CaoCao surged over 10% to reach a record high on Wednesday in Hong Kong. The stock has increased by more than 110% this month; first-half revenue grew 53.5% year-on-year.

CAOCAO INC released its interim results for the six months ended June 30, 2025. The group's revenue amounted to RMB 94.56 billion, up 53.5% year-on-year; adjusted net loss was RMB 3.3 billion, down 34% year-on-year; the company's owner share loss was RMB 4.95 billion, down 35.45% year-on-year; basic loss per share was RMB 1.09.

As of June 30, 2025, we operated in 163 cities. For the six months ended June 30, 2025, our total GTV was RMB 110 billion, an increase of 53.6% compared with RMB 71 billion for the six months ended June 30, 2024. For the six months ended June 30, 2025, our total order volume reached 379.5 million orders, an increase of 49.0% compared to 254.8 million orders for the same period last year. As of June 30, 2025, we deployed a fleet of over 37,000 customized vehicles in 31 cities for our affiliated drivers, and we also partnered with local capacity partners to sell customized vehicles to them. The customized vehicles contributed RMB 25 billion GTV for the six months ended June 30, 2025, an increase of 34.7% compared to RMB 19 billion for the six months ended June 30, 2024.

Additionally, our vehicle sales increased significantly, from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025. In seven quarterly surveys conducted from the fourth quarter of 2023 to the second quarter of 2025, covering thousands of shared mobility users nationwide, CAOCAO INC was rated "Best Service Reputation" among China's leading shared mobility platforms, ranking first in user recognition, fully reflecting our relentless pursuit of excellence. The survey was commissioned by us and conducted by a third party, which independently managed the data collection and analysis.