Core Viewpoint - Tuhu Car Maintenance achieved significant growth in 2024, with revenue reaching 14.759 billion RMB, a year-on-year increase of 8.5%, driven by strong performance in automotive products and services [1][2][3] Financial Performance - Revenue for automotive products and services was 13.802 billion RMB, up 9.1% year-on-year, with tire and chassis components and automotive maintenance segments growing by 10.2% to 11.6 billion RMB [1][2] - Gross profit reached 3.746 billion RMB, with a gross margin of 25.4%, an increase of 0.7 percentage points year-on-year [2][3] - Adjusted net profit was 624 million RMB, a substantial increase of 29.7% compared to 2023, indicating improved cost control and operational efficiency [2][3] Market Position and Expansion - Tuhu Car Maintenance solidified its position as the leading independent automotive service provider in China, with a total of 6,874 service locations, a net increase of 965 locations year-on-year [3][4] - The company has a significant advantage over U.S. competitors in terms of scale and growth rate, with Tuhu's store count exceeding that of major U.S. chains [3] User Growth and Satisfaction - The number of transaction users reached 24.1 million, a year-on-year increase of 24.8%, while registered users grew to 139 million, up 20.4% [4] - The platform's order satisfaction rate exceeded 95%, and the user repurchase rate was 62.3%, reinforcing Tuhu's brand influence [4] Competitive Advantages - Tuhu Car Maintenance's success is attributed to its commitment to high-quality products and services, establishing a strong market reputation [5] - The company collaborates with well-known brands to ensure product quality and has implemented a blockchain-based traceability system for product sourcing [5][6] Service and Product Innovations - Tuhu introduced "Gold Quality Assurance" and lifetime tire warranty services, enhancing consumer confidence [6] - The company has launched exclusive products in collaboration with major brands and developed its own controlled brands, achieving significant sales growth in high-end products [6] Supply Chain and Logistics - Tuhu optimized its supply chain by increasing the number of regional and front warehouses, improving inventory management, and enhancing delivery efficiency [7] - The company has reduced fulfillment costs and improved order delivery rates through a robust logistics system [7] Technological Advancements - Tuhu plans to leverage AI technology to enhance operational efficiency, customer service, and supply chain management [10] - The company aims to lead the automotive aftermarket into an era of intelligent services through technological innovation [10] Future Strategies - Tuhu is focused on expanding its presence in lower-tier markets and enhancing its online channels to attract new users [9] - The company aims to deepen its market penetration in both low and high-tier cities while optimizing its product offerings based on regional consumer needs [9]
途虎养车（09690）：科技赋能驱动业绩高质量成长，“汽后第一品牌”再进化