Group 1 - The company, Tuhu-W (09690.HK), announced that it will hold a board meeting on March 20, 2026, to consider and approve the annual performance for the year ending December 31, 2025, along with its publication [1] - The board will also consider the proposal for the distribution of a final dividend, if any [1]

承董事會命 途虎養車股份有限公司* 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） 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 2026年3月20日（星期五）舉行董事會會議，以（其中包括）考慮及批准本公司及其 附屬公司截至2025年12月31日止年度的年度業績及其刊發，以及考慮建議派發末 期股息（如有）。 主席兼執行董事 陳敏 香港，2026年2月27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 Hong Kong automotive retail sector experienced a collective decline in stock prices following the announcement that the tax reduction for electric private vehicles will not be extended after March 31 [1] Group 1: Market Reaction - Automotive retailers such as Zhongsheng Holdings, Century United Holdings, and Harmony Auto saw significant stock declines, with Zhongsheng Holdings dropping over 9% and Century United Holdings falling over 5% [2] - The overall market sentiment reflects concerns over the discontinuation of tax incentives for electric private vehicles, impacting investor confidence in the sector [1][2] Group 2: Government Policy - The Financial Secretary of Hong Kong, Paul Chan, stated that the initial registration tax reduction for electric private vehicles will end, citing the maturity of technology, sufficient supply, increased vehicle options, and decreasing prices as reasons for this decision [1] - The government will continue to promote the use of electric vehicles, with full tax exemptions for electric commercial vehicles, electric bicycles, and electric tricycles remaining in place until March 2028 [1]

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1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2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 | ...

Core Insights - Tuhu Car Maintenance, a leading independent automotive service platform in China, has signed a strategic cooperation agreement with PPG Automotive Refinish, a globally recognized paint brand, to enhance the quality of automotive body repair services and user experience [1][3] Group 1: Strategic Partnership - The strategic cooperation agreement was renewed and deepened based on the successful collaboration that began in early 2024 [1] - Selected Tuhu Car Maintenance body repair shops will utilize PPG automotive refinish products and standardized spraying solutions [1][3] - The signing ceremony was attended by senior executives from both companies, highlighting the importance of this partnership [1] Group 2: Company Profiles - Tuhu Car Maintenance boasts over 150 million registered users and a nationwide store network, focusing on providing convenient, efficient, and reliable one-stop automotive services through a digital platform and standardized service system [3] - PPG has over 140 years of industry experience and is a leading supplier of coatings, materials, and solutions, with a strong reputation in the global automotive aftermarket [3] - PPG's automotive refinish segment is a core business that has been serving mainstream 4S stores, chain repair systems, and high-end repair shops in China for over 20 years [3] Group 3: Industry Impact - The renewal and deepening of this strategic partnership is expected to set a new industry benchmark for automotive body repair services in China, promoting professional, standardized, and high-quality development in the sector [4] - Future collaboration will focus on store empowerment, process standards, personnel training, and digital collaboration to enhance service quality and consistency [3][4]

Group 1 - Anta Sports (82020), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2] - BYD Company (01211), Meituan (03690), and Xiaomi Group (01810) lead in short-selling amounts, with 1.896 billion, 1.439 billion, and 0.965 billion respectively [1][2] - Li Ning (82331), Shangmei Group (02145), and Bank of China Hong Kong (82388) have the highest deviation values at 37.55%, 31.60%, and 30.16% respectively [1][2] Group 2 - The top short-selling ratio rankings include Anta Sports (82020) at 100.00%, Li Ning (82331) at 100.00%, and JD Health (86618) at 100.00% [2] - The top short-selling amounts are led by BYD Company (01211) at 1.896 billion, Meituan (03690) at 1.439 billion, and Xiaomi Group (01810) at 0.965 billion [2] - The top deviation values are led by Li Ning (82331) at 37.55%, Shangmei Group (02145) at 31.60%, and Bank of China Hong Kong (82388) at 30.16% [2]

Core Viewpoint - Guosheng Securities initiates coverage on Tuhu-W (09690) with a "Buy" rating, highlighting Tuhu's leading position in the automotive aftermarket and its ongoing expansion of an integrated online and offline platform [1] Group 1: Company Performance - Tuhu has established itself as a leading online and offline integrated automotive service platform since its inception in 2011, building a nationwide service network and a comprehensive ecosystem [2] - The company has achieved profitability, with steady growth in revenue and net profit, and an improving gross margin, indicating strong cash flow [2] - The projected net profits for Tuhu from 2025 to 2027 are estimated at 647 million, 822 million, and 1.055 billion yuan, reflecting year-on-year growth rates of 33.75%, 26.96%, and 28.45% respectively [1] Group 2: Industry Trends - The automotive aftermarket is experiencing continuous demand growth driven by the increasing number of vehicles and aging vehicle structures in China [3] - The Independent Automotive Service channel (IAM) is gaining market share due to its cost-effectiveness, particularly for vehicles out of warranty, indicating a favorable market environment [3] - The rise in penetration of new energy vehicles is creating new service demands, with Tuhu strategically positioning itself to benefit from this growth by expanding its service offerings in this area [3] Group 3: Business Model and Strategy - Tuhu has built a robust online platform that attracts a large number of registered users and maintains high consumer engagement through digital tools for efficient service delivery [4] - The company employs a light-asset franchise model for offline expansion, establishing a standardized store management system to enhance operational efficiency and service quality [4] - Tuhu has developed a nationwide logistics system combining self-operated infrastructure and third-party service providers to ensure fulfillment capabilities, reinforcing its competitive edge in the market [4]

