"企业服务是本集团业务的重要组成部分，具有需求稳定、平均价格高、单均毛利率高的特点。蔚星科 技、吉利商务丰富的企业端客户资源带来了交叉销售机会，有助于本集团快速扩大其企业端客户群，巩 固其企业端业务，提升运营效率及市场份额，完善数据整合并增强长期盈利能力。同时，企业端与个人 端客户群体之间的协同效应可推动双向流量及价值转化，从而提升客户忠诚度。"曹操出行称。 与此同时，耀出行、吉利商旅也能为曹操的国际化版图提供支持。据介绍，耀出行的服务网络已拓展至 法国巴黎、日本东京、韩国首尔等全球12个国际都市。吉利商旅亦服务多家海外企业客户，收购完成 后，将助力曹操出行加快国际化业务布局。 据曹操出行此前发布的财报，该公司2025年上半年营收达到94.56亿元，同比增长53.5%，录得期内亏损 4.68亿元，同比收窄39.8%，净亏损同比收窄34%至3.3亿元，毛利率从7%提升至8.4%。基于与吉利集团 及其业务合作伙伴的合作，曹操出行将继续投资于旗下自动驾驶平台曹操智行，以增强Robotaxi运营能 力。有分析指出，随着国内网约车个人出行市场运力饱和，上述收购除了可以强化曹操出行在企业商旅 市场的差异化能力，还能为未来 ...

Core Insights - The 14th Annual Conference on the Development of Listed Companies and the Hainan Free Trade Port Opportunities Exchange Conference was successfully held in Haikou from December 11 to 13, 2025, where Cao Cao Mobility was awarded the "Most Investment Potential Listed Company" in the Hong Kong stock market for its outstanding performance in technological innovation, business model, and sustainable growth [1] Group 1: Company Development and Achievements - Cao Cao Mobility is a key player in the commercialization of Robotaxi operations, utilizing a development model that integrates "smart customized vehicles + smart driving technology + smart operations" [1] - The company has established a mature transportation operation network in 163 cities across the country, completing over 1.9 billion rides, which supports its transition to Robotaxi scenarios through a digital operation platform [4] - Cao Cao Mobility has developed a comprehensive lifecycle management system for vehicle management, covering procurement, insurance, maintenance, and residual value management, which aids in cost control and commercial validation [4] Group 2: Technological Advancements and Operational Strategies - The company has initiated Robotaxi demonstration operations in Hangzhou and Suzhou since February, transitioning from a safety driver model to unmanned operations, and exploring a mixed operation model [5] - A strategic upgrade announced on December 3 includes enhancing the automation capabilities of large-scale fleets and launching the Cao Cao Zhixing Ras remote safety service platform, integrating digital asset management systems with smart cockpit and driving technologies [5] - The introduction of the world's first green intelligent passage island, which features automatic battery swapping, cleaning, vehicle maintenance, intelligent scheduling, and automatic settlement, aims to create a seamless connection between Robotaxi and eVTOL aircraft [5] Group 3: Industry Context and Future Outlook - The global Robotaxi industry is transitioning from technology validation to large-scale commercial operations, where efficient operational systems are crucial for sustainable profitability [4] - Cao Cao Mobility's operational experience is expected to enhance its competitive edge as the industry accelerates towards commercialization, providing broader development opportunities in the Robotaxi sector [5]

曹操出行今年6月上市，基石投资者禁售期为6个月。 格隆汇12月17日｜曹操出行(2643.HK)公布，昨日(16日)合计19名公司管理层成员自愿向公司承诺，于 直至2026年6月24日的期间内，其不会出售根据首次公开发售前股份激励计划授予的期权行权后获得的 公司股份。该公司认为，相关管理层成员自愿限售其所持公司股份的承诺展现了其对集团的信心，并有 利于集团持续、稳定、健康发展。 来源：格隆汇APP ...

