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曹操出行获纳入恒生综指,多家机构给予“买入”评级
IPO早知道· 2025-08-22 12:34
当前估值水平显著低于国际同行,具备明显吸引力。 本文为IPO早知道原创 作者| Stone Jin 微信公众号|ipozaozhidao 本文由公众号IPO早知道(ID:ipozaozhidao)原创撰写,如需转载请联系C叔↓↓↓ 据IPO早知道消息,曹操出行(2643.HK)于8月22日获恒指公司选定将纳入恒生综合指数成份股, 变动将于2025年9月8日生效。 值得一提的是,此前摩根大通、华泰证券等多家机构已预测曹操出行有望于9月8日纳入港股通交易 范围,申万宏源、浙商证券等多家机构也给予曹操出行"买入"评级,目标价看高至103.17港元。 自2025年6月25日登陆港交所以来,曹操出行股价持续攀升。浙商证券认为,公司依托吉利生态, 已稳居网约车行业第二,并且"定制车+智能驾驶+出行平台" Robotaxi 三位一体生态闭环雏形已 成,有望在即将到来的Robotaxi商业化浪潮中抢占先机,打开中长期估值空间。 截至2024年底,曹操出行平台活跃车辆约150万台,全年完成GTV约170亿元。公司运营网络已覆 盖全国136座城市,以轻资产模式进军85个新城市,即向当地运力合作伙伴销售定制车,并激励其 向曹操出行 ...
赴港上市后,曹操出行要回答资本光环下的三道难题
Sou Hu Cai Jing· 2025-08-14 06:45
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].
直连卫星!曹操出行放大招,Robotaxi将实现厘米级定位
Zheng Quan Shi Bao· 2025-07-23 12:34
Core Viewpoint - The strategic partnership between Cao Cao Mobility and the aerospace company Time Space Dao Yu aims to enhance autonomous driving safety standards by integrating satellite communication and high-precision positioning technology into their Robotaxi operations [1][3][7] Group 1: Strategic Partnership - Cao Cao Mobility announced a strategic collaboration with Time Space Dao Yu to utilize their existing 30 satellites for improving autonomous driving safety [1][3] - This partnership positions Cao Cao Mobility as the first global platform to fully integrate low-orbit satellite communication and centimeter-level high-precision positioning technology in Robotaxi operations [3][4] Group 2: Safety and Technology Integration - The integration of satellite communication ensures real-time data transmission and emergency reporting, maintaining reliable connections between vehicles and control centers [4][5] - Cao Cao Mobility's autonomous driving platform will achieve centimeter-level positioning accuracy, even in complex urban environments, enhancing operational safety [5][6] Group 3: Market Response and Future Plans - Following the announcement, Cao Cao Mobility's stock price increased by 4.56%, indicating market confidence in its Robotaxi business potential [3] - The company plans to launch a custom L4-level Robotaxi model by the end of 2026, designed for long-term operation with lower total cost of ownership (TCO) [7]
IPO周报|斯坦德机器人、镁伽科技、微脉、易控智驾等纷纷冲刺港交所
IPO早知道· 2025-06-29 13:27
Group 1: CaoCao Inc. (曹操出行) - CaoCao Inc. officially listed on the Hong Kong Stock Exchange on June 25, 2025, with the stock code "2643" [3] - Established in 2015, CaoCao has become one of the largest ride-hailing platforms in China, covering 136 cities as of December 31, 2024, with 85 new cities added in 2024 [3] - The total Gross Transaction Value (GTV) for 2023 and 2024 was 12.2 billion yuan and 17 billion yuan, representing growth rates of 37.5% and 38.8% respectively [3] - In Q1 2024, CaoCao's GTV reached 4.8 billion yuan, a 54.9% increase year-on-year, with order volume growing by 51.8% [3][5] - The company operates a fleet of over 34,000 customized vehicles, making it the largest fleet in China according to Frost & Sullivan [4] - CaoCao launched an autonomous driving platform in February 2024 and plans to introduce L4-level Robotaxi models by the end of 2026 [4] Group 2: SAINT BELLA Inc. (圣贝拉) - SAINT BELLA Inc. listed on the Hong Kong Stock Exchange on June 26, 2025, with the stock code "2508" [7] - The company operates 96 high-end postpartum care centers under various brands, with significant growth in self-operated and managed centers from 2022 to 2024 [7] - SAINT BELLA is recognized as the largest postpartum care and recovery group in China and Asia, with a market share of approximately 1.2% in 2024 [7] Group 3: BoKang Vision Cloud (拨康视云) - BoKang Vision Cloud plans to list on the Hong Kong Stock Exchange on July 3, 2025, with an IPO market value of approximately 8.473 billion HKD [10] - The company focuses on developing ophthalmic biotechnologies, with two core products in clinical trials for treating pterygium and myopia [11] Group 4: Stand Robot (斯坦德机器人) - Stand Robot submitted its IPO application on June 23, 2025, aiming to become