共享出行平台行业深度报告 行业呈燎原之势，曹操出行的弯道超车机会在即 2025 年 09 月 26 日 ➢ 中国出行市场规模稳居全球首位，聚合平台兴起或改写滴滴出行主导用户交 互的行业生态。中国出行市场规模稳居全球首位，2024 年市场规模为 8 万亿元。 得益于下沉市场出行需求的增长以及共享出行市场规模的扩大，据弗若斯特沙利 文的预测，2025-2029 年，出行市场的 CAGR 有望提升至 5.4%；地图导航， 本地生活型聚合平台崛起，重塑行业流量生态，弗若斯特沙利文预计 2029 年通 过聚合平台完成的网约车订单比例或攀升至 53.9%，为第二梯队的企业提供了突 围的机会，打破了以往滴滴出行主导用户交互的局面。 ➢ 曹操出行：国内唯一"三合一"自动驾驶运营平台，公司弯道超车机会在即。 1）吉利孵化的中国领先共享出行平台，发展持续提速。公司为吉利集团孵化， 公司实控人李书福为吉利汽车的创始人及董事长，曹操出行现已成长中国第二大 共享出行平台，2025H1 公司实现 GTV109.5 亿元，同比+53.6%；1H25 完成 订单 380 亿单，同比+49%。 2）与吉利业务协同效应显著，打造中国最大规模定制 ...

Core Viewpoint - Caocao Travel has been selected to be included in the Hang Seng Composite Index, effective September 8, 2025, indicating strong market recognition and potential for growth [1] Group 1: Company Performance and Market Position - Since its listing on the Hong Kong Stock Exchange on June 25, 2025, Caocao Travel's stock price has been on the rise, supported by positive ratings from various institutions [1] - The company has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [1] - By the end of 2024, Caocao Travel is expected to have approximately 1.5 million active vehicles on its platform, achieving a Gross Transaction Value (GTV) of around 17 billion yuan [1] Group 2: Business Strategy and Growth Potential - Caocao Travel has deployed 34,000 customized electric vehicles in 31 core cities, leading the market in terms of fleet size [2] - The total cost of ownership (TCO) for the customized vehicles is 36% lower than typical electric vehicles, contributing to an expected gross margin increase to 8.1% in 2024 [2] - The Robotaxi business is anticipated to be the company's largest growth driver, with the "Caocao Zhixing" autonomous driving platform launched in February 2025 [2] - The company is collaborating with Geely to develop L4-level Robotaxi models, which are expected to have significantly lower TCO compared to industry peers [2] Group 3: Financial Projections - According to Zheshang Securities, Caocao Travel's projected revenues for 2025, 2026, and 2027 are 19.7 billion, 25.6 billion, and 30 billion yuan respectively, with a compound annual growth rate of 27% [2] - The company is expected to achieve positive EBIT for the first time in 2026 and to become fully profitable by 2027 [2] - Current valuation levels are significantly lower than international peers, presenting an attractive investment opportunity [2]

Core Viewpoint - Caocao Travel's listing on the Hong Kong Stock Exchange marks it as the largest ride-hailing platform in Hong Kong, but it faced significant stock price decline on its debut, indicating market skepticism about its financial health and future profitability [1][4]. Group 1: Company Overview - Caocao Travel, founded in 2015 and incubated by Geely Group, became the fourth listed ride-hailing company in China after Didi, Ruqi, and Dida [1]. - The company reported a revenue growth from 7.153 billion yuan in 2021 to 14.7 billion yuan in 2024, but it has accumulated losses totaling 8.241 billion yuan [1][4]. - As of June 30, 2023, Caocao's stock price was down 14.3% from its IPO price, with a market capitalization of 19.56 billion HKD [1]. Group 2: Financial Performance - The company has a high liquidity risk, with current liabilities reaching 9.682 billion yuan and cash reserves of only 159 million yuan [1]. - Despite narrowing losses, the net loss per order is projected to decrease to 1.34 yuan by 2024, indicating a long path to profitability [1][4]. Group 3: Competitive Landscape - Caocao Travel faces intense competition, with Didi still holding a 75% market share despite its delisting, and tech giants like Huawei and Tencent entering the ride-hailing space [4]. - The company's business model heavily relies on Geely's ecosystem, which may limit its ability to diversify its vehicle offerings and meet varied consumer demands [4]. Group 4: Leadership and Strategy - Li Shufu's control over Caocao Travel is significant, holding 83.9% of the shares through indirect ownership, reinforcing his influence in the automotive and mobility sectors [2]. - The listing of Caocao Travel is part of Geely's strategy to create a comprehensive ecosystem encompassing vehicle manufacturing, mobility services, and technology [9]. Group 5: Market Position and Future Outlook - The listing enhances Geely's capital portfolio, which now includes ten publicly traded companies with a total market value of approximately 699 billion yuan [2][6]. - The ongoing competition between traditional manufacturing and internet-driven business models, exemplified by Li Shufu and Lei Jun, highlights differing philosophies in the automotive industry [9].

