6月25日，中国领先的科技出行平台曹操出行（02643.HK）正式登陆港交所，成为港股市场最大的科技 出行平台。 尽管上市后股价出现波动，但奔驰、国轩高科、速腾聚创等产业链巨头的基石加持，已然证明其"定制 车生态+ Robotaxi战略" 的差异化价值，也让资本市场和投资者再次深度聚焦这家背靠吉利的明星企 业。 深入剖析曹操出行业务布局与行业变革趋势不难发现，随着定制车规模效应持续释放、Robotaxi战略的 持续落地，这家科技出行平台通过差异化竞争力构建的长期价值，正待在智能出行产业变革中逐步释 放。 波动背后：市场逻辑与行业压力 曹操出行此次全球发售得到梅赛德斯-奔驰、国轩高科、速腾聚创等产业链巨头看好，作为基石投资者 锁定过半份额。但受港股市场整体情绪低迷及出行行业盈利预期影响，公司上市以来股价走势经历波 动。 股价波动的背后，是多种因素交织共振而成的短期结果。 首先是恒生科技指数走势的影响。进入2025年第二季度，在经历了年初因 AI概念带来的强势反弹，并 一度冲至6000点大关，创下2022年4月以来新高后，恒生科技指数自3月中旬起便陷入回调，而4月初开 始的关税冲击加剧了回调的幅度。截至 6 月 ...

图片来源：百度百科 6月25日，曹操出行（02643.HK）在港交所主板挂牌上市，联席保荐人为海通国际、农银国际、广发证 券(香港)。然而上市首日，曹操出行股价开盘大跌，连续两个交易日均收于36港元/股，较41.94港元/股 的发行价下跌14.16%。 公开资料显示，曹操出行是一家由吉利集团孵化的中国网约车平台。截至2024年12月31日，公司在136 个城市运营。于2023年，其总交易价值(GTV)为122亿元，较2022年增长37.5%，并于2024年达170亿 元，较2023年增加38.8%，根据弗若斯特沙利文的资料，公司的市场占有率为5.4%。 根据公告，曹操出行此次全球发售共计4417.86万股股份，其中香港公开发售441.79万股，国际发售 3976.07万股，每股发行价定为41.94港元。据此计算，公司预计募资约18.53亿港元，上市后估值将达到 228.23亿港元。 此次IPO引入6家基石投资者，包括梅赛德斯-奔驰、未来资产证券（香港）、无极资本、国轩高科 (32.480, 0.09, 0.28%)（香港）、亿纬亚洲和速腾聚创，合计认购2264.24万股，涉及金额约9.52亿港元。 最后实际可 ...

智通财经APP获悉，6月25日，曹操出行(02643)在港交所上市，成为港股最大科技出行平台，首日股价 破发后连续两日上涨，周五收盘报37.2港元。 曹操出行股价破发和短期波动，折射出整个网约车行业的结构性困境，却也不掩盖其独特的破局路径。 破发背后 曹操出行破发，是内外原因共同影响的结果。 港股流动性持续低迷：近期港股市场整体表现疲软，流动性不足，尤其对尚未盈利的科技成长股估值压 制明显。曹操出行基石投资者阵容豪华(包括梅赛德斯-奔驰、国轩高科、速腾聚创等产业链巨头)，认购 锁定超六成份额，但难以对冲弱市中情绪波动的影响。 背靠吉利卡位Robotaxi 曹操出行的想象力，在于其为Robotaxi时代构建的完整生态闭环： 独一无二的闭环生态：依托吉利集团，曹操出行是国内唯一具备"定制车制造(载体)+ 自动驾驶技术(千 里浩瀚方案)+ 出行平台运营(场景与数据)"全栈能力的公司，对标特斯拉Robotaxi模式，显著区别于 Waymo依赖外部车企与平台的"分工模式"。 平滑过渡的落地优势：现有定制车生态正是Robotaxi的最佳训练场。其在有人驾驶定制车上积累的车辆 成本控制、换电网络、维保体系、运营管理等经验， ...

