海外打车业务的快速扩张，不仅增强了公司在国际出行市场的服务能力，也为商旅业务的全球化发展提 供了重要支撑。未来曹操出行境外打车网络、高端用车服务及商旅业务将进一步协同发展，形成全球 化、全场景的商旅服务，持续助力中国企业及其员工在全球范围内实现更高效、更便捷、更一体化的出 行体验。 智通财经APP获悉，曹操出行(02643)正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。数据显示， 33.2%的企业计划上调海外差旅预算，其中6.1%的企业增幅超过30%，远高于国内差旅预算增长率 (24%)。海外差旅支出占比也从2023年的3.3%提升至2025年上半年的4.9%，其中用车服务是跨境差旅管 理中高频且重要的一环。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支 ...

新浪科技讯 1月30日上午消息，曹操出行正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。自2016年启 动企业客户服务以来，截至2024年12月31日，曹操出行已累计服务超过1.35万家企业。未来将与旗下耀 出行、吉利商旅，打通从日常通勤、商务接待到差旅管理的全场景 ...

Core Viewpoint - Caocao Travel is accelerating its growth through strategic acquisitions, positioning itself as a leading technology travel platform under Geely Holding Group, with a focus on integrating resources within its ecosystem [2][4]. Group 1: Business Travel Market - The corporate travel service (ToB) market is emerging as a "blue ocean" for various travel platforms amid intense competition in the C-end ride-hailing market [5]. - The Chinese corporate travel market is large and growing steadily, yet there is a scarcity of platforms that offer "full-scenario, one-stop, high-quality" services [6]. - The acquisition of Yao Travel and the planned acquisition of Geely Business Travel directly address market pain points, allowing Caocao Travel to meet diverse client needs ranging from cost-effective daily commutes to high-end executive travel [8]. Group 2: Strategic Advantages of Acquisitions - The integration of Yao Travel and Geely Business Travel will create a comprehensive service ecosystem, covering both high-end business needs and everyday travel requirements, thus forming a complete service loop [8]. - The merger will significantly increase customer base and loyalty by leveraging the rich resources and supply chain management experience accumulated by Yao Travel and Geely Business Travel [9]. - This "1+1+1>3" synergy will enhance Caocao Travel's bargaining power and overall competitiveness in the business travel market, providing cost-effective solutions for corporate clients and opening up greater growth potential in the ToB market [9]. Group 3: Global Expansion Strategy - Caocao Travel's focus on the business travel market is complemented by its accelerated global expansion, with the Hong Kong listing serving as a gateway to international capital markets [10][11]. - The company has signed a memorandum of cooperation with the Abu Dhabi Investment Office to launch Robotaxi services, indicating international recognition of its autonomous driving technology [11]. - Caocao Travel has expanded its service footprint by launching overseas ride-hailing services in ten cities across six countries, allowing users to access services globally through a single app [11]. Group 4: Future Outlook - The strategic acquisitions of Yao Travel and Geely Business Travel are crucial for Caocao Travel's global expansion, leveraging Yao Travel's international service standards and Geely's extensive global resources [13]. - In the coming year, Caocao Travel is expected to experience rapid growth in its global layout, serving global corporate clients and expanding its user base through cross-border services and localized operations [14]. - The company aims to explore the commercialization of Robotaxi services, using Abu Dhabi as a strategic base for its technological advancements [14]. Conclusion - The strategic acquisitions by Caocao Travel represent a thoughtful ecosystem restructuring, enabling the company to master full-scenario business travel services while crafting a global travel blueprint, evolving into a globally competitive one-stop technology travel platform [16].

Core Insights - Caocao Travel, a key technology mobility platform under Geely Holding Group, is accelerating its growth through strategic acquisitions, including the purchase of high-end travel brand "Yao Travel" and plans to acquire Geely Business Travel [1][3] Group 1: Market Opportunity and Integration - The corporate travel service (ToB) market is emerging as a "blue ocean" for various mobility platforms, especially as the C-end ride-hailing market enters a phase of stock competition [4] - The Chinese corporate travel market is large and growing steadily, yet there is a scarcity of platforms that can provide "full-scenario, one-stop, high-quality" services [4] - The acquisition of Yao Travel and the planned acquisition of Geely Business Travel directly address the pain points in this market, allowing Caocao Travel to meet diverse corporate client needs [6] - The integration will create a comprehensive service ecosystem, covering both high-end business needs through Yao Travel and everyday travel needs through Caocao's existing product line [6] Group 2: Competitive Advantage and Synergy - The "1+1+1>3" integration effect will enhance Caocao Travel's bargaining power and overall competitiveness in the corporate travel market, enabling it to offer cost-effective solutions to corporate clients [7] - The merger will significantly increase customer base and loyalty by leveraging the rich resources and supply chain management experience accumulated by Yao Travel and Geely Business Travel [6] Group 3: Global Expansion Strategy - Caocao Travel is accelerating its global expansion, with Hong Kong serving as a strategic entry point into international capital markets [8] - The company has signed a memorandum of cooperation with the Abu Dhabi Investment Office to launch Robotaxi services, indicating international recognition of its autonomous driving technology [8] - The recent launch of overseas ride-hailing services in six countries and ten cities demonstrates Caocao Travel's commitment to providing seamless global mobility solutions [8] - The strategic significance of acquiring Yao Travel and planning to acquire Geely Business Travel is underscored by Yao's international service standards and Geely's extensive global resources [11]

