中经记者 张家振 上海报道 从广西某国企会计岗位辞职后，1994年出生的黄蕊选择回到老家"盘店"：用不到3年时间先后开出了3家 途虎店，最大的单店年入200万元。 在途虎养车加盟体系中，散布在全国各地的类似加盟商案例还有很多，他们通过加盟途虎找到了赚钱养 家的"新大陆"。 （图为途虎养车工场店维保工位。受访者/图） 财务数据更有说服力。根据途虎养车2025年中期业绩报告，途虎养车工场店数量已达到7205家，覆盖 320个地级行政区划，覆盖率超95%。在门店盈利表现层面，开业6个月以上的途虎养车工场店盈利比例 达90%，新店盈利门店占比同比提升了5个百分点。 "小白"加盟，靠努力也靠选择 在途虎养车工场店加盟商群体中，青年创业者不在少数。 "家人一开始是反对的，觉得女孩子创业风险太大，但我心里有底——专业的事交给专业的品牌做。"黄 蕊表示，"选择加盟途虎并非偶然。汽车服务需要极致的专业和标准化体系，途虎在这方面的积累是其 他品牌比不了的。" 作为一名离职跨行创业的90后"小白"，黄蕊自2023年和途虎养车结缘以来，已在广西老家开出3家途虎 店：一店790平方米，有7个维保工位，1个洗美工位，每月约有1000辆车 ...

Core Viewpoint - Tuhu Car Maintenance has officially become the strategic partner of the 2025 Alashan Hero Conference, marking its unique participation as the only invited automotive service platform [1] Group 1: Partnership and Event Overview - The Alashan Hero Conference is the largest off-road modification vehicle and outdoor carnival in China, and Tuhu Car Maintenance is the largest independent automotive service platform in the country [1] - Tuhu Car Maintenance will collaborate with 20 international brands to provide professional vehicle support services during the event, creating a closed-loop service system for off-road enthusiasts [1] Group 2: Product and Service Offerings - Tuhu Car Maintenance will set up an over 5000 square meter "Off-Road Camp" showcasing advanced technologies and products from brands like Michelin, Goodyear, and Shell [1] - In the tire sector, Michelin's Baoluch brand will present the new KO3 all-terrain tire, which features significant upgrades in durability and traction [1] - The maintenance segment will include Shell's extreme clean power formula oil and high-performance brake systems from Brembo, ensuring vehicle safety [2] Group 3: Specialized Support and Online Engagement - A "Dedicated Support Center" will be established to address the unique needs of desert driving, staffed by certified technicians for quick vehicle emergency responses [2] - Tuhu Car Maintenance will also launch a special page on its app for the Alashan Hero Conference, offering online activities and opportunities to win event tickets [2][3] - This initiative represents Tuhu Car Maintenance's significant expansion in the self-driving travel sector, following previous projects like the self-driving theme store and the "Tuhu Self-Driving Guide" IP [2]

Core Viewpoint - Tuhu Car Maintenance shows steady growth in performance, with improved gross margin and continuous expansion of user base and store network [1] Group 1: Financial Performance - Tuhu Car Maintenance's store network and user base are rapidly growing, which is expected to support stable revenue growth and enhance economies of scale [1] - The latest financial data indicates that Tuhu Car Maintenance's sales and net profit figures are projected to continue rising [1] Group 2: Market Outlook - The efficiency of supply chain and logistics is continuously improving, which will likely contribute to future revenue stability [1] - The company maintains a "buy" rating based on its positive growth outlook [1]

