Core Viewpoint - The government is intensifying subsidies for the automotive aftermarket, with Tuhu Car Service becoming the sole partner for the 2025 vehicle trade-in program in Zaoyang Economic Development Zone, Hubei [1] Group 1: Government Subsidies and Market Impact - Tuhu Car Service has engaged in a government subsidy project aimed at upgrading consumer spending in the automotive aftermarket, allowing users to enjoy dual benefits of "government subsidies + platform discounts" when purchasing products through the Tuhu app [1] - The automotive aftermarket is experiencing a surge in trade-in activities, with government subsidies driving record-high performance metrics on the Tuhu platform [1] - On June 18, Tuhu Car Service achieved sales exceeding 150 million, with international tire brand sales increasing by over 82% year-on-year, and engine oil sales ranking first nationally [1] Group 2: Service Network and Standardization - Tuhu Car Service operates over 7,000 service centers across more than 300 cities and 1,700 counties in mainland China, providing a robust network for the effective implementation of subsidies [3] - The company has established a standardized service system to ensure consistent quality and efficiency across all service centers, enhancing user experience regardless of location [3] - Tuhu's after-sales service, including lifetime warranties on tires, aims to safeguard the entire consumer experience throughout the service process [3] Group 3: Future Development - The government subsidy project is expected to further reduce vehicle maintenance costs, allowing more users to benefit from integrated online and offline automotive services, while promoting digitalization, transparency, and standardization in the automotive aftermarket [3]

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 作者丨阿狸 编辑丨园长 图源丨Midjouney 更令人匪夷所思的是，全国各地的知名企业也前来凑热闹，争抢赛事赞助合作商。 刺猬公社 . 互联网内容行业观察与研究 来源丨 刺猬公社（ID：ciweigongshe） 上个周末，全国人民蹲在直播间观看一场草根足球比赛 ——"苏超"，要知道，在一个月前，这还是 一场无人问津的足球比赛。 根据苏州官方发布的数据，苏超第四轮比赛的场均观众已达 25802 人，而一个月前的首轮比赛，场 均观众仅有 7745 人。 增加的大部分观众，很有可能都是来凑热闹的，但作为一场由官方主导的省级足球赛事，因为各式各 样的段子出圈，在社交媒体上吸引泼天流量，在国内，这还是头一回见。截至 2025 年 6 月 16 日，抖音上关于"苏超"及"苏超联赛"的话题播放量已超过 70 亿次。 6 月 6 号，"江苏省城市足球联赛"公众号公布了最新的赛事赞助商名单，在这份名单里，除新增一 个类别的赞助商——公益支持单位（其中仅有一家），赛事的赞助商扩容至 19 个，是首轮的三倍。 品牌的狂欢，反向验证着比赛的热度，但并不是谁都有资格成为苏超的合作伙伴， ...

齐鲁晚报·齐鲁壹点 吴海云 在途虎不断提升专业技能 "找段主管来看看。"在途虎养车工场店（青岛院士港店），因为技术水平高，每当遇到车辆存在疑难杂症的时候，作为技术主管的段方立前来帮忙诊断。 年纪轻轻成为技术主管 段方立毕业后就进入一家传统的汽车修理厂学习汽车维修，2019年下半年来到途虎养车工场店（青岛院士港店）。在入职途虎养车的一年里面逐步学习，先 后通过初级、中级、高级技师认证；经过不断努力，终于在2021年通过了途虎养车的特级技师认证，成为一名特级技师。 2024年，段方立通过考核，获得了途虎的技术主管认证，在店里担任技术主管的角色，在进行维修工作的同时，也花费不少时间指导其他技师。如果遇到车 辆维修上的疑难杂症，段方立也会进行处理。 段方立介绍，途虎养车有一整套严格的培训流程，从而提升技师专业技能，同时途虎内部系统内嵌汽车维修知识库，可供技师查询及学习。技师入职途虎 后，需进行学习提升、通过途虎内部考核流程，才能获得更高级别技师等级认证。 能修又省钱 客户选择了途虎 因为信任段方立和途虎养车维修技师的技术和服务，客户选择了途虎养车。 之前有一位客户，家里有一款老款德系轿车出现了空调制冷效果差的问题。这 ...

