Investment Rating - The report maintains a "Buy" rating for the company Tuhu-W (09690) [1][7] Core Insights - The company has shown robust store expansion and a significant increase in transaction users, with the number of stores growing from 6,311 to 7,205 year-on-year, representing a 14.2% increase. Transaction users rose from 21.4 million to 26.5 million, a growth of 23.8% [5] - Revenue for the first half of 2025 reached 7.877 billion RMB, a year-on-year increase of 10.5%, while adjusted net profit was 410 million RMB, up 14.6% [5] - The gross margin slightly decreased from 25.9% to 25.2% due to lower margins in tires and automotive maintenance, but other income surged by 326.1% to 897 million RMB, primarily from increased government subsidies [5] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 15.960 billion, 17.621 billion, and 19.318 billion RMB, respectively, with growth rates of 8%, 10%, and 10% [6] - Adjusted net profits are forecasted to be 755 million, 939 million, and 1.215 billion RMB for the same years, reflecting growth rates of 21%, 24%, and 29% [6] - The adjusted P/E ratios are expected to be 20.8, 16.7, and 12.9 for 2025, 2026, and 2027, respectively [6][7]

Group 1 - A new company, Shenzhen Huiju Yongcheng Automotive Service Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Guo Yongcheng [1] - The company's business scope includes sales of new energy vehicles, automotive sales, retail of auto parts, vehicle repair and maintenance, and various automotive-related services [1] Group 2 - The company is involved in both wholesale and retail of automotive parts and accessories, as well as the manufacturing and research of automotive components [1] - It also offers services related to second-hand vehicle brokerage and trading, tire sales, and technology services including development and consulting [1] - The company operates under a general business license without any specific licensed projects [1]

Group 1 - The low-speed unmanned vehicle capacity sharing service platform has officially settled in Wuhan Economic Development Zone, marking it as the first innovative platform focused on low-speed unmanned vehicle capacity integration [1] - This platform aims to provide solutions for the "last mile" delivery in urban logistics [1] - Wuhan Zhongcheng Automobile Technology Co., Ltd. specializes in automotive sales, travel services, and automotive ecosystem services, offering management services for manufacturers such as Dongfeng Travel, FAW Travel, and Fengju Travel [1]

上半年，途虎市场份额进一步提升。截至2025年6月30日，注册用户数1.5亿，同比增长18.8%；全渠道 累计12个月的交易用户数2650万，同比增长23.8%；APP平均月活用户数1350万，同比增长17.5%。截至 2025年6月30日，途虎养车工场店达到7205家。 8月21日，中国汽车服务市场龙头途虎（09690.HK）发布2025年中期业绩报告。报告显示，2025年上半 年，公司实现营业收入78.8亿元，同比增长10.5%；经调整净利润约4.1亿元，同比增长14.6%。 ...

Market Overview - On August 22, the automotive service sector rose by 0.54% compared to the previous trading day, with Altec leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Altec (300825) closed at 12.49, with a gain of 4.69% and a trading volume of 569,300 shares, amounting to a transaction value of 706 million yuan [1] - Other notable stocks included: - Shunping Holdings (600653) at 2.04, up 0.49% [1] - China Automotive Research (601965) at 19.48, up 0.41% [1] - Shanghai Material Trade (600822) at 12.57, down 0.24% [1] Capital Flow - The automotive service sector saw a net inflow of 3.9763 million yuan from institutional investors, while retail investors experienced a net outflow of 6.3145 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors showing confidence while retail investors withdrew funds [2] Individual Stock Capital Flow - Altec (300825) had a net inflow of 64.0937 million yuan from institutional investors, but a net outflow of 75.7938 million yuan from retail investors [3] - Other stocks with significant capital flow included: - Xiamen Xinda (000701) with a net outflow of 29.0195 million yuan from institutional investors [3] - North Media (600386) with a net outflow of 6.2772 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the article highlights that Tuhu, a leading player in China's automotive service market, experienced a significant stock price increase of 11% at the opening and closed up by 9.13% on the day of its earnings report release [2] - Tuhu reported a revenue of 7.88 billion RMB for the first half of 2025, representing a year-on-year growth of 10.5%, with an acceleration in growth compared to the previous year [2] - The adjusted net profit for Tuhu in the same period was 410 million RMB, showing a year-on-year increase of 14.6% [2] Group 2 - The total number of trading users reached 26.5 million, marking a year-on-year growth of 23.8%, indicating a rapid increase in user scale [2] - As of June 30, 2025, Tuhu had 7,205 service stations, significantly leading in both scale and growth within the domestic automotive service market [2]

