Soochow Securities (International) has released a research report stating that CAOCAO INC (02643), as a core mobility service platform within Geely's ecosystem, has built integrated capabilities spanning "manufacturing-operations-technology" with clear forward-looking advantages in Robotaxi deployment. The firm values the company at approximately RMB 34.2 billion and assigns a year-end 2025 target price of HK$69.
The research highlights that CAOCAO INC's strategic synergy with Geely Group creates unique competitive advantages in the customized vehicle sector. The company leads the industry in customized vehicle fleet scale, with these vehicles supporting the platform's core competitiveness in driver retention and user satisfaction through Total Cost of Ownership (TCO) optimization and enhanced user experience, serving as a key driver for sustained growth in the ride-hailing business.
The company actively pursues intelligent mobility opportunities, officially launching its autonomous driving platform "CAOCAO Smart Travel" in February 2025, with Robotaxi pilot operations first initiated in Suzhou and Hangzhou. This marks the company's strategic expansion from traditional ride-hailing services into L4-level autonomous driving territory. The company is progressively building large-scale Robotaxi operational capabilities and plans to introduce customized vehicle models specifically designed for L4 autonomous driving, establishing both technological and operational foundations for future intelligent mobility market competition.
The institution believes CAOCAO INC, as a significant participant in China's shared mobility sector, has achieved scalable expansion through differentiated competitive strategies, with market share expected to continue growing. Additionally, the company's forward-looking investment in Robotaxi technology and commercial pilot advancement is expected to potentially revolutionize industry profit models, supporting optimism for sustained growth in mobility services.
The report forecasts that national ride-hailing order volume will grow to 15.1 billion orders by 2030, with the company's market share potentially reaching 12% and Average Order Value (AOV) increasing to RMB 30. Robotaxi orders and human-driven ride-hailing orders are projected to account for 20% and 80% respectively, with corresponding net profit margins estimated at approximately 17% and 5%. This calculation supports an overall reasonable valuation of approximately RMB 34.2 billion, resulting in a year-end 2025 target price of HK$69 (based on HKD/RMB exchange rate of 0.9090 as of August 8, 2025).
CAOCAO INC went public on the Hong Kong Stock Exchange main board on June 25, becoming the largest technology mobility platform in the Hong Kong stock market with an IPO price of HK$41.94. Following its listing, CAOCAO INC's share price has steadily risen, closing at HK$60.3 per share as of August 13, representing a 44% increase from the IPO price. Previously, J.P. Morgan predicted that CAOCAO INC is likely to be included in the Stock Connect scheme on September 8, allowing mainland investors to participate in trading and potentially bringing significant capital inflows.