近期，港股最大的科技出行平台曹操出行，正式宣布两项战略收购：其一是全资收购高端出行服务品 牌蔚星科技有限公司（即 "耀出行"）；其二是拟将商旅管理平台浙江吉利商务服务有限公司（即 "吉利商旅"）纳入麾下。 耀出行是吉利控股集团与梅赛德斯 -奔驰共同打造的高端出行品牌，已在企业会议用车、商务接 待、机场接送及城际出行等领域建立起高品质的服务标准。吉利商旅则长期专注于企业差旅管理，整 合了机票、酒店、地面交通等资源，能为企业提供从差旅政策制定、预订审批到成本管控的一站式数 字化解决方案，在会展会议服务方面也具备成熟经验。 这不仅是业务的扩展，更标志着曹操出行正在实现一次重要的转型。曹操出行通过收购耀出行和吉利 商旅，将构建 "一站式 科技 出行 平台 "，成为一个集 标准与高端、个人与企业、国内与国际、即 时用车与计划商旅于一体的综合平台 。 开辟商旅服务，寻找新增长极 当下，企业商旅市场展现出强大的增长潜力与稳定性。 全球商务旅行协会发布的《商务旅游指数（ BTI）展望年度报告》预测，全球商务旅行支出将在 2025年达到约1.57万亿美元。相较于C端市场，B端业务具有需求稳定、客户粘性高、单均收入与 毛利较高等 ...

这轮增长并非简单的"量的回升"，而是叠加了企业降本增效的需求，呈现出"质的飞跃"。《2024-2025中国商旅管理白皮书》的数据显示，企业差旅管理 的核心诉求高度集中：75%的企业将"降低整体差旅成本"列为首要诉求，68%关注"提升员工差旅体验"，65%追求"实现全流程数据可视化"。在管理效率 方面，超60%的企业自评在3-6分区间，仅8%认为自身差旅管理高效。控制成本与提升效率，已成为企业商旅管理不可动摇的核心目标。 然而，与庞大的市场规模和明确的企业需求形成鲜明对比的，是当前商旅市场碎片化的服务现状。具体来看，商旅行业的痛点集中在三个层面： 一是服务场景割裂。传统商旅平台多聚焦在机票、酒店等长途商旅环节，而企业高频刚需的市内通勤、商务接待、会议用车等短途场景，则分散在不同出 行平台。员工需要在多个应用间切换，企业财务也难以做到全流程差旅核算与管控。 二是数智化落地欠缺。尽管"AI+商旅"概念火热，但落地情况并不理想。据环球旅讯《2025Q1中国商旅市场趋势洞察报告》的调研，许多所谓AI产品还停 留在智能客服等通用场景，未能有效结合差标管控、智能审批等企业痛点。大量中小企业甚至仍依赖耗时耗力的人工报销流程， ...

Core Viewpoint - The article discusses the strategic acquisition by Cao Cao Mobility of Yao Travel and Geely Business Travel, highlighting the potential to integrate high-end travel and business travel management services in a rapidly growing trillion-dollar market [1][6]. Market Opportunity and Pain Points - The global business travel market is projected to reach $1.57 trillion by 2025, with China expected to contribute $373.1 billion, driven by companies' needs to reduce costs and improve efficiency [3]. - 75% of companies prioritize reducing overall travel costs, while 68% focus on enhancing employee travel experiences, indicating a concentrated demand for effective travel management solutions [3]. - The current business travel market is fragmented, with key pain points including disjointed service scenarios, inadequate digital integration, and weak cross-border service capabilities [4]. Integration of Differentiated Resources - The acquisition of Yao Travel and Geely Business Travel allows Cao Cao Mobility to create a comprehensive service chain that covers daily commuting, business receptions, and travel management [6][9]. - Yao Travel enhances Cao Cao's high-end service capabilities and global network, while Geely Business Travel provides a full-spectrum travel management solution [9]. Competitive Advantages - Cao Cao Mobility has built a strong reputation in client service, evidenced by being rated as the "Best Service Platform" in multiple user surveys [12]. - The company operates the largest customized vehicle fleet in China, which enhances service quality and cost control for corporate clients [14]. - The forward-looking Robotaxi strategy positions Cao Cao Mobility to meet future travel demands and expand its service capabilities globally [15][16]. Industry Trends - The business travel industry is transitioning from fragmentation to integration, with competition shifting towards ecosystem service capabilities [17]. - The strategic acquisitions and existing resources position Cao Cao Mobility to reshape the global business travel landscape as Chinese companies expand internationally [17].

