《TUHU-W：2024ANNUALREPORT.pdf》由會員分享，可在線閱讀，更多相關《TUHU-W：2024ANNUALREPORT.pdf（306頁珍藏版）》請在三個皮匠報告上搜索。
1、2024年度報告ANNUAL REPORT於開曼群島註冊成立以不同投票權控制的有限公司A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability股份代碼Stock Code:9690TUHU Car Inc.ContentsCorporate Information 2Financial Summary and Key Operation Metrics 5Chairmans Statement 7Management Disc
2、ussion and Analysis 16Profiles of Directors and Senior Management 41Corporate Governance Report 45Directors Report 63Environmental,Social and Governance Report 87Independent Auditors Report 202Consolidated Statement of Profit or Loss 207Consolidated Statement of Comprehensive Income 208Consolidated
3、Statement of Financial Position 209Consolidated Statement of Changes in Equity 211Consolidated Statement of Cash Flows 213Notes to Financial Statements 216Five-Year Financial Review 300Definitions 301Tuhu Car IncAnnual Report 20242Corporate InformationBOARD OF DIRECTORSExecutive DirectorsMr.Chen Min
4、(Chairman of the Board)Mr.Hu XiaodongNon-executive DirectorMr.Yao LeiwenIndependent Non-executive DirectorsMs.Yan HuipingMr.Feng WeiMr.Wang JingboAUDIT COMMITTEEMs.Yan Huiping(Chairperson)Mr.Feng WeiMr.Wang JingboREMUNERATION COMMITTEEMs.Yan Huiping(Chairperson)Mr.Wang JingboMr.Chen MinNOMINATION CO
5、MMITTEEMr.Wang Jingbo(Chairperson)Mr.Feng WeiMr.Hu XiaodongCORPORATE GOVERNANCECOMMITTEEMr.Feng Wei(Chairperson)Ms.Yan HuipingMr.Wang JingboJOINT COMPANYSECRETARIESMr.Chen ZheMr.Lee Chung ShingAUTHORISEDREPRESENTATIVESMr.Chen MinMr.Lee Chung ShingAUDITORErnst&YoungCertified Public AccountantsRegiste
6、red Public Interest Entity Auditor27/F,One Taikoo Place979 Kings RoadQuarry BayHong KongHONG KONG LEGAL ADVISERKirkland&Ellis26/F,Gloucester TowerThe Landmark15 Queens Road CentralHong KongCOMPLIANCE ADVISERGuotai Junan Capital Limited27/F,Low BlockGrand Millennium Plaza181 Queens Road CentralHong K
7、ongTuhu Car IncAnnual Report 20243Corporate InformationREGISTERED OFFICEPO Box 309,Ugland HouseGrand Cayman KY1-1104Cayman IslandsHEADQUARTERS8th FloorBuilding 241999 Yishan RoadMinhang DistrictShanghai,PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG46/F,Hopewell Center183 Queens Road EastWan ChaiHong K
8、ongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEMaples Fund Services(Cayman)LimitedP.O.Box 1093,Boundary HallCricket Square,Grand Cayman,KY1-1102Cayman IslandsHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-171617th Floor,Hopewell Centre183 Queens Road EastWancha
9、i,Hong KongINVESTOR RELATIONSEmail:WEBSITESTOCK CODE9690WEIGHTED VOTING RIGHTSThe Company is controlled through weighted voting rights.Each Class A Share has one vote per share and each Class B Share has ten votes per share except with respect to resolutions regarding a limited number of Reserved Ma
10、tters,where each Share has one vote.The Companys WVR structure enables the WVR Beneficiary to exercise voting control over the Company notwithstanding the WVR Beneficiary does not hold a majority economic interest in the share capital of the Company.This allows the Company to benefit from the contin
11、uing vision and leadership of the WVR Beneficiary who control the Company with a view to its long-term prospects and strategy.Shareholders and prospective investors are advised to be aware of the potential risks of investing in companies with WVR structures,in particular that interests of the WVR Be
12、neficiary may not necessarily always be aligned with those of the Shareholders as a whole,and that the WVR Beneficiary will be in a position to exert significant influence over the affairs of the Company and the outcome of Shareholders resolutions,irrespective of how other Shareholders vote.Sharehol
13、ders and prospective investors should make the decision to invest in the Company only after due and careful consideration.Tuhu Car IncAnnual Report 20244Corporate InformationAs at the Latest Practicable Date,the WVR Beneficiary is Mr.Chen Min.Mr.Chen Min is interested in and controls 14,368,284 Clas
14、s A Shares and 67,918,860 Class B Shares,representing approximately 48.4%of the voting rights of the issued Shares in general meetings of the Company(except for resolutions with respect to the Reserved Matters,in relation to which each Share is entitled to one vote).Class B Shares may be converted i
15、nto Class A Shares on a one-to-one ratio.Upon the conversion of all the issued and outstanding Class B Shares into Class A Shares,the Company will issue 67,918,860 Class A Shares,representing approximately 9.0%of the total number of issued and outstanding Class A Shares as of the Latest Practicable
16、Date upon such conversion.The weighted voting rights attached to the Class B Shares will cease when the WVR Beneficiary no longer has beneficial ownership of any of the Class B Shares,in accordance with Rule 8A.22 of the Listing Rules.This may occur:(i)upon the occurrence of any of the circumstances
17、 set out in Rule 8A.17 of the Listing Rule,in particular where the WVR Beneficiary is:(a)deceased;(b)no longer a member of the Board;(c)deemed by the Stock Exchange to be incapacitated for the purpose of performing his duties as a Director;or(d)deemed by the Stock Exchange to no longer meet the requ
18、irements of a Director set out in the Listing Rules;(ii)when the holder of Class B Shares has transferred to another person the beneficial ownership of,or economic interest in,all of the Class B Shares or the voting rights attached to them,other than in the circumstances permitted by Rule 8A.18 of t
19、he Listing Rule;(iii)where a vehicle holding Class B Shares on behalf of a WVR Beneficiary no longer complies with Rule 8A.18(2)of the Listing Rule;or(iv)when all of the Class B Shares have been converted to Class A Shares.Tuhu Car IncAnnual Report 20245Financial Summary and Key Operation MetricsFIN
20、ANCIAL SUMMARYFor the year ended 31 December20242023AmountAs a percentage of revenueAmountAs a percentage of revenueYear over year changeRMB%RMB%(in thousands,except for percentage)Revenue14,758,694100.013,601,085100.08.5Gross profit3,745,97825.43,359,35324.711.5Operating profit331,0312.2161,5241.21
21、04.9Profit for the year482,0383.36,700,69749.3(92.8)Adjusted EBITDA(non-IFRS measure)(1)777,2625.3757,7835.62.6Adjusted net profit(non-IFRS measure)(2)624,1384.2481,3143.529.7 UnauditedFor the six months ended 31 December20242023AmountAs a percentage of revenueAmountAs a percentage of revenueYear ov
22、er year changeRMB%RMB%(in thousands,except for percentage)Revenue7,632,533100.07,079,456100.07.8Gross profit1,900,21324.91,781,24425.26.7Operating profit119,1471.694,7931.325.7Profit for the period197,7062.66,641,21093.8(97.0)Adjusted EBITDA(non-IFRS measure)(1)327,6434.3405,9615.7(19.3)Adjusted net
23、 profit(non-IFRS measure)(2)265,9743.5267,2693.8(0.5)Notes:(1)Adjusted EBITDA(non-IFRS measure)represents profit for the year/period excluding income tax expense,finance income,finance costs,depreciation and amortisation,share-based payment expenses,fair value changes of convertible redeemable prefe
24、rred shares and listing expenses.(2)Adjusted net profit(non-IFRS measure)represents profit for the year/period excluding share-based payment expenses,fair value changes of convertible redeemable preferred shares and listing expenses.Tuhu Car IncAnnual Report 20246Financial Summary and Key Operation
25、MetricsKEY OPERATION METRICSAs of/For the year ended 31 December20242023Year over year change(%)Number of Tuhu workshops6,8745,90916.3 Self-operated Tuhu workshops1581523.9 Franchised Tuhu workshops6,7165,75716.7Transacting users(1)(in millions)24.119.324.8Registered users(2)(in millions)138.8115.32
26、0.4 Notes:(1)Transacting user represents a user account that paid for at least one transaction of product or service on our platform(excluding Qipeilong)in a given period,regardless of whether the transaction was subsequently refunded.(2)Registered user represents a user that has registered by provi
27、ding required information and logged in to our flagship app at least once since registration.We calculate the number of registered users as the cumulative number of valid user accounts at the end of the relevant period with duplicates eliminated.Tuhu Car IncAnnual Report 20247Chairmans StatementDear
28、 Shareholders,2024 was a challenging year.Against the backdrop of complex and severe internal and external situations,the domestic consumer market has been under downward pressure since the second quarter,and the growth of the automotive service industry has also slowed down.According to the Nationa
29、l Bureau of Statistics,the total consumer retail sales in China increased by 3.5%year-on-year.At the same time,the growth rate of the automotive services market slowed to 3.2%1 for the full year,falling well below the past five-year average.Meanwhile,consumer demand is becoming increasingly segmente
30、d,and there are higher requirements on cost-effectiveness and diversity on the basis of ensuring no discount on product and service experience.Although the market was under pressure,the governments package of incremental policies from the second half of the year provided the market with signs of rec
31、overy.Following this trend,the Company actively cooperated with the government to provide government subsidies for some categories on the platform since the fourth quarter,and continued to elevate the service quality of our offline store network.Through broader access to online users,more comprehens
32、ive offline service categories,a more efficient supply chain system,more refined franchisee services,and more intelligent technical support capabilities,we have continued to comprehensively reinforce our position as the leading integrated online and offline platforms for national automotive service
33、in China.FINANCIAL HIGHLIGHTSIn 2024,our Group sustained steady growth,recording total revenue of RMB14.8 billion,representing an increase of 8.5%from RMB13.6 billion in 2023.This solidifies our position as the market leader in Chinas independent automotive service market by revenue.Our gross profit
34、 in 2024 reached RMB3.7 billion,with a gross profit margin of 25.4%,a 0.7 percentage point increase from 2023.During the Reporting Period,despite a challenging economic environment,we remained committed to delivering value-for-money automotive products and services.While this strategy resulted in a
35、decline in average order value,our in-depth supply chain engagement enabled us to further strengthen upstream bargaining power and optimise product mix,which ultimately led to sustainable gross profit margin expansion.Our operational efficiency continued to improve,as evidenced by effective reductio
36、ns in operating expense ratio,alongside business scaling and the implementation of efficiency initiatives.Our total operating expenses(comprising operating and support expenses,research and development expenses,selling and marketing expenses,and general and administrative expenses)in 2024 were RMB3.
