Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

编辑 岳彩周 新京报贝壳财经讯（记者张冰）8月21日，途虎养车发布的2025年中期业绩报告显示，2025年上半年其 营业收入为78.8亿元，同比增长10.5%；经调整净利润4.1亿元，同比增长14.6%。 根据途虎养车公布的数据，截至2025年6月30日，途虎养车工场店达到7205家，通过深化下沉市场渗 透，对乘用车保有量在2万辆以上的县域覆盖率提升至70%；新能源业务布局深化，截至期末其新能源 交易用户数攀升至340万，同比增长83.5%，在平台总交易用户数中的占比超12%。 校对 柳宝庆 ...

Core Insights - Tuhu-W (9690) reported strong performance in the first half of 2025, maintaining its leading position in the Chinese automotive service market with significant growth in revenue, user base, and service stations [2][3]. Financial Performance - The company achieved a revenue of 7.88 billion RMB, a year-on-year increase of 10.5%, with an adjusted net profit of 410 million RMB, up 14.6% [2][4]. - Gross profit reached 1.98 billion RMB, indicating robust financial health [2]. - Free cash flow improved by 32.2% year-on-year, totaling 350 million RMB, with cash reserves exceeding 7.5 billion RMB [4]. User Growth and Engagement - As of June 30, 2025, Tuhu's registered user base reached 150 million, a growth of 18.8% year-on-year, with active transaction users increasing by 23.8% to 26.5 million [2][4]. - The average monthly active users on the app were 13.5 million, reflecting a 17.5% increase [2]. - User repurchase rate rose to 64%, and service satisfaction exceeded 95%, indicating strong customer loyalty [2]. Expansion and Market Penetration - Tuhu expanded its service station network to 7,205 locations across 320 prefecture-level and 1,855 county-level administrative regions, covering all provincial areas except Macau and Taiwan [2]. - The company enhanced its market penetration in counties with over 20,000 passenger vehicles, achieving a coverage rate of 70% [2]. Strategic Initiatives - Tuhu launched several support initiatives for franchise stores, including "10 Billion Subsidy, 10,000 Stores Together" and "New Store Improvement Plan," resulting in over 7% growth in same-store user numbers [3]. - The company invested in AI tools to enhance management efficiency and customer experience, leading to significant improvements in pre-sale conversion rates and customer satisfaction [3]. Supply Chain and Operational Efficiency - Tuhu's supply chain automation efforts included the launch of the first fully automated retail warehouse in Guangzhou, reducing labor costs by 60% and increasing efficiency to 2.5 times that of traditional warehousing [3]. - The next-day delivery rate improved to 83%, while fulfillment costs decreased by 0.5 percentage points [3]. New Business Growth - The fast repair service segment saw revenue growth exceeding 60% year-on-year, becoming a new growth driver for the company [4]. - In the new energy sector, transaction users increased by 83.5% to 3.4 million, representing over 12% of total transaction users [4]. Management Commentary - The CEO emphasized a consumer demand-driven approach and commitment to high-quality development despite external challenges [5]. - The CFO highlighted the acceleration of revenue growth and operational efficiency improvements, with plans for continued investment in refined operations and cutting-edge technology [5].

Core Insights - Tuhu-W (9690) reported strong performance in the first half of 2025, maintaining its leading position in the Chinese automotive service market with significant growth in revenue, user base, and service stations [1][3] Financial Performance - The company achieved a revenue of 7.88 billion RMB, a year-on-year increase of 10.5%, with an adjusted net profit of 410 million RMB, up 14.6% [1][5] - Operating expenses totaled 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [5][6] - Free cash flow increased by 32.2% to 350 million RMB, with total cash reserves exceeding 7.5 billion RMB, indicating strong financial health [6] User Growth and Market Share - As of June 30, 2025, Tuhu's registered user base reached 150 million, a growth of 18.8% year-on-year, with a total of 26.5 million active transaction users, up 23.8% [3][4] - The average monthly active users on the app reached 13.5 million, reflecting a 17.5% increase, while the user repurchase rate improved to 64% [3][4] Service Station Expansion - Tuhu expanded its service station network to 7,205 locations, covering 320 prefecture-level and 1,855 county-level administrative regions, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [3][4] AI and Supply Chain Innovations - The company enhanced its AI capabilities to improve management efficiency and customer service quality, resulting in significant improvements in pre-sales conversion rates and customer satisfaction [4] - Tuhu launched its first fully automated retail warehouse in Guangzhou, reducing labor costs by 60% and increasing efficiency to 2.5 times that of traditional warehousing [4] New Business Growth - The fast repair business saw a substantial revenue increase of over 60% year-on-year, driven by the growing demand for quick repair services as vehicle ages increase [4] - The number of users engaging in new energy transactions rose to 3.4 million, a remarkable growth of 83.5%, representing over 12% of total transaction users [4]

