Core Viewpoint - Tuhu Car Maintenance launched a "300 billion unlimited promotion" to provide summer car maintenance benefits, aiming to reduce car maintenance costs and stimulate economic growth through substantial discounts and collaborative efforts with domestic and international brands [1][5]. Group 1: Consumer Benefits - The promotion offers significant discounts across various car maintenance services, with tire prices starting at 50% off and additional gifts like Huawei tablets, making it an attractive option for consumers [3][4]. - Tuhu's maintenance services include oil changes and repairs from renowned brands such as Shell, Mobil, and Castrol, allowing consumers to enjoy high-quality services at economical prices [3][4]. - The promotion includes affordable paint repair services, with prices starting at 148 yuan for minor repairs, catering to a wide range of consumer needs [3][4]. Group 2: Market Activation - The promotion is designed to stimulate consumer purchasing behavior by significantly lowering maintenance costs, encouraging car owners to invest in necessary maintenance and upgrades, thereby enhancing overall vehicle care and longevity [4]. - Tuhu's extensive network of over 7,000 service centers covers more than 95% of county-level administrative regions, increasing accessibility and tapping into the consumption potential of lower-tier markets [4][5]. - The promotion employs a strategy of low-cost, high-frequency services to cultivate consumer habits, leading to increased spending on higher-value services like maintenance and tire replacements [4]. Group 3: Collaborative Strategy - The promotion is not merely a price war; it involves partnerships with international brands to lower costs while maintaining quality, benefiting consumers, brands, and the platform alike [5]. - This initiative represents a collaborative effort among the platform, brands, and consumers, aiming for a win-win situation that stimulates market growth and enhances consumer satisfaction [5].

Group 1 - The core promotion "300 billion unlimited promotion" by Tuhu is significantly impactful, showcasing the company's commitment to providing value to customers [1][3] - The promotion includes various automotive products and services such as tires, maintenance, painting, washing, and waxing, with discounts reaching up to 50% [3][4] - Tuhu's maintenance services feature major international brands like Shell, Mobil, Castrol, Honeywell, and Fuchs, allowing customers to enjoy high-quality services at economical prices [3][4] Group 2 - Tuhu has expanded its service network to over 7,000 service stations, leading the industry and covering all provincial-level administrative regions in mainland China [4] - The extensive coverage includes 318 prefecture-level administrative regions and 1,759 county-level administrative regions, with a coverage rate exceeding 95% [4] - This promotion aims to stimulate consumer activity in the domestic automotive service market, making it accessible for car owners nationwide [4]

Core Insights - Tuhu Car Service has launched a promotional campaign called "300 Billion Unlimited Promotion" aimed at providing discounts to car owners during the summer season [1] - The promotion includes a wide range of car maintenance products and services such as tires, maintenance, painting, car washing, and waxing [1] - Tuhu Car Service has expanded its network to over 7,000 service centers, indicating significant growth in its operational capacity [1] - The initiative aims to enhance efficiency, improve quality, reduce costs, and continuously provide benefits to consumers, thereby stimulating the domestic automotive service market [1]

Core Points - The Shanghai Intellectual Property Court ruled that JD Auto's "Zhenhu Price" marketing activities constituted unfair competition, leading to a cessation of its use [1][3] - JD Auto has been ordered to pay 5 million yuan in damages to Tuhu Auto and to publish a statement for 10 consecutive days to eliminate the impact of the infringement [2][3] Group 1 - The dispute between Tuhu Auto and JD Auto began in September 2023, with Tuhu Auto filing a lawsuit in January 2024, claiming unfair competition due to JD Auto's "Zhenhu Price" marketing [1][2] - The court found that JD Auto's claim of "prices 5% lower than competitors" could mislead consumers, constituting false advertising and commercial defamation [1][2] - JD Auto has expressed regret over the situation, stating that the intention behind the "Zhenhu Price" was to address issues in the automotive aftermarket, but it respects the court's decision [4] Group 2 - Tuhu Auto confirmed receipt of the compensation but noted that JD Auto has not yet published the required statement to comply with the court's ruling [4] - Both companies emphasize their commitment to improving consumer experience and adhering to legal standards in the automotive aftermarket [4]

Core Viewpoint - The case regarding Tuhu's lawsuit against JD's "Zhenhu Price" has seen new developments, with JD ceasing the use of the term and launching a significant subsidy campaign [1][4][5]. Group 1: Legal Developments - JD's car service has stopped using the term "Zhenhu Price" following a lawsuit from Tuhu, which claimed unfair competition [1][3]. - The Shanghai Intellectual Property Court ruled that JD's actions related to the "Zhenhu Price" constituted unfair competition [3][4]. Group 2: Marketing and Promotions - JD announced a 5 billion yuan subsidy campaign, offering substantial discounts on services such as tire purchases and maintenance [1][4]. - The promotional activities include a "365 Wuyou Purchase" service and a naming contest for a new marketing term, with participants eligible for prizes [1][5]. - Discounts include 250 yuan off for every 500 yuan spent on tires and 200 yuan off for maintenance services over 399 yuan, with offers valid for up to a year [4]. Group 3: Industry Context - The "Zhenhu Price" initiative was launched in September 2023, aimed at addressing issues in the automotive aftermarket, such as price transparency and service standards [5]. - Following the introduction of "Zhenhu Price," Tuhu quickly responded with its own promotional activities, indicating competitive pressure in the market [4].

