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: 2025年12月31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1月6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 ...

Core Insights - The automotive repair industry in China is undergoing a significant transformation, marked by the expansion of Tuhu's service network to over 8,000 stores, indicating a shift from a chaotic "guerrilla" market to a more organized and trustworthy "regular army" era [1][3] Group 1: Tuhu's Business Model - Tuhu has developed a "counter-entropy system" that effectively manages the complexities of the automotive repair industry, allowing it to scale to 8,000 stores without being overwhelmed by traditional management challenges [5][20] - The company employs "digital Taylorism" to standardize repair processes, converting the expertise of skilled technicians into codified procedures, which reduces the training period from three years to three months [6][9] - Tuhu's supply chain operates with a "God's eye view," utilizing a comprehensive database to match vehicle models with the appropriate parts, thus streamlining operations and reducing costs [9][13] - The company has established a robust logistics network with 32 regional warehouses and 662 front warehouses, enabling rapid delivery of parts and enhancing inventory turnover [15] Group 2: Industry Dynamics - The automotive repair market is transitioning from a "hunting" era characterized by high profits and opacity to a "farming" era that emphasizes trust and service quality [21][25] - Tuhu's network of stores benefits from a "network siphon effect," sharing a common app and brand identity, which creates a competitive advantage over individual repair shops [22][25] - The industry is expected to see a significant consolidation, with smaller, less efficient shops likely to close as Tuhu sets a price anchor that drives the market towards lower profit margins [25][28] Group 3: Trust as a Currency - Tuhu's stores serve as "trust manufacturing machines," transforming the unpredictable nature of car repairs into a more reliable experience for consumers [30][31] - The company's emphasis on transparency and standardized service has led to increased customer loyalty, even at a premium price compared to traditional repair shops [31][32] - Tuhu's approach highlights the importance of creating value for customers and earning reasonable profits, which is essential for long-term sustainability in a challenging economic environment [33]

Core Insights - Tuhu Car Service has officially surpassed 8,000 workshop stores, covering 347 cities and 1,920 counties in China, marking it as a leader in the automotive aftermarket and a new benchmark for domestic chain service industries [1][13] - The rapid expansion of Tuhu, adding 1,000 stores in just eight months, is driven by a deep industrial transformation powered by technology, data, and system capabilities [1][13] Group 1: Scale and Network - Tuhu's 8,000 workshop stores create the most integrated online and offline network in China's automotive service sector, achieving a near "infrastructure" level layout in high-tier cities [2][14] - In major cities like Beijing, Shanghai, and Guangzhou, Tuhu has established a store density of one store every 1.2 kilometers, providing convenient services to car owners [2][14] - Tuhu's strategic expansion into lower-tier markets has resulted in 1,420 stores in 1,116 independent towns, filling significant service gaps in these areas [2][14] Group 2: Franchise Ecosystem - Nearly 90% of Tuhu's workshop stores that have been open for over six months are profitable, showcasing a healthy franchise ecosystem despite rapid expansion [5][17] - Tuhu offers a comprehensive "survival and development system" rather than just brand authorization, allowing franchisees to focus on localized services and significantly reducing operational risks [5][17] - The proprietary Blue Tiger app enables franchisees to manage multiple stores efficiently, streamlining operations from order management to customer feedback [5][17] Group 3: Technology and Supply Chain - Tuhu's digital and intelligent infrastructure supports the efficient operation of its 8,000 stores, utilizing AI for customer service, training, and operational guidance [6][18] - The company has developed a vast data system covering millions of SKUs, allowing for precise inventory management and supply chain efficiency [6][18] - Tuhu's four-tier intelligent warehousing and logistics network ensures timely delivery of parts, even to remote locations, significantly reducing inventory costs for franchisees [7][19] Group 4: Global Positioning - Tuhu's 8,000 stores position it as one of the largest automotive service chains globally, surpassing many competitors in both China and abroad [9][21] - The company's growth reflects a unique model that leverages the mobile internet era and digital applications, contrasting with traditional Western automotive service chains [9][21] - Tuhu's success illustrates how technology can reshape traditional industries, setting new standards and growth models in the automotive aftermarket [10][22]

