Group 1 - The company reported a revenue of 7.877 billion yuan for the first half of 2025, representing a year-over-year increase of 10.5% [1] - Adjusted net profit for the same period was 410 million yuan, up 14.6% year-over-year, with a comprehensive gross margin of 25.2%, a slight decrease of 0.7 percentage points [1] - As of June 30, 2025, the company had approximately 7.5 billion yuan in cash reserves, indicating strong financial health [1] Group 2 - The company has expanded its store network to 7,205 locations nationwide, with a net addition of 894 stores compared to the same period in 2024 [1] - The coverage rate of stores in counties with more than 20,000 passenger vehicles has increased to 70%, up 5 percentage points year-over-year [1] - Over 60% of new stores opened in the first half of 2025 were located in second-tier cities and below, highlighting the importance of lower-tier cities as growth drivers [1] Group 3 - The company's quick repair business revenue grew by over 60% year-over-year in the first half of 2025, with a user penetration rate of over 10% [2] - The penetration rate for new energy vehicle users exceeded 12%, supported by a comprehensive service network [2] - The AI-driven customer service system has improved pre-sale conversion rates by 2% and reduced customer service labor costs by 18% year-over-year [2]

Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, with net profit increasing by 8% to 307 million RMB, and adjusted net profit rising by 15%, exceeding the bank's forecast by 11% [1] Investment Rating and Valuation - The bank maintains a "Buy" rating and extends the valuation basis to 2026, raising the target price from 21.5 HKD to 23 HKD based on a projected adjusted P/E ratio of 20 times for next year [1] Future Outlook - For the fiscal year 2026, revenue is expected to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9%, driven by continued store expansion and customer acquisition [1]

Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% year-on-year and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, while net profit increased by 8% to 307 million RMB, and adjusted net profit rose by 15%, exceeding the bank's forecast by 11% [1] - The target price was raised from 21.5 HKD to 23 HKD, based on a projected adjusted P/E ratio of 20 times for the next year [1] Market Outlook - The company is expected to continue gaining market share due to its strong management capabilities, alleviating investor concerns regarding short-term industry volatility [1] - For the fiscal year 2026, revenue is anticipated to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9% due to ongoing store expansion and customer acquisition [1]

Group 1 - The core viewpoint of the report is that Tuhu-W (09690) is expected to achieve double-digit revenue growth and stable profit margins in the second half of the year, with a potential recovery in profit growth by 2026 [1] - The target price for Tuhu-W has been raised from HKD 21 to HKD 25, based on an 18 times price-to-earnings ratio for 2026, while maintaining a "Buy" rating [1] - In the first half of the year, Tuhu outperformed the industry through consumer insights and supply chain management technology, with revenue showing accelerated year-on-year growth [1] Group 2 - The company managed to improve gross profit margins on a quarter-on-quarter basis despite downward pressure on average transaction value by optimizing product category structure and supply chain management [1] - Operating expense ratios continued to show an optimizing trend, indicating effective cost management [1] - The performance and store opening progress in the first half of 2025 were generally in line with expectations [1]

Core Viewpoint - The report from CMB International indicates that Tuhu-W (09690) is expected to achieve double-digit revenue growth and stable profit margins in the second half of the year, with a potential recovery in profit trends by 2026, leading to an adjustment in valuation based on an 18x P/E ratio for 2026, raising the target price from HKD 21 to HKD 25 while maintaining a "Buy" rating [1] Group 1 - In the first half of the year, Tuhu outperformed the industry through insights from the consumer end and supply chain management technology [1] - The performance and store expansion in the first half of 2025 were generally in line with expectations, with revenue showing accelerated year-on-year growth [1] - Despite downward pressure on average transaction value, Tuhu improved its gross profit margin quarter-on-quarter by optimizing product category structure and supply chain management, while also continuing to optimize operating expense ratios [1]

