Core Viewpoint - The Chinese automotive service industry, driven by over 359 million vehicles, is undergoing a significant transformation, with the market expected to reach 1.9 trillion yuan by 2025 and 2.2 trillion yuan by 2030 [1][3]. Industry Overview - The automotive service sector in China is characterized by a fragmented competitive landscape, comprising 4S dealerships, large chain platforms, regional chains, and numerous independent repair shops [1]. - The industry is currently in a deep adjustment phase, with a reported 5% decline in market value and a 4% decrease in service visits in the first half of 2025 [3]. Company Performance - Tuhu Car Maintenance, a leading player in the automotive service industry, reported a revenue of 7.88 billion yuan in the first half of 2025, marking a 10.5% year-on-year increase, and an adjusted net profit of 410 million yuan, up 14.6% [4][5]. - The company's stock price surged by 11.44% following the release of its strong financial results [5]. Operational Expansion - Tuhu Car Maintenance has established the largest offline automotive service network in China, with 7,205 service locations as of June 30, 2025, a 14.2% increase from the previous year [6]. - The company has focused on expanding into lower-tier cities, with over 60% of new stores opened in second-tier and below cities, significantly boosting its market presence [6]. Product and Service Strategy - Tuhu employs a dual-track strategy, collaborating with both international brands and domestic manufacturers to cater to various consumer needs [7]. - The company has seen a 60% year-on-year increase in revenue from its quick repair services, driven by the rising average age of passenger vehicles [8]. Technological Advancements - Tuhu has integrated AI technology into its operations, enhancing service quality and operational efficiency across its network of over 7,200 service locations [11]. - The company has developed a comprehensive automotive parts database with 9.5 million SKUs, achieving a matching accuracy of 99.99% [12]. Customer Engagement and Satisfaction - Tuhu Car Maintenance boasts a user base of 150 million registered users, with a customer satisfaction rate exceeding 95% and a repurchase rate of 64% [14]. - The company emphasizes long-term strategies and technological investments to maintain its leading position in the automotive service industry [14].

9月11日至14日，第二十一届中国汽车产业发展（泰达）国际论坛在天津滨海新区举办。本届泰达汽车论坛围绕"增动能 启新篇 向全球"的年度 主题，邀请行业嘉宾展开深入研讨。 清华苏州环境创新研究院副院长么新在演讲中分享了全球循环经济发展的趋势，可信追溯在汽车合规与碳排放中的核心作用，以及相关创新的理念，为 行业提供了有益的借鉴。他表示，一个高质量高水平发展的汽车后市场，一定是基于数据数字的公开透明和真实可信。只有这样才能把我们汽车后市场的各 类要素主体，包括保险维修、配件、车企、消费者等链条串联起来。特别希望我们的企业、专家能够共同推动关于汽车循环的可信追溯体系的构建。 当前，机动车循环产业正面临资源分散价值链割裂的核心痛点，如何打通"车-件-料"全链路，构建全链路循环体系，是全行业重点关注的话题之一。中 国资源循环集团机动车有限公司副总经理黎宇科在演讲中谈到，围绕机动车全链条的循环，构建"车-件-料"三级循环业务体系，一是在资源回收端，要围绕 机动车整车及零部件构建回收的渠道与体系；二是在二手车业务方面，要开展包括二手车的国内及海外贸易，希望联合一些整车厂和有技术能力的企业做整 车整备；三是在料和件的循环领域， ...

Group 1 - The core viewpoint of the article highlights the growth and strategic positioning of Tuhu Car Maintenance in the new energy vehicle (NEV) aftermarket, emphasizing its innovative service offerings and market leadership [1][3]. - As of June 2025, Tuhu Car Maintenance has established over 7,200 service centers and has 150 million registered users, with 3.4 million users specifically for NEV transactions, reflecting an 83.5% year-on-year growth [3]. - Tuhu Car Maintenance is focusing on developing specialized products for NEV owners, including exclusive tires for electric vehicles, dedicated engine oil for extended-range hybrid vehicles, and high-signal penetration films to address smart driving signal interference [3]. Group 2 - The automotive repair industry faces a significant talent gap, with 80% of the shortage attributed to the need for NEV after-sales personnel. Tuhu Car Maintenance has established a comprehensive training system for NEV technicians, combining online and offline training [4]. - Tuhu Car Maintenance aims to enhance collaboration across the entire industry chain, positioning itself as an independent third-party service platform that complements the after-sales capabilities of vehicle and battery manufacturers [4]. - The continuous increase in NEV ownership presents new opportunities for Tuhu Car Maintenance, which is working to provide replicable service models to address supply-demand matching challenges in the burgeoning aftermarket [4].

