Core Insights - 2025 is viewed as a critical year for the development of Robotaxi in China, with multiple autonomous driving companies focusing on Robotaxi going public and major industry players announcing their latest advancements [1] Group 1: Company Developments - Cao Cao Mobility, as the most important commercial vehicle for Geely's Robotaxi, announced on November 10 that it will advance its Robotaxi business in Abu Dhabi, marking the beginning of its global verification [2] - Abu Dhabi, as the capital of the UAE and a major economic and technological center in the Middle East, has become an important testing ground for global Robotaxi companies, validating Cao Cao Mobility's "three-in-one" business model (manufacturing + intelligent driving + operation) on a larger scale [4][5] - Cao Cao Mobility has transitioned from being a leading ride-hailing platform in China to an important player in the global smart mobility competition as it expands its Robotaxi business internationally [5] Group 2: Business Model - The "three-in-one" model aims to create a closed-loop for the entire Robotaxi chain, integrating vehicle manufacturing and service operation from the outset to tailor for autonomous driving scenarios [6] - Since 2022, Cao Cao Mobility has launched two customized models, "Maple Leaf 80V" and "Cao Cao 60," designed specifically for shared mobility, enhancing durability, comfort, and integrating smart cabin features [6] - The company has built a comprehensive vehicle service solution, including battery swap stations and maintenance points, making these customized vehicles the most cost-effective in the shared mobility sector [6][10] Group 3: Operational Capabilities - Cao Cao Mobility's operational capabilities are central to the success of its Robotaxi commercialization, leveraging ten years of experience in the ride-hailing market to balance quality service and sustainable platform development [8] - As of June 30, 2025, Cao Cao Mobility operates over 37,000 customized vehicles across 31 cities, making it the largest fleet of its kind in China, which serves as a testing ground for optimizing operational efficiency [9] - The company’s operational strength is further enhanced by its deep control over the customized vehicle ecosystem, which lays a solid foundation for the large-scale deployment of Robotaxi [9][12] Group 4: Strategic Collaborations - In July, Cao Cao Mobility partnered with a commercial aerospace company to enhance the safety of its Robotaxi fleet by integrating global satellite communication and high-precision positioning technologies [14] - The company is also exploring innovative financial tools to empower its Robotaxi strategy, including the integration of RWA and stablecoins to activate core assets and accelerate strategic deployment [14] - In September, a strategic collaboration was established with a low-altitude travel technology company to create a three-dimensional smart transportation network that integrates ground Robotaxi and eVTOL (electric vertical takeoff and landing) services [15] Group 5: Market Potential - Institutions like Dongwu Securities predict that the Robotaxi market could reach several hundred billion by 2030, indicating significant long-term profit potential [16] - With the partnership in Abu Dhabi, Cao Cao Mobility is set to embark on a global journey, showcasing its competitive potential on an international scale [16]

Core Viewpoint - Pacific Securities has initiated coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting the coexistence of autonomous and human-driven ride-hailing services in multiple cities for an extended period, which will provide long-term growth opportunities for the company [1] Financial Performance - For the first half of 2025, Cao Cao Mobility reported total revenue of 9.456 billion RMB, a year-on-year increase of 53.5%, while net profit was a loss of 0.495 billion RMB, reducing losses by 0.272 billion RMB [1] - The non-recurring gains and losses for H1 2025 amounted to 0.141 billion RMB, with a half-year net return on equity (ROE) of 13.14% and a net cash flow from operating activities of 0.325 billion RMB [1] Business Composition - The company's operations are solely in mainland China, primarily consisting of three segments: ride-hailing services (revenue of 8.6 billion RMB, accounting for 91% of total revenue), vehicle sales (7.9% of revenue), and car rentals (1.1% of revenue) [1] - As of June 30, the company operated in 163 cities with a total gross transaction value (GTV) of 11 billion RMB, a year-on-year increase of 53.6%, and processed approximately 380 million ride-hailing orders, up 49% year-on-year [1] Strategic Developments - In February 2025, the company launched its autonomous driving platform "Cao Cao Smart Travel" in Hangzhou and plans to introduce a fully customized smart passenger vehicle by 2026, balancing cost and experience [2] - The company aims to leverage the R&D capabilities of its shareholder Geely Group to quickly launch L4-level autonomous driving customized models, enhancing its competitiveness in the Robotaxi market [2]

