Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on increasing market share despite a challenging market environment [2][3] - The company achieved revenue of 7.88 billion yuan in H1 2025, representing a year-on-year growth of 10.5% [10] - The company is expected to continue benefiting from its standardized services and cost-effective products, leading to sustained growth in market share [3] Revenue and Profitability - Total revenue projections for the company are as follows: 13.606 billion yuan in 2023, 14.759 billion yuan in 2024, 16.284 billion yuan in 2025, 17.926 billion yuan in 2026, and 19.658 billion yuan in 2027, with year-on-year growth rates of 17.67%, 8.47%, 10.34%, 10.08%, and 9.66% respectively [1] - The net profit attributable to the parent company is projected to be 6.703 billion yuan in 2023, 483.79 million yuan in 2024, 545.87 million yuan in 2025, 653.23 million yuan in 2026, and 747.03 million yuan in 2027, with significant fluctuations in growth rates [1] - The company's gross margin for H1 2025 was 25.2%, slightly down by 0.7 percentage points year-on-year, primarily due to a shift in consumer preference towards cost-effective products [4] Market Expansion and User Growth - The company expanded its store network to 7,205 locations by June 30, 2025, 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 [10] - The total number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, maintaining a user satisfaction rate of 95% and a repurchase rate of 64% [10] Financial Forecasts - Adjusted net profit forecasts for 2025 and 2026 have been revised to 7.53 billion yuan and 8.60 billion yuan respectively, with a new forecast for 2027 set at 9.53 billion yuan [11] - The company is expected to maintain a stable long-term growth outlook, with a price-to-earnings ratio projected at 21, 18, and 16 times for 2025, 2026, and 2027 respectively [11]

Core Viewpoint - Company reported a total revenue of 7.88 billion yuan for 1H25, representing a year-on-year increase of 10.5%, which exceeded the consensus expectation of 7.80 billion yuan [1] - Non-IFRS net profit reached 410 million yuan, also surpassing the consensus expectation of 360 million yuan, with a non-IFRS net profit margin of 5.2%, up 0.2 percentage points year-on-year [1] Revenue and Profitability - Revenue from automotive products and services increased by 10.8% to 7.36 billion yuan, slightly better than the consensus expectation of 7.28 billion yuan [2] - The gross margin for the automotive service segment was 22.8%, down 0.9 percentage points year-on-year, primarily due to external trade demand fluctuations and industry supply pressures [2] - Overall gross margin for the company was 25.2%, a decrease of 0.7 percentage points year-on-year, reflecting slight declines in tire and maintenance segment margins [2] User Growth and Store Expansion - The number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, with registered users totaling 150 million, up 18.8% [3] - The number of factory stores reached 7,205, with a net increase of 894 stores year-on-year, achieving a 70% coverage rate in county-level cities with over 20,000 passenger vehicles [3] - The proportion of profitable factory stores remained at 90% as of June 2025, with same-store revenue growth of 2% for stores aged over 18 months [3] Operational Efficiency - The adjusted operating expense ratio improved slightly by 10 basis points to 22.4% due to operational leverage, despite some impact from investments in AI [4] - The company established 32 regional warehouses and 662 front warehouses, improving delivery rates by 6 percentage points year-on-year to 83% [4] - Adjusted fulfillment expense ratio improved by 0.5 percentage points year-on-year to 4.1% [4] Profit Forecast and Valuation - The company maintains a non-IFRS net profit forecast of 760 million yuan for 2025, with adjustments to 2026 and 2027 forecasts down to 840 million yuan and 1.08 billion yuan respectively [4] - The target price is set at 25.13 HKD, reflecting a premium to comparable companies due to the company's leading position in the industry [4]

Core Viewpoint - The company reported a solid performance in the first half of 2025, with revenue and adjusted net profit growth aligning with expectations, driven by store expansion and service diversification [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 307 million yuan [1]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year growth of 14.6%, with an adjusted net profit margin of 7%, marking a new high for the half-year [2]. - The gross profit margin for the first half of 2025 was 25.2%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter improvement of 0.3 percentage points [2]. Group 2: Business Development - The company’s revenue growth was primarily driven by the expansion of its store network and the diversification of service categories, with a net increase of 1,205 stores, totaling 7,205 stores, a year-on-year increase of 14.2% [1]. - Revenue from fast repair services saw significant growth, exceeding 60% year-on-year, with a penetration rate of over 10% among transaction users [1]. - The company is focusing on enhancing its supply chain and developing a collaborative ecosystem for new energy services, with the number of platform users for new energy vehicles reaching 3.4 million, a year-on-year increase of 83.5% [2]. Group 3: Strategic Initiatives - The company is implementing a dual-track strategy to enhance its product matrix, focusing on both domestic brands and international brands [2]. - The proportion of self-controlled products in the deep beauty category has surpassed 70%, indicating a strong emphasis on proprietary product development [2]. - The company is proactively launching differentiated products such as hybrid-specific engine oil and new energy-specific tires, positioning itself in high-value service markets [2]. Group 4: Valuation and Outlook - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to price-to-earnings ratios of 22.0 times and 16.4 times for 2025 and 2026, respectively [3]. - The target price has been raised by 12% to 23.74 HKD, reflecting an upside potential of 24.6% compared to the current stock price [3].

