Core Points - The Ministry of Industry and Information Technology (MIIT) has announced the second batch of 2024 regarding APPs (SDKs) that infringe on user rights, identifying 62 applications that violate user rights protections [1][2][3]. Group 1: Regulatory Actions - MIIT emphasizes the importance of user rights protection and is taking actions based on laws such as the Personal Information Protection Law and the Cybersecurity Law [1]. - The identified APPs and SDKs are required to rectify their violations, with potential legal consequences for non-compliance [1]. Group 2: Identified Issues - Common issues found in the reported APPs include misleading users through "shake to switch" features, inability to close information windows, and unauthorized collection of personal information [1][2]. - Specific APPs like "Signal Detector" and "Night Run Fitness" were noted for excessive permission requests and misleading user interfaces [2][4]. Group 3: APPs and SDKs Listed - A detailed list of the 62 APPs and SDKs includes names such as "Crazy Crusher," "Mi Reader," and "Hardcore Mobile Games," with issues ranging from misleading information windows to unauthorized data collection [2][4][5][6][7][8][9][10][11]. - The list highlights the developers and the specific problems associated with each APP, indicating a widespread issue across various applications [2][3].

Investment Rating - The report gives a "Buy" rating for the company, Tuhu (途虎) [5][8]. Core Views - The Chinese automotive market is entering a stage of stock economy, with the number of passenger cars expected to reach 374 million by 2027, making it the largest in the world. The demand for after-sales maintenance services will grow significantly due to the increasing average age of vehicles [5][34]. - Tuhu has established itself as a leading integrated online and offline automotive service platform in China, with a revenue of 11.55 billion RMB in 2022 and a CAGR of approximately 17.94% from 2019 to 2022 [5][74]. - The company is expected to continue expanding its store network, with plans to add nearly 1,000 stores annually, which will support steady revenue growth [5][9]. Summary by Sections Market Overview - The Chinese automotive service market is projected to reach nearly 2 trillion RMB by 2027, with maintenance and repair services accounting for the largest share [5][47]. - The market is characterized by a fragmented structure, with around 680,000 automotive service providers, and Tuhu holds the largest number of service stores in China [5][60]. Business Development - Tuhu has over 24,394 service stores as of March 31, 2023, including 4,770 Tuhu workshop stores and 19,624 partner stores, covering most prefecture-level cities in China [5][9]. - The company has seen a significant increase in transaction users, growing from 8.6 million in 2019 to 17.1 million in Q1 2023, achieving a CAGR of 17.6% [5][9]. Financial Performance - Tuhu's revenue is expected to reach 13.54 billion RMB in 2023, with projected net profits of 324 million RMB, and is forecasted to grow to 21.77 billion RMB by 2026 [6][8]. - The company’s operating efficiency is expected to improve, with the expense ratio projected to decrease from 22.2% in 2022 to 17.6% in 2025, supporting net profit growth [5][9]. Valuation - The report conservatively assigns a 15x P/E ratio for 2025, leading to a target market capitalization of 20.5 billion RMB, indicating a potential upside of 46% from current levels [5][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to turn a profit in 2023, with a net profit forecast of no less than 6.6 billion yuan, compared to a loss of 2.1 billion yuan in 2022, indicating a significant turnaround [3] - Adjusted profit for 2023 is projected to be at least 450 million yuan, recovering from a loss of 550 million yuan in 2022 [3] - The substantial change in net profit is primarily due to the impact of convertible redeemable preferred shares, with a one-time positive adjustment of 6.47 billion yuan in fair value expected in 2023 [3] - The company anticipates continued revenue growth, with projected revenues of 15.795 billion yuan and 19.103 billion yuan for 2024 and 2025, respectively [3] Financial Summary and Valuation Indicators - Revenue for 2023 is expected to be 13.081 billion yuan, reflecting a year-over-year growth of 13.1% [5] - The net profit for 2023 is projected to be 6.714 billion yuan, representing a significant increase of 416.7% compared to 2022 [5] - The gross margin is expected to improve to 25.4% in 2023, with a net margin of 51.3% [5] - Earnings per share (EPS) is forecasted to be 8.20 yuan for 2023, with a price-to-earnings (P/E) ratio of 2.2 [5] - The company is expected to achieve a return on equity (ROE) of -54.8% in 2023, with improvements anticipated in subsequent years [5]

Investment Rating - The report maintains a "Recommended" rating for the company, Tuhu-W (9690.HK) [2][3]. Core Views - The company is expected to achieve a net profit of no less than 6.6 billion RMB in 2023, with a Non-IFRS net profit of at least 450 million RMB. The second half of 2023 shows a stronger profit trend, with a total net profit of at least 70 million RMB and a Non-IFRS net profit of at least 240 million RMB [2]. - The company is benefiting from the recovery in travel demand and the expansion of its workshop store network, which has effectively increased its customer base. The improvement in business scale and structure has led to an increase in gross margin, alongside effective cost control [2][3]. - Tuhu has introduced new franchise policies for workshop stores in 2024, offering various incentives for different city tiers to encourage expansion. The company anticipates adding over 1,000 new workshop stores annually from 2024 to 2025 [2]. - The company is projected to see revenue growth from 13.475 billion RMB in 2023 to 18.379 billion RMB in 2025, with adjusted net profits increasing from 451 million RMB to 1.504 billion RMB during the same period [2][3]. Summary by Sections Financial Forecasts - Revenue is expected to grow from 13.475 billion RMB in 2023 to 18.379 billion RMB in 2025, with growth rates of 16.7%, 17.2%, and 16.4% respectively [3]. - Adjusted net profit is projected to increase from 451 million RMB in 2023 to 1.504 billion RMB in 2025, reflecting growth rates of 109.3% and 200.9% [3]. - Adjusted EPS is forecasted to rise from 0.55 RMB in 2023 to 1.84 RMB in 2025, with corresponding P/E ratios decreasing from 34 times to 10 times [3]. Balance Sheet Highlights - Total assets are expected to grow from 11.145 billion RMB in 2023 to 15.044 billion RMB in 2025, while total liabilities will increase from 28.804 billion RMB to 30.878 billion RMB [6]. - The company's cash and cash equivalents are projected to rise from 4.26 billion RMB in 2023 to 6.894 billion RMB in 2025 [6]. Cash Flow Analysis - Operating cash flow is expected to turn positive, increasing from 948 million RMB in 2023 to 1.818 billion RMB in 2025 [7]. - The net increase in cash is projected to be 1.574 billion RMB in 2024 and 1.358 billion RMB in 2025 [7].

【途虎养车与华为签署全面合作协议】财联社2月20日电，途虎养车20日与华为签署全面合作协议，将在鸿蒙生态建设、数字化创新和全场景售后服务新业态探索等多个领域展开全面合作。途虎养车已启动鸿蒙原生应用开发，逐步适配原子化卡片展示等多项功能。早前，途虎养车还与华为云开启“云上”创新，推出基于华为云区块链技术的汽车配件溯源平台，为汽车配件在流通环节提供正品验真和防伪溯源认证，有力推动汽车配件流通规范、透明、高效发展。 ...

Financial Reporting - Tuhu Car Inc. will not separately prepare and send an interim report for the six months ended June 30, 2023, as the financial performance is included in the prospectus[1] - The financial results for the six months ended June 30, 2023, can be accessed on the Hong Kong Stock Exchange website and Tuhu's official website[2]