Core Viewpoint - Tuhu-W (09690) announced the resignation of Li Zhongcheng from multiple positions effective October 9, 2025, and the appointment of Huang Meifeng as the new co-secretary and authorized representative [1] Group 1 - Li Zhongcheng has submitted his resignation as (i) co-secretary of the company; (ii) authorized representative under the Hong Kong Stock Exchange Listing Rules Section 3.05; and (iii) legal process document agent for receiving legal documents and notices in Hong Kong [1] - Huang Meifeng has been appointed as the new co-secretary, authorized representative, and legal process document agent effective October 9, 2025 [1] - Chen Zhe will continue to serve as another co-secretary of the company [1]

Core Viewpoint - Tuhu-W (09690.HK) announced the resignation of Li Zhongcheng from multiple positions effective October 9, 2025, and the appointment of Huang Meifeng to succeed him in these roles [1] Group 1 - Li Zhongcheng has submitted his resignation as co-secretary of the company [1] - Li Zhongcheng will also resign as the authorized representative under the Hong Kong Stock Exchange Listing Rules [1] - Li Zhongcheng will cease to act as the legal process document agent for the company in Hong Kong [1] Group 2 - Huang Meifeng has been appointed as the new co-secretary, authorized representative, and legal process document agent effective October 9, 2025 [1] - Chen Zhe will continue to serve as another co-secretary of the company [1]

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。 （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） 更換聯席公司秘書、授權代表 及法律程序文件代理人； 及 豁免嚴格遵守上市規則第3.28及8.17條 途虎養車股份有限公司*（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，李忠 成先生（「李先生」）已提呈辭任(i)本公司聯席公司秘書（「聯席公司秘書」）；(ii)香 港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.05條項下本公 司之授權代表（「授權代表」）；及(iii)根據上市規則第19.05(2)條及香港法例第622 章公司條例第16部的規定代本公司在香港接收送達之法律程序文件及通知書之代 表（「法律程序文件代理人」），自2025年10月9日起生效。 李先生已確認其與董事會並無意見分歧，亦無任何與其辭任有關的事宜須提請本 公司股東或聯交所垂注。 TUHU Car Inc. 途虎養車股份有限公司* 陳先生 ...

Core Insights - The strategic partnership between Tuhu Car Maintenance and Alashan Hero Conference aims to innovate service forms and optimize service experiences around off-road activities and desert cultural tourism [1][7] Group 1: Strategic Collaboration - Tuhu Car Maintenance and Alashan Hero Conference have upgraded their strategic cooperation, combining their strengths to enhance off-road service offerings [1][7] - The collaboration is described as a deep integration of "professional services" and "cultural IP," addressing "user needs" and "scene innovation" [7] Group 2: Service Offerings - Tuhu Car Maintenance launched the "Hardcore Off-Road Worry-Free Guarantee Plan," providing customized support for off-road users during the 2025 Alashan Hero Conference [3] - The plan includes services covering the journey, competition, and daily maintenance for all off-road players [3][5] - A dedicated "Guarantee Center" was established on-site, offering quick maintenance services such as tire inflation, oil replenishment, and engine cleaning [5] Group 3: Event Experience - Tuhu Car Maintenance created a closed-loop service system for off-road enthusiasts, featuring a 5,000 square meter "Off-Road Camp" showcasing products from 20 international brands [3][5] - The event allows participants to experience high-quality products from brands like Michelin, Goodyear, and Mobil [3] Group 4: Future Outlook - Both companies expressed a commitment to enhancing off-road service guarantees and leveraging Tuhu's platform advantages for richer technical and product experiences in future events [7] - The partnership aims to elevate the Alashan Hero Conference into a comprehensive event that combines professional off-road competitions, automotive technology, and high-quality desert cultural tourism [7]

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: 2025年9月30日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 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10月8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 ...

