8月21日，途虎养车发布2025年中期业绩报告。财报显示，途虎用户数延续了高速增长态势，越来越多的车主选择在途虎给爱车换轮胎、做保养。截至 2025年6月30日，途虎养车注册用户数突破1.5亿，同比增长18.8%；全渠道累计12个月的交易用户数达2640万，同比增长23.8%；APP平均月活用户数达 1350万，同比增长17.5%。同时，基于对用户口碑的深耕，途虎平台的用户复购率提升至64%，用户服务满意度超95%，持续保持行业领先。 在门店规模方面，截至2025年6月30日，途虎养车工场店数量达到7205家，遍布320个地级行政区划、1855个县级行政区划，覆盖了全国除澳门特别行政 区、台湾省以外的所有省级行政区。目前，途虎构建了中国门店数量最多、覆盖最广的线下汽车服务网络，全国车主都可以就近享受到由途虎养车工场店 提供的专业服务。 具体而言，本轮"300亿无限大促"涵盖了轮胎、保养、喷漆、洗车、打蜡等各类养车产品和服务。在轮胎方面，本次大促的轮胎价格低至5折，下单即有机 会获得华为Pad；而在车辆保养方面，美孚、嘉实多、壳牌等大牌保养5折起，下单即有机会获得华为电脑。此外，还有品质补漆148元起，快洗0. ...

Financial Data and Key Metrics Changes - Total company revenue for Q1 2025 was $179.3 million, down 4% year over year, primarily due to the wind down of COVID-era government subsidy programs [17][18] - Adjusted EBITDA increased by 2% to $44.3 million, supported by growth in the international segment, despite a decline in the U.S. segment [19] - Cash from operations increased by 55% to $35.9 million, reflecting improved working capital management [21] Business Line Data and Key Metrics Changes - International segment revenues increased to $94.5 million from $93.1 million year over year, with adjusted EBITDA rising to $32.4 million, up from $29.3 million [20] - Domestic segment revenues decreased by 9.5% to $84.8 million, with adjusted EBITDA down 15.4% to $17.5 million due to the conclusion of government subsidy programs [20] Market Data and Key Metrics Changes - The number of broadband homes passed by high-speed data services increased by 11% year on year to 427,000 households, with a 2% growth in high-speed subscriber base [8] - Demand for high-speed broadband and business services remained steady, contributing to improvements in average revenue per user (ARPU) [10] Company Strategy and Development Direction - The company aims to grow its fiber and fiber-fed business while transitioning from legacy consumer services, focusing on operational performance and disciplined investment [11][13] - Approximately $370 million in government-funded broadband infrastructure projects are underway, with over half expected to be completed in 2025, supporting long-term growth strategy [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but expressed confidence in the company's strategy and financial foundation, reaffirming the 2025 outlook [6][13] - The company is monitoring trade and tariff developments, believing it can manage any near-term impacts within its existing financial outlook [14] Other Important Information - The company plans to shift the timing of its earnings release and calls by approximately one week to better align with its 10-Q filing [4][5] - Capital expenditures in Q1 totaled $20.8 million, a reduction from $36 million in the prior year's quarter, reflecting a shift towards increasing operational cash flow [22] Q&A Session Summary Question: How insulated is the company from trade and tariff impacts? - Management indicated that a significant portion of construction materials is sourced in the U.S., while electronics are monitored closely due to potential tariff impacts [33][34] Question: What is the company's exposure to foreign exchange rates? - The company has not seen significant fluctuations in its international markets, particularly in Guyana, which has a buffer due to oil exports [36] Question: How does the company view the marketplace regarding private versus public multiples? - Management is observing the vibrant market dynamics and is focused on unlocking value for investors [37][38] Question: How will government funding impact financials? - Approximately half of the $370 million in government funding projects are expected to be completed in 2025, with significant monetization anticipated in 2026 and 2027 [40][41] Question: What is the outlook for growth in 2026 and 2027? - Management expressed optimism about growth prospects based on carrier demand and ongoing transitions to fiber services [62] Question: How is the company managing interest costs and free cash flow? - The company is focused on improving margins and reducing capital expenditures to enhance free cash flow and provide better capital allocation options [64][65]