TUHU Car Inc. Class A (9690) AI Stock Analysis

• Market Cap: HK$10.56B
• Dividend Yield: N/A
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 23.0
• Beta (1Y): 0.94
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 4,491
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): N/A
• Shares Outstanding: 758,683,200
• 10 Day Avg. Volume: 853,184
• 30 Day Avg. Volume: 1,028,016
• PEG Ratio: -0.29
• Price to Book (P/B): 2.81
• Price to Sales (P/S): 0.93
• P/FCF Ratio: 13.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$21.50
• Price Target Upside: 33.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.07
• Revenue Forecast (FY): HK$17.95B

• Rating: 60 Neutral
• Price Target: HK$16.50 ▲(2.17% Upside)
• Action: Reiterated Date: 10/26/25
• Date: Action: Reiterated 10/26/25

The overall stock score of 60 reflects stable financial performance with strong balance sheet fundamentals, offset by bearish technical indicators and a relatively high valuation. The absence of earnings call insights and corporate events limits further analysis.

Positive Factors

Conservative leverage

A very low debt-to-equity ratio signals conservative leverage and financial flexibility. Combined with an equity ratio near 39.9% and ROE of 10.22%, this capital structure supports investment, weathering demand shocks, and strategic initiatives without heavy refinancing risk over the next several months.

Stable gross margin and revenue trend

Consistent TTM revenue growth and a stable ~25% gross margin reflect durable demand for core services and effective cost control on parts and labor. For an auto-services business, steady top-line growth plus resilient gross margins support sustainable operations and reinvestment into service network capacity.

Strong FCF relative to earnings

A free cash flow to net income ratio above 1.0 indicates the company converts reported earnings into cash at a healthy rate relative to net income, providing a durable source for capex, inventory, or strategic investments. This supports operational resilience despite short-term FCF volatility.

Negative Factors

Declining free cash flow

An 18% decline in free cash flow in the trailing period signals weakening cash generation capacity, which can constrain reinvestment, network expansion, or discretionary spending. If persistent, reduced FCF limits strategic flexibility and increases sensitivity to cost or demand shocks.

Weak cash conversion

A low operating cash flow to net income ratio (~0.124) indicates reported profits are not translating into operating cash. This raises concerns about earnings quality and reliance on non-cash items or working capital shifts, which may impair sustainable funding for operations and growth.

Thin net profitability

A net margin of about 3.3% is modest for sustaining growth and absorbing input cost inflation. Low bottom-line profitability limits retained earnings available for capex or strategic initiatives, increasing the need for operational improvements or margin expansion to fund long-term growth.

TUHU Car Inc. Class A Business Overview & Revenue Model

Company Description

TUHU Car Inc., together with its subsidiaries, primarily operates as an integrated online and offline platform for automotive services in China. The company offers tires and chassis parts; auto maintenance, such as various fluid chemicals, storage batteries, and maintenance accessories; and auto repair, car detailing, and other related installation services, as well as auto accessories. It also provides advertising, franchise, and other services to participants on its platform, including advertisement services and SaaS solutions to various businesses. The company offers automotive products and services to consumers through its online interfaces, including Tuhu automotive service app, website, and Weixin mini programme, as well as offline stores. The company was founded in 2011 and is based in Shanghai, China.

How the Company Makes Money

TUHU Car Inc. generates revenue primarily through its automotive service offerings, which include routine maintenance services, repairs, and parts sales. The company operates on a fee-for-service model, charging customers for each service performed. Key revenue streams include oil changes, tire sales and installations, brake services, and diagnostic services. Additionally, TUHU Car Inc. benefits from partnerships with automotive part suppliers and manufacturers that provide a steady supply of parts at competitive prices, allowing the company to maintain healthy profit margins. The company may also engage in promotional partnerships with local businesses to attract more customers and enhance community engagement, further contributing to its earnings.

TUHU Car Inc. Class A Financial Statement Overview

Summary

TUHU Car Inc. demonstrates stable financial health with consistent revenue growth and a strong balance sheet characterized by low leverage. Profitability margins are modest, and cash flow generation presents challenges, but overall financial stability is sound.