Group 1 - The core viewpoint of the article highlights that Cao Cao Mobility has excelled in quality operations, innovative breakthroughs, and social contributions, leading to its nomination as a respected enterprise for the 2024-2025 period by the Economic Observer [1] Group 2 - The evaluation was conducted by the respected enterprise committee of the Economic Observer, indicating a recognition of the company's performance in various key metrics [1] - The nomination reflects the company's commitment to excellence and its impact on the industry and society [1]

Core Insights - The Hong Kong Stock Connect market is undergoing normalization adjustments, with 67 stocks included and 61 stocks removed as of September 30, 2025, raising concerns about the assessment cycle and subsequent price volatility of newly listed stocks [1][6]. Inclusion Rules - Stocks must meet specific criteria to be included in the Hong Kong Stock Connect, including a daily average market capitalization covering the top 95% in the Hong Kong market and passing liquidity tests [2]. Adjustment Timeline - The review dates for adjustments are typically at the end of June and December, with eligible stocks being added to the Hang Seng Composite Index and the Stock Connect in September and March of the following year [3]. Market Manipulation Concerns - Smaller companies with low market capitalization are often targeted for manipulation due to their susceptibility to price movements with minimal capital, leading to two types of speculative activities: collusion between companies and funds, and passive speculation based on index inclusion expectations [5]. Case Study:药捷安康 - After its inclusion in the Stock Connect,药捷安康's stock price surged over 200% before plummeting 54% due to a lack of fundamental support, indicating that speculative trading led to significant losses for retail investors [6][8]. Case Study:曹操出行 - 曹操出行 experienced a 143% price increase post-stabilization period, followed by a sharp decline after its inclusion in the Stock Connect, suggesting potential market manipulation as institutional demand was weak during its IPO [9][10]. Trading Data Insights - Trading data revealed a pattern of accumulation before inclusion and rapid selling afterward, indicating a strategy to profit from retail investors entering the market post-inclusion [10][12].

Core Insights - The company reported a total order volume of 379.5 million, representing a year-on-year growth of 49.0% [1] - Revenue reached RMB 9.456 billion, marking a 53.5% increase compared to the previous year [1] - The gross profit margin improved from 7.0% to 8.4% year-on-year, and the net loss narrowed by 39.8% [1] - The net cash flow from operating activities increased by 164.6% year-on-year, indicating an improvement in financial health [1] Business Expansion - The company's services now cover 163 cities across China, and it has over 37,000 customized vehicles in 31 cities as of June 30, 2025 [1] - The GTV contribution from customized vehicles was RMB 2.5 billion, showing a year-on-year growth of 34.7% [1] - The average monthly active users increased by 57.4%, and the average monthly active drivers grew by 53.5% [1] User Experience and Market Position - The average order value (AOV) rose to RMB 28.9 [1] - The company was rated as having the "best service reputation" among major shared mobility platforms in China during user surveys conducted from Q4 2023 to Q2 2025 [1] Technological Development - The company is developing Robotaxi services through its platform "Caocao Zhixing," with over 15,000 kilometers of autonomous driving tests completed in Suzhou and Hangzhou [2] - The new generation Robotaxi features a redundant architecture design and integrates various capabilities for enhanced service [2] Social Responsibility Initiatives - The company launched a barrier-free public welfare brand and deployed over 1,000 barrier-free vehicles in more than 20 cities [2] - It is the first platform in the industry to participate in a pilot program for occupational injury protection for gig economy workers [2] Future Outlook - The company aims to leverage its competitive advantages, successful regional expansion, and strong development of Robotaxi services to optimize growth strategies and achieve a balance between rapid growth and profitability [2]

Core Insights - Cao Cao Mobility reported a total order volume of 379.5 million, representing a year-on-year growth of 49.0% [1] - The company achieved a revenue of RMB 9.456 billion, marking a 53.5% increase compared to the previous year [1] - The gross profit margin improved from 7.0% to 8.4%, and the net loss narrowed by 39.8% year-on-year [4] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 9.456 billion, up 53.5% year-on-year [1] - Gross profit margin increased to 8.4% from 7.0% [4] - The net loss for the period was RMB 468.2 million, a reduction of 39.8% compared to the previous year [4] - Net cash flow from operating activities grew by 164.6% year-on-year, indicating improved financial health [4] Business Operations - The company operates in 163 cities and has over 37,000 customized vehicles in 31 cities [4] - The gross transaction value (GTV) contributed by customized vehicles was RMB 2.5 billion, a year-on-year increase of 34.7% [4] - Average monthly active users increased by 57.4%, and average monthly active drivers rose by 53.5% [4] Technological Development - Cao Cao Mobility is developing Robotaxi services through its platform "Cao Cao Zhixing" [5] - The company began deploying a new generation of Robotaxi from April 2025, utilizing advanced redundant architecture [5] - Over 15,000 kilometers of autonomous driving tests were completed in Suzhou and Hangzhou by the end of the reporting period [5]

