问题，建议关注掌握流量权的派单平台。 咖啡茶饮和 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 曹 操出 行 港 股｜上市 在即 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"）计划于2025年6月25 日正式以"2643"为股票代码在港交所主板挂牌上市。 曹操出行本次计划全球发售4417.86万股股份，其中香港发售441.79万股股份，国际发售3976.07万 股股份。 以每股41.94港元的发行价计算，曹操出行预计通过本次IPO募集18.53亿港元，IPO估值则约 228.23亿港元。 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。 今年第一季度 ...

一、公司概况与业务模式 曹操出行是由吉利集团孵化的中国网约车平台，截至2024年12月31日在136个城市运营。2024年总交易价值（GTV）达170亿元，市场占有率5.4%，排名行 业第三。其核心业务模式是通过定制车队与运力合作伙伴合作，结合自有附属司机，提供标准化出行服务。与吉利集团合作开发的定制车车队超3.4万辆， 为中国同类最大车队，2024年定制车订单占GTV的25.1%。 二、市场机遇与竞争优势 中国共享出行市场2024年规模3444亿元，预计到2029年以17%的复合年增长率增长至8042亿元。曹操出行的竞争优势包括与吉利集团合作带来的定制车掌控 权、差异化用户体验、赋能司机的车服解决方案、先进的曹操大脑技术系统以及清晰的盈利路径。其定制车枫叶80V和曹操60的持有成本（TCO）分别为每 公里0.53元和0.47元，低于行业平均水平。 三、财务表现与业绩记录 2022-2024年，公司收入从76亿元增长至147亿元，毛利率从-4.4%提升至8.1%，经调整EBITDA由-7.73亿元转为3.83亿元，经营现金流由负转正。但公司仍存 在流动负债净额，2024年达81亿元，借款总额72亿元。 四、全 ...

资源小火锅 ★ 报名 浙江 只分享行业优质报告 506 篇原创内容 视频号: 资源小火锅 16个朋友关注 已关注公众号 消息 视频号 服务 = #食品饮料 170 #消费 213 #品牌营销 89 曹操出行招股说明书 公司概况 曹操出行是由吉利集团孵化的中国网约车平台，截至2024年底在136个城市运营。2024年总交易价值达170亿元人民币，市场份额5.4%，位居行业第二。核 心优势为定制化车队（专为共享出行设计），截至2024年底在31个城市部署超3.4万辆定制车，规模居中国首位。商业模式以轻资产扩张为主，通过与运力 合作伙伴（提供司机和车辆的企业）合作完成订单，同时向附属司机提供自有车辆。 市场机遇 财务表现 竞争与风险 上市计划 未来战略 聚焦五大方向：提升服务标准与品牌形象、升级定制车、轻资产扩张城市覆盖、完善车服解决方案、投资自动驾驶技术（2025年2月已启动Robotaxi试 点）。 报告预览 中国共享出行市场2024年规模为3,444亿元，渗透率仅4.3%，预计2029年将增至8,042亿元（复合年增长率17%）。 行业痛点包括用车成本高、司机收入不稳定、平台盈利难。曹操通过定制车降低持有成本 ...

Group 1 - The platform economy has become a key vehicle for stabilizing employment, with an average of over 22% of new jobs created in 2023 coming from this sector, totaling over 230 million jobs [1] - The platform economy is accelerating the transition of talent structure towards higher-end roles, with over 1.2 million AI engineering technicians in China as of 2024, and a compound annual growth rate of 45% over the past three years [1] - More than 30 million new workers, such as delivery riders and ride-hailing drivers, have been absorbed into the flexible employment sector through platform companies [1] Group 2 - Issues such as companies evading labor responsibilities by classifying workers as "individual business owners" or "partners" have led to significant gaps in legal rights, with less than 40% of delivery riders and ride-hailing drivers included in the urban employee social security system [2] - The high rate of pension insurance discontinuation, exceeding 40%, and the lack of related protections are significant barriers to the platform economy's ability to continue absorbing employment [2] - Problems in the gig economy include high traffic violation rates among delivery riders due to algorithmic pressure, and income challenges for drivers during peak hours due to pricing algorithms [2] Group 3 - Strengthening legal protections for new employment forms is necessary, including the establishment of laws to clarify the legal status of platform workers and prevent evasion of labor responsibilities [2] - Encouragement for platform companies to provide commercial pensions and exclusive medical insurance for eligible workers, along with exploring a "social security points bank" mechanism for cumulative payment years across regions and platforms [2] - Implementing rigid work hour constraints and mandatory rest periods for platform workers, along with electronic work hour record-keeping [2] Group 4 - Establishing an algorithm governance and income distribution adjustment mechanism, including a classification system for core algorithms and the formation of a governance committee involving relevant stakeholders [3] - Setting a minimum income ratio for transportation service platforms and capping surge pricing during peak hours [3] - Creating a tiered income distribution mechanism in the live streaming industry, with a fund for industry adjustment based on excessive earnings [3] Group 5 - Enhancing smart regulation and collaborative governance capabilities through the establishment of a digital hub for algorithm regulation, enabling dynamic monitoring and real-time data capture [3] - Promoting standardized regulatory rules and procedures for platform employment through cross-departmental data sharing and joint enforcement [3] - Implementing a credit constraint mechanism linking severance compensation standards to corporate credit ratings, with penalties for malicious evasion of economic compensation [3]

