Jimu news reporter Liu Shan, Xu Wei
On January 24, Jimu News reporter learned that Tuhu Yangche officially submitted an IPO prospectus to the Hong Kong Stock Exchange. Tuhu's move also fired the first shot at the IPO of the 2022 automotive aftermarket.
Enter the automotive aftermarket with tires as the entry point
In 2011, Tuhu Car entered the Chinese automotive aftermarket with tires as the entry point, and Tuhu Car Mall was officially launched. Initially, it was just an online retail platform that offered customers a wide range of genuine automotive products at transparent prices. In 2012, Tuhu Yangche set up a logistics center in Shanghai, gradually realizing the speed of Jiangsu, Zhejiang and Shanghai.
In just a few years, Tuhu has developed rapidly in the automotive aftermarket. In 2013, there were more than 4,000 installation outlets nationwide. In 2015, the Tuhu Car App was launched, and the platform provided more than 30 kinds of maintenance services. In 2016, Tuhu Yangche's first workshop store opened and completed Series D financing. Three years later, the scale of the workshop exceeded 1400, and it was selected as one of the top 100 software and information technology service industries in Shanghai.
In the prospectus, Tuhu Yangche introduced itself as follows: "We are China's leading online and offline integrated automobile service platform, and our goal is to set standards for the automobile service industry. ”
According to public data, the Tuhu factory store network includes 202 self-operated stores and 3167 franchised Tuhu factory stores (managed by 1538 franchisees). In addition, Tuhu Has 33,223 cooperative stores across The Country, covering most prefecture-level cities and continuing to expand. Among them, there are more than 150 stores in Wuhan, covering the three towns of Wuhan.
Revenue has always maintained rapid growth
In terms of revenue and the number of car service stores operated, Tuhu Car is the largest independent car service platform in China.
In recent years, Tuhu's car revenue has always maintained rapid growth. In 2019 and 2020, Tuhu's total revenue was 7 billion yuan and 8.8 billion yuan, respectively. The company's revenue in the first three quarters of 2020 was 6 billion yuan, and the revenue in the first three quarters of 2021 was 8.4 billion yuan, an increase of 41.8% year-on-year. Judging from the data from the first three quarters, Tuhu's operating income in 2021 exceeded 10 billion yuan, which is a high probability event.
Revenue has increased significantly, and the gross profit level of Tuhu's car breeding has continued to improve. Jimu News reporter noted that as of 2019, 2020, the first nine months of 2020 and the first nine months of 2021, tuhu's gross profit was 523 million yuan, 1.1 billion yuan, 795 million yuan and 130 million yuan, respectively, with significant increases before and after comparisons.
In just 10 years, why can Tuhu raise a car soar? Industry insiders believe that it benefits from its unique core competitiveness. Tuhu has created a vibrant automotive service ecosystem that includes car owners, suppliers, service stores and other players.
At the same time, the customer-centric business model improves the online and offline customer experience through the implementation of strong control and digital management systems in offline stores. This can bring more user traffic to Tuhu, strengthen bargaining power in the process of commodity procurement, provide customers with attractive prices, and attract more stores to join Tuhu's store network.
In addition, according to the prospectus, Tuhu has more than 900 R&D personnel, led by experts in their respective fields, including data analysis, industry digital solutions and smart store management. Tuhu's digital capabilities provide users with affordable, genuine, high-quality product and service experiences, optimize the management capabilities of small and micro entrepreneurs through digital solutions, and help common prosperity.
Follow-up or will focus on the field of new energy
The reporter combed and found that as of the IPO, Tuhu Yangche has completed a total of 16 rounds of financing from A to F, and the investors include Tencent, Sequoia Capital, CICC Qiyuan, Joy Capital, Goldman Sachs, etc., with a total financing amount of more than 9 billion yuan.
For the use of the funds raised after the listing, the prospectus shows that Tuhu Yangche's fundraising will continue to be used for business expansion, including improving supply chain capabilities, such as installing robot sorting and packaging, storage and goods-to-person systems and equipment, expanding warehouse coverage, upgrading freight networks, research and development of platform systems and data analysis technologies, expanding store networks and franchisee bases, and further strengthening relationships with franchisees ; providing funds for investments related to automotive services and investments in tools and equipment related to new energy vehicle owners.
Some analysts believe that Tuhu Car or rely on its online platform and offline store network to provide supporting services for new energy vehicle brands that do not have maintenance capabilities. In October 2021, Tuhu Yangche has signed a strategic cooperation agreement with Jihu Automobile to provide the latter with a one-stop after-sales service ecosystem for new energy car owners.
The IPO is of landmark significance for the development of Tuhu Yangche. Industry insiders said that this will lay a solid foundation for Tuhu Yangche in terms of brand building, financing ability improvement, large-scale development, pooling talent advantages, and establishing a modern enterprise system.