Group 1 - The article highlights significant trading volume increases for various companies, indicating potential investment opportunities [1][2][3] - Notable companies with high trading volumes include卓越教育集团 (Zhuoyue Education Group) with a volume ratio of 2.45 and成交额 (transaction amount) of 27.16 million, and中国太保 (China Pacific Insurance) with a volume ratio of 2.29 and成交额 of 947.61 million [2][3] - Other companies showing substantial trading activity include维亚生物 (Viya Bio) with a volume ratio of 2.20 and成交额 of 16.22 million, and天津发展 (Tianjin Development) with a volume ratio of 2.17 and成交额 of 1.64 million [2][3] Group 2 - The data indicates that卓越教育集团 (Zhuoyue Education Group) and中国太保 (China Pacific Insurance) have both experienced a single day of increased trading volume, suggesting a potential trend [2][3] - Companies like弘业期货 (Hongye Futures) and招商证券 (China Merchants Securities) have shown consistent trading volume increases over multiple days, with弘业期货 recording a volume ratio of 1.50 and成交额 of 116.44 million, and招商证券 with a volume ratio of 1.70 and成交额 of 28.22 million [2][3] - The report also lists other companies with varying degrees of trading volume increases, such as顺丰同城 (SF Intra-city) and吉利汽车 (Geely Auto), indicating a broader market trend [2][3]

"四大慢病重大专项"是我国面向2030年部署的国家科技重大项目，我国重大慢病防治适宜技术推广机 制、模式与示范项目作为"四大慢病重大专项"的重要组成部分，由天津中医药大学作为牵头单位，课题 承担与参与单位汇聚了四川大学、首都医科大学附属北京安贞医院、遵义医科大学附属医院、徐州医科 大学、中国康复研究中心、北京大学、中南大学、天津医科大学、天津微医数字医院有限公司等国内高 水平大学、医疗机构、科研单位、AI医疗企业，旨在通过政产研学用多领域协作，系统性解决重大慢 病防治适宜技术推广的关键问题，推动慢病综合防治技术低成本、广覆盖、高效率的人群可及、患者可 及。 政产研学用携手，攻坚重大慢病防治适宜技术推广 天津中医药大学王耀刚教授作为项目负责人，对项目情况进行了全面介绍，并进一步明确了项目的组织 和管理要求。项目将围绕四个具体目标扎实推进：一是构建慢病防治技术推广机制、模式和实施路径； 二是建立慢病防治技术推广数智平台和支撑体系；三是形成心脑血管疾病、代谢性疾病、呼吸疾病、癌 症的综合防治方案并应用推广；四是构筑低成本、高效率、广覆盖的慢病"防、筛、管、治、康、护"数 智化全链条新范式。 当前我国慢病防治存在较多 ...

Group 1 - The Hong Kong automotive dealership stocks are experiencing a strong upward trend, with Zhongsheng Holdings (00881.HK) rising nearly 7.5% [1] - Yongda Automobile (03669.HK) has seen an increase of nearly 2.5% [1] - Other companies such as Harmony Auto (03836.HK) and Tuhu (09690.HK) are also following the upward trend [1]