Core Insights - Tuhu-W (9690) reported strong performance in the first half of 2025, maintaining its leading position in the Chinese automotive service market with significant growth in revenue, user base, and service centers [1][3] Financial Performance - The company achieved a revenue of 7.88 billion RMB, a year-on-year increase of 10.5%, with an adjusted net profit of 410 million RMB, up 14.6% [1][5] - Operating expenses totaled 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [5][6] - Free cash flow increased by 32.2% to 350 million RMB, with total cash reserves exceeding 7.5 billion RMB, indicating strong financial health [6] User Growth and Market Share - As of June 30, 2025, Tuhu's registered user base reached 150 million, a growth of 18.8%, while the total transaction user count over 12 months was 26.5 million, up 23.8% [3] - The average monthly active users on the app reached 13.5 million, reflecting a year-on-year growth of 17.5% [3] - User repurchase rate improved to 64%, and service satisfaction exceeded 95%, contributing to accelerated revenue growth [3] Expansion of Service Network - Tuhu expanded its service center network to 7,205 locations across 320 prefecture-level and 1,855 county-level administrative regions, covering all provincial-level areas except Macau and Taiwan [3] - The company implemented various support initiatives for franchisees, resulting in a more than 7% year-on-year increase in same-store user numbers [3] Technological Advancements - Tuhu enhanced its AI capabilities to improve management precision, service quality, and customer experience, leading to significant improvements in pre-sales conversion rates and customer satisfaction [4] - The company invested in supply chain automation, achieving a 60% reduction in labor costs and a 2.5 times increase in efficiency compared to traditional warehousing [4] - The introduction of automated delivery vehicles in cities like Nanjing and Chengdu is paving the way for unmanned logistics solutions [4] New Business Growth - The fast repair service segment saw a substantial revenue increase of over 60% year-on-year, driven by the rising demand for quick repair services as vehicle ages increase [4] - Tuhu's focus on the new energy vehicle sector resulted in a 83.5% year-on-year growth in transaction users, reaching 3.4 million, which now accounts for over 12% of total transaction users [4]

Group 1 - The company reported a revenue of 7.877 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 10.5% [1] - The profit for the period was 307 million RMB, up 7.8% year-on-year, while the adjusted net profit reached 410 million RMB, reflecting a 14.6% increase [1] - The company maintained its position as the leading player in the independent automotive service market in China, achieving a gross profit of 2 billion RMB with a gross margin of 25.2% [1] Group 2 - In response to the layered demand and slowing consumption in the industry, the company increased investments in branding, customer acquisition, and support for franchisees and technicians [2] - The adjusted sales and marketing expense ratio slightly increased by 0.1 percentage points compared to the same period last year, while operational and administrative expenses were optimized [2] - The total operating expenses for the period amounted to 1.8 billion RMB, accounting for 22.4% of revenue, which shows continued optimization compared to the same period in 2024 [2] Group 3 - The company achieved an adjusted net profit of 1.41 billion RMB for the first half of 2025, a 14.6% increase compared to the same period in 2024 [2] - Free cash flow reached 347 million RMB, representing a 32.2% increase year-on-year [2] - As of the end of the reporting period, the company had approximately 7.5 billion RMB in cash reserves, indicating strong liquidity [2]

