Investment Rating - The report gives a "Buy" rating for the company, Tuhu (途虎-W) [2][5]. Core Insights - Tuhu has established itself as a leading integrated online and offline automotive service platform in China, with a strong financial performance and a solid growth trajectory [1][2]. - The automotive aftermarket industry is experiencing significant growth due to increasing vehicle ownership and aging vehicle structures, which drives demand for maintenance and repair services [1][2]. - Tuhu is well-positioned to benefit from the ongoing industry trends, including the rise of electric vehicles, by expanding its service offerings and enhancing its operational efficiency [1][2]. Financial Performance - Tuhu achieved a revenue of RMB 13.601 billion in 2023, with a year-on-year growth rate of 17.8%. The company is projected to reach revenues of RMB 20.664 billion by 2027, maintaining a growth rate of approximately 11.9% annually [4]. - The net profit attributable to the parent company was RMB 6.703 billion in 2023, with a significant increase of 413.8% year-on-year. The net profit is expected to grow to RMB 1.055 billion by 2027 [4]. - The company's earnings per share (EPS) is projected to increase from RMB 8.11 in 2023 to RMB 1.28 in 2027, reflecting a strong upward trend in profitability [4]. Market Position and Strategy - Tuhu has built a vast service network with 7,205 service stations across China, covering over 300 cities and nearly 1,800 counties, making it a leading independent automotive service brand [13]. - The company utilizes a light-asset franchise model for its offline expansion, enhancing operational efficiency and service quality through standardized processes and strict quality control [2][10]. - Tuhu's online platform has accumulated a large user base of 150 million registered users, leveraging digital tools to improve customer experience and service delivery [13][16]. Industry Outlook - The automotive service market in China is expected to grow significantly, driven by the increasing number of vehicles and the shift towards electric vehicles, which will create new service demands [1][2][42]. - The DIFM (Do It For Me) service model is the dominant service mode in China, with independent automotive service channels gaining market share due to their cost-effectiveness [42][44].

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 28 年 月 日 途虎-W（09690.HK） 汽车后市场龙头生态化运营+规模化扩张，线上线下协同赋能 汽车后市场行业龙头地位稳固，业绩增长确定性强。途虎养车作为中国领 先的线上线下一体化汽车服务平台，自 2011 年成立以来，已构建起覆盖 全国的服务网络与完善的生态体系。财务层面，公司已实现盈利突破，营 收与净利润保持稳健增长态势，毛利率稳步提升，现金流状况良好。随着 线上用户流量增加和线下门店网络持续下沉、高毛利业务占比提升及运营 效率进一步改善，公司业绩增长的持续性与确定性较强，龙头地位稳固。 行业红利持续释放，成长空间广阔。中国汽车保有量稳步增长与车龄结构 老化趋势，直接驱动汽车维修保养等后市场需求持续扩张。独立汽车服务 渠道（IAM）凭借高性价比优势，成为保修期届满车辆的优选渠道，市场 占比不断提升，行业红利有望释放。同时，新能源汽车渗透率快速提升催 生新的服务需求，插电式混合动力汽车和纯电动汽车都能为行业在未来带 来一定的增量空间。途虎养车精准把握行业趋势，提前布局新能源汽车服 务业务，通过合作拓展充电网络、升级门店服务能力 ...

友邦保险-R(81299)、京东健康-R(86618)、百度集团-SWR(89888)上一交易日沽空比率位于前三位，分别 为100.00%、100.00%、95.46%。泡泡玛特(09992)、阿里巴巴-W(09988)、小米集团-W(01810)的沽空金 额位居前三，分别为13.00 亿元、12.60 亿元、10.64 亿元。百度集团-SWR(89888)、深圳高速公路股份 (00548)、商汤-WR(80020)的偏离值位居前三，分别为62.11%、37.02%、34.65%。 前十大沽空比率排行 前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 百度集团-SWR(89888) | 119.43 万元 | 95.46% | 62.11% | | 深圳高速公路股份(00548) | 164.67 万元 | 48.73% | 37.02% | | 商汤-WR(80020) | 15.48 万元 | 87.41% | 34.65% | | 中国平安-R(82318) | 245.20 万元 | 72.58% | 33.06% ...

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 途虎養車股份有限公司(*僅供識別) （於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09690 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,431,050,420 | USD | | 0.00002 USD | | 48,621.01 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,431,050,420 | USD | | 0.00002 USD ...

