日前，享道出行（上海）科技股份有限公司（以下简称"享道出行"）向港交所提交上市招股书，中金公 司与国泰君安国际为联席保荐人。公司拟通过上市募资用于自动驾驶研发及Robotaxi（自动驾驶出租 车）运营服务、出行服务的研发、扩大用户及司机基础、提升品牌知名度及增加市场份额，购置车辆以 扩大车队及营运规模等方面。若享道出行成功登陆港股，将与一众港股上市出行企业——嘀嗒出行、如 祺出行、曹操出行"同场竞技"。 在网约车市场竞争加剧的背景下，与多家出行企业类似，享道出行尚未实现盈利，近三年半累亏超19亿 元，且存在持续亏损的可能。与此同时，据招股书披露，平台超9成订单量来自聚合平台，且比例持续 上升，反映出对聚合平台的依赖严重，为聚合平台支付的巨额佣金也影响公司利润。对于这些问题，南 都N视频记者向享道出行发去采访函，截至发稿前，享道出行方面尚未回复。 享道出行招股书 招股书援引第三方资料称，聚合网约车的市场份额从2019年的5.7%增加到2024年的29.6%，其中GTV从 人民币110亿元增长到人民币925亿元。2024年，长三角地区的网约车行业市场规模占中国网约车市场整 体的22.8%。2019年至2024年， ...

Summary of Didi Chuxing Conference Call Industry Overview - The local transportation industry is characterized as a high-frequency necessity with significant systemic value, attracting competition from major players due to its potential to enhance ecosystems and empower public infrastructure [4][5] - The competitive landscape has evolved from a subsidy war in 2014 to a duopoly between Didi and Kuaidi, followed by the merger with Uber China in 2015, leading to a market dominated by a few key players [4][5] Key Points and Arguments - **Diversified Product Offerings**: Didi adjusts capacity distribution through various products (e.g., Huaxiaozhu, Didi Chauffeur, Enterprise Version, Freight) to meet different demands and increase matching efficiency during peak times [2][6] - **Market Disruption Challenges**: There are currently no significant threats to Didi's platform, as the era of burning cash for market share has ended, and new entrants face high costs to disrupt the established player [2][7] - **Control Over Supply**: Didi maintains strong control over supply through infrastructure, first-mover advantage, and order volume, unlike lower-cost aggregation platforms (e.g., Amap, Meituan Dache) that face safety risks and weaker supply control [2][12] - **Autonomous Driving Potential**: Didi is collaborating with GAC Aion on L4 autonomous driving technology, which could fundamentally change capacity distribution efficiency and cost structure [2][13][15] - **Future Growth Areas**: Didi's growth will come from enhancing service quality, penetrating lower-tier markets, and expanding internationally, particularly in Latin America [2][18][19] Financial Performance and Profitability - **Profitability Drivers**: The profitability per order is closely linked to driver incentives and headquarters operational costs, with an increase in take rate due to driver oversupply and enhanced brand premium [3][20] - **Operational Leverage**: Reduced headquarters expenses in the China region and narrowing losses in overseas operations contribute to significant performance elasticity [3][21] Competitive Strategies - **Market Competition Response**: Didi enhances its core barriers by improving capacity control through diversified products and deepening supply-side infrastructure [6][19] - **Brand Building**: Didi leverages its first-mover advantage and safety perception to maintain consumer loyalty, achieving a market share of around 70% despite competition [8][12] Technological and Regulatory Considerations - **Safety and Regulation in Autonomous Vehicles**: Safety and regulatory frameworks are critical in the Robot Taxi sector, with local regulations varying significantly, impacting operational strategies [17] - **Investment in Technology**: Didi is open to various technological paths for autonomous driving, focusing on its role as an operational platform rather than favoring specific technologies [16] Conclusion - Didi's strategic focus on product diversification, operational efficiency, and technological advancement positions it well in a competitive landscape, with significant growth potential in both domestic and international markets [2][18][19]

Group 1: Industry Overview - The travel demand during the "May Day" holiday reached a record high, with an estimated 1.467 billion trips made from May 1 to May 5, averaging 293 million trips per day, a year-on-year increase of 8% [1] - Didi's ride-hailing demand during the holiday increased by 17% compared to last year, marking the hottest "May Day" holiday ever, with intercity ride requests rising by 29% [1] - The car rental market also saw significant growth, with Shenzhou Car Rental's national order volume increasing by over 60% compared to the same period in 2024, and an average rental rate exceeding 80% [1] Group 2: Market Dynamics - The Chinese ride-hailing market continues to grow rapidly, with increasing user numbers and strong revenue growth for ride-hailing companies [1] - The rise of mid- to long-distance travel has boosted self-driving demand, leading to a surge in high-end vehicle usage, with brands like Li Auto, NIO, and Xiaomi seeing sales double year-on-year [1] - The emergence of aggregation platforms has intensified competition, with platforms like Cao Cao Chuxing increasing their market share from 4.8% in 2023 to 5.4% in 2024, positioning themselves as the second-largest player after Didi [2] Group 3: Challenges and Regulatory Environment - Aggregation platforms face consumer complaints due to their broad operational models, with significant complaint volumes reported for platforms like Gaode and Meituan [3] - The industry is moving towards regulatory standardization, with new guidelines being proposed to clarify responsibilities and improve service quality [3] - The need for ride-hailing companies to enhance compliance and reduce disputes is emphasized, with Didi's compliance rate currently at approximately 85% [3] Group 4: Competitive Landscape - The ride-hailing market is evolving into a "pyramid" structure, with top-tier players like Didi and Gaode controlling core traffic and user data, while mid-tier players like Cao Cao and T3 focus on vertical integration [4] - The increasing concentration in the industry is driving companies to accelerate technological upgrades and explore smart driving solutions [5] - Didi is collaborating with GAC on Robotaxi initiatives, while Cao Cao is leveraging its new energy vehicle fleet to reduce operational costs [5]