Core Insights - The forum highlighted the growth and transformation of the automotive aftermarket, particularly in the context of new energy vehicles (NEVs) [1] - Tuhu Car Service is positioning itself as a leader in the NEV aftermarket by enhancing its service capabilities and product offerings [3][4] Group 1: Industry Overview - The number of NEVs in China has surpassed 36 million, indicating a significant growth opportunity in the NEV aftermarket [3] - Tuhu Car Service has established over 7,200 service centers and has 150 million registered users, with 3.4 million users specifically for NEV transactions, reflecting an 83.5% year-on-year growth [3] Group 2: Product Development and Innovation - Tuhu Car Service is focusing on developing specialized products for NEV owners, including exclusive tires designed for electric vehicles and dedicated engine oils for hybrid vehicles [3] - The company is also collaborating with well-known brands to create solutions that address specific challenges faced by NEV users, such as signal interference for smart driving [3] Group 3: Talent Development and Training - There is a significant talent gap in the automotive repair industry, with 80% of the shortage being in NEV after-sales service personnel [4] - Tuhu Car Service has implemented a comprehensive training system for NEV technicians, with over 800 certified low-voltage electricians and more than 4,000 technicians receiving NEV technology training [4] Group 4: Strategic Positioning and Market Opportunities - Tuhu Car Service aims to enhance collaboration across the entire industry chain, positioning itself as an independent third-party service platform to support automakers and battery companies in after-sales service [4] - The company's full-chain layout is designed to provide replicable service models, addressing the supply-demand mismatch in the rapidly growing NEV aftermarket [4]

Industry Overview - The automotive service industry in China, driven by over 359 million vehicles, is undergoing a significant transformation, with the market expected to reach 1.9 trillion yuan by 2025 and 2.2 trillion yuan by 2030 [1] - The industry is characterized by a fragmented competitive landscape, comprising 4S dealerships, large chain platforms, regional chains, and numerous independent repair shops [1] Market Dynamics - The automotive after-market is currently in a deep adjustment phase, with a reported 5% decline in cumulative output value and a 4% decrease in service visits in the first half of 2025 [3] - Despite the overall market contraction, leading companies like Tuhu Car Maintenance have reported positive financial results, with a 10.5% year-on-year increase in revenue to 7.88 billion yuan and a 14.6% rise in adjusted net profit to 410 million yuan [3][4] Company Performance - Tuhu Car Maintenance's stock price surged by 11.44% following the release of its strong financial results, highlighting the impact of its sustained investment in technology and operational efficiency [5] - As of June 30, 2025, Tuhu has expanded its service network to 7,205 locations, a 14.2% increase year-on-year, with a significant focus on lower-tier cities [6] Strategic Initiatives - Tuhu has implemented various support measures for franchise stores, enhancing their operational vitality and achieving over 90% profitability among stores operating for more than six months [6] - The company employs a dual-track strategy, collaborating with both international brands and domestic manufacturers to cater to diverse consumer needs [7] Growth Areas - The fast repair segment has seen over 60% revenue growth, driven by increasing demand as vehicle ages rise [7] - Tuhu's new energy vehicle (NEV) segment has also experienced substantial growth, with NEV transaction users increasing by 83.5% year-on-year [8] Technological Advancements - Tuhu has integrated AI technology across its operations, enhancing service quality and operational efficiency, with a focus on data-driven decision-making [12][13] - The company has developed a comprehensive automotive parts database with a 99.99% accuracy rate, significantly improving inventory management and service delivery [12][14] Customer Experience - Tuhu's commitment to high service standards is reflected in the implementation of over 1,700 service SOPs and the use of AI for quality control, resulting in high customer satisfaction rates [11][14] - The company boasts a user base of 150 million registered users, with a 95% satisfaction rate and a 64% repurchase rate, reinforcing its market position [14][15]

Group 1 - The core viewpoint emphasizes the importance of a unified national market for China's development, highlighting that a large, efficient, and open market is crucial for gaining a competitive edge in the global landscape [1][2][3] - The construction of a unified national market is seen as essential for promoting high-quality development and optimizing market competition [1][2] - The concept of "Five Unifications and One Openness" is introduced as a guiding principle for local governments to break down barriers and enhance economic circulation [1][2][3] Group 2 - The article discusses the need for a holistic approach in governance, urging leaders to focus on national interests rather than local benefits, which aligns with the goal of building a unified market [2][3] - It highlights the necessity of breaking local protectionism and market segmentation to facilitate smooth economic circulation [2][3] - The importance of fostering a collaborative mindset among regions to enhance overall market strength is emphasized, suggesting that cooperation leads to mutual benefits [7][8] Group 3 - The article stresses that a high degree of legal governance is vital for a unified market, with clear market rules leading to stable expectations for business entities [4][5] - It outlines the government's role in creating a fair competitive environment through regulatory measures and legal frameworks [6][5] - The need for a balanced approach where government intervention supports rather than stifles market dynamics is highlighted [6][5] Group 4 - The article provides examples of successful cross-regional collaborations, such as the establishment of a cross-province air freight station and water rights trading, demonstrating the benefits of a unified market [7][9] - It mentions the growth of collaborative innovation indices in regions like the Yangtze River Delta, indicating the positive impact of unified market initiatives on economic performance [9] - The article concludes that a unified national market will enhance China's attractiveness as a destination for foreign investment, with a notable increase in new foreign enterprises established [9][10]