Core Insights - Cao Cao Travel has launched an overseas ride-hailing service covering six countries and ten popular tourist cities, including Hong Kong, Singapore, South Korea, Malaysia, Thailand, the Philippines, and Vietnam [1][2] - The service aims to meet the growing demand for convenient and localized overseas travel services among Chinese tourists, with outbound travel expected to exceed 145 million trips in 2024 [1] - The platform offers a unified Chinese interface, real-time online translation, and supports mobile payments in RMB, eliminating the need for currency exchange [1] Company Overview - Cao Cao Travel operates in 163 cities across China, with an average monthly active user count of 38.1 million and over 37,000 customized vehicles in operation [1] - The overseas service is part of Geely Holding Group's strategic platform for intelligent shared mobility [1] Industry Context - According to ITB CHINA's 2025/26 Travel Trends Report, the number of outbound trips by Chinese residents is projected to continue growing, highlighting the increasing demand for efficient travel solutions [1]

Core Viewpoint - Cao Cao Mobility, after ten years of operation, went public on the Hong Kong Stock Exchange, raising approximately HKD 1.718 billion, but faced skepticism regarding its sustainable profitability despite a strong market narrative in the new energy and mobility sector [1][3]. Company Overview - Founded in 2015, Cao Cao Mobility is a strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [3]. - The company has differentiated itself by emphasizing high-quality, low-carbon ride experiences with its own fleet of new energy vehicles and contracted drivers, rather than engaging in subsidy wars like competitors [3]. - By 2024, the company had expanded its operations to 136 cities, with revenue growth from CNY 7.631 billion in 2022 to CNY 14.657 billion in 2024, while reducing net losses from CNY 20.07 billion to CNY 12.46 billion over the same period [3]. Market Position - Cao Cao Mobility ranked among the top three ride-hailing platforms in China by gross transaction value (GTV) since 2021 and is projected to become the second-largest player by 2024 [3]. - The ride-hailing market in China has become highly concentrated, with the top five platforms holding over 90% market share by the end of 2024 [4]. Financial Performance - The company’s GTV from third-party aggregation platforms increased significantly, from 49.9% in 2022 to 85.4% in 2024, indicating a heavy reliance on external platforms for order volume [5]. - Cao Cao's sales and marketing expenses have seen a rise in commission payments to aggregation platforms, from 50.3% to 85.6% of total expenses, highlighting vulnerability to changes in platform commission structures [5]. - The company has incurred over CNY 5.2 billion in net losses over the past three years, with a high asset-liability ratio of 149% as of 2024 [5]. Regulatory and Compliance Issues - As of October 2024, a significant portion of Cao Cao's active vehicles and drivers lacked the necessary operating licenses, with 8.6% of vehicles and 11.1% of drivers not compliant [7]. - The company ranked eighth in compliance rates among major platforms, reflecting broader industry challenges in meeting regulatory requirements [7]. User Experience Challenges - Complaints against Cao Cao Mobility have been prevalent, with issues related to pricing transparency and service quality, indicating systemic problems within the industry [7][8]. - Driver dissatisfaction has been noted due to low earnings and the imposition of low-paying "special orders," which has led to high turnover rates among drivers [8]. Future Outlook - The company is investing in autonomous driving technology, with plans to launch a Robotaxi service by 2026, although this is not expected to provide immediate financial support [10]. - Addressing cash flow issues, reducing dependency on aggregation platforms, and improving compliance and user experience are critical for gaining investor confidence in the near term [10].

Core Points - The collaboration between Cao Cao Mobility and Shanghai's leading taxi company, Strong生出租, aims to enhance sustainable development for accessible transportation in Shanghai [1] - The partnership will integrate Strong生出租's multi-functional accessible vehicles into the Cao Cao Mobility platform, allowing users to access these services via the app and mini-program [1] - The initiative addresses the common challenge of maintaining long-term sustainability for accessible vehicles and services within the industry and society [1] Company Overview - Strong生出租 is recognized as the leading taxi company in Shanghai and plans to launch a new version of the "British" accessible taxi in 2024 to address the supply-demand imbalance for accessible transportation [2] - Cao Cao Mobility, a strategic investment of Geely Holding Group, focuses on the "new energy vehicle sharing ecosystem" and has successfully implemented high-quality accessible transportation services across various provinces in China [2] - As of now, Cao Cao Mobility has deployed over 1,000 accessible vehicles nationwide, serving over 5 million citizens in nearly 20 cities [2] Vehicle Features - The LEVC TX5 multi-functional accessible vehicle features a one-piece aluminum body, transparent driver-passenger partition for privacy and safety, and is equipped with a range of accessibility enhancements [2] - Key features include an extended ramp, wheelchair securing devices, 90° rotating seats, tactile braille panels, and a voice communication system, catering to users of all ages [2]