Core Viewpoint - CaoCao Inc. has shown significant growth in its business metrics, including GTV and revenue, positioning itself as a leading player in China's ride-hailing market, with a focus on customized vehicles and autonomous driving technology [2][3][6]. Group 1: Business Performance - As of December 31, 2024, CaoCao Inc. operates in 136 cities, having expanded to 85 new cities in 2024 [2]. - The total GTV for 2023 and 2024 was 12.2 billion and 17 billion respectively, reflecting growth rates of 37.5% and 38.8% compared to previous years [2]. - In Q1 2024, the total GTV reached 4.8 billion, marking a 54.9% increase year-over-year, with order volume also increasing by 51.8% [3]. Group 2: Fleet and Vehicle Customization - CaoCao Inc. has a fleet of over 34,000 customized vehicles across 31 cities, making it the largest fleet in its category in China [4]. - The total cost of ownership (TCO) for its customized vehicles, such as the Fengye 80V and CaoCao 60, is reduced by 33% and 40% respectively compared to typical electric vehicles [4]. - In 2024, orders fulfilled by customized vehicles accounted for 25.1% of the GTV, an increase from 20.1% in 2023 [4]. Group 3: Technology and Innovation - The company launched the CaoCao Intelligent Driving platform in February 2024, initiating Robotaxi services in Suzhou and Hangzhou [5]. - CaoCao Inc. aims to develop a comprehensive ecosystem integrating customized vehicles, autonomous driving technology, and ride-hailing services, with plans to introduce L4-level Robotaxi models by the end of 2026 [5]. Group 4: Financial Performance - Revenue figures for 2022, 2023, and 2024 were 7.631 billion, 10.668 billion, and 14.657 billion respectively, with a gross margin of 8.1% in 2024, up from 5.8% in 2023 [6][7]. - The company reported higher revenue and gross margin in Q1 2024 compared to the same period in 2024 [7]. Group 5: IPO and Future Plans - The net proceeds from the IPO will be primarily used to enhance vehicle service solutions, improve service quality, invest in autonomous driving technology, and expand geographical coverage [8].

Core Viewpoint - Caocao Travel has submitted an updated listing application to the Hong Kong Stock Exchange, indicating significant growth in its operations and financial performance since its establishment in 2015 as a ride-hailing platform incubated by Geely Group [1] Financial Performance - The total revenue for Caocao Travel is projected to grow from RMB 76.31 billion in 2022 to RMB 146.57 billion in 2024, maintaining a growth trend [3] - The company reported losses of approximately RMB 20.07 billion in 2022, RMB 19.81 billion in 2023, and RMB 12.46 billion in 2024, with losses narrowing over the years [3] - The gross margin improved from -4.4% in 2022 to 8.1% in 2024, attributed to the introduction of customized vehicles and optimization of total cost of ownership (TCO) strategies [3] Market Operations - By the end of 2024, Caocao Travel is expected to operate in 136 cities with a market share of 5.4% [1] - The company has a customized fleet of over 34,000 vehicles in 31 cities, making it the largest fleet of its kind in China [1] - The contribution of customized vehicle orders to the total GTV is expected to reach 25.1% by 2024 [1] Revenue Sources - The primary revenue source for Caocao Travel is ride-hailing services, which is projected to account for 92.6% of total revenue in 2024 [2] - The company has a high dependency on aggregation platforms, with orders from these platforms constituting 85.4% of GTV by 2024 [2] Future Developments - Caocao Travel plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone in the commercialization of autonomous driving services [4] - The company is collaborating with Geely Group to develop a new customized vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [4]