Group 1 - The company, Tuhu-W (09690.HK), announced that it will hold a board meeting on August 21, 2025, to consider and approve its interim results for the six months ending June 30, 2025 [1] - The board meeting will also discuss the proposal for the distribution of an interim dividend, if any [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 途虎養車股份有限公司* 主席兼執行董事 TUHU Car Inc. 途虎養車股份有限公司* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9690） 董事會會議召開日期 途虎養車股份有限公司*（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於 2025年8月21日（星期四）舉行董事會會議，以考慮及批准（其中包括）本公司及其 附屬公司截至2025年6月30日止六個月的中期業績及其刊發，以及考慮派發中期 股息之建議（如有）。 承董事會命 陳敏 香港，2025年8月4日 於本公告日期，董事會包括執行董事陳敏先生及胡曉東先生；非執行董事姚磊文 先生；獨立非執行董事顏惠萍女士、王靜波先生及周凌霏女士。 * 僅供識別 ...

Core Viewpoint - The launch of the new "Neon Series" colorful film by the high-end French film brand Amber Film marks a significant innovation in the automotive window film market, combining personalized visual presentation with high-performance technology [1][15]. Product Features - The "Neon Series" offers three vibrant color options with a high visible light transmittance of 70%-72%, ensuring clear visibility and reducing visual fatigue during low-light conditions [9][10]. - The film utilizes revolutionary optical-grade material innovations, incorporating rare metal oxides to create dynamic color effects that enhance vehicle recognition while maintaining safety and privacy [6][11]. - The product boasts a UV blocking rate of over 99% and a solar energy total blockage rate of 45%-48%, providing excellent heat insulation and protecting vehicle interiors from aging [10][11]. Market Positioning - Amber Film positions itself as a premium brand with a unique "French style, technological protection" branding strategy, targeting consumers looking for high-quality window film options [3][14]. - The collaboration with Henkel, a global chemical giant, enhances Amber Film's technological capabilities, leading to superior product performance and recognition in the market [14]. Consumer Engagement - The "Neon Series" is available on the Tuhu Car platform, offering promotional incentives such as a gift set and long warranty periods to attract consumers [3][12]. - Tuhu Car is actively promoting the product through various discounts and offers during its promotional events, enhancing consumer experience and reinforcing brand loyalty [14]. Industry Impact - The introduction of the "Neon Series" signifies a shift in the automotive window film industry towards products that not only fulfill basic functions but also cater to personalized expression and advanced safety standards [15].

Investment Rating - The report maintains an optimistic outlook for the Hong Kong stock market, particularly for new IPOs and sectors like new consumption and innovative pharmaceuticals [8]. Core Insights - The report highlights that the recent subsidies from food delivery e-commerce platforms directly benefit coffee, tea, and advertising channels [8]. - The education sector remains robust, with leading institutions expanding market share and developing AI products for international education [3][19]. - The luxury goods sector is experiencing slight pressure from macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [20]. - The coffee and tea industry is in a growth cycle, with coffee demand remaining strong, while tea faces short-term challenges due to increased competition [27]. - E-commerce is under pressure with slowing growth rates, but instant retail is emerging as a new battleground [31]. - The travel and OTA sectors are seeing limited impact from recent subsidies, with a focus on undervalued leading players [8]. - Music streaming platforms are identified as quality internet assets driven by domestic demand, with ongoing developments in subscription services [36]. - The virtual asset market is on an upward trend, supported by traditional financial institutions entering the space [40]. - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8]. Summary by Sections 1. Education - The K12 education sector remains highly prosperous, with leading institutions reporting good summer enrollment progress and a focus on AI product development [3][19]. - The education index saw a decline of 1.78% during the reporting period, outperforming the Hang Seng Technology Index but underperforming other major indices [10]. 2. Luxury Goods - The luxury goods sector is slightly pressured by macroeconomic factors, with notable growth in brands with strong innovation [20]. - Key luxury stocks showed positive performance, with Samsonite and Prada increasing by 5.61% and 6.09% respectively [20]. 3. Coffee and Tea - The coffee sector remains in a growth cycle, with strong demand and a high frequency of consumption [27]. - The tea sector faces short-term challenges due to increased competition and supply growth [27]. 4. E-commerce - The e-commerce sector is experiencing a slowdown, with significant competition impacting profitability [31]. - Instant retail is becoming a new focus, with major platforms launching aggressive subsidy plans [31]. 5. Travel and OTA - The travel sector is seeing limited impact from subsidies, with a focus on undervalued leading players [8]. 6. Music Streaming - Music streaming platforms are identified as high-quality assets driven by domestic demand, with ongoing developments in subscription services [36]. 7. Virtual Assets - The virtual asset market is on an upward trend, with traditional financial institutions increasingly entering the space [40]. 8. Real Estate - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. 9. Automotive Services - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8].

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]