事件：公司发布2025 年半年报。2025 上半年，公司实现营业收入23.45 亿元，同比增长27.35%；实现 归母净利润4.80 亿元，同比增长24.29%；实现扣非归母净利润4.75 亿元，同比增长64.12%。 维修智能终端新品上市，AI 赋能量价齐升。2025 年上半年，公司维修智能终端实现营业收入15.40 亿 元，同比增长22.96%。公司推出多款AI 特性的维修智能终端销售量价齐升，上市后订单屡创新高，获 得市场与客户的高度认可，赋能业务竞争力和盈利能力的持续提升。其中，汽车综合诊断产品实现收入 6.94 亿元，同比增长14.14%；ADAS 标定产品实现收入2.07 亿元，同比增长17.22%；TPMS 系列产品实 现收入5.16 亿元，同比增长56.83%。受益于欧美、国内汽车后市场TPMS 替换需求的政策红利期，公司 TPMS 产品预计可持续保持高速增长。 充电桩业务突破多家头部客户，订单规模有望持续增长。2025 上半年，公司能源智能中枢业务实现收 入5.24 亿元，同比增长40.47%。公司已成功突破多家全球及区域级大客户，并中标多家知名能源公 司、重卡车队、商超连锁、加油站及充电基 ...

机构：中信建投证券 研究员：崔世峰/于伯韬 供应链智能化提升，AI 应用效能显现。途虎在广州的自动化标杆仓库已投入运营，人工成本下降了 60%，效率提升了2.5 倍；无人车配送已在南京成都等城市试点投放，助力打造物流无人化。AI 赋能方 面，通过引入AI 模型，上半年公司销售转化率和客户满意度显著提升，客服人力成本同比下降18%， 线下门店有效提高了门店管理效率，优化了客户服务体验，工场店相关满意度指标提升超2 个百分点。 盈利预测与估值：我们预计途虎2025-2026 年营业收入分别为167.03 亿元和191.27 亿元，同比增长 13.18%和14.51%，经调整净利润分别为7.52 亿元和9.09 亿元，同比增长20%和21%。维持"买入"评级， 目标价24.99港币，对应2025 年25 倍PE。 核心观点 风险提示：汽后市场竞争加剧，来自京东、天猫等互联网平台的竞争；门店扩张导致存量门店单店同店 收入被摊薄；国内宏观经济及消费增长疲弱，汽车终端需求低预期；门店扩张速度低预期；单店收入爬 坡速度低预期；合作门店截留部分客源；新能源车占比提升对收入增长造成阶段性影响；利润增长低预 期：员工行权减持风险 ...

Core Viewpoint - Tuhu's 1H25 earnings were solid despite industry challenges, with strong management capabilities likely to help it gain market share and mitigate short-term volatility [1]. Financial Performance - Tuhu's 1H25 revenue increased by 11% YoY to RMB7.9 billion, driven by a 14% YoY increase in the number of stores [2]. - The trailing 12-month number of transacting users rose by 24% YoY to 24 million as of June 30, 2025, indicating substantial market share growth [2]. - Gross margin for 1H25 was 25.2%, a 0.3 percentage point increase HoH, but 0.2 percentage points lower than forecasted due to lower margins in tires and chassis parts [2]. - Net profit for 1H25 rose by 8% YoY to RMB307 million, which was 3% lower than forecasted due to higher share-based payments [2]. - Adjusted net profit (excluding share-based payments) increased by 15% YoY to RMB410 million, exceeding forecasts by 11% [2]. Store Expansion and Operational Efficiency - Tuhu's store count increased by 331 to 7,205 as of June 30, 2025, on track to meet its full-year goal of 900 new stores [2]. - Approximately 90% of stores were profitable, with nearly all achieving positive cash flow in 1H25 [2]. - Positive free cash flow in 1H25 positions Tuhu favorably against peers amid industry headwinds [3]. Future Projections - FY25E revenue forecast was cut by 1%, and gross margin projection was reduced by 0.9 percentage points due to macro uncertainties and a focus on store expansion over short-term margin improvement [3]. - FY25E adjusted net profit forecasts were reduced by 8% to RMB761 million, reflecting a 22% YoY growth expectation [4]. - Revenue is projected to rise by 9% YoY in FY26E, supported by ongoing store expansion and customer acquisition efforts [4]. - Gross margin is expected to widen slightly to 25.9% in FY26E, with adjusted net profit projected to grow by 15% YoY to RMB876 million [4]. Valuation - The target price for Tuhu was raised from HK$21.50 to HK$23.00, based on a 20x adjusted FY26E P/E ratio [4].

