Core Viewpoint - Multiple institutions have raised their target price for Tuhu-W (9690) to a maximum of HKD 25, indicating a potential upside of over 30% from the current stock price [1] Group 1: Performance and Growth - Tuhu achieved better-than-expected growth in the first half of 2025, with a robust revenue increase driven by its store penetration strategy and multi-category business expansion [1] - The company demonstrated high-quality growth and a positive development trend, leading to a "outperforming the industry" rating from CICC [1] Group 2: Analyst Ratings and Target Prices - CICC and other institutions have given Tuhu a "buy" rating, with target prices raised to HKD 25, reflecting a potential increase of over 30% from the baseline stock price at the time of the report [1] - Goldman Sachs maintained a "buy" rating for Tuhu, increasing the target price to HKD 22.4, suggesting an upside of approximately 18% [1] Group 3: Management Insights - Tuhu's management indicated during the earnings call that the economic efficiency of individual stores is better than the industry average, and the market consolidation process is progressing smoothly [1]