Investment Rating - The report assigns a "Subscribe" rating to the company with a score of 70 out of 100 [4][14]. Core Insights - The overall transportation market in China is expected to grow from CNY 6.9 trillion in 2022 to CNY 8.0 trillion in 2024, with a further increase to CNY 10.6 trillion by 2029, reflecting a CAGR of 5.4% [3][7]. - The company operates in 136 cities with a total Gross Transaction Value (GTV) of CNY 170 billion in 2024, representing a year-on-year growth of 38.8% and a market share of 5.4% [6][8]. - The company has reduced its reliance on driver subsidies, with the adjusted percentage of driver income and subsidies in total ride service revenue decreasing from 84.2% in 2022 to 79.0% in 2024 [6][9]. Company Overview - The company is a ride-hailing platform incubated by Geely Group, offering two main service lines: Huixuan and Special Car services, utilizing customized vehicles [6][8]. - In 2024, the company's total revenue is projected to reach CNY 146.6 billion, a 37.4% increase year-on-year, with customized vehicle GTV growing by 73.1% to CNY 42.5 billion [8][9]. - The company has a fleet of over 34,000 customized vehicles in 31 cities, with customized vehicle orders accounting for approximately 25.1% of total GTV [6][8]. Financial Performance - The company achieved a gross margin of 8.1% in 2024, recovering from a gross loss margin of 4.4% in 2022, primarily due to optimized vehicle total cost of ownership (TCO) strategies [9]. - The net loss for 2024 is projected at CNY 12.5 billion, with the net loss margin significantly narrowing from 25.8% in 2022 to 8.5% [9]. - Operating cash flow for 2024 is expected to be CNY 2.4 billion, an increase of approximately CNY 1 billion compared to 2023 [9]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 1.4 times for 2024, which is comparable to its peers in the ride-hailing sector [10]. - The report suggests that the company's valuation is reasonable given its large market capitalization and leading industry position [10]. Market Environment - The investment atmosphere in the Hong Kong stock market has improved significantly, with a 27.6% first-day drop rate for new IPOs and an average first-day increase of 11.7% [13]. - The company has secured subscriptions from six cornerstone investors, including major firms, amounting to approximately HKD 950 million, representing about 51.3% of the total share issuance [14].

Core Insights - The Dongguan Transportation Bureau reported on the complaints regarding ride-hailing services for the second half of 2024, highlighting that the platform "如祺出行" had the highest complaint rate among platforms with over 10,000 daily orders [1][4]. Summary by Category Complaint Rates - Among platforms with over 10,000 daily orders, "如祺出行" had a complaint rate of 0.4 per 10,000 orders, followed by "阳光出行" at 0.3 and "T3出行" at 0.26 [2][3]. - For platforms with 500 to 10,000 daily orders, "哈啰出行" had the highest complaint rate at 2.13, while "小拉出行" led the complaint rate for platforms with fewer than 500 daily orders at 3.47 [2][3]. Types of Complaints - Complaints from passengers primarily involved issues such as overcharging, refusal to accept rides, and poor service attitude [2][3]. - Complaints from drivers mainly concerned platform responsibility disputes, payment issues, and unreasonable dispatch mechanisms [3]. Service Quality Assessment - "如祺出行," "哈啰出行," and "小拉出行" received a 50-point deduction in their service quality assessment for failing to meet the service quality management requirements [4]. Company Overview - "如祺出行" is a pioneer in commercializing autonomous driving technology, backed by investments from GAC Group and Tencent, and was officially launched in Guangzhou in June 2019 [6][7]. - The company went public on the Hong Kong Stock Exchange on July 10, 2024, with a valuation increase from 1 billion to 5.36 billion yuan over several funding rounds [7]. - "如祺出行" reported total revenues of 1.014 billion, 1.368 billion, and 2.161 billion yuan for the years 2021, 2022, and 2023, respectively, reflecting a compound annual growth rate of 46% [7].

