途虎-W2025中期报告

2 5 6 15 32 46 47 48 49 51 53 56 73 97927 20256292025629 20256292025629 1526 18127 20256292025629 PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands 20256292025629 1999248 183171712-1716 ir@tuhu.cn 18346 www.tuhu.cn Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand Cayman, KY1-1102Cayman Islands 9690 AB 14,368,284A67,918,860B48.27% BABA67,918,860AA8.2% 8A.22BB (i)8A.17(a)(b)(c)(d) (ii)8A.18BB(iii)B8A.18(2)(iv)BA (1)EBITDA (2) (1) (2) 2025 7,0002,65095%64%6181.5 20257920247110.5%2025.2% 10.1AI10.30.1118122.4%2024202514.1202414.6%3.47202432.2%75 2025APP2,650APP1,35023.8%17.5%AI 6APP 2025202545 2025DeepSeekAI2718% AIAI 202520256307,205 3201,855270%2024630560%20% 2025490646%2 2025 20255 2025AI2APP 202527%90%6 2025 202420253ExtremeContactXC7 100% 60% 202520253756PETROPOWER 281140%30% 360%1210%NGK90.6%50% 202570%60%0 15%120% 20168122025300 20256301234083.5%12% 2025630258326627,205683%0.5 45453%7%40,00061860%2.5 94% 20252025 2025Top100 2025821 20256307920247110.5% (1) (i)(ii) 20246306610.8%202574(i)20246305610.8%202563062(ii)2024630379.816.1%2025630440.7(iii)2024630673.28.4%2025630729.6 2024630482.96.6%2025514.5(i)(ii) 20256305920245311.6% (i)20246305112.0%202563057(ii)14.7% 202563020202418 202463025.9%202525.2%(i)(ii)(i)(ii)(iii) 202563089.7202421.0326.1%202520242025 2024630283.19.4%2025309.7 2024630302.013.8%2025343.6(i)(ii) 2024630908.112.5%20251,021.7(i)(ii) 2024630186.12025194.2 202563087.1202490.4 20256305.120244.86.4%2025 2025630306.52024284.37.8% EBITDAEBITDA EBITDA EBITDAEBITDA (i)(ii)(iii)(iv) 2025630203.920241231226.19.8%2025 20256304720241231494.7% 20256304320241231454.1%2025 (1)(2)(3)(4)EBITDAEBITDA(5) 202563020241231202563075 2025630202412312025630 2025630257.7311.6(i)103.987.183.362.9(ii)182.154.135.116.868.530.119.3 2025630304.76179.869.812.258133.0 2025630422.5347.264.1 20256302.020256302.7% 2025630 2025630135.92024186.827.2% 202563043.62024123167.935.8% 2025630 2025630 D240(2)46 20256304,46120246304,5062025630924.12024630807.1 2025630XV(a)XV78(b)352(c) (1)2025630820,711,398752,792,538A67,918,860B2025630(2)2019850,000A(3)(i)NholresiInvestment Limited13,518,284A(ii)NholresiInvestment Limited67,918,860BNholresi Investment LimitedIlnewgnayInvestment LimitedIlnewgnayInvestmentLimitedNholresi Investment LimitedAB(4)2019300,000A(5)TroisUnis. HU Investment Limited25,223,685ATroisUnis. HU Investment LimitedToUs.HUInvestmentLimitedToUs.HU Investment LimitedTroisUnis. HU Investment LimitedA(6)NholresiInvestment Limited(i)Nholresi Investment Limited5,000,000A(ii) TroisUnis.HU Investment Limited5,000,000A(7)TroisUnis.HU Investment LimitedTroisUnis.HU Investment Limited (i)2,996,703A(ii)2,996,703A 2025630XVXV78352 2025630XV23XV336 (1)2025630820,711,398752,792,538A67,918,860B2025630 (2)(i)151,792,350A(ii)Cool Dragon Holding Limited7,102,885ACool Dragon Holding Limited0700Cool Dragon Holding LimitedA (3)PandanusAssociates Inc.44,058,965A (4)(i)Joy Capital Opportunity, L.P.15,335,735A(ii)24,505,905A(iii)BOLD HIGHLIGHT HK LIMITED4,166,000AJoy CapitalOpportunity,L.P.BOLDHIGHLIGHT HK LIMITEDJoyCapital GP, Ltd (5)UbiquityHoldings Ltd.42,707,045AUbiquity Holdings Ltd.FountainVest China Capital Partners Fund III, L.P.FountainVest China CapitalParallelFund III,L.P.FountainVest China Capital Parallel-A Fund III,L.P.76.84%22.72%0.44%FountainVest China Capital Partners Fund III, L.P.FountainVest China Capital Parallel Fund III, L.P.FountainVestChina Capital Parallel-A Fund III,L.P.FountainVest China CapitalPartnersGP3 Ltd.FountainVestChina Capital Partners Fund III,L.P.FountainVestChina Capital Parallel Fund III, L.P.FountainVest China Capital Parallel-A Fund III, L.P.FountainVest China Capital Partners GP3 Ltd.Kui TangGeorge Jian Chuang (6)(i)39,167,585A(ii)Max Platinum Limited453,132AMax Platinum Limited70%A 2025630XV23336 2019 2019 2019201910312019 2019 201993112,275,149A2019 2019 (1)20192019 202397 20251139,933,4478,143,714202563040,197,5168,143,714 (1)A (1) (2)A 2019A 202462533,000,000A17.01(1)(b)A2024625 (1) (2) (1) 202562913.51(2)2025629 13.51B 2025630 1,273.3 C.2.1 C.2.12025630 2025630 2025630 2024625A202511202582019,400,100A20256302025630 2025630 8A.30A.2.1 2025630 (i)8A (ii)20256308A.178A.148A.15 8A.188A.24(iii)(iv)(v)(vi)(vii)8A.35(viii) 2025630D238 2025630 20256302410 63013.2013.2113.22 2025630 2025630 Ernst & Young27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 47722025630343434 2410 34 2025821 2025630 2025630 2025630 2025630 2025630 1. 201978MaplesCorporate Services LimitedPO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 2. 20256303420241231 3. 20241231 21 21 4. 2025630 10% 5. 2025630 5. 6. 2025630 7. 8. 16.5%202416.5%2,000,00020242,000,0008.25%20248.25%16.5%202416.5% 15%25% 9. 20252024630 2025630 10. 11. 2025630109,391,0002024630182,390,000 202563