上半年，途虎市场份额进一步提升。截至2025年6月30日，注册用户数1.5亿，同比增长18.8%；全渠道 累计12个月的交易用户数2650万，同比增长23.8%；APP平均月活用户数1350万，同比增长17.5%。截至 2025年6月30日，途虎养车工场店达到7205家。 8月21日，中国汽车服务市场龙头途虎（09690.HK）发布2025年中期业绩报告。报告显示，2025年上半 年，公司实现营业收入78.8亿元，同比增长10.5%；经调整净利润约4.1亿元，同比增长14.6%。 ...

Core Insights - The company, TuHu-W, reported a strong performance in the first half of 2025, with revenue reaching 7.88 billion RMB, a year-on-year increase of 10.5% [2] - The user base continued to grow rapidly, with registered users reaching 150 million, a year-on-year increase of 18.8% [2] - The company expanded its workshop network significantly, with a total of 7,205 service centers across 320 prefecture-level and 1,855 county-level administrative regions [2] Financial Performance - The adjusted net profit for the first half of 2025 was 410 million RMB, reflecting a year-on-year growth of 14.6% [2] - Total operating expenses were 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [4] - Free cash flow increased by 32.2% year-on-year, reaching 350 million RMB, with total cash reserves exceeding 7.5 billion RMB [4] User and Market Expansion - The company achieved a 64% user repurchase rate and maintained a service satisfaction rate exceeding 95% [2] - The number of transaction users over a 12-month period reached 26.5 million, a year-on-year increase of 23.8% [2] - The company’s fast repair business saw revenue growth exceeding 60% year-on-year, becoming a new growth driver [3] Supply Chain and Operational Efficiency - The company invested in supply chain automation, resulting in a 60% reduction in labor costs and a 2.5 times increase in efficiency compared to traditional warehousing [3] - The next-day delivery rate improved to 83%, while fulfillment cost rates decreased by 0.5 percentage points [3] - The company is piloting unmanned vehicle deliveries in cities like Nanjing and Chengdu, laying the groundwork for automated last-mile logistics [3] Strategic Initiatives - The company launched several support initiatives for franchise workshop stores, including "10 Billion Subsidy, 10,000 Stores Together" and "New Store Improvement Plan," which enhanced store operational vitality [3] - The company is focusing on fine-tuned operations and advanced technology investments to further improve operational quality and profitability [5]

本报记者 梁傲男 8月21日，中国汽车服务市场龙头途虎养车股份有限公司（以下简称"途虎养车"）发布2025年中期业绩报告。上半年途虎 养车在营业收入、用户规模和工场店数等方面稳居行业第一，领先优势进一步加大。 2025年上半年，公司营业收入78.8亿元同比增长10.5%，增速较去年加快；毛利额19.8亿元；经调整净利润4.1亿元，同比 增长14.6%。 财务表现上，除了领跑行业的收入和利润增长外，报告期内公司运营效率持续提升，运营杠杆放大，费用进一步摊薄。调 整后运营及支持开支、研发开支、销售及营销开支、一般及行政开支合计的总运营费用支出为17.7亿元，总运营费用占收入的 22.4%，较2024年同期持续优化。 现金流方面，公司自由现金流为3.5亿元，较去年同期提升32.2%。截至报告期末，公司拥有全量现金超过75亿元，资金储 备充足，经营稳健。 途虎养车创始人、董事会主席兼首席执行官陈敏表示，"面对复杂的外部环境，上半年我们以消费者需求为导向，锚定服 务本质、专注主营业务、提升经营质量，凭借标准化服务网络、数字化效能与精准政策响应，实现了高质量发展。无论行业如 何变化，我们将坚持扎实运营、前瞻布局，继续扩大 ...