Group 1 - The automotive service market in China is experiencing steady growth, with Tuhu Auto Repair leading the industry through standardized, transparent, and digital business models, as highlighted in its 2025 interim performance report [1] - Tuhu reported a revenue of 7.88 billion RMB for the first half of 2025, representing a year-on-year growth of 10.5%, with adjusted net profit reaching 410 million RMB, up 14.6% [1] - The number of trading users reached 26.5 million, showing a significant year-on-year increase of 23.8%, while the number of Tuhu service stores reached 7,205, leading the domestic automotive service market in both scale and growth [1] Group 2 - In response to the challenges faced by store operations during the market adjustment period, Tuhu launched a "10 billion subsidy, 10,000 stores together" initiative to enhance the resilience of its franchisees [3] - The company is investing 1 billion RMB in subsidies to lower entry barriers for new stores and is introducing a billion-level traffic engine to improve customer acquisition efficiency [3] - Tuhu is also providing a leading logistics system and supply chain capabilities to help franchisees reduce operational costs and enhance competitiveness [3] Group 3 - Tuhu's systematic measures have shown significant results, with 46% of franchisees operating two or more stores, and 90% of stores open for over six months maintaining profitability [4] - The company has expanded its coverage to 320 prefecture-level and 1,855 county-level administrative regions, increasing its service coverage in counties with over 20,000 passenger vehicles to 70% [4] - Tuhu is collaborating with the China Youth Entrepreneurship and Employment Foundation to launch a "Youth Automotive Service Talent Entrepreneurship Support Plan" to attract young talent into the automotive service industry [3]

Core Insights - Tuhu-W (09690) experienced an 11% surge in stock price following the release of its mid-year results for 2025, indicating strong market confidence in the company [1] Financial Performance - Tuhu reported a revenue of 7.88 billion RMB for the first half of the year, reflecting a year-on-year growth of 10.5%, with an acceleration in growth compared to the previous year [1] - The adjusted net profit for Tuhu reached 410 million RMB, marking a year-on-year increase of 14.6% [1] User and Store Growth - The total number of trading users over the past 12 months reached 26.5 million, which represents a year-on-year growth of 23.8%, indicating a significant acceleration in user acquisition [1] - As of June 30, 2025, Tuhu's service workshop count reached 7,205, showcasing substantial leadership in both scale and growth within the domestic automotive service market [1]

Group 1 - The core viewpoint of the article highlights that Tuhu-W (9690.HK) has shown significant growth in its financial performance and market position, achieving a new high in stock price since December 2024 [1] - In the first half of 2025, Tuhu reported a revenue of 7.88 billion yuan, representing a year-on-year growth of 10.5%, indicating an acceleration in growth compared to the previous year [1] - The adjusted net profit for the same period was 410 million yuan, with a year-on-year increase of 14.6%, showcasing improved profitability [1] Group 2 - The total number of trading users reached 26.5 million, reflecting a year-on-year growth of 23.8%, indicating a rapid increase in user scale [1] - As of June 30, 2025, Tuhu had established 7,205 service stations, leading the domestic automotive service market in both scale and growth rate [1]

途虎绩后拉升逾8%，截至发稿，股价上涨7.87%，现报20.56港元，成交额4286.9万港元。 8月21日，途虎-W发布截至2025年6月30日止六个月业绩，该集团期内取得收入78.77亿元（人民币，单 位下同），同比增加10.5%；期内利润3.07亿元，同比增加7.8%；经调整净利润4.1亿元，同比增加 14.6%；每股基本盈利0.4元。 2025年上半年，本集团实现了收入端同比与环比的双向提速。报告期间内取得总收入79亿元，较2024年 同期的71亿元同比提升10.5%，按收入计算集团蝉联国内独立汽车服务市场第一名的市场地位。期间 内，在行业客单价持续下行的大背景下集团持续依靠平台议价能力推动供给侧成本优化。报告期内，本 集团共取得毛利额20亿元，对应毛利率25.2%。 本文源自：金融界 ...