Core Insights - The successful launch of the "Cao Cao Intelligent Travel" satellite marks a significant milestone for Geely's Robotaxi operations, enhancing the capabilities of its autonomous driving platform [1] - The deployment of the Geely constellation aims to provide reliable satellite communication services, particularly in areas where traditional ground networks are insufficient [1] Group 1: Satellite Launch and Deployment - The "Cao Cao Intelligent Travel" satellite was successfully launched and is now in orbit, completing the first phase of the Geely constellation deployment [1] - The Geely constellation currently consists of 64 satellites, enabling real-time communication coverage for any location on Earth, except for the polar regions [1] Group 2: Autonomous Driving Platform - The Cao Cao Intelligent Travel autonomous driving platform was launched in February, with pilot operations starting in Suzhou and Hangzhou [1] - The new generation of Robotaxi vehicles incorporates Geely's latest redundant architecture design and integrates various capabilities such as automatic dispatching and remote safety assurance [1] Group 3: Strategic Partnerships - A strategic partnership was established between Cao Cao Travel and Time Space Dao Yu to explore the application of satellite communication and high-precision positioning technologies in managing autonomous vehicle fleets [1] - The collaboration aims to enhance operational safety and connectivity between vehicles and control centers, particularly in remote areas [1]

Core Insights - The successful launch of the "Caocao Zhixinghao" satellite marks a significant step in integrating aerospace technology with the Robotaxi ecosystem of Caocao Mobility, advancing its "integrated space-ground" future mobility blueprint [1][6] Group 1: Company Developments - Caocao Mobility launched its autonomous driving platform, Caocao Zhixing, in February this year, initiating pilot operations in Suzhou and Hangzhou [3] - The company has begun deploying a new generation of Robotaxi since April, utilizing Geely's latest redundant architecture and integrating various capabilities such as automatic dispatching and remote safety assurance [3] - A strategic partnership was formed with Time Space Dao Yu to explore satellite communication and high-precision positioning technologies for managing the autonomous vehicle fleet [3] Group 2: Technological Advancements - The satellite communication capability integrated into vehicles ensures reliable connectivity with the control center, enhancing emergency response capabilities during extreme situations [3] - The positioning accuracy achieved through the integration of satellite signals and ground reference station data allows for minimal vehicle location error, maintaining stability even in severe weather conditions [3][4] Group 3: Future Outlook - The 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 [6] - The successful satellite launch is a key milestone in building a comprehensive mobility service system that integrates ground vehicles, low-altitude aircraft, and low-orbit satellites [6] - Caocao Zhixing aims to become the world's first autonomous driving platform to fully integrate low-orbit satellite communication and high-precision positioning technology, setting a new benchmark for safety in future mobility [6]

Core Viewpoint - The news highlights the strategic initiatives of Geely Holding Group and its subsidiary Cao Cao Mobility in the development of Robotaxi services and the broader smart transportation ecosystem in Hainan Free Trade Port, emphasizing their technological advancements and market positioning [1][2]. Group 1: Company Initiatives - Geely Holding Group has established a presence in Hainan with investments in new energy commercial vehicles and smart mobility, with Cao Cao Mobility operating in six cities including Haikou [1]. - Cao Cao Mobility launched the "Cao Cao Zhixing" autonomous driving platform, creating a comprehensive self-research closed-loop intelligent driving ecosystem, making it the only domestic company with a full-chain capability similar to Tesla [1][2]. - The company has begun deploying a new generation of Robotaxi vehicles, integrating advanced features such as automatic dispatch and remote safety assurance [2]. Group 2: Strategic Partnerships and Market Outlook - Cao Cao Mobility has formed a strategic partnership with aerospace company Shikong Daoyu to leverage satellite technology for enhancing autonomous driving capabilities, aiming for continuous vehicle connectivity [2]. - Multiple institutions, including Dongwu Securities, predict that the Robotaxi market will reach several hundred billion yuan by 2030, positioning Cao Cao Mobility to lead in the large-scale deployment of Robotaxi services [2]. Group 3: Market Recognition - Cao Cao Mobility went public on the Hong Kong Stock Exchange in June, becoming the largest tech mobility platform in the market and was subsequently included in the Hang Seng Composite Index [3]. - The company is expected to be included in the Hong Kong Stock Connect on September 8, which will broaden its investor base and attract additional capital from mainland investors [3].