转自：北京日报客户端 近年来，汽车消费蓬勃发展，汽车后市场也随之稳步发展。中国汽修连锁头部品牌途虎养车抓住时代机 遇，通过建立标准化、透明化、数字化的业务模式，引领行业高质量发展，这在途虎近日发布的2025年 中期业绩报告中得以集中体现。 此外，途虎养车工场店遍布320个地级行政区划、1855个县级行政区划，通过深化下沉市场渗透，途虎 对乘用车保有量在2万以上的县域覆盖率提升至70%，在全国范围内提供了汽车服务的创业就业机会。 汽车服务市场上半年处于调整周期，用户需求更趋理性、分层，行业经历结构性调整，门店经营面临一 定挑战。在此情况下，途虎养车扶持加盟商，将其更深度地纳入经营主线，为了让门店"开得出、稳得 住、长得大、做得好"，途虎特别推出"十亿补贴、万店同行"计划，旨在激发门店经营活力。 面对高昂的创业成本与获客问题，途虎一方面投入十亿元补贴，降低入局门槛；另一方面引入百亿级流 量引擎，通过平台精准导流实现"客户带单进店"，大幅提升新店获客效率。 此外，途虎养车不仅投入资金和流量，还提供了领先行业标准的物流体系和供应链能力，帮助加盟商降 低运营成本、增强竞争韧性、延伸服务半径、共享产业升级红利。 推出"途 ...

8月21日，途虎养车发布2025年中期业绩并召开线上业绩说明会，会上首席执行官兼执行董事陈敏 对在复杂市场情况下保持扩张速度和门店盈利以及下半年门店增长预期进行了回应。 陈敏表示，面对市场环境发生变化，途虎通过三个方面的举措，在推动门店健康增长的同时，更加 聚焦提升经营质量。 在新加盟商方面，途虎通过与共青团直属的中国青年创业就业基金会联合发起青年汽车服务人才创 业支持计划，并特别推出客户青年项目，为青年汽车服务人才提供创业资金、技术指导、品牌营销、客 户服务与运营等方面的支持。并且对中小城市、乡镇、大城市、特定区域等不同市场的特征提供了针对 性的加盟政策，通过补贴加盟费、管理费和房租等来降低工厂的运营成本。 其次是下沉市场的深度渗透，目前途虎的门店已经覆盖全国320个的地级行政区和1855个县级行政 区。 陈敏表示，上半年途虎聚焦数字化驱动下的精细化运营，提升单店盈利能力。譬如推出智能报价功 能，优化复杂的维修服务体验。针对新加盟门店，去年年中推出新店提升计划，通过流量扶持、驻店培 训、数字化营销等措施，帮助新店快速爬坡。 至于下半年门店增长预期，陈敏坦言仍会把重心放在稳增投进、提升质量上，并且将继续深耕下 ...

Group 1 - The company reported a revenue of 7.9 billion yuan in the first half of 2025, representing a year-on-year growth of 10.5% [1] - Adjusted net profit reached 410 million yuan, with a year-on-year increase of 14.6% [1] - The gross margin for the first half of 2025 was 25.2%, slightly down by 0.7 percentage points due to a shift in consumer preference towards cost-effective products [1] Group 2 - As of the end of June, the company's total cash reserves amounted to 7.5 billion yuan [1] - The number of users for the company's new energy vehicle services reached 3.4 million, a year-on-year increase of 83.5%, accounting for 12% of total transaction users [1] - The company has enhanced its maintenance service capabilities for new energy vehicles by deepening its layout in tire maintenance, beauty services, and three-electric repairs [1] Group 3 - The CEO projected that over 3 million new energy vehicles will be out of warranty by the end of 2025, with this number expected to continue growing [2] - The company plans to leverage its existing service network and past maintenance experience to capture the high-growth, high-value commercial maintenance market for new energy users [2] - In the short term, the company will continue to expand its exclusive product line for new energy vehicles, enhancing the adaptability of services such as tire maintenance and battery care [2]