Core Insights - The automotive repair industry in China is undergoing a significant transformation, marked by the expansion of Tuhu's service network to over 8,000 stores, indicating a shift from a chaotic "guerrilla" market to a more organized and trustworthy "regular army" era [1][3] Group 1: Tuhu's Business Model - Tuhu has developed a "counter-entropy system" that effectively manages the complexities of the automotive repair industry, allowing it to scale to 8,000 stores without being overwhelmed by traditional management challenges [5][20] - The company employs "digital Taylorism" to standardize repair processes, converting the expertise of skilled technicians into codified procedures, which reduces the training period from three years to three months [6][9] - Tuhu's supply chain operates with a "God's eye view," utilizing a comprehensive database to match vehicle models with the appropriate parts, thus streamlining operations and reducing costs [9][13] - The company has established a robust logistics network with 32 regional warehouses and 662 front warehouses, enabling rapid delivery of parts and enhancing inventory turnover [15] Group 2: Industry Dynamics - The automotive repair market is transitioning from a "hunting" era characterized by high profits and opacity to a "farming" era that emphasizes trust and service quality [21][25] - Tuhu's network of stores benefits from a "network siphon effect," sharing a common app and brand identity, which creates a competitive advantage over individual repair shops [22][25] - The industry is expected to see a significant consolidation, with smaller, less efficient shops likely to close as Tuhu sets a price anchor that drives the market towards lower profit margins [25][28] Group 3: Trust as a Currency - Tuhu's stores serve as "trust manufacturing machines," transforming the unpredictable nature of car repairs into a more reliable experience for consumers [30][31] - The company's emphasis on transparency and standardized service has led to increased customer loyalty, even at a premium price compared to traditional repair shops [31][32] - Tuhu's approach highlights the importance of creating value for customers and earning reasonable profits, which is essential for long-term sustainability in a challenging economic environment [33]

Core Insights - Tuhu Car Service has officially surpassed 8,000 workshop stores, covering 347 cities and 1,920 counties in China, marking it as a leader in the automotive aftermarket and a new benchmark for domestic chain service industries [1][13] - The rapid expansion of Tuhu, adding 1,000 stores in just eight months, is driven by a deep industrial transformation powered by technology, data, and system capabilities [1][13] Group 1: Scale and Network - Tuhu's 8,000 workshop stores create the most integrated online and offline network in China's automotive service sector, achieving a near "infrastructure" level layout in high-tier cities [2][14] - In major cities like Beijing, Shanghai, and Guangzhou, Tuhu has established a store density of one store every 1.2 kilometers, providing convenient services to car owners [2][14] - Tuhu's strategic expansion into lower-tier markets has resulted in 1,420 stores in 1,116 independent towns, filling significant service gaps in these areas [2][14] Group 2: Franchise Ecosystem - Nearly 90% of Tuhu's workshop stores that have been open for over six months are profitable, showcasing a healthy franchise ecosystem despite rapid expansion [5][17] - Tuhu offers a comprehensive "survival and development system" rather than just brand authorization, allowing franchisees to focus on localized services and significantly reducing operational risks [5][17] - The proprietary Blue Tiger app enables franchisees to manage multiple stores efficiently, streamlining operations from order management to customer feedback [5][17] Group 3: Technology and Supply Chain - Tuhu's digital and intelligent infrastructure supports the efficient operation of its 8,000 stores, utilizing AI for customer service, training, and operational guidance [6][18] - The company has developed a vast data system covering millions of SKUs, allowing for precise inventory management and supply chain efficiency [6][18] - Tuhu's four-tier intelligent warehousing and logistics network ensures timely delivery of parts, even to remote locations, significantly reducing inventory costs for franchisees [7][19] Group 4: Global Positioning - Tuhu's 8,000 stores position it as one of the largest automotive service chains globally, surpassing many competitors in both China and abroad [9][21] - The company's growth reflects a unique model that leverages the mobile internet era and digital applications, contrasting with traditional Western automotive service chains [9][21] - Tuhu's success illustrates how technology can reshape traditional industries, setting new standards and growth models in the automotive aftermarket [10][22]

