Investment Rating - The report maintains a "Recommended" rating for Tuhu-W (09690.HK) with a target price of HKD 15.06, indicating a potential upside of 17.4% from the current price of HKD 12.83 [5][9]. Core Insights - Tuhu achieved a total revenue of RMB 16.46 billion in 2025, representing a year-on-year growth of 11.5%. However, operating profit decreased by 23.8% to RMB 252 million, and net profit attributable to shareholders fell by 13% to RMB 420 million [2][4]. - The company is focusing on expanding its store network, particularly in lower-tier cities, with a total of 8,008 stores by the end of 2025, which is a significant increase from previous periods [9]. - The pricing strategy has been adjusted to remain competitive, leading to a temporary decline in average transaction value and profit margins [9]. Financial Performance Summary - **Revenue Growth**: Tuhu's revenue is projected to grow steadily, with estimates of RMB 18.35 billion in 2026 and RMB 20.03 billion in 2027, maintaining a growth rate of 11.5% for 2026 and 9.1% for 2027 [4]. - **Net Profit**: The net profit is expected to recover in the coming years, with projections of RMB 465 million in 2026 and RMB 552 million in 2027, reflecting a growth rate of 10.7% and 18.6% respectively [4]. - **Non-GAAP Net Profit**: Adjusted net profit is forecasted to be RMB 731 million in 2026 and RMB 792 million in 2027, with growth rates of 4.4% and 8.3% [4]. Market Position and Strategy - Tuhu is enhancing its market position by rapidly expanding its workshop store network, with over 60% of new stores located in lower-tier cities, showcasing its strong supply chain capabilities [9]. - The company is also venturing into the new energy vehicle market, with a significant increase in users for related services, although the long-term impact on traditional vehicle maintenance demand remains uncertain [9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of HKD 15.06, indicating a potential upside of 17.4% from the current price of HKD 12.83 [5][9]. Core Insights - The company achieved a total revenue of RMB 16.46 billion in 2025, representing a year-over-year growth of 11.5%. However, operating profit decreased by 23.8% to RMB 252 million, and net profit attributable to shareholders fell by 13% to RMB 420 million [2][4]. - The company is focusing on expanding its store network, particularly in lower-tier cities, with a total of 8,008 stores by the end of 2025, which is a significant increase from previous periods [9]. - The pricing strategy has been adjusted to remain competitive in a challenging market, leading to a temporary decline in average transaction value and profit margins [9]. - The company is actively engaging in the electric vehicle market, with a 60% year-over-year increase in users for its electric vehicle services, although the long-term impact on traditional vehicle maintenance remains uncertain [9]. Financial Summary - Total revenue for 2025 is projected at RMB 16,462 million, with expected growth rates of 11.5% for 2026 and 9.1% for 2027 [4]. - Net profit attributable to shareholders is forecasted to recover to RMB 465 million in 2026, with a growth rate of 10.7% [4]. - Non-GAAP net profit is expected to reach RMB 731 million in 2026, reflecting a growth rate of 4.4% [4]. - The company’s price-to-earnings ratio is projected to decrease from 22 in 2025 to 14 by 2028, indicating a more attractive valuation over time [4].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved total revenue of 16.462 billion yuan in 2025, representing a year-on-year growth of 11.54%, while the net profit attributable to the parent company was 420 million yuan, a decrease of 13.10% year-on-year [4][2] - In the second half of 2025, revenue reached 8.585 billion yuan, with a year-on-year increase of 12.47%, and the net profit attributable to the parent company was 113 million yuan [4] - The company has established itself as the largest automotive service platform globally, with a total of 8,008 stores by the end of 2025, marking a 16.5% increase year-on-year [1][2] User Growth and Engagement - By the end of 2025, the registered user base reached 162 million, a year-on-year increase of 16.9%, with 28.4 million active transaction users, up 17.7% year-on-year [2] - User retention has improved significantly, with the annual repurchase rate increasing by 2.7 percentage points