Core Insights - The automotive aftermarket in China is projected to reach a scale of 2.9 trillion yuan by 2029, driven by an increase in vehicle ownership and a growing demand for services [1][2] - Tuhu Car, as a representative of the automotive aftermarket chain brands, is establishing a standardized ecosystem to fill the market gap left by the exit of traditional service channels [1][2] Market Overview - As of June 2025, 101 cities in China are expected to have over 1 million vehicles, with new energy vehicles accounting for 10.27% of the total vehicle ownership [1] - The exit of over 4,000 traditional 4S stores by 2024 highlights the imbalance between service capacity and consumer demand in the automotive aftermarket [1] Company Performance - Tuhu Car went public on the Hong Kong Stock Exchange in September 2023, becoming the first independent automotive aftermarket service company listed in Hong Kong [2] - In the first half of the year, Tuhu Car reported a revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, and an adjusted net profit of 410 million yuan, up 14.6% [2] Network Expansion - Tuhu Car has established a network of 7,205 service centers across 320 prefecture-level cities and 1,855 county-level areas, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [2][3] - The company is recognized for setting new industry standards and integrating online and offline services to enhance consumer trust in the aftermarket [2][4] Adaptation to New Energy Vehicles - Tuhu Car is expanding its services to include battery health maintenance and related services for new energy vehicles, positioning itself as a potential consolidator in the evolving market [3] - The shift in the industry value from manufacturing to service is seen as an opportunity for Tuhu Car to leverage its advantages in repair qualifications and supply chain innovation [3] Competitive Advantages - Tuhu Car's competitive edge is derived from its strong brand trust, financial advantages from being a listed company, professional operational capabilities, and sustainable development through standardization [4] - The company is moving from price competition to brand and system competition, gradually replacing traditional, inefficient service models [4] Entrepreneurial Support - Tuhu Car's ecosystem allows entrepreneurs to benefit from a standardized supply chain and digital management tools, with over 90% of stores operating for more than six months achieving profitability [5][6] - The company has introduced a tiered and regionalized franchise policy to lower entry barriers for entrepreneurs, with initial investments starting as low as 30,000 yuan in certain markets [6] Future Outlook - The automotive aftermarket in China is expected to see a trend towards concentration, with chain brands like Tuhu Car leveraging technology and supply chain advantages to outcompete smaller players [6] - Tuhu Car's leading position in offline store numbers and penetration in first- and second-tier cities is anticipated to be sustained through its standardized service system and supply chain management capabilities [6]

Core Viewpoint - Tuhu Car Maintenance reported a steady revenue growth of 10.5% year-on-year in the first half of 2025, driven by store network expansion and high-growth businesses such as new energy and quick repair services [1][2]. Group 1: Financial Performance - The company achieved a revenue of 7.877 billion yuan in the first half of 2025, with a gross profit of 1.982 billion yuan, resulting in a gross margin of 25.2% [1]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year increase of 14.6% [1]. - Core businesses, including tires and chassis components, as well as automotive maintenance, experienced approximately 11% year-on-year growth [1]. Group 2: Business Expansion and User Engagement - The platform's new energy vehicle user base expanded to 3.4 million, a year-on-year increase of 83.5%, with a penetration rate exceeding 12% [2]. - The total number of stores reached 7,205, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [2]. - The company has strengthened user operations, with 26.5 million transaction users and a repurchase rate of 64% [2]. Group 3: Operational Efficiency and Technological Advancements - The company enhanced operational efficiency through supply chain intelligence upgrades and AI technology, significantly improving overall efficiency [2]. - The automation warehouse in Guangzhou saw a 2.5-fold increase in efficiency, and the introduction of unmanned delivery vehicles was noted [2]. - The intelligent customer service system, based on the DeepSeek model, improved pre-sale conversion rates by 2 percentage points and reduced labor costs by 18% [2]. Group 4: Investment Outlook - In the context of a fragmented and competitive automotive aftermarket, Tuhu Car Maintenance is expected to maintain its leading position through digital capabilities, standardized services, and supply chain advantages [2]. - Projected adjusted net profits for 2025-2027 are estimated at 809 million yuan, 992 million yuan, and 1.203 billion yuan, respectively [2]. - The target price is set at 23.62 HKD, based on a 22x PE ratio for the adjusted net profit in 2025, maintaining a "recommended" rating [2].

