途虎养车今年上半年收入同比增长10.5%至78.8亿元：工场店增至7205家稳居第一

Core Viewpoint - Tuhu Car Service maintains its industry leadership in revenue, user scale, and number of service stations, demonstrating strong growth and operational efficiency in the first half of 2025 [4]. Financial Performance - In the first half of 2025, Tuhu reported revenue of 7.88 billion RMB, a year-on-year increase of 10.5%, with gross profit of 1.98 billion RMB and adjusted net profit of 410 million RMB, up 14.6% [6]. - The company's operating expenses totaled 1.77 billion RMB, accounting for 22.4% of revenue, showing continuous optimization compared to the same period in 2024 [10]. - Free cash flow reached 350 million RMB, a 32.2% increase year-on-year, with total cash reserves exceeding 7.5 billion RMB, indicating strong financial health [10]. User Growth and Engagement - As of June 30, 2025, Tuhu had 150 million registered users, a year-on-year growth of 18.8%, with 26.5 million active transaction users over the past 12 months, up 23.8% [6]. - The average monthly active users on the app reached 13.5 million, growing 17.5% year-on-year, while the user repurchase rate improved to 64% and service satisfaction exceeded 95% [6]. Expansion and Market Penetration - Tuhu's service stations increased to 7,205, covering all provincial-level administrative regions except for Macau and Taiwan, with a 70% coverage rate in counties with over 20,000 registered vehicles [8]. - The company has implemented various support measures for franchisees, resulting in a more than 7% year-on-year growth in same-store user numbers [8]. Technological Advancements - Tuhu has expanded its application of AI tools, enhancing management precision and service quality, leading to significant improvements in pre-sales conversion rates and customer satisfaction [8]. - The company invested in supply chain automation, achieving a 60% reduction in labor costs and a 2.5 times increase in efficiency compared to traditional warehousing [9]. New Business Growth - The fast repair business saw revenue growth exceeding 60% year-on-year, driven by the increasing demand due to the rising average age of passenger vehicles [9]. - Tuhu's focus on the new energy vehicle sector has resulted in a user base of 3.4 million, an 83.5% increase year-on-year, representing over 12% of total transaction users [9].