to 65.0% [2] Supply Chain and Technology - The company has enhanced its supply chain efficiency with 31 regional warehouses and 738 front warehouses, utilizing smart inventory algorithms [2] - The implementation of AI technology has improved the conversion rate of intelligent product recommendations by 10% year-on-year [2] Financial Forecast - Projected revenues for 2026-2028 are 18.151 billion yuan, 20.013 billion yuan, and 22.022 billion yuan, respectively, with net profits expected to be 470 million yuan, 610 million yuan, and 770 million yuan [2][3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 20.62 [1][14]. Core Insights - The company reported total revenue of RMB 8.58 billion for 2H25, representing a year-on-year increase of 12.5%, which exceeded the consensus estimate of RMB 8.45 billion. The growth was attributed to a favorable pace of store expansion [6][10]. - The non-IFRS net profit was RMB 290 million, which fell short of the consensus estimate of RMB 340 million due to the company's proactive pricing strategies aimed at increasing market share and price reductions from leading upstream brands, impacting gross margin expansion [6][10]. - The management expects to maintain pricing investments in 2026, particularly in categories with relatively high gross margins, while acknowledging that some categories may be nearing price bottoms [6][10]. - The company is well-positioned to mitigate cost pressures from rising prices of tires and oils due to its leading market share [6][10]. - The company is focusing on standardizing service capabilities and maintaining a steady pace of store expansion to solidify user perception and increase market share [6][10]. Financial Performance - For the fiscal year 2025, the company is projected to achieve revenue of RMB 16.46 billion, with a growth rate of 11.54%. The net profit attributable to shareholders is expected to be RMB 420.39 million, reflecting a decline of 13.10% [5][21]. - The adjusted net profit for 2026 is forecasted to be RMB 740.63 million, with a growth rate of 5.79% [5][21]. - The adjusted EPS for 2026 is estimated at RMB 0.91, with a corresponding adjusted PE ratio of 11.72 [5][21]. Market Position and Strategy - The company has expanded its store count to 8,008, with a net addition of 1,134 stores year-on-year, achieving a coverage rate of 75% in county-level cities with over 20,000 passenger vehicles [8][10]. - The company’s operational efficiency has improved, with a reduction in the operating expense ratio to 23.6% due to careful expense management and efficiency enhancements from automation [9][10]. - The integration of AI technology into various aspects of the business is being actively pursued to enhance user experience and operational efficiency [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve robust long-term growth driven by store expansion and structural upgrades [1][9] - The automotive products and services revenue for 2025 is projected to be 15.4 billion, reflecting a year-on-year increase of 11.5% [3][9] - The company has a total of 8,008 workshop stores by the end of 2025, with a net increase of 1,134 stores during the year [9] Financial Projections - Total revenue is forecasted to grow from 14.76 billion in 2024 to 21.75 billion by 2028, with a compound annual growth rate (CAGR) of approximately 9.23% [1][10] - The net profit attributable to the parent company is expected to decline to 4.20 billion in 2025 but is projected to recover to 9.33 billion by 2028 [1][10] - Non-IFRS net profit is anticipated to increase from 7.00 billion in 2025 to 12.11 billion in 2028, indicating a strong growth trajectory [1][10] Business Segments - Core categories such as fast repair, beauty, and new energy are contributing to structural growth, with fast repair and new energy businesses maintaining rapid growth [3][9] - Revenue from tire and chassis components is expected to reach 6.90 billion in 2025, up 12.6% year-on-year [3][9] - Advertising, franchise, and other platform service revenues are projected to be 1.08 billion, reflecting a year-on-year increase of 12.4% [3][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Insights - The company reported a revenue of 16.462 billion yuan for the year 2025, representing a year-over-year growth of 11.5%. Adjusted profit reached 700 million yuan, with a year-over-year increase of 12.2%. The