Core Viewpoint - The "Su Super" football league has gained significant popularity in a short time, with average attendance increasing from 7,745 to 25,802 in just one month, and related topics on Douyin reaching over 7 billion views by June 16, 2025 [3][5][15]. Sponsorship Expansion - The number of sponsors for the "Su Super" has tripled from the first to the fourth round, reaching 19 sponsors, indicating a surge in interest and brand engagement [5][7]. - Notable sponsors include major brands like JD.com, Ideal, and Heineken, reflecting the event's growing prestige [7][15]. - The sponsorship fees have skyrocketed to 3 million RMB, compared to the initial total season sponsorship of 8 million RMB by Jiangsu Bank [15][25]. Sponsorship Dynamics - "Karma Sports," the previous official partner, has been replaced by "Wuqiku Sports," highlighting a competitive sponsorship landscape [8][10]. - The official partnership structure has specific limitations, with only two official partners remaining, indicating a selective sponsorship approach [8][12]. - The shift in sponsorship reflects a deeper connection to local enterprises, as "Wuqiku" is a Jiangsu-based company, while "Karma" is a foreign brand [12][13]. Regional Brand Engagement - The event has attracted local brands, with three out of six fixed sponsors being Jiangsu-based companies, emphasizing regional representation [15][16]. - Other sponsors, while not local, maintain strong ties to Jiangsu, showcasing a blend of local and national brands [16][18]. - The local cultural context and humor have played a significant role in the event's popularity, with social media engagement driving interest [20][23]. Comparison with Other Events - The "Su Super" has been compared to the grassroots "Village Super" league, which also gained massive online traction, but "Su Super" has a more professional feel due to its corporate sponsorship [24][25]. - The success of "Su Super" is attributed to its entertainment value and local engagement, contrasting with the more restrained commercial approach of "Village Super" [24].

Core Viewpoint - The article highlights the professional development and customer service excellence at Tuhu Car Maintenance, showcasing the journey of a technician, Duan Fangli, who rose to the position of technical supervisor through rigorous training and certification processes [3][4][14]. Group 1: Professional Development - Duan Fangli started his career in a traditional auto repair shop and joined Tuhu in late 2019, progressively achieving various technician certifications, culminating in a technical supervisor certification in 2024 [3][4]. - Tuhu has a strict training process that enhances technicians' skills, including an internal knowledge base for automotive repair accessible to technicians [4]. Group 2: Customer Trust and Service - Customers choose Tuhu for its reliable service and cost-effectiveness, often preferring it over traditional repair shops and 4S dealerships due to lower prices and transparent processes [6][7]. - A case study illustrates how Tuhu effectively diagnosed and resolved a complex air conditioning issue for a customer, saving them from unnecessary expenses [6][7]. Group 3: Transparency and Cost Savings - Tuhu offers transparent pricing and service processes, allowing customers to monitor repairs via remote cameras and providing detailed information about parts and services through a dedicated app [7][8]. - The company maintains historical repair records for customers, helping to avoid unnecessary replacements and excessive maintenance costs [8]. Group 4: Commitment to Continuous Learning - Despite achieving a supervisory role, Duan Fangli emphasizes the importance of ongoing education, particularly in the field of electric vehicle repair, to enhance service quality [12][14]. - Tuhu provides resources for technicians to learn about new technologies, including online theoretical training and hands-on practical sessions [14].

Core Viewpoint - The "Four Major Chronic Diseases Major Project" aims to establish a comprehensive mechanism for the prevention and treatment of chronic diseases in China by 2030, focusing on collaboration across various sectors to enhance the accessibility and efficiency of healthcare solutions [1][2]. Group 1: Project Overview - The project is led by Tianjin University of Traditional Chinese Medicine and involves multiple high-level universities, medical institutions, and AI healthcare companies [1][2]. - It aims to create a low-cost, high-efficiency, and widely accessible digital health model for chronic disease prevention and management [2][4]. Group 2: Objectives and Implementation - The project has four specific goals: to build a promotion mechanism for chronic disease prevention technologies, establish a digital platform, develop comprehensive treatment plans for major diseases, and create a new paradigm for integrated health management [2][6]. - It will utilize a collaborative model that integrates government, industry, research, and education to address existing challenges in chronic disease management [2][4]. Group 3: Expert Insights - Academicians emphasized the importance of a comprehensive approach that covers the entire population and disease cycle, aiming for a high-efficiency and low-cost prevention system [4]. - The project is expected to provide a Chinese solution to global health challenges by promoting a combination of traditional and modern medical practices [4][6]. Group 4: Technological Integration - The project will leverage AI and digital technologies to enhance the efficiency and coverage of chronic disease prevention strategies [6][11]. - A digital health community model has been successfully implemented in Tianjin, demonstrating improvements in health indicators and reductions in healthcare costs [7][11]. Group 5: Future Directions - The research outcomes will be implemented across 60 regional urban and rural healthcare networks, promoting the integration of digital solutions in chronic disease management [11][12]. - The project will focus on creating a decision-support system for chronic disease prevention and treatment, utilizing AI and digital platforms for widespread application [11].