the first industrial embodiment intelligent robot stock [13] - The company is recognized as the fifth largest industrial mobile robot solution provider globally, with significant growth in overseas revenue [14] - From 2022 to 2024, Stand Robot's revenue grew from 96 million yuan to 251 million yuan, with a compound annual growth rate of 61.3% [14] Group 5: Megatech (镁伽科技) - Megatech submitted its IPO application on June 25, 2025, and is the largest domestic autonomous intelligent body supplier in China [17] - The company reported a revenue growth from 455 million yuan in 2022 to 930 million yuan in 2024, with a compound annual growth rate of 43.0% [18] Group 6: Yikong Intelligent Driving (易控智驾) - Yikong Intelligent Driving plans to list on the Hong Kong Stock Exchange on June 25, 2025, and is the largest provider of L4-level autonomous driving solutions in the mining sector [21] - The company achieved a revenue increase from 60 million yuan in 2022 to 986 million yuan in 2024, with a compound annual growth rate of 305.8% [22] Group 7: Weimai (微脉) - Weimai submitted its IPO application on June 27, 2025, focusing on AI-driven full-process management services in healthcare [24] - The company reported revenue growth from 512 million yuan in 2022 to 653 million yuan in 2024, with a gross margin increase from 17.2% to 19.9% [25] Group 8: Cloud Yinggu (云英谷) - Cloud Yinggu submitted its IPO application on June 26, 2025, and is the largest AMOLED display driver chip manufacturer in mainland China [28] - The company reported a revenue increase from 551 million yuan in 2022 to 891 million yuan in 2024 [30] Group 9: Chengtai Technology (承泰科技) - Chengtai Technology submitted its IPO application on June 23, 2025, and is the largest supplier of vehicle-mounted millimeter-wave radar in China [33] - The company achieved a revenue increase from 58 million yuan in 2022 to 348 million yuan in 2024, with a compound annual growth rate of 145.7% [33] Group 10: Siwei Zhili (四维智联) - Siwei Zhili submitted its IPO application on June 27, 2025, and is a leading provider of intelligent cockpit solutions in China [36] - The company reported revenue of 539 million yuan in 2022, with a slight decline in subsequent years [36] Group 11: Haima Cloud (海马云) - Haima Cloud submitted its IPO application on June 27, 2025, and is the largest GPUaaS provider for real-time cloud rendering in China [40] - The company reported revenue growth from 290 million yuan in 2022 to 520 million yuan in 2024, with a compound annual growth rate of 33.8% [41] Group 12: Jingze Biopharma (景泽生物) - Jingze Biopharma submitted its IPO application on June 27, 2025, focusing on reproductive and ophthalmic pharmaceuticals [44] - The company has raised 927 million yuan in funding and has a pre-IPO valuation of 3.09 billion yuan [45] Group 13: Immvira Bioscience (亦诺微医药) - Immvira Bioscience submitted its IPO application on June 25, 2025, focusing on oncolytic immunotherapy and engineered exosome therapy [47] - The company has a pre-IPO valuation of 485 million USD [48]
曹操出行港交所上市,从定制车到Robotaxi构建差异化壁垒
Di Yi Cai Jing· 2025-06-26 08:49
Core Viewpoint - The successful listing of Cao Cao Mobility on the Hong Kong Stock Exchange marks a significant milestone for the company, which has developed a unique business model centered around customized vehicles in the ride-hailing industry [1][3]. Group 1: Company Overview - Cao Cao Mobility, incubated by Geely Group, has spent ten years developing a ride-hailing ecosystem focused on customized vehicles, contrasting with other platforms that pursued rapid expansion [4]. - The company has become the largest ride-hailing platform listed on the Hong Kong Stock Exchange, demonstrating resilience in a complex regulatory environment [3]. Group 2: Financial Performance - The average hourly income for Cao Cao Mobility drivers increased from RMB 30.9 in 2022 to RMB 35.7 in 2024, significantly higher than the industry average of RMB 27 [6][10]. - The customized vehicle strategy has positively impacted the company's financials, with gross profit margin