Core Viewpoint - The expectation from Li Shufu for Cao Cao Mobility to "surpass Didi to be successful" appears increasingly like an unattainable dream in the current market context [1] Company Overview - Cao Cao Mobility, incubated by Geely, has faced significant financial challenges, including a cumulative loss of 5.2 billion yuan over three years and a high dependency on aggregator platforms for 85.4% of its orders [4][5][14] - The company went public on June 25, 2025, but its stock price plummeted by 19.4% on the first day, closing at 36 HKD, resulting in a market capitalization of approximately 19 billion HKD [3][6] Financial Performance - Revenue increased from 7.63 billion yuan in 2022 to 14.66 billion yuan in 2024, but net losses remained substantial at 20.07 million, 19.81 million, and 12.46 million yuan for the respective years [5][7] - As of the end of 2024, total liabilities reached 11.28 billion yuan, with cash and equivalents only at 159 million yuan, indicating a precarious financial position [5][8] Business Model and Strategy - Cao Cao Mobility operates under a B2C heavy asset model, which has led to high operational costs and limited expansion capabilities, with a gross margin of only 8.1% compared to Didi's 18.15% [10][13] - The company has been forced to allocate 34% of its IPO proceeds to repay short-term debts, highlighting the necessity of financing for survival rather than growth [8] Market Environment - The overall market sentiment is negative, as evidenced by the poor performance of other similar companies like Dida and Ruqi, which have seen their stock prices drop by 80% [9] - Despite the projected growth of the shared mobility market in China, the competitive landscape remains dominated by Didi, making it challenging for other players to achieve economies of scale [9] Future Outlook - Cao Cao Mobility's reliance on aggregator platforms has increased significantly, with commissions paid to these platforms reaching 1.046 billion yuan in 2024, which is 85.7% of its sales expenses [14] - The company plans to invest 17% of its IPO proceeds (approximately 295 million HKD) into autonomous driving research, but this amount is significantly lower than competitors like Waymo and Baidu [15]

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 网约车行业普遍遵循以下简易盈利模型：对平台而言，毛利润=GTV-用户补贴-司机收入-司机补贴；对司机而言，毛利润=司机收入+司机补贴-车辆持有 成本（TCO，包括车辆折旧/租赁费、能源费、维修保养费）。 毫无疑问，平台与司机都追求各自毛利润最大化。平台希望提高GTV、降低对用户和司机的补贴，但这容易与司机和用户的利益产生冲突，对司机而言， 补贴直接关乎净收益，对用户而言，补贴降低意味着价格提升。同时，在网约车流量入口从独立App转向聚合平台后，用户、司机在不同网约车平台的切 换成本均大幅降低，因此，如何平衡与司机、用户的利益，成为平台面临的重要难题。 成为港股市场规模最大的科技出行平台。 6月25日，曹操出行正式登陆港交所，成为港股市场规模最大的科技出行平台。 尽管此前港交所已有嘀嗒出行、如祺出行两家网约车服务平台相继上市，但对资本市场而言，曹操出行依然是一个特别的存在： 一是规模明显更大，2024年曹操出行GTV达到170亿元，在网约车行业市占率第二；二是业务生态更综合，公司不仅兼具自营车队+三方合作运力，还大 规模部署持有成本更低的定制车模式；三是业务探索更前沿，公司自2025年2月起在两个城市 ...

Core Viewpoint - The recent IPO of Cao Cao Mobility reflects the ongoing challenges and competitive dynamics within the ride-hailing industry, as the company faces significant operational losses despite revenue growth and a strategic push from its parent company, Geely [1][4][13]. Group 1: IPO and Market Position - Cao Cao Mobility plans to list on the Hong Kong Stock Exchange with an estimated valuation of approximately HKD 22.8 billion, marking Geely's 10th IPO [1]. - The stock price of Cao Cao Mobility fell nearly 20% on its first trading day, indicating a lack of confidence from investors in the ride-hailing sector [1][2]. - The ride-hailing industry is experiencing a wave of IPOs, but companies like Dida Chuxing and Huqee have also faced significant stock price declines post-IPO, highlighting a broader market skepticism [2][3]. Group 2: Financial Performance - Cao Cao Mobility reported revenue growth from RMB 7.63 billion in 2022 to RMB 14.66 billion in 2024, with a compound annual growth rate of nearly 40% [4][12]. - Despite revenue increases, the company has accumulated losses exceeding RMB 5.2 billion over the past three years, indicating ongoing profitability challenges [4][13]. - The company's gross profit margin improved from 5.8% in 2023 to 8.1% in 2024, but it remains significantly lower than competitors like Didi, which reported a gross margin of 18.15% [13]. Group 3: Competitive Landscape - The ride-hailing market is characterized by intense competition, with Didi holding a dominant market share of 70.4%, while Cao Cao Mobility's share is only 5.4% [7][8]. - The influx of new drivers has led to a surplus in supply, causing a decline in driver earnings and increased pressure on ride-hailing platforms to offer subsidies [3][6]. - Cao Cao Mobility has increasingly relied on aggregation platforms for order fulfillment, with the proportion of orders processed through these platforms rising from 3.5% in 2018 to 30% in 2023 [8][14]. Group 4: Strategic Initiatives - The company is pursuing a heavy asset model by purchasing vehicles and employing dedicated drivers, which allows for greater control but also incurs higher operational costs [9][11]. - Cao Cao Mobility plans to invest in technology and autonomous driving, with a pilot Robotaxi project underway, aiming to enhance its competitive edge in the smart mobility sector [15][16]. - The collaboration with Geely provides Cao Cao Mobility with access to advanced vehicle technology and infrastructure, potentially improving its market position [9][16]. Group 5: Future Outlook - The reliance on aggregation platforms poses risks to brand recognition and user retention, as the company struggles to build a loyal customer base [14]. - The future success of Cao Cao Mobility hinges on its ability to leverage Geely's resources and technology to differentiate itself in the crowded ride-hailing market [17]. - The transition to autonomous driving is seen as a potential growth area, but significant challenges remain in terms of consumer trust and regulatory frameworks [15][17].