Core Insights - Careem, a subsidiary of Uber, will suspend its ride-hailing services in Pakistan on July 18 due to challenging macroeconomic conditions, increasing competition, and global capital allocation issues [1] Company Summary - Mudassir Sheikha, the co-founder and CEO of Careem, announced the suspension of services in a statement highlighting the difficulties faced by the company in the current economic environment [1]

针对"女乘客曝光遭T3网约车司机猥亵"一事，6月18日，T3出行有关负责人回应南都记者称，平台接到投诉后第一时间启动安全专项工作组，同时配合警 方核实调查，对司机进行永久封禁处理。"涉事司机已被警方行政拘留5日，平台跟哈尔滨交通部门提了诉求，希望该司机在网约车行业被封号。目前我们 仍在积极与乘客协商补偿金额。" （文章来源：南方都市报） 女乘客发布的涉事车辆图片。 该负责人告诉南都记者，6月12日14时18分，T3出行在接到女乘客投诉后，第一时间启动安全专项工作组，并于当日与女乘客建立了沟通渠道，同时配合 警方开展事件的核实与调查。平台当日对司机进行了永久封禁处理，并就司机的行为对女乘客致以深深歉意，对给乘客带来的伤害积极沟通补偿方案。当 晚在双方当面签署谅解协议的现场，女乘客方面再次反悔3000元的诉求，要求提升补偿额度。目前平台仍在与女乘客协商沟通。 此外，上述负责人还表示，"涉事司机已被警方行政拘留5日，平台跟哈尔滨交通部门提了诉求，希望该司机在网约车行业被封号。网络上关于女乘客与司 机同住一个小区的信息，平台暂时无法核实。T3出行基于对用户隐私的保护，司乘联系的号码都是虚拟号且仅24小时内有效。" 南 ...

Core Viewpoint - Caocao Travel, established in 2015 and headquartered in Suzhou, is a key strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [1]. The company aims to raise funds primarily for autonomous driving research, debt repayment, market expansion, and vehicle business upgrades [1]. Group 1: IPO Information - The IPO is scheduled from June 17 to June 20, with the listing date on June 25 [2]. - The total fundraising scale is 44,178,600 shares, with approximately 90% allocated for international offerings and 10% for public offerings [2]. - The share price is set at HKD 41.94, with a market capitalization of HKD 22.823 billion [2]. Group 2: Financial Performance - The company's Gross Transaction Value (GTV) for the reporting period is projected to be CNY 89 billion, CNY 122 billion, and CNY 170 billion, with a year-on-year growth of 38.8% in 2024, making it the second-largest ride-hailing platform in China with a market share of 5.4% [5][19]. - Revenue for the years 2022 to 2024 is reported as CNY 76.3 billion, CNY 106.7 billion, and CNY 146.6 billion, with ride-hailing services contributing 92.6% in 2024 [6][7]. - The company has experienced a narrowing of losses, with net profits of CNY -20.1 billion, CNY -19.8 billion, and CNY -12.5 billion from 2022 to 2024 [7]. Group 3: Market Expansion and Strategy - The company plans to expand to 200 new cities within the year, aiming to create a "national + regionally dense" network by 2025 [8]. - Caocao Travel ranks first in user recognition in third-party surveys, particularly in first and second-tier cities, with market shares of 7.7% and 7.5% respectively [9]. Group 4: Competitive Landscape and Industry Trends - The ride-hailing market in China is highly concentrated, with Didi holding a dominant 70.4% market share, while Caocao Travel competes for the remaining market [19]. - The shared mobility penetration rate in China is currently at 4.3%, with a projected compound annual growth rate of 17% from 2025 to 2029 [18]. Group 5: Business Model and Competitive Advantages - Caocao Travel operates a heavy asset model, managing a fleet of 34,000 customized vehicles, which provides a cost advantage with total cost of ownership (TCO) significantly lower than the industry average [10][11]. - The company benefits from the Geely ecosystem, leveraging shared resources such as supply chains and R&D teams, enhancing brand trust and user recognition [12]. - The accumulation of operational data from its fleet aids in vehicle design and optimization of energy supply and autonomous driving algorithms [13].

