Core Viewpoint - The ride-hailing platform Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2023, but experienced a significant drop in stock price, falling over 10% on its first day of trading [2]. Financial Performance - Cao Cao Mobility's revenue from 2022 to 2024 is projected to grow from 7.63 billion RMB to 14.66 billion RMB, maintaining a growth trend [3][4]. - Despite the revenue growth, the company is still operating at a loss, with losses of approximately 2.01 billion RMB, 1.98 billion RMB, and 1.25 billion RMB for the years 2022, 2023, and 2024 respectively [3][4]. Market Position - As of 2024, Cao Cao Mobility is expected to have a market share of 5.4% in the ride-hailing industry [2]. - The company's Gross Transaction Value (GTV) is projected to increase from 12.2 billion RMB in 2023 to 17 billion RMB in 2024, reflecting a year-on-year growth of 38.8% [2]. Dependency on Aggregation Platforms - Cao Cao Mobility has a high dependency on aggregation platforms, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of GTV from 2022 to 2024 [2]. Future Developments - The company plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone for the commercialization of autonomous driving services [4]. - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [5].

据招股书显示，曹操出行仍处于快速发展期，营收大幅增长，亏损有所收窄。其中曹操出行2022年到 2024年实现订单量3.83亿、4.48亿以及5.98亿；实现收入76.31亿元、106.68亿元以及146.57亿元，其中 2023年与2024年的增长率为28.47%和37.39%；亏损20.07亿元、19.81亿元以及12.46亿元。 从业务来看，曹操出行的收入主要包括出行服务、车辆销售和车辆租赁。其中出行服务为营收的核心来 源，近三年收入为74.67亿元、103亿元和135.67亿元，占总收入比重分别为97.9%、96.6%以及92.6%， 虽然占比都高于90%，但是出行了下滑走势。 车辆销售方面，2022年，曹操出行的车辆销售收入仅为3218万元，占总收入比重只有0.4%；2023年， 车辆销售收入达到11456万元，占比达1.1%；到2024年，车辆销售收入达到8.67亿元，占比提升至 5.9%。 6月10日，港交所披露，曹操出行已通过港交所上市聆讯，联席保荐人海通国际、农银国际、广发证券 （香港）。曹操出行此前于2024年4月29日、2024年10月30日、2025年4月30日先后三次在港交所递表。 此 ...

Core Insights - Li Auto reported a revenue of 25.9 billion RMB for the first quarter, showing a slight year-on-year increase of 1.1% compared to 25.6 billion RMB in the same period last year, but a significant quarter-on-quarter decrease of 41.4% from the previous quarter's revenue of 44.3 billion RMB, which was below market expectations of 25.1 billion RMB [1] Financial Performance - Vehicle sales revenue for the first quarter was approximately 24.25 billion RMB, while other sales and services contributed around 1.38 billion RMB, leading to a total revenue of 25.63 billion RMB [2] - The total cost of sales was approximately 20.35 billion RMB, resulting in a gross profit of about 5.28 billion RMB [2] - Operating expenses totaled around 5.87 billion RMB, leading to an operating loss of approximately 584.9 million RMB [2] - Net profit attributable to Li Auto's ordinary shareholders was approximately 592.6 million RMB for the quarter [2] Earnings Per Share - Basic earnings per American Depositary Share (ADS) was reported at 0.60 RMB, while diluted earnings per ADS was 0.56 RMB [2]