Group 1 - The core viewpoint of the report maintains a "recommend" rating for Tuhu-W (09690), with adjusted net profit estimates for 2025-2027 at 8.09 billion, 9.92 billion, and 12.03 billion respectively, and a target price of 23.62 HKD [1] - The company achieved a revenue of 78.77 billion in the first half of 2025, representing a year-on-year growth of 10.5%, with a gross profit of 19.82 billion and a gross margin of 25.2% [1] - The revenue growth is attributed to the expansion of the store network and the contribution from high-growth businesses such as new energy and quick repair services, with core businesses like tires and automotive maintenance also showing approximately 11% year-on-year growth [1] Group 2 - The company's new energy service ecosystem is rapidly expanding, with platform users reaching 3.4 million, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [2] - The total number of stores has reached 7,205, covering 70% of counties with more than 20,000 passenger vehicles, indicating a strong presence in lower-tier markets [2] - User operations are being strengthened, with 26.5 million transaction users and a repurchase rate of 64%, showcasing significant ecological synergy [2] Group 3 - The company is enhancing efficiency through supply chain intelligence upgrades and AI technology, with automation warehouse efficiency in Guangzhou increasing by 2.5 times and the introduction of unmanned delivery vehicles [3] - The intelligent customer service system, based on the DeepSeek model, has improved pre-sale conversion rates by 2 percentage points while reducing labor costs by 18% [3] - The company is actively leveraging the "old-for-new" policy benefits, achieving a single-day sales record of over 1.5 billion during the 618 shopping festival [3]

Group 1 - The company maintains a "recommended" rating with projected adjusted net profits of 8.09 billion, 9.92 billion, and 12.03 billion for 2025-2027, and a target price of 23.62 HKD [1] - In the first half of 2025, the company achieved revenue of 78.77 billion, a year-on-year increase of 10.5%, with a gross profit of 19.82 billion and a gross margin of 25.2% [1] - The revenue growth is attributed to the expansion of the store network and contributions from high-growth sectors such as new energy and quick repair services [1] Group 2 - The company's new energy service ecosystem is rapidly expanding, with platform users reaching 3.4 million, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [2] - The total number of stores has reached 7,205, covering 70% of counties with more than 20,000 passenger vehicles [2] - User operations are being strengthened, with 26.5 million transaction users and a repurchase rate of 64% [2] Group 3 - The company is enhancing efficiency through supply chain intelligence upgrades and AI technology, significantly improving overall operational efficiency [3] - The automation warehouse efficiency in Guangzhou has increased by 2.5 times, and the introduction of unmanned delivery vehicles is underway [3] - The intelligent customer service system, based on the DeepSeek model, has improved pre-sale conversion rates by 2 percentage points while reducing labor costs by 18% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [12]. Core Insights - The company achieved a revenue of 7.877 billion yuan in the first half of 2025, representing a year-on-year growth of 10.5%. The gross profit was 1.982 billion yuan, with a gross margin of 25.2%, slightly down from the previous year [1][7]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year increase of 14.6%. The growth in revenue is attributed to the expansion of the store network and the contribution from high-growth segments such as new energy and quick repair services [7]. - The company has expanded its new energy service ecosystem, with 3.4 million users of electric vehicles, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [7]. - The report highlights the company's operational efficiency improvements, with total operating expense ratio decreasing year-on-year, and AI technology reducing customer service labor costs by 18% [7]. - The company is expected to achieve adjusted net profits of 809 million yuan, 992 million yuan, and 1.203 billion yuan for the years 2025, 2026, and 2027, respectively [7]. Financial Summary - For 2025, the company is projected to have total revenue of 16.478 billion yuan, with a year-on-year growth rate of 11.7% [3]. - The adjusted net profit for 2025 is estimated at 809 million yuan, with a growth rate of 31.6% compared to the previous year [3]. - The earnings per share (EPS) is forecasted to be 0.74 yuan for 2025, with a price-to-earnings (P/E) ratio of 23.8 [3][4].