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 ...

Core Viewpoint - Tuhu-W (09690) experienced a significant stock price increase of 8.39%, reaching HKD 20.66, following the release of its financial results for the six months ending June 30, 2025, which showed positive growth in revenue and profit [1] Financial Performance - The company reported a revenue of RMB 7.877 billion, marking a year-on-year increase of 10.5% [1] - Profit for the period was RMB 307 million, up 7.8% year-on-year, while adjusted net profit reached RMB 410 million, reflecting a 14.6% increase [1] - Basic earnings per share were RMB 0.4 [1] Market Position - Tuhu-W maintained its position as the leading independent automotive service provider in China, achieving a total revenue of RMB 7.9 billion for the reporting period, which is a 10.5% increase compared to RMB 7.1 billion in the same period of 2024 [1] Cost Management - Despite a declining average transaction price in the industry, the company leveraged its platform's bargaining power to optimize supply-side costs [1] - Gross profit amounted to RMB 2 billion, resulting in a gross margin of 25.2% [1] Operating Expenses - Total adjusted operating expenses, including R&D, sales and marketing, and general and administrative expenses, were RMB 1.8 billion, accounting for 22.4% of revenue, showing continued optimization compared to the same period in 2024 [2] Cash Flow and Reserves - The company achieved an adjusted net profit of RMB 1.41 billion, a 14.6% increase from the previous year [2] - Free cash flow reached RMB 347 million, up 32.2% year-on-year [2] - As of the end of the reporting period, the company had approximately RMB 7.5 billion in cash reserves, indicating strong liquidity [2]

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%，按收入计算集团蝉联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集团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%。 报告期内，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1合计的总运营费用 支出为18亿元，占收入的比例1为22.4%，相较于2024年同期继续优化。2025年上半年，集团取得调整 后净利润14.1亿元，相比2024年同期提升14.6%。期间内，公司自由现金流达到3.47亿元，相比2024年 同期提升32.2%。截至报告期末，公司拥有全量现金约75亿元，资金储备充足。 智通财经APP获悉，途虎-W(09690)绩后拉升逾8%，截至发稿，涨8.39%，报20.66港元，成交额1253.55 万港元。 消息面上，8月21日，途虎-W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 ...

Group 1 - WeRide launched an end-to-end assisted driving solution "WePilot AiDrive" in collaboration with Bosch, marking a significant advancement in L2+ level assisted driving technology, with mass production expected in 2025 [1] - The partnership enhances the technological synergy within the autonomous driving industry, benefiting smart driving solution providers and high-precision sensor sectors, potentially attracting long-term market interest in tech growth stocks [1] Group 2 - Chery Automobile established Hefei Yingzhida Automotive Sales Service Co., Ltd., with a registered capital of 10 million RMB, focusing on new energy vehicle sales and related services, indicating a strategic shift towards new energy and intelligent services [2] - This move strengthens Chery's supply chain and channel partnerships, enhancing market expectations for the integration of the automotive industry ecosystem [2] Group 3 - Tuhu Car Maintenance reported a revenue of 7.88 billion RMB for the first half of 2025, a year-on-year increase of 10.5%, with adjusted net profit rising by 14.6%, showcasing robust user growth and profitability [3] - The increase in transaction users to 26.5 million, up 23.8% year-on-year, reflects the resilience of Tuhu's platform service model, reinforcing its leading position in the automotive after-service sector [3] Group 4 - Brilliance BMW's Dandong plant achieved a cumulative production milestone of 3.5 million vehicles, with over 2 million units of the locally produced BMW 5 Series, highlighting the effectiveness of its high-end manufacturing strategy [4] - This achievement strengthens BMW's position in the luxury car market in China and supports the high-end parts supply chain and smart equipment partners, potentially attracting capital interest in industrial automation and lean production sectors [4]

Core Insights - Tuhu reported a revenue of 7.88 billion RMB for the first half of 2025, marking a year-on-year growth of 10.5%, with an accelerated growth rate compared to the same period last year [1][2] - The adjusted net profit reached 410 million RMB, reflecting a year-on-year increase of 14.6% [1][2] Financial Performance - Revenue: 7.88 billion RMB, up 10.5% from 7.13 billion RMB in 2024 [2] - Gross Profit: 1.98 billion RMB, with a gross margin of 25.2%, compared to 1.85 billion RMB and 25.9% in 2024 [2] - Adjusted EBITDA: 483 million RMB, representing a 7.5% increase [2] - Operating Profit: 222 million RMB, with an operating margin of 2.8% [2] User Growth and Market Position - Registered users reached 150 million, a year-on-year increase of 18.8% [3] - The number of transaction users over the past 12 months was 26.5 million, up 23.8% [3] - Average monthly active users on the app were 13.5 million, reflecting a growth of 17.5% [3] - User repurchase rate improved to 64%, with service satisfaction exceeding 95% [3] Expansion and Strategic Initiatives - Tuhu expanded its workshop network to 7,205 locations, increasing coverage in counties with over 20,000 passenger vehicles to 70% [3] - The company invested in support for franchise stores, launching initiatives like "10 Billion Subsidy" and "New Store Enhancement Plan" to boost operational vitality [5] - AI tools were further integrated to enhance management precision and improve customer experience, leading to significant improvements in pre-sale conversion rates and customer satisfaction [5] Supply Chain and Logistics - Tuhu invested in supply chain automation, launching the first fully automated retail warehouse in Guangzhou, reducing labor costs by 60% and increasing efficiency by 2.5 times [7] - Logistics performance improved, with same-day and next-day delivery rates reaching 83% and fulfillment cost rates decreasing by 0.5 percentage points [7] - The fast repair business saw revenue growth exceeding 60%, becoming a new growth driver [7] New Energy Business - The number of transaction users in the new energy sector rose to 3.4 million, a year-on-year increase of 83.5%, accounting for over 12% of total transaction users [7] Management Commentary - The CEO emphasized a consumer demand-driven approach, focusing on service quality and core business to achieve high-quality development [7] - The CFO noted that revenue growth accelerated compared to the previous year, with continued leadership in store and user growth, and highlighted ongoing investments in operational efficiency and cutting-edge technology [7]

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]