37、5 billion,accounting for 23.6%of total revenue,a 0.7 percentage point decrease from 2023.Our adjusted net profit(non-IFRS measure)in 2024 reached RMB624 million,representing an increase of 29.7%year-over-year.Cash flows from operating activities in 2024 reached RMB1.3 billion,representing an increas
38、e of 29.2%year-over-year.As of the end of 2024,our cash position exceeded RMB7.5 billion,underscoring our robust capital reserves.1 Based on CICs estimation.Tuhu Car IncAnnual Report 20248Chairmans StatementPLATFORM OPERATIONS:NEW CHANNELS,NEW SERVICES,AND NEW TOOLSBy the end of 2024,our omni-channe
39、l platform,primarily the“Tuhu Automotive Service(途虎養車)”APP,had nearly 140 million registered users.Our comprehensive service offerings have made Tuhu the go-to choice for daily car maintenance among a growing number of users.Our nationwide brand survey across 70 cities revealed that Tuhu achieved an
40、 unprompted brand mention rate of 52%on average 60%in higher-tier cities and 49%in lower-tier cities positioning us as an undeniable leader in Chinas automotive service industry.Strong brand recognition propelled us to an average of 12 million APP monthly active users and 24.1 million annual transac
41、ting users in 2024,representing an increase of 17.2%and 24.8%compared to 2023,respectively.Across all key user metrics registered users,monthly active users,and annual transacting users we remain the undisputed leader in Chinas automotive service market.New ChannelsWe expanded our reach by investing
42、 in user-preferred content platforms,such as short-video platforms and lifestyle-focused platforms,as well as paid knowledge-sharing platforms.On Douyin,our“content+live streaming+local services”matrix significantly boosted user engagement.In 2024,the number of users newly acquired from Douyin for o
43、ur tire and maintenance services grew by over 100%compared to 2023,and we have consistently held the top position in terms of the cumulative gross merchandise volume(GMV)in the automotive parts and accessories category on Douyin Ecommerce Platform.Building on this success,we collaborated with Douyin
44、 to launch the“Yuntu Engine 3.0”ecosystem solution in December.This solution is designed to enhance end-to-end operational efficiency for our suppliers and stores by leveraging co-created short videos and live streams,maximising customer reach and creating new business opportunities across the value
45、 chain.In early November 2024,we participated in the 7th China International Import Expo(CIIE)as the sole automotive service exhibitor,unveiling a range of innovative products with four long-term supply chain partners.Our booth attracted nearly 100,000 visitors and received positive recognition from
46、 relevant government authorities.The event provided a platform to showcase our technological capabilities and brand culture,strengthened our relationships with suppliers,reinforced our authoritative image within the industry,and deepened customer trust and loyalty.New ServicesCapitalising on new ser
47、vice opportunities brought by the increasing sales proportion of new energy vehicles(NEVs),we actively promoted our car detailing and beauty services,enhancing both our product offerings and offline service capabilities.In 2024,we added over 1,300 Tuhu workshops equipped with basic car detailing and
48、 beauty service capabilities(comprising car wash and waxing services),bringing the nationwide total to more than 5,700 workshops by year-end.Currently,customers can conveniently access our distinctive services,such as Tuhu Quick Car Wash,Tuhu Standard Car Wash,and Tuhu Signature Waxing,through onlin
49、e appointments or walk-in visits.Through extensive store network coverage and service standardisation,we are establishing a robust competitive advantage for our basic car detailing and beauty business.In 2024,our peak daily online orders for basic car detailing and beauty services approached 120,000
50、,representing 1.9 times the daily peak volume in 2023.Tuhu Car IncAnnual Report 20249Chairmans StatementTo better provide one-stop service solutions for NEV users on our platform,who already accounted for more than 11%of our annual transacting users,we launched an NEV charging service in early 2024.
51、By the end of the year,we had integrated major charging service providers,offering access to 70,000 charging stations across 342 cities.This service not only represents our effort to attract additional NEV owners through high-frequency services,but also demonstrates our commitment to aligning with t
52、he evolving automotive service market and accelerating our foray into the fast-growing NEV segment.New ToolsIn 2024,we were fully focused on Artificial Intelligence(AI).Leveraging technological innovations of large language models and our deep commitment to AI solutions,we enhanced multi-modal capab
53、ilities across various AI-driven scenarios within our platform,improved user intent recognition,question-answering accuracy,and multi-turn interaction capabilities,thereby strengthening AI-powered problem-solving solutions.Based on this,we have deployed an intelligent customer service system that co
54、vers the entire user journey pre-sales,mid-sales,and after-sales.In 2024,our intelligent customer service on average handled nearly 100,000 daily interactions,with user satisfaction increasing by over 10 percentage points compared to 2023.By integrating cutting-edge technology with lean operations,w
55、e balanced efficiency gains with satisfactory user experiences.At the beginning of 2025,we took a significant step forward in our intelligent transformation by deploying advanced AI models,including DeepSeek-R1 and V3,across our core business systems.We anticipate that the deployment of higher-perfo
56、rmance AI models will further empower our franchisees and internal operations teams,driving operational efficiency and service quality improvements across our nationwide Tuhu workshop network.Beyond expanding into new channels,services,and tools,we are dedicated to optimising the user experience at
57、every touchpoint from APP usability and product assortment to logistics,in-store services,and after-sales support.In 2024,overall user satisfaction for our platform exceeded 95%,representing 2 percentage points increase from 2023.Driven by consistent product and service fulfilment and high customer
58、satisfaction,our repeat purchase ratio in December 2024(the percentage of customers who continued to be active and paid for at least one order through our platform(excluding Qipeilong)during the twelve-month period following December 2023 among all customers who completed an order at any Tuhu worksh
59、op during such period)was 62.3%,representing 3 percentage points increase from 2023.STORE NETWORKStore ExpansionIn 2024,we further expanded our store network.By the end of 2024,we operated 6,874 Tuhu workshops nationwide,representing a net increase of 965 stores during the year.This expansion furthe
60、r solidified our position as the largest automotive service platform in China and widened our lead over competitors.As of the end of 2024,our stores covered 318 prefecture-level administrative divisions and 1,759 county-level administrative divisions nationwide.In county regions with over 20,000 pas
61、senger vehicles,we achieved a 66%coverage rate.Notably,we achieved full coverage in seven provincial-level administrative divisions Beijing,Shanghai,Jiangsu,Chongqing,Hainan,Tibet,and Tianjin for county regions meeting this threshold.By the end of 2024,the number of our stores in Guangdong Province
62、exceeded 1,000,making Guangdong our first province to surpass this milestone.Tuhu Car IncAnnual Report 202410Chairmans Statement2024 marked the fourth year of our lower-tier cities market penetration strategy.For us,the significance of this strategy extends beyond simply providing high-quality produ
63、cts and professional auto services with fair pricing.It encompasses breaking down the barriers of industry and information asymmetry,reshaping the standards for auto maintenance services in lower-tier cities.In August 2024,we launched the“Ten Thousand Towns,Ten Thousand Stores”initiative to extend o
64、ur presence into townships,offering discounted franchise and management fees to support partners in opening stores in underserved townships in central and western China,reaching a broader user base where our services are needed.Following the initiatives launch,our store count grew by more than 30%in
65、 northwest China by the end of 2024 compared to the end of 2023,with Xinjiang seeing an over 60%increase during the same period.By the end of 2024,in independent townships across central and western China,our signed store locations rose by 48%compared to the end of 2023.Through these efforts,we are
66、realising our commitment to ensure that car owners in lower-tier cities can access the same convenient,affordable,and customer-centric auto maintenance services as those in first-tier cities such as Beijing,Shanghai,Guangzhou,and Shenzhen.Store OperationsGiven the backdrop in offline retail througho
67、ut 2024,with shrinking consumer spending and declining store traffic,we stepped up support for our franchisees.To help newly opened stores transition smoothly into stable operations,we launched the“New Store Improvement Program”in the second half of 2024.Through this program,we provided newly opened
68、 stores with resources including additional traffic supports,technical training and dedicated,targeted marketing campaigns,offered them task-based rewards,and increased communication.These efforts help new stores boost their operational performance,customer satisfaction,and technical standard attain
69、ment at early stage,thereby assisting them in navigating their ramp-up period.As a result,key performance indicators for newly opened stores within the year,such as profitability and revenue,showed improvements compared with those opened in 2023.For existing stores,we offered incentives such as acti
70、vity-based rewards and management fee reductions.In 2024,we invested nearly RMB100 million in total to boost the return for both new and existing stores.Amid a tough consumption environment,we also increased our investment in promotions,incurring a total of RMB1.04 billion on online and offline mark
71、eting expenditure in 2024,an increase of RMB250 million from 2023.This translates to an additional RMB14,000 in average promotional expenses on a per workshop basis in 2024.These efforts made us one of the few companies in the industry to achieve positive same-store user traffic growth in 2024.By th
72、e end of 2024,approximately 50%of franchisees on our platform operated two or more stores,marketing a continuous increase and reflecting their sustained confidence in our business model.In addition to multi-faceted support,we strengthened franchisee management across multiple dimensions in 2024,emph
73、asising values,business norms,customer service,and healthy industry progression.On the incentive side,we introduced preferential renewal policies and established awards such as“Outstanding Franchisee,”and“Excellence in Market Development,”to encourage higher service quality and better management.On
74、the compliance side,we intensified efforts to monitor and address franchisee misconduct.Leveraging AI-powered tools,we implemented online quality inspections and manual spot checks to effectively reduce instances of excessive sales among certain franchisees.By integrating AI models with in-store cam
75、eras and optimising system workflows,we effectively controlled management oversights in workshops.Moving forward,we will continue to prioritise store compliance governance to further enhance customer service experience.Our merit-based award mechanisms,store support policies,and systematic franchisee
76、 management coupled with the dedication of our franchisee partners led to an over 5%same-store user growth2 in 2024 compared to 2023.By December 2024,more than 90%of franchised Tuhu workshops that had been operational for over six months remained profitable.2 Same stores refer to Tuhu workshops that
77、 were in continuous operation each month throughout 2023 and 2024.Tuhu Car IncAnnual Report 202411Chairmans StatementPRODUCTS AND SERVICES:TIRESIn 2024,the tire industry saw accelerated consolidation among leading brands,with Tuhu emerging as a key growth channel for many international tire manufact
78、urers in a challenging market.In August 2024,we partnered exclusively with Continental to launch its global flagship product the ExtremeContact XC7 series in China.Featuring self-repair and silent technologies,this marked the first time Continentals highest-end product made its global debut in China
79、.Within three months of its debut,monthly sales of the ExtremeContact XC7 surpassed 1,000 units.Our collaboration with Michelin also deepened in 2024.Following the success of the“Tuhu 618 National Car Care Festival,”we continued to work closely with Michelin on product and service innovation,driving
80、 a year-over-year increase of more than 60%in Michelin tire sales volume on our platform.Throughout 2024,consumer purchasing decisions became increasingly rational,with more consumers opting for branded tires that balance performance and affordability.To meet this demand,we enriched our portfolio of
81、 private label products,ensuring quality and cost efficiency leveraging the manufacturing capabilities of well-known suppliers.Our Falken tires,backed by Dunlop,gained widespread positive consumer feedback since their launch in early 2023 and saw sales volume growth exceeding 200%in 2024 compared to