Core Viewpoint - Tuhu Car Service reported a revenue of 7.88 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.5%, with adjusted net profit reaching 410 million yuan, up 14.6% year-on-year, indicating strong market competitiveness and profit growth potential, maintaining a "strong buy" investment rating [1] Revenue Performance - The company's revenue for H1 2025 was 7.88 billion yuan, with automotive products and services contributing 7.36 billion yuan, a year-on-year increase of 10.8% [1] - Revenue from tires, chassis components, and automotive repair segments grew by 10.8%, driven by enhanced online marketing and expansion of Tuhu's workshop network [1] - Revenue from other products and services increased by 16.1%, primarily due to higher contributions from car cleaning and beauty services [1] - Advertising, franchise, and other service revenues amounted to 515 million yuan, up 6.6% year-on-year [1] Store Network and User Growth - As of H1 2025, Tuhu's workshop count reached 7,205, a net increase of 894 stores, representing a 14% year-on-year growth [2] - The coverage rate in counties with over 20,000 passenger vehicles increased to 70%, up 5 percentage points year-on-year, with over 60% of new stores located in second-tier and lower cities [2] - The number of active users on the Tuhu app reached 26.5 million, a year-on-year increase of 23.8%, with average monthly active users at 13.5 million, up 17.5% [2] Profitability and Margin Analysis - The gross margin for H1 2025 was 25.2%, a decrease of 0.7 percentage points year-on-year, attributed to increased price sensitivity among consumers and external factors such as tariffs [3] - Adjusted net profit of 410 million yuan exceeded market expectations, reflecting a 14.6% year-on-year increase [3] - Long-term profit growth potential is supported by steady store expansion and operational efficiency improvements, with projected adjusted net profits of 786 million, 899 million, and 1.05 billion yuan for 2025-2027 [3]

Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, with net profit increasing by 8% to 307 million RMB, and adjusted net profit rising by 15%, exceeding the bank's forecast by 11% [1] Investment Rating and Valuation - The bank maintains a "Buy" rating and extends the valuation basis to 2026, raising the target price from 21.5 HKD to 23 HKD based on a projected adjusted P/E ratio of 20 times for next year [1] Future Outlook - For the fiscal year 2026, revenue is expected to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9%, driven by continued store expansion and customer acquisition [1]

Core Viewpoint - Tuhu-W (09690) reported stable profitability in the first half of the year, with store count increasing by 14% year-on-year and revenue rising by 11%, meeting expectations [1] Financial Performance - Gross margin stood at 25.2%, while net profit increased by 8% to 307 million RMB, and adjusted net profit rose by 15%, exceeding the bank's forecast by 11% [1] - The target price was raised from 21.5 HKD to 23 HKD, based on a projected adjusted P/E ratio of 20 times for the next year [1] Market Outlook - The company is expected to continue gaining market share due to its strong management capabilities, alleviating investor concerns regarding short-term industry volatility [1] - For the fiscal year 2026, revenue is anticipated to grow by 9% year-on-year, with a slight expansion in gross margin to 25.9% due to ongoing store expansion and customer acquisition [1]

Core Viewpoint - Goldman Sachs reports that Tuhu-W (09690) achieved a year-on-year revenue growth of 11% to 7.9 billion RMB in the first half of the year, surpassing the 8% growth rate from the second half of last year, aligning with expectations [1] Financial Performance - Adjusted net profit for the period increased by 15% year-on-year, exceeding expectations, primarily driven by non-operating income and revenue [1] - For the second half of the year, revenue is expected to grow by 11% year-on-year, with adjusted net profit projected to increase by 33% to 354 million RMB [1] Forecasts and Target Price - The revenue forecasts for 2025 to 2027 remain largely unchanged, while adjusted net profit forecasts have been raised by 0 to 3% [1] - The target price has been increased from 21.9 HKD to 22.4 HKD, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the report indicates that Tuhu's revenue for the first half of the year increased by 11% year-on-year, meeting expectations [1] - Adjusted net profit grew by 15% year-on-year, surpassing expectations, primarily due to non-operating income [1] - Goldman Sachs maintains its revenue forecasts for 2025-2027 while raising adjusted net profit forecasts by 0-3% [1] Group 2 - The expectation for the second half of the year includes a revenue growth of 11% and an adjusted net profit growth of 33% [1] - Goldman Sachs raised the target price from HKD 21.9 to HKD 22.4 and maintains a "Buy" rating [1]