作者 | 小鑫 编辑 | 小白 当下，生意难做已经成为很多人的共识。这些年，连锁餐饮、奶茶、零食店市场逐渐饱和，投资风险 剧增，频繁出现"品牌赚钱、加盟商为品牌打工"的情况。 那么，普通人想做一门生意，机会在哪里？这背后需要考量两个因素，即：市场是否饱和，以及风险 是否可控。假设基于这两点去寻找细分市场的优质投资机会，不难发现，汽车后市场是一个潜在的蓝 海市场——核心业务是汽车维修和保养。 截止2025年6月底，全国汽车保有量为3.59亿辆，对应汽车服务市场行业规模逐年上升。赛道稳步扩 容的同时，行业格局也在发生剧变，以往占据绝对优势的4S店式微，去年4S店退网数量超4400家， 一增一减，留给第三方维修市场的前景愈发广阔。 目前，独立汽车服务领域的头部品牌已经高度连锁化，而一个连锁品牌想要站稳脚跟，必须同时满足 两个条件：解决了用户痛点，并且能够实现规模化。 其中，头部上市公司途虎养车表现格外突出，刚刚发布的2025年中报显示，途虎营收78.8亿元，同比 增长10.5%，经调整净利润同比增长14.6%，途虎平台截止6月底的12个月交易用户数（以下简称交易 用户）增长了23.8%至2650万人。 财报发布的第 ...

刹车片一套进价280元，4S店售价1400元；空气滤芯成本不足20元，街边店售价超200元；副厂件或翻 新件伪装成原厂件，差价达3-5倍；将30分钟操作拆分为3个"标准工时"，收费暴涨300%…… 这是汽车后市场长期混乱的一个切面，以次充好、信任感低、推诿扯皮是消费者汽车维保的日常。 与此同时，受宏观环境影响，2025上半年整个汽车后市场也面临着较大的调整压力。根据数据机构F6 《2025年第二季度汽车后市场行情报告》，汽车后市场上半年累计产值和进厂台次同比分别下滑5%和 4%。 然而，在这样大盘下行、竞争混乱的局面之下，途虎却实现了逆势增长。 根据途虎2025年中业绩报告，收入78.8亿、工场店数达7205家、用户数达1.5亿，稳居行业第一。不仅如 此，在行业上半年超过70%的门店进店量同比下滑的情况下，途虎年交易用户增长23.8%，同店履约用 户增长7%。以注册用户、月活用户、年度交易用户累计，途虎也均居于中国汽车服务行业第一名。不 仅在经营上打败了竞争对手，途虎在上半年还在反不正当竞争诉讼中获胜，捍卫了行业良性秩序。 21日晚发布中报后的次日，途虎股价开盘大涨11%，充分说明途虎的增长潜力和竞争优势远超 ...

在汽车后市场整体承压、消费结构性分化的背景之下，途虎养车仍展现出持续性的增长动能。公司不仅 实现了财务指标的全线飘红，更在用户规模、门店网络、技术能力和新能源布局等多维度显示出领先优 势，进一步巩固其龙头地位。 在中期业绩发布会上，公司方面表示，途虎养车通过"稳健扩张+技术赋能+业务创新"的三重策略，在 不断变化的汽车后市场中持续扩大领先优势。尤其是AI、自动化、新能源等领域的布局，正成为驱动 行业进化的重要力量。 8月21日，国内汽车服务市场龙头途虎养车发布2025年中期业绩报告。财报显示，公司上半年实现营业 收入78.8亿元，同比增长10.5%，增速较去年呈现明显回升态势；经调整净利润达4.1亿元，同比增长 14.6%，盈利能力持续提升。截至2025年6月30日，途虎养车工场店规模已达7205家，覆盖全国320个地 级行政区，稳居行业首位。 今日早盘，途虎-W(09690.HK)开盘大涨11%。 途虎养车在技术层面的投入进入收获期，AI与智能化应用正全面融入其前中后台运营环节。 2025年上半年，途虎养车实现营业收入78.8亿元，较去年同期的71.3亿元增长10.5%，重回双位数增长 轨道，增速高于202 ...