82、 2023.Benefiting from efficient user data feedback,we swiftly identified and developed products tailored to market needs.Building on the growing user preference for our private label products under Dongfeng and Feiyue,we introduced the premium Dongfeng Victory and Feiyue Peak series in the second ha
83、lf of 2024,catering to the demands of mid-to-high-end customers.As the largest tire sales platform in China,we are committed to providing users with professional and convenient tire selection guidance.To achieve this,we collaborated with leading industry organisations and brands to establish the Tuh
84、u-China Tire Quality Evaluation System,setting new benchmarks for the industry.In August 2024,we partnered with the China Automotive Technology and Research Centre(CATARC)to release the“Super Gold Medal Evaluation”list for tires,which rated leading tire brands across eight professional dimensions,an
85、d evaluated them in terms of safety,noise reduction,energy efficiency,and handling performance.This initiative empowers consumers to make more informed and personalised choices.PRODUCTS AND SERVICES:AUTO MAINTENANCEWe further enriched the brand matrix and product series of engine oil,the core catego
86、ry in auto maintenance,to meet the diversified and multi-scenario needs of users.Our private label engine oils launched in the first half of 2024,including those under Bosch and Saudi Aramcos Valvoline,received strong market reception,paving the way for our private label products to penetrate the mi
87、d-to-high-end engine oil segment.Riding on the momentum,in the second half of the year,we partnered with Castrol to launch the Formula RS engine oil,offering users a track-level auto maintenance experience.This product achieved notable success upon release,surpassing 50,000 bottles in sales during t
88、he Double 11 Shopping Festival.Recognising the growing adoption of hybrid vehicles,we pioneered hybrid-specific engine oils and released the“New Energy Vehicle Engine Oil Quality Standard.”Brands like Shell,Castrol,Valvoline,Honeywell,and Jiachi now offer hybrid-specific engine oil series with vario
89、us viscosity grade on our platform,driving a remarkable 270%year-over-year growth in hybrid engine oil sales volume in 2024.Tuhu Car IncAnnual Report 202412Chairmans StatementIn other auto maintenance categories,we prioritised operational refinement and service enhancements.Categories including stor
90、age batteries,air filters,wipers,and brake systems all delivered strong performances throughout 2024.For storage battery in particular,driven by increased density of service outlets and inventory capabilities,our timely fulfilment rate of door-to-door installation orders increased by more than 2 per
91、centage points year-over-year to 86%in 2024.In addition,Our premium“28-Minute Door-to-Door Service of Battery Replacement with Delay Penalty”service covered 40 cities and served over 200,000 car owners,achieving a 79%on-time rate in 2024.We also introduced value-for-money private label brands.These
92、efforts altogether contributed to a 30%year-over-year revenue increase from our battery business in 2024.Our“Super Gold Medal Evaluation”program was also extended to auto maintenance products.In Yakeshi,Inner Mongolia,where temperatures average below-30C,we conducted extreme cold tests on engine oil
93、 and storage batteries from brands including Mobil,Castrol,Shell,Bosch,and MOLL,in collaboration with CATARC,based on the national standard“Automotive Starting Performance Test Method.”We subsequently issued the“Super Gold Medal Winter Quality Verification”report,showcasing authentic performance dat
94、a of engine oil and storage battery brands in extremely cold conditions,providing consumers with an authoritative reference for purchasing decisions for winter car care.OTHER PRODUCTS AND SERVICESWith the aging of Chinas passenger vehicle fleet,demand for quick repair services has steadily increased
95、.Leveraging curated product selection guided by historical platform data,robust database with tens of millions of accurately matched parts,and private label product development capability,our quick repair business delivered strong performance in 2024.By the end of 2024,99%of Tuhu workshops offered c
96、ore quick repair capabilities.We observed that,amid the broader consumption downturn,more consumers are increasingly opting to compare prices online before placing orders and proceeding to offline services.To address this shift,we optimised our online ordering process and expanded supply coverage,re
97、sulting in a nearly 50%year-over-year increase in online transacting users for quick repair service in 2024.For offline orders,we enhanced product availability and improved turnover efficiency by optimising in-store stocking models and adopting diversified supply modes.In 2024,the user penetration r
98、ate of quick repair services among our transacting users surpassed 10%,with revenue from categories such as control arm assemblies and wheel speed sensors growing by more than 50%year-over-year.The demand for advanced car detailing and beauty services also increased significantly in 2024.To meet con
99、sumer demand for value-for-money window films and paint protection films,we strengthened our efforts in private label products.In the second half of 2024,with the launch of several private label brands,orders for our advanced car detailing and beauty services increased by over 30%year-over-year.Nota
100、bly,among advanced car detailing and beauty service users,new car owners(vehicles under one year old)accounted for 40%,while NEV owners made up 27%.This underscores the role of these services in strengthening user engagement among NEV and new car owners,positioning us to capitalise on a period of in
101、dustry growth and opportunity.Additionally,we are actively exploring the collision repair sector.In 2024,we focused on refining the single-city economic model in Shanghai and Guangzhou,while optimising online lead conversion pathways for accident cars.These efforts contributed to an over 130%year-ov
102、er-year increase in GMV for our collision repair service in 2024.Tuhu Car IncAnnual Report 202413Chairmans StatementNEV BUSINESSWhile metrics such as the penetration rate of NEVs in the overall car park and their average vehicle age indicate that NEV-related services were still in the early stages o
103、f development in 2024,we have secured a significant first-mover advantage in product and service offerings as well as user awareness within the NEV segment.In 2024,NEV transacting users on our platform reached 2.7 million,accounting for over 11%of total transacting users and representing an increase
104、 of 105%compared to 2023.Furthermore,among transacting users with vehicles under three years old,NEV users already accounted for more than 30%.Beyond addressing general auto maintenance needs for NEVs,we continued to enhance our capabilities in NEV-specific repairs,particularly for batteries,motors,
105、and electronic control systems.By the end of 2024,over 800 Tuhu technicians had obtained low-voltage electrician certifications.In 2024,we began servicing out-of-warranty individual NEV customers,complementing our existing service for battery manufacturers.We are also exploring the establishment of
106、online and offline battery testing service to serve the full lifecycle needs of NEV owners,and have already piloted the services in select cities and stores.SUPPLY CHAIN AND LOGISTICSOur robust logistics network ensures rapid product turnover and reliable service delivery.By the end of 2024,243 self
107、-operated delivery routes,together with external carriers,connected 30 regional distribution centres,606 front distribution centres,and 6,874 workshops nationwide.In 2024,we further optimised our fulfilment expense ratio by 0.5 percentage points to 4.5%.With regional distribution centres,we continuo
108、usly optimised in-warehouse operational efficiency and improved picking efficiency through automated in-warehouse planning and automated equipment.For example,we introduced the light-guided picking process,which improved human efficiency by providing visual cues and increased picking labour efficien
109、cy by 58%.Accommodating the escalating large-scale order volume,we expanded our self-operated delivery capacity for deliveries from regional distribution centres to stores,while utilising third-party carrier capacity as a supplement.As a result of stable warehousing and distribution planning and coo
110、rdination,our same-day or next-day order delivery rate increased by more than 5 percentage points in 2024 to 79%compared to 2023.With front distribution centres,we continuously increased warehouse density and optimised inventory planning models to improve the inventory availability for walk-in order
111、s.Through the intelligent stocking model,we further improved the accuracy of product stocking.Taking brake pads as an example,through intelligent product planning,we increased the in-stock rate for brake pads for walk-in orders by 15 percentage points in November 2024 year-over-year,driving a corres
112、ponding revenue increase of more than 50%year-over-year.Tuhu Car IncAnnual Report 202414Chairmans StatementENVIRONMENTAL,SOCIAL AND GOVERNANCEIn 2024,we continued to embed the principles of social responsibility into our corporate culture and align our operational mission with a commitment to social
113、 development.By actively participating in public welfare initiatives,we strived to make positive and meaningful contributions to society.In September 2024,Typhoons Bebinca and Pulasan made landfall in the coastal areas of Jiangsu,Zhejiang,and Shanghai.we opened emergency rescue hotlines in several s
114、everely affected cities,providing emergency rescue and free vehicle inspection services.In January 2025,a 6.8-magnitude earthquake occurred in Dingri County,Shigatse City,Tibet Autonomous Region.At the critical moment of earthquake relief,we swiftly launched a disaster relief response,donating RMB50
115、0,000 to the affected area to support emergency rescue,livelihood assistance to affected populations,and post-disaster reconstruction and other related activities.As an industry leader,we leveraged our expertise and resources to contribute to the development of national industry standards,driving th
116、e evolution of the automotive service sector.In 2024,we participated in the formulation of two national standards:“Technical Requirements for Maintenance and Repair of New Energy Vehicles”and“Technical Requirements for Completion and Acceptance of Traction Battery Maintenance.”These initiatives are
117、helping accelerate the establishment of an improved NEV repair standard system,supporting the promotion and application of NEVs,and ensuring safer vehicle usage for car owners.In July 2024,we were honoured with the inaugural“Shanghai Business Innovation Award”for our innovative demonstration project
118、,“The Largest Online and Offline Integrated Automotive Service Provider in China Tuhu Car Maintenance Innovation Project.”This prestigious award,guided by the Shanghai Municipal Commission of Commerce and the Shanghai Municipal Human Resources and Social Security Bureau and hosted by the Shanghai Bu
119、siness Federation,recognised our leadership in driving innovation in the consumer market,optimising market supply,and enhancing the efficiency of commercial resource allocation.SHAREHOLDER RETURN2024 marked our first full fiscal year after going public.We remained steadfast in prioritising sharehold
120、er interests.Following our inclusion in the Hang Seng Index at the end of 2023,we were included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect target securities lists on 25 April 2024 and 26 April 2024,respectively.Amid ongoing market volatility,we utilised our own fund
121、s to purchase Shares in the market.During the period from 13 March 2024,the end of IPO lock-up period,to the date of the Latest Practicable Date,we purchased,or instructed the trustee to purchase pursuant to the Second Post-IPO Share Scheme(Existing Shares),an aggregate of 25,077,900 Class A Shares,
122、representing approximately 3.1%of our Companys issued share capital as of the date of the Latest Practicable Date.This demonstrates managements confidence in our prospects and inherent value.Supported by the automotive service industrys multi-year growth and counter-cyclical nature,we are confident
123、in our ability to navigate evolving consumption trends and strengthen our overall service capabilities.By leading the industry through market cycles,we aim to deliver sustained,long-term financial returns to our shareholders and create enduring value in the years ahead.Tuhu Car IncAnnual Report 2024
124、15Chairmans StatementCONCLUSIONIn the face of a complex and dynamic market environment in 2024,we stood firm in our vision,proactively adapting to challenges while solidifying and enhancing our core strengths in product capability,store services,and logistics efficiency.As we look ahead to 2025,we r
125、emain unwavering in our commitment to creating long-term value,by promoting industry standardization and digitalization,and delivering high-quality yet affordable products and services to consumers.On behalf of the Board and the management team,I would like to extend my deepest gratitude to our cust
