胡晓东表示，将来，车主不需要把车开到洗车店，而是让车自己前往，洗好后自己开回车位。用户可以 全程无感。这是代客洗车带来的全新体验，更是汽车服务智能时代的雏形。双方合作将推动行业向"省 心、省时、省力"的无感体验升级。 11月21日，2025广州国际汽车展览会在广交会展馆启幕，途虎养车(09690)总裁胡晓东在发布会上表 示，公司正在与乾崑智驾深度合作，共同打造智能汽车服务网络。途虎养车的门店系统将与乾崑智驾的 自动驾驶云进行深度的数据互通，实现"车端—云端—门店端"的实时协同。 据悉，途虎养车此前已通过线上预约、智能排期、优化门店布局等举措积累服务基础。此次合作借助自 动驾驶技术成熟契机，将进一步打通智能服务链路，让汽车服务智能化体验从愿景逐步走向现实。 ...

Core Insights - During the "Double 11" shopping festival, Tuhu Car Service reported significant sales growth across various product categories, including tires, engine oil, batteries, and accessory belts [1] Sales Performance - Tire sales reached a peak of over 500,000 units in a single day [1] - The number of users purchasing new energy vehicle batteries increased by 137% year-on-year [1] - Sales of domestic brand batteries saw a 97% year-on-year increase in user transactions [1] - Accessory belt transactions experienced a remarkable growth of 191% [1] Store Expansion - Tuhu Car Service opened new workshop stores, with user numbers increasing by over 700% compared to the previous period during "Double 11" [1] - The company expanded its store presence in major cities, achieving a "single city with 100 stores" strategy in 20 cities, including Shanghai, Beijing, Guangzhou, Wuhan, Chengdu, Suzhou, Shenzhen, Chongqing, and Hangzhou [1] - Specific store counts include over 400 in Shanghai, over 300 in Beijing, and over 200 in Guangzhou, Wuhan, Chengdu, and Suzhou [1]

Core Insights - The consumption willingness of car owners in China continues to strengthen during the 2025 Double 11 shopping festival, leading to robust market performance in the automotive aftermarket [1] - Tuhu Car Maintenance reported record-breaking performance during Double 11, achieving new highs in order volume and store revenue, significantly outperforming the industry [1] Group 1: Sales Performance - Tuhu Car Maintenance experienced explosive growth across all product categories, with significant increases in sales of major tire brands, engine oils, batteries, and accessory belts [1] - During the initial sales period, tire sales increased by 170% year-on-year, international brand engine oil sales rose by 140%, domestic brand engine oil sales surged by 210%, and sales of new energy vehicle maintenance products grew by 120% [1] - The highest single-day tire sales reached over 500,000 units, with the number of users trading new energy vehicle batteries increasing by 137% year-on-year and domestic battery trading users rising by 97% [1] Group 2: Store Operations and Expansion - Tuhu Car Maintenance's new workshop stores saw user numbers increase by over 700% during Double 11, achieving profitability from the outset [2] - The company has expanded its store network significantly, with over 100 stores in 20 major cities, including Shanghai, Beijing, and Guangzhou, among others [2] - Tuhu Car Maintenance has established itself as the preferred brand for car maintenance among vehicle owners and as a top choice for automotive service franchises due to its high-quality products and reliable services [2]

Group 1 - The core theme of the forum was to discuss the construction path and future trends of the autonomous driving mobility ecosystem, emphasizing the need for service upgrades in the automotive aftermarket driven by user experience [1][2] - Tuhu Car has established over 7,200 service centers across China, covering 150 million registered users, creating a comprehensive digital system that integrates supply chain, store management, work order execution, and customer interaction [1][2] - The collaboration between Tuhu and Huawei aims to develop an intelligent service network that transitions automotive services from standardization to intelligence, leveraging deep integration of autonomous driving cloud, vehicle-machine ecosystem, and service fulfillment systems [2][3] Group 2 - Tuhu Car envisions a future where automotive services become more automated, with vehicles autonomously completing tasks such as refueling, cleaning, and inspections, supported by intelligent hardware like sensors and LiDAR [2] - The company is committed to embracing cutting-edge technologies, including fully automated smart warehouses, unmanned vehicle delivery trials, AI customer service, and blockchain traceability, to enhance service experience [3] - The forum also launched the "Autonomous Driving Mobility Ecosystem Co-construction Action," with Tuhu Car as a key participant, contributing to the development and improvement of China's autonomous driving service network [3]

Core Viewpoint - Huawei and Tuhu are collaborating to explore a "no-sense car maintenance" model, which includes autonomous vehicles going to service stations and fully automated car washing, enhancing the user experience by not occupying the owner's time [1] Group 1 - Tuhu's co-founder and president, Hu Xiaodong, emphasized that this initiative represents a version of valet car washing through autonomous driving, marking a significant innovation in automotive services [1] - The project is seen as a foundational step towards more complex car maintenance services in the future, indicating a shift towards an intelligent automotive service era [1] - The concept aims to provide a seamless experience for users, where vehicles can autonomously leave and return home without the owner's involvement [1]

