公司及子公司拟使用额度不超过 4 亿元的公开发行 A 股可转换公司债券闲置募集资金和不超过 6 亿元的自有 资金适时进行现金管理， 投资期限为自董事会审议通过之日起 12 个月内，在该期限及额度内资金可滚动使用，并授权公司管理层负责办理使用闲置募 集资金 和自有资金购买理财产品等相关事宜，具体事项由公司财务部负责组织实施。 ，同意公 司及子公司拟使用额度不超过 4 亿元的公开发行 A 股可转换公司债券闲置募集资金和不超过 6 亿元的自有资金适时进行现 金管理，投 资期限为自董事会审议通过之日起 12 个月内，在该期限及额度内资金可滚动使用，并授权公司管理层负责办理使用闲置募集 资金和 自有资金购买理财产品等相关事宜，具体事项由公司财务部负责组织实施。具体理财情况详见本专项报告三（四）之"对闲置募 集资 金进行现金管理，投资相关产品情况" 资金和自有资金购买理财产品等相关事宜，具体事项由公司财务部负责组织实施。 ，同意 证券代码：603776 证券简称：永安行 公告编号：2025-116 永安行科技股份有限公司 关于2025年半年度募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在 ...

证券代码：603776 证券简称：永安行 公告编号：2025-117 永安行科技股份有限公司 关于变更注册资本、经营范围暨修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 永安行科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第五届董事会第五 次会议，审议通过了《关于变更注册资本、经营范围暨修订 <公司章程> 的议案》。现将有关事 项公告如下： ）进入转股期。 "永安转债"自 2025 年 4 月 1 月至 2025 年 8 月 11 日期间，累计因转股形成的股份数量为 万元变更为 28,076.0572 万元，总股本将由 24,060.1181 万股增加至 28,076.0572 万股。 此外，基于公司经营与发展需要，根据《中华人民共和国公司法》 《关于全面开展经营范围 登记规范化工作的通知》等相关法律、法规，公司拟对原经营范围表述进行规范化调整，本次 调整不会导致公司主营业务发生变更，同时拟在经营范围中增加"新能源原动设备制造；新能 源原动设备销售"。 第六条 公司注册 ...

公司代码：603776 公司简称：永安行 永安行科技股份有限公司 永安行科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨磊、主管会计工作负责人张贤及会计机构负责人（会计主管人员）张贤声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"五、其 他披露事项"之" ...

此外，我们的车辆销量大幅增长，由2024年上半年的2826辆增加至2025年上半年的7993辆。在2023年第 四季度至2025年第二季度相继进行的七次涵盖全国数千名共享出行用户的季度调查中，于中国领先共享 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，充分体现我们对卓越的不懈追 求。有关调查乃由我们委托并由第三方进行，有关第三方独立管理数据的收集及分析。 截至2025年6月30日，我们在163个城市经营业务。截至2025年6月30日止6个月，我们的总GTV为110亿 元，较截至2024年6月30日止6个月的71亿元增加53.6%。截至2025年6月30日止6个月，我们的总订单量 达379.5百万单，较去年同期254.8百万单增加49.0%。截至2025年6月30日，我们在31个城市部署一支超 过3.7万辆定制车的车队供我们的附属司机使用，我们亦与当地运力合作伙伴合作，向其销售定制车。 截至2025年6月30日止6个月，定制车贡献的GTV为25亿元，较截至2024年6月30日止6个月取得的19亿 元增加34.7%。 曹操出行(02643)发布截至2025年6月30日止6个月中期业绩，该集团取 ...

此外，我们的车辆销量大幅增长，由2024年上半年的2826辆增加至2025年上半年的7993辆。在2023年第 四季度至2025年第二季度相继进行的七次涵盖全国数千名共享出行用户的季度调查中，于中国领先共享 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，充分体现我们对卓越的不懈追 求。有关调查乃由我们委托并由第三方进行，有关第三方独立管理数据的收集及分析。 智通财经APP讯，曹操出行(02643)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 94.56亿元(单位下同)，同比增加53.5%;经调整净亏损3.3亿元，同比减少34%;公司拥有人应占亏损4.95亿 元，同比减少35.45%;每股基本亏损1.09元。 截至2025年6月30日，我们在163个城市经营业务。截至2025年6月30日止6个月，我们的总GTV为110亿 元，较截至2024年6月30日止6个月的71亿元增加53.6%。截至2025年6月30日止6个月，我们的总订单量 达379.5百万单，较去年同期254.8百万单增加49.0%。截至2025年6月30日，我们在31个城市部署一支超 过3.7万辆定制车的车队 ...

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 ...

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].

Core Insights - The shared electric bike industry is experiencing upward momentum driven by government support and market demand, with a focus on establishing a unified national market and breaking down local barriers [1][24][79] - Competition is intensifying, with national brands like Qingju, Meituan, and HelloBike emerging as leaders due to their scale and operational efficiency [2][81] - Young consumers, particularly those aged 16-34 in lower-tier cities, are becoming the backbone of the shared electric bike market, driven by the need for convenient commuting options [3][46] - The implementation of national standards is crucial for industry development, emphasizing product upgrades and technological innovation as key competitive factors [4][16] - Advancements in autonomous driving technology are expected to address operational challenges and reshape the industry landscape [5][88] Market Dynamics - The economic environment is stable, with a significant increase in consumer spending on transportation, indicating a robust growth trajectory for the shared electric bike sector [7][24] - Shared electric bikes are gaining popularity as a sustainable transportation option, contributing to the reduction of carbon emissions and enhancing urban mobility [10][13] Policy Environment - The government is adopting a supportive stance towards shared electric bikes, promoting their integration into urban transportation systems and encouraging the use of new technologies [21][79] - Recent policies aim to address the "last mile" issue in public transport, facilitating the development of green and efficient transportation networks [12][21] Industry Structure - The shared electric bike industry has evolved through various stages, with over 700 cities now participating and a total of approximately 7.13 million bikes deployed [27][30] - The industry value chain includes component manufacturers, assembly firms, and operational companies, with some leading brands establishing their own production capabilities [30] User Insights - The primary user demographic consists of young individuals, with a balanced gender ratio, predominantly located in warmer regions of China [46] - Users value convenience, affordability, and safety, with a significant portion of rides occurring during peak evening hours [49][53] Competitive Landscape - National brands are focusing on operational efficiency and product innovation to enhance user experience and maintain market share [81][84] - The competitive focus is shifting from quantity to quality, with an emphasis on improving hardware and service delivery [82][86] Technological Advancements - The integration of cutting-edge technologies, such as AI and autonomous systems, is expected to enhance operational efficiency and user satisfaction [5][88] - The new national standards for electric bikes will facilitate the adoption of smart technologies, improving safety and user experience [16][17]