Group 1 - The core viewpoint of the article highlights that Yuan Zheng Technology has been actively repurchasing its shares, indicating management's confidence in the company's future and belief that the stock is undervalued [1][2]. - As of August 15, 2025, Yuan Zheng Technology repurchased 53,000 shares at an average price of HKD 12.00 per share, totaling approximately HKD 636,000, with a cumulative repurchase of 4.858 million shares, representing 3.05% of the total share capital [1][2]. - The company's stock price closed at HKD 12.00 per share, reflecting a decline of 2.99% on the same day [1]. Group 2 - Yuan Zheng Technology, established in 1992, is a significant player in the automotive aftermarket, focusing on the research, development, production, and sales of automotive diagnostic and maintenance products [3]. - The company's product range includes automotive diagnostic tools, tire pressure monitoring systems, and vehicle lifts, with a strong emphasis on innovation and technology development [3]. - Yuan Zheng Technology has a notable presence in both domestic and international markets, exporting products to various countries and regions, thus playing a crucial role in the global automotive aftermarket supply chain [3].

Group 1 - The company, Yuan Zheng Technology, repurchased 256,500 shares at an average price of HKD 12.96 per share, totaling approximately HKD 3.32 million, with a cumulative repurchase of 4.65 million shares this year, representing 2.92% of the total share capital [1] - The recent stock repurchase activity may indicate that the management believes the company's stock is undervalued, aiming to boost investor confidence and stabilize the stock price [1] - Stock buybacks can also serve multiple purposes, such as employee incentive plans or reducing the total share capital, which may enhance financial metrics like earnings per share [1] Group 2 - Yuan Zheng Technology, established in 1992, is a significant player in the automotive aftermarket, focusing on the research, development, production, and sales of automotive diagnostic, testing, and maintenance products [2] - The company has a wide sales network globally, with branches or distributors in multiple countries and regions, catering to a diverse customer base including repair shops and automotive enthusiasts [2] - Yuan Zheng Technology invests heavily in technological research and development, continuously launching innovative automotive diagnostic products to meet evolving market demands [2]

Core Insights - Chongqing Tongnan District is focusing on the automotive aftermarket, particularly in vehicle scrapping and remanufacturing, establishing itself as a hub for the automotive lifecycle's "last mile" [1] - The district has attracted over 20 related enterprises, processing more than 100,000 scrapped vehicles annually, and has been recognized as a distinctive industrial cluster for small and medium-sized enterprises in Chongqing by 2025 [1] - The local government emphasizes the importance of circular economy practices, especially in the context of rising vehicle ownership and the value of materials in scrapped vehicles [1] Group 1: Industry Development - Tongnan is developing its automotive aftermarket by focusing on the recycling and remanufacturing of scrapped vehicles and components, including the tiered utilization of power batteries [1][3] - The district is leveraging its geographical position by avoiding competition in vehicle manufacturing and instead concentrating on the post-use phase of vehicles [1] - The local government is fostering collaboration among leading enterprises in the industry to enhance the development of the automotive aftermarket [1][2] Group 2: Company Operations - Chongqing Hongxi Automotive Technology Co., Ltd. processes over 300 scrapped vehicles daily, utilizing a big data platform to enhance the value of used parts through refined disassembly [2] - The company highlights the significant price difference between selling scrap materials and reselling parts, with a car door potentially increasing in value from 30-40 yuan as scrap to over 300 yuan as a part [2] - The collaboration between companies in the supply chain, such as battery recycling and plastic production, is common in Tongnan, maximizing resource utilization [2] Group 3: Future Outlook - The district aims to cultivate leading enterprises in the automotive aftermarket and integrate into the Chengdu-Chongqing automotive parts supply system [4] - There is a focus on building a talent and innovation ecosystem to support the industry's growth, including partnerships with vocational schools for practical education [3][4] - The increasing demand for automotive aftermarket services is expected to rise alongside the growing vehicle ownership in the region [4]

Group 1 - Hubei province has implemented a vehicle scrapping and replacement subsidy policy, resulting in over 210,000 applications for subsidies by August 1, 2023, which has directly stimulated new car consumption by 32.5 billion yuan [1] - More than 56% of the new vehicles purchased through the scrapping program are new energy passenger cars, indicating a shift towards greener and smarter automotive consumption [1] - A "New Energy Vehicle Consumption Season" event will be held on August 9 in Xiaogan, aimed at promoting new energy vehicle consumption in rural areas [1] Group 2 - The event will introduce innovative "automobile+" consumption scenarios, including the establishment of "New Energy Vehicle Supermarkets" that offer a one-stop service for test drives, purchases, and charging station installations [2] - Hubei will integrate various service sectors, including dining, tourism, and outdoor activities, to create a comprehensive automotive consumption ecosystem [2] - The province plans to host multiple automotive events to generate excitement and boost new energy vehicle consumption across counties and towns [2]