Core Viewpoint - The event organized by the Anhui Consumer Rights Protection Committee and Tuhu Car Service aims to enhance consumer education and trust in the automotive maintenance industry through immersive experiences and informative lectures [1][3]. Group 1: Company Overview - Tuhu Car Service is a leading automotive service platform in China, focusing on user-centric approaches, standardized service processes, and a transparent supply chain [1][3]. - The company operates over 7,200 service centers nationwide and has registered over 150 million users, with a user satisfaction rate exceeding 95% [1]. Group 2: Service and Quality Assurance - Tuhu Car Service employs a unique "Tuhu Eight Steps" standardized service process that ensures consistency in technical operations, service flow, and pricing across all locations [3]. - The company has established a digital traceability system for genuine products through a "one code for one item" platform, ensuring product authenticity from factory to user [3]. Group 3: Consumer Rights Protection - Tuhu Car Service has implemented a multi-dimensional protection mechanism, including "gold medal warranty" and "advance compensation," to alleviate consumer concerns regarding after-sales service [3]. - The company aims to create a positive cycle of "consumption-evaluation-improvement-re-consumption" to continuously enhance service quality [3]. Group 4: Industry Impact and Future Directions - The collaboration between the Anhui Consumer Rights Protection Committee and Tuhu Car Service has established a trust bridge between consumers and quality enterprises, contributing to the high-quality development of the automotive aftermarket [5]. - Tuhu Car Service plans to leverage its technological and service network advantages to further educate consumers about automotive maintenance, fostering a positive consumption environment [5].

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

截至月份: 2025年10月31日 狀態: 新提交 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 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11月5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 ...

Core Insights - The article highlights the emergence of a significant after-sales market for electric vehicles (EVs) as over 3 million EVs are expected to be out of warranty by 2025, leading to a potential market worth hundreds of billions [1][8] - Major players like CATL, BYD, and Tuhu are competing for market share in the after-sales service sector, each adopting different strategies to capture the needs of out-of-warranty users [1][5] Group 1: Company Strategies - **CATL**: Focuses on technology-driven services with its "Ningjia Service," which extends from B2B to B2C, leveraging proprietary non-destructive testing technology for quick fault detection [1][2] - **BYD**: Develops a closed-loop ecosystem from battery production to dedicated repair centers, ensuring quality control and a unified customer experience, but faces limitations due to its closed service model [3][4] - **Tuhu**: Concentrates on the out-of-warranty market through platform integration, offering services across all brands and regions, while also innovating in supply chain management for EV-specific products [4][7] Group 2: Market Dynamics - The after-sales market for EVs is transitioning from a warranty-based model to a more diversified service ecosystem, with increasing competition from various players including insurance companies and traditional service groups [8][10] - The rapid growth of the out-of-warranty user base is creating a supply-demand imbalance, leading to challenges in service accessibility and quality, particularly for independent service providers [6][9] - Tuhu's extensive network of over 7,200 service locations positions it advantageously in the market, especially in less urbanized areas where demand for out-of-warranty services is rising [7][9] Group 3: Future Outlook - The article suggests that the after-sales service landscape for EVs will evolve, with companies that can integrate resources and establish trust with consumers likely to achieve significant value growth [10] - The increasing regulatory scrutiny and technical requirements in the industry will favor well-established players with professional qualifications and sustainable service capabilities [8][10]

Core Insights - The county-level market in China is emerging as a new competitive arena for the automotive service industry, with a projected doubling of car wash and beauty stores by 2025 [2][4] - The automotive aftermarket is expected to reach a scale of 2 trillion yuan, with the penetration rate of new energy vehicles exceeding 50%, making the lower-tier market a critical growth area [2][4] Demand Drivers - The increasing number of vehicles, with a projected total of 353 million by the end of 2024, is driving demand, particularly in third and fourth-tier cities, which contribute nearly 60% of the growth [3] - The average age of vehicles in county areas has surpassed 5 years, leading to a surge in demand for car washing, beauty, and basic maintenance services [3] Industry Dynamics - Independent small repair shops are struggling, with 54% of single auto repair shops expected to see negative growth in customer visits by 2024, while chain brands are capitalizing on their advantages in procurement and standardized services [3][4] - The service gap in the lower-tier market presents a significant opportunity for chain brands to fill [3][4] Policy and Trends - The Chinese Chain Operation Association has identified "downward expansion" as one of the four main lines for the aftermarket, with local governments promoting the standardization of automotive after-services [4] - The impending "warranty expiration wave" for over 3 million new energy vehicles by the end of 2025 will create a spike in demand for battery maintenance and testing services in county markets [4] Company Strategy - Tuhu, a leading player in the automotive aftermarket, is leveraging its "system strength" rather than merely expanding its store count, focusing on a deep-rooted service network and standardized offerings [5][6] - As of June 2025, Tuhu operates 7,205 service stations, with a coverage rate of 70% in counties with over 20,000 passenger vehicles [5][6] Operational Excellence - Tuhu emphasizes detail-oriented standardization to alleviate customer concerns about service quality, ensuring that all core products are sourced directly from reputable brands [6] - The company has established partnerships with 135 educational institutions to train over 1,200 new energy vehicle technicians annually, ensuring skilled labor availability in county markets [6] Market Adaptation - Tuhu's strategy includes lowering entry barriers for franchisees and adapting services to meet local demands, such as expanding light beauty service capabilities to 5,700 stores by 2024 [7][8] - The introduction of digital tools, such as an intelligent pricing system, enhances operational efficiency and customer engagement in county markets [8] Industry Implications - Tuhu's approach signifies a new paradigm for the automotive service industry, demonstrating that the lower-tier market can be profitable and scalable [9] - The company's comprehensive standardization across supply chain, services, talent, and digitalization sets a replicable model for other chain enterprises in the industry [9]