CaoCao (2643) H1 2025 earnings summary

Executive summary

• Achieved 53.5% year-over-year revenue growth to RMB9.46 billion for H1 2025, driven by mobility services and vehicle sales.

• Gross profit margin improved to 8.4% from 7.0% year-over-year, reflecting scale and efficiency gains.

• Net loss narrowed by 39.8% to RMB468.2 million; adjusted net loss margin improved to 3.5%.

• Operating cash flow increased 164.6% to RMB325.2 million, with cash and equivalents at RMB2.2 billion.

• Listed on the Hong Kong Stock Exchange on June 25, 2025, raising HK$1.72 billion in net proceeds.

Financial highlights

• Revenue: RMB9.46 billion, up 53.5% year-over-year.

• Gross profit: RMB796 million, up from RMB428.5 million; gross margin at 8.4%.

• Net loss: RMB468.2 million, improved from RMB778.1 million; adjusted net loss: RMB329.6 million.

• Net cash from operating activities: RMB325.2 million, up from RMB122.9 million.

• Cash and cash equivalents: RMB2.20 billion as of June 30, 2025.

Outlook and guidance

• Plans to expand Robotaxi operations and geographical footprint, especially in lower-tier cities.

• Strategic focus on scaling Robotaxi operations, vehicle sales, and leveraging partnership with Geely Group.

• Expects continued growth in mobility operating vehicle sales market, with strong positioning for future expansion.

• Market expected to grow at 17% CAGR through 2029, with shared mobility penetration rising.