Core Viewpoint - The shared mobility platform Cao Cao Mobility is gaining attention in the capital market due to its clear commercialization path for Robotaxi and improving financial status [2][3] Group 1: Market Performance and Analyst Ratings - Citi has initiated coverage on Cao Cao Mobility with a "Buy" rating and a target price of 70 HKD, highlighting its outstanding performance in the Chinese ride-hailing market, which is growing faster than the industry average [2] - Major domestic brokerages, including Huatai Securities, CICC, and CITIC Securities, have also covered Cao Cao Mobility, all giving "Buy" or "Outperform" ratings [2][3] - As of October 20, 2025, eight analysts covering Cao Cao Mobility have given "Strong Buy" ratings, with target prices averaging close to 80 HKD, indicating strong investor confidence in its long-term value [4] Group 2: Competitive Advantages and Strategic Positioning - Cao Cao Mobility's unique competitive advantage lies in its integrated model of "customized vehicles + intelligent driving + platform," supported by Geely Holding Group, which provides cost advantages from the upstream of the supply chain [3][6] - The Robotaxi business is viewed as a key catalyst for valuation enhancement, with expectations that it will help establish a first-mover advantage in the commercialization of intelligent driving [3][6] - The company has deployed over 37,000 customized vehicles across 31 cities, contributing a Gross Transaction Value (GTV) of 2.5 billion CNY, reflecting a year-on-year growth of 34.7% [5] Group 3: Financial Performance and Cost Efficiency - For the six months ending June 30, 2025, Cao Cao Mobility reported revenues of 9.456 billion CNY, representing a year-on-year increase of 53.5% [5] - The customized vehicle strategy significantly reduces the total cost of ownership (TCO), with an average TCO reduction of 36.4%, bringing it down to approximately 0.5 CNY per kilometer [6] - The network of 133 Geely-authorized maintenance shops has led to a 25% reduction in average maintenance time and a 54% reduction in maintenance costs [6] Group 4: Future Outlook and Industry Trends - The ride-hailing service industry is entering a more attractive development phase, with structural demand increasing and order frequency continuing to rise [7] - As Robotaxi deployment scales up, the synergy between Cao Cao Mobility and Geely is expected to create barriers in cost optimization and service enhancement, suggesting that overall opportunities outweigh threats [7]

Core Viewpoint - Cao Cao Mobility's stock surged over 13% following the release of its interim results, reaching a new high of HKD 92.5, with a current trading price of HKD 89.7 and a transaction volume of HKD 37.95 million [1] Financial Performance - The company reported a revenue of RMB 9.456 billion for the first half of the year, representing a year-on-year increase of 53.5% [1] - Adjusted net loss was RMB 330 million, a reduction of 34% compared to the previous year [1] - Loss attributable to shareholders decreased to RMB 495 million, down 35.45% year-on-year [1] - Gross margin improved from 7.0% in the first half of 2024 to 8.4% in the first half of 2025 [1] Business Expansion - As of June 30, 2025, Cao Cao Mobility's operations expanded to 163 cities, with a total Gross Transaction Value (GTV) of RMB 11 billion, marking a year-on-year growth of 53.6% [1] - The GTV contribution from customized vehicles reached RMB 2.5 billion, reflecting a year-on-year increase of 34.7% [1] - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [1]

Core Insights - The company reported a revenue of 9.456 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 53.5% [1] - Adjusted net loss narrowed to 330 million RMB, a decrease of 34% compared to the previous year [1] - Loss attributable to shareholders was 495 million RMB, down 35.45% year-on-year, with a basic loss per share of 1.09 RMB [1] Business Performance - The company's operations have expanded to cover 163 cities as of June 30, 2025 [1] - Total Gross Transaction Value (GTV) reached 11 billion RMB, marking a 53.6% increase from the same period last year [1] - Total order volume hit 379.5 million, reflecting a year-on-year growth of 49.0% [1] Vehicle Deployment - As of June 30, 2025, the company deployed over 37,000 customized vehicles across 31 cities for affiliated drivers [1] - Customized vehicles contributed 2.5 billion RMB to GTV, showing a year-on-year growth of 34.7% [1]

Core Insights - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [1] - Adjusted net loss decreased to RMB 330 million, a reduction of 34% compared to the previous year [1] - The total Gross Transaction Value (GTV) reached RMB 11 billion, up 53.6% from RMB 7.1 billion in the same period last year [1] Financial Performance - The company recorded a loss attributable to shareholders of RMB 495 million, which is a decrease of 35.45% year-on-year [1] - Basic loss per share was RMB 1.09 [1] Operational Metrics - The company operated in 163 cities as of June 30, 2025 [1] - Total order volume reached 379.5 million, an increase of 49.0% from 254.8 million in the same period last year [1] - The fleet consisted of over 37,000 customized vehicles deployed in 31 cities [1] Vehicle Sales and User Recognition - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [2] - The company was rated as having the "best service reputation" among leading shared mobility platforms in China, reflecting high user recognition [2]

Core Insights - The company reported a revenue of RMB 9.456 billion for the six months ending June 30, 2025, representing a year-on-year increase of 53.5% [1] - Adjusted net loss decreased to RMB 330 million, a reduction of 34% compared to the previous year [1] - The total Gross Transaction Value (GTV) reached RMB 11 billion, up 53.6% from RMB 7.1 billion in the same period last year [1] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 9.456 billion, a 53.5% increase year-on-year [1] - Adjusted net loss was RMB 330 million, down 34% from the previous year [1] - Loss attributable to shareholders was RMB 495 million, a decrease of 35.45% year-on-year [1] - Basic loss per share was RMB 1.09 [1] Operational Metrics - The company operated in 163 cities as of June 30, 2025 [1] - Total order volume reached 379.5 million, an increase of 49.0% from 254.8 million in the same period last year [1] - The fleet consisted of over 37,000 customized vehicles deployed in 31 cities [1] Vehicle Sales and User Recognition - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [2] - The company was rated as having the "best service reputation" among leading shared mobility platforms in China, reflecting high user recognition [2]

Core Viewpoint - Cao Cao Mobility (02643) has seen its stock price rise over 8%, reaching a new high of 68.5 HKD, driven by its strategic expansion and partnerships in the ride-hailing industry [1] Group 1: Company Performance - The company's operational network now covers 136 cities nationwide, with plans to enter 85 new cities using a light-asset model by selling customized vehicles to local partners [1] - As of the end of 2024, the company aims to have over 1,000 cooperative merchants across its entire ecosystem, with partner revenue expected to grow by 34% year-on-year [1] - The company plans to open 200 new cities by 2025, indicating aggressive growth strategies [1] Group 2: Strategic Advantages - Cao Cao Mobility has established a unique competitive advantage in the customized vehicle sector through strategic collaboration with Geely Group, leading the industry in the scale of its customized vehicle fleet [1] - The optimization of Total Cost of Ownership (TCO) and enhancements in user experience are key drivers for the company's sustained growth in the ride-hailing business, contributing to driver retention and user satisfaction [1] Group 3: Market Outlook - The company is well-positioned to capitalize on the upcoming Robotaxi commercialization wave, potentially unlocking long-term valuation opportunities [1] - Previous predictions by JPMorgan suggest that Cao Cao Mobility may be included in the Hong Kong Stock Connect list, allowing mainland investors to participate in trading, which could lead to significant capital inflow [1]

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]