这是曹操出行自今年6月港股上市后首次重大战略收购，市场认为其向万亿级to B市场进军的野心正式显现。 三家公司系出"同门" 吉利系的整合再进一步。 12月30日，曹操出行宣布两项重要战略收购，以现金对价2.25亿元全面收购蔚星科技有限公司（下称"耀出行"）100%股权，并以6500万元拟收购浙江吉利 商务服务有限公司（下称"吉利商旅"）100%股权，两项交易合计近3亿元。待交易完成后，耀出行和吉利商旅将成为曹操出行的全资附属公司。 江瀚认为，在滴滴、T3出行等对手加速布局企业出行市场的背景下，曹操出行通过并购实现"弯道超车"，不仅强化差异化优势，也为未来Robotaxi商业化 落地积累高净值客户场景。 出行业务加速整合 此次并购本质上是吉利控股出行业务的内部整合。 值得注意的是，此次公告中的三家公司均属吉利系。 曹操出行创立于2015年，总部位于苏州相城区，是一家由吉利控股集团孵化的网约车平台，也是国内第二大共享出行平台，旗下定制车型主要有枫叶 80V、曹操60及 LEVC TX。 耀出行是吉利控股集团与梅赛德斯—奔驰联手打造的高端出行品牌；成立于2010年的吉利商旅是吉利控股集团战略投资的差旅管理公司，其聚 ...

受宏观经济环境波动及消费结构深度调整影响，2024年下半年以来，中国高端消费市场呈现分化 趋势，民航公商务旅客占比大幅减少，高端酒店价格集体"跳水"，超豪华汽车近两年在华销量也 集体"失速"。2022年7月，耀出行被爆CEO离职，且企业进行了大裁员，其加盟模式受挫，此后 鲜有关于耀出行的公开报道。 吉利商旅的发展同样面临明显挑战。根据曹操出行的公告，吉利商旅2024年税后利润为2330万元 人民币，较2023年同比下降约48%。此外，尽管吉利商旅过去12个月EBITDA（息税折旧及摊销 前利润）达2.6亿元，但其估值仅约7532万元，且本次交易以6500万元折价出售，折让13.7%， 反映市场对其前景信心不足。 作为此次被曹操出行收购的标的，定位高端出行品牌的耀出行 近两年的发展并不理想，吉利商旅同样面临明显挑战。 作者：周信 封图：图虫创意 12月30日，曹操出行（02643.HK）发布公告称，其并表联属实体公司杭州优行向浙江济底及梅 赛德斯－奔驰出行分别收购蔚星科技（耀出行）50%股权，现金对价2.25亿元；拟收购吉利商务 （吉利商旅）的全部股权，现金对价为6500万元。待两项收购事项分别完成后，耀出行、 ...

12月30日，曹操出行（02643.HK）发布公告称，其并表联属实体公司杭州优行向浙江济底及梅赛德斯－奔驰出行分别收购蔚星科技（耀出行）50%股权， 现金对价2.25亿元；拟收购吉利商务（吉利商旅）的全部股权，现金对价为6500万元。待两项收购事项分别完成后，耀出行、吉利商旅将成为曹操出行的全 资附属公司。 曹操出行CEO龚昕表示，收购耀出行和吉利商旅，是曹操出行构建"一站式科技出行平台"的关键战略举措。曹操出行将打通从日常通勤、商务接待到差旅管 理的全场景服务链条，为各类客户提供无缝衔接、标准统一的品质出行体验。 曹操出行创立于2015年，总部位于苏州相城区，是一家由吉利控股集团孵化的网约车平台，也是国内第二大共享出行平台，旗下定制车型主要有枫叶80V、 曹操60及 LEVC TX。今年6月25日，曹操出行在港交所上市。此次收购，是曹操出行上市后首次重大战略收购。 曹操出行方面对经济观察报表示："《台州宣言后》的吉利大整合，是这两项收购的重要背景，收购后一方面可以实现'捏紧拳头好出力'，另一方面，通过 耀出行的高端定位和吉利商旅的会务优势，拓展和完善曹操出行生态布局。" "高端出行仍有市场，包括我们之前推出 ...

