TUHU Car (9690) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 8.78 billion, up 11.4% year-on-year, consolidating market leadership despite subdued domestic consumption and industry-wide pressure.

• Gross profit increased to RMB 2.05 billion, but gross margin declined to 23.3% from 25.2% due to higher raw material costs and a shift toward cost-effective products.

• Adjusted net profit was RMB 240 million, with an adjusted net margin of 2.7%, down from 5.2% year-on-year.

• Store network expanded to 8,825 workshops globally, with strong growth in lower-tier Chinese cities and overseas markets.

• Registered users reached 175 million, up 24.7 million year-on-year; transacting users hit 31 million, with NEV users accounting for 17.2% of the base.

Financial highlights

• Revenue: RMB 8.78 billion (+11.4% YoY); gross profit: RMB 2.05 billion (+3.3% YoY).

• Gross margin: 23.3% (down from 25.2% YoY); profit for the period: RMB 184 million (-40.0% YoY).

• Adjusted EBITDA: RMB 327 million; adjusted net profit: RMB 240 million.

• Cash position (including cash, treasury investments, restricted cash): RMB 7.7 billion as of June 30, 2026.

• Capital expenditures for H1 2026: RMB 102.4 million, down 24.7% YoY.

Outlook and guidance

• Focus remains on expanding user base, store network, and market share during industry consolidation, with continued investment in AI, technology, and NEV service capability.

• Plans to gradually restore profitability through procurement, product mix, mature store contributions, and cost control.

• Dual primary listing in Hong Kong and the U.S. planned to broaden capital market access; confidential U.S. IPO filing submitted.