Core Insights - The automotive aftermarket is undergoing a subtle industrial restructuring, with traditional small repair shops being replaced by standardized chain brands, driven by consumer demand for transparent pricing, professional services, and convenient experiences [1] Group 1: Industry Pain Points and Model Innovation - The automotive aftermarket has long been characterized by a "small, scattered, and chaotic" landscape, with three major pain points: redundant supply chain layers leading to inconsistent parts quality, lack of unified service standards causing trust issues, and inefficiencies due to the disconnect between offline stores and online demand [2] - Tuhu Car has emerged as the leading brand in the automotive aftermarket chain franchise by innovating its business model to reconstruct the traditional value chain, integrating dispersed resources into an efficient collaborative service ecosystem [2] - Tuhu's model innovation is exemplified by its precise grasp of the "online + offline" synergy, creating a closed-loop model of "online platform driving traffic + offline workshop service" [2][3] Group 2: Service Standardization and Network Expansion - Tuhu has established over 8,000 workshops across 347 cities and 1,920 county-level administrative regions, with nearly 90% of workshops open for more than six months achieving profitability [3] - The company has implemented a standardized service process and unified technical specifications to address the trust crisis in traditional repair services, ensuring consistent service quality across different locations [3] - By the first half of 2025, Tuhu's app average monthly active users grew by 17.5% year-on-year to 13.5 million, with a total of 150 million registered users, reflecting the effectiveness of its service model [2] Group 3: Supply Chain Integration and Operational Efficiency - Tuhu has built 32 regional warehouses and 662 front warehouses, with a next-day delivery rate improving by approximately 6 percentage points to 83% [4] - The company has established direct supply partnerships with leading parts manufacturers, reducing procurement costs and ensuring parts quality from the source [4] - Tuhu's supply chain integration capabilities create significant cost barriers and service response advantages, attracting franchisees and consumers [4] Group 4: Financial Performance - In the first half of 2025, Tuhu achieved sales revenue of 7.877 billion yuan, a year-on-year increase of 10.5%, with adjusted net profit of 410 million yuan, up 14.6%, and free cash flow of 347 million yuan, up 31.9% [5] Group 5: Long-term Competitive Barriers - Tuhu's competitive barriers are supported by technological research and ecological layout, which are essential for maintaining its leading position in the industry [6] - The company has accumulated a vast database of 150 million registered users and 26.5 million transaction users, providing a foundation for intelligent recommendations and predictive maintenance services [7] - Tuhu's technological capabilities are integrated across all business segments, enhancing operational efficiency and creating a significant competitive edge [7] Group 6: Strategic Positioning in New Energy Market - Tuhu has proactively positioned itself in the new energy vehicle market, establishing a professional technician training system and collaborating with battery manufacturers to develop maintenance solutions [8] - The rapid increase in the number of new energy vehicles is driving fundamental changes in service content and technical requirements in the automotive aftermarket [8] Group 7: Market Expansion and Ecosystem Collaboration - Tuhu's strategy of penetrating lower-tier markets and its ecosystem collaboration capabilities are expanding its growth boundaries [11] - The company is promoting domestic parts localization and collaborating with domestic brands to enhance competitiveness in lower-tier markets [11] - Tuhu's ecosystem extends to partnerships with insurance, finance, and battery manufacturers, creating a comprehensive service network covering the entire lifecycle of vehicles [11] Conclusion - The transformation in the automotive aftermarket highlights the importance of understanding industry fundamentals and continuous innovation, with Tuhu Car exemplifying a successful model that addresses core pain points and rebuilds consumer trust [12]
万亿后市场龙头，途虎养车的“第一品牌”成长逻辑