Financial Performance - Total revenue for 2024 reached RMB 14,758,694, representing an 8.5% increase from RMB 13,601,085 in 2023[12] - Gross profit for 2024 was RMB 3,745,978, with a gross margin of 25.4%, compared to RMB 3,359,353 and 24.7% in 2023, marking an 11.5% increase[12] - Adjusted net profit for 2024 was RMB 624,138, reflecting a 29.7% increase from RMB 481,314 in 2023[12] - Operating profit for 2024 was RMB 331,031, representing a significant increase of 104.9% from RMB 161,524 in 2023[12] - The company reported a net profit of RMB 482,038 for 2024, a decrease of 92.8% compared to RMB 6,700,697 in 2023[12] - Adjusted EBITDA for 2024 was RMB 777,262, a 2.6% increase from RMB 757,783 in 2023[12] - The total operating expenses for 2024 amounted to RMB 3.5 billion, with operating expenses as a percentage of revenue decreasing by 0.7 percentage points to 23.6%[17] - The company's revenue for the year ended December 31, 2024, was RMB 14,758.7 million, an increase of 8.5% compared to RMB 13,601.1 million for the year ended December 31, 2023[49] - The gross profit for the year ended December 31, 2024, was RMB 3,746.0 million, with a gross margin of 25.4%, up from 24.7% in the previous year[59] - The adjusted net profit for 2024 was RMB 624.1 million, compared to RMB 481.3 million in 2023, reflecting strong financial performance[47] User Growth and Engagement - The number of transaction users increased to 24.1 million, a growth of 24.8% from 19.3 million in 2023[14] - Registered users grew to 138.8 million, up 20.4% from 115.3 million in 2023[14] - By the end of 2024, the company had nearly 140 million registered users on its platform, with average monthly active users reaching 12 million, a significant increase of 17.2% year-over-year[18] - The same-store user count increased by over 5% year-on-year in 2024, with over 90% of stores operating for more than six months remaining profitable by December 2024[28] Store Network Expansion - The number of Tuhu workshop stores reached 6,874, a 16.3% increase from 5,909 in 2023[14] - The number of self-operated Tuhu workshop stores increased to 158, a 3.9% rise from 152 in 2023[14] - As of the end of 2024, the company has expanded its store network to 6,874 locations, with a net increase of 965 stores during the year, solidifying its position as the largest automotive service platform in the country[25] - The company launched the "Ten Thousand Towns, Ten Thousand Stores" initiative in August 2024, resulting in over 30% year-on-year growth in store numbers in key development areas, with Xinjiang seeing over 60% growth[26] Product and Service Development - The company integrated 70,000 charging stations for electric vehicles across 342 cities by the end of 2024, enhancing its service offerings for active electric vehicle users[22] - The company added over 1,300 new service locations equipped with light beauty services, bringing the total to over 5,700 locations by the end of 2024[20] - The company launched the ExtremeContact XC7 series in collaboration with Continental, achieving over 1,000 units sold in the first three months post-launch[31] - Sales of Michelin products on the platform increased by over 60% year-on-year in 2024, following a successful promotional event[31] - The company's self-controlled brand, Feijun tires, saw over 200% year-on-year sales growth in 2024, supported by the introduction of high-end series to meet mid-to-high-end user demands[32] - The company introduced hybrid-specific engine oils in response to the growing penetration of hybrid vehicles, with sales of hybrid oils increasing by over 270% year-on-year in 2024[33] - In 2024, the battery business revenue grew by 30% year-on-year, supported by improved service network density and inventory capabilities, with on-site installation order fulfillment rate increasing by over 2 percentage points to 86%[34] - The fast repair business saw nearly 50% year-on-year growth in online payment users, with over 99% of service stations offering core fast repair categories by the end of 2024[35] - The deep beauty segment experienced over 30% year-on-year growth in order volume, with new car users under one year old accounting for 40% of transaction users[36] Financial Position and Investments - Non-current assets totaled RMB 4,431.9 million as of December 31, 2024, up from RMB 3,493.4 million in 2023, reflecting a growth of 26.9%[95] - Current assets increased slightly to RMB 8,365.3 million as of December 31, 2024, compared to RMB 8,271.3 million in 2023, marking a growth of 1.1%[95] - The total liabilities as of December 31, 2024, were RMB 738.9 million, slightly up from RMB 704.0 million in 2023, indicating a 4.9% increase[97] - The total equity increased to RMB 4,859.4 million as of December 31, 2024, compared to RMB 4,458.3 million in 2023, reflecting a growth of 9.0%[97] - The company has continued to invest in long-term financial investments, which