曹操出行(02643)绩后涨超13%，高见92.5港元再创新高。截至发稿，涨10.4%，报89.7港元，成交额 3794.59万港元。 消息面上，曹操出行发布中期业绩，上半年收入94.56亿元人民币，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%。公司的毛利率由截至24年上半 年的7.0%提升至截至2025年上半年的8.4%。 财报显示，截至2025年6月30日，曹操出行业务覆盖163个城市，总GTV达到110亿元人民币，同比增长 53.6%；定制车贡献的GTV为25亿元人民币，同比增长34.7%。车辆销售量由2024年上半年的2826辆增 加至2025年上半年的7993辆。 ...

截至2025年6月30日，公司业务已覆盖163个城市。报告期内，总GTV(商品交易总额)为110亿元，较去 年同期增长53.6%。总订单量达到379.5百万单，同比增长49.0%。 截至2025年6月30日，公司在31个城市部署了超过3.7万辆定制车供附属司机使用，并与运力合作伙伴合 作销售定制车。定制车贡献的GTV为25亿元，同比增长34.7%。 曹操出行公布了截至2025年6月30日止六个月的中期业绩。集团实现收入94.56亿元人民币，同比增长 53.5%。经调整净亏损为3.3亿元，同比收窄34%。公司拥有人应占亏损为4.95亿元，同比减少35.45%， 每股基本亏损为1.09元。 ...

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 ...

Group 1: Zhaofeng Co., Ltd. (兆丰股份) - The company is a leader in automotive wheel hub bearings, with stable growth in its core business and strategic investments in humanoid robot manufacturers and screw rod production capacity [3] - The market may perceive a slowdown in the growth rate of the wheel hub bearing unit, but the company is expected to realize investment benefits, with approximately 8.75 million in investment income in Q1 2025, driving a 20% year-on-year increase in net profit attributable to shareholders [3][4] - Key growth drivers include a dual-driven model of "aftermarket + main engine," benefiting from the increasing vehicle ownership and age in Europe and the US, as well as the expansion of production capacity and the rising demand for new energy vehicles in China [3] Group 2: Financial Projections for Zhaofeng Co., Ltd. - Projected revenues for 2025-2027 are 757 million, 973 million, and 1.287 billion, with growth rates of 13.7%, 28.6%, and 32.3% respectively; net profits are expected to be 169 million, 204 million, and 248 million, with growth rates of 21.0%, 20.9%, and 21.4% [4] - The company is expected to benefit from new domestic new energy clients and accelerated orders for humanoid robot screw rod production [4] Group 3: Cao Cao Travel (曹操出行) - The company is the second-largest ride-hailing platform in China, leveraging Geely's automotive supply chain to empower a customized vehicle ecosystem, which is expected to enhance cost barriers [5] - The company is expanding its operations significantly with a light-asset model, which is anticipated to further increase its market share in the ride-hailing sector [5] - The establishment of a closed-loop ecosystem combining customized vehicles, intelligent driving, and ride-hailing platforms is underway, with a pilot for Robotaxi set to begin in February 2025 [5] Group 4: Financial Projections for Cao Cao Travel - Expected revenues for 2025-2027 are 19.7 billion, 25.6 billion, and 30 billion, with year-on-year growth rates of 34%, 30%, and 17%; net profits are projected to be -710 million, -310 million, and 30 million [6] - The company is valued at a target market capitalization of 56.2 billion HKD, with a target stock price of 103.17 HKD per share based on a 2x PS valuation for 2026 [6] Group 5: Macro Insights - The core idea of the "Two Mountains" concept emphasizes the realization of ecological product value, aiming to transform from "aesthetic value" to "economic value" through innovative pathways [7] - The report anticipates a continued shift towards a new energy-based economic model supported by technological innovation and a robust supply chain, aiding the green transition of developing countries [7] Group 6: A-Share Strategy - The strategy suggests a balanced allocation in "large finance + broad technology" sectors, maintaining focus on financial stocks despite short-term fluctuations [8] - The report indicates that the current bull market is characterized as a "systematic slow bull," with expectations for continued performance from a diversified portfolio [8]

Core Viewpoint - The initial public offering (IPO) of Cao Cao Travel on the Hong Kong Stock Exchange faced a disappointing debut, with a significant drop in share price, raising concerns about the company's future growth and profitability [1][4]. Group 1: IPO Performance - Cao Cao Travel officially listed on the Hong Kong Stock Exchange on June 25, opening below its issue price and experiencing a drop of up to 19% [1]. - The stock's opening price was HKD 33.80, with a market capitalization of HKD 191.82 billion, and it reached a historical low of HKD 32.85 during trading [2]. Group 2: Financial Performance - The company reported revenue growth from 72 billion to 107 billion from 2021 to 2023, with a 39.8% year-on-year increase in 2023 [4]. - Despite revenue growth, Cao Cao Travel has not yet achieved profitability, with adjusted net losses decreasing from 29.59 billion in 2021 to 9.66 billion in 2023 [5]. Group 3: Market Position and Competition - Cao Cao Travel ranks among the top three ride-hailing platforms in China by gross transaction value (GTV) and was the second-largest in the industry last year, holding a market share of only 5.4% compared to Didi's 70.4% [3][5]. - The company relies heavily on aggregator platforms, with the share of orders from these platforms increasing from 49.9% in 2022 to 85.4% in 2024, leading to rising commission costs [5]. Group 4: Future Strategies - The company plans to enhance its profitability by focusing on customized vehicles and Robotaxi services, with plans to purchase approximately 8,000 customized vehicles annually from 2025 to 2027 [6]. - A portion of the net proceeds from the IPO will be allocated to technology improvements and investments in autonomous driving, with 17% aimed at enhancing technology and 12% specifically for autonomous driving initiatives [6].

