CaoCao Inc. (02643) reported solid top-line expansion and narrowing losses for the six months ended 30 June 2026, supported by stronger ride-hailing demand and improving cost efficiency.
Revenue rose 9.0% year on year to RMB 10.34 billion, driven mainly by a 13.9% jump in mobility-service sales to RMB 9.79 billion. Gross profit increased 12.8% to RMB 928.38 million, lifting gross margin to 9.0% from 8.7% a year earlier.
Cost discipline and scaling effects reduced the period loss to RMB 379.80 million, an improvement of 17.5%. On a non-IFRS basis, adjusted net loss trimmed 4.7% to RMB 306.77 million, with the adjusted loss margin narrowing to 3.0% from 3.4%.
Operating indicators strengthened: Gross transaction value climbed 13.6% to RMB 12.45 billion; average monthly active users advanced 17.1% to 44.6 million; and average monthly active drivers grew 36.8% to 758,000.
Selling and marketing costs increased 10.6% to RMB 930.15 million, largely due to higher commissions paid to aggregation platforms. In contrast, general and administrative expenses fell 36.8% to RMB 292.23 million, reflecting lower share-based compensation and listing expenses.
Net finance costs declined 18.1% to RMB 120.00 million as borrowing costs eased. Net cash from operating activities dropped to RMB 65.99 million (-80.5%), while cash and cash equivalents stood at RMB 1.56 billion at period-end. Total borrowings were RMB 7.36 billion; cash and undrawn bank facilities were viewed by management as adequate for near-term obligations.
CaoCao continued geographic expansion, adding 20 new cities to reach service coverage of 215. The company launched its “RoboX” strategy, deploying 140 second-generation Robotaxis and outlining plans for further domestic and overseas roll-outs in H2 2026 alongside exploration of low-altitude mobility solutions.
International initiatives progressed with partnerships in the UAE—where a Robotaxi cooperation agreement was signed with local firm K2—and in Hong Kong, where CaoCao intends to form a joint venture with Octopus to launch ride-hailing services.
Capital expenditure moderated to RMB 154.0 million as the company leveraged its fleet of over 42,000 purpose-built vehicles. Outstanding capital commitments totalled RMB 55.20 million, while unutilised bank credit lines were approximately RMB 5.6 billion.
During the period, CaoCao repurchased 2.73 million shares for HK$65.63 million under a HK$200 million buy-back plan and raised HK$383 million through a placing of 12 million new shares in February 2026. As of 30 June 2026, HK$625.60 million of IPO proceeds and HK$327.60 million of placing proceeds remained unspent, earmarked mainly for vehicle technology, Robotaxi deployment, geographic expansion and working capital.
No interim dividend was declared.
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