TUHU Car (9690) H2 2025 earnings summary

Executive summary

• Achieved record expansion with over 8,000 auto service stores globally, ranking first in China for store count and GMV in the automotive service market for 2025.

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

• Annual transacting users reached 28.4 million, up 17.7% year-on-year, with NEV user share rising to 15%.

• Maintained stable profitability and strong user loyalty, with a 65% annual repurchase rate and unaided brand awareness at 63.7%.

• Rapid growth in new business areas, including light auto beauty and NEV-specific services, supported by digital and AI-driven operational enhancements.

Financial highlights

• Operating revenue reached RMB16,461.6 million (2025), up 11.5% year-on-year, with gross profit up 5.9% to RMB3,967.5 million.

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

• Net increase of 1,134 stores for the year, with a record 1,438 new stores opened in mainland China.

• Gross profit margin declined by 1.3 percentage points to 24.1% due to price competition and cost-effective product mix.

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

Outlook and guidance

• Continued investment in AI and technology to drive operational efficiency and user experience.

• Plans to further expand overseas, leveraging franchise model and mature operational systems.

• Focus on maximizing shareholder returns through prudent capital allocation and ongoing share repurchases.

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