Core Viewpoint - Tuhu Car Maintenance has demonstrated robust and high-quality growth in its mid-2025 performance, adhering to a dual-track strategy of "domestic brands breaking through upwards and international brands rooting downwards" [1] Revenue and Profitability - In the first half of 2025, Tuhu Car Maintenance achieved total revenue of 7.9 billion RMB, a year-on-year increase of 10.5% from 7.1 billion RMB in 2024, maintaining its position as the leading independent automotive service provider in China [2][3] - Gross profit reached approximately 2 billion RMB, up 7.4% year-on-year, while adjusted EBITDA was 483 million RMB, reflecting a 7.5% increase [4] - Adjusted net profit was 410 million RMB, a significant rise of 14.6% compared to 358 million RMB in the previous year, indicating enhanced profitability and quality [4] User Growth and Store Expansion - Tuhu Car Maintenance's user base expanded significantly, with 26.5 million cumulative trading users, a 23.8% increase year-on-year, and an average monthly active user count of 13.5 million, up 17.5% [7][8] - The number of Tuhu workshops reached 7,205, a 14.2% increase from the previous year, with over 60% of new stores located in second-tier and lower cities [10][8] Operational Efficiency and Cost Control - The company has implemented various measures to enhance operational efficiency and control costs, including the "Tuhu New Youth" project to support new franchisees and the "10 Billion Subsidy, 10,000 Stores Together" initiative [10] - AI video recognition technology has been utilized to improve hygiene and compliance governance, enhancing user satisfaction with store environments [10] Dual-Track Strategy and Emerging Business - Tuhu Car Maintenance is committed to its dual-track strategy, focusing on upgrading its product matrix while actively developing emerging businesses [11] - The tire business has seen significant growth, with a focus on high-end products and a notable increase in sales in lower-tier cities [11] - The fast repair and new energy vehicle sectors have shown strong performance, with fast repair revenue growing over 60% year-on-year and new energy vehicle transactions increasing by 83.5% [12][11] Future Outlook - The automotive aftermarket is expected to continue growing due to increasing vehicle ownership and aging vehicle structures, with Tuhu Car Maintenance poised to maintain its industry leadership and create long-term value for stakeholders [12]

Core Viewpoint - The company achieved a revenue of 7.88 billion yuan in H1 2025, representing a year-on-year increase of 10.5%, and a net profit of 310 million yuan, up 7.8% year-on-year, with adjusted net profit reaching 410 million yuan, reflecting a 14.6% increase year-on-year [1] Group 1: Financial Performance - In H1 2025, the company's adjusted net profit margin was 5.2%, an increase of 0.2 percentage points year-on-year [1] - The gross profit margin for H1 2025 was 25.2%, a decrease of 0.7 percentage points year-on-year, primarily due to a shift in consumer preference towards cost-effective products [2] - Operating profit margin slightly decreased to 2.8% year-on-year, but improved by 1.3 percentage points compared to H2 2024, indicating stable overall profitability [2] Group 2: Business Expansion and User Growth - As of June 30, 2025, the company expanded its store network to 7,205 locations, a net increase of 331 stores from the beginning of the year, with over 60% of new stores located in second-tier and lower-tier cities [1] - The total number of transaction users reached 26.5 million, a year-on-year growth of 23.8%, maintaining a user satisfaction rate of 95% and a repurchase rate of 64% [1] - The company is accelerating its penetration in the new energy sector, with over 12% of total users on the platform being new energy transaction users, surpassing the industry penetration rate [1] Group 3: Revenue Breakdown - Revenue from tires and chassis components in H1 2025 was 3.29 billion yuan, up 10.5% year-on-year, driven by optimized online promotion and store network expansion [1] - Revenue from automotive maintenance reached 2.91 billion yuan, an increase of 11.1% year-on-year, supported by the growing average age of passenger vehicles and enhanced customer loyalty [1] - Revenue from other products and services, including cleaning and maintenance, was 1.26 billion yuan, reflecting a year-on-year increase of 16.1%, driven by the introduction of cleaning and beauty services in more stores [1] Group 4: Investment Outlook - The company adjusted its net profit forecasts for 2025-2026 from 806 million yuan and 1.021 billion yuan to 753 million yuan and 860 million yuan, respectively, while adding a forecast of 953 million yuan for 2027 [2] - The company maintains a long-term growth potential and investment opportunities, with a "buy" rating upheld [2]