126、omers,franchise partners,suppliers,employees,and shareholders.Your trust and steadfast support have been the cornerstone of our journey,reminding us that no dream is too distant to chase,no ambition is too bold to achieve.Mr.Chen MinFounder,Chairman,and Chief Executive Officer20 March 2025Tuhu Car I
127、ncAnnual Report 202416Management Discussion and AnalysisSELECTED CONSOLIDATED INCOME STATEMENT ITEMSYear Ended 31 December 2024 Compared to Year Ended 31 December 2023For the year ended 31 December20242023(RMB in thousands)Revenue14,758,69413,601,085Cost of revenue(11,012,716)(10,241,732)Gross profi
128、t3,745,9783,359,353Other income and gains,net62,007118,362Operations and support expenses(576,569)(600,390)Research and development expenses(639,785)(579,615)Selling and marketing expenses(1,916,253)(1,714,684)General and administrative expenses(354,891)(420,194)Fair value changes on financial asset
129、s at fair value through profit or loss10,544(1,308)Operating profit331,031161,524Finance income183,420128,508Finance costs(15,701)(18,823)Fair value changes of convertible redeemable preferred shares6,465,354Share of profits and losses of joint ventures and associates(11,557)(11,217)Profit before ta
130、x487,1936,725,346Income tax expense(5,155)(24,649)Profit for the year482,0386,700,697Adjusted EBITDA(non-IFRS measure)777,262757,783Adjusted net profit(non-IFRS measure)624,138481,314Tuhu Car IncAnnual Report 202417Management Discussion and AnalysisRevenuesOur revenue for the year ended 31 December
131、2024 amounted to RMB14.8 billion,representing an increase of 8.5%as compared with RMB13.6 billion for the year ended 31 December 2023.The following table sets forth the breakdown of our revenue,in amounts and as percentages of total revenue for the years indicated:For the year ended 31 December20242
132、023RMB%RMB%(in thousands,except for percentage)Automotive products and services13,801,67493.512,646,78093.0 Individual end customers12,393,54884.011,265,41682.8 Tires and chassis parts6,131,53841.65,552,90440.8 Auto maintenance5,421,12636.74,932,62136.3 Others(1)840,8845.7779,8915.7 Qipeilong(2)1,40
133、8,1269.51,381,36410.2Advertising,franchise and other services957,0206.5954,3057.0 Franchise services785,8695.3731,3345.4 Advertising services88,0530.674,6720.5 Others83,0980.6148,2991.1 Total14,758,694100.013,601,085100.0 Notes:(1)Others under automotive products and services to individual end custo
134、mers primarily consist of revenues from auto accessories,car detailing,automated car wash and repairs.(2)Qipeilong primarily consist of sales of auto parts to(i)Tuhu workshops and partner stores;and(ii)third-party auto parts dealers/customers and service providers.Tuhu Car IncAnnual Report 202418Man
135、agement Discussion and AnalysisRevenue from automotive products and servicesOur revenue from automotive products and services increased by 9.1%from RMB12.6 billion in 2023 to RMB13.8 billion in 2024.This increase was primarily due to(i)a 10.2%growth in revenue from tires and chassis parts segment,an
136、d auto maintenance segment,from RMB10.5 billion in 2023 to RMB11.6 billion in 2024,primarily attributable to our continuous optimisation of online marketing strategies and the expansion of our Tuhu workshop network,which together broadened our customer base and transaction volume.This increase was p
137、artially offset by the decrease in the average transaction value as more customers opted for more cost-effective products,such as our private label products;(ii)a 7.8%growth in revenue from other products and services segment,from RMB779.9 million in 2023 to RMB840.9 million in 2024,primarily attrib
138、utable to increased revenue from car wash and detailing services as we expanded the availability of these services across more Tuhu workshops;and(iii)a 1.9%growth in revenue from sales of auto parts through Qipeilong,from RMB1,381.4 million in 2023 to RMB1,408.1 million in 2024,primarily attributabl
139、e to enhanced sales from our instant procurement service in line with the expansion of our Tuhu workshop network,which was partially offset by the decline in the revenue contribution from the regional wholesale service.Revenue from advertising,franchise and other servicesOur revenue from advertising
140、,franchise and other services slightly increased from RMB954.3 million in 2023 to RMB957.0 million in 2024,primarily due to(i)the growth in revenue from franchise service,resulting from the expansion of our franchised Tuhu workshop network;and(ii)the increased volume of advertising driven by our ong
141、oing platform investments and the expansion of franchised Tuhu workshops,which collectively contributed to our strengthening brand recognition.This increase was offset by the decrease in revenue from our new NEV sales,used car sales and SaaS business,following a strategic review of our operations.Tu
142、hu Car IncAnnual Report 202419Management Discussion and AnalysisCost of RevenueOur cost of revenue for the year ended 31 December 2024 amounted to RMB11.0 billion,representing an increase of 7.5%as compared with RMB10.2 billion for the year ended 31 December 2023.The following table sets forth the b
143、reakdown of our cost of revenue,in amounts and as percentages of total revenue for the years indicated:For the year ended 31 December20242023RMB%RMB%(in thousands,except for percentage)Cost of automotive products and services10,590,12671.89,742,51171.6 Individual end customers9,450,42464.18,582,4256
144、3.1 Tires and chassis parts5,133,71934.84,586,68333.7 Auto maintenance3,639,71724.73,332,01324.5 Others676,9884.6663,7294.9 Qipeilong1,139,7027.71,160,0868.5Cost of advertising,franchise and other services125,2800.8151,3171.1 Franchise services87,7980.681,7340.6 Advertising services4,0130.03,0040.0
145、Others33,4690.266,5790.5Cost of self-operated Tuhu workshops and others297,3102.0347,9042.6 Total11,012,71674.610,241,73275.3 This increase was primarily due to an 8.7%growth in cost of automotive products and services,from RMB9.7 billion in 2023 to RMB10.6 billion in 2024,which was in line with our
146、 revenue growth resulting from the expansion of our Tuhu workshop network and customer base.This increase was partially offset by(i)the decrease in the cost of advertising,franchise and other services,resulting from the decline in cost associated with closure of NEV sales business;and(ii)the decreas
147、e in cost of self-operated Tuhu workshops and others,attributable to our effective cost control measures.Tuhu Car IncAnnual Report 202420Management Discussion and AnalysisGross Profit and Gross Profit MarginAs a result of the foregoing,the gross profit of our Group was RMB3.7 billion for the year en
148、ded 31 December 2024,as compared with RMB3.4 billion for the year ended 31 December 2023.Gross profit margin of our Group increased from 24.7%for the year ended 31 December 2023 to 25.4%for the year ended 31 December 2024,primarily due to(i)a 0.3 percentage point increase in gross profit margin on a
149、utomotive products and services,attributable to(a)higher percentage of revenue from sales of our exclusive and private label products,(b)more favorable procurement terms from our suppliers,and(c)the strategic reduction of lower-margin regional wholesale services within Qipeilong.This increase was pa
150、rtially offset by the declined margin in tires and chassis parts,due to our customers shifting brand preferences,especially in the second half of 2024;and(ii)scaling back of low margin businesses and more effective cost control measures on the self-operated Tuhu workshops.Other Income and Gains,NetO
151、ur other income and gains for the year ended 31 December 2024 amounted to RMB62.0 million,representing a decrease of 47.6%as compared with RMB118.4 million for the year ended 31 December 2023.This decrease was primarily due to the reduction in government grants in 2024.Operations and Support Expense
152、sOur operations and support expenses decreased by 4.0%from RMB600.4 million for the year ended 31 December 2023 to RMB576.6 million for the year ended 31 December 2024.This decrease was primarily attributable to(i)the reduction in personnel costs,resulting from the decrease in the number of operatio
153、ns and support staff;and(ii)lower rental and other expenses.Research and Development ExpensesOur research and development expenses increased by 10.4%from RMB579.6 million for the year ended 31 December 2023 to RMB639.8 million for the year ended 31 December 2024.This increase was primarily due to(i)
154、the increase in the average salary of research and development personnels,while the number of total research and development personnels decreases;and(ii)the increase in expenditures on cloud and computing capabilities in preparation for the deployment of AI applications.Selling and Marketing Expense
155、sOur selling and marketing expenses increased by 11.8%from RMB1.7 billion for the year ended 31 December 2023 to RMB1.9 billion for the year ended 31 December 2024,primarily due to marketing and promotional activities aiming to enhance brand recognition,including(a)increased spending on short-form v
156、ideo platforms;and(b)roll-out of new offline promotional initiatives.This increase was partially offset by the decrease in warehouse rental expenses,as a result of warehouse relocations and lease renegotiations.Tuhu Car IncAnnual Report 202421Management Discussion and AnalysisGeneral and Administrat
157、ive ExpensesOur general and administrative expenses decreased by 15.5%from RMB420.2 million for the year ended 31 December 2023 to RMB354.9 million for the year ended 31 December 2024.This decrease was primarily due to(i)the decrease of RMB44.3 million in listing expenses associated with the Global
158、Offering;and(ii)the lower provisions for bad debts and impairment charges.This decrease was partially offset by the increase in transaction fees associated with our enhanced orders.Finance IncomeOur finance income for the year ended 31 December 2024 amounted to RMB183.4 million,representing an incre
159、ase of 42.7%as compared with RMB128.5 million for the year ended 31 December 2023.This increase was primarily due to the increase in average balance of treasury investments.Fair Value Changes of Convertible Redeemable Preferred SharesWe recorded nil from the fair value changes of convertible redeema
160、ble preferred shares for the year ended 31 December 2024,compared to a gain of RMB6.5 billion for the year ended 31 December 2023.This change reflects our one-time fair value adjustment upon the Global Offering.All our convertible redeemable preferred shares were converted to Class A Shares and ther
161、efore,we will not incur fair value changes of convertible redeemable preferred shares thereafter.Income Tax ExpenseOur income tax expense for the year ended 31 December 2024 amounted to RMB5.2 million,representing a decrease of 79.1%as compared with RMB24.6 million for the year ended 31 December 202
162、3.This decrease was primarily due to non-recurring taxable income recorded by certain subsidiaries of our Group in 2023,which resulted in a comparatively higher income tax expense for 2023.Profit for the YearAs a result of the foregoing,our profit for the year ended 31 December 2024 amounted to RMB4
163、82.0 million.In 2023,we recorded profit of RMB6.7 billion.Tuhu Car IncAnnual Report 202422Management Discussion and AnalysisSix Months Ended 31 December 2024 Compared to Six Months Ended 31 December 2023UnauditedFor the six months ended 31 December20242023(RMB in thousands)Revenue7,632,5337,079,456C
164、ost of revenue(5,732,320)(5,298,212)Gross profit1,900,2131,781,244 Other income and gains,net40,96535,139Operations and support expenses(293,483)(328,370)Research and development expenses(337,744)(281,658)Selling and marketing expenses(1,008,128)(873,144)General and administrative expenses(168,810)(
165、234,740)Fair value changes on financial assets at fair value through profit or loss(13,866)(3,678)Operating profit119,14794,793Finance income92,97766,868Finance costs(7,066)(9,344)Fair value changes of convertible redeemable preferred shares6,512,515Share of profits and losses of joint ventures and
166、associates(6,975)(9,622)Profit before tax198,0836,655,210 Income tax expense(377)(14,000)Profit for the period197,7066,641,210 Adjusted EBITDA(non-IFRS measure)327,643405,961 Adjusted net profit(non-IFRS measure)265,974267,269 Tuhu Car IncAnnual Report 202423Management Discussion and AnalysisRevenue
167、sOur revenue for the six months ended 31 December 2024 amounted to RMB7.6 billion,representing an increase of 7.8%as compared with RMB7.1 billion for the same period of 2023.The following table sets forth the breakdown of our revenue,in amounts and as percentages of total revenue for the periods ind
168、icated:UnauditedFor the six months ended 31 December20242023RMB%RMB%(in thousands,except for percentage)Automotive products and services7,158,39493.86,587,98293.1 Individual end customers6,423,45284.25,858,82082.8 Tires and chassis parts3,158,92041.42,875,26440.6 Auto maintenance2,803,40136.72,567,6
169、4736.3 Others(1)461,1316.1415,9095.9 Qipeilong(2)734,9429.6729,16210.3Advertising,franchise and other services474,1396.2491,4746.9 Franchise services407,6045.3374,8065.3 Advertising services40,0080.535,2540.5 Others26,5270.481,4141.1 Total7,632,533100.07,079,456100.0 Notes:(1)Others under automotive
170、 products and services to individual end customers primarily consist of revenues from auto accessories,car detailing,automated car wash and repairs.(2)Qipeilong primarily consist of sales of auto parts to(i)Tuhu workshops and partner stores;and(ii)third-party auto parts dealers/customers and service