rose to RMB 1,871.8 million in 2024 from RMB 1,065.3 million in 2023, showing a significant increase of 76.0%[95] - The company's financial investments as of December 31, 2024, amounted to RMB 4.95 billion, an increase of 86.5% from RMB 2.65 billion as of December 31, 2023[107] Governance and Management - The company is committed to the highest standards of governance, transparency, and integrity[164] - The management team emphasizes a customer-centric model and streamlined supply chain to provide digital and on-demand service experiences[163] - The corporate culture is rooted in continuous learning and self-improvement, fostering innovation and adaptability to changing market conditions[163] - The board ensures that corporate values are integrated into the company culture, maintaining consistency across business operations[164] - The company has adopted and applied the principles of the Corporate Governance Code as per the Listing Rules Appendix C1, ensuring compliance with all applicable code provisions for the year ending December 31, 2024, except for code provision C.2.1[165] - The board consists of at least three independent non-executive directors, representing at least one-third of the board, with at least one having appropriate professional qualifications in accounting or related financial management knowledge[168] - The board is responsible for leading and controlling the company, guiding and supervising its affairs, and acting in the best interests of the company and its shareholders[169] - The company has established four board committees to oversee specific aspects of its affairs, ensuring clear authority and responsibilities[180] Employee and Training Initiatives - The total employee count as of December 31, 2024, is 4,491, down from 4,729 as of December 31, 2023[140] - The company provides regular and professional training to maintain the quality, knowledge, and skill levels of its workforce[141] - Directors are required to participate in ongoing professional development to ensure their contributions to the board remain informed and relevant[174] - The company encourages all directors to attend relevant training courses, with costs covered by the company[175]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in its operating cycle, with customer satisfaction being a cornerstone of its service industry [1] - The company reported a revenue of 14.76 billion yuan in 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million yuan, up 29.7% year-on-year [5] - The company is focusing on standardized management of its stores, which has led to improved customer satisfaction metrics, including a 95.4% order satisfaction rate and a 62.3% repeat purchase rate [5] - The main business continues to grow, with tire and chassis parts revenue reaching 6.1 billion yuan, a 10.4% increase year-on-year, and automotive maintenance revenue at 5.4 billion yuan, up 9.9% year-on-year [5] - The company has adjusted its revenue forecast for 2025 to 16.72 billion yuan and for 2026 to 19.18 billion yuan, while the net profit forecast for 2025 is adjusted to 625 million yuan [5] Financial Data and Profit Forecast - Revenue (in million yuan): - 2023: 13,601 - 2024: 14,759 - 2025E: 16,720 - 2026E: 19,184 - 2027E: 21,821 - Year-on-year growth rates for revenue: - 2023: 18% - 2024: 9% - 2025E: 13% - 2026E: 15% - 2027E: 14% [2] - Net profit (in million yuan): - 2023: 6,703 - 2024: 484 - 2025E: 625 - 2026E: 947 - 2027E: 1,388 - Year-on-year growth rates for net profit: - 2023: 414% - 2024: -93% - 2025E: 29% - 2026E: 52% - 2027E: 46% [2] - Earnings per share (in yuan): - 2023: 20.80 - 2024: 0.60 - 2025E: 0.76 - 2026E: 1.16 - 2027E: 1.69 [2]

Core Viewpoint - Tuhu Car Maintenance achieved significant growth in 2024, with revenue reaching 14.759 billion RMB, a year-on-year increase of 8.5%, driven by strong performance in automotive products and services [1][2][3] Financial Performance - Revenue for automotive products and services was 13.802 billion RMB, up 9.1% year-on-year, with tire and chassis components and automotive maintenance segments growing by 10.2% to 11.6 billion RMB [1][2] - Gross profit reached 3.746 billion RMB, with a gross margin of 25.4%, an increase of 0.7 percentage points year-on-year [2][3] - Adjusted net profit was 624 million RMB, a substantial increase of 29.7% compared to 2023, indicating improved cost control and operational efficiency [2][3] Market Position and Expansion - Tuhu Car Maintenance solidified its position as the leading independent automotive service provider in China, with a total of 6,874 service locations, a net increase of 965 locations year-on-year [3][4] - The company has a significant advantage over U.S. competitors in terms of scale and growth rate, with Tuhu's store count exceeding that of major U.S. chains [3] User Growth and Satisfaction - The number of transaction users reached 24.1 million, a year-on-year increase