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].
稳居行业第一！途虎养车2025上半年收入同比增长10.5%至78.8亿元增速提升，净利润4.1亿元，工场店增至7205家