171、 providers.Tuhu Car IncAnnual Report 202424Management Discussion and AnalysisRevenue from automotive products and servicesOur revenue from automotive products and services increased by 8.7%from RMB6.6 billion for the six months ended 31 December 2023 to RMB7.2 billion for the same period of 2024.Thi
172、s increase was primarily due to(i)a 9.5%growth in revenue from tires and chassis parts,and auto maintenance segment from RMB5.4 billion for the six months ended 31 December 2023 to RMB6.0 billion for the same period of 2024,primarily attributable to our continuous optimisation of online marketing st
173、rategies and the expansion of our Tuhu workshop network,which together broadened our customer base and transaction volume.This increase was partially offset by the decrease in the average transaction value as more customers opted for more cost-effective products,such as our private label products;(i
174、i)a 10.9%growth in revenue from other products and services segment,from RMB415.9 million for the six months ended 31 December 2023 to RMB461.1 million for the same period of 2024,primarily attributable to higher revenue contribution from car wash and detailing services as we expanded the availabili
175、ty of these services across more Tuhu workshops;and(iii)our revenue from sales of auto parts through Qipeilong slightly increased from RMB729.2 million for the six months ended 31 December 2023 to RMB734.9 million for the same period of 2024,primarily attributable to enhanced sales from our instant
176、procurement service,in line with the expansion of our Tuhu workshop network,which was partially offset by the decline in the revenue contribution from the regional wholesale service.Revenue from advertising,franchise and other servicesOur revenue from advertising,franchise and other services decreas
177、ed by 3.5%from RMB491.5 million for the six months ended 31 December 2023 to RMB474.1 million for the same period of 2024.This decrease was primarily due to the decrease in revenue from our new NEV sales,used car sales and SaaS business,following a strategic review of our operations.This decrease wa
178、s partially offset by the growth in revenue from franchise service,resulting from the expansion of our franchised Tuhu workshop network,from 5,757 as of 31 December 2023 to 6,716 as of 31 December 2024.Tuhu Car IncAnnual Report 202425Management Discussion and AnalysisCost of RevenueOur cost of reven
179、ue for the six months ended 31 December 2024 amounted to RMB5.7 billion,representing an increase of 8.2%as compared with RMB5.3 billion for the same period of 2023.The following table sets forth the breakdown of our cost of revenue,in amounts and as percentages of total revenue for the periods indic
180、ated:UnauditedFor the six months ended 31 December20242023RMB%RMB%(in thousands,except for percentage)Cost of automotive products and services5,519,28472.35,057,95371.4 Individual end customers4,933,40164.64,444,79162.7 Tires and chassis parts2,682,13035.12,337,02933.0 Auto maintenance1,882,79924.71
181、,760,17224.9 Others368,4724.8347,5904.8 Qipeilong585,8837.7613,1628.7Cost of advertising,franchise and other services56,9860.774,4381.1 Franchise services44,5150.642,9890.7 Advertising services1,4480.01,3060.0 Others11,0230.130,1430.4Cost of self-operated Tuhu workshops and others156,0502.1165,8212.
182、3 Total5,732,32075.15,298,21274.8 This increase was primarily due to a 9.1%growth in cost of automotive products and services,from RMB5.1 billion for the six months ended 31 December 2023 to RMB5.5 billion for the same period of 2024,which was in line with our revenue growth resulting from the expan
183、sion of our Tuhu workshop network and customer base.This increase was partially offset by(i)the decrease in the cost of advertising,franchise and other services,resulting from the decline in cost associated with closure of our NEV sales business;and(ii)the decrease in cost of self-operated Tuhu work
184、shops and others,attributable to our effective cost control measures.Tuhu Car IncAnnual Report 202426Management Discussion and AnalysisGross Profit and Gross Profit MarginAs a result of the foregoing,the gross profit of our Group was RMB1.9 billion for the six months ended 31 December 2024,as compar
185、ed with RMB1.8 billion for the same period of 2023.Gross profit margin of our Group decreased from 25.2%for the six months ended 31 December 2023 to 24.9%for the six months ended 31 December 2024,primarily due to a 0.3 percentage point decrease in gross profit margin on automotive products and servi
186、ces,attributable to our customers shifting brand preferences,especially in the second half of 2024.This decrease was partially offset by(i)the increase in gross profit margin on auto maintenance,others and Qipeilong,due to(a)the higher percentage of revenue from sales of our exclusive and private la
187、bel products,(b)more favorable procurement terms from our suppliers,and(c)the strategic reduction of lower-margin regional wholesale services within Qipeilong;and(ii)scaling back of low margin businesses and more effective cost control measures on the self-operated Tuhu workshops.Other Income and Ga
188、ins,NetOur other income and gains for the six months ended 31 December 2024 amounted to RMB41.0 million,representing an increase of 16.6%as compared with RMB35.1 million for the same period of 2023.This increase was primarily due to higher foreign exchange gains on our U.S.dollar-denominated deposit
189、s,driven by the general appreciation of the USD against the RMB during the second half of 2024.This increase was partially offset by a decrease in government grants during the same period.Operations and Support ExpensesOur operations and support expenses decreased by 10.6%from RMB328.4 million for t
190、he six months ended 31 December 2023 to RMB293.5 million for the six months ended 31 December 2024.This decrease was primarily due to(i)the reduction in personnel costs,resulting from the decrease in the number of operations and support staff;and(ii)lower rental and other expenses.Research and Devel
191、opment ExpensesOur research and development expenses increased by 19.9%from RMB281.7 million for the six months ended 31 December 2023 to RMB337.7 million for the six months ended 31 December 2024.This increase was primarily due to(i)the increase in the average salary of research and development per
192、sonnels,while the number of total research and development personnels decreases;and(ii)the increase in expenditures on cloud and computing capabilities in preparation for the deployment of AI applications.Selling and Marketing ExpensesOur selling and marketing expenses increased by 15.5%from RMB873.
193、1 million for the six months ended 31 December 2023 to RMB1,008.1 million for the six months ended 31 December 2024,primarily due to marketing and promotional activities aiming to enhance brand recognition,including(a)increased spending on short-form video platforms;and(b)roll-out of new offline pro
194、motional initiatives.This increase was partially offset by the decrease in warehouse rental expenses,as a result of warehouse relocations and lease renegotiations.Tuhu Car IncAnnual Report 202427Management Discussion and AnalysisGeneral and Administrative ExpensesOur general and administrative expen
195、ses decreased by 28.1%from RMB234.7 million for the six months ended 31 December 2023 to RMB168.8 million for the six months ended 31 December 2024.This decrease was primarily due to(i)the decrease of RMB32.4 million in listing expenses associated with the Global Offering;and(ii)the lower provisions
196、 for bad debts and impairment charges.This decrease was partially offset by the increase in transaction fees associated with our enhanced orders.Finance IncomeOur finance income for the six months ended 31 December 2024 amounted to RMB93.0 million,representing an increase of 39.0%as compared with RM
197、B66.9 million for the same period of 2023.This increase was primarily due to the increase in average balance of treasury investments.Fair Value Changes of Convertible Redeemable Preferred SharesWe recorded nil from the fair value changes of convertible redeemable preferred shares for the six months
198、ended 31 December 2024,compared to a gain of RMB6.5 billion for the same period of 2023.This change reflects our one-time fair value adjustment upon the Global Offering.All our convertible redeemable preferred shares were converted to Class A Shares and therefore,we will not incur fair value changes
199、 of convertible redeemable preferred shares thereafter.Income Tax ExpenseOur income tax expense for the six months ended 31 December 2024 amounted to RMB0.4 million,representing a decrease of 97.3%as compared with RMB14.0 million for the same period of 2023.This decrease was primarily due to non-rec
200、urring taxable income recorded by certain subsidiaries of our Group in 2023,which resulted in a comparatively higher income tax expense for that period.Profit for the PeriodAs a result of the foregoing,our profit for the six months ended 31 December 2024 amounted to RMB197.7 million.For the same per
201、iod of 2023,we recorded profit of RMB6.6 billion.Tuhu Car IncAnnual Report 202428Management Discussion and AnalysisNon-IFRS MeasureTo supplement our consolidated financial statements,which are presented in accordance with IFRS,we also use adjusted EBITDA(non-IFRS measure),and adjusted net profit(non
202、-IFRS measure)as additional financial measures,which are not required by or presented in accordance with IFRS.Adjusted EBITDA(non-IFRS measure)represents profit for the year/period excluding income tax expense,finance income,finance costs,depreciation and amortisation,share-based payment expenses,fa
203、ir value changes of convertible redeemable preferred shares and listing expenses.Adjusted net profit(non-IFRS measure)represents profit for the year/period excluding share-based payment expenses,fair value changes of convertible redeemable preferred shares and listing expenses.For the year ended 31
204、DecemberUnauditedFor the six months ended 31 December2024202320242023(RMB in thousands)Profit for the year/period482,0386,700,697197,7066,641,210Adjusted for:Income tax expense5,15524,64937714,000 Finance income(183,420)(128,508)(92,977)(66,868)Finance costs15,70118,8237,0669,344 Depreciation and am
205、ortisation315,688361,505147,203182,216 Share-based payment expenses142,100201,62968,268106,216 Fair value changes of convertible redeemable preferred shares(6,465,354)(6,512,515)Listing expenses44,34232,358 Adjusted EBITDA(non-IFRS measure)777,262757,783327,643405,961 Tuhu Car IncAnnual Report 20242
206、9Management Discussion and AnalysisFor the year ended 31 DecemberUnauditedFor the six months ended 31 December2024202320242023(RMB in thousands)Profit for the year/period482,0386,700,697197,7066,641,210Adjusted for:Share-based payment expenses142,100201,62968,268106,216 Fair value changes of convert
207、ible redeemable preferred shares(6,465,354)(6,512,515)Listing expenses44,34232,358 Adjusted net profit(non-IFRS measure)624,138481,314265,974267,269 We present the non-IFRS financial measures because they are used by our management to evaluate our operating performance and formulate business plans.A
208、djusted EBITDA(non-IFRS measure)enables our management to assess our operating results eliminating the impact of income tax expense,finance income,finance costs,depreciation and amortisation,share-based payment expenses,fair value changes of convertible redeemable preferred shares and listing expens
209、es.Adjusted net profit(non-IFRS measure)enables our management to assess our operating results eliminating the impact of share-based payment expenses,fair value changes of convertible redeemable preferred shares and listing expenses.Adjusted EBITDA(non-IFRS measure)and adjusted net profit(non-IFRS m
210、easure)should not be considered in isolation or construed as an alternative to profit for the year/period or any measure of performance.Investors are encouraged to review our historical non-IFRS financial measures together with the most directly comparable IFRS measures.Adjusted EBITDA(non-IFRS meas
211、ure)and adjusted net profit(non-IFRS measure)presented here may not be comparable to similarly titled measures presented by other companies.Other companies may calculate similarly titled measures differently,limiting their usefulness as comparative measures to our data.We encourage investors and oth
212、ers to review our financial information in its entirety and not rely on a single financial measure.Tuhu Car IncAnnual Report 202430Management Discussion and AnalysisSELECTED CONSOLIDATED BALANCE SHEET DATAAs of 31 December20242023(RMB in thousands)NON-CURRENT ASSETSProperty,plant and equipment1,046,
213、417899,188Right-of-use assets398,257466,946Goodwill20,32320,323Other intangible assets54,33757,804Long-term treasury investments1,871,7941,065,260Financial investments at fair value through profit or loss199,917191,043Investments in joint ventures and associates376,251362,612Equity investments desig
214、nated at fair value through other comprehensive income349,934356,240Restricted cash91,5007,799Other non-current assets23,23366,189 Total non-current assets4,431,9633,493,404 CURRENT ASSETSInventories2,118,6841,799,796Trade receivables226,116218,179Prepayments,other receivables and other assets462,10