Core Viewpoint - Caocao Travel has listed on the Hong Kong Stock Exchange, opening at HKD 33.8 per share, nearly 20% lower than the offering price, with a total market capitalization exceeding HKD 19 billion, positioning it among the leading ride-hailing stocks in the market [2] Group 1: Company Overview - Caocao Travel, founded on May 21, 2015, is a strategic investment of Geely Holding Group focused on the "new energy vehicle sharing ecosystem," offering services such as ride-hailing, car rentals, and carpooling [3] - As of March 31, 2025, Caocao Travel operates in 146 cities, with a total Gross Transaction Value (GTV) of RMB 48 billion in Q1 2024, reflecting a 54.9% year-on-year increase [3] Group 2: Market Position and Growth - The shared mobility market is projected to grow from RMB 354.7 billion in 2024 to RMB 751.3 billion by 2028, driven by increasing demand for economical travel options and higher penetration in lower-tier cities [3] - In 2024, Caocao Travel is expected to achieve a total GTV of RMB 170 billion, a 38.8% increase from 2023, with an average of 28.7 million monthly active users and 466,000 monthly active drivers, both showing approximately 50% growth year-on-year [4] Group 3: Financial Performance - From 2022 to 2024, Caocao Travel's total revenue is projected to grow from RMB 76.31 billion to RMB 146.57 billion, with losses of approximately RMB 20.07 billion, RMB 19.81 billion, and RMB 12.46 billion respectively, totaling over RMB 5.2 billion in losses but showing a narrowing trend [6] - The gross profit margin improved from -4.4% in 2022 to 8.1% in 2024, attributed to the introduction of customized vehicles and optimized vehicle operation strategies [7] Group 4: Strategic Initiatives - Caocao Travel plans to enhance collaboration with third-party aggregation platforms to drive more traffic cost-effectively, as the share of orders from aggregation platforms increased from 49.9% in 2022 to an expected 85.4% in 2024 [5] - The company is also focusing on the development of Robotaxi services, with plans to commercialize this offering and expand its coverage to more cities by 2026 [6][7]

Core Viewpoint - Caocao Travel, China's second-largest ride-hailing platform incubated by Geely, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 18.53 billion through the issuance of 44.18 million shares at HKD 41.94 each [3][5] Company Overview - Caocao Travel was established in May 2015 as part of Geely's strategy to enter the ride-hailing market, following the exit of Uber from China and the introduction of regulations that legitimized ride-hailing platforms [5][6] - The company is controlled by Li Shufu, who holds approximately 77.1% of the shares through Ugo Investment Limited [7] IPO Details - The IPO attracted six cornerstone investors, including Mercedes-Benz and Future Asset Securities, with a total investment of about HKD 9.52 billion [3] - The net proceeds from the IPO, estimated at HKD 17.18 billion, will be used to enhance service quality, improve vehicle solutions, invest in autonomous driving technology, and expand geographic coverage [3] Market Performance - Following the IPO, Caocao Travel's stock price fell by 19.41% on the first trading day, closing at HKD 33.80, which corresponds to a market capitalization of HKD 183.94 billion [3][4] - The company has faced significant losses, with cumulative losses of approximately RMB 82.41 billion over four years, although losses have been narrowing year by year [13] Financial Performance - In 2023, Caocao Travel reported a total revenue of approximately RMB 14.657 billion, with a gross profit margin of 8.1% [11][12] - The company's total transaction value (GTV) reached RMB 12.2 billion in 2023, reflecting a year-on-year growth of 37.5% [9] - The revenue from ride-hailing services constituted about 92.6% of total revenue in 2024, with significant reliance on aggregation platforms for order volume [10][11] Strategic Developments - Caocao Travel has been focusing on developing customized vehicles and has established a fleet of over 34,000 customized cars across 31 cities by the end of 2024 [9] - The company launched its autonomous driving platform in February 2023, with plans to introduce L4-level Robotaxi models by the end of 2026 [10]

Core Viewpoint - The company, Cao Cao Travel, is set to launch an IPO with plans to issue 44.1786 million shares at a price of HKD 41.94 per share, aiming to raise approximately HKD 17.18 billion to HKD 19.89 billion depending on the exercise of the over-allotment option [1][3]. Group 1: Company Overview - Cao Cao Travel is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [1]. - The company's Gross Transaction Value (GTV) reached RMB 12.2 billion in 2023, a 37.5% increase from 2022, and is projected to grow to RMB 17 billion in 2024, reflecting a 38.8% increase [1]. - The company holds a market share of 5.4% in the ride-hailing sector according to Frost & Sullivan [1]. Group 2: Fleet and Custom Vehicles - The strategic partnership with Geely Group enables the company to develop and deploy custom vehicles on a large scale, with over 34,000 custom vehicles in operation across 31 cities as of December 31, 2024 [2]. - Custom vehicles accounted for 25.1% of the company's GTV in 2024, with expectations for this percentage to increase as the company plans to provide custom vehicles to all affiliated drivers [2]. Group 3: Use of Proceeds from IPO - The estimated net proceeds from the global offering are approximately HKD 17.18 billion, or HKD 19.89 billion if the over-allotment option is fully exercised [3]. - Approximately 19.0% of the net proceeds will be allocated to improving vehicle service solutions and service quality over the next three years [3]. - About 18.0% will be used to enhance and launch a series of custom vehicles, while 17.0% will focus on technology improvements and investments in autonomous driving [3]. - The company plans to use 16.0% of the proceeds to expand its geographical coverage and 20.0% to repay part of its bank loans [3].