Core Viewpoint - The ride-hailing platform Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2023, but experienced a significant drop in stock price, falling over 10% on its first day of trading [2]. Financial Performance - Cao Cao Mobility's revenue from 2022 to 2024 is projected to grow from 7.63 billion RMB to 14.66 billion RMB, maintaining a growth trend [3][4]. - Despite the revenue growth, the company is still operating at a loss, with losses of approximately 2.01 billion RMB, 1.98 billion RMB, and 1.25 billion RMB for the years 2022, 2023, and 2024 respectively [3][4]. Market Position - As of 2024, Cao Cao Mobility is expected to have a market share of 5.4% in the ride-hailing industry [2]. - The company's Gross Transaction Value (GTV) is projected to increase from 12.2 billion RMB in 2023 to 17 billion RMB in 2024, reflecting a year-on-year growth of 38.8% [2]. Dependency on Aggregation Platforms - Cao Cao Mobility has a high dependency on aggregation platforms, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of GTV from 2022 to 2024 [2]. Future Developments - The company plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone for the commercialization of autonomous driving services [4]. - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [5].

编辑 | G3007 作者 | 柴犬 今日曹操出行在港股上市。 曹操出行股价开盘即破发，截至今日发稿，公司股价下跌15.47%。作为行业排名第二的网约车公司， 曹操出行的市场份额为5.4%，远低于滴滴70.4%的市占率。昨日公司股票在暗盘开始交易就已经表现疲 软，开盘股价急速下行16%以上。 | < HE | | 曹操出行 02643 V | | | 1-10 17 | | 报价 评论 资讯 融资 分析 公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 02643 曹操出行 | | | | | 35.450 | | 漣而 | | | | | 國盘交易中 06/24 16:15:42 | | | 图图 | | | | | | | | | 35.0504 | 福 高 | 36.000 今 开 | 33-700 | | -6.490 -15.47% | | 软件服务 +0.33% > | | | | | 6.890 -16.43% | 篇 任 | 28,800 昨 收 | 41 ...

大部分丢掉蓬勃野心的人，都很难说清楚关键的那一刻是如何发生的。 曹操出行或许也是如此。 6月10日，曹操出行通过港交所上市聆讯，让业界再次关注到这位出行赛道的老选手。 它有豪门出身，2015年由吉利孵化，直接走重资产的B2C模式。它积极求变，拓展过电商和本地生活业务，在滴滴陷入麻烦时 积极挖墙脚、抢市场。但多年努力下来，它也没能撼动滴滴在市场的绝对优势。最终，它灵活转身，成为滴滴聚合打车服务的 供应商。 这种转变，一定程度上呼应了过去十年的创业趋势。理想主义更多让渡给现实主义，创业者们都忙着积攒生存筹码。 对于曹操出行，此次上市募资，亦是如此。根据公开消息，曹操出行此次发行价为41.94港元，计划全球发售4417.86万股股 份，预计募资总额为18.53亿港元，将用于拓宽市场、提升现有业务、投资新业务，以及偿还将于2025年9月到2026年2月到期、 本金达6.26亿元且年利率在3%以上的银行借款。 按照每股发行价计算，曹操出行目前估值在228.23亿港元左右。包括梅赛德斯-奔驰在内的6名基石投资者将认购2264.24万股， 约9.52亿港元。 不过，从目前的反应来看，二级市场的普通投资者，对曹操出行的认购不 ...

Investment Rating - The report assigns a "Subscribe" rating to the company with a score of 70 out of 100 [4][14]. Core Insights - The overall transportation market in China is expected to grow from CNY 6.9 trillion in 2022 to CNY 8.0 trillion in 2024, with a further increase to CNY 10.6 trillion by 2029, reflecting a CAGR of 5.4% [3][7]. - The company operates in 136 cities with a total Gross Transaction Value (GTV) of CNY 170 billion in 2024, representing a year-on-year growth of 38.8% and a market share of 5.4% [6][8]. - The company has reduced its reliance on driver subsidies, with the adjusted percentage of driver income and subsidies in total ride service revenue decreasing from 84.2% in 2022 to 79.0% in 2024 [6][9]. Company Overview - The company is a ride-hailing platform incubated by Geely Group, offering two main service lines: Huixuan and Special Car services, utilizing customized vehicles [6][8]. - In 2024, the company's total revenue is projected to reach CNY 146.6 billion, a 37.4% increase year-on-year, with customized vehicle GTV growing by 73.1% to CNY 42.5 billion [8][9]. - The company has a fleet of over 34,000 customized vehicles in 31 cities, with customized vehicle orders accounting for approximately 25.1% of total GTV [6][8]. Financial Performance - The company achieved a gross margin of 8.1% in 2024, recovering from a gross loss margin of 4.4% in 2022, primarily due to optimized vehicle total cost of ownership (TCO) strategies [9]. - The net loss for 2024 is projected at CNY 12.5 billion, with the net loss margin significantly narrowing from 25.8% in 2022 to 8.5% [9]. - Operating cash flow for 2024 is expected to be CNY 2.4 billion, an increase of approximately CNY 1 billion compared to 2023 [9]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 1.4 times for 2024, which is comparable to its peers in the ride-hailing sector [10]. - The report suggests that the company's valuation is reasonable given its large market capitalization and leading industry position [10]. Market Environment - The investment atmosphere in the Hong Kong stock market has improved significantly, with a 27.6% first-day drop rate for new IPOs and an average first-day increase of 11.7% [13]. - The company has secured subscriptions from six cornerstone investors, including major firms, amounting to approximately HKD 950 million, representing about 51.3% of the total share issuance [14].

4月30日，曹操出行在港交所递交更新后的上市申请书。曹操出行创立于2015年，是吉利集团孵化的网约车平台。 其上市申请书显示，截至2024年底，曹操出行在136个城市运营。2023年GTV（总交易额）为122亿元，同比增长37.5%；2024年增长到170亿元，同比增 幅为38.8%。根据弗若斯特沙利文的资料，2024年，曹操出行的市场占有率为5.4%。 订单多数来自聚合平台。2022年—2024年，曹操出行来自聚合平台的订单分别占GTV的49.9%、73.2%及85.4%，同时分别占订单量的51.4%、74.1%及 85.7%。可以看出，公司对聚合平台依赖度较高。 2022年至2024年，曹操出行的收入分别为76.31亿元、106.68亿元及146.57亿元，均保持增长态势；年内亏损分别约为20.07亿元、19.81亿元、12.46亿元， 亏损不断收窄。公司的毛利率持续改善，从2022年-4.4%增长到2024年的8.1%，主要是因为在推出定制车及全面车服解决方案的支持下，成功实施优化车 辆TCO（总拥有成本）的策略以及减少司机补贴。 | | | | 截至12月31日止午度 | | | | | --- | ...