智通财经APP讯，途虎-W(09690)发布截至2025年6月30日止六个月业绩，该集团期内取得收入78.77亿 元(人民币，单位下同)，同比增加10.5%;期内利润3.07亿元，同比增加7.8%;经调整净利润4.1亿元，同比 增加14.6%;每股基本盈利0.4元。 2025年上半年，本集团实现了收入端同比与环比的双向提速。报告期间内取得总收入79亿元，较2024年 同期的71亿元同比提升10.5%，按收入计算我们蝉联了国内独立汽车服务市场第一名的市场地位。期间 内，在行业客单价持续下行的大背景下我们持续依靠平台议价能力推动供给侧成本优化。报告期内，本 集团共取得毛利额20亿元，对应毛利率25.2%。 面对行业需求分层、消费降速的格局，公司继续加大品牌、获客及加盟商与技师扶持投入力度，在关键 时期进一步提升用户认知度以及加盟商网络健康度，巩固领先优势，调整后销售营销费用率1相较去年 同期小幅提升0.1个百分点。但通过 AI能力的部署以及其他各项提效举措的落地，本集团持续优化运营 及支持开支和一般及行政开支，两项调整后费用率1分别同比优化0.3和0.1个百分点。报告期内，调整后 运营及支持开支、研发开支、销售及 ...

Core Insights - Tuhu Car's revenue for the first half of 2025 reached 7.88 billion RMB, marking a year-on-year growth of 10.5%, with a net profit of 410 million RMB, up 14.6% [1][2] - The company has seen significant user growth, with registered users increasing by 18.8% to 150 million and transaction users rising by 23.8% to 26.5 million [1][2] - The average monthly active users on the app reached 13.5 million, reflecting a growth of 17.5% [1] Financial Performance - Gross profit for the first half of 2025 was 1.98 billion RMB, and the total operating expenses were 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [2] - Free cash flow improved by 32.2% to 350 million RMB, with total cash exceeding 7.5 billion RMB by the end of the reporting period [2] Business Expansion - The number of Tuhu service stations reached 7,205, covering all provincial administrative regions except for Macau and Taiwan, with a 70% coverage rate in counties with over 20,000 passenger vehicles [1] - The fast repair business saw revenue growth exceeding 60%, becoming a new growth driver, while the number of users in the new energy sector increased by 83.5% to 3.4 million, representing over 12% of total transaction users [2] Management Insights - The CEO emphasized a consumer demand-oriented approach, focusing on service quality and operational efficiency to achieve high-quality development despite external challenges [2] - The CFO highlighted the acceleration of revenue growth compared to the previous year and the company's commitment to enhancing operational quality and profitability through refined operations and advanced technology investments [3]

Group 1 - The company achieved total revenue of RMB 7.9 billion in the first half of 2025, representing a year-on-year increase of 10.5% compared to RMB 7.1 billion in the same period of 2024, maintaining its position as the leading independent automotive service provider in China [1] - The gross profit for the period was RMB 2 billion, resulting in a gross margin of 25.2% [1] - Adjusted net profit reached RMB 410 million, an increase of 14.6% compared to the same period in 2024, with free cash flow rising by 32.2% to RMB 347 million [1] Group 2 - The company expanded its store network to 7,205 locations nationwide as of June 30, 2025, leading the industry in both total scale and growth rate [2] - The store coverage includes 320 prefecture-level administrative regions and 1,855 county-level administrative regions, with a coverage rate of 70% in counties with more than 20,000 passenger vehicles, up 5 percentage points from June 30, 2024 [2] - Over 60% of new stores opened in the first half of 2025 were located in second-tier and lower cities, with significant growth in regions such as Guangxi, Heilongjiang, Tibet, and Xinjiang, where the number of stores increased by over 20% year-on-year [2]

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。 途虎養車股份有限公司以不同投票權控制，其股本包括A類股份及B類股份。對於提呈股東大 會的任何決議案，A類股份持有人每股可投一票，而B類股份持有人則每股可投十票，惟法律或 香港聯合交易所有限公司證券上市規則或途虎養車股份有限公司的組織章程大綱及細則另行規 定者除外。股東及有意投資者應留意投資於不同投票權架構的公司的潛在風險，特別是不同投 票權受益人的利益未必與本公司股東的整體利益一致，不論其他股東如何投票，不同投票權受 益人會對股東決議案的結果有重大影響。 TUHU Car Inc. 途虎養車股份有限公司* （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） 截至2025年6月30日止六個月 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審計綜合中期業績， 連同2024年同期的比較數字。該等中期業績已由核數師安永會計師事務所根據香 港會計師公會頒布的香港審閱 ...