Core Viewpoint - The 20th Off-road Hero Conference, a premier off-road event in China, will take place in the Badain Jaran Desert from October 1 to October 5, showcasing a deep strategic partnership between JD Auto and Off-road E-Zu [1][3] Group 1: Event Highlights - The event will feature five main highlights: the best camping sites, thrilling competitions, exciting live performances, beautiful routes, and valuable supplies [3] - JD Auto will serve as the sole official registration channel, offering exclusive benefits such as VIP camps and supply packages for participants [1][3] - The event will include a variety of activities such as a super T3 competition, a million-dollar prize contest, and a DREAMLAND electronic music festival [3] Group 2: JD Auto's Role - JD Auto aims to create a comprehensive off-road service ecosystem, integrating professional events, automotive exhibitions, and music festivals [3][7] - The company has established a "JD Auto Modification Brand Alliance" with over 50 brands to enhance the off-road consumer experience [7] - JD Auto will provide a one-stop automotive service platform covering purchase, modification, maintenance, usage, and replacement [7] Group 3: Innovative Offerings - The JD Auto maintenance area will showcase advanced automotive technologies, including self-repair tires and a complete tire size range [4][5] - A rescue team will be on-site to offer free assistance for tire changes and other services during the event [4] - JD Auto will also introduce a drone driving school, allowing attendees to obtain a professional drone license [5][7] Group 4: Online Engagement - An online off-road venue will be created for users to watch live broadcasts of the event, participate in prize draws, and enjoy discounts on off-road products [8] - Users can access various promotions, including significant discounts and chances to win prizes, enhancing the overall experience [8]

Core Insights - Tuhu reported a revenue of 7.88 billion RMB for the first half of 2025, marking a year-on-year growth of 10.5%, with an accelerated growth rate compared to the same period last year [1][2] - The adjusted net profit reached 410 million RMB, reflecting a year-on-year increase of 14.6% [1][2] Financial Performance - Revenue: 7.88 billion RMB, up 10.5% from 7.13 billion RMB in 2024 [2] - Gross Profit: 1.98 billion RMB, with a gross margin of 25.2%, compared to 1.85 billion RMB and 25.9% in 2024 [2] - Adjusted EBITDA: 483 million RMB, representing a 7.5% increase [2] - Operating Profit: 222 million RMB, with an operating margin of 2.8% [2] User Growth and Market Position - Registered users reached 150 million, a year-on-year increase of 18.8% [3] - The number of transaction users over the past 12 months was 26.5 million, up 23.8% [3] - Average monthly active users on the app were 13.5 million, reflecting a growth of 17.5% [3] - User repurchase rate improved to 64%, with service satisfaction exceeding 95% [3] Expansion and Strategic Initiatives - Tuhu expanded its workshop network to 7,205 locations, increasing coverage in counties with over 20,000 passenger vehicles to 70% [3] - The company invested in support for franchise stores, launching initiatives like "10 Billion Subsidy" and "New Store Enhancement Plan" to boost operational vitality [5] - AI tools were further integrated to enhance management precision and improve customer experience, leading to significant improvements in pre-sale conversion rates and customer satisfaction [5] Supply Chain and Logistics - Tuhu invested in supply chain automation, launching the first fully automated retail warehouse in Guangzhou, reducing labor costs by 60% and increasing efficiency by 2.5 times [7] - Logistics performance improved, with same-day and next-day delivery rates reaching 83% and fulfillment cost rates decreasing by 0.5 percentage points [7] - The fast repair business saw revenue growth exceeding 60%, becoming a new growth driver [7] New Energy Business - The number of transaction users in the new energy sector rose to 3.4 million, a year-on-year increase of 83.5%, accounting for over 12% of total transaction users [7] Management Commentary - The CEO emphasized a consumer demand-driven approach, focusing on service quality and core business to achieve high-quality development [7] - The CFO noted that revenue growth accelerated compared to the previous year, with continued leadership in store and user growth, and highlighted ongoing investments in operational efficiency and cutting-edge technology [7]