On March 8, Yan Yonggui, Vice President of CAOCAO INC (02643), was invited to appear on the CCTV Finance Channel program "Dialogue · Innovation China Tour." The episode, themed "How Battery Swapping Models Assist the Automotive Industry's Quality Upgrade in the '16th Five-Year Plan'," explored the innovative practices and future prospects of battery swapping in China. Commercial vehicles are essential production tools in the mobility industry, and CAOCAO INC consistently focuses on enhancing their quality and efficiency. During the program, Yan Yonggui stated that the battery swapping model is the best energy replenishment solution for the mobility sector. Within CAOCAO INC's manned ride-hailing services, battery swapping has demonstrated value across four dimensions: time-saving, effort-saving, convenience, and increased earnings. In collaboration with YiYi Interconnected, CAOCAO INC's swapping stations can complete a battery change in as little as 60 seconds. Drivers do not need to exit the vehicle, as the swap is performed automatically upon parking. Statistics indicate that the battery swapping model can increase a vehicle's daily operational duration by 90 minutes, leading to an approximate monthly revenue increase of around 1,200 yuan per vehicle. Beyond extending operational hours, the model also eliminates the risk of lost orders due to charging queues or waiting times, effectively achieving cost reduction and efficiency gains. The swapping stations charge batteries collectively in a controlled temperature and humidity environment and conduct real-time inspections, preventing substandard batteries from entering the market and thereby ensuring vehicle and public safety. As of June 30, 2025, CAOCAO INC owns over 37,000 customized vehicles across 31 cities, representing the largest customized fleet of its kind in China, all utilizing a battery-swapping architecture. By the end of 2025, YiYi Interconnected had deployed 446 battery swap stations, accumulating 38.6 million battery swaps. The highest number of swaps recorded at a single station in one day reached 600. According to Frost & Sullivan, compared to typical pure electric vehicles used in shared mobility, CAOCAO INC's customized vehicles have an approximately 36.4% lower average Total Cost of Ownership (TCO), validating the high efficiency of the battery swapping model in commercial operations. Looking ahead, CAOCAO INC is extending this advantage to the future-oriented Robotaxi sector. The company is collaborating with Geely and relevant partners to develop fully customized Robotaxi models pre-equipped with dedicated autonomous driving components and applications, steadfastly adhering to the battery-swapping architecture. These models are set to debut this year, with plans to deploy a cumulative total of 100,000 units by 2030. In December of last year, the company launched the world's first "Green Intelligent Transit Hub," which integrates automated battery swapping, automated cleaning, and intelligent dispatch functions. These hubs will be widely deployed alongside the expansion of the Robotaxi fleet, providing comprehensive automated operational support across all scenarios. The program highlighted that the battery swapping pathway, driven by policy guidance and corporate implementation in China, has become one of the mainstream energy replenishment routes for new energy vehicles. It fundamentally addresses the issue of mismatched lifespans between vehicles and batteries, facilitates the establishment of an integrated closed-loop and standardized management system for the new energy vehicle industry encompassing production, supply, sales, and recycling, and represents a systemic innovation aligned with the interests of users, the industry, and the nation. CAOCAO INC's practices are not merely a commercial innovation at the corporate level but also a proactive response to the national "16th Five-Year Plan" for building an energy powerhouse. By constructing an efficient and safe battery swapping infrastructure network, the company is actively contributing to the development of urban green, low-carbon infrastructure. In the future, as the battery swapping model integrates more deeply with energy storage technology and grid interaction, CAOCAO INC will continue to support the development of the industry and contribute to the realization of the national "Dual Carbon" goals.
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