Core Viewpoint - The collaboration between JD Auto and the Bao'an District Commerce Bureau aims to stimulate consumption in the automotive aftermarket through a "government subsidy + corporate discount" model, enhancing service potential and consumer activity in the sector [3][4]. Group 1: Consumer Incentives - JD Auto and the Bao'an District Commerce Bureau launched consumption vouchers covering various automotive services, offering discounts of up to 20% and a maximum reduction of 2000 yuan per transaction [1][3]. - The "震骨价" subsidy program includes significant discounts on tires and maintenance services, with promotions such as 250 yuan off for every 500 yuan spent, and maintenance discounts of 200 yuan for services over 399 yuan [5]. Group 2: Market Development - The automotive aftermarket is recognized as a crucial area for unleashing consumption potential and promoting consumption upgrades, with the initiative expected to create new consumption scenarios and lead to high-quality development in the auto parts industry [4]. - JD Auto's extensive service network includes nearly 3000 offline stores and 46,000 third-party partner stores, facilitating a complete service loop from online promotion to offline service delivery [4]. Group 3: Innovation and Quality - The initiative is part of a broader strategy to enhance digital transformation, service standardization, and brand development in the automotive aftermarket, leveraging JD Auto's strong user base and supply chain capabilities [3][4]. - JD Auto has introduced a "365无忧购" service, allowing consumers to use subsidy coupons flexibly over a year, thus improving customer experience and satisfaction [5]. Group 4: Electric Vehicle Support - The consumption vouchers also extend to electric two-wheeled and three-wheeled vehicle batteries, addressing consumer concerns about battery performance and safety [7]. - JD Auto has established a comprehensive after-sales service network for electric vehicle batteries, with on-site repair services available in over 100 cities nationwide [7].

Core Insights - The automotive aftermarket is characterized by a lack of transparency and trust, leading to significant challenges for consumers when choosing service providers [1][2] - Tuhu has established itself as a leader in the industry by focusing on supply chain, technology, and service, creating a high-quality development loop centered on efficiency and trust [1][4] Market Dynamics - As of June 2025, the total number of motor vehicles in China is projected to reach 460 million, with 359 million being cars, driving increased demand for maintenance and repair services [1] - The market share of independent aftermarket (IAM) is expected to surpass that of 4S stores by 2027, indicating a shift in consumer preferences towards efficiency, transparency, and cost-effectiveness [2] Company Performance - Tuhu has over 150 million registered users and 26.5 million annual transaction users, reflecting a year-on-year growth of 23.8% [2] - The number of Tuhu service centers has reached 7,205, covering 320 cities and 1,855 counties, showcasing the company's expanding footprint [2] Technological Advancements - Tuhu has developed a digital supply chain system that includes real-time predictive algorithms, managing a database of 9.5 million SKUs across seven categories [3][4] - The company has achieved a same-day and next-day delivery rate of 83%, with fulfillment costs decreasing to 4.1% [4] Service Enhancement - Tuhu is enhancing service quality by providing systematic training and support for franchisees and technicians, improving user experience and brand recognition [5] - The company has initiated a "10 billion subsidy, 10,000 stores" plan to lower operational barriers for new stores, thereby increasing their competitiveness [5]

Core Viewpoint - The report from CMB International highlights Tuhu-W's (9690) strong management capabilities, which enable the company to achieve steady growth and significant market share gains despite industry headwinds [1] Financial Performance - In the first half of 2025, Tuhu reported revenue of 7.88 billion RMB, a year-on-year increase of 11%, with growth accelerating compared to 2024 [1] - Adjusted net profit reached 410 million RMB, up 15% year-on-year, exceeding market expectations [1] - The adjusted total operating expense ratio was 22.4%, continuing a trend of optimization [1] - Free cash flow improved by 32.2% to 350 million RMB compared to the same period last year [1] - As of the end of the reporting period, Tuhu had over 7.5 billion RMB in cash reserves, indicating strong financial health [1] Market Position and Expansion - Tuhu's workshop store network expanded to 7,205 locations by June 30, 2025, a 14% increase year-on-year, maintaining industry leadership [2] - The store network covers 320 prefecture-level administrative regions and 1,855 county-level regions across all provincial-level areas except for Macau and Taiwan, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [2] Supply Chain and Operational Efficiency - Tuhu has significantly invested in supply chain automation, with the launch of the first fully automated retail warehouse in Guangzhou, reducing labor costs by 60% and achieving 2.5 times the efficiency of traditional warehousing [4] - The next-day delivery rate for Tuhu logistics improved to 83%, while fulfillment costs decreased by 0.5 percentage points [4] Support for Franchisees - In response to market conditions, Tuhu increased support for franchise workshop stores, launching initiatives such as "10 Billion Subsidy, 10,000 Stores Together" and "Tuhu New Youth" to enhance competitiveness [4] - Approximately 90% of Tuhu workshop stores operating for over six months remained profitable, with same-store fulfillment user numbers growing by over 7% year-on-year [5]

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]