TUHU Car (9690) H2 2025 earnings summary

Executive summary

• Revenue grew 11.5% year-over-year to RMB16.5 billion, maintaining leadership in China's independent automotive service market.

• Gross profit increased 5.9% to RMB4.0 billion, but gross margin declined to 24.1% due to a shift toward cost-effective products.

• Adjusted net profit rose 12.2% to RMB700.1 million, while reported profit for the year declined 13% to RMB419.4 million.

• Store network surpassed 8,000 workshops, with rapid expansion in lower-tier cities and initial overseas presence in Malaysia.

• Registered users reached 162.3 million, up 16.9% year-over-year, with transacting users up 17.7% to 28.4 million.

Financial highlights

• Revenue: RMB16,461.6 million (2025) vs RMB14,758.7 million (2024), up 11.5%.

• Gross profit: RMB3,967.5 million (2025) vs RMB3,746.0 million (2024), up 5.9%.

• Operating profit: RMB252.2 million (2025) vs RMB331.0 million (2024), down 23.8%.

• Profit for the year: RMB419.4 million (2025) vs RMB482.0 million (2024), down 13%.

• Adjusted EBITDA: RMB843.4 million (2025) vs RMB777.3 million (2024), up 8.5%.

• Adjusted net profit: RMB700.1 million (2025) vs RMB624.1 million (2024), up 12.2%.

• Cash and equivalents: RMB1,923.9 million at year-end, up from RMB1,375.4 million.

Outlook and guidance

• Strategic focus on continued store expansion, AI and technology deployment, supply chain optimization, and NEV service capability.

• Liquidity position deemed sufficient to fund operational and strategic initiatives.

• Board considering potential dual listing and capital market activities to support growth.