Overview
- CaoCao reported 2025 revenue of RMB 20.2 billion with gross margin at 9.4% and said it turned an adjusted profit in the fourth quarter.
- Operating cash flow improved, rising 60.3% year over year as the company touted stronger cost control and scale effects.
- The platform expanded to RMB 23.4 billion in gross transaction value with about 41.3 million monthly active users and 631,000 drivers across 195 cities.
- The company has deployed more than 100 self-driving taxis and plans broader 2026 operations in China, with a Geely-backed custom model due this year and pilots in Hong Kong and overseas markets.
- Risks remain high, with total liabilities at RMB 9.256 billion and 36Kr reporting over 300 fines in Zhejiang for unlicensed driver operations in 2025, putting pressure on cash and compliance.