improving from -5.8% in 2023 to 8.1% in 2024 [7]. Group 3: Cost Efficiency and Service Improvement - The total cost of ownership (TCO) for drivers is projected to decrease by 36.4%, reaching approximately RMB 0.5 per kilometer, enhancing operational efficiency [8]. - Cao Cao Mobility's partnership with Geely has led to a 25% reduction in maintenance time and a 54% decrease in costs, further benefiting drivers [11]. Group 4: Future Prospects and Innovations - The company is exploring the Robotaxi market, leveraging its customized vehicle experience to create a closed-loop ecosystem that integrates vehicle manufacturing, autonomous driving technology, and ride-hailing services [12][14]. - Cao Cao Mobility plans to launch a customized Robotaxi model designed for L4 autonomous driving by the end of 2026, aiming to capitalize on the future trillion-dollar market [15].
曹操出行港股上市,定制车生态锚定Robotaxi未来出行
21世纪经济报道· 2025-06-25 14:01
Core Viewpoint - Cao Cao Mobility has officially listed on the Hong Kong Stock Exchange, becoming the largest shared mobility company in Hong Kong, with significant revenue growth projected from 2022 to 2024 [1][2] Group 1: Company Overview - Cao Cao Mobility's revenue is expected to grow from 7.631 billion yuan in 2022 to 14.657 billion yuan in 2024, with a compound annual growth rate (CAGR) of 38.59% [7] - The company has established a strong market position, ranking second in the domestic ride-hailing market by Gross Transaction Value (GTV) since 2021 [1][2] - The company operates over 34,000 customized vehicles across 31 cities in China, making it the largest fleet of its kind in the country [14] Group 2: Market Potential - The Chinese mobility market is projected to reach 8 trillion yuan by 2024, with shared mobility services accounting for 344.4 billion yuan, indicating a penetration rate of only 4.3% [6] - The shared mobility market is expected to grow to 804.2 billion yuan by 2029, with a penetration rate increasing to 7.6% [6] Group 3: Business Model and Competitive Advantage - Cao Cao Mobility is transitioning from a traditional ride-hailing model to an ecosystem-based intelligent mobility service provider, leveraging its full industry chain advantage [2][4] - The company has developed a competitive edge through its integration of upstream automotive manufacturing, midstream ride-hailing platform, and downstream customized vehicle fleet [12][14] - The average total cost of ownership (TCO) for Cao Cao's customized vehicles is 36.4% lower than typical electric vehicles used in shared mobility [17] Group 4: Financial Performance - The company's operating costs increased from 7.970 billion yuan to 12.472 billion yuan from 2022 to 2024, with a CAGR of 30.01% [7] - Cao Cao Mobility has been narrowing its net loss, with expectations to achieve breakeven in the near term as market concentration increases and subsidy expenditures decrease [10] Group 5: Future Prospects - The company has launched its autonomous driving platform, Cao Cao Zhixing, and is piloting Robotaxi services in Suzhou and Hangzhou, positioning itself for future market opportunities [20][21] - Cao Cao Mobility plans to develop a customized L4 Robotaxi model in collaboration with Geely, expected to launch by the end of 2026 [21][22] - The company has secured cornerstone investments from major industry players, enhancing its capital stability for future growth in the smart electric mobility sector [24]
曹操出行登陆港股,网约车平台打响Robotaxi抢滩战
Hua Xia Shi Bao· 2025-06-25 11:20