of 24.8%, while registered users grew to 139 million, up 20.4% [4] - The platform's order satisfaction rate exceeded 95%, and the user repurchase rate was 62.3%, reinforcing Tuhu's brand influence [4] Competitive Advantages - Tuhu Car Maintenance's success is attributed to its commitment to high-quality products and services, establishing a strong market reputation [5] - The company collaborates with well-known brands to ensure product quality and has implemented a blockchain-based traceability system for product sourcing [5][6] Service and Product Innovations - Tuhu introduced "Gold Quality Assurance" and lifetime tire warranty services, enhancing consumer confidence [6] - The company has launched exclusive products in collaboration with major brands and developed its own controlled brands, achieving significant sales growth in high-end products [6] Supply Chain and Logistics - Tuhu optimized its supply chain by increasing the number of regional and front warehouses, improving inventory management, and enhancing delivery efficiency [7] - The company has reduced fulfillment costs and improved order delivery rates through a robust logistics system [7] Technological Advancements - Tuhu plans to leverage AI technology to enhance operational efficiency, customer service, and supply chain management [10] - The company aims to lead the automotive aftermarket into an era of intelligent services through technological innovation [10] Future Strategies - Tuhu is focused on expanding its presence in lower-tier markets and enhancing its online channels to attract new users [9] - The company aims to deepen its market penetration in both low and high-tier cities while optimizing its product offerings based on regional consumer needs [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 14.759 billion yuan for 2024, representing a year-on-year growth of 8.5%, while the adjusted net profit reached 624 million yuan, up 29.7% year-on-year [2] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points year-on-year, driven by higher sales of proprietary and controlled brands, better procurement terms from suppliers, and a strategic reduction in low-margin wholesale services [3] - The company expanded its channel network, investing nearly 100 million yuan to support franchisee growth, resulting in a total of 6,874 service locations by the end of 2024, with over 90% of stores operating profitably [4] - The number of transaction users on the platform grew by 24.8% year-on-year, with the company also launching new services such as light beauty services and electric vehicle charging stations [5] Financial Summary - The company’s revenue for 2024 was 14.759 billion yuan, with a year-on-year growth of 8.5% [8] - The adjusted net profit for 2024 was 483.79 million yuan, showing a significant decline of 92.78% year-on-year [8] - The projected revenues for 2025, 2026, and 2027 are 16.256 billion yuan, 17.793 billion yuan, and 19.282 billion yuan, respectively, with expected growth rates of 10%, 9%, and 8% [6] - The adjusted net profit forecasts for 2025, 2026, and 2027 are 630.52 million yuan, 823.05 million yuan, and 1.031 billion yuan, respectively [6] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.77 yuan, 1.00 yuan, and 1.26 yuan, respectively [6]

Core Viewpoint - Tuhu-W (9690) reported strong financial results for 2024, leading multiple brokerages to maintain a "Buy" rating and prompting an upgrade in target price by CMB International to HKD 21.5 [2][3] Financial Performance - Tuhu achieved a revenue of RMB 14.759 billion in 2024, representing a year-on-year increase of 8.5% - Adjusted net profit reached RMB 624 million, up 29.7% year-on-year - As of the end of 2024, Tuhu had over RMB 7.5 billion in cash [3] Store and User Growth - By the end of 2024, Tuhu had a total of 6,874 stores, a net increase of 965 stores, reflecting a year-on-year growth of 16.3% - The number of transaction users reached 24.1 million, up 24.8% year-on-year, while registered users totaled 139 million, a 20.4% increase [3] Brokerage Insights - CMB International raised Tuhu's 2025 net profit forecast by 10% to RMB 703 million and adjusted the net profit estimate to RMB 826 million, reflecting a 32% increase - The brokerage believes Tuhu is in a favorable competitive position, with over 90% of stores operating for more than six months being profitable [3][4] Growth Projections - CMB International expects Tuhu's revenue growth rate for 2025 to be 12%, a significant increase from the 8.5% growth in 2024 - The number of stores is projected to grow to 7,800 by the end of 2025, with an expected net increase of about 900 stores [4] Margin and Efficiency Improvements - CMB International forecasts an increase in gross margin by 0.8 percentage points to 26.1% in 2025, driven by economies of scale and higher margins from proprietary products - The company is also leveraging AI to enhance user experience