Core Insights - Gaode Map has emerged as a significant player in the transportation service industry, ranking first in the traffic scale among top 10 applications as of March 2025, surpassing competitors like Baidu Map and Didi Chuxing [1][3] - The company has achieved profitability for the first time, a notable milestone in the competitive landscape of map services, where even leading platforms like Google Maps struggle with monetization [1][2] Group 1: User Base and Market Position - As of March 2025, Gaode Map boasts 873 million monthly active users, positioning it as the fourth largest application in China's mobile internet landscape, following WeChat, Taobao, and Alipay [3] - Despite its large user base, Gaode Map faces challenges in monetization due to the inherent nature of navigation tools, which require significant investment in technology and marketing to realize their commercial potential [4][7] Group 2: Business Strategy and Monetization - Gaode Map is transitioning from a navigation tool to a comprehensive lifestyle service platform, integrating various services such as instant delivery and commercial authorization fees to enhance revenue streams [4][6] - The company has implemented a tiered pricing model for its commercial services, with the advanced version priced at 100,000 yuan, indicating a strategic move towards diversified revenue generation [4] Group 3: Competitive Landscape - Gaode Map's competitive position is complicated by its role within Alibaba's ecosystem, where it serves as a traffic conduit rather than an independent service platform, limiting its strategic autonomy [8][12] - The competitive environment is intensifying, with platforms like Douyin and Meituan encroaching on Gaode Map's market share by integrating their services into navigation functionalities [8][9] Group 4: International Expansion and Challenges - Gaode Map's international efforts are constrained by its alignment with Alibaba's broader strategy, which may limit its ability to adapt to local market conditions effectively [9][12] - In contrast, Didi Chuxing has successfully expanded its international operations, demonstrating a more autonomous approach that has led to profitability in overseas markets [11][12]

今年是《财富》第二次发布东南亚500强榜单，这份按营收排名的该地区规模最大公司年度榜单展现了 一个蓄势待发的区域景象：东南亚地区正准备利用全球供应链变革以及采矿、电动汽车和人工智能等蓬 勃发展的产业带来的机遇——尽管美国的关税政策可能会使去年的部分增长成果出现倒退。 去年首届《财富》东南亚500强榜单中的七个国家——印度尼西亚、泰国、马来西亚、新加坡、越南、 菲律宾和柬埔寨——于今年再度上榜，并持续对该地区的经济产生深远影响。上榜企业的去年总营收达 1.82万亿美元，较上年增长1.7%。这一涨幅滞后于榜单覆盖的上述七个经济体所报告的4.1%的GDP增长 率。 但东南亚无法避开最新的科技趋势。榜单上营收增幅最大的公司是马来西亚代工厂NationGate控股（排 名第243位），其销售额在过去一年惊人地增长了723%，突破10亿美元。NationGate的故事与AI息息相 关：随着马来西亚及东南亚地区试图通过数据中心和新的AI初创企业搭上AI技术快车，NationGate等公 司作为英伟达（Nvidia）在该地区组装AI服务器的唯一代工厂将坐享红利。 作为东南亚地区面积最大、经济体量最大的国家，印度尼西亚在东南亚 ...

2025 年 6 月 20 日 星期五 每日大市点评 6 月 19 日，港股大盘调整压力加剧，恒生指数全日低开低收，最终下跌 473 点或 2.0%，收报 23,237 点，为 6 月 2 日以来 收市新低。恒生科指下跌 2.4%，收报 5,088 点，创 4 月 30 日以来收市新低。市场风险偏好明显走低，以高分红央国企为 主的恒生香港中资企业指数也下跌 2.0%。不过，大市成交金额 2,201 多亿港元，抛售压力尚不算太大，港股通也净流入 14.3 亿港元。盘面上，港股避险情绪升温，下跌股份超过 1,200 只，12 大恒生综合行业分类指数全线下跌。个股方面， 新消费"股份全线走弱，如毛戈平(1318 HK)、蜜雪(2097 HK)、泡泡玛特(9992 HK)、老铺黄金(6181 HK)分别下跌 3.6% 至 6.0%不等，其中蜜雪股价已创超过一个月低位。随着相关股份估值大幅透支增长前景，机构抱团开始瓦解，造成股价 大幅波动，我们对相关股份保持谨慎。短期中东地缘紧张局势影响市场的风险偏好，前期估值大幅修复的港股出现调整 也并不意外，高 BETA 的恒生科指于 6 月初时已跟恒生指数出现背离也埋下伏线。 宏 ...