Core Viewpoint - Cao Cao Mobility, the second-largest ride-hailing platform in China, has officially listed on the Hong Kong Stock Exchange, becoming the largest mobility platform in the market [1] Group 1: Listing Details - Cao Cao Mobility's stock began trading on June 25, with a closing price of HKD 35.3 [1] - The company issued 44.1786 million H-shares, with 30% allocated for public offering in Hong Kong and 70% for international investors, raising approximately HKD 1.718 billion [2] - The public offering was oversubscribed by 21.14 times, while the international offering was oversubscribed by 2.78 times [2] - Six cornerstone investors, including Mercedes-Benz and other firms, committed to purchasing shares worth approximately HKD 952 million, accounting for over half of the total fundraising [2] Group 2: Market Context - The ride-hailing market is experiencing intense competition, with Didi holding a 70% market share, while Cao Cao Mobility ranks second with a 5.4% share [5] - In 2023, Cao Cao Mobility reported a revenue of nearly HKD 14.7 billion, a 37% year-on-year increase, with a gross margin of 8.1%, the highest in three years [5] - The company has expanded its operations to 146 cities, planning to enter 85 new cities in 2024, focusing on second-tier and lower-tier cities [6] Group 3: Future Prospects - The development of Robotaxi services is a key competitive focus for ride-hailing platforms, with Cao Cao Mobility planning to launch its autonomous driving platform in February 2025 [7] - The company aims to introduce a custom L4-level Robotaxi model by the end of 2026, indicating a strategic shift towards technology-driven solutions [7] - Industry experts suggest that scaling user base and operational capacity will be crucial for competitive advantage in the ride-hailing market [6]
曹操出行上市破发 吉利李书福持股超四分之三
Core Viewpoint - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange but experienced a significant drop in stock price on the first day of trading, closing at HKD 36.00, which is below the IPO price of HKD 41.94 [2][3] Group 1: IPO Details - The company planned to issue 44.18 million shares globally, with 4.42 million shares for Hong Kong and 39.76 million shares for international investors, aiming to raise HKD 18.53 billion [3] - Despite the initial drop, six cornerstone investors, including Mercedes-Benz and others, committed to purchasing 22.64 million shares, accounting for 51.4% of the total fundraising [3] - The estimated valuation of Cao Cao Mobility at the IPO was approximately HKD 228.23 billion, but the market capitalization at closing was HKD 195.90 billion, about 85.8% of the pre-IPO valuation [3][4] Group 2: Financial Performance - The company has reported losses every year since its establishment, with operating losses of HKD 1.9 billion, HKD 1.6 billion, and HKD 800 million for the years 2022 to 2024, respectively [4] - Net losses for the same period were HKD 2 billion, HKD 2 billion, and HKD 1.2 billion, with expectations of continued net losses in 2025 [4] Group 3: Market Context and Future Outlook - The drop in stock price is part of a broader trend in the Hong Kong market, where over 30% of new listings have experienced price declines [4] - The company is focusing on the Robotaxi market, which has significant growth potential, and has launched its autonomous driving platform in early 2025 [6] - Competitors in the Robotaxi space include major players like Didi and Baidu, indicating a highly competitive environment [6][7]
曹操出行港股上市:定制车生态持续赋能,Robotaxi抢占风口
36氪· 2025-06-25 10:28
Core Viewpoint - Cao Cao Mobility has officially listed on the Hong Kong Stock Exchange, becoming the largest technology ride-hailing platform in the market [2] Group 1: Company Overview - Cao Cao Mobility's GTV is projected to reach 17 billion yuan in 2024, holding the second-largest market share in the ride-hailing industry [3] - The company operates a fleet of over 34,000 self-owned customized vehicles across 31 cities in China, with plans to expand to 50,000 vehicles by replacing non-customized ones [5] - The customized vehicle model has shown a rising trend, with its GTV proportion increasing from 5.3% in 2022 to 25.1% in 2024 [5] Group 2: Financial Performance - Revenue for 2022, 2023, and 2024 is reported at 7.631 billion, 10.668 billion, and 14.657 billion yuan respectively, with a compound annual growth rate of 39% [3] - The adjusted net loss is expected to narrow from 1.65 billion yuan in 2022 to 724 million yuan in 2024, while adjusted EBITDA is projected to turn from -773 million yuan in 2022 to 383 million yuan in 2024 [9] Group 3: Competitive Advantages - The customized