Core Viewpoint - Tuhu Car Service reported a strong performance in the first half of 2025, with significant growth in revenue, profit, and user base, indicating its leading position in the industry [1][3][4] Financial Performance - Tuhu Car Service achieved a revenue of 7.88 billion yuan, a year-on-year increase of 10.5% [1] - The gross profit reached 1.98 billion yuan, while the adjusted net profit was 410 million yuan, reflecting a year-on-year growth of 14.6% [1][3] User Growth and Market Penetration - As of June 30, 2025, the number of Tuhu Car Service's workshop stores increased to 7,205, covering all provincial administrative regions except Macau and Taiwan [3] - The registered user count reached 150 million, marking an 18.8% year-on-year increase, with transaction users at 26.5 million, up 23.8% [4] - The average monthly active users on the app stood at 13.5 million, a growth of 17.5% [4] Business Development and Strategy - The company focused on consumer demand, enhancing service quality through standardized service networks and digital capabilities [3] - Initiatives like "Billion Subsidy, Ten Thousand Stores Together" and "New Store Enhancement Plan" supported franchisees, leading to a more than 7% year-on-year increase in same-store fulfillment user numbers [3] Technological Advancements - Tuhu Car Service is advancing AI applications, with improvements in conversion rates, user satisfaction, and labor cost control through smart customer service [3] - The automation benchmark warehouse in Guangzhou has achieved efficiency 2.5 times that of traditional warehousing, with logistics delivery rates improving to 83% [3] Business Segments Performance - The demand for quick repair services surged, with revenue from this segment growing over 60% year-on-year [3] - The new energy business also showed strong growth, with transaction users rising to 3.4 million, an increase of 83.5%, accounting for over 12% of total transaction users [3] Future Outlook - The CFO indicated ongoing investments in refined operations and cutting-edge technology to enhance operational quality and profitability, aiming to create long-term sustainable value for shareholders [4]

Investment Rating - The report maintains a "Buy" rating for the company [7][14]. Core Views - The company's total revenue for 1H25 reached 7.88 billion RMB, a year-on-year increase of 10.5%, exceeding the consensus estimate of 7.80 billion RMB [1][2]. - Non-IFRS net profit for 1H25 was 410 million RMB, also above the consensus estimate of 360 million RMB, with a corresponding non-IFRS net profit margin of 5.2%, up 0.2 percentage points year-on-year [1][2]. - The company is expected to continue its revenue growth momentum into 2H25, with guidance indicating stable gross margins [1]. Summary by Sections Revenue and Profitability - The company's revenue from automotive products and services increased by 10.8% to 7.36 billion RMB, slightly above the consensus estimate of 7.28 billion RMB [2]. - The gross margin for the automotive service segment was 22.8%, down 0.9 percentage points year-on-year, primarily due to external trade demand fluctuations and industry supply pressures [2]. User and Store Metrics - The number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, with registered users totaling 150 million, up 18.8% [3]. - The company has expanded its store count to 7,205, with a net addition of 894 stores year-on-year, achieving a 70% coverage rate in county-level cities with over 20,000 vehicles [3]. Operational Efficiency - The adjusted operating expense ratio improved slightly by 10 basis points to 22.4% in 1H25, despite increased investments in AI and other areas [4]. - The company has established a comprehensive logistics network, enhancing delivery efficiency with a same-day/next-day delivery rate of 83%, up 6 percentage points year-on-year [4]. Profit Forecast and Valuation - The report maintains the 2025 non-IFRS net profit forecast at 760 million RMB, while slightly lowering the 2026 and 2027 forecasts by 11.1% and 7.8% respectively [5][12]. - The target price is set at 25.13 HKD, reflecting a 25x target non-IFRS PE, which is a premium compared to the comparable companies' average of 23.6x [5][14].

十亿补贴提升门店经营韧性 汽车服务市场上半年处于调整周期，用户需求更趋理性、分层，行业经历结构性调整，门店经营面临一定挑战。在此 情况下，途虎养车把加盟商扶持更深度地纳入经营主线，为了让每一家门店"开得出、稳得住、长得大、做得好"，途 虎特别推出"十亿补贴、万店同行"计划，旨在激发门店经营活力。 面对高昂的创业成本与获客难题，途虎一方面投入十亿补贴，降低入局门槛；另一方面引入百亿级流量引擎，通过平 台精准导流实现"客户带单进店"，大幅提升新店获客效率。 齐鲁晚报·齐鲁壹点 吴海云 近年来，汽车消费蓬勃发展，汽车后市场也随之稳步发展。中国汽修连锁头部品牌途虎养车抓住时代机遇，通过建立 标准化、透明化、数字化的业务模式，引领行业高质量发展，这在途虎近日发布的2025年中期业绩报告中得以集中体 现。 财报显示，途虎养车工场店达7205家，其中开业六个月以上门店盈利比例稳定在九成。上半年途虎推出多项举措，帮 助加盟商稳健经营，成为汽车后行业促进民营经济和带动中小微实体健康发展的排头兵。 推出"途虎新青年" 带动创业就业 为吸引更多优秀青年人才加入汽车服务行业，共青团中央直属单位中国青年创业就业基金会联合途虎，推出"青 ...

报告期内，调整后运营及支持开支、研发开支、销售及营销开支、一般及行政开支1合计的总运营费用 支出为18亿元，占收入的比例1为22.4%，相较于2024年同期继续优化。2025年上半年，集团取得调整 后净利润14.1亿元，相比2024年同期提升14.6%。期间内，公司自由现金流达到3.47亿元，相比2024年 同期提升32.2%。截至报告期末，公司拥有全量现金约75亿元，资金储备充足。 消息面上，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%。 途虎-W(09690)绩后拉升逾8%， ...