215、6496,100Short-term treasury investments3,073,8421,587,126Restricted cash1,109,0801,454,795Cash and cash equivalents1,375,4482,715,285 Total current assets8,365,2768,271,281 CURRENT LIABILITIESTrade and bills payables4,457,5773,886,756Other payables and accruals1,626,7081,719,505Contract liabilities8
216、71,239742,667Interest-bearing borrowings7,5071,009Tax payable117,052120,096Lease liabilities118,846132,320 Total current liabilities7,198,9296,602,353 NET CURRENT ASSETS1,166,3471,668,928 TOTAL ASSETS LESS CURRENT LIABILITIES5,598,3105,162,332 Tuhu Car IncAnnual Report 202431Management Discussion an
217、d AnalysisAs of 31 December20242023(RMB in thousands)NON-CURRENT LIABILITIESInterest-bearing borrowings7,500Contract liabilities46,79858,777Lease liabilities185,589223,840Deferred tax liabilities7,3917,391Other non-current liabilities499,154406,505 Total non-current liabilities738,932704,013 Net Ass
218、ets4,859,3784,458,319 EQUITYEquity Attributable to Owners of the Parent Share capital118118 Reserves4,862,2154,459,854 4,862,3334,459,972 Non-controlling interests(2,955)(1,653)Total equity4,859,3784,458,319 Tuhu Car IncAnnual Report 202432Management Discussion and AnalysisTrade ReceivablesTrade rec
219、eivables primarily represent(i)trade receivables from franchised Tuhu workshops and third-party auto dealers for payment of auto products sourced from Qipeilong platform;(ii)trade receivables from certain key account customers for bulk purchase of automotive services;(iii)trade receivables from fran
220、chised Tuhu workshops in connection with the franchises services we provide;and(iv)trade receivables from brand owners in connection with the advertising services we provide.The below table sets forth the breakdown of trade receivables as of the dates indicated.As of 31 December20242023(RMB in thous
221、ands)Trade receivables from bulk sales to key account customers67,20867,680Trade receivables from sales on Qipeilong20,39227,222Trade receivables from franchise services73,23763,896Trade receivables from advertising services47,22244,579Others28,86230,040Allowance for expected credit losses(10,805)(1
222、5,238)Total226,116218,179 Our trade receivables as of 31 December 2024 amounted to RMB226.1 million,representing an increase of 3.6%as compared with RMB218.2 million as of 31 December 2023,primarily due to the growth in franchise fees receivable,driven by the continuous expansion of our store networ
223、k.Our trade receivables turnover days remained stable at 5 days in 2023 and 2024.Tuhu Car IncAnnual Report 202433Management Discussion and AnalysisPrepayments,Other Receivables and Other AssetsPrepayments,other receivables and other assets primarily include(i)advances to suppliers for purchase of go
224、ods and services,such as tires;(ii)deposits and other receivables,which mainly of lease deposits in connection with leased warehouses and offices;and(iii)VAT recoverable.The below table sets forth the breakdown of prepayments,other receivables and other assets as of the dates indicated.As of 31 Dece
225、mber20242023(RMB in thousands)Prepayments208,201169,480Deposits and other receivables102,648102,949VAT recoverable148,630220,129Loans receivable1,5761,348Receivable from employees2,1233,813 Impairment allowance(1,072)(1,619)Total462,106496,100 Our prepayments,other receivables and other assets as of
226、 31 December 2024 amounted RMB462.1 million,representing a decrease of 6.9%as compared with RMB496.1 million as of 31 December 2023,primarily due to the reduction in VAT recoverable,resulting from(i)the increase in the amount of goods received but not yet invoiced by certain suppliers at year-end 20
227、24 reflecting the extended payment terms we have with such suppliers;and(ii)a refund of input VAT credits received during 2024.This decrease was partially offset by the increase in prepayments to suppliers,mainly due to our higher procurement volume in 2024.Tuhu Car IncAnnual Report 202434Management
228、 Discussion and AnalysisTreasury InvestmentsTreasury investments primarily consist of wealth management products issued by major and reputable commercial banks without guaranteed returns,which are measured at fair value through profit or loss,and certificate of deposit and time deposit,which are mea
229、sured at amortised cost.The below table sets forth the breakdown of treasury investments as of the dates indicated.As of 31 December20242023(RMB in thousands)Long-term treasury investments at Amortised cost1,871,7941,065,260Short-term treasury investments measured at Amortised cost1,123,449354,135 F
230、air value through profit or loss1,950,3931,232,991 Total4,945,6362,652,386 Our treasury investments as of 31 December 2024 amounted to RMB4.9 billion,representing an increase of 86.5%as compared with RMB2.7 billion as of 31 December 2023,primarily driven by our efforts to better utilise our cash pos
231、ition to enhance financial returns while maintaining safety and liquidity for the daily operation.Tuhu Car IncAnnual Report 202435Management Discussion and AnalysisRestricted CashThe restricted cash primarily consists of security deposits held in designated bank accounts for issuance of bills payabl
232、e and letters of guarantee.The below table sets forth the breakdown of restricted cash as of the dates indicated.As of 31 December20242023(RMB in thousands)Non-current portion91,5007,799Current portion1,109,0801,454,795 Total1,200,5801,462,594 Cash and Cash EquivalentsCash and cash equivalents prima
233、rily consist of cash at bank and in hand and time deposits with original maturities within three months.The below table sets forth the breakdown of cash and cash equivalents as of the dates indicated.As of 31 December20242023(RMB in thousands)Cash at banks and on hand1,151,8891,270,354Time deposits
234、with original maturities within three months223,5591,444,931 Total1,375,4482,715,285 Tuhu Car IncAnnual Report 202436Management Discussion and AnalysisTrade and Bills PayableTrade and bills payables represent payable to suppliers from whom we purchase auto products and payable to service providers f
235、or services provided.The below table sets forth the breakdown of trade and bills payable as of the dates indicated.As of 31 December20242023(RMB in thousands)Trade payables935,918965,351Bills payable3,521,6592,921,405 Total4,457,5773,886,756 Our trade and bills payables as of 31 December 2024 amount
236、ed to RMB4.5 billion,representing an increase of 14.7%as compared with RMB3.9 billion as of 31 December 2023.This increase was primarily due to the increase in the procurement of merchandise in line with our business growth.Our trade and bills payables turnover days increased from 119 days in 2023 t
237、o 132 days in 2024,primarily as our suppliers granted us with better credit terms in light of our strengthened relationship.Other Payables and AccrualsOther payables and accruals mainly represent payroll and welfare payable and other tax payable.The below table sets forth the breakdown of other paya
238、bles and accruals as of the dates indicated.As of 31 December20242023(RMB in thousands)Other tax payable274,980304,673Payroll and welfare payable534,611588,024Accrual and other payables817,117826,808 Total1,626,7081,719,505 Our other payables and accruals as of 31 December 2024 amounted to RMB1.6 bi
239、llion,representing a decrease of 5.4%as compared with RMB1.7 billion as of 31 December 2023.This decrease was primarily due to(i)the decrease in payroll and welfare payables;and(ii)the decrease in other tax payables,primarily due to higher year-end VAT payments made in 2024 compared to 2023.Tuhu Car
240、 IncAnnual Report 202437Management Discussion and AnalysisFinancial RatiosThe following table sets forth certain of the key financial ratios as of the dates or for the years or periods indicated:As of/For the year ended 31 DecemberUnauditedAs of/For the six months ended 31 December2024202320242023Ge
241、aring ratio(%)(1)62.062.162.062.1Total revenue growth rate(%)(2)8.517.87.816.5Gross margin(%)(3)25.424.724.925.2Adjusted EBITDA margin (non-IFRS measure)(%)(4)5.35.64.35.7Adjusted net profit margin (non-IFRS measure)(%)(5)4.23.53.53.8 Notes:(1)Gearing ratio equals total liabilities divided by total
242、assets as of the end of the year or period.(2)Revenue growth rate equals revenue growth between the current year or period and the previous year or period divided by revenue for the previous year or period.(3)Gross margin equals gross profit divided by revenue during the year or period.(4)Adjusted E
243、BITDA margin equals adjusted EBITDA(non-IFRS measure)divided by revenue during the year or period.(5)Adjusted net profit margin equals adjusted net profit(non-IFRS measure)divided by revenue during the year or period.Tuhu Car IncAnnual Report 202438Management Discussion and AnalysisLIQUIDITY AND CAP
244、ITAL RESOURCESDuring the year ended 31 December 2024,we funded our cash requirements principally from cash generated from our operations.Our cash position,which includes cash and cash equivalents,treasury investments,and restricted cash,increased by 10.1%from RMB6.8 billion as 31 December 2023 to RM
245、B7.5 billion as 31 December 2024.SELECTED CONSOLIDATED CASH FLOW DATAThe following table sets forth our cash flows for the years indicated:For the year ended 31 December20242023(RMB in thousands)Net cash flows from operating activities1,319,1791,021,291Net cash flows used in investing activities(2,4
246、27,517)(2,371,766)Net cash flows(used in)/from financing activities(240,968)1,349,785 Net decrease in cash and cash equivalents(1,349,306)(690)Cash and cash equivalents at the beginning of the year2,715,2852,686,353Effect of foreign exchange rate changes,net9,46929,622 Cash and cash equivalents at t
247、he end of the year1,375,4482,715,285 Net Cash Flows from Operating ActivitiesNet cash flows from operating activities for the year ended 31 December 2024 was RMB1.3 billion,which was mainly attributable to our profit before tax of RMB487.2 million,as adjusted by(i)non-cash and non-operating items,pr
248、imarily consisted of share-based payments expenses of RMB142.1 million,depreciation of right-of-use assets of RMB154.5 million and depreciation of property,plant and equipment of RMB156.2 million;and(ii)changes in working capital,primarily resulted from an increase in trade and bills payables of RMB
249、570.8 million and an increase in contract liabilities of RMB116.6 million,partially offset by the increase in inventories of RMB290.1 million.Net Cash Flows Used in Investing ActivitiesNet cash flows used in investing activities for the year ended 31 December 2024 was RMB2.4 billion,which was mainly
250、 attributable to purchase of treasury investments of RMB7.9 billion and purchases of property,plant and equipment of RMB321.3 million,partially offset by proceeds from treasury investments of RMB5.7 billion and interest income of RMB116.3 million.Tuhu Car IncAnnual Report 202439Management Discussion
251、 and AnalysisNet Cash Flows Used in Financing ActivitiesNet cash flows used in financing activities for the year ended 31 December 2024 was RMB241.0 million,which was mainly attributable to repurchase of ordinary shares of RMB248.0 million and the principal portion of lease payments of RMB134.4 mill
252、ion,partially offset by the decrease in restricted cash of RMB156.7 million.Contingent Liabilities and GuaranteesAs of 31 December 2024,we did not have any material contingent liabilities or guarantees.CAPITAL EXPENDITURESOur capital expenditures primarily consisted of payments for property,plant an
253、d equipment,payments for land use rights and payments for other intangible assets.Our capital expenditures amounted to RMB321.7 million for the year ended 31 December 2024,representing a decrease of 11.1%as compared with RMB362.0 million for the year ended 31 December 2023.We plan to fund our future
254、 capital expenditures by our internal resources including our cash and cash equivalents and the net proceeds received from the Global Offering.CAPITAL COMMITMENTSCapital commitments were primarily related to the construction of new automated warehouses and scheduled to be paid within one to two year
255、s.Our capital commitments as of 31 December 2024 amounted to RMB67.9 million,representing a decrease of 67.5%as compared with RMB208.8 million as of 31 December 2023.CHARGES ON ASSETSAs of 31 December 2024,our Group did not have any charge on its assets.FUTURE PLANS FOR MATERIAL INVESTMENTSAs of the
256、 date of this annual report,our Group does not have any concrete committed plans for material investments and capital assets for disclosure.Tuhu Car IncAnnual Report 202440Management Discussion and AnalysisFOREIGN EXCHANGE RISK AND HEDGINGWe operate our businesses mainly in the PRC and nearly all op
257、erational transactions are conducted in RMB.Our foreign currency exposures mainly arise from the bank balances denominated in US$held by our subsidiaries incorporated in the PRC.We currently do not have a foreign currency hedging policy.However,we manage foreign exchange risks by closely monitoring
258、our foreign exchange exposure and will consider hedging against significant foreign exchange risks should the need arise.MATERIAL ACQUISITIONS,SIGNIFICANT INVESTMENTS AND DISPOSALSDuring the year ended 31 December 2024,we did not make any material acquisitions,significant investments or disposals of
259、 subsidiaries,associates and joint ventures.EMPLOYEES AND REMUNERATIONAs of 31 December 2024,we had a total of 4,491 employees(as of 31 December 2023:4,729).For the year ended 31 December 2024,we incurred total remuneration costs of RMB1.7 billion(for the year ended 31 December 2023:RMB1.7 billion).