and operational efficiency, with an expected reduction in overall operating expense ratio by 0.7 percentage points to 22.9% [4] Strategic Initiatives - KGI Securities expressed confidence in Tuhu's resilient growth, emphasizing the company's strategy to penetrate lower-tier cities, which has effectively converted registered users into transaction users - Tuhu has made significant progress in exploring new service opportunities, with over 5,700 stores offering light beauty services and a peak of nearly 120,000 online orders for these services in 2024 [5] Market Share and New Energy Focus - Tianfeng Securities noted Tuhu's strategy to focus on market share growth, achieving a remarkable 30% year-on-year increase in adjusted net profit - The company is actively expanding its presence in the new energy sector, with 2.7 million transaction users in this category, a 105% increase year-on-year, and has connected 70,000 charging stations across over 340 cities [6][7] Long-term Outlook - Tianfeng Securities maintains a positive long-term outlook for Tuhu, anticipating revenue growth of RMB 16.2 billion, RMB 17.9 billion, and RMB 19.9 billion over the next three years, while also adjusting revenue forecasts for 2025-2026 upwards [7]

Investment Rating - The investment rating for the company is "Buy" [13]. Core Views - The company has achieved revenue growth of 8.5% year-on-year in 2024, reaching 14.759 billion, with tire and chassis parts revenue increasing by 10.4% and automotive maintenance revenue by 9.9% [5]. - The company has a strong cash reserve of over 7.5 billion, supporting further expansion and strategic investments [5]. - The number of registered users reached nearly 140 million, a 20.4% increase year-on-year, with transaction users growing by 24.8% [6]. - The company expanded its workshop stores to 6,874, netting an increase of 965 stores, achieving nearly 50% coverage in counties with over 20,000 passenger vehicles [7]. - Revenue is expected to grow by 11% in 2025, with projected revenues of 16.386 billion, 17.987 billion, and 19.623 billion for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - Latest closing price is 17.94 HKD, with a total market capitalization of 14.7 billion HKD and a PE ratio of 28.1 [4]. Financial Performance - In 2024, the company achieved a gross profit of 3.7 billion, with a gross margin of 25.4%, reflecting a 0.7 percentage point increase year-on-year [5]. - The adjusted net profit for 2024 was 600 million, a 29.7% increase year-on-year [5]. User Engagement - The average monthly active users reached 12 million, a 17.2% increase year-on-year, with a customer satisfaction rate exceeding 95% [6]. Market Expansion - The company is focusing on expanding its workshop stores and enhancing its brand recognition, which is expected to drive growth in a recovering consumer environment [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company has shown significant growth in user numbers and market share, with a registered user base of nearly 140 million by the end of 2024, and a substantial increase in monthly active users and annual transaction users [5][7]. - The company reported a revenue of 14.76 billion RMB for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million RMB, up 29.7% year-on-year [5][8]. - The company continues to expand its store network, with a total of 6,874 service centers by the end of 2024, adding 965 new stores during the year [7][8]. - The management has demonstrated confidence in the company's future by repurchasing shares, acquiring 23,571,300 shares, which is 2.9% of the total issued share capital as of March 20, 2025 [7][8]. - The company is expected to maintain a positive growth trajectory, with projected revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 8.14%, 10.41%, and 9.63% [8][9]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 14.76 billion RMB and an adjusted net profit of 620 million RMB, with a gross margin of 25.4% [5][9]. - The projected financials for 2025E-2027E include revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB, with adjusted net profits of 765 million RMB, 1.075 billion RMB, and 1.35 billion RMB respectively [8][9]. User Growth and Market Position - The company has established itself as the leader in the Chinese automotive service market, with a registered user base of nearly 140 million and significant growth in active users [7][8]. - The company has effectively utilized platforms like Douyin to enhance user engagement, resulting in over 100% growth in new users for tire maintenance services [7]. Store Expansion and Marketing Investment - The company has expanded its store network to 6,874 locations, with a significant investment of nearly 100 million RMB in supporting both new and existing stores [7][8]. - Marketing expenses for online and offline promotions totaled 1.04 billion RMB in 2024, an increase of 250 million RMB from the previous year [7].