Core Insights - The automotive aftermarket is undergoing a subtle industrial restructuring, with traditional small repair shops being replaced by standardized chain brands, driven by consumer demand for transparent pricing, professional services, and convenient experiences [1] Group 1: Industry Pain Points and Model Innovation - The automotive aftermarket has long been characterized by a "small, scattered, and chaotic" landscape, with three major pain points: redundant supply chain layers leading to inconsistent parts quality, lack of unified service standards causing trust issues, and inefficiencies due to the disconnect between offline stores and online demand [2] - Tuhu Car has emerged as the leading brand in the automotive aftermarket chain franchise by innovating its business model to reconstruct the traditional value chain, integrating dispersed resources into an efficient collaborative service ecosystem [2] - Tuhu's model innovation is exemplified by its precise grasp of the "online + offline" synergy, creating a closed-loop model of "online platform driving traffic + offline workshop service" [2][3] Group 2: Service Standardization and Network Expansion - Tuhu has established over 8,000 workshops across 347 cities and 1,920 county-level administrative regions, with nearly 90% of workshops open for more than six months achieving profitability [3] - The company has implemented a standardized service process and unified technical specifications to address the trust crisis in traditional repair services, ensuring consistent service quality across different locations [3] - By the first half of 2025, Tuhu's app average monthly active users grew by 17.5% year-on-year to 13.5 million, with a total of 150 million registered users, reflecting the effectiveness of its service model [2] Group 3: Supply Chain Integration and Operational Efficiency - Tuhu has built 32 regional warehouses and 662 front warehouses, with a next-day delivery rate improving by approximately 6 percentage points to 83% [4] - The company has established direct supply partnerships with leading parts manufacturers, reducing procurement costs and ensuring parts quality from the source [4] - Tuhu's supply chain integration capabilities create significant cost barriers and service response advantages, attracting franchisees and consumers [4] Group 4: Financial Performance - In the first half of 2025, Tuhu achieved sales revenue of 7.877 billion yuan, a year-on-year increase of 10.5%, with adjusted net profit of 410 million yuan, up 14.6%, and free cash flow of 347 million yuan, up 31.9% [5] Group 5: Long-term Competitive Barriers - Tuhu's competitive barriers are supported by technological research and ecological layout, which are essential for maintaining its leading position in the industry [6] - The company has accumulated a vast database of 150 million registered users and 26.5 million transaction users, providing a foundation for intelligent recommendations and predictive maintenance services [7] - Tuhu's technological capabilities are integrated across all business segments, enhancing operational efficiency and creating a significant competitive edge [7] Group 6: Strategic Positioning in New Energy Market - Tuhu has proactively positioned itself in the new energy vehicle market, establishing a professional technician training system and collaborating with battery manufacturers to develop maintenance solutions [8] - The rapid increase in the number of new energy vehicles is driving fundamental changes in service content and technical requirements in the automotive aftermarket [8] Group 7: Market Expansion and Ecosystem Collaboration - Tuhu's strategy of penetrating lower-tier markets and its ecosystem collaboration capabilities are expanding its growth boundaries [11] - The company is promoting domestic parts localization and collaborating with domestic brands to enhance competitiveness in lower-tier markets [11] - Tuhu's ecosystem extends to partnerships with insurance, finance, and battery manufacturers, creating a comprehensive service network covering the entire lifecycle of vehicles [11] Conclusion - The transformation in the automotive aftermarket highlights the importance of understanding industry fundamentals and continuous innovation, with Tuhu Car exemplifying a successful model that addresses core pain points and rebuilds consumer trust [12]

Core Insights - Tuhu Car Service has surpassed 8,000 workshop stores, significantly leading the industry, with a rapid growth from 7,000 stores announced in April 2023 [1] - Nearly 90% of workshop stores that have been open for over six months are profitable, attracting a diverse range of entrepreneurs to join Tuhu [4] Group 1: Expansion and Coverage - Tuhu's workshop stores are now present in 320 prefecture-level administrative regions across China, with over 1,150 stores in Guangdong, more than 450 in Shanghai, and over 300 in Beijing [3] - The company has opened 1,420 workshop stores in 1,116 rural towns, expanding its reach to 1,920 county-level administrative regions [3] Group 2: Support for Franchisees - Tuhu provides various policies and technological investments to ensure franchisees can achieve significant growth and profitability [4] - The Tuhu Merchant APP allows franchisees to manage multiple stores efficiently from a single device, enhancing operational efficiency [4] - Development initiatives such as "Billion Subsidy," "Ten Thousand Stores Together," and "New Youth" projects are designed to lower operational costs and support franchisee growth [4]

Core Insights - Tuhu Car Service has announced that the number of its workshop stores has surpassed 8,000, leading the industry [1] - The company achieved this milestone within a year, having previously reported 7,000 stores in April [1] - Nearly 90% of workshop stores that have been open for over six months are profitable, which is a key reason for entrepreneurs choosing to franchise with Tuhu [2] Expansion and Coverage - Tuhu's workshop stores are now present in 320 prefecture-level administrative regions across the country, with significant numbers in Guangdong (over 1,150), Shanghai (over 450), and Beijing (over 300) [1] - The company is also expanding into lower-tier markets, having opened 1,420 workshop stores in 1,116 townships nationwide [1] - Tuhu's workshop stores cover 1,920 county-level administrative regions [1] Support for Franchisees - Tuhu provides ongoing support to franchisees through technology investments and various development policies, enhancing customer service, store training, and operations [2] - The Tuhu Merchant APP allows franchisees to manage multiple stores efficiently from a single device [2] - Development initiatives such as "Billion Subsidy," "Ten Thousand Stores Together," and "New Youth" projects are designed to reduce operating costs and support franchisee growth [2]