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

Core Viewpoint - Tuhu Car Service demonstrated strong growth in the first half of 2025, with significant increases in revenue and profit, despite challenges in the overall automotive aftermarket [1][2]. Financial Performance - In the first half of 2025, Tuhu achieved revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, marking a return to double-digit growth [2]. - Adjusted net profit reached 410 million yuan, up 14.6% year-on-year, with a net profit margin of 5.2%, indicating improved operational efficiency [2]. - Free cash flow for the period was 350 million yuan, a substantial increase of 32.2%, with total cash reserves exceeding 7.5 billion yuan, providing a solid financial foundation for strategic initiatives [2]. User Growth and Engagement - Tuhu's registered user base surpassed 150 million, reflecting an 18.8% year-on-year growth, while the number of active transaction users reached 26.5 million, up 23.8% [2][3]. - The repurchase rate increased to 64%, and user satisfaction remained above 95%, indicating strong customer loyalty and service quality [3]. Market Expansion and Store Network - As of June 30, 2025, Tuhu operated 7,205 service stores, a net increase of 894 stores, covering 1,855 county-level administrative regions [3]. - The coverage rate in counties with over 20,000 passenger vehicles rose to 70%, showcasing Tuhu's penetration into lower-tier markets [3]. Technological Advancements - Tuhu has integrated AI and automation into its operations, enhancing customer service and supply chain efficiency [4]. - The implementation of an automated retail warehouse in Guangzhou has increased operational efficiency by 2.5 times compared to traditional warehouses, while reducing labor costs by 60% [4][5]. - The logistics delivery rate improved to 83%, with a reduction in fulfillment costs by 0.5 percentage points [5]. Business Segments and Growth Drivers - The fast repair segment saw revenue growth exceeding 60%, with some categories growing over 100%, driven by increased demand due to rising vehicle age [5]. - The new energy vehicle segment also experienced rapid growth, with transaction users increasing by 83.5% to 3.4 million, significantly above the industry average [5].

Core Insights - Tuhu-W (09690) experienced an 11% surge in stock price following the release of its mid-year results for 2025, indicating strong market confidence in the company [1] Financial Performance - Tuhu reported a revenue of 7.88 billion RMB for the first half of the year, reflecting a year-on-year growth of 10.5%, with an acceleration in growth compared to the previous year [1] - The adjusted net profit for Tuhu reached 410 million RMB, marking a year-on-year increase of 14.6% [1] User and Store Growth - The total number of trading users over the past 12 months reached 26.5 million, which represents a year-on-year growth of 23.8%, indicating a significant acceleration in user acquisition [1] - As of June 30, 2025, Tuhu's service workshop count reached 7,205, showcasing substantial leadership in both scale and growth within the domestic automotive service market [1]

Core Viewpoint - Tuhu Car Service reported a strong performance in the first half of 2025, with significant growth in revenue, profit, and user base, indicating its leading position in the industry [1][3][4] Financial Performance - Tuhu Car Service achieved a revenue of 7.88 billion yuan, a year-on-year increase of 10.5% [1] - The gross profit reached 1.98 billion yuan, while the adjusted net profit was 410 million yuan, reflecting a year-on-year growth of 14.6% [1][3] User Growth and Market Penetration - As of June 30, 2025, the number of Tuhu Car Service's workshop stores increased to 7,205, covering all provincial administrative regions except Macau and Taiwan [3] - The registered user count reached 150 million, marking an 18.8% year-on-year increase, with transaction users at 26.5 million, up 23.8% [4] - The average monthly active users on the app stood at 13.5 million, a growth of 17.5% [4] Business Development and Strategy - The company focused on consumer demand, enhancing service quality through standardized service networks and digital capabilities [3] - Initiatives like "Billion Subsidy, Ten Thousand Stores Together" and "New Store Enhancement Plan" supported franchisees, leading to a more than 7% year-on-year increase in same-store fulfillment user numbers [3] Technological Advancements - Tuhu Car Service is advancing AI applications, with improvements in conversion rates, user satisfaction, and labor cost control through smart customer service [3] - The automation benchmark warehouse in Guangzhou has achieved efficiency 2.5 times that of traditional warehousing, with logistics delivery rates improving to 83% [3] Business Segments Performance - The demand for quick repair services surged, with revenue from this segment growing over 60% year-on-year [3] - The new energy business also showed strong growth, with transaction users rising to 3.4 million, an increase of 83.5%, accounting for over 12% of total transaction users [3] Future Outlook - The CFO indicated ongoing investments in refined operations and cutting-edge technology to enhance operational quality and profitability, aiming to create long-term sustainable value for shareholders [4]

