Core Insights - Tuhu-W (9690) reported strong performance in the first half of 2025, maintaining its leading position in the Chinese automotive service market with significant growth in revenue, user base, and service centers [1][3] Financial Performance - The company achieved a revenue of 7.88 billion RMB, a year-on-year increase of 10.5%, with an adjusted net profit of 410 million RMB, up 14.6% [1][5] - Operating expenses totaled 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [5][6] - Free cash flow increased by 32.2% to 350 million RMB, with total cash reserves exceeding 7.5 billion RMB, indicating strong financial health [6] User Growth and Market Share - As of June 30, 2025, Tuhu's registered user base reached 150 million, a growth of 18.8%, while the total transaction user count over 12 months was 26.5 million, up 23.8% [3] - The average monthly active users on the app reached 13.5 million, reflecting a year-on-year growth of 17.5% [3] - User repurchase rate improved to 64%, and service satisfaction exceeded 95%, contributing to accelerated revenue growth [3] Expansion of Service Network - Tuhu expanded its service center network to 7,205 locations across 320 prefecture-level and 1,855 county-level administrative regions, covering all provincial-level areas except Macau and Taiwan [3] - The company implemented various support initiatives for franchisees, resulting in a more than 7% year-on-year increase in same-store user numbers [3] Technological Advancements - Tuhu enhanced its AI capabilities to improve management precision, service quality, and customer experience, leading to significant improvements in pre-sales conversion rates and customer satisfaction [4] - The company invested in supply chain automation, achieving a 60% reduction in labor costs and a 2.5 times increase in efficiency compared to traditional warehousing [4] - The introduction of automated delivery vehicles in cities like Nanjing and Chengdu is paving the way for unmanned logistics solutions [4] New Business Growth - The fast repair service segment saw a substantial revenue increase of over 60% year-on-year, driven by the rising demand for quick repair services as vehicle ages increase [4] - Tuhu's focus on the new energy vehicle sector resulted in a 83.5% year-on-year growth in transaction users, reaching 3.4 million, which now accounts for over 12% of total transaction users [4]

Group 1 - The company reported a revenue of 7.877 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 10.5% [1] - The profit for the period was 307 million RMB, up 7.8% year-on-year, while the adjusted net profit reached 410 million RMB, reflecting a 14.6% increase [1] - The company maintained its position as the leading player in the independent automotive service market in China, achieving a gross profit of 2 billion RMB with a gross margin of 25.2% [1] Group 2 - In response to the layered demand and slowing consumption in the industry, the company increased investments in branding, customer acquisition, and support for franchisees and technicians [2] - The adjusted sales and marketing expense ratio slightly increased by 0.1 percentage points compared to the same period last year, while operational and administrative expenses were optimized [2] - The total operating expenses for the period amounted to 1.8 billion RMB, accounting for 22.4% of revenue, which shows continued optimization compared to the same period in 2024 [2] Group 3 - The company achieved an adjusted net profit of 1.41 billion RMB for the first half of 2025, a 14.6% increase compared to the same period in 2024 [2] - Free cash flow reached 347 million RMB, representing a 32.2% increase year-on-year [2] - As of the end of the reporting period, the company had approximately 7.5 billion RMB in cash reserves, indicating strong liquidity [2]

Core Insights - The company reported a revenue of 7.877 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 10.5% [1] - The profit for the same period was 307 million RMB, up 7.8% year-on-year, while the adjusted net profit reached 410 million RMB, reflecting a 14.6% increase [1] - The company maintained its position as the leading player in the independent automotive service market in China [1] Financial Performance - Total revenue for the first half of 2025 was 7.9 billion RMB, compared to 7.1 billion RMB in the same period of 2024, marking a 10.5% year-on-year growth [1] - Gross profit amounted to 2 billion RMB, with a gross margin of 25.2% [1] - Adjusted net profit for the first half of 2025 was 1.41 billion RMB, an increase of 14.6% compared to the same period in 2024 [2] Operational Efficiency - The company increased its sales and marketing expense ratio by 0.1 percentage points compared to the previous year, while optimizing operational and administrative expenses [2] - Total operating expenses, including adjusted operating and support expenses, R&D, sales and marketing, and general and administrative expenses, were 1.8 billion RMB, accounting for 22.4% of revenue, showing continued optimization from 2024 [2] - Free cash flow reached 347 million RMB, a 32.2% increase from the same period in 2024, with total cash reserves of approximately 7.5 billion RMB at the end of the reporting period [2]

