拆解途虎中报：逆势增长背后，技术复利造就最强护城河

Core Insights - The automotive aftermarket is facing significant challenges, including price gouging and a lack of trust among consumers, with a reported 5% decline in market value and a 4% drop in service visits in the first half of 2025 [1][3] - Despite the overall market downturn, Tuhu has achieved remarkable growth, reporting revenues of 7.88 billion and a user base of 150 million, while also winning a lawsuit against unfair competition [3][5] - Tuhu's success is attributed to its technological advancements, which have enabled it to provide high-quality products and standardized services, fostering trust with consumers [5][10] Industry Challenges - The automotive aftermarket is characterized by high prices and low trust, with significant markups on parts and services, leading to consumer dissatisfaction [1] - The industry is plagued by inefficiencies, with a vast number of SKUs (nearly 10 million) complicating the supply chain and making it difficult for consumers to find suitable parts [6][8] Tuhu's Competitive Advantage - Tuhu operates 7,205 service centers and has developed a comprehensive supply chain, including 32 regional warehouses and 662 front warehouses, enhancing its operational efficiency [8][10] - The company has built the largest and most accurate automotive parts database in China, covering 9.5 million SKUs with a matching accuracy of 99.99%, allowing for precise part identification [8][10] - Tuhu's digital supply chain, driven by real-time predictive algorithms, has significantly reduced inventory turnover times from an average of 60-150 days to around 30 days, benefiting consumers [10] Service Standardization - Tuhu has implemented a standardized service model through its "Blue Tiger System," which digitizes management processes and provides training for technicians, improving service quality and efficiency [11][13] - The company has achieved a user satisfaction rate of 95% and a repurchase rate of 64%, indicating strong consumer trust and loyalty [14]