环球市场动态 中 东 战 局 持 续 发 酵 中 美 关 系 延 续 稳 态 股 票 A 股周二下滑，脑机接口板块大爆 发；港股走弱，新消费、医药股大 幅下跌；欧股下挫，市场担忧美国 对以伊冲突的直接介入；美股三大 指数齐跌，华尔街担忧中东局势升 级，美国经济数据疲软业令市场承 压。 外 汇 / 商 品 中东局势升级重燃供应担忧，周二 国际油价升超 4%至近五个月高 点；金价震荡微跌，伦敦期铜走低； 美联储决策前夕美元上涨，英镑领 跌 G-10 货币。 固 定 收 益 美国国债上涨，中东局势升级提振 避险需求。美债收益率盘中短暂上 涨，收盘下跌，曲线趋平。亚洲债 券市场卖盘涌现。中国投资级债券 利差走宽 1-3 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 18 日 123 ▪ 我们判断，6 月下半月市场面临的外部地缘政治环境是：中美关系将延续稳态，关注中东地缘扰动。关于中美 关系，本次伦敦会谈更多用于解决双方面临的短期、急迫且可逆的问题，关税或并非会谈重点，但对市场而言， 日内瓦会谈以来的风险偏好缓和窗口或将延 ...

"稳就业"不只是实现"充分就业"，还要实现"高质量就业"；也就是说，需要兼顾就业的总量与结构、数量与质量，全面提升劳动者的获得感、幸福感和安全 感。 4月底的中央政治局会议提出，要"着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性"，把"稳就业"排在"四 稳"之首，反映出中央对就业问题的高度重视。当前，在复杂多变的国内外经济、社会、科技与地缘政治环境下，"稳就业"具有更丰富的内涵。二十届三中 全会提出，要"完善就业优先政策，健全高质量充分就业促进机制"。这意味着，"稳就业"不只是实现"充分就业"，还要实现"高质量就业"；也就是说，需要 兼顾就业的总量与结构、数量与质量，全面提升劳动者的获得感、幸福感和安全感。因此，有必要理解"稳就业"的多维内涵，有针对性地综合施策，快速有 效地落实中央的"稳就业"部署。 多维度理解"稳就业"的内涵 在新形势下，"稳就业"应包括以下内涵。一是稳就业数量，确保实现充分就业；二是稳就业结构，确保各类劳动者群体都能实现或接近实现充分就业；三是 稳就业质量，确保劳动者的收入水平不显著下降，保障劳动者的权益不受侵犯，提升就业的获得感和幸福感；四是稳就 ...

Group 1 - JD.com announced its entry into the liquor and travel industry, with plans to develop a new channel for takeout and dining services [4][5] - JD.com has been actively expanding its diversified business layout, including a recent recruitment drive targeting experienced personnel from leading online travel agencies [4] - The company previously attempted to enter the travel sector in 2011 but did not prioritize it due to the competitive e-commerce landscape at that time [5] Group 2 - The actor from the show "Anjia" criticized Xiaohongshu's increasingly stringent content review mechanism, suggesting it could lead to a decline in user engagement on the platform [7][8] - Xiaohongshu's content review process has been described as opaque and inefficient, causing frustration among users and potentially driving them away [8] Group 3 - Zontai Auto is facing delisting risks due to a lack of operational funds, having only completed the shipment of 14 vehicles in the first quarter of 2025, resulting in a loss of 1.03 billion yuan [16] - The company has been struggling with continuous losses for six years, with a reported sales drop of 98.74% last year [16] Group 4 - Meituan's CEO Wang Xing sold 573,700 shares of Li Auto, cashing out over 600 million HKD, marking his second consecutive reduction in holdings this year [12] - Li Auto's Q1 2025 revenue was reported at 25.93 billion yuan, showing a year-on-year growth of 1.1% but a quarter-on-quarter decline of 41.4% [12] Group 5 - OpenAI secured a $2 billion contract with the U.S. Department of Defense to develop advanced AI capabilities for national security [30][31] - This contract is part of a broader trend of increasing government investment in AI technologies for defense applications [30] Group 6 - Tesla's Model 3 was involved in an incident where it got stuck on train tracks while in "autopilot mode," raising concerns about the safety of its autonomous driving features [34] - The incident highlights ongoing issues with Tesla's Full Self-Driving (FSD) system, which still requires driver supervision despite being marketed as fully autonomous [34]