260、The remuneration packages of our employees include wages,salaries and allowances,pension scheme contributions and share-based payment expense,the amount of which is generally determined by their qualifications,industry experience,position and performance.We contribute to social insurance and housing
261、 provident funds as required by the PRC laws and regulations.During the year ended 31 December 2024,no forfeited contributions had been used by the Group to reduce the existing level of contributions.To maintain the quality,knowledge and skill levels of the workforce,our Group provides regular and s
262、pecialised trainings tailored to the needs of employees in different departments,including regular training sessions conducted by senior employees or third-party consultants covering various aspects of the our business operations.Tuhu Car IncAnnual Report 202441Profiles of Directors and Senior Manag
263、ementThe biographical details of the Directors and senior management of the Company as at the date of this annual report are set out as follows:EXECUTIVE DIRECTORSMr.Chen Min(陳敏),aged 43,is a co-founder of the Company,chairman of the Board,chief executive officer and executive Director.He took on th
264、e role of executive Director in July 2019.Mr.Chen worked at Shanghai Yingdao Trading Co.,Ltd.from June 2010 to September 2011,and at Shanghai Yidao Network Technology Co.,Ltd.from September 2009 to May 2010.Prior to that,Mr.Chen served as an IT Operation Manager at Baixing Co.,Ltd.from May 2008 to M
265、ay 2009 and worked at Chemeng(China)Network Co.,Ltd.from March 2006 to December 2007.Mr.Chen also served as a software engineer at Hewlett-Packard Company from February 2005 to January 2006 and quality analyst at Shanghai Wicresoft Co.,Ltd.from July 2003 to January 2005.Mr.Chen has over 20 years of
266、experience in software development and data management and over 13 years of experience in automotive service market and business data analysis.Mr.Chen received a bachelors degree in economics from Shanghai University of Finance and Economics in July 2003 in the PRC.Mr.Hu Xiaodong(胡曉東),aged 53,is a c
267、o-founder of the Company,president and executive Director.He took on the role of executive Director in October 2019.Prior to co-founding the Group,Mr.Hu served in various engineering leadership roles.Mr.Hu worked at Shanghai Naijia Software Technology Development Co.,Ltd.from 2009 to 2011,responsibl
268、e for business and system analysis.Mr.Hu also worked at Shanghai Yidao Network Technology Co.,Ltd.from 2008 to 2009.Prior to that,he worked as research and development director at Chemeng(China)Network Co.,Ltd.from 2006 to 2007,senior programmer at Shanghai Branch of SAP(Beijing)Software System Co.,
269、Ltd.from June 2001 to June 2006,and engineer and E-commerce consultant at Shanghai Branch of Microsoft(China)Co.,Ltd.from 2000 to 2001.Mr.Hu received a bachelors degree in engineering with a major in telecommunications engineering from North China Electric Power University in July 1993 and completed
270、 his postgraduate programme of telecommunications and information systems at Shanghai Jiao Tong University in September 1999 in the PRC.NON-EXECUTIVE DIRECTORMr.Yao Leiwen(姚磊文),aged 42,is a non-executive Director.He became part of the Group in August 2018 and took on the role of non-executive Direct
271、or in October 2019.Mr.Yao is primarily responsible for providing professional advice,opinion,and guidance to the Board.Mr.Yao is currently a Vice General Manager of the Investment Department in Tencent.He has served as a non-executive director of Kingsoft Corporation Limited,a company listed on the
272、Stock Exchange of Hong Kong(stock code:3888),since August 2022 and as the non-executive director of Sipai Health Technology Co,.Ltd.,a company listed on the Stock Exchange of Hong Kong(stock code:314),since October 2019.Prior to joining Tencent in June 2011,he was an investment director at Mindray B
273、io-Medical Electronics from October 2010 to June 2011 and served as an investment associate of Deutsche Bank from February 2005 to August 2008.Tuhu Car IncAnnual Report 202442Profiles of Directors and Senior ManagementMr.Yao received his bachelors degree in Economic Information Management in July 20
274、02 and his masters degree in finance in June 2005 from University of International Business and Economics in the PRC.He received a masters degree in business administration from the Institut Europen dAdministration des Affaires in France in July 2010.INDEPENDENT NON-EXECUTIVE DIRECTORSMs.Yan Huiping
275、(顏惠萍),aged 58,is an independent non-executive Director effective from September 2023.Ms.Yan is primarily responsible for supervising and providing independent judgement to the Board.Ms.Yan is currently chief financial officer of ZTO Express(Cayman)Inc.(“ZTO Express”),a company listed on the Main Boa
276、rd of the Stock Exchange(stock code:2057)and on the New York Stock Exchange(stock symbol:ZTO),and she served as vice president of finance at ZTO Express from January 2018 to May 2018.Since October 2024,Ms.Yan has also been an independent director of WeRide Inc.,a company listed on NASDAQ(stock symbo
277、l:WRD).From March to November 2017,Ms.Yan worked as a senior vice-president responsible for financial affairs at Neoglory Holdings Group Co.Ltd.Prior to that,Ms.Yan served as chief financial officer from May 2014 to January 2016 at Zhejiang Cainiao Supply Chain Management Co.,Ltd.,which is the logis
278、tics arm of Alibaba Group Holding Ltd.,a company listed on the Main Board of the Stock Exchange(stock code:9988)and the New York Stock Exchange(stock symbol:BABA).Ms.Yan served as a senior vice president of finance and strategy from September 2009 to April 2010 and chief financial officer from April
279、 2010 to April 2014 at Home Inns&Hotel Management Inc.,a company listed on NASDAQ(stock symbol:HMIN,which was delisted in April 2016).Prior to that,Ms.Yan held various key positions in corporate and operational finance management at General Electric Company from August 1998 to August 2009,and she wo
280、rked in various positions at Deloitte&Touche from February 1992 to July 1998.Ms.Yan accumulated corporate governance knowledge and experience through her aforementioned management positions at General Electric Company,Home Inns&Hotel Management Inc.,Zhejiang Cainiao Supply Chain Management Co.,Ltd.a
281、nd ZTO Express.Ms.Yan studied in English Literature and Linguistics major at Shanghai International Studies University,and received her bachelors degree in business and administration at Hawaii Pacific University in August 1991.Ms.Yan has been a U.S.certified public accountant since 1994 and became
282、a CGMA designation holder(AICPA)in 2012.Mr.Feng Wei(奉瑋),aged 45,is an independent non-executive Director effective from September 2023.Mr.Feng is primarily responsible for supervising and providing independent judgement to the Board.Mr.Feng has served as senior vice president and secretary to the bo
283、ard of directors at Hikvision,a company listed on the Shenzhen Stock Exchange(stock code:002415),since October 2024.Prior to joining Hikvision,Mr.Feng served as chief financial officer at NIO Inc.,a company listed on the New York Stock Exchange(stock symbol:NIO),the Main Board of the Stock Exchange(
284、stock code:9866)and the Singapore Exchange(stock symbol:NIO),from November 2019 to July 2024.Before joining NIO Inc.,Mr.Feng served as managing director and head analyst of the auto industry team at China International Capital Corporation Limited,a company listed on the Main Board of the Stock Excha
285、nge(stock code:3908)and on the Shanghai Stock Exchange(stock code:601995),from November 2013 to November 2019.Additionally,Mr.Feng served as an industry analyst at Everbright Securities Co.Ltd.,a company listed on the Shanghai Stock Exchange(stock code:601788)and on the Main Board of the Stock Excha
286、nge(stock code:6178),from July 2010 to November 2013.Mr.Fengs career also includes more than five years work experience from March 2005 to June 2010 at the ZF(China)Investment Co.,Ltd.where he served as a manager of market analysis.Mr.Feng accumulated corporate governance knowledge and experience th
287、rough his aforementioned management positions at China International Capital Corporation Limited and NIO Inc.Tuhu Car IncAnnual Report 202443Profiles of Directors and Senior ManagementMr.Feng received his bachelors degree in Engineering from the Department of Automotive Engineering at Tsinghua Unive
288、rsity in the PRC in July 2001,and his joint masters degree in Automotive System Engineering from Rheinisch-Westflische Technische Hochschule Aachen University in Germany and Tsinghua University in the PRC in July 2004.Mr.Wang Jingbo(王靜波),aged 43,is an independent non-executive Director effective fro
289、m September 2023.Mr.Wang is primarily responsible for supervising and providing independent judgement to the Board.Mr.Wang has served as chief financial officer of Agora,Inc.,a company listed on NASDAQ(stock symbol:API),since January 2020.Mr.Wang has also served as an independent non-executive direc
290、tor of Edianyun Limited,a company listed on the Main Board of the Stock Exchange(stock code:2416),since May 2023,and an independent director of ATRenew Inc.,a company listed on the New York Stock Exchange(stock symbol:RERE),since June 2021.Mr.Wang previously served as a director and the chief financ
291、ial officer of Qutoutiao Inc.,a company previously listed on the NASDAQ,from February 2018 to January 2020,and as the chief financial officer of Yintech Investment Holdings Limited,a company previously listed on NASDAQ,from October 2014 to February 2018.Prior to that,Mr.Wang worked at Deutsche Bank
292、from 2009 to 2014 with last position held being a vice president in the corporate finance division.Mr.Wang accumulated corporate governance knowledge and experience through his aforementioned management positions and directorship at Yintech Investment Holdings Limited,Qutoutiao Inc.and Agora,Inc.Mr.