6月25日，曹操出行正式登陆港交所，成为港股市场规模最大的科技出行平台。 尽管此前港交所已有嘀嗒出行、如祺出行两家网约车服务平台相继上市，但对资本市场而言，曹操出行依然是一个特别的存 在： 一是规模明显更大，2024年曹操出行GTV达到170亿元，在网约车行业市占率第二；二是业务生态更综合，公司不仅兼具自营车 队+三方合作运力，还大规模部署持有成本更低的定制车模式；三是业务探索更前沿，公司自2025年2月起在两个城市试点推出 Robotaxi实地业务，抢先占领下一个万亿风口。 招股书披露，曹操出行2022、2023、2024年的营业收入分别达到76.31、106.68、146.57亿元，复合增速高达39%。那么，曹操出 行这些差异化优势能否转化为持续的盈利能力与增长动力？曹操出行的基本面究竟如何？ 那么，定制车模式究竟有何优势？ 网约车行业普遍遵循以下简易盈利模型：对平台而言，毛利润=GTV-用户补贴-司机收入-司机补贴；对司机而言，毛利润=司机 收入+司机补贴-车辆持有成本（TCO，包括车辆折旧/租赁费、能源费、维修保养费）。 毫无疑问，平台与司机都追求各自毛利润最大化。平台希望提高GTV、降低对用户和司机 ...

以下文章来源于天天IPO ，作者刘博 网约车"老二"上市了。 投资界-天天IPO消息，曹操出行今天（6月25日）正式在港交所主板挂牌上市。此次IPO 发行价为41 .94港元/股， 开盘破发，市值190亿港元。 翻 看 基 石 投 资 阵 容 ， 此 次 共 引 入 6 名 基 石 投 资 者 ， 包 括 梅 赛 德 斯 - 奔 驰 、 未 来 资 产 证 券 （香港）、无极资本、国轩高科（香港）、亿纬亚洲和速腾聚创，合计认购2264.2 4万 股，约9. 5 2亿港元。 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 来自苏州。 作者 I 刘博 报道 I 投资界-天天IPO 成立于20 15年的曹操出行，脱胎自吉利集团，两年时间便跻身独角兽行列，自20 21年起 连续位列国内网约车平台规模前三。作为吉利集团创始人，李书福也化身IPO收割机，在 今天收获了自己的第10个IPO。 电子科大校友带队 李书福第10个IPO来了 故事还要从2015年说起。 彼时正值滴滴、优步大战正酣，曹操专车由此应运而生，当年5月从吉利集团正式孵化成 立。之所以如此命名，创始团队曾对外解释称 ...

Core Viewpoint - The article highlights the successful listing of Cao Cao Mobility on the Hong Kong Stock Exchange and its strategic differentiation in the ride-hailing market through vehicle lifecycle management and innovative business models, positioning itself for future growth in the smart mobility sector [2][17]. Industry Overview - The Chinese ride-hailing market has been steadily growing, with a market size increasing from 68.95 trillion yuan in 2022 to an estimated 80 trillion yuan in 2024, and a projected compound annual growth rate (CAGR) of 5.4% from 2025 to 2029 according to Frost & Sullivan [2]. Company Performance - Cao Cao Mobility's gross margin improved from -4.4% in 2022 to 8.1% in 2024, and its adjusted EBITDA margin turned positive from -10.1% to 2.6% during the same period, indicating a significant turnaround in profitability [5][9]. - The company has managed to reduce the total cost of ownership (TCO) of its vehicles by 36.4% compared to typical electric vehicles, achieving a cost of approximately 0.5 yuan per kilometer [9][11]. Strategic Differentiation - Cao Cao Mobility has developed over 34,000 customized vehicles in 31 cities, making it the largest fleet of its kind in China, with the share of customized vehicle orders increasing from 20.1% in 2023 to 25.1% in 2024 [7][9]. - The customized vehicles are designed in collaboration with Geely, focusing on durability and maintenance, which enhances the working environment for drivers and reduces operational costs [9][10]. Future Outlook - The company plans to allocate 48% of its fundraising towards upgrading customized vehicles, developing Robotaxi technology, and expanding geographically, indicating a strong focus on future smart mobility solutions [13][15]. - Cao Cao Mobility's Robotaxi strategy aims to leverage its existing infrastructure and operational experience to transition smoothly from human-driven vehicles to autonomous ones, enhancing operational efficiency and profitability [13][18]. Investment Interest - The participation of major investors such as Mercedes-Benz, Guoxuan High-Tech, and Suteng Juchuang in the IPO reflects confidence in Cao Cao Mobility's potential to become a key player in the smart mobility ecosystem [14][15].