Core Insights - Tuhu Car's revenue for the first half of 2025 reached 7.88 billion RMB, marking a year-on-year growth of 10.5%, with a net profit of 410 million RMB, up 14.6% [1][2] - The company has seen significant user growth, with registered users increasing by 18.8% to 150 million and transaction users rising by 23.8% to 26.5 million [1][2] - The average monthly active users on the app reached 13.5 million, reflecting a growth of 17.5% [1] Financial Performance - Gross profit for the first half of 2025 was 1.98 billion RMB, and the total operating expenses were 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [2] - Free cash flow improved by 32.2% to 350 million RMB, with total cash exceeding 7.5 billion RMB by the end of the reporting period [2] Business Expansion - The number of Tuhu service stations reached 7,205, covering all provincial administrative regions except for Macau and Taiwan, with a 70% coverage rate in counties with over 20,000 passenger vehicles [1] - The fast repair business saw revenue growth exceeding 60%, becoming a new growth driver, while the number of users in the new energy sector increased by 83.5% to 3.4 million, representing over 12% of total transaction users [2] Management Insights - The CEO emphasized a consumer demand-oriented approach, focusing on service quality and operational efficiency to achieve high-quality development despite external challenges [2] - The CFO highlighted the acceleration of revenue growth compared to the previous year and the company's commitment to enhancing operational quality and profitability through refined operations and advanced technology investments [3]

Group 1 - The company achieved total revenue of RMB 7.9 billion in the first half of 2025, representing a year-on-year increase of 10.5% compared to RMB 7.1 billion in the same period of 2024, maintaining its position as the leading independent automotive service provider in China [1] - The gross profit for the period was RMB 2 billion, resulting in a gross margin of 25.2% [1] - Adjusted net profit reached RMB 410 million, an increase of 14.6% compared to the same period in 2024, with free cash flow rising by 32.2% to RMB 347 million [1] Group 2 - The company expanded its store network to 7,205 locations nationwide as of June 30, 2025, leading the industry in both total scale and growth rate [2] - The store coverage includes 320 prefecture-level administrative regions and 1,855 county-level administrative regions, with a coverage rate of 70% in counties with more than 20,000 passenger vehicles, up 5 percentage points from June 30, 2024 [2] - Over 60% of new stores opened in the first half of 2025 were located in second-tier and lower cities, with significant growth in regions such as Guangxi, Heilongjiang, Tibet, and Xinjiang, where the number of stores increased by over 20% year-on-year [2]

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以不同投票權控制，其股本包括A類股份及B類股份。對於提呈股東大 會的任何決議案，A類股份持有人每股可投一票，而B類股份持有人則每股可投十票，惟法律或 香港聯合交易所有限公司證券上市規則或途虎養車股份有限公司的組織章程大綱及細則另行規 定者除外。股東及有意投資者應留意投資於不同投票權架構的公司的潛在風險，特別是不同投 票權受益人的利益未必與本公司股東的整體利益一致，不論其他股東如何投票，不同投票權受 益人會對股東決議案的結果有重大影響。 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） 截至2025年6月30日止六個月 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審計綜合中期業績， 連同2024年同期的比較數字。該等中期業績已由核數師安永會計師事務所根據香 港會計師公會頒布的香港審閱 ...

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 launched a "300 billion unlimited promotion" aimed at providing consumers with affordable car maintenance options, covering various services such as tires, maintenance, painting, washing, and waxing [1][3]. Group 1: Promotion Details - The promotion includes significant discounts, with tire prices reduced to as low as 50% off and additional incentives like a Huawei Pad for purchases [3]. - Maintenance services are offered at half price, with brands like Shell, Mobil, Castrol, Honeywell, and Fuchs included, allowing consumers to enjoy high-quality services at economical prices [3]. - Tuhu also provides affordable painting services starting at 148 yuan for minor repairs, with packages for larger areas priced at 289 yuan and 448 yuan [3]. - Car washing services feature summer discount packages, with prices as low as 0.1 yuan for specific services and 19.9 yuan for two standard washes [3]. Group 2: Strategic Implications - The "unlimited promotion" reflects Tuhu's long-term strategy of cost reduction through large-scale operations, digital management, and supply chain integration, benefiting consumers with lower prices [4][5]. - Tuhu's network has expanded to over 7,000 service centers, covering more than 95% of China's administrative regions, which enhances its ability to reach a broader customer base [4]. - The promotion is expected to stimulate consumer demand and invigorate the automotive service market, as evidenced by strong sales during previous promotional events [4][6].

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]