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]