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]

Core Viewpoint - The report by Zheshang Securities on Cao Cao Mobility (2643.HK) initiates coverage with a "Buy" rating and a target price of HKD 103.17 per share, implying a market capitalization of HKD 56.2 billion by 2026, highlighting the company's strong position in the ride-hailing industry and potential for growth in the upcoming Robotaxi commercialization wave [1][2] Group 1: Company Performance and Strategy - As of the end of 2024, Cao Cao Mobility has become the second-largest player in the ride-hailing industry, with approximately 1.5 million active vehicles and a Gross Transaction Value (GTV) of about CNY 17 billion [1] - The company operates in 136 cities nationwide and plans to expand into 85 new cities using a light-asset model, selling customized vehicles to local partners and incentivizing them to provide services on the platform [1] - By the end of 2024, the company aims to have over 1,000 cooperative partners, with partner revenue expected to grow by 34% year-on-year, and plans to open 200 new cities by 2025 [1] Group 2: Cost Control and Operational Efficiency - Cao Cao Mobility leverages the Geely ecosystem to introduce customized electric vehicles specifically designed for shared mobility, with 34,000 of these vehicles deployed in 31 core cities by the end of 2024, leading the fleet size in its category [1] - The Total Cost of Ownership (TCO) of the customized vehicles is 36% lower than typical electric vehicles, contributing to an expected gross margin increase to 8.1% in 2024, indicating ongoing improvements in profitability [1] Group 3: Future Growth Potential - The Robotaxi business is identified as the company's largest growth engine, with the "Cao Cao Zhixing" autonomous driving platform launched in February 2025, currently piloting in Suzhou and Hangzhou [2] - The company is collaborating with Geely to develop L4-level Robotaxi models, which are anticipated to have a significantly lower TCO compared to industry peers [2] - According to Frost & Sullivan, the Chinese Robotaxi market is projected to reach CNY 1.6 trillion by 2035, positioning Cao Cao Mobility to benefit from industry growth through its integrated approach of customized vehicles, smart driving, and a comprehensive mobility platform [2] Group 4: Financial Projections - Zheshang Securities forecasts that the company's revenue will reach CNY 19.7 billion, CNY 25.6 billion, and CNY 30 billion in 2025, 2026, and 2027 respectively, with a compound annual growth rate of approximately 27% [2] - EBITDA is expected to be CNY 430 million, CNY 860 million, and CNY 1.27 billion for the same years, with EBIT turning positive in 2026 and net profit attributable to shareholders expected to be realized in 2027 [2] - Following its IPO on June 25, 2023, at HKD 41.94 per share, the stock price has risen by 57.6% to HKD 66.1 as of August 14, 2023, with expectations of inclusion in the Hong Kong Stock Connect on September 8, potentially attracting significant new capital [2]

Core Viewpoint - The collaboration between Cao Cao Mobility and Victory Securities marks a significant step in integrating Real World Assets (RWA) with digital financial tools, aiming to enhance the Robotaxi ecosystem and unlock the value of green transportation assets [2][3]. Group 1: Strategic Collaboration - Cao Cao Mobility signed a strategic cooperation memorandum with Victory Securities to explore RWA tokenization, stablecoin payment applications, and compliant digital currency issuance [2]. - This partnership represents the first systematic exploration of RWA and stablecoins in the domestic transportation industry, focusing on financial technology innovation to activate core assets [2][4]. Group 2: Robotaxi Development - Cao Cao Mobility is steadily expanding its Robotaxi fleet, having launched pilot services in Suzhou and Hangzhou, with plans for a custom L4-level Robotaxi model [3]. - The Robotaxi business is characterized by stable, long-term, and predictable operations, making it a promising candidate for RWA [3]. Group 3: Financial and Environmental Impact - The company has processed 598 million ride-hailing orders in 2024, with a 51.8% year-on-year growth in the first quarter of 2025 [3]. - All custom vehicles are electric, contributing to a reduction of over 3.1 million tons of carbon emissions, aligning with global green finance trends [3]. Group 4: Regulatory and Market Opportunities - With Victory Securities' compliance license and experience in asset management, Cao Cao Mobility is positioned to issue RWA funds or asset-backed tokens under Hong Kong's regulatory framework [4]. - This initiative opens innovative financing pathways and enhances transparency for global investors regarding the company's operational foundation and quality green assets [4].

Group 1 - The core viewpoint of the article highlights significant developments in the automotive industry, particularly focusing on strategic investments and IPOs in electric vehicle and ride-hailing sectors [1][4]. Group 2 - Seres Automotive has successfully attracted strategic investments amounting to up to 5 billion RMB, increasing its registered capital from 9.96 billion RMB to approximately 10.084 billion RMB [2][3]. - In Q1 2025, Seres achieved a revenue of 19.147 billion RMB and a net profit of 748 million RMB, marking a year-on-year growth of 240.6%, positioning it as an attractive investment target in the automotive sector [3]. Group 3 - Cao Cao Mobility has made its debut on the Hong Kong Stock Exchange, planning to issue 44.1786 million shares at a price of 41.94 HKD per share [5]. - As of the end of March 2025, Cao Cao Mobility expanded its coverage to 146 cities, with a year-on-year order volume increase of 51.8% and revenue reaching 4.2 billion RMB, alongside a gross margin rise to 8.5% [6]. - The company plans to launch a custom L4-level Robotaxi model designed for autonomous driving by the end of 2026, indicating a clear timeline for advancements in autonomous ride-hailing technology [6].