Core Viewpoint - Goldman Sachs reports that Tuhu-W (09690) achieved a year-on-year revenue growth of 11% to 7.9 billion RMB in the first half of the year, surpassing the 8% growth rate from the second half of last year, aligning with expectations [1] Financial Performance - Adjusted net profit for the period increased by 15% year-on-year, exceeding expectations, primarily driven by non-operating income and revenue [1] - For the second half of the year, revenue is expected to grow by 11% year-on-year, with adjusted net profit projected to increase by 33% to 354 million RMB [1] Forecasts and Target Price - The revenue forecasts for 2025 to 2027 remain largely unchanged, while adjusted net profit forecasts have been raised by 0 to 3% [1] - The target price has been increased from 21.9 HKD to 22.4 HKD, maintaining a "Buy" rating [1]

汽车/汽车服务 途虎-W（09690.HK） 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(港元) | 20.740 | | 一年最高最低(港元) | 25.000/14.360 | | 总市值(亿港元) | 170.86 | | 流通市值(亿港元) | 170.86 | | 总股本(亿股) | 8.24 | | 流通港股(亿股) | 8.24 | | 近 3 个月换手率(%) | 14.26 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 途虎-W 恒生指数 相关研究报告 《收入规模稳定增长，门店扩张坚持 下沉战略—港股公司信息更新报告》 -2025.3.23 《门店维持高速扩张，利润率稳步提 升 — 港 股 公 司 信 息 更 新 报 告 》 -2024.9.3 门店持续扩张，精细化运营赋能增长韧性 ——港股公司信息更新报告 | 殷晟路（分析师） | 陈诺（分析师） | | --- | --- | | yinshenglu@kysec ...

Core Viewpoint - Tuhu Car Maintenance has demonstrated robust and high-quality growth in its mid-2025 performance, adhering to a dual-track strategy of "domestic brands breaking through upwards and international brands rooting downwards" while deepening efficiency across the entire supply chain [1] Revenue and Profitability - In the first half of 2025, Tuhu Car Maintenance achieved total revenue of 7.9 billion RMB, a year-on-year increase of 10.5% from 7.1 billion RMB in 2024, maintaining its position as the leading independent automotive service provider in China [2][3] - Gross profit reached nearly 2 billion RMB, up 7.4% year-on-year, with adjusted EBITDA of 483 million RMB, reflecting a 7.5% increase [4] - Adjusted net profit was 410 million RMB, a 14.6% increase year-on-year, indicating enhanced profitability and quality [4] User Growth and Store Expansion - The user base expanded significantly, with 26.5 million cumulative trading users, a 23.8% increase year-on-year, and an average monthly active user count of 13.5 million, up 17.5% [6][8] - The number of Tuhu workshops reached 7,205, a 14.2% increase from 6,311 in 2024, with over 60% of new stores located in second-tier and lower cities [8][10] Brand and Service Enhancement - Tuhu Car Maintenance has invested in brand building and service experience, appointing Han Han as the first "professional image ambassador" to enhance brand trust [9] - The company established the "Gold Medal Film Testing Center" for product evaluation and improved customer service through an AI-driven intelligent customer service system, leading to a 2% increase in conversion rates and a 7% rise in customer satisfaction [9] Strategic Initiatives and New Business Development - The company is pursuing a dual-track strategy while actively developing new business areas, including tire and maintenance services, with significant growth in fast repair and electric vehicle services [11][13] - The fast repair business saw over 60% revenue growth, while the electric vehicle segment experienced an 83.5% increase in trading users, indicating strong market demand [14] Future Outlook - The automotive aftermarket is expected to continue growing due to increasing vehicle ownership and aging vehicle structures, with Tuhu Car Maintenance well-positioned to leverage its user-store synergy and ongoing strategic initiatives to maintain its industry leadership [14]

