Core Insights - The seventh Global Intelligent Driving Conference was held in Suzhou, focusing on technology trends, regional policies, and cooperation paths to build a new global development pattern for intelligent driving [1] - CEO of Cao Cao Mobility, Gong Xin, announced the upcoming launch of Robotaxi 2.0, emphasizing the arrival of the Robotaxi era and the opportunities it presents [1][10] Market Potential - By 2035, it is expected that there will be 1.9 million Robotaxis operating in China, with a market size exceeding 320 billion RMB [3] - The development of multi-sensor fusion, BEV architecture, end-to-end systems, and large models will significantly enhance the reliability of intelligent driving technologies [3] Future Mobility Landscape - The future of shared mobility will involve a mixed operation model of human-driven and autonomous vehicles, leading to a highly centralized platform for Robotaxi services [5] - Intelligent cabins are expected to transform into mobile living spaces and personal assistants for users, indicating a broader evolution of the shared mobility industry beyond just transportation [5] Technological Advancements - As of February 28, this year, Cao Cao Mobility launched the "Cao Cao Zhixing" platform, marking the pilot phase of Robotaxi 1.0, with over 38,000 kilometers of autonomous driving road tests completed [7] - The company is transitioning from strategic leadership to tactical leadership in the Robotaxi sector, supported by Geely Holding Group [7] Future Outlook - The upcoming Robotaxi 2.0 aims to advance towards automation, scalability, commercialization, and globalization, aligning with global initiatives for intelligent connected vehicles [10] - The company envisions creating a safer, smarter, more efficient, and greener future mobility paradigm during the golden age of Robotaxis [10]

Core Viewpoint - The successful launch of the "Caocao Zhixinghao" satellite marks a significant step for Caocao Mobility in integrating aerospace technology into its autonomous driving platform, enhancing the safety and operational capabilities of its Robotaxi fleet [1][5][6] Group 1: Strategic Developments - The satellite launch is part of Caocao Mobility's long-term strategic layout, aimed at technological innovation and breakthroughs in the Robotaxi sector [5] - The company has initiated pilot operations for its autonomous driving platform in Suzhou and Hangzhou, accumulating valuable experience for the application of autonomous driving technology [5] - A strategic partnership with Shikong Daoyu was established to explore the application of satellite communication and high-precision positioning technology in managing autonomous vehicle fleets [5][6] Group 2: Operational Enhancements - The integration of satellite communication capabilities into Caocao Mobility's vehicles ensures reliable connectivity with control centers, enhancing remote monitoring, dispatching, and emergency response capabilities [6] - The satellite system, with 64 satellites in orbit, provides global real-time communication coverage, addressing signal blind spots in remote areas and adverse weather conditions [6][8] - The company plans to equip its operational vehicles with satellite application products and services to accelerate the commercialization of autonomous driving [6][8] Group 3: Market Position and Future Outlook - Caocao Mobility is set to become the largest technology mobility platform in the Hong Kong stock market, with a strategic position as a key commercial vehicle for Geely Holding Group's Robotaxi initiatives [8] - The company is building a comprehensive mobility ecosystem that integrates ground vehicles, satellite navigation, and low-altitude aircraft [8] - CICC's research report projects that Caocao Mobility will continue to expand its market share and achieve positive Non-IFRS net profit by 2026, supported by Geely Group's resources and customized vehicle advantages [8][9]

Core Viewpoint - The successful launch of the "Caocao Zhixinghao" satellite marks a significant advancement for Caocao Mobility's autonomous driving platform, enhancing its Robotaxi fleet operations [1] Group 1: Company Developments - Caocao Mobility has received investment from Geely Holding, making it a crucial commercial vehicle for Geely's Robotaxi initiative [1] - The company has established a deep strategic partnership with Time Space Path, increasing the number of operational satellites to 64, which provides global communication coverage except for the polar regions [1] Group 2: Technological Advancements - The satellite communication service aims to offer stable and reliable instant satellite IoT communication in areas with insufficient traditional ground network coverage, ensuring continuous connection between vehicles and control centers [1] - Future operational vehicles on the Caocao Zhixing platform will be equipped with satellite application products and services, addressing signal blind spots in remote areas and accelerating the commercialization of autonomous driving [1]

Group 1 - The shared mobility industry is experiencing rapid growth, with the market expected to have a compound annual growth rate (CAGR) of 17% from 2025 to 2029, and the company holds a 5.4% market share in 2024, primarily in strong consumer cities [1] - The company operates the largest customized ride-hailing fleet in the country, with a focus on cost-effective and high-quality service, achieving a total cost of ownership (TCO) that is 33% and 40% lower than typical electric vehicles for its customized models [1] - The company plans to launch the "Cao Cao Zhixing" platform in 2025, with initial vehicles based on the Lynk & Co Z10 model, aiming for a gross profit margin of over 40% by 2030 for its Robotaxi service, which is expected to significantly reduce driver costs [3] Group 2 - The company is implementing a strategy of "initial subsidy penetration followed by gradual reduction," with plans to expand into 85 new cities in 2024, leading to improved performance as penetration rates increase [2] - The company forecasts a turnaround in net profit from -1.05 billion yuan in 2025 to 730 million yuan in 2027, with an expected EBIT margin comparable to Didi's Q1 2025 levels [3] - The company's current target market value is estimated at 42.8 billion yuan, indicating a potential upside of 21% [3]

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]