Core Viewpoint - The "Golden Award" annual outstanding company selection by Gelonghui highlights ten companies recognized for their investment value in the small and mid-cap category, emphasizing their revenue and net profit growth, as well as their overall business capabilities [1][2]. Group 1: Award Winners - Ten companies received the "Annual Investment Value Award (Small and Mid-Cap)" including: - Baiao Family Interaction (02100.HK) - Honghua Smart Energy (01083.HK) - Guichuang Tongqiao (02190.HK) - Laikai Pharmaceutical-B (02105.HK) - Longpan Technology (603906.SH/02465.HK) - Shoucheng Holdings (00697.HK) - Tiangong International (00826.HK) - Tuhu-W (09690.HK) - Yaoshibang (09885.HK) - Youran Agriculture (09858.HK) - The ranking is in alphabetical order and does not imply any priority [1]. Group 2: Evaluation Criteria - The award focuses on evaluating listed companies based on revenue and net profit growth, considering factors such as company size, business model, management capability, and innovation ability [1]. - The selection process involved quantitative data analysis and an expert review panel to determine the final results [1]. Group 3: Event Purpose - Gelonghui aims to create a reference value ranking for listed companies and unicorns with a global perspective on investing in China, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2].

Core Insights - Shell has launched the upgraded "Lightning Red 2.0" series of lubricants in Abu Dhabi, which is designed for high performance and is the first product to feature the "Ferrari Red" packaging, enhancing its racing heritage [1][3] Product Features - The "Lightning Red 2.0" series utilizes Shell's exclusive PurePlus technology, with a GTL base oil purity of 99.5%, providing excellent evaporation resistance, deposit control, and high-temperature oxidation performance [3] - Compared to conventional API SP standard oils, the "Lightning Red" series offers a 52% improvement in wear protection, ensuring 100% power output over a 20,000 km cycle [3] Market Positioning - The "Lightning Red" series has been certified by major manufacturers such as Mercedes-Benz, BMW, and Volkswagen, making it suitable for luxury models [3] - The upgraded series is exclusively available on the Tuhu platform, allowing users to purchase genuine Shell products and access professional car maintenance services [3][4] Consumer Trends - There is a growing demand among Chinese car owners for higher quality and longer-lasting oil change services, shifting from basic needs to a focus on performance and technology [3][4] - Tuhu has identified the need for instant response, stable protection, and strong power among car owners, collaborating with Shell to align production with consumer customization [4][5] Strategic Goals - Tuhu aims to enhance its supply chain capabilities and deepen its product offerings in the automotive maintenance market, promoting the accessibility of high-end products and technologies to a broader audience [5]

Core Insights - Shell has launched the upgraded Shell Helix Ultra Lightning series lubricant, known as "Lightning Red 2.0," in Abu Dhabi, which is the first product to feature the "Ferrari Red" packaging, enhancing its racing heritage [1] - The new lubricant will be exclusively released on the Tuhu platform, targeting Chinese car owners with a high-performance oil that offers strong power and comprehensive protection [1] Group 1 - The "Lightning Red 2.0" series utilizes Shell's proprietary PurePlus natural gas-to-liquid technology, achieving a base oil purity of 99.5%, which enhances evaporation resistance, deposit control, and high-temperature oxidation performance [3] - Compared to conventional API SP standard oils, the new lubricant improves wear protection by 52%, ensuring 100% power output over a 20,000 km cycle [3] Group 2 - The "Lightning Red 2.0" series has received certifications from major manufacturers like Mercedes-Benz, BMW, and Volkswagen, making it suitable for luxury models [4] - The product is now available on the Tuhu platform, allowing users to purchase genuine Shell Helix Ultra Lightning series oil and access professional car maintenance services [4] Group 3 - The growing Chinese automotive market has shifted car owners' maintenance needs from basic functionality to a demand for better quality, longevity, and peace of mind [4] - Tuhu has identified the demand for "instant response, stable protection, and strong power" among Chinese car owners and is collaborating with Shell to align production customization with consumer preferences [4] - The development of the "Lightning Red" series incorporates advanced racing technology into consumer lubricants, providing a racing-like driving experience for everyday users [4] Group 4 - Tuhu aims to enhance its supply chain capabilities and deepen its product layout in the automotive maintenance market, promoting the accessibility of global high-end products and technologies to more car owners [5]

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: 2025年11月30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: 2025年12月3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 ...