Core Viewpoint - Tuhu Car Maintenance has demonstrated robust and high-quality growth in its mid-2025 performance, adhering to a dual-track strategy of "domestic brands breaking through upwards and international brands rooting downwards" [1] Revenue and Profitability - In the first half of 2025, Tuhu Car Maintenance achieved total revenue of 7.9 billion RMB, a year-on-year increase of 10.5% from 7.1 billion RMB in 2024, maintaining its position as the leading independent automotive service provider in China [2][3] - Gross profit reached approximately 2 billion RMB, up 7.4% year-on-year, while adjusted EBITDA was 483 million RMB, reflecting a 7.5% increase [4] - Adjusted net profit was 410 million RMB, a significant rise of 14.6% compared to 358 million RMB in the previous year, indicating enhanced profitability and quality [4] User Growth and Store Expansion - Tuhu Car Maintenance's user base expanded significantly, with 26.5 million cumulative trading users, a 23.8% increase year-on-year, and an average monthly active user count of 13.5 million, up 17.5% [7][8] - The number of Tuhu workshops reached 7,205, a 14.2% increase from the previous year, with over 60% of new stores located in second-tier and lower cities [10][8] Operational Efficiency and Cost Control - The company has implemented various measures to enhance operational efficiency and control costs, including the "Tuhu New Youth" project to support new franchisees and the "10 Billion Subsidy, 10,000 Stores Together" initiative [10] - AI video recognition technology has been utilized to improve hygiene and compliance governance, enhancing user satisfaction with store environments [10] Dual-Track Strategy and Emerging Business - Tuhu Car Maintenance is committed to its dual-track strategy, focusing on upgrading its product matrix while actively developing emerging businesses [11] - The tire business has seen significant growth, with a focus on high-end products and a notable increase in sales in lower-tier cities [11] - The fast repair and new energy vehicle sectors have shown strong performance, with fast repair revenue growing over 60% year-on-year and new energy vehicle transactions increasing by 83.5% [12][11] Future Outlook - The automotive aftermarket is expected to continue growing due to increasing vehicle ownership and aging vehicle structures, with Tuhu Car Maintenance poised to maintain its industry leadership and create long-term value for stakeholders [12]

Core Viewpoint - The company achieved a revenue of 7.88 billion yuan in H1 2025, representing a year-on-year increase of 10.5%, and a net profit of 310 million yuan, up 7.8% year-on-year, with adjusted net profit reaching 410 million yuan, reflecting a 14.6% increase year-on-year [1] Group 1: Financial Performance - In H1 2025, the company's adjusted net profit margin was 5.2%, an increase of 0.2 percentage points year-on-year [1] - The gross profit margin for H1 2025 was 25.2%, a decrease of 0.7 percentage points year-on-year, primarily due to a shift in consumer preference towards cost-effective products [2] - Operating profit margin slightly decreased to 2.8% year-on-year, but improved by 1.3 percentage points compared to H2 2024, indicating stable overall profitability [2] Group 2: Business Expansion and User Growth - As of June 30, 2025, the company expanded its store network to 7,205 locations, a net increase of 331 stores from the beginning of the year, with over 60% of new stores located in second-tier and lower-tier cities [1] - The total number of transaction users reached 26.5 million, a year-on-year growth of 23.8%, maintaining a user satisfaction rate of 95% and a repurchase rate of 64% [1] - The company is accelerating its penetration in the new energy sector, with over 12% of total users on the platform being new energy transaction users, surpassing the industry penetration rate [1] Group 3: Revenue Breakdown - Revenue from tires and chassis components in H1 2025 was 3.29 billion yuan, up 10.5% year-on-year, driven by optimized online promotion and store network expansion [1] - Revenue from automotive maintenance reached 2.91 billion yuan, an increase of 11.1% year-on-year, supported by the growing average age of passenger vehicles and enhanced customer loyalty [1] - Revenue from other products and services, including cleaning and maintenance, was 1.26 billion yuan, reflecting a year-on-year increase of 16.1%, driven by the introduction of cleaning and beauty services in more stores [1] Group 4: Investment Outlook - The company adjusted its net profit forecasts for 2025-2026 from 806 million yuan and 1.021 billion yuan to 753 million yuan and 860 million yuan, respectively, while adding a forecast of 953 million yuan for 2027 [2] - The company maintains a long-term growth potential and investment opportunities, with a "buy" rating upheld [2]