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]

Core Viewpoint - The "Su Super" football league has gained significant popularity in a short time, with average attendance increasing from 7,745 to 25,802 in just one month, and related topics on Douyin reaching over 7 billion views by June 16, 2025 [3][5][15]. Sponsorship Expansion - The number of sponsors for the "Su Super" has tripled from the first to the fourth round, reaching 19 sponsors, indicating a surge in interest and brand engagement [5][7]. - Notable sponsors include major brands like JD.com, Ideal, and Heineken, reflecting the event's growing prestige [7][15]. - The sponsorship fees have skyrocketed to 3 million RMB, compared to the initial total season sponsorship of 8 million RMB by Jiangsu Bank [15][25]. Sponsorship Dynamics - "Karma Sports," the previous official partner, has been replaced by "Wuqiku Sports," highlighting a competitive sponsorship landscape [8][10]. - The official partnership structure has specific limitations, with only two official partners remaining, indicating a selective sponsorship approach [8][12]. - The shift in sponsorship reflects a deeper connection to local enterprises, as "Wuqiku" is a Jiangsu-based company, while "Karma" is a foreign brand [12][13]. Regional Brand Engagement - The event has attracted local brands, with three out of six fixed sponsors being Jiangsu-based companies, emphasizing regional representation [15][16]. - Other sponsors, while not local, maintain strong ties to Jiangsu, showcasing a blend of local and national brands [16][18]. - The local cultural context and humor have played a significant role in the event's popularity, with social media engagement driving interest [20][23]. Comparison with Other Events - The "Su Super" has been compared to the grassroots "Village Super" league, which also gained massive online traction, but "Su Super" has a more professional feel due to its corporate sponsorship [24][25]. - The success of "Su Super" is attributed to its entertainment value and local engagement, contrasting with the more restrained commercial approach of "Village Super" [24].

Core Viewpoint - The article highlights the professional development and customer service excellence at Tuhu Car Maintenance, showcasing the journey of a technician, Duan Fangli, who rose to the position of technical supervisor through rigorous training and certification processes [3][4][14]. Group 1: Professional Development - Duan Fangli started his career in a traditional auto repair shop and joined Tuhu in late 2019, progressively achieving various technician certifications, culminating in a technical supervisor certification in 2024 [3][4]. - Tuhu has a strict training process that enhances technicians' skills, including an internal knowledge base for automotive repair accessible to technicians [4]. Group 2: Customer Trust and Service - Customers choose Tuhu for its reliable service and cost-effectiveness, often preferring it over traditional repair shops and 4S dealerships due to lower prices and transparent processes [6][7]. - A case study illustrates how Tuhu effectively diagnosed and resolved a complex air conditioning issue for a customer, saving them from unnecessary expenses [6][7]. Group 3: Transparency and Cost Savings - Tuhu offers transparent pricing and service processes, allowing customers to monitor repairs via remote cameras and providing detailed information about parts and services through a dedicated app [7][8]. - The company maintains historical repair records for customers, helping to avoid unnecessary replacements and excessive maintenance costs [8]. Group 4: Commitment to Continuous Learning - Despite achieving a supervisory role, Duan Fangli emphasizes the importance of ongoing education, particularly in the field of electric vehicle repair, to enhance service quality [12][14]. - Tuhu provides resources for technicians to learn about new technologies, including online theoretical training and hands-on practical sessions [14].

Core Viewpoint - The "Four Major Chronic Diseases Major Project" aims to establish a comprehensive mechanism for the prevention and treatment of chronic diseases in China by 2030, focusing on collaboration across various sectors to enhance the accessibility and efficiency of healthcare solutions [1][2]. Group 1: Project Overview - The project is led by Tianjin University of Traditional Chinese Medicine and involves multiple high-level universities, medical institutions, and AI healthcare companies [1][2]. - It aims to create a low-cost, high-efficiency, and widely accessible digital health model for chronic disease prevention and management [2][4]. Group 2: Objectives and Implementation - The project has four specific goals: to build a promotion mechanism for chronic disease prevention technologies, establish a digital platform, develop comprehensive treatment plans for major diseases, and create a new paradigm for integrated health management [2][6]. - It will utilize a collaborative model that integrates government, industry, research, and education to address existing challenges in chronic disease management [2][4]. Group 3: Expert Insights - Academicians emphasized the importance of a comprehensive approach that covers the entire population and disease cycle, aiming for a high-efficiency and low-cost prevention system [4]. - The project is expected to provide a Chinese solution to global health challenges by promoting a combination of traditional and modern medical practices [4][6]. Group 4: Technological Integration - The project will leverage AI and digital technologies to enhance the efficiency and coverage of chronic disease prevention strategies [6][11]. - A digital health community model has been successfully implemented in Tianjin, demonstrating improvements in health indicators and reductions in healthcare costs [7][11]. Group 5: Future Directions - The research outcomes will be implemented across 60 regional urban and rural healthcare networks, promoting the integration of digital solutions in chronic disease management [11][12]. - The project will focus on creating a decision-support system for chronic disease prevention and treatment, utilizing AI and digital platforms for widespread application [11].

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]