资源小火锅 ★ 报名 浙江 只分享行业优质报告 506 篇原创内容 视频号: 资源小火锅 16个朋友关注 已关注公众号 消息 视频号 服务 = #食品饮料 170 #消费 213 #品牌营销 89 曹操出行招股说明书 公司概况 曹操出行是由吉利集团孵化的中国网约车平台，截至2024年底在136个城市运营。2024年总交易价值达170亿元人民币，市场份额5.4%，位居行业第二。核 心优势为定制化车队（专为共享出行设计），截至2024年底在31个城市部署超3.4万辆定制车，规模居中国首位。商业模式以轻资产扩张为主，通过与运力 合作伙伴（提供司机和车辆的企业）合作完成订单，同时向附属司机提供自有车辆。 市场机遇 财务表现 竞争与风险 上市计划 未来战略 聚焦五大方向：提升服务标准与品牌形象、升级定制车、轻资产扩张城市覆盖、完善车服解决方案、投资自动驾驶技术（2025年2月已启动Robotaxi试 点）。 报告预览 中国共享出行市场2024年规模为3,444亿元，渗透率仅4.3%，预计2029年将增至8,042亿元（复合年增长率17%）。 行业痛点包括用车成本高、司机收入不稳定、平台盈利难。曹操通过定制车降低持有成本 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One（dingjiaoone） 作者丨金玙璠 编辑丨魏佳 最近， 网约车赛道正上演着冰火两重天的资本大戏。 一面是二线平台扎堆IPO： 4月30日， 曹操出行向港交所更新了招股书，4月18日，它刚拿到中国证监会的海外上市通行证； 5月9日，上汽集团旗下享道出行宣布完成13亿元C轮融资，创下近三年行业最大单笔融资纪录。 享道出行表示，已启动港股IPO计划，将借此轮融资加速 IPO进程。 另 一面是市场饱和与盈利困局： 5月13日，盛威时代（旗下网约车平台365约车） 港股IPO招股书失效。业内分析， 或 是 因 其 持续亏 损、 监管处罚，以及 订单 高度依赖 高德流量。 广汽系如祺出行的亏损表现和Robotaxi 商业化进展缓慢 ，让它的市值从上市之初的80亿港元跌至目前的23亿港元。 网约车平台上市潮背后，是 中国网约车市场"金字塔型"的竞争生态 ： 滴滴 处于第一梯队 （市场份额70%以上），后方玩家分化出四个派别。 | | 网约车平台分类 | 定焦One(F) | | --- | --- | --- | | 四大 ...

Core Viewpoint - The ride-hailing industry in China is experiencing a bifurcation, with second-tier platforms pushing for IPOs while facing market saturation and profitability challenges [1][3]. Group 1: IPO Activity - On April 30, Cao Cao Travel updated its prospectus for an IPO on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission [2]. - On May 9, Enjoy Travel, a subsidiary of SAIC Group, announced it had completed a C-round financing of 1.3 billion yuan, marking the largest single financing in the industry in nearly three years, and is accelerating its IPO process [2]. - Other second-tier platforms, such as T3 Travel and Shengwei Times, are also at critical junctures in their IPO plans, with T3's CEO indicating that the IPO timeline is imminent [5]. Group 2: Market Saturation and Profitability Issues - Shengwei Times' IPO prospectus became invalid due to ongoing losses and regulatory penalties, highlighting the profitability struggles within the industry [3]. - The market is characterized by a "pyramid" competition structure, with Didi holding over 70% market share, while other players are fragmented into four distinct factions [3][7]. - Cao Cao Travel's reliance on third-party platforms for 85% of its orders indicates a shift from self-sourced to aggregated orders, raising concerns about profitability [5][12]. Group 3: Dependency on Aggregation Platforms - The increasing dependency on aggregation platforms has led to a significant rise in commission payments, with Cao Cao's commission expenses growing from 322 million yuan in 2022 to 1.046 billion yuan in 2024 [17][18]. - The share of orders from third-party platforms for Cao Cao has increased from 49.9% in 2022 to 85.4% in 2024, indicating a shift in the operational model [14][15]. - User retention rates are declining, with Cao Cao reporting a drop in user retention to below 28% in 2023 due to increased reliance on third-party platforms [19][21]. Group 4: Differentiation Strategies - To achieve higher valuations, second-tier platforms are attempting to tell differentiated stories, such as Cao Cao's focus on customized vehicles leveraging its parent company, Geely's resources [22][23]. - Enjoy Travel is pursuing a mixed operation model that includes Robotaxi services, although its commercial progress has been slow [24][25]. - The competition in the autonomous driving sector is intense, with significant barriers to entry, and the success of these strategies remains uncertain [25][28].