Core Viewpoint - Tuhu Car Maintenance, as the largest integrated online and offline automotive service provider in China, has achieved dual growth in performance and scale in 2024, further solidifying its industry-leading position [1][2]. Financial Performance - In 2024, Tuhu reported operating revenue of 14.76 billion, a year-on-year increase of 8.5% - Adjusted net profit reached 620 million, up 29.7% year-on-year - Gross margin was 25.4%, an increase of 0.7 percentage points year-on-year - Operating cash flow amounted to 1.3 billion, growing 29.2% year-on-year, with total cash reserves exceeding 7.5 billion at year-end [2]. User Growth and Engagement - By the end of 2024, Tuhu's cumulative registered users approached 140 million, a year-on-year increase of 20.4% - The number of transaction users reached 24.1 million, up 24.8% year-on-year - User repurchase rate improved to 62.3%, with order satisfaction at 95%, leading the industry - The number of new energy transaction users doubled, reaching 2.7 million, accounting for 11% of total transaction users, with over 30% of users having vehicles less than 3 years old [3]. Store Expansion - Tuhu's offline service network expanded significantly, with a net increase of 965 stores by the end of 2024, covering 318 prefecture-level and 1,759 county-level administrative regions - Store numbers in the northwest region grew over 30% year-on-year, while the number of signed stores in independent towns in central and western regions increased by 48% - The growth in store numbers far exceeded the industry average, showcasing strong expansion momentum [4].