曹操出行2025年年报

目錄 公司資料2 財務及運營摘要4 業務概覽6 管理層討論與分析10 董事會報告23 企業管治報告70 合併虧絀變動表 合併現金流量表 公司資料 20259 2620259 26202511 20202511 20202511 20202511 20 20259 2620259 26202511 20202511 20 22 P.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 公司資料 661 21 183171712-1716 18346 818 Vistra (Cayman) LimitedP.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 266628 36 979353505-06 321 2643 www.caocao.com.cn (1) (2) (1) 財務及運營摘要 2015OEM 2025GTV202417038.2%2025234202428.743.9%202541.3202414737.7%2025202202512311955935.4% 20248.1%20259.4%20241,246.450.8%2025613.62024724.029.8%2025508.52025EBITDAAI 202517.0%20298,04220244.3%7.6%20232025 業務概覽 Robotaxi Robotaxi服務 OEMRobotaxiRobotaxiRobotaxiRobotaxi 20252Robotaxi1.0Robotaxirobotaxirobotaxi 202512Robotaxi2.0RobotaxiRASRobotaxi90Robotaxi2026RobotaxiL4202620272030RobotaxiRobotaxi 地理覆蓋範圍及全球化 202511Robotaxi2026RobotaxiRobotaxi RobotaxiRobotaxi++ 2025123020261272026324 業務概覽 無障礙公益 202532820251231201,0006 司機權利保護 236 202594 司機醫療健康 202512 司機家庭關愛 20212025 管理層討論與分析 (i)(ii)(iii) 202414737.7%2025202 出行服務 202413636.8%2025186 車輛銷售 2024866.863.6%20251,418.420248,004202515,34660 其他 2024224.12025207.2 202413535.8%2025183 20251,889.720241,186.020259.4%20248.1% 20252024 (i)(ii)(iii) 20241,222.047.5%20251,802.920241,046.349.6%20251,564.8 (i)(ii)(iii) 2024762.019.8%2025611.2 2024234.512.0%2025206.3 管理層討論與分析 2024192.329.5%2025249.0 202447.446.7%202525.3 20247.710.5%20256.9 202410.823.0%20258.3 2024328.015.4%2025277.5 2024317.115.1%2025269.2 2024123188.720251231138.920241231B2025625B41.94138.9B2024123120251231 202520.0202440.0 20241,246.450.8%2025613.6 EBITDAEBITDA EBITDAEBITDAEBITDA EBITDA 管理層討論與分析 管理層討論與分析 借款 202512317,206.92025123155 (1)2024202512312.20%3.32%2025202412314,768,242,0004,349,969,0002,860,265,0002,859,969,000 (2)2025202412316,600,00063,599,0006,600,00011,862,0002025202412314.95%6.70% (3)202412316,270,0006,270,0003.8%4.2%(4)2025202412312.70%3.80%2025202412311,545,523,0001,482,460,000(5)202512312.9%3.2%(6)2025202412312025202412312.97%3.19%2025202412317,300,00012,000,000262,692,000403,257,000 租賃負債 20251231115.720241231116.5 其他應付款項 2024123112.52025123120251231 負債比率 20251231139.8% 管理層討論與分析 現金流量 20241231159.5202512311,176.4 202512311,176.42025378.32024235.9 20254246020255152025811 202582255202510132026114 2025123155 20262412,000,000383202624 資本開支 20242025339.5309.0 資本承擔 202512312024123129.9 或有負債或擔保 20251231 資產負債表以外承擔及安排 20251231 所持重大投資 202512315% 管理層討論與分析 重大收購及 ╱ 或出售附屬公司、聯營公司及合營企業 2025123120251231 資產抵押 20251231 重大投資及資本資產的未來計劃 20251231 管理層討論與分析 外幣兌換風險 20257 220251231 董事會報告 202562544,178,60041.941,852.91,718.4 20251231 20251231938.220251231 5 20251231 董事會報告 5 •••••• 2015 20251231271421.220232035 2025123358.38110,422.24500,020.81610,801.431GTV30 (www.hkexnews.hk)(www.caocao.com.cn) 僱員 202512311,091 7 董事會報告 客戶及供應商 GTV 30%5% 30%5% 13 22 20251231 23 202512317,206.9 2025123126 20251231 20251231 董事會報告 202512312 19.01% 20251231 20262432.4612,000,000202612735.668.97%12,000,000120 38331.92 2026128 2026128202624 20251231 董事會報告 執行董事 非執行董事 獨立非執行董事 3.13 執行董事 39202111813202072021520153202072018201620172011720153 2008720116 非執行董事 642024410201212026120033201611000913202112022960177720056202251758017520181020208600478 198772007 董事會報告 4620244102014202272021520142021CFO 20263LotusGroup International Limited2026120256PSNY2025120223SmartMobility Pte. Ltd. 20027 592024410CEO 19897 4120244102017920241 2007720166 4520244102022220228202382021820227 20067 獨立非執行董事 653020215000913202590008862020122021102020520113 1988620221 3.10(2) ••• 董事會報告 • • • 5720151220231202312023122024930103920246TCL002668202410020082017620181220191220232001914201912202351503 20033200410 4810202432014420233202510 20056 39 4492019920211120159201992006720158 20066(American Institute of Certified Public Accountants)(Institute of Internal Auditors) 481620081220082016 2000720063 4416202052016320086 20047 董事會報告 執行董事 非執行董事 獨立非執行董事 40 1818 20222202510 8.10 3.25 407 董事會報告 7 (DION)20251231XVXV78352 (2) 20251231XVXV78352 (DION)20251231XV23336 董事會報告 (1)L (2)Ugo Investment Limited (3)Oceanpine MarvelUgo Investment Limited (4)(i)(ii) 20251231XV23336 202211 目的 獎勵類型 合資格參與者 最高股份數目 55,555,600 歸屬時間表及績效目標 25% 行使購股權 55,555,6002025123131,873,803202512315.64%20251231703202211302025610 董事會報告 20251231 (1)20236120246120256127.35%27.35%22.65%22.65%(2)(3)(4)(i)(ii)(iii)(iv)(5)(i)(ii)(6)(7)2025115202534202561036.7038.3936.7634 0.97% 2026227 目的 (a)(b)(c) 獎勵類型 合資格參與者 董事會報告 最高股份數目 58,144,02110%58,144,02110% 5,814,4021% 承授人的最高權利 121% 授出獎勵 (a)(b)(c)(d)(e) 獎勵歸屬 1212 授出購股權的行使期 10 行權價、購買價及釐定基準 (i)(ii)(iii) 期限 10 董事會報告 A20251231 部分獲豁免持續關連交易 1. 2025417202632420271231 101218(i)(ii)(iii)(iv) 2027123119.825.730.82025123116.9 2. 2025414202551620241219202