Core Insights - The automotive aftermarket is undergoing a subtle industrial restructuring, with traditional small repair shops being replaced by standardized chain brands, driven by consumer demand for transparent pricing, professional services, and convenient experiences [1] Group 1: Industry Pain Points and Model Innovation - The automotive aftermarket has long been characterized by a "small, scattered, and chaotic" landscape, with three major pain points: redundant supply chain layers leading to inconsistent parts quality, lack of unified service standards causing trust issues, and inefficiencies due to the disconnect between offline stores and online demand [2] - Tuhu Car has emerged as the leading brand in the automotive aftermarket chain franchise by innovating its business model to reconstruct the traditional value chain, integrating dispersed resources into an efficient collaborative service ecosystem [2] - Tuhu's model innovation is exemplified by its precise grasp of the "online + offline" synergy, creating a closed-loop model of "online platform driving traffic + offline workshop service" [2][3] Group 2: Service Standardization and Network Expansion - Tuhu has established over 8,000 workshops across 347 cities and 1,920 county-level administrative regions, with nearly 90% of workshops open for more than six months achieving profitability [3] - The company has implemented a standardized service process and unified technical specifications to address the trust crisis in traditional repair services, ensuring consistent service quality across different locations [3] - By the first half of 2025, Tuhu's app average monthly active users grew by 17.5% year-on-year to 13.5 million, with a total of 150 million registered users, reflecting the effectiveness of its service model [2] Group 3: Supply Chain Integration and Operational Efficiency - Tuhu has built 32 regional warehouses and 662 front warehouses, with a next-day delivery rate improving by approximately 6 percentage points to 83% [4] - The company has established direct supply partnerships with leading parts manufacturers, reducing procurement costs and ensuring parts quality from the source [4] - Tuhu's supply chain integration capabilities create significant cost barriers and service response advantages, attracting franchisees and consumers [4] Group 4: Financial Performance - In the first half of 2025, Tuhu achieved sales revenue of 7.877 billion yuan, a year-on-year increase of 10.5%, with adjusted net profit of 410 million yuan, up 14.6%, and free cash flow of 347 million yuan, up 31.9% [5] Group 5: Long-term Competitive Barriers - Tuhu's competitive barriers are supported by technological research and ecological layout, which are essential for maintaining its leading position in the industry [6] - The company has accumulated a vast database of 150 million registered users and 26.5 million transaction users, providing a foundation for intelligent recommendations and predictive maintenance services [7] - Tuhu's technological capabilities are integrated across all business segments, enhancing operational efficiency and creating a significant competitive edge [7] Group 6: Strategic Positioning in New Energy Market - Tuhu has proactively positioned itself in the new energy vehicle market, establishing a professional technician training system and collaborating with battery manufacturers to develop maintenance solutions [8] - The rapid increase in the number of new energy vehicles is driving fundamental changes in service content and technical requirements in the automotive aftermarket [8] Group 7: Market Expansion and Ecosystem Collaboration - Tuhu's strategy of penetrating lower-tier markets and its ecosystem collaboration capabilities are expanding its growth boundaries [11] - The company is promoting domestic parts localization and collaborating with domestic brands to enhance competitiveness in lower-tier markets [11] - Tuhu's ecosystem extends to partnerships with insurance, finance, and battery manufacturers, creating a comprehensive service network covering the entire lifecycle of vehicles [11] Conclusion - The transformation in the automotive aftermarket highlights the importance of understanding industry fundamentals and continuous innovation, with Tuhu Car exemplifying a successful model that addresses core pain points and rebuilds consumer trust [12]

Core Insights - Tuhu Car Service has surpassed 8,000 workshop stores, significantly leading the industry, with a rapid growth from 7,000 stores announced in April 2023 [1] - Nearly 90% of workshop stores that have been open for over six months are profitable, attracting a diverse range of entrepreneurs to join Tuhu [4] Group 1: Expansion and Coverage - Tuhu's workshop stores are now present in 320 prefecture-level administrative regions across China, with over 1,150 stores in Guangdong, more than 450 in Shanghai, and over 300 in Beijing [3] - The company has opened 1,420 workshop stores in 1,116 rural towns, expanding its reach to 1,920 county-level administrative regions [3] Group 2: Support for Franchisees - Tuhu provides various policies and technological investments to ensure franchisees can achieve significant growth and profitability [4] - The Tuhu Merchant APP allows franchisees to manage multiple stores efficiently from a single device, enhancing operational efficiency [4] - Development initiatives such as "Billion Subsidy," "Ten Thousand Stores Together," and "New Youth" projects are designed to lower operational costs and support franchisee growth [4]

Core Insights - Tuhu Car Service has announced that the number of its workshop stores has surpassed 8,000, leading the industry [1] - The company achieved this milestone within a year, having previously reported 7,000 stores in April [1] - Nearly 90% of workshop stores that have been open for over six months are profitable, which is a key reason for entrepreneurs choosing to franchise with Tuhu [2] Expansion and Coverage - Tuhu's workshop stores are now present in 320 prefecture-level administrative regions across the country, with significant numbers in Guangdong (over 1,150), Shanghai (over 450), and Beijing (over 300) [1] - The company is also expanding into lower-tier markets, having opened 1,420 workshop stores in 1,116 townships nationwide [1] - Tuhu's workshop stores cover 1,920 county-level administrative regions [1] Support for Franchisees - Tuhu provides ongoing support to franchisees through technology investments and various development policies, enhancing customer service, store training, and operations [2] - The Tuhu Merchant APP allows franchisees to manage multiple stores efficiently from a single device [2] - Development initiatives such as "Billion Subsidy," "Ten Thousand Stores Together," and "New Youth" projects are designed to reduce operating costs and support franchisee growth [2]