Financial Performance - Total revenue for 2024 reached RMB 14,758,694, representing an 8.5% increase from RMB 13,601,085 in 2023[12] - Gross profit for 2024 was RMB 3,745,978, with a gross margin of 25.4%, compared to RMB 3,359,353 and 24.7% in 2023, marking an 11.5% increase[12] - Adjusted net profit for 2024 was RMB 624,138, reflecting a 29.7% increase from RMB 481,314 in 2023[12] - Operating profit for 2024 was RMB 331,031, representing a significant increase of 104.9% from RMB 161,524 in 2023[12] - The company reported a net profit of RMB 482,038 for 2024, a decrease of 92.8% compared to RMB 6,700,697 in 2023[12] - Adjusted EBITDA for 2024 was RMB 777,262, a 2.6% increase from RMB 757,783 in 2023[12] - The total operating expenses for 2024 amounted to RMB 3.5 billion, with operating expenses as a percentage of revenue decreasing by 0.7 percentage points to 23.6%[17] - The company's revenue for the year ended December 31, 2024, was RMB 14,758.7 million, an increase of 8.5% compared to RMB 13,601.1 million for the year ended December 31, 2023[49] - The gross profit for the year ended December 31, 2024, was RMB 3,746.0 million, with a gross margin of 25.4%, up from 24.7% in the previous year[59] - The adjusted net profit for 2024 was RMB 624.1 million, compared to RMB 481.3 million in 2023, reflecting strong financial performance[47] User Growth and Engagement - The number of transaction users increased to 24.1 million, a growth of 24.8% from 19.3 million in 2023[14] - Registered users grew to 138.8 million, up 20.4% from 115.3 million in 2023[14] - By the end of 2024, the company had nearly 140 million registered users on its platform, with average monthly active users reaching 12 million, a significant increase of 17.2% year-over-year[18] - The same-store user count increased by over 5% year-on-year in 2024, with over 90% of stores operating for more than six months remaining profitable by December 2024[28] Store Network Expansion - The number of Tuhu workshop stores reached 6,874, a 16.3% increase from 5,909 in 2023[14] - The number of self-operated Tuhu workshop stores increased to 158, a 3.9% rise from 152 in 2023[14] - As of the end of 2024, the company has expanded its store network to 6,874 locations, with a net increase of 965 stores during the year, solidifying its position as the largest automotive service platform in the country[25] - The company launched the "Ten Thousand Towns, Ten Thousand Stores" initiative in August 2024, resulting in over 30% year-on-year growth in store numbers in key development areas, with Xinjiang seeing over 60% growth[26] Product and Service Development - The company integrated 70,000 charging stations for electric vehicles across 342 cities by the end of 2024, enhancing its service offerings for active electric vehicle users[22] - The company added over 1,300 new service locations equipped with light beauty services, bringing the total to over 5,700 locations by the end of 2024[20] - The company launched the ExtremeContact XC7 series in collaboration with Continental, achieving over 1,000 units sold in the first three months post-launch[31] - Sales of Michelin products on the platform increased by over 60% year-on-year in 2024, following a successful promotional event[31] - The company's self-controlled brand, Feijun tires, saw over 200% year-on-year sales growth in 2024, supported by the introduction of high-end series to meet mid-to-high-end user demands[32] - The company introduced hybrid-specific engine oils in response to the growing penetration of hybrid vehicles, with sales of hybrid oils increasing by over 270% year-on-year in 2024[33] - In 2024, the battery business revenue grew by 30% year-on-year, supported by improved service network density and inventory capabilities, with on-site installation order fulfillment rate increasing by over 2 percentage points to 86%[34] - The fast repair business saw nearly 50% year-on-year growth in online payment users, with over 99% of service stations offering core fast repair categories by the end of 2024[35] - The deep beauty segment experienced over 30% year-on-year growth in order volume, with new car users under one year old accounting for 40% of transaction users[36] Financial Position and Investments - Non-current assets totaled RMB 4,431.9 million as of December 31, 2024, up from RMB 3,493.4 million in 2023, reflecting a growth of 26.9%[95] - Current assets increased slightly to RMB 8,365.3 million as of December 31, 2024, compared to RMB 8,271.3 million in 2023, marking a growth of 1.1%[95] - The total liabilities as of December 31, 2024, were RMB 738.9 million, slightly up from RMB 704.0 million in 2023, indicating a 4.9% increase[97] - The total equity increased to RMB 4,859.4 million as of December 31, 2024, compared to RMB 4,458.3 million in 2023, reflecting a growth of 9.0%[97] - The company has continued to invest in long-term financial investments, which rose to RMB 1,871.8 million in 2024 from RMB 1,065.3 million in 2023, showing a significant increase of 76.0%[95] - The company's financial investments as of December 31, 2024, amounted to RMB 4.95 billion, an increase of 86.5% from RMB 2.65 billion as of December 31, 2023[107] Governance and Management - The company is committed to the highest standards of governance, transparency, and integrity[164] - The management team emphasizes a customer-centric model and streamlined supply chain to provide digital and on-demand service experiences[163] - The corporate culture is rooted in continuous learning and self-improvement, fostering innovation and adaptability to changing market conditions[163] - The board ensures that corporate values are integrated into the company culture, maintaining consistency across business operations[164] - The company has adopted and applied the principles of the Corporate Governance Code as per the Listing Rules Appendix C1, ensuring compliance with all applicable code provisions for the year ending December 31, 2024, except for code provision C.2.1[165] - The board consists of at least three independent non-executive directors, representing at least one-third of the board, with at least one having appropriate professional qualifications in accounting or related financial management knowledge[168] - The board is responsible for leading and controlling the company, guiding and supervising its affairs, and acting in the best interests of the company and its shareholders[169] - The company has established four board committees to oversee specific aspects of its affairs, ensuring clear authority and responsibilities[180] Employee and Training Initiatives - The total employee count as of December 31, 2024, is 4,491, down from 4,729 as of December 31, 2023[140] - The company provides regular and professional training to maintain the quality, knowledge, and skill levels of its workforce[141] - Directors are required to participate in ongoing professional development to ensure their contributions to the board remain informed and relevant[174] - The company encourages all directors to attend relevant training courses, with costs covered by the company[175]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in its operating cycle, with customer satisfaction being a cornerstone of its service industry [1] - The company reported a revenue of 14.76 billion yuan in 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million yuan, up 29.7% year-on-year [5] - The company is focusing on standardized management of its stores, which has led to improved customer satisfaction metrics, including a 95.4% order satisfaction rate and a 62.3% repeat purchase rate [5] - The main business continues to grow, with tire and chassis parts revenue reaching 6.1 billion yuan, a 10.4% increase year-on-year, and automotive maintenance revenue at 5.4 billion yuan, up 9.9% year-on-year [5] - The company has adjusted its revenue forecast for 2025 to 16.72 billion yuan and for 2026 to 19.18 billion yuan, while the net profit forecast for 2025 is adjusted to 625 million yuan [5] Financial Data and Profit Forecast - Revenue (in million yuan): - 2023: 13,601 - 2024: 14,759 - 2025E: 16,720 - 2026E: 19,184 - 2027E: 21,821 - Year-on-year growth rates for revenue: - 2023: 18% - 2024: 9% - 2025E: 13% - 2026E: 15% - 2027E: 14% [2] - Net profit (in million yuan): - 2023: 6,703 - 2024: 484 - 2025E: 625 - 2026E: 947 - 2027E: 1,388 - Year-on-year growth rates for net profit: - 2023: 414% - 2024: -93% - 2025E: 29% - 2026E: 52% - 2027E: 46% [2] - Earnings per share (in yuan): - 2023: 20.80 - 2024: 0.60 - 2025E: 0.76 - 2026E: 1.16 - 2027E: 1.69 [2]