Core Viewpoint - Guosheng Securities initiates coverage on Tuhu-W (09690) with a "Buy" rating, highlighting its leading position in the automotive aftermarket and expected profit growth from 2025 to 2027 [1] Group 1: Company Performance - Tuhu has established itself as a leading integrated online and offline automotive service platform since its inception in 2011, with a nationwide service network and a robust ecosystem [1] - The company has achieved profitability, with steady growth in revenue and net profit, and an improving gross margin, indicating strong cash flow [1] - The projected net profits for Tuhu are 647 million, 822 million, and 1.055 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 33.75%, 26.96%, and 28.45% [1] Group 2: Industry Trends - The automotive aftermarket is experiencing growth driven by the increasing number of vehicles and aging vehicle structures, leading to rising demand for maintenance and repair services [2] - The Independent Automotive Service Market (IAM) is gaining market share due to its cost-effectiveness, particularly for vehicles out of warranty, indicating a favorable industry outlook [2] - The rapid increase in the penetration of new energy vehicles is creating new service demands, with Tuhu strategically positioning itself to benefit from this growth by expanding its services in this area [2] Group 3: Business Model and Expansion - Tuhu has built a large user base and high customer retention through its online platform, utilizing digital tools for efficient service delivery and improved customer experience [3] - The company employs a light-asset franchise model for offline expansion, establishing a standardized store management system to enhance operational efficiency and service quality [3] - Tuhu has developed a nationwide logistics system combining self-operated infrastructure and third-party service providers to ensure fulfillment capabilities, reinforcing its competitive edge in the market [3]

Group 1 - The core viewpoint is that Tuhu Car Maintenance has established a solid leading position in the automotive aftermarket industry, with strong certainty in performance growth due to its comprehensive service network and ecosystem since its establishment in 2011 [1] - The company has achieved profitability, with steady growth in revenue and net profit, an increasing gross margin, and good cash flow [1] - The automotive aftermarket demand is expanding due to the steady growth of car ownership and aging vehicle structures, with independent automotive service channels gaining market share [1] Group 2 - Tuhu has built a large store network through a light-asset franchise model, enhancing operational efficiency and coverage capabilities [2] - The company utilizes a standardized store management system and digital tools to improve customer experience and service efficiency [2] - Tuhu has developed a nationwide warehousing and logistics system to ensure fulfillment capabilities, reinforcing its competitive edge in the market [2] Group 3 - Investment forecasts for Tuhu's net profit from 2025 to 2027 are projected at 647 million, 822 million, and 1.055 billion yuan, with year-on-year growth rates of 33.75%, 26.96%, and 28.45% respectively [3] - The current corresponding market PE ratios are 18, 14, and 11 times for the respective years [3] - Given the strengthening of Tuhu's online ecosystem and the expansion of its offline store network, a "buy" rating is recommended for the company [3]

Investment Rating - The report gives a "Buy" rating for the company, Tuhu (途虎-W) [2][5]. Core Insights - Tuhu has established itself as a leading integrated online and offline automotive service platform in China, with a strong financial performance and a solid growth trajectory [1][2]. - The automotive aftermarket industry is experiencing significant growth due to increasing vehicle ownership and aging vehicle structures, which drives demand for maintenance and repair services [1][2]. - Tuhu is well-positioned to benefit from the ongoing industry trends, including the rise of electric vehicles, by expanding its service offerings and enhancing its operational efficiency [1][2]. Financial Performance - Tuhu achieved a revenue of RMB 13.601 billion in 2023, with a year-on-year growth rate of 17.8%. The company is projected to reach revenues of RMB 20.664 billion by 2027, maintaining a growth rate of approximately 11.9% annually [4]. - The net profit attributable to the parent company was RMB 6.703 billion in 2023, with a significant increase of 413.8% year-on-year. The net profit is expected to grow to RMB 1.055 billion by 2027 [4]. - The company's earnings per share (EPS) is projected to increase from RMB 8.11 in 2023 to RMB 1.28 in 2027, reflecting a strong upward trend in profitability [4]. Market Position and Strategy - Tuhu has built a vast service network with 7,205 service stations across China, covering over 300 cities and nearly 1,800 counties, making it a leading independent automotive service brand [13]. - The company utilizes a light-asset franchise model for its offline expansion, enhancing operational efficiency and service quality through standardized processes and strict quality control [2][10]. - Tuhu's online platform has accumulated a large user base of 150 million registered users, leveraging digital tools to improve customer experience and service delivery [13][16]. Industry Outlook - The automotive service market in China is expected to grow significantly, driven by the increasing number of vehicles and the shift towards electric vehicles, which will create new service demands [1][2][42]. - The DIFM (Do It For Me) service model is the dominant service mode in China, with independent automotive service channels gaining market share due to their cost-effectiveness [42][44].