CAOCAO INC (02643) has released its first annual report since listing, providing a clear profitability timeline and revealing significant future growth potential. The company disclosed its full-year 2025 results, showing a 38% year-on-year revenue increase and sustained robust growth momentum. Profitability improved markedly, with the gross margin rising 1.3 percentage points to 9.4%, while net cash from operating activities surged 60.3%, indicating enhanced operational efficiency.
Notably, CAOCAO INC achieved its first adjusted net profit in the fourth quarter of 2025, signaling that the company has passed the profitability inflection point and is entering a new phase of development. As the primary commercialization vehicle for Geely Holding's Robotaxi initiatives, the company’s latest financial report highlights its strategy of integrating "smart custom vehicles, autonomous driving technology, and intelligent operations," positioning it as one of the few global mobility platforms with full Robotaxi capabilities.
In the short term, profitability certainty has significantly increased, while the company has also established a first-mover advantage in the promising Robotaxi sector. This suggests that CAOCAO INC is on the verge of substantial value realization.
The company’s first post-listing annual report demonstrates strong value growth across multiple metrics. While revenue maintained high growth, profitability indicators showed marked improvement, particularly the positive adjusted net profit in Q4, setting a solid foundation for future development.
In 2025, CAOCAO INC generated revenue of RMB 20.2 billion, up 38% year-on-year. This growth was driven by refined operations in existing cities, where the company continued to gain market share, as well as expansion into new markets. By the end of 2025, the company operated in 195 cities, adding 59 new cities during the year.
Under its proactive expansion strategy, gross transaction volume (GTV) increased 38.2% to RMB 23.4 billion, while monthly active users grew 43.9% to 41.3 million. Benefiting from a strong reputation and positive brand momentum, the average number of monthly active drivers increased by 35.4%, leading to optimized driver and fleet management and improved service capacity.
Alongside high-quality expansion, profitability metrics also saw significant improvement. Gross profit reached RMB 1.89 billion, with a gross margin of 9.4%, up 1.3 percentage points year-on-year. The most notable indicator was the positive adjusted profit in Q4, marking the company’s transition toward sustainable profitability.
As the largest mobility technology platform in Hong Kong, CAOCAO INC has actively integrated AI into its operations. According to the annual report, AI has become a key driver of operational efficiency. The company’s decision-making system, "CAOCAO Brain," uses AI to optimize algorithms and improve order dispatch efficiency, contributing to enhanced profitability.
With scale effects continuing to materialize and operational efficiency improving through the "CAOCAO Brain" transaction engine, the company’s profitability metrics are expected to further strengthen in 2026. As the profitability inflection point solidifies, CAOCAO INC is poised to deliver on its growth expectations with greater stability.
While the profitability milestone highlights the company’s current performance, its strategic positioning in the Robotaxi sector points to a promising future. As mentioned, CAOCAO INC has adopted a three-pronged strategy—smart custom vehicles, autonomous driving technology, and intelligent operations—which is expected to soon reflect in financial performance.
In terms of smart custom vehicles, the company operates the largest custom fleet in China, with over 38,000 self-owned vehicles by the end of 2025. This large-scale fleet provides valuable operational and asset management experience for the future Robotaxi era. According to Frost & Sullivan, CAOCAO INC’s custom vehicles reduce total cost of ownership (TCO) by approximately 36.4% compared to typical shared-use EVs.
Additionally, the company is collaborating with Geely and partners to develop fully customized Robotaxi models pre-equipped with autonomous driving components, scheduled for launch by the end of 2026, with a target of deploying 100,000 units by 2030.
In autonomous driving technology, CAOCAO INC benefits from extensive mobility scenarios and large-scale travel data. Leveraging Geely’s passenger vehicle expertise, the company is accelerating the iteration, scaling, and commercialization of autonomous driving technology. In February 2025, the CAOCAO Zhixing autonomous driving platform was launched, with Robotaxi pilot operations starting in Suzhou and Hangzhou. In December, the company introduced the Robotaxi 2.0 full-stack solution, including second-generation Robotaxi vehicles equipped with Geely’s latest autonomous driving components, an unmanned service-capable smart fulfillment platform, and a remote assistance system (RAS).
As of the report’s release, the company had deployed over 100 Robotaxi vehicles, with the RAS platform already operational, ensuring a smooth transition from in-car safety operators to cloud-based supervision.
In intelligent operations, CAOCAO INC has built a mature mobility network covering 195 cities nationwide. In December 2025, the world’s first "Green Smart Mobility Island" was launched in Hangzhou, integrating functions such as automated battery swapping, cleaning, and intelligent dispatching, with provisions for eVTOL takeoff and landing. This initiative lays the groundwork for future urban mobility infrastructure.
Going forward, city-level Green Smart Mobility Islands will enable seamless integration between Robotaxi and WoFly Longkong eVTOL services, supported by Spacety’s low-earth orbit satellite network, forming an integrated "sky-ground" mobility blueprint.
While advancing its Robotaxi business, CAOCAO INC is also accelerating its international strategy. In November, the company signed a memorandum of understanding with the Abu Dhabi Investment Office to integrate its efficient battery-swapping network and operational system into Abu Dhabi’s green energy ecosystem. In 2026, the company plans to deploy Robotaxi services internationally and explore business opportunities in Hong Kong, applying its proven platform operations, smart dispatching, and asset management capabilities globally.
Looking at CAOCAO INC’s 2025 results, it is clear that the company is not only demonstrating near-term profitability but also building a foundation for future growth. With a clearer profitability timeline and the gradual realization of its Robotaxi potential, CAOCAO INC is approaching a phase of concentrated value realization. For investors in the secondary market, this may present a strategic entry opportunity.
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