Core Viewpoint - The stock price of Cao Cao Mobility has shown strong performance since its IPO, indicating robust market confidence in its investment value, with the stock price doubling from its initial offering price of 41.94 HKD to a peak of 92.5 HKD within a few months [1] Financial Performance - In the first half of 2025, Cao Cao Mobility reported a significant increase in Gross Transaction Value (GTV) of 53.6% year-on-year, reaching 10.954 billion RMB [4] - The company achieved a revenue of 9.456 billion RMB, marking a 53.5% increase compared to the previous year [4] - The adjusted net loss narrowed to 3.3 billion RMB, with an adjusted net loss rate of 3.5%, improving by 4.6 percentage points year-on-year [5] - Operating cash flow turned positive with a net inflow of 325 million RMB, reflecting a 164.6% increase year-on-year [4] Market Position and Growth Potential - Cao Cao Mobility has expanded its operational footprint to 163 cities, with a fleet of over 37,000 customized vehicles, and has entered 27 new cities [3] - The company is expected to maintain a GTV growth rate of over 40% in the coming years, driven by its strategic expansion and the introduction of new vehicle models [7] Strategic Initiatives - The company has launched its autonomous driving platform, with plans to introduce L4 level Robotaxi models by the end of next year, positioning itself to benefit from the anticipated growth in the Robotaxi market [8] - The integration into the Hang Seng Composite Index is expected to attract additional mainland capital, enhancing trading activity and liquidity for the stock [2][14] Analyst Predictions - Analysts predict that Cao Cao Mobility will achieve adjusted net profit in the coming year, with target stock prices ranging from 98 to 108 HKD, indicating significant upside potential from current levels [15]

Core Insights - The 2025 Growth Industry Strategy Conference hosted by CITIC Securities focused on key sectors including innovative pharmaceuticals, smart driving, humanoid robots, AI technology, medical devices, and solid-state batteries [1] - Strong Qi, CTO of Cao Cao Mobility, emphasized that AI represents a new industrial revolution and that Robotaxi could become a strategic high ground in the transportation market over the next five years [1] Group 1: Industry Developments - Robotaxi is expected to be a significant application of AI, requiring a comprehensive approach that integrates autonomous driving, customized vehicles, and operational systems [1] - Level 4 autonomous driving technology is a prerequisite for commercial deployment, with operational capabilities being crucial for success [1] Group 2: Company Strategy - Cao Cao Mobility is a key component of Geely Group's future mobility strategy, having launched the Cao Cao Intelligent Driving platform and initiated Robotaxi pilot operations in Hangzhou and Suzhou [2] - The company has established a unique self-research ecosystem in China, combining customized vehicles, autonomous driving technology, and a transportation platform, similar to Tesla's full-chain capabilities [2] - By the end of 2025, Cao Cao Mobility plans to deploy a new generation of vehicles featuring Geely's latest redundant architecture, integrating various operational capabilities [2] - The company has completed over 15,000 kilometers of autonomous driving tests in Suzhou and Hangzhou, laying the groundwork for future commercialization [2]