Group 1 - The core viewpoint of the article is that Cao Cao Mobility is accelerating its IPO process, planning to list on the Hong Kong Stock Exchange on June 25, with a target to raise approximately HKD 18.53 billion (around RMB 1.7 billion) [2] - The company plans to issue a total of 44.18 million shares globally, with 4.42 million shares available for Hong Kong and 39.76 million shares for international investors, at a price of HKD 41.94 per share, leading to a valuation of approximately HKD 22.82 billion (around RMB 20.8 billion) [2] - Cao Cao Mobility has secured six cornerstone investors, including Mercedes-Benz and others, who will collectively subscribe to 22.64 million shares, amounting to about HKD 9.52 billion [2] Group 2 - As of the end of 2024, Cao Cao Mobility's ride-hailing business will expand to 136 cities, with a revenue of RMB 14.7 billion, reflecting a year-on-year growth of 37.4%, and an increase in gross margin from 5.8% in 2023 to 8.1% [3] - The company has a differentiated advantage with its customized vehicle model, operating a fleet of over 34,000 vehicles in 31 cities, and has reduced the total cost of ownership (TCO) of its vehicles by 33% compared to ordinary electric vehicles [3] - Cao Cao Mobility faces challenges such as over-reliance on aggregation platforms, with the proportion of orders from these platforms increasing from 51.4% in 2022 to 85.7% in 2024, which poses risks if these platforms change their traffic distribution strategies or increase commission rates [3] Group 3 - The company is focusing on the Robotaxi sector, having launched the Cao Cao Intelligent Driving platform in February, which utilizes Geely's Robotaxi solution for demonstration operations in Suzhou and Hangzhou [4] - According to Goldman Sachs, the Chinese Robotaxi market is expected to grow from USD 54 million in 2025 to USD 47 billion by 2035, representing a staggering increase of 757 times over ten years [5] - The funds raised from the IPO will primarily be used to improve vehicle service solutions, enhance service quality, develop customized vehicles, invest in autonomous driving technology, and expand geographical coverage [5]

Core Viewpoint - Caocao Travel plans to launch an IPO on June 25, 2023, on the Hong Kong Stock Exchange, aiming to raise approximately HKD 18.53 billion with a share price of HKD 41.94, valuing the company at HKD 228.23 billion [1] Group 1: Business Overview - Caocao Travel's business includes ride-hailing services, vehicle leasing, vehicle sales, and others, with ride-hailing services projected to generate RMB 135.67 billion in 2024, accounting for 92.6% of total revenue [2] - The company has deployed over 34,000 customized vehicles across 31 cities in China, with a significant portion of its orders coming from its customized vehicle fleet [4] Group 2: Financial Performance - Revenue for Caocao Travel has shown growth from RMB 7.63 billion in 2022 to an expected RMB 14.66 billion in 2024, with operating losses decreasing from RMB 18.66 billion in 2022 to RMB 8 billion in 2024 [7][8] - The company has a total debt of RMB 112.83 billion as of 2024, with net current liabilities of RMB 81.46 billion [5] Group 3: Market Position and Strategy - Caocao Travel's order volume has increased significantly, with 5.98 billion orders expected in 2024, but a large portion of these orders is still reliant on aggregation platforms [6] - The company aims to enhance its profitability through scale effects from customized vehicles and service solutions, focusing on lifecycle management from vehicle design to operation [9] Group 4: Future Plans and Innovations - The funds raised from the IPO will be used for R&D, service quality improvement, and the expansion of customized vehicles and geographic coverage [10] - Caocao Travel plans to launch a dedicated L4 Robotaxi model by the end of 2026, aiming to create a comprehensive automated operation system [12]