格隆汇8月21日丨途虎-W(09690.HK)公告，2025年上半年，集团实现了收入端同比与环比的双向提速。 报告期间内录得总收入人民币79亿元，较2024年同期的人民币71亿元同比提升10.5%，按收入计算我们 蝉联了国内独立汽车服务市场第一名的市场地位。期间内，在行业客单价持续下行的大背景下公司持续 依靠平台议价能力推动供给侧成本优化。报告期内，集团共录得毛利额人民币20亿元，对应毛利率 25.2%。 报告期内，调整后运营及支持开支、研发开支、销售及营销开支、一般及行政开支合计的总运营费用支 出为人民币18亿元，占收入的比例1为22.4%，相较于2024年同期继续优化。2025年上半年，集团录得 调整后净利润人民币4.1亿元，相比2024年同期提升14.6%。期间内，公司自由现金流达到人民币347百 万元，相比2024年同期提升32.2%。截至报告期末，公司拥有全量现金约人民币75亿元，资金储备充 足。截至2025年上半年底，公司在以途虎养车APP为主的全渠道拥有2,650万的累计十二个月交易用 户，与此同时上半年APP平均月活用户达到1,350万，分别同比大幅提升23.8%和17.5%。 2025年上半 ...

Core Insights - The rapid growth of automobile consumption in China is leading to a significant increase in the private car ownership, expected to surpass 300 million by the end of 2024, which in turn is driving the expansion of the automotive aftermarket and raising service quality expectations among car owners [1] - Tuhu Car Maintenance is positioned as a leading integrated online and offline automotive service brand in China, focusing on transforming the industry value chain through service essence and technology-driven standardization [1] User-Centric Approach - Tuhu Car Maintenance emphasizes user needs as the foundation for value creation in the service industry, leveraging technological innovation and process optimization to enhance service standards and user experience [2] - In 2024, Tuhu Car Maintenance has become a pioneer in the automotive aftermarket by fully focusing on AI, utilizing advancements in large model technology to continuously improve service quality and achieve a user satisfaction rate exceeding 95% across its platform [2] Franchisee Collaboration - Franchisees play a crucial role in Tuhu Car Maintenance's service value chain, with the company enhancing collaboration through support and incentive policies, resulting in over 90% of its service centers being profitable [3] - Tuhu Car Maintenance has invested nearly 100 million yuan in operational support for both new and existing stores, increasing promotional expenses by 250 million yuan compared to 2023, which has led to a 14% year-on-year increase in average promotional spending per store [3] Technician Development - Tuhu Car Maintenance focuses on building a multi-tiered talent ecosystem centered around "technology + employment," providing thousands of technicians with growth opportunities and enhancing their professional skills and job dignity [4] - The company has established partnerships with over a hundred educational institutions, creating nearly ten industry-education integration bases, and has trained over 8,000 students through these collaborations [4] - To meet the maintenance needs of electric vehicle owners, Tuhu Car Maintenance has actively developed technical talent in the new energy sector, with 868 technicians certified in low-voltage electrical work and over 4,000 trained in new energy repair techniques by the end of 2024 [4]