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]
途虎养车2025上半年收入78.8亿元增速加快，工场店达7205家稳居第一