神州租车与百度Apollo宣布，正式推出面向公众的自动驾驶租车服务。神州租车自动驾驶租车服务是基 于百度Apollo L4级自动驾驶平台打造，是实现自动驾驶、全流程自助的租车产品。(新京报) ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 曹操出行 港股｜挂牌上市 据 IPO早知道消息，CaoCao Inc.（曹操出行有限公司，以下简称"曹操出行"）于2025年6月25日 正式以"2643"为股票代码在港交所主板挂牌上市。 成立于 2015年的曹操出行作为一家由吉利集团孵化的网约车平台，现已成为中国最大的网约车平台 之一。截至2024年12月31日，曹操出行的业务已覆盖136座城市，其中2024年新拓展85座城市。 2023年和2024年，曹操出行的总GTV分别为122亿元和170亿元，分别较2022年和2023年增长 37.5%和38.8%。根据弗若斯特沙利文的资料，按GTV计算，曹操出行过去三年均一直位列中国网 约车平台前三名，其中2024年的市场份额进一步提升至行业第二。 今年第一季度，曹操出行的总 GTV为48亿元，较2024年同期增加54.9%，订单量亦较2024年同期 增长51.8%。 值得注意的是，截至 2024年12月31日，曹操出行在31个城市拥有一支超过34,000辆定制车的车 队供其附属司机使用。根据弗若斯特沙 ...

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].

Core Viewpoint - NVIDIA's CEO Jensen Huang emphasizes that robotics technology, particularly humanoid robots, represents one of the two major growth opportunities for the company, alongside artificial intelligence [1][2]. Group 1: Robotics Business Growth - NVIDIA's robotics business generated approximately $567 million in quarterly sales, accounting for about 1% of total sales, but experienced a significant year-over-year growth of 72% [2]. - The company aims to lead the AI humanoid robot sector by developing a comprehensive ecosystem of software and hardware, including platforms like Omniverse, Cosmos, and Isaac Sim [2][3]. - Huang predicts a future with billions of robots and fully autonomous vehicles powered by NVIDIA's technology, indicating a massive potential market [4]. Group 2: Data Center AI GPU Demand - NVIDIA's revenue surged from approximately $27 billion in fiscal year 2024 to an estimated $130.5 billion in fiscal year 2025, with projections nearing $200 billion for fiscal year 2026 [4]. - The data center business, driven by AI GPU demand, reported revenues of about $39.1 billion, surpassing the combined revenues of competitors like Intel and AMD [4]. - Overall revenue for NVIDIA increased by 69% year-over-year to $44.1 billion, despite being the lowest growth rate in two years [4]. Group 3: Company Transformation - NVIDIA's stock reached a historic high, elevating its market capitalization to approximately $3.75 trillion, surpassing Microsoft [5]. - Huang asserts that NVIDIA has evolved from merely a chip company to a provider of AI infrastructure and computing platforms, emphasizing the importance of software and cloud services [6].

智通财经APP获悉，英伟达首席执行官黄仁勋表示，除了人工智能，机器人技术尤其是人形机器人，将 是这家人工智能芯片巨头的最大规模潜在增长市场，而基于AI训练/推理系统的完全自动驾驶汽车将成 为该技术的首个重大商用应用。 通过Omniverse、Cosmos、Isaac Sim、NVIDIA DGX Cloud以及NVIDIA人形机器人硬件计算平台，英伟 达力争构建出基于物理世界进行全方位动态化模拟与仿真能力的机器人AI大模型软件以及关键零部件 硬件生态系统，引领AI人形机器人领域的发展趋势，并且英伟达决心成为"AI人形机器人与全自动驾驶 领域"的最核心"奠基底座"。 英伟达致力于将基于物理世界进行3D全方位动态化模拟与现实世界仿真的全新NVIDIA机器人技术融入 科技企业的机器人模型开发与训练进程，以及在于仿真环境中验证机器人行为+视觉+类似GPT的基础 模型，以及完整集成的机器人AI大模型逻辑的可靠性以及面对真实世界的实际能力。银翼杀手2049、 赛博朋克2077等科幻电影与游戏作品中的"赛博朋克世界"离我们似乎越来越近，AI人形机器人不久后将 陪伴地球几十亿人直至他们老去。 尽管目前机器人业务规模相对有限， ...

作 者丨吴立洋 编 辑丨巫燕玲 6月25日，曹操出行正式于港交所主板挂牌上市， 成为港股最大的共享出行企业 。 据招股书数据，2022至2024财年，曹操出行营收分别为76.31亿元、107亿元和147亿元，其中 出行服务订单量分别为3.83亿笔、4.48亿笔、5.98亿笔。 作为吉利集团于2015年孵化的网约车平台，成立十年的曹操出行已成为市场规模与品牌位居 前列的行业龙头。据弗若斯特沙利文报告， 自2021年起按GTV（总交易额）计算，曹操出行 持续位列国内网约车平台规模前三位，并于去年跃居行业第二。 值得注意的是，虽然在体量上较具有先发优势的滴滴存在差距，但背靠吉利的曹操出行同样在 竞争激烈的网约车赛道构建了属于自己的市场壁垒： 目前，曹操出行在中国31个城市部署超 过3.4万辆定制车，规模位居中国同类车队之首； 今年2月，曹操出行正式上线了自动驾驶平 台曹操智行，宣布在苏杭两地试点开启Robotaxi服务，在Robotaxi服务商业化起步阶段提前卡 位未来出行市场。 作为业内少有的打通上游汽车制造商、技术服务提供商，中游网约车平台和下游 定制车队的企业，曹操出行正借助其全产业链优势，从传统网约车的商业 ...

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]

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 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 ...

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 ...