CaoCao Inc (02643) reports first quarterly profit in 2025 after adjustment, Robotaxi transformation accelerating comprehensively.

The first annual report card of CAOCAO INC (02643) after its listing not only provides a clear picture of the WINOX interval, but also allows the market to see the company's immense potential for future imagination. GMTEight noticed that recently, CAOCAO INC disclosed its full-year performance for 2025. The financial report shows that with a 38% year-on-year increase in revenue, on the basis of continuing good growth, CAOCAO INC's profitability significantly improved in 2025. The gross profit margin increased by 1.3 percentage points year-on-year to 9.4%; the net cash inflow from operating activities increased by a whopping 60.3%, indicating a significant enhancement in cash generation capability. More importantly, in the fourth quarter of 2025, CAOCAO INC also achieved positive adjusted net profit for the first time, indicating that CAOCAO INC has officially passed the profitability turning point, and the company will move forward into a new development stage. At the same time, as the most important commercial platform for Robotaxis under Geely Holdings, the latest financial report of CAOCAO INC also shows that the company is becoming a global technology travel platform with all the essential elements of Robotaxis, using a development strategy of "intelligent custom car + intelligent driving technology + intelligent operation". In the short term, the certainty of profitability has significantly increased, while also taking the lead in building a competitive advantage in the highly imaginative Robotaxi race track. It can be said that at this stage, CAOCAO INC has come to the "eve" of value concentration realization. Turning Point in profitability In its first annual report after listing, CAOCAO INC used comprehensive growth data to release a strong value signal externally. With continued high revenue growth, the profitability indicators have seen substantial improvement, especially the positive adjustment of net profit in the fourth quarter, laying a solid foundation for the company's future development. In terms of revenue, in 2025, CAOCAO INC achieved a revenue of 20.2 billion yuan, a 38% year-on-year increase. This growth performance is attributed to CAOCAO INC's fine-grained operation in existing cities, continually increasing its market share in stock markets; it is also attributed to the continuous expansion of its services to Shenzhen New Land Tool Planning & Architectural Design. Data shows that by the end of last year, CAOCAO INC had covered 195 cities, with a high number of 59 new cities added during the year. Under the active expansion policy, CAOCAO INC's GTV in 2025 increased by a strong 38.2% year-on-year to 23.4 billion yuan, with monthly active users increasing by a significant 43.9% year-on-year to 41.3 million. With a good reputation and a brand effect entering a virtuous cycle, the average monthly active drivers of CAOCAO INC also increased by 35.4% year-on-year, effectively driving the continuous optimization of the company's driver and fleet management, significantly increasing capacity. At the same time as the high-quality realization of the logic of scale expansion, CAOCAO INC's various profitability indicators also saw a significant optimization leap. In 2025, CAOCAO INC achieved a gross profit of 1.89 billion yuan, corresponding to a gross profit margin of 9.4%, an increase of as much as 1.3 percentage points year-on-year. The stronger value signal can naturally be attributed to the fourth quarter when CAOCAO INC achieved positive adjusted profit, signaling the company's accelerated move towards a new stage of sustainable profitability. It is worth noting that as the largest technology travel platform in the Hong Kong stock market, CAOCAO INC is actively exploring the integration and development of AI technology with its business in 2025. Judging from the information released in the financial report, AI has become an important engine for improving the efficiency of the company's operations. The annual report shows that the company's operational decision-making system "Cao Cao Brain" continues to use AI technology to optimize algorithms, improve order scheduling efficiency, and effectively enhance profitability. Considering that the scale effect of CAOCAO INC is continuing to be released at present, and with the help of the trading engine "Caocao Brain," the company's operational efficiency is undergoing fundamental optimization. It can be expected that the company's various profitability indicators will further break through in all aspects in 2026 as the profitability turning point is established. With a more steady posture, CAOCAO INC will also high-quality realize its development expectations in the next stage. Sufficient Growth Momentum If the establishment of the profitability turning point allows the market to see the "present" of CAOCAO INC, the company's strategic layout in the field of Robotaxis outlines the company's imaginative "future". As mentioned at the beginning, CAOCAO INC has now established a three-in-one Robotaxi business development strategy of "intelligent custom car + intelligent driving technology + intelligent operation." Its first-mover advantage in this race track is expected to be reflected in financial data soon. In terms of intelligent custom cars, the company holds the largest customized vehicle fleet in the country, with over 38,000 customized vehicles held by the end of 2025. The large-scale customized vehicle fleet has accumulated operational and asset management experience that can be reused for CAOCAO INC's future Robotaxi era. According to data from Frost & Sullivan, CAOCAO INC's customized vehicles have an average total cost of ownership that is about 36.4% lower than typical pure electric vehicles used in shared travel. At the same time, CAOCAO INC is also working with Geely and related partners to jointly develop a fully customized Robotaxi model with exclusive automatic driving components and applications, scheduled to debut by the end of 2026 and deploy 100,000 vehicles by 2030. In terms of intelligent driving technology, CAOCAO INC has rich travel scenarios and extensive travel data. Leveraging Geely Holdings' advantages in passenger cars, the company can rapidly promote the iteration, large-scale application, and commercialization of intelligent driving technology. In February 2025, Cao Cao Intelligent Driving Platform was officially launched and began Robotaxi pilot operations in Suzhou and Hangzhou. In December of the same year, the company released the Robotaxi 2.0 full stack solution, which includes the second generation Robotaxi with Geely's most advanced automatic driving components, as well as an intelligent fulfillment platform with unmanned service capabilities and the RAS remote safety service platform. By the time the financial report was released, the company had deployed over 100 Robotaxis, and the RAS platform had been put into operation, providing solid support for the smooth transition of Robotaxi fleets from main driving safety officers to cloud-based protection. Furthermore, at the level of intelligent operation, CAOCAO INC has built a mature travel network covering 195 cities across the country. In December 2025, the world's first "Green Smart Transport Island" was officially launched in Hangzhou, integrating functions such as automatic battery replacement, automatic cleaning, and intelligent scheduling, while also providing a landing pad for eVTOL. It has laid the initial groundwork for the future urban travel infrastructure. In the future, city-level green smart transport islands will seamlessly connect Robotaxis with eVTOLs from Volocopter, and will be supported by a global communication coverage provided by the space-time navigation low-orbit satellite network, jointly building the blueprint for "integrated air, land, and space" travel. While making orderly progress in the development of the Robotaxi business, CAOCAO INC's internationalization strategy is also accelerating. In November, the company signed a memorandum of cooperation with the Abu Dhabi Investment Office to integrate its mature and efficient battery replacement network and operating system into Abu Dhabi's green energy ecosystem. In 2026, the company plans to deploy Robotaxis in international markets and explore business development in Hong Kong, applying the platform's successful operation, intelligent scheduling, and heavy asset management capabilities from China to the international market. Looking back at CAOCAO INC's 2026 financial report, GMTEight believes this is a report that both announces a rapid rise in the company's current certainty and also has a strong sense of "future". With the WINOX interval becoming clearer and the potential for Robotaxi business realization being closer, CAOCAO INC has arrived at the "eve" of value concentration realization in practical terms. For investors in the secondary market, now may be the perfect time window for strategic positioning.