overall gross margin was 24.1%, a slight decline of 1.3 percentage points due to a shift in consumer preferences towards more cost-effective products, leading to a decrease in average transaction value and lower gross margins in tires, chassis components, and automotive repairs [4][5] - As of the end of 2025, the company had cash reserves of approximately 8.3 billion yuan, indicating a strong financial position. The company is focusing on precise operations to achieve steady business expansion, aiming to provide more cost-effective products in a diversified consumer environment. The company plans to adopt proactive pricing strategies to attract more consumers, although this may slow profit growth [4][5] - The company has become the largest independent automotive service platform globally, with over 8,008 service stores as of December 31, 2025, and a net addition of 1,134 stores during the year. The company has also begun operations in Malaysia, receiving positive market feedback, with more than 10 overseas stores in operation or preparation [5] - The fast repair business has seen revenue growth exceeding 50% year-over-year, with over 100 categories covered and light beauty services available in more than 6,700 service stores. The company is also advancing its capabilities in new energy vehicle services, with a 60% year-over-year increase in users trading on the platform for new energy vehicles [6] Financial Summary and Valuation Metrics - Revenue projections for the upcoming years are as follows: 2026 estimated at 18.220 billion yuan, 2027 at 20.153 billion yuan, and 2028 at 22.295 billion yuan, with year-over-year growth rates of 10.7%, 10.6%, and 10.6% respectively [6] - Net profit estimates for 2026 and 2027 are 468 million yuan and 556 million yuan, respectively, with a projected increase of 11.3% and 18.8% year-over-year. The net profit for 2028 is estimated at 711 million yuan, reflecting a growth of 27.9% [6] - The earnings per share (EPS) for the next three years are projected to be 0.57 yuan, 0.68 yuan, and 0.87 yuan, with corresponding price-to-earnings (P/E) ratios of 21.0, 17.7, and 13.8 times [6]

Investment Rating - Maintain BUY rating for Tuhu Car, indicating potential for significant returns despite short-term profit adjustments [1][8] Core Insights - Tuhu Car is positioned as a beneficiary of industry consolidation, focusing on market share gains rather than immediate profit growth, which is seen as a strategic move amid evolving after-sales service landscapes [1][8] - The company plans to add 1,000 new stores in FY26E, with over 90% of stores that have been open for more than six months being profitable, and the average payback period for new stores has shortened to 30 months [8] - Despite a projected decline in gross profit margin (GPM) due to aggressive pricing strategies, Tuhu is expected to improve operational efficiency and maintain a competitive edge over peers [1][8] Financial Summary - Revenue projections show growth from RMB 13,601 million in FY23A to RMB 19,992 million in FY27E, with year-on-year growth rates of 17.8%, 8.5%, 11.5%, 11.1%, and 9.3% respectively [2][12] - Adjusted net profit is expected to rise from RMB 481.3 million in FY24A to RMB 939.8 million in FY27E, reflecting a significant recovery after a dip in FY24A [2][12] - The target price has been adjusted from HK$23.00 to HK$19.00, representing a 39.2% upside from the current price of HK$13.65 [3][8] Earnings and Valuation - The adjusted net profit for FY26E is projected to be RMB 738 million, a 5% increase year-on-year, while FY27E is expected to see a 27% growth in adjusted net profit [8][10] - The company’s P/E ratio is projected to decrease from 22.8x in FY25A to 14.5x in FY27E, indicating improved valuation metrics over time [2][12] - Gross margin is expected to stabilize at around 24.2% in FY26E, with a slight increase to 24.5% in FY27E [10][12]

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。 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） 建議修訂現有組織章程大綱及章程細則 及採納新組織章程大綱及章程細則 建議修訂以及採納新組織章程大綱及章程細則須待本公司股東（「股東」）在即將於 2026年6月5日舉行的本公司應屆股東週年大會（「股東週年大會」）（或任何續會） 上以特別決議案方式批准方可作實。一份載有（其中包括）建議修訂之詳細資料及 採納新組織章程大綱及章程細則的本公司通函連同股東週年大會通告將於切實可 行的情況下盡快寄發予股東。 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51(1)條 作出。 承董事會命 途虎養車股份有限公司* 主席兼執行董事 陳敏 途虎養車股份有限公司（「本公司」）董事會（「董事會」）建議(i)對本公司之現有經第 五次修訂及經重列組織章程大綱及章程細則（「現有組織章程 ...

