External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. Tuhu has agreed to acquire mycar Tyre &amp; Auto, a 279-store, one-stop car service network in Australia, from Continental AG (as part of its pure-play focus) at a consideration of A$278mn (RMB1.3bn), translating to 8.6x FY26E EV/EBITDA.</li><li>The deal marks Tuhu's first overseas M&amp;A and a strategic entry into a mature, non-Asian market.</li><li>We expect the acquisition to boost adjusted net profit by 10%/15% in FY27E/FY28E, with minimal balance-sheet strain. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Tuhu has agreed to acquire mycar Tyre &amp; Auto, a 279-store, one-stop car service network in Australia, from Continental AG (as part of its pure-play focus) at a consideration of A$278mn (RMB1.3bn), translating to 8.6x FY26E EV/EBITDA.The deal marks Tuhu's first overseas M&amp;A and a strategic entry into a mature, non-Asian market.We expect the acquisition to boost adjusted net profit by 10%/15% in FY27E/FY28E, with minimal balance-sheet strain. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tuhu Car (9690 HK) - Global expansion via accretive mycar acquisition

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/tuhu-car-inc-class-a">Tuhu Car</a> is the largest independent automotive aftermarket (IAM) provider in China, operating an integrated online-to-offline (O2O) platform. The company is capitalizing on the growing and aging vehicle population in China, driving demand for maintenance and repair services.</li>
 <li>The company's strategy is focused on expanding its network of franchised 'Tuhu Workshops,' particularly in lower-tier cities where demand is underserved. This asset-light franchise model allows for rapid scaling and market penetration.</li>
 <li>While demonstrating strong revenue growth and a path to profitability, Tuhu faces challenges from intense competition, the shift towards electric vehicles (EVs) which have different maintenance needs, and macroeconomic headwinds that could impact consumer spending on automotive services.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Tuhu Car is the largest independent automotive aftermarket (IAM) provider in China, operating an integrated online-to-offline (O2O) platform. The company is capitalizing on the growing and aging vehicle population in China, driving demand for maintenance and repair services.
  The company's strategy is focused on expanding its network of franchised 'Tuhu Workshops,' particularly in lower-tier cities where demand is underserved. This asset-light franchise model allows for rapid scaling and market penetration.
  While demonstrating strong revenue growth and a path to profitability, Tuhu faces challenges from intense competition, the shift towards electric vehicles (EVs) which have different maintenance needs, and macroeconomic headwinds that could impact consumer spending on automotive services.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Maintain BUY. We expect Tuhu’s 1H26E revenue to rise 11% YoY and adjusted net profit to fall 48% YoY amid macro challenges.</li><li>Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.</li><li>We still view Tuhu’s focus on market share gains as the right strategy amid industry consolidation, which should translate into superior earnings elasticity once after-sales consumption recovers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We expect Tuhu’s 1H26E revenue to rise 11% YoY and adjusted net profit to fall 48% YoY amid macro challenges.Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.We still view Tuhu’s focus on market share gains as the right strategy amid industry consolidation, which should translate into superior earnings elasticity once after-sales consumption recovers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tuhu Car (9690 HK) - 1H26E Preview: Accelerated Store Expansion

<ul><li>Maintain BUY. Tuhu’s 2H25 adjusted net profit missed due to lower-thanexpected GPM.</li><li>However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E.</li><li>We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Tuhu’s 2H25 adjusted net profit missed due to lower-thanexpected GPM.However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E.We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tuhu Car (9690 HK) - A Beneficiary from Industry Consolidation

Equity Long-Short

Mo Aziz

<ul>
<li>Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.</li>
<li>We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. </li>
<li>Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.</li>
</ul>


Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.
We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. 
Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.


Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

China

Tuhu Car operates as an integrated online and offline platform for automotive services in China. The company offers a wide range of products and services, including tires, chassis parts, auto maintenance, repair, car detailing, and auto accessories, along with advertising, franchise, and SaaS solutions. Tuhu Car was founded in 2011 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tuhu Car (9690 HK)

Tuhu Car (9690 HK) - Global expansion via accretive mycar acquisition

We view Tuhu’s move into Australia as a constructive testing ground for operational synergies that can be replicated across future global expansions

CMB International

Primer: Tuhu Car (9690 HK) - Aug 2026

Tuhu Car is the largest independent automotive aftermarket (IAM) provider in China, operating an integrated online-to-offline (O2O) platform....

αSK Primers

Tuhu Car (9690 HK) - 1H26E Preview: Accelerated Store Expansion

Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.

CMB International

Tuhu Car (9690 HK) - A Beneficiary from Industry Consolidation

We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape.

CMB International

Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tuhu Car (9690 HK) - Global expansion via accretive mycar acquisition

We view Tuhu’s move into Australia as a constructive testing ground for operational synergies that can be replicated across future global expansions

CMB International

Primer: Tuhu Car (9690 HK) - Aug 2026

Tuhu Car is the largest independent automotive aftermarket (IAM) provider in China, operating an integrated online-to-offline (O2O) platform....

αSK Primers

Tuhu Car (9690 HK) - 1H26E Preview: Accelerated Store Expansion

Tuhu’s franchise stores likely saw same-store sales YoY growth in 1H26, which should be much stronger than peers, according to our channel checks.

CMB International

Tuhu Car (9690 HK) - A Beneficiary from Industry Consolidation

We view Tuhu’s focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape.

CMB International

Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth

​Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.

Mo Aziz

Tuhu expands to Malaysia, poised to dominate market with strong infrastructure and growth potential, offering a bargain investment opportunity.