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｜挂牌上市 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"）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。 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，曹操出行的总 GTV为48亿元，较2024年同期增加54.9%，订单量亦较2024年同期 增长51.8%。 值得注意的是，截至 2024年12月31日，曹操出行在31个城市拥有一支超过34,000辆定制车的车 队供其附属司机使用。根据弗若斯特沙 ...

Group 1: Overview of Private Economy in Guangzhou - The implementation of the "Guangzhou Support for Private Economy Development Regulations" has led to significant growth in the private sector, with private economic value added accounting for 43.5% of GDP in Q1, a five-year high [1] - The number of private economic entities in Guangzhou has surpassed 3.5 million, with new registrations leading among major cities, establishing the private sector as a key driver of economic growth [1][9] Group 2: Innovations and Achievements of Private Enterprises - Deqing Optical Technology Co., Ltd. has developed a laser welding online defect detection system, marking a breakthrough in domestic technology and achieving a detection process completion within 50 milliseconds [2] - Guangdong Niuentai New Energy Technology Co., Ltd. has created an AI-driven research system that has improved product efficiency by 27% and introduced a globally unique "photovoltaic + air energy" integrated energy storage system [5] - New Life New Materials Co., Ltd. has filled domestic gaps with innovative magnetic display materials, achieving over 30 iterations in product development and maintaining a high R&D investment ratio of 10% [5] - Weidu Microelectronics Technology Co., Ltd. focuses on domestic substitution in display driver chips, with a projected tripling of output in 2024, achieving over 100 million yuan in industrial output [6][8] Group 3: Government Support and Policy Framework - The Guangzhou government has established a comprehensive support system for private enterprises, focusing on land, finance, talent, and technology to promote high-quality development [15] - The government has implemented policies to reduce industrial land costs by 40% and has facilitated access to funding, with Weidu Microelectronics' credit increasing from 10 million to 80 million yuan [16] - The "Xin Yi Loan" platform has served over 920,000 enterprises, disbursing loans exceeding 270 billion yuan, addressing financing challenges for small and medium-sized enterprises [16] Group 4: Future Prospects and Growth - In 2024, Guangzhou has nurtured 106 national-level specialized and innovative "little giant" enterprises, with six private companies listed domestically and internationally [17] - The city plans to deepen the implementation of the regulations, focusing on early and small investments, and enhancing services throughout the lifecycle of private enterprises [17]

Core Viewpoint - Wuhan Nongshang Environment Co., Ltd. reported a significant increase in revenue for 2024, achieving 2.32 billion yuan, a year-on-year increase of 224.30%, while net profit decreased to -77.08 million yuan, a decline of 158.96% [1][18]. Group 1: Financial Performance - The company achieved a total revenue of 2.32 billion yuan in 2024, with a notable contribution from the fourth quarter, which accounted for 54.17% of the annual revenue [1]. - The net profit for 2024 was -77.08 million yuan, reflecting a significant decline compared to the previous year [18]. - The net cash flow from operating activities was -43.12 million yuan, a decrease of 291.85% year-on-year [18]. Group 2: Business Segments - The company has diversified its operations into five core areas within the comprehensive computing service sector, generating 108.08 million yuan in revenue, which represents 46.66% of total revenue [3]. - The display driver chip segment generated 11.13 million yuan, accounting for 4.81% of total revenue, with the global market for display driver chips expected to grow significantly [4]. - The landscaping construction business generated 110.85 million yuan, making up 47.85% of total revenue, primarily driven by previously contracted projects [5][12]. Group 3: Industry Environment - The comprehensive computing service industry is experiencing rapid growth due to advancements in artificial intelligence and the increasing demand for AI-ready data center facilities [2]. - The landscaping industry is facing challenges due to market fluctuations and reduced demand from the real estate sector, prompting the company to implement strategies to mitigate risks [5][14]. - The display driver chip market in China reached approximately 41.6 billion yuan in 2023, with expectations for further growth in 2024 [4]. Group 4: Cash Flow and Receivables - The company reported a cash flow from operating activities that does not exhibit seasonal distribution, with fluctuations attributed to timing differences in cash receipts and payments [14]. - As of the end of 2024, the company’s receivables from landscaping projects showed a lower aging ratio compared to industry averages, indicating effective receivables management [17]. - The company plans to focus on improving receivables collection and managing cash flow to support sustainable growth [18]. Group 5: Future Strategy - The company aims to strategically reduce its landscaping business while focusing on the growth of the comprehensive computing service and display driver chip segments [14]. - The transition towards these core business areas is expected to mitigate the impact of seasonal fluctuations on revenue [14]. - The company is committed to enhancing its asset quality and managing risks associated with its operations [18].

2 0 2 5年3月7日，在CINNO Re s e a r c h举办的"全球驱动芯片市场机遇与挑战"会员线上沙龙中， CINNO Re s e a r c h首席分析师周华以近期行业密集的资本动作为切口，揭开了显示驱动芯片市场 的深层变革。 数据显示，中国大陆已占据全球显示面板7 6%的产能份额，驱动芯片本土化率已跃升至3 4%。然 而，在OLED驱动芯片等高端领域，2 8 nm及以下制程仍被台韩企业主导，价格下行与存量竞争的 双重压力持续挤压利润空间。周华（Ch a rl e y）指出："当前行业正处于技术迭代、地缘政治与资 本寒冬的三重挤压下，并购重组已从'可选项'变为'必选项'。" 市场分化：高端战场与价格绞杀 过去三年，全球驱动芯片行业经历了一场"冰火两重天"的洗礼，陷入"量升价跌"的怪圈。2 0 2 1年 受缺芯潮推动，市场达到高点；而2 0 2 2至2 0 2 3年，受消费电子需求低迷影响，整体市场量价双 降。进入2 0 2 4年后，受AI芯片需求拉动，晶圆代工产能利用率回升，尽管整体价格趋稳，但显 示驱动芯片价格依然承压，市场正逐步进入存量竞争阶段。 在显示驱动芯片领域，市场呈现出价格持续下 ...

2 0 2 5年3月7日，在CINNO Re s e a r c h举办的"全球驱动芯片市场机遇与挑战"会员线上沙龙中， CINNO Re s e a r c h首席分析师周华以近期行业密集的资本动作为切口，揭开了显示驱动芯片市场 的深层变革。 本篇看点： 数据显示，中国已占据全球显示面板7 6%的产能份额，驱动芯片本土化率三年内从不足1 0%跃升 至3 4%。然而，在OLED驱动芯片等高端领域，2 8 nm以下制程仍被台韩企业主导，价格下行与存 量竞争的双重压力持续挤压利润空间。周华指出："当前行业正处于技术迭代、地缘政治与资本 寒冬的三重挤压下，并购重组已从'可选项'变为'必选项'。" 市场分化：高端战场与价格绞杀 驱动芯片本土化率提升，但高端市场仍被台韩垄断。在2 8 nm以下的高端 OLED市场，大陆企业的市场份额仍然不足1 5%。 行业面临"量升价跌"困境，市场规模缩水触发并购潮：显示驱动芯片行业在 近年来出现了产量上升但价格下跌的趋势。 行业转向生态重构，技术卡位与产业链整合成为关键：显示驱动芯片行业正 在从简单的"替代"策略转向更深层次的生态重构。 过去三年，全球驱动芯片行业经历了一场"冰火两重 ...