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].

Core Insights - The automotive service market in China is experiencing steady growth, with Tuhu Car Maintenance leading the way through standardized, transparent, and digital business models [1][3] Group 1: Business Performance - Tuhu Car Maintenance has established 7,205 workshop stores, with a profitability rate of 90% for stores open for more than six months [1][4] - As of June 30, 2025, 46% of franchisees own two or more stores, and the same-store user fulfillment has increased by 7% year-on-year [4] Group 2: Support for Franchisees - Tuhu launched a "1 billion subsidy, 10,000 stores together" initiative to enhance the resilience of franchise operations amid market adjustments [3] - The company is investing 1 billion yuan to lower entry barriers and is introducing a large-scale traffic engine to improve customer acquisition efficiency for new stores [3] Group 3: Youth Employment Initiatives - Tuhu, in collaboration with the China Youth Entrepreneurship and Employment Foundation, has introduced the "Youth Automotive Service Talent Entrepreneurship Support Plan" to attract young talent into the automotive service industry [3] - The "Tuhu New Youth" project aims to drive entrepreneurship and employment among young people in the automotive service sector [3] Group 4: Market Penetration - Tuhu's workshop stores are present in 320 prefecture-level administrative regions and 1,855 county-level administrative regions, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [4] - The company is focused on deepening market penetration and providing entrepreneurial and employment opportunities in the automotive service sector across the country [4]

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 ...

Core Viewpoint - Tuhu-W (09690) experienced a significant stock price increase of 8.39%, reaching HKD 20.66, following the release of its financial results for the six months ending June 30, 2025, which showed positive growth in revenue and profit [1] Financial Performance - The company reported a revenue of RMB 7.877 billion, marking a year-on-year increase of 10.5% [1] - Profit for the period was RMB 307 million, up 7.8% year-on-year, while adjusted net profit reached RMB 410 million, reflecting a 14.6% increase [1] - Basic earnings per share were RMB 0.4 [1] Market Position - Tuhu-W maintained its position as the leading independent automotive service provider in China, achieving a total revenue of RMB 7.9 billion for the reporting period, which is a 10.5% increase compared to RMB 7.1 billion in the same period of 2024 [1] Cost Management - Despite a declining average transaction price in the industry, the company leveraged its platform's bargaining power to optimize supply-side costs [1] - Gross profit amounted to RMB 2 billion, resulting in a gross margin of 25.2% [1] Operating Expenses - Total adjusted operating expenses, including R&D, sales and marketing, and general and administrative expenses, were RMB 1.8 billion, accounting for 22.4% of revenue, showing continued optimization compared to the same period in 2024 [2] Cash Flow and Reserves - The company achieved an adjusted net profit of RMB 1.41 billion, a 14.6% increase from the previous year [2] - Free cash flow reached RMB 347 million, up 32.2% year-on-year [2] - As of the end of the reporting period, the company had approximately RMB 7.5 billion in cash reserves, indicating strong liquidity [2]

Core Insights - Tuhu Car Service reported a significant increase in user engagement and service offerings, indicating strong market demand and customer satisfaction [1][3] User Growth and Engagement - As of June 30, 2025, Tuhu Car Service registered over 150 million users, marking an 18.8% year-on-year growth - The total number of transaction users over the past 12 months reached 26.4 million, reflecting a 23.8% increase - The average monthly active users on the app reached 13.5 million, up by 17.5% - User repurchase rate improved to 64%, with service satisfaction exceeding 95%, maintaining industry leadership [1] Store Expansion and Coverage - By June 30, 2025, Tuhu Car Service operated 7,205 service centers across 320 prefecture-level and 1,855 county-level administrative regions, covering all provincial-level areas except for Macau and Taiwan - Tuhu has established the largest and most extensive offline automotive service network in China, allowing car owners nationwide to access professional services conveniently [3] Promotional Activities - Tuhu launched a "300 Billion Unlimited Promotion" to provide substantial discounts on various automotive services, including tires, maintenance, painting, and washing - Tire prices during the promotion can be as low as 50% off, with opportunities to win Huawei tablets for orders, while maintenance services from brands like Mobil, Castrol, and Shell start at 50% off with chances to win Huawei laptops - Additional promotions include quality touch-up paint starting at 148 yuan and quick washes at 0.1 yuan, enhancing customer value [3] Government Collaboration and Consumer Benefits - Tuhu has engaged in multiple government subsidy projects, enhancing its "trade-in" activities - The combination of government subsidies and platform discounts allows car owners to experience high-quality products and services at lower costs [3] Product Evaluation and Marketing Strategies - Tuhu collaborates with authoritative organizations like the China Automotive Center for "Super Gold Medal Evaluations" of tires, engine oils, and batteries, providing users with scientific and intuitive purchasing guidance - The company utilizes various marketing strategies, including social media live streams, in-store promotions, and local influencer partnerships, to enhance consumer engagement and offer additional benefits [4]