Core Viewpoint - Caocao Travel's stock surged over 13% following the release of its interim results, reaching a new high of 92.5 HKD, reflecting strong revenue growth and improved financial metrics [1] Financial Performance - The company reported a revenue of 9.456 billion RMB for the first half of the year, representing a year-on-year increase of 53.5% [1] - Adjusted net loss was 330 million RMB, a reduction of 34% compared to the previous year [1] - Loss attributable to shareholders decreased to 495 million RMB, 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, Caocao Travel's operations expanded to 163 cities, with a total Gross Transaction Value (GTV) of 11 billion RMB, marking a year-on-year growth of 53.6% [1] - The GTV contribution from customized vehicles was 2.5 billion RMB, reflecting a year-on-year increase of 34.7% [1] - Vehicle sales increased significantly from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [1]

Core Insights - Cao Cao Mobility reported a total order volume of 379.5 million, representing a year-on-year growth of 49.0% [1] - The company achieved a revenue of 9.456 billion yuan, an increase of 53.5% compared to the previous year [1] - The gross profit margin improved from 7.0% to 8.4%, and the net loss narrowed by 39.8% year-on-year [1] - Cash flow from operating activities increased by 164.6% year-on-year, indicating an improvement in financial health [1] Business Expansion and Strategy - The company operates in 163 cities and has over 37,000 customized vehicles in 31 cities as part of its tailored vehicle strategy [1] - Customized vehicles contributed 2.5 billion yuan to GTV, showing a year-on-year growth of 34.7% [1] - The average monthly active users increased by 57.4%, and the average monthly drivers grew by 53.5% [2] Technological Advancements - Cao Cao Mobility is developing Robotaxi services through its platform "Cao Cao Zhixing," with over 15,000 kilometers of autonomous driving tests completed in Suzhou and Hangzhou [2] - The company collaborates with Geely and partners to develop autonomous driving technology and customized vehicles with proprietary components [2] Social Responsibility Initiatives - The company launched a barrier-free public welfare brand and deployed over 1,000 barrier-free vehicles in more than 20 cities [2] - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers [2] Future Outlook - The company aims to leverage its competitive advantages, successful regional expansion, and strong development of Robotaxi services to optimize growth strategies and achieve a balance between rapid growth and profitability [3]

Core Viewpoint - The financial performance of Cao Cao Mobility shows significant improvement, with a notable increase in revenue and a reduction in losses, indicating a positive trend in the company's operations [3][4]. Financial Performance - In the first half of the year, Cao Cao Mobility achieved a revenue of 9.456 billion yuan, representing a year-on-year growth of 53.5% [3]. - The gross profit margin increased from 7.0% in the same period of 2024 to 8.4% [3]. - The net loss narrowed by 39.8% year-on-year, and the net cash flow from operating activities grew by 164.6% [3]. Business Operations - The company expanded its operations to cover 163 cities nationwide, with a total order volume of 379.5 million, marking a 49.0% increase year-on-year [3]. - Cao Cao Mobility has been actively promoting its customized vehicle strategy, owning over 37,000 customized vehicles across 31 cities as of June 30, 2025, contributing 2.5 billion yuan to GTV, a 34.7% increase [4]. User Engagement - The average monthly active users on the platform increased by 57.4% year-on-year, while the average monthly active drivers rose by 53.5% [4]. - The average order value (AOV) increased to 28.9 yuan [4]. - The company received recognition for having the best service reputation among major shared mobility platforms in China during user surveys conducted from Q4 2023 to Q2 2025 [4]. Technological Development - Cao Cao Mobility is developing Robotaxi services through its platform "Cao Cao Zhixing," with the deployment of a new generation of Robotaxi starting in April 2025 [4]. - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou by the end of the reporting period [4]. Social Responsibility - The company launched a barrier-free public welfare brand and deployed over 1,000 barrier-free special vehicles in more than 20 cities, providing free rides for wheelchair users [5]. - Cao Cao Mobility is the first platform in the industry to participate in pilot programs for occupational injury protection for gig economy workers and has established various support programs for drivers [5]. Future Outlook - The company aims to leverage its unique competitive advantages, successful regional expansion, strong development of Robotaxi, and strategic relationship with Geely Holding Group to optimize growth strategies and achieve a healthy balance between rapid growth and profitability [5].