Core Viewpoint - Cao Cao Mobility has demonstrated strong financial performance following its Hong Kong IPO, with significant revenue growth and a narrowing loss, indicating a positive trend in its core business operations [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.456 billion yuan, a year-on-year increase of 53.5% [1]. - Gross profit reached 796 million yuan, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [1]. - The company's loss narrowed by 39.8% compared to the previous year, reflecting overall financial optimization [1][3]. Market Expansion - Cao Cao Mobility's services now cover 163 cities, with 27 new cities added during the reporting period [1]. - Total order volume reached 380 million, representing a 49% year-on-year increase [1]. Strategic Initiatives - The launch of the "Cao Cao Smart Travel" autonomous driving platform and the initiation of Robotaxi pilot services in Suzhou and Hangzhou are key growth drivers [1][6]. - The company is collaborating with Geely and other partners to develop autonomous driving technology and customized vehicles [1][3]. Future Growth Potential - Analysts predict that the company will approach breakeven in 2026 and achieve significant profitability by 2027, driven by the scaling of its customized vehicle model [5][9]. - The Robotaxi business is expected to have higher profit margins compared to traditional ride-hailing services due to reduced costs associated with autonomous driving technology [9]. Industry Trends - The regulatory environment is becoming more favorable for Robotaxi operations, with new policies allowing for broader commercial deployment of autonomous vehicles [8]. - The market for Robotaxi services is projected to grow significantly, with cost advantages expected to increase as technology matures [6][8]. Investment Outlook - The company has been included in the Hang Seng Composite Index, which is anticipated to attract more investors as it continues to meet growth expectations [10].

Core Viewpoint - Cao Cao Mobility has demonstrated strong financial performance following its Hong Kong IPO, with significant revenue growth and a narrowing loss, indicating a positive trend in its core business operations [1][2]. Financial Performance - In the first half of 2025, Cao Cao Mobility achieved revenue of 9.456 billion yuan, a year-on-year increase of 53.5%, and a gross profit of 796 million yuan, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [1]. - The company's loss narrowed by 39.8% compared to the previous year, reflecting a comprehensive optimization of its core financial metrics [1]. - The average monthly active users increased by 57.4% year-on-year, and the average monthly active drivers grew by 53.5% [3]. Market Expansion - Cao Cao Mobility expanded its service coverage to 163 cities, entering 27 new cities during the reporting period, with total order volume reaching 380 million, a 49% increase year-on-year [1]. - The company is developing a customized vehicle fleet, which differentiates it from competitors and enhances user experience [3]. Strategic Initiatives - The launch of the "Cao Cao Zhixing" autonomous driving platform and the initiation of Robotaxi pilot services in Suzhou and Hangzhou are key growth drivers, with over 15,000 kilometers of autonomous driving tests completed by the end of June [1]. - The company is collaborating with Geely and other partners to develop autonomous driving technology and customized vehicle applications [1]. Future Growth Potential - Analysts predict that Cao Cao Mobility will approach breakeven in 2024 and achieve significant profitability by 2027, driven by the scaling of its customized vehicle model and the reduction of subsidies in new cities [6]. - The Robotaxi business is expected to have a higher profit margin compared to traditional ride-hailing services due to reduced costs associated with driver payments [10]. Industry Trends - The regulatory environment is becoming more favorable for Robotaxi operations, with new policies allowing for commercial operations of L4 autonomous vehicles in select cities [9]. - The market for Robotaxi is projected to grow significantly, with cost advantages expected to increase as technology matures, potentially lowering operational costs to 0.9 yuan per kilometer by 2035 [7][9].

Core Viewpoint - The current valuation level of Caocao Travel is significantly lower than that of international peers, presenting clear attractiveness for investment [5] Group 1: Company Overview - Caocao Travel (2643.HK) was selected to be included in the Hang Seng Composite Index, effective September 8, 2025 [3] - Since its listing on the Hong Kong Stock Exchange on June 25, 2025, the stock price of Caocao Travel has been on the rise [3] - The company has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [4] Group 2: Business Model and Growth Strategy - The company is developing a three-in-one ecosystem of "customized vehicles + intelligent driving + travel platform" for Robotaxi, positioning itself to capitalize on the upcoming commercialization wave [3][4] - By the end of 2024, Caocao Travel aims to have approximately 1.5 million active vehicles on its platform, with a projected Gross Transaction Value (GTV) of about 17 billion yuan [4] - The company plans to expand its operational network to cover 200 new cities by 2025, with over 1,000 cooperative merchants expected by the end of 2024 [4] Group 3: Financial Performance and Projections - Zhejiang Securities forecasts Caocao Travel's revenue to reach 19.7 billion, 25.6 billion, and 30 billion yuan from 2025 to 2027, with a compound annual growth rate of 27% [5] - The company is expected to achieve positive EBIT for the first time in 2026 and to become fully profitable by 2027 [5] - The gross margin is projected to improve to 8.1% in 2024, driven by cost control and operational efficiency [4]