Core Viewpoint - Tuhu Car Maintenance achieved significant growth in 2024, with revenue reaching 14.759 billion RMB, a year-on-year increase of 8.5%, driven by strong performance in automotive products and services [1][2][3] Financial Performance - Revenue for automotive products and services was 13.802 billion RMB, up 9.1% year-on-year, with tire and chassis components and automotive maintenance segments growing by 10.2% to 11.6 billion RMB [1][2] - Gross profit reached 3.746 billion RMB, with a gross margin of 25.4%, an increase of 0.7 percentage points year-on-year [2][3] - Adjusted net profit was 624 million RMB, a substantial increase of 29.7% compared to 2023, indicating improved cost control and operational efficiency [2][3] Market Position and Expansion - Tuhu Car Maintenance solidified its position as the leading independent automotive service provider in China, with a total of 6,874 service locations, a net increase of 965 locations year-on-year [3][4] - The company has a significant advantage over U.S. competitors in terms of scale and growth rate, with Tuhu's store count exceeding that of major U.S. chains [3] User Growth and Satisfaction - The number of transaction users reached 24.1 million, a year-on-year increase of 24.8%, while registered users grew to 139 million, up 20.4% [4] - The platform's order satisfaction rate exceeded 95%, and the user repurchase rate was 62.3%, reinforcing Tuhu's brand influence [4] Competitive Advantages - Tuhu Car Maintenance's success is attributed to its commitment to high-quality products and services, establishing a strong market reputation [5] - The company collaborates with well-known brands to ensure product quality and has implemented a blockchain-based traceability system for product sourcing [5][6] Service and Product Innovations - Tuhu introduced "Gold Quality Assurance" and lifetime tire warranty services, enhancing consumer confidence [6] - The company has launched exclusive products in collaboration with major brands and developed its own controlled brands, achieving significant sales growth in high-end products [6] Supply Chain and Logistics - Tuhu optimized its supply chain by increasing the number of regional and front warehouses, improving inventory management, and enhancing delivery efficiency [7] - The company has reduced fulfillment costs and improved order delivery rates through a robust logistics system [7] Technological Advancements - Tuhu plans to leverage AI technology to enhance operational efficiency, customer service, and supply chain management [10] - The company aims to lead the automotive aftermarket into an era of intelligent services through technological innovation [10] Future Strategies - Tuhu is focused on expanding its presence in lower-tier markets and enhancing its online channels to attract new users [9] - The company aims to deepen its market penetration in both low and high-tier cities while optimizing its product offerings based on regional consumer needs [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 14.759 billion yuan for 2024, representing a year-on-year growth of 8.5%, while the adjusted net profit reached 624 million yuan, up 29.7% year-on-year [2] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points year-on-year, driven by higher sales of proprietary and controlled brands, better procurement terms from suppliers, and a strategic reduction in low-margin wholesale services [3] - The company expanded its channel network, investing nearly 100 million yuan to support franchisee growth, resulting in a total of 6,874 service locations by the end of 2024, with over 90% of stores operating profitably [4] - The number of transaction users on the platform grew by 24.8% year-on-year, with the company also launching new services such as light beauty services and electric vehicle charging stations [5] Financial Summary - The company’s revenue for 2024 was 14.759 billion yuan, with a year-on-year growth of 8.5% [8] - The adjusted net profit for 2024 was 483.79 million yuan, showing a significant decline of 92.78% year-on-year [8] - The projected revenues for 2025, 2026, and 2027 are 16.256 billion yuan, 17.793 billion yuan, and 19.282 billion yuan, respectively, with expected growth rates of 10%, 9%, and 8% [6] - The adjusted net profit forecasts for 2025, 2026, and 2027 are 630.52 million yuan, 823.05 million yuan, and 1.031 billion yuan, respectively [6] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.77 yuan, 1.00 yuan, and 1.26 yuan, respectively [6]