vehicle model reduces total cost of ownership (TCO) significantly, with TCO for two main models being 0.53 yuan/km and 0.47 yuan/km, which is 33% and 40% lower than typical electric vehicles [7] - The company has established a unique supply-side barrier through its customized vehicle ecosystem, which is difficult for competitors to replicate due to the required automotive industry background [13] - Cao Cao Mobility is positioned to lead in the Robotaxi era, having launched a pilot Robotaxi service in two cities and planning to develop a new type of customized vehicle for Robotaxi services by 2026 [15] Group 4: Market Outlook - The Robotaxi market is expected to grow significantly, with predictions suggesting that by 2030, the domestic market could exceed 488.8 billion yuan [18] - The company is well-positioned to capitalize on this growth due to its strong integration of autonomous driving technology, vehicle manufacturing, and operational platform [18][19]
曹操出行港股上市:定制车生态持续赋能,Robotaxi抢占风口
3 6 Ke· 2025-06-25 09:54
Core Viewpoint - Caocao Travel has officially listed on the Hong Kong Stock Exchange, becoming the largest technology ride-hailing platform in the market, with significant advantages in scale, business ecosystem, and innovative exploration in the industry [1][12]. Group 1: Business Performance and Financials - Caocao Travel's projected GTV for 2024 is expected to reach 17 billion yuan, holding the second-largest market share in the ride-hailing industry [1]. - The company's revenue for 2022, 2023, and 2024 is reported at 7.631 billion, 10.668 billion, and 14.657 billion yuan respectively, with a compound annual growth rate of 39% [1]. - The adjusted net loss is expected to narrow from 1.65 billion yuan in 2022 to 724 million yuan in 2024, indicating improving financial health [6]. Group 2: Custom Vehicle Advantages - By the end of 2024, Caocao Travel will operate a fleet of over 34,000 self-owned custom vehicles across 31 cities, with plans to expand to 50,000 vehicles [2]. - The proportion of custom vehicle GTV to total GTV is projected to increase from 5.3% in 2022 to 25.1% in 2024, showcasing a growing trend [2]. - The average hourly income for drivers has increased from 30.9 yuan in 2022 to 35.7 yuan in 2024, significantly higher than the industry average of approximately 27 yuan [3]. Group 3: Cost Structure and Profitability - The total cost of ownership (TCO) for Caocao's custom vehicles is significantly lower than typical electric vehicles, with reductions of 33% and 40% for its two main models [4]. - The adjusted driver income and subsidies as a percentage of ride service revenue decreased from 84.2% in 2022 to 79.0% in 2024, while vehicle service costs dropped from 7.9% to 3.53% [4]. - The gross margin improved from -4.44% in 2022 to 8.09% in 2024, reflecting the positive impact of the custom vehicle model on profitability [4]. Group 4: Competitive Advantage and Market Position - Caocao Travel has established a unique supply-side barrier through its custom vehicle ecosystem, which is difficult for competitors to replicate due to the required automotive industry background [8]. - The shift towards aggregation platforms has increased competition, making it essential for ride-hailing services to differentiate themselves beyond mere scale [7]. - The company is well-positioned to leverage its partnership with Geely to enhance its capabilities in automated driving and vehicle manufacturing, creating a closed-loop ecosystem [9]. Group 5: Future Outlook and Robotaxi Development - The emergence of Robotaxi is expected to fundamentally change the cost structure and profitability model of the ride-hailing industry, with significant market potential projected [10]. - By 2030, the domestic market for Robotaxi is anticipated to exceed 488.8 billion yuan, with a penetration rate of 36% in the shared mobility sector [10]. - Caocao Travel's existing supply-side advantages are expected to strengthen further as the Robotaxi era approaches, positioning the company favorably in future market competition [9][11].