Core Viewpoint - Tuhu Car Maintenance has demonstrated robust and high-quality growth in its mid-2025 performance, adhering to a dual-track strategy of "domestic brands breaking through upwards and international brands rooting downwards" while deepening efficiency across the entire supply chain [1] Revenue and Profitability - In the first half of 2025, Tuhu Car Maintenance achieved total revenue of 7.9 billion RMB, a year-on-year increase of 10.5% from 7.1 billion RMB in 2024, maintaining its position as the leading independent automotive service provider in China [2][3] - Gross profit reached nearly 2 billion RMB, up 7.4% year-on-year, with adjusted EBITDA of 483 million RMB, reflecting a 7.5% increase [4] - Adjusted net profit was 410 million RMB, a 14.6% increase year-on-year, indicating enhanced profitability and quality [4] User Growth and Store Expansion - The user base expanded significantly, with 26.5 million cumulative trading users, a 23.8% increase year-on-year, and an average monthly active user count of 13.5 million, up 17.5% [6][8] - The number of Tuhu workshops reached 7,205, a 14.2% increase from 6,311 in 2024, with over 60% of new stores located in second-tier and lower cities [8][10] Brand and Service Enhancement - Tuhu Car Maintenance has invested in brand building and service experience, appointing Han Han as the first "professional image ambassador" to enhance brand trust [9] - The company established the "Gold Medal Film Testing Center" for product evaluation and improved customer service through an AI-driven intelligent customer service system, leading to a 2% increase in conversion rates and a 7% rise in customer satisfaction [9] Strategic Initiatives and New Business Development - The company is pursuing a dual-track strategy while actively developing new business areas, including tire and maintenance services, with significant growth in fast repair and electric vehicle services [11][13] - The fast repair business saw over 60% revenue growth, while the electric vehicle segment experienced an 83.5% increase in trading users, indicating strong market demand [14] Future Outlook - The automotive aftermarket is expected to continue growing due to increasing vehicle ownership and aging vehicle structures, with Tuhu Car Maintenance well-positioned to leverage its user-store synergy and ongoing strategic initiatives to maintain its industry leadership [14]

Core Viewpoint - Tuhu Car Maintenance has demonstrated robust and high-quality growth in its mid-2025 performance, adhering to a dual-track strategy of "domestic brands breaking through upwards and international brands rooting downwards" [1] Revenue and Profitability - In the first half of 2025, Tuhu Car Maintenance achieved total revenue of 7.9 billion RMB, a year-on-year increase of 10.5% from 7.1 billion RMB in 2024, maintaining its position as the leading independent automotive service provider in China [2][3] - Gross profit reached approximately 2 billion RMB, up 7.4% year-on-year, while adjusted EBITDA was 483 million RMB, reflecting a 7.5% increase [4] - Adjusted net profit was 410 million RMB, a significant rise of 14.6% compared to 358 million RMB in the previous year, indicating enhanced profitability and quality [4] User Growth and Store Expansion - Tuhu Car Maintenance's user base expanded significantly, with 26.5 million cumulative trading users, a 23.8% increase year-on-year, and an average monthly active user count of 13.5 million, up 17.5% [7][8] - The number of Tuhu workshops reached 7,205, a 14.2% increase from the previous year, with over 60% of new stores located in second-tier and lower cities [10][8] Operational Efficiency and Cost Control - The company has implemented various measures to enhance operational efficiency and control costs, including the "Tuhu New Youth" project to support new franchisees and the "10 Billion Subsidy, 10,000 Stores Together" initiative [10] - AI video recognition technology has been utilized to improve hygiene and compliance governance, enhancing user satisfaction with store environments [10] Dual-Track Strategy and Emerging Business - Tuhu Car Maintenance is committed to its dual-track strategy, focusing on upgrading its product matrix while actively developing emerging businesses [11] - The tire business has seen significant growth, with a focus on high-end products and a notable increase in sales in lower-tier cities [11] - The fast repair and new energy vehicle sectors have shown strong performance, with fast repair revenue growing over 60% year-on-year and new energy vehicle transactions increasing by 83.5% [12][11] Future Outlook - The automotive aftermarket is expected to continue growing due to increasing vehicle ownership and aging vehicle structures, with Tuhu Car Maintenance poised to maintain its industry leadership and create long-term value for stakeholders [12]