Investment Rating - The report maintains a "Buy" rating for the company [7][14]. Core Views - The company's total revenue for 1H25 reached 7.88 billion RMB, a year-on-year increase of 10.5%, exceeding the consensus estimate of 7.80 billion RMB [1][2]. - Non-IFRS net profit for 1H25 was 410 million RMB, also above the consensus estimate of 360 million RMB, with a corresponding non-IFRS net profit margin of 5.2%, up 0.2 percentage points year-on-year [1][2]. - The company is expected to continue its revenue growth momentum into 2H25, with guidance indicating stable gross margins [1]. Summary by Sections Revenue and Profitability - The company's revenue from automotive products and services increased by 10.8% to 7.36 billion RMB, slightly above the consensus estimate of 7.28 billion RMB [2]. - The gross margin for the automotive service segment was 22.8%, down 0.9 percentage points year-on-year, primarily due to external trade demand fluctuations and industry supply pressures [2]. User and Store Metrics - The number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, with registered users totaling 150 million, up 18.8% [3]. - The company has expanded its store count to 7,205, with a net addition of 894 stores year-on-year, achieving a 70% coverage rate in county-level cities with over 20,000 vehicles [3]. Operational Efficiency - The adjusted operating expense ratio improved slightly by 10 basis points to 22.4% in 1H25, despite increased investments in AI and other areas [4]. - The company has established a comprehensive logistics network, enhancing delivery efficiency with a same-day/next-day delivery rate of 83%, up 6 percentage points year-on-year [4]. Profit Forecast and Valuation - The report maintains the 2025 non-IFRS net profit forecast at 760 million RMB, while slightly lowering the 2026 and 2027 forecasts by 11.1% and 7.8% respectively [5][12]. - The target price is set at 25.13 HKD, reflecting a 25x target non-IFRS PE, which is a premium compared to the comparable companies' average of 23.6x [5][14].

智通财经APP获悉，中国汽车服务市场龙头途虎-W(09690)开盘大涨11%，8月21日港股盘后途虎发布 2025年中期业绩，上半年途虎在营业收入、用户规模和工场店数等方面稳居行业第一，领先优势进一步 加大。财报显示，途虎上半年营收78.8亿元(人民币，下同)，同比增长10.5%，增速较去年加快；经调整 净利润4.1亿元，同比增长14.6%；累计12个月的交易用户数2650万，同比增长23.8%，用户规模加速增 长。截至2025年6月30日，途虎养车工场店达7205家，规模和增速大幅领跑国内汽车服务市场。 ...

十亿补贴提升门店经营韧性 汽车服务市场上半年处于调整周期，用户需求更趋理性、分层，行业经历结构性调整，门店经营面临一定挑战。在此 情况下，途虎养车把加盟商扶持更深度地纳入经营主线，为了让每一家门店"开得出、稳得住、长得大、做得好"，途 虎特别推出"十亿补贴、万店同行"计划，旨在激发门店经营活力。 面对高昂的创业成本与获客难题，途虎一方面投入十亿补贴，降低入局门槛；另一方面引入百亿级流量引擎，通过平 台精准导流实现"客户带单进店"，大幅提升新店获客效率。 齐鲁晚报·齐鲁壹点 吴海云 近年来，汽车消费蓬勃发展，汽车后市场也随之稳步发展。中国汽修连锁头部品牌途虎养车抓住时代机遇，通过建立 标准化、透明化、数字化的业务模式，引领行业高质量发展，这在途虎近日发布的2025年中期业绩报告中得以集中体 现。 财报显示，途虎养车工场店达7205家，其中开业六个月以上门店盈利比例稳定在九成。上半年途虎推出多项举措，帮 助加盟商稳健经营，成为汽车后行业促进民营经济和带动中小微实体健康发展的排头兵。 推出"途虎新青年" 带动创业就业 为吸引更多优秀青年人才加入汽车服务行业，共青团中央直属单位中国青年创业就业基金会联合途虎，推出"青 ...