Financial Performance - The company achieved total revenue of RMB 16,461,611,000 for the year ended December 31, 2025, representing an 11.5% increase compared to RMB 14,758,694,000 in 2024[5]. - Gross profit for the year was RMB 3,967,527,000, with a gross margin of 24.1%, compared to RMB 3,745,978,000 and a gross margin of 25.4% in 2024, reflecting a 5.9% year-on-year growth[5]. - Operating profit decreased to RMB 252,212,000, a decline of 23.8% from RMB 331,031,000 in 2024, resulting in an operating margin of 1.5%[5]. - The company reported a net profit of RMB 419,400,000 for the year, down 13.0% from RMB 482,038,000 in 2024, with a net profit margin of 2.5%[5]. - Adjusted EBITDA for the year was RMB 843,381,000, representing an 8.5% increase from RMB 777,262,000 in 2024, with an adjusted EBITDA margin of 5.1%[5]. User Growth and Engagement - The number of transaction users increased to 28.4 million, a 17.7% growth from 24.1 million in 2024, while registered users reached 162.3 million, up 16.9% from 138.8 million[7]. - The user repurchase rate improved by 2.7 percentage points to 65.0% in 2025, indicating strong retention of existing users[12]. - The monthly active users (MAU) of the Tuhu app increased by 15.5% to 13.8 million in 2025, with user satisfaction exceeding 96%[15]. Market and Operational Expansion - The company operated 8,008 Tuhu service stores by the end of 2025, a 16.5% increase from 6,874 stores in 2024, including 175 self-operated stores and 7,833 franchised stores[7]. - The Chinese automotive service market is projected to grow by approximately 4.7% year-on-year in 2025, indicating a stable demand despite market adjustments[8]. - The company expanded its presence in Malaysia with over 10 overseas Tuhu workshop stores in operation or preparation[16]. Cost Management and Efficiency - In 2025, the adjusted operating expenses totaled RMB 3.6 billion, accounting for 21.8% of revenue, a decrease of 0.9 percentage points compared to 2024[11]. - The company has over RMB 8.3 billion in cash reserves as of the end of the reporting period, indicating strong liquidity[11]. - The company focused on new technologies such as AI applications and warehouse automation to enhance efficiency and user experience, achieving large-scale implementation in multiple core scenarios[32]. Product and Service Development - The sales volume of large-size tires (18 inches and above) increased to nearly 30%, up over 5 percentage points year-on-year[20]. - The maintenance business achieved a user growth of 18.2% year-on-year, with over 40% growth in users for low-priced maintenance products under RMB 200[22]. - The battery business experienced a sales growth of over 30%, and brake system-related accessories saw a sales increase of over 23% year-on-year, outperforming the overall maintenance business[22]. Financial Position and Investments - The company's total assets as of December 31, 2025, amounted to RMB 13,501.1 million, an increase from RMB 12,797.2 million as of December 31, 2024[116]. - The total liabilities as of December 31, 2025, were RMB 8,447.5 million, compared to RMB 7,937.9 million in 2024, reflecting an increase of 6.4%[77]. - The company's cash and cash equivalents increased to RMB 1,923.9 million in 2025, up from RMB 1,375.4 million in 2024, marking a growth of 39.8%[76]. Corporate Governance and Compliance - The company maintained strict corporate governance standards and complied with applicable codes throughout the reporting period[151]. - The independent auditor confirmed that the figures in the performance announcement align with the audited financial statements[156]. - The company has no treasury shares as of December 31, 2025[154]. Future Outlook and Strategic Plans - The company plans to continue expanding its store network and investing in technology and supply chain optimization, with funding primarily sourced from operating cash flow and existing cash reserves[100]. - The company is considering potential capital market activities, including a possible dual listing on recognized stock exchanges, to support its strategic plans[100]. - The company is focused on the development of new energy vehicles (NEV) as part of its growth strategy[167].

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: 2026年2月28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3月4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 | ...