Core Insights - The automotive aftermarket in China is projected to reach a scale of 2.9 trillion yuan by 2029, driven by an increase in vehicle ownership and a growing demand for services [1][2] - Tuhu Car, as a representative of the automotive aftermarket chain brands, is establishing a standardized ecosystem to fill the market gap left by the exit of traditional service channels [1][2] Market Overview - As of June 2025, 101 cities in China are expected to have over 1 million vehicles, with new energy vehicles accounting for 10.27% of the total vehicle ownership [1] - The exit of over 4,000 traditional 4S stores by 2024 highlights the imbalance between service capacity and consumer demand in the automotive aftermarket [1] Company Performance - Tuhu Car went public on the Hong Kong Stock Exchange in September 2023, becoming the first independent automotive aftermarket service company listed in Hong Kong [2] - In the first half of the year, Tuhu Car reported a revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, and an adjusted net profit of 410 million yuan, up 14.6% [2] Network Expansion - Tuhu Car has established a network of 7,205 service centers across 320 prefecture-level cities and 1,855 county-level areas, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [2][3] - The company is recognized for setting new industry standards and integrating online and offline services to enhance consumer trust in the aftermarket [2][4] Adaptation to New Energy Vehicles - Tuhu Car is expanding its services to include battery health maintenance and related services for new energy vehicles, positioning itself as a potential consolidator in the evolving market [3] - The shift in the industry value from manufacturing to service is seen as an opportunity for Tuhu Car to leverage its advantages in repair qualifications and supply chain innovation [3] Competitive Advantages - Tuhu Car's competitive edge is derived from its strong brand trust, financial advantages from being a listed company, professional operational capabilities, and sustainable development through standardization [4] - The company is moving from price competition to brand and system competition, gradually replacing traditional, inefficient service models [4] Entrepreneurial Support - Tuhu Car's ecosystem allows entrepreneurs to benefit from a standardized supply chain and digital management tools, with over 90% of stores operating for more than six months achieving profitability [5][6] - The company has introduced a tiered and regionalized franchise policy to lower entry barriers for entrepreneurs, with initial investments starting as low as 30,000 yuan in certain markets [6] Future Outlook - The automotive aftermarket in China is expected to see a trend towards concentration, with chain brands like Tuhu Car leveraging technology and supply chain advantages to outcompete smaller players [6] - Tuhu Car's leading position in offline store numbers and penetration in first- and second-tier cities is anticipated to be sustained through its standardized service system and supply chain management capabilities [6]
汽车后市场扩容催生新机遇 途虎养车以标准化生态打造行业第一品牌