In other words, the recent Hong Kong stock market and U.S. stocks are really called a miserable ah, the eighth sister does not dare to look at it. However, in such a bleak environment, there are still companies that submit listing applications, for example, it is Tuhu Yangche who submits a prospectus in Hong Kong stocks today.
For Mao today to talk about Tuhu car? First of all, this is a Tencent company, and Tencent is the largest shareholder, accounting for nearly 20% of the shares. Secondly, the company will integrate online and offline car services, especially in the past two years, the speed of offline store expansion is still quite fierce, and it may be quite bullish in china's automotive aftermarket in the future. Of course, as another representative of the cash-for-market model, the company's losses are also quite staggering, less than three years, the net loss is close to 12 billion, even if the net loss under non-IFRS is almost 3 billion. When will the profits come? Unknowable.
Well, no nonsense, let's talk in detail about the dry goods in the Tuhu car prospectus.
1, Tuhu Car Revenue in the first nine months of 2021 was 8.4 billion yuan, and the growth accelerated.
According to the prospectus, the revenue growth rate of Tuhu Yangche in 2021 is increasing. According to the prospectus, Tuhu Car mainly provides genuine automotive products and services through online interfaces and offline service networks, thereby generating revenue. Its total revenue increased by 24.3% from RMB7 billion in 2019 to RMB8.8 billion in 2020. In the first nine months of 2021, Tuhu's revenue was 8.4 billion yuan, an increase of 41.8% year-on-year.
2, Tuhu Yangche said that the number of its stores ranked first among competitors.
As of September 30, 2021, the app Tuhu Car and online interface had 72.8 million registered users and 13.9 million annual trading users, an increase of 35.6% year-on-year.
At the same time, according to the prospectus, Tuhu Yangche has more than 3,300 Tuhu workshop stores and more than 33,000 cooperative stores across the country, covering most prefecture-level cities. Tuhu Said it ranks first in the number of independent domestic after-sales service providers in terms of stores.
In addition, the prospectus shows that in the past two years, Tuhu Car has launched an offline expansion campaign. In the first nine months of 2021 alone, the number of stores grew by 42%.
Tuhu said it has established an offline network of managed stores and technicians to provide high-quality and standardized in-store services. At the same time, it also cooperates directly with auto parts suppliers to provide affordable and genuine products through the supply chain and logistics network covering the whole country.
3, three years of loss of 3 billion, Tuhu car cash tight.
After experiencing major expansion in recent years, Tuhu Has broadened the market and increased the number of stores, but this has also brought about large-scale losses.
According to the prospectus, in less than three years, Tuhu's net loss is close to 12 billion, and even after adjustment, the net loss is close to 3 billion.
At the same time, Tuhu also relies on financing and operation. According to the prospectus, in 2020 and 2021, Tuhu Raised Car received a total of $600 million in financing.
After multiple rounds of financing, as of the end of September 2021, the cash and cash equivalents on Tuhu's car account were 1.43 billion yuan. For a company that loses $1 billion a year, that cash reserve isn't much.
4, Tuhu Car is a "Tencent" company.
According to the prospectus, Chen Min, the founder of Tuhu Yangche, is the controlling shareholder, but he only holds 11.75% of the shares. Tencent holds 19.41% of the shares and is the largest shareholder. Of course, Tencent only played the role of a strategic investor in this investment, occupying only one non-executive director seat out of 6 directors.
At the same time, like many investment cases, Tencent provides cloud services, advertising services and payment services to Tuhu Yangche. (Haha, this is also a kind of business income "return".) ）
All in all, As a company that has been working for 11 years and focusing on the automotive after-sales service market, Tuhu Car Should be said to be not easy. After experiencing many rounds of burning money to expand the store, Tuhu Car has also become the leader among domestic automotive after-sales service providers. I just don't know, will Hong Kong investors still be interested in such a company that loses money to do automotive after-sales service in the current market environment? What position can Tuhu Car Occupy in the future competitive automotive aftermarket? Let's wait and see.