Income Statement

TUHU Car Inc. shows a positive trend in revenue growth with a 2.48% increase in the TTM period. The gross profit margin remains stable around 25%, indicating efficient cost management. However, the net profit margin is relatively low at 3.26%, suggesting room for improvement in profitability. The EBIT and EBITDA margins are modest, reflecting controlled operating expenses but highlighting potential for enhanced operational efficiency.

Balance Sheet

The company's debt-to-equity ratio is low at 0.051, indicating a conservative leverage position and strong equity base. Return on equity is healthy at 10.22%, showcasing effective use of shareholder funds. The equity ratio of approximately 39.9% suggests a solid capital structure, providing stability and financial resilience.

Cash Flow

Free cash flow has decreased by 18.26% in the TTM period, indicating potential challenges in cash generation. The operating cash flow to net income ratio is low at 0.124, suggesting limited cash conversion efficiency. However, the free cash flow to net income ratio is strong at 1.06, reflecting effective cash management relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.51B	14.76B	13.60B	11.55B	11.72B	8.75B
Gross Profit	3.88B	3.75B	3.36B	2.27B	1.87B	1.08B
EBITDA	503.80M	480.03M	7.11B	-1.72B	-5.45B	-3.61B
Net Income	505.39M	483.79M	6.70B	-2.14B	-5.84B	-3.93B
Balance Sheet
Total Assets	12.61B	12.80B	11.76B	9.01B	9.83B	9.03B
Cash, Cash Equivalents and Short-Term Investments	4.40B	4.45B	4.30B	3.23B	1.79B	1.86B
Total Debt	258.76M	311.94M	364.67M	22.07B	19.30B	14.30B
Total Liabilities	7.58B	7.94B	7.31B	27.97B	25.20B	18.94B
Stockholders Equity	5.03B	4.86B	4.46B	-18.96B	-15.37B	-9.91B
Cash Flow
Free Cash Flow	911.73M	997.52M	659.30M	-713.36M	-445.58M	163.01M
Operating Cash Flow	858.21M	1.32B	1.02B	-312.71M	-98.75M	331.28M
Investing Cash Flow	-141.41M	-2.43B	-2.37B	481.35M	-917.97M	570.81M
Financing Cash Flow	-557.88M	-240.97M	1.35B	935.98M	1.41B	-1.04B

TUHU Car Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9690, the sentiment is Negative. The current price of 16.15 is above the 20-day moving average (MA) of 14.47, above the 50-day MA of 15.31, and below the 200-day MA of 17.87, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 43.01 is Neutral, neither overbought nor oversold. The STOCH value of 33.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9690.

TUHU Car Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0425	73 Outperform	HK$43.39B	4.58	12.26%	1.39%	11.06%	22.10%
1316	68 Neutral	HK$15.49B	7.26	5.45%	1.02%	4.73%	492.16%
1057	65 Neutral	HK$17.89B	17.24	9.38%	1.37%	35.32%	24.24%
1760	64 Neutral	HK$1.99B	7.24	6.48%	3.20%	13.35%	-38.32%
0179	64 Neutral	HK$23.99B	9.04	12.36%	2.03%	-3.02%	11.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
9690	60 Neutral	HK$10.56B	23.04	10.22%	―	―	―

TUHU Car Inc. Class A Corporate Events

TUHU Car Inc. Renews Strategic Partnership with Tencent

TUHU Car Inc. has announced the renewal of its continuing connected transactions with Tencent Computer through the 2025 Tencent Group Framework Agreement. This agreement, which will last from January 1, 2026, to December 31, 2028, outlines the provision of technical, advertising, and payment services by Tencent to TUHU. The renewal signifies a continued strategic partnership, potentially enhancing TUHU’s operational capabilities and market presence by leveraging Tencent’s technological expertise.

The most recent analyst rating on (HK:9690) stock is a Hold with a HK$19.00 price target. To see the full list of analyst forecasts on TUHU Car Inc. Class A stock, see the HK:9690 Stock Forecast page.