With a nearly 30% increase in net profit, Tuhu Car Care seizes the new track in the new energy vehicle aftermarket.

Author | Geng Chenfei

Editor | Zheng Huaizhou

Cover Source | Company's official

After the market closed on March 20th, Tuhu Car Care released its 2024 annual report, which is also the first full - year performance period after Tuhu's listing. The report shows that Tuhu's annual revenue reached 14.76 billion yuan, a year - on - year increase of 8.5%; the adjusted net profit was 624 million yuan, a year - on - year increase of 29.7%.

In terms of scale, as of the end of 2024, the number of Tuhu Car Care workshops reached 6,874, a net increase of 965 compared to 2023. Tuhu's stores have covered 318 prefecture - level administrative regions and 1,759 county - level administrative regions across the country.

It is worth mentioning that Tuhu's user base continues to expand. As of the end of 2024, Tuhu's all - channel platforms, mainly the App, had nearly 140 million registered users, a year - on - year increase of 20.4%. In addition, the data released by Tuhu shows that in 2024, the average monthly active users of its App were 12 million, and the annual transaction users were 24.1 million, with year - on - year increases of 17.2% and 24.8% respectively. In terms of the three indicators of registered users, monthly active users, and annual transaction users, Tuhu ranks first in the Chinese automotive service market.

The automotive aftermarket is showing a strong expansion trend. According to iResearch, the Chinese automotive aftermarket is expected to reach a scale of 1.7 trillion yuan in 2025, becoming the world's largest "stock" market.

It is a common consensus in the industry that driven by the market, new energy vehicles will become the new battleground in the automotive aftermarket.

According to data from the China Association of Automobile Manufacturers, in 2024, the production and sales of new energy vehicles reached 12.888 million and 12.866 million respectively, with year - on - year increases of 34.4% and 35.5% respectively. The sales of new energy vehicles accounted for 40.9% of the total sales of new vehicles, an increase of 9.3 percentage points compared to 2023.

CITIC Securities predicts that by 2030, the output value of the new energy vehicle aftermarket will reach 10 billion yuan.

Facing the market changes, Tuhu Car Care has taken the lead in seizing the strategic high - ground. The annual report shows that as of the end of the reporting period, the number of new energy vehicle transaction users on the Tuhu platform reached 2.7 million, a year - on - year increase of 105%, accounting for more than 11% of the total transaction users on the platform. Among the transaction users with a vehicle age of less than three years, the proportion of new energy vehicle users has exceeded 30%.

To seize the industrial opportunities, in addition to meeting the regular maintenance needs of new energy vehicles, Tuhu is also making efforts to break into the field of specialized repair of the three - electric systems of new energy vehicles. In 2024, on the basis of continuing to cooperate with Chinese new energy vehicle battery manufacturers for order repairs within the warranty period, Tuhu gradually tentatively undertook the needs of C - end users whose vehicles were out of warranty and explored the establishment of online and offline battery testing services, which are currently being piloted in some cities and stores.

In the trillion - level market blue ocean, an enterprise's technological reserves and market response speed will be the key to victory.

Follow for more information