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]

Investment Rating - The report maintains a positive investment rating for the shared mobility industry, particularly highlighting the growth potential of Cao Cao Mobility as a unique "three-in-one" autonomous driving operation platform [6]. Core Insights - The Chinese mobility market is the largest globally, with a projected market size of 8 trillion yuan in 2024, and a compound annual growth rate (CAGR) of 5.4% expected from 2025 to 2029 [1][10]. - Cao Cao Mobility, backed by Geely, is positioned as the second-largest shared mobility platform in China, achieving a gross transaction value (GTV) of 10.95 billion yuan in the first half of 2025, reflecting a year-on-year growth of 53.6% [2][3]. - The rise of aggregation platforms is reshaping the industry ecosystem, with the proportion of ride-hailing orders completed through these platforms expected to reach 53.9% by 2029, providing opportunities for second-tier companies to break through [1][19]. Summary by Sections 1. Market Overview - The Chinese mobility market is projected to reach 10.56 trillion yuan by 2029, with a CAGR of 5.4% from 2025 to 2029, driven by increasing demand in lower-tier markets and the expansion of shared mobility [10]. - The shared mobility market is rapidly expanding, with a forecasted growth from 344.4 billion yuan in 2024 to 804.2 billion yuan by 2029, representing a CAGR of 17.0% [13]. 2. Company Analysis - Cao Cao Mobility is the only "three-in-one" autonomous driving operation platform in China, leveraging significant synergies with Geely to build the largest customized vehicle fleet in the country [2][3]. - The company has a notable cost advantage with its customized vehicles, achieving a total cost of ownership (TCO) reduction of 33% and 40% compared to typical electric vehicles [2]. 3. Technological Developments - The report emphasizes the importance of autonomous driving technology, with Cao Cao Mobility planning to launch customized vehicles designed for Level 4 autonomous driving by the end of 2026, aiming for nationwide coverage [3][27]. - The market penetration of Robotaxi is expected to reach 20-60% between 2026 and 2032, indicating significant growth potential for autonomous driving services [3][41]. 4. Competitive Landscape - The report outlines a highly concentrated market with Didi Chuxing holding a 70.4% market share in 2024, while Cao Cao Mobility and T3 Mobility hold 5.4% and 5.3% respectively [16][17]. - The rise of aggregation platforms is leading to a decentralization of user traffic, allowing second-tier companies like Cao Cao Mobility to gain market share [19]. 5. Investment Recommendations - The report suggests a focus on the long-term development of the shared mobility industry, particularly on Cao Cao Mobility as a key player in the autonomous driving sector [3].

Core Viewpoint - The Chinese ride-hailing market is transitioning from "wild growth" to "compliance and intelligence," with the core conflict shifting from capital subsidies to the institutional reconstruction of automated driving and human-vehicle relationships. The market is expected to reach nearly 1 trillion yuan by 2030, with opportunities arising for second-tier platforms due to the rise of aggregation platforms and Robotaxi technology breakthroughs [2][5]. Group 1: Industry Overview - The ride-hailing market is experiencing internal flow decentralization, with aggregation platforms capturing approximately 25%-30% of order share, creating structural opportunities for second-tier platforms [2]. - The Robotaxi, leveraging L4 autonomous driving technology, is seen as a key breakthrough, significantly reducing accident rates compared to human drivers by over 80% [2]. - The market is projected to grow to nearly 1 trillion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 20% [35]. Group 2: Company Performance - The company is actively expanding its market share through partnerships with aggregation platforms, achieving a 53.5% year-on-year increase in active drivers to 544,000 and a 57.4% increase in active users to 38 million in the first half of 2025 [3]. - The company’s revenue is expected to grow significantly, with projected revenues of 206.7 billion yuan in 2025, 262.4 billion yuan in 2026, and 323.7 billion yuan in 2027, reflecting a strong growth trajectory [5]. - The company has developed a fleet of 37,000 customized vehicles, leading the industry and enhancing the standardization of travel experiences [3][15]. Group 3: Technological Integration - The company is integrating vehicle manufacturing, operational services, and technology research and development into a unified Robotaxi platform, aiming to replicate the success of its ride-hailing business [4]. - The launch of "Cao Cao Smart Travel" and the introduction of customized vehicles are part of the strategy to enhance user experience and operational efficiency [4][15]. - The company is leveraging its parent group’s resources to enhance research and development efficiency, which is expected to accelerate the commercialization of L4 technology [4]. Group 4: Financial Projections - The company’s revenue for 2024 is projected to be 146.6 billion yuan, a 37.4% year-on-year increase, driven by a significant rise in order volume and average order value [24]. - The gross profit margin is expected to improve from -4.4% in 2022 to 8.4% in the first half of 2025, reflecting effective cost control and increased customer spending [29]. - The company’s operational revenue is primarily derived from ride-hailing services, which accounted for 90.9% of total revenue in the first half of 2025 [27].

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]