途虎-W：A beneficiary from industry consolidation-20260323

23 Mar 2026 CMB International Global Markets | Equity Research | Company Update Tuhu Car (9690 HK) A beneficiary from industry consolidation Maintain BUY. Tuhu's 2H25 adjusted net profit missed due to lower-than- expected GPM. However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E. We view Tuhu's focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. W ...