293、Wang graduated from Tsinghua University in the PRC with a bachelors degree in engineering in July 2003,and obtained his masters degree in computer science from the University of Hong Kong in December 2005.He was awarded a PhD degree in management studies from the University of Oxford in the United K
294、ingdom in March 2010.SENIOR MANAGEMENTMr.Chen Min(陳敏),is a co-founder of the Company,chairman of the Board,chief executive officer and executive Director.See“Board of Directors Executive Directors”in this section for his biographical details.Mr.Hu Xiaodong(胡曉東),is a co-founder of the Company,preside
295、nt and executive Director.See“Board of Directors Executive Directors”in this section for his biographical details.Ms.Wang Lingjie(王玲潔),aged 42,is the chief operating officer of the Company.She became part of the Group in September 2019 and took on the role of chief operating officer of the Company i
296、n March 2024.Prior to joining the Group,Ms.Wang worked as human resources director at Tianjin Sankuai Technology Co.,Ltd,a subsidiary of Meituan,a company listed on the Main Board(stock code:3690),from July 2015 to September 2019.Ms.Wang co-founded Shanghai Xiangfenxiang Information Technology Co.,L
297、td.and served as a supervisor from November 2014 to June 2015.Prior to that,Ms.Wang served as a human resources leader at Shanda Computer(Shanghai)Co.,Ltd.from July 2011 to August 2014.Prior to that,Ms.Wang served as a human resource manager at Ctrip Computer Technology(Shanghai)Co.,Ltd.from July 20
298、10 to July 2011.Ms.Wang received her bachelors degree in English from Inner Mongolia University in the PRC in July 2005 and her masters degree of arts in language and culture from Linkping University in Sweden in 2008.Tuhu Car IncAnnual Report 202444Profiles of Directors and Senior ManagementMr.Zhan
299、g Zhisong(張志嵩),aged 41,is the chief financial officer of the Company.He became part of the Group in July 2021 and took on the role of the chief financial officer of the Company in July 2022.Mr.Zhang was the deputy chief financial officer and senior vice president from July 2021 to July 2022.Prior to
300、 joining the Group,Mr.Zhang served as executive director at Goldman Sachs(Asia)L.L.C.from 2018 to 2021.Prior to that,Mr.Zhang served as vice president at Citigroup Global Markets Asia Limited from 2015 to 2018 and associate at Merrill Lynch(Asia Pacific)Ltd.from 2014 to 2015.He also worked at Deutsc
301、he Bank AG as an associate from 2008 to 2014.Mr.Zhang received his masters degree in management from Cass Business School in the United Kingdom in October 2008.JOINT COMPANY SECRETARIESMr.Chen Zhe(陳哲),joined the Company on 20 December 2021 as head of investor relations centre and is our joint compan
302、y secretary.Prior to joining the Company,Mr.Chen served as head of investor relations department at Ping An Healthcare and Technology Company Limited,a company listed on the Main Board of the Stock Exchange(stock code:1833),from December 2019 to December 2021.Prior to that,Mr.Chen worked as a senior
303、 associate at strategic investment department and a senior manager at investor relations department from July 2017 to December 2019 at Tongcheng Network Technology Limited,a consolidated affiliated entity of Tongcheng-Elong Holdings Limited,a company listed on the Main Board of the Stock Exchange(st
304、ock code:0780).Prior to that,Mr.Chen worked at Wanda Group from September 2016 to June 2017,and worked at Huabao(Shanghai)Management Co.,Ltd.from June 2015 to September 2016.Mr.Chen obtained his bachelors degree in Japanese from Southeast University in China in June 2012,and his masters degree of sc
305、ience in management with international finance from University of Glasgow in the United Kingdom in December 2013.Mr.Lee Chung Shing(李忠成)is the joint company secretary of the Company.Mr.Lee has over 20 years of experience in providing auditing,financial management,company secretarial and investor rel
306、ations services to listed companies in Hong Kong.He is currently a vice president of Entity Solutions of Computershare Hong Kong Investor Services Limited and the joint company secretary and the company secretary of various companies listed on the Stock Exchange.Mr.Lee obtained his bachelors degree
307、in accountancy from City University of Hong Kong in December 1994 and a masters degree in business administration(financial services)from The Hong Kong Polytechnic University in November 2002.Mr.Lee is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Ass
308、ociation of Chartered Certified Accountants.Tuhu Car IncAnnual Report 202445Corporate Governance ReportThe Board is pleased to present the corporate governance report of the Company for the year ended 31 December 2024.CORPORATE CULTURETuhu is one of the leading integrated online and offline platform
309、s for automotive service in China.By providing a digitalised and on-demand service experience underpinned by the customer centric model and streamlined supply chain,the Company directly addresses car owners diverse product and service needs,creating an automotive service platform consisting of car o
310、wners,suppliers,automotive service stores and other participants,with the mission to innovate simple and easy automotive services and the goal to provide its customers high-quality services and attractive pricing for authentic automotive products on its platform.The corporate ethos of Tuhu is rooted
311、 in a commitment to ongoing learning and enhancement,fostering a culture of innovation and adaptability in the face of an ever-evolving landscape.Embracing this mindset,the Group confronts obstacles with optimism,drawing lessons from difficulties to better tackle future challenges.Upholding the high
312、est standards of governance,transparency,and integrity,the leadership team of the Group sets a strong example.The Group upholds its corporate values,which include,“keeping advancing,”“customer first,”“no false transaction,”“no fraud,”“technology creates value,”“serving franchisees,”and“win-win colla
313、boration.”The Board ensures these values are embedded throughout the Group,shaping its corporate culture and aligning its purpose,culture and values across all areas of the business.The Groups operating practices,workplace policies and stakeholder relationships give the Group the opportunity to brin
314、g its culture and values to life,supported by a strong governance framework,disciplined risk management and effective internal controls,which create long-term value for Shareholders through continued,sustainable business development.CORPORATE GOVERNANCE PRACTICESThe Group is committed to achieving h
315、igh standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value,accountability and transparency.The Company has adopted and applied the principles as set out in the Corporate Governance Code in Appendix C1 to the Listing Rules.The Board is of the v
316、iew that during the year ended 31 December 2024,the Company has complied with all the applicable code provisions as set out in the Corporate Governance Code,except for code provision C.2.1 described in“Board of Directors Chairman and Chief Executive Officer”in this corporate governance report.MODEL
317、CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules as the code of conduct regarding the Directors dealings in the securities of the Company.Having made specific enquiries of all the Directors,each of the Directors has confirmed that
318、he/she has complied with the provisions of the Model Code during the year ended 31 December 2024.The Companys relevant employees,who are likely to be in possession of inside information of the Company,have also been subject to the Model Code for securities transactions.No incident of non-compliance
319、of the Model Code by the Companys relevant employees was noted by the Company during the year ended 31 December 2024.Tuhu Car IncAnnual Report 202446Corporate Governance ReportBOARD OF DIRECTORSBoard CompositionFor details of the Board composition,see“Corporate Information”of this annual report.The
320、biographical information of the Directors is set out in“Profiles of Directors and Senior Management”of this annual report.To the best knowledge of the Company,there are no financial,business,family,or other material/relevant relationships among members of the Board.During the year ended 31 December
321、2024 and up to the date of this annual report,the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three independent non-executive Directors representing at least one-third of the Board and at least one independent non-executive Director with appro
322、priate professional qualifications,or accounting or related financial management expertise.The Company has received written annual confirmation from each independent non-executive Director of his or her independence pursuant to the requirements of the Listing Rules.The Company considers all the inde
323、pendent non-executive Directors to be independent in accordance with the independence requirements as set out in Rule 3.13 of the Listing Rules.Responsibilities and DelegationThe Board is responsible for the leadership and control of the Company,directing and supervising the Companys affairs and act
324、ing in the best interests of the Company and its Shareholders.The Board directly,and indirectly through its committees,leads and provides direction to management by laying down strategies and overseeing their implementation,monitors the Groups operational and financial performance,and ensures that s
325、ound risk management and internal control systems are in place.All Directors,including non-executive Directors and independent non-executive Directors,have brought a wide spectrum of valuable business experience,knowledge and professionalism to the Board for its efficient and effective functioning.A
326、ll Directors have full and timely access to all the information of the Company,and may upon request,seek independent professional advice in appropriate circumstances at the Companys expenses for discharging their duties to the Company.The Directors have disclosed to the Company details of other offi
327、ces held by them.The Board reserves for its discretion on all major matters relating to policy matters,strategies and budgets,risk management and internal control systems,material transactions(in particular those that may involve conflict of interests),financial information,appointment of Directors
328、and other significant operational matters of the Company.Responsibilities relating to implementing decisions of the Board,directing and coordinating the daily operation and management of the Company are delegated to the chief executive officer and senior management.The delegated functions and respon
329、sibilities are periodically reviewed by the Board.Approval has to be obtained from the Board prior to any significant transactions is entered into.Tuhu Car IncAnnual Report 202447Corporate Governance ReportChairman and Chief Executive OfficerCode provision C.2.1 of the Corporate Governance Code stip
330、ulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual.The Company does not have a separate chairman of the Board and chief executive officer and Mr.Chen Min currently performs these two roles.The Board believes that vesting the ro
331、les of both chairman of the Board and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group.The Board considers that the balance of power and authority for the pr
332、esent arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively.The Board will continue to review and consider splitting the roles of chairman of the Board and the chief executive officer of the Company if and when it is appr
333、opriate taking into account the circumstances of the Group as a whole.Appointment,Re-election and Removal of DirectorsThe procedures and process of appointment,re-election and removal of the Directors are laid down in the Articles of Association.In accordance with the Articles of Association,the Company may by ordinary resolution appoint any person to be a Director,either to fill a vacancy or as a
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共49套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
