CAOCAO INC (02643) today lifts the ban on Robotaxi and is the cornerstone of the full-element ecological growth period value.

On December 29, 2025, CAOCAO INC (02643) ushered in its first unlocking day after listing. Although this unlocking may exert certain pressure on the stock price in the short term, it also provides an excellent opportunity for new funds to enter the market, for those who believe in the company's long-term ecological value and the Robotaxi track. As the most important commercial carrier of Geely Holding Group's Robotaxi, CAOCAO INC possesses all the key elements necessary for the development of Robotaxi, forming a unique "intelligent custom car + intelligent driving technology + smart operation" integrated development model. From a long-term perspective, CAOCAO INC, with its unique business model, robust financial performance, and forward-looking strategic layout, demonstrates strong development potential. 01 Turning point in commercialization: Cost reduction and policy support promote industry growth The Robotaxi industry is standing at the threshold of scale and commercialization. The two major bottlenecks that have hindered development in the past intelligent driving technology and policy restrictions are simultaneously being overcome. On the one hand, advancements in algorithms, computing power, and hardware are having a cumulative effect, leading to continuous breakthroughs in intelligent driving technology and a steady decrease in the cost of intelligent driving. Goldman Sachs research shows that the cost of autonomous driving systems is decreasing at a rate of 10%-15% per year. Industry forecasts suggest that by 2027, the cost per kilometer for Robotaxi is expected to be comparable to traditional ride-hailing services. The decentralization of high-end technology is lowering the commercialization threshold for Robotaxi. On the other hand, several cities in China are giving the green light to Robotaxi trials. Beijing opened the country's first unmanned travel commercial pilot in 2022, while Shanghai released the "Shanghai Advanced Automatic Driving Leading Zone 'Mobile Speed Smart Travel' Action Plan" in July of this year, aiming to achieve over 6 million rides of Level 4 autonomous driving passengers by 2027 and open roads exceeding 5,000 kilometers. Industry data shows that in the first quarter of this year, the total financing in the field of autonomous driving in China reached 36.24 billion RMB, a year-on-year increase of 38.5%. The capital market is refocusing on this track, reflecting optimistic expectations for commercialization prospects. 02 Competitive landscape: From "Algorithm Race" to "Ecological Competition" The current Robotaxi industry has formed a competitive ecosystem with multiple players from different backgrounds and technologies coexisting. Due to the different areas of expertise of the leaders, cross-border collaboration between ride-sharing platforms and tech companies (such as Uber collaborating with Waymo), as well as between automakers and tech companies (such as Didi collaborating with GAC Aian), are quite common and contribute to the commercialization of the industry. However, Robotaxi involves technologies, vehicles, and operations, with many intricate details and links that are not easy to integrate seamlessly across multiple areas. Converting autonomous driving vehicles into reliable travel services relies on complex system engineering capabilities. While the industry generally focuses on the single-vehicle technology of Robotaxi, CAOCAO INC is dedicated to building a complete operating system. Leveraging Geely's technological ecosystem, CAOCAO INC possesses all elements of "intelligent custom cars + intelligent driving technology + intelligent operations," forming a closed loop from vehicle manufacturing to operational services. CEO of CAOCAO INC, Gong Xin, believes that as intelligent driving technology matures and the number of Robotaxi deployments increases significantly, a complete operating system is needed to integrate vehicles and intelligent driving technology to provide services to consumers and ultimately form a commercial closed loop. Among these, intelligent driving technology is the threshold for entering the Robotaxi field, intelligent custom vehicles are the key advantage to gaining a leading position, and intelligent operational systems are the fundamental guarantee for achieving long-term commercial success. 03 CAOCAO INC's path: Comprehensive competition empowered by Geely ecosystem CAOCAO INC's Robotaxi strategy is supported by two core elements: Geely's technological ecosystem and ten years of operational experience. Geely's technological ecosystem provides a unique advantage for CAOCAO INC. From vehicle research and development to intelligent driving technology, from low-orbit satellite networks to eVTOL flying cars, Geely Holding is building an integrated three-dimensional travel ecosystem of "land, air, and space". Leveraging the 448 battery swapping stations operated by EasyGo, a subsidiary of Geely Holding, the "Green Smart Pass Island" released by CAOCAO INC is a microcosm of this ecosystem. This integrated infrastructure, which includes functions such as automatic battery swapping, clean scheduling, and intelligent settlement, could potentially incorporate eVTOL landing and take-off services in the future, enabling a one-stop transfer between Robotaxi and eVTOL. The strategic cooperation between CAOCAO INC and Qianli Zhi Jia in autonomous driving algorithm field provides support to CAOCAO INC. However, technology implementation is not the end goal; a complete operational system is the key to achieving commercial success. CAOCAO INC has established systemic capabilities in this regard: on the user side, relying on a user base of millions and mature service systems ensures service standards and user experience; on the platform dispatch side, the "CAOCAO Brain" intelligent system achieves efficient supply-demand forecasting and vehicle dispatch, enhancing overall operational efficiency; on the asset side, CAOCAO INC has built a comprehensive lifecycle management system covering vehicle acquisition, insurance, maintenance, and residual value management, providing core support for cost control and commercial validation. At the same time, it operates the largest custom vehicle fleet in China, accumulating valuable experience for the necessary scaled fleet operations and efficient asset management in the Robotaxi era. These comprehensive operational capabilities spanning users, dispatch, and asset management will empower CAOCAO INC's Robotaxi operations, providing solid support for its scaled commercial deployment. 04 Industry outlook: The next decade may reshape the urban travel landscape A report from the Chinese Electric Vehicle Hundred People Association predicts that by 2030, the Chinese Robotaxi market could reach 1.2 trillion RMB, accounting for over 30% of the shared travel market. An analysis by China Securities Co., Ltd. indicates that the widespread adoption of Robotaxi could bring multiple social benefits: improving traffic efficiency by approximately 30%-40%, reducing the accident rate by about 70%, and reducing the demand for urban parking space. For CAOCAO INC, the goal of "Ten Years, One Hundred Cities, One Trillion RMB" is challenging but aligns with industry growth expectations. Gong Xin revealed during the press conference that standardized construction guidelines for the Green Smart Pass Island have been developed, laying the foundation for rapid expansion. With the integration of Robotaxi with new technologies such as eVTOL and low-orbit satellites, the future of urban travel will exhibit characteristics of spatial and intelligent transportation. CAOCAO INC's all-encompassing model backed by the Geely ecosystem positions it uniquely in this ecological competition. A research report from CITIC Securities suggests that after autonomous driving technology matures, Robotaxi may reduce ride-hailing capacity costs by over 50%. When this trillion-dollar market truly flourishes, players with comprehensive ecological elements may gain a competitive advantage. CAOCAO INC's "Ten Years, One Hundred Cities, One Trillion RMB" blueprint depicts not just a corporate vision but a possibility for the future of urban travel. This competition, driven by technology, capital, and ecology, is only just beginning. The release of shares as a result of unlocking is a normal part of the operation of the capital market. In response to the increase in circulating shares due to unlocking, the company's management announced on December 16th that they voluntarily extended the lock-up period for their incentive shares until June 2025. This measure directly addresses concerns in the market about short-term selling pressure and demonstrates the deep commitment of the core team to the long-term interests of the company. Stock unlocking is a technical milestone after an IPO, and the uniqueness of CAOCAO INC remains unchanged. For investors, at a time when the dawn of commercialization of autonomous driving is beginning to emerge, perhaps what is needed most is foresight to navigate through short-term fluctuations and patience for a market worth trillions that is undergoing restructuring.