Caocao Mobility made its debut on the Hong Kong Stock Exchange with an initial public offering (IPO) price of HK$41.94 per share. However, the stock price slipped below the offering price on its first trading day and continued to decline thereafter. Over the past three years, the company has amassed losses exceeding RMB 5 billion. Despite witnessing an improvement in its gross profit margin, Caocao Mobility still grapples with substantial financial strain. Its business model heavily relies on aggregation platforms, where the share of orders has been growing annually, but this growth is accompanied by rising commission costs and limited brand influence. The company operates under a capital-intensive model characterized by "customized vehicles + public transport operations," leading to high operational costs and a close association with Geely Group. Looking ahead, Caocao Mobility aims to expand its fleet of customized vehicles and delve into the Robotaxi autonomous driving sector. Nonetheless, achieving a breakthrough in profitability in the near term is anticipated to be challenging.