On December 9, Glonghui reported that China Merchants International believes that Tuhu, as a leading independent car service provider in the industry, is expected to benefit from the trend of increasing vehicle age and rational consumer preferences, with technology empowering car services. They also believe that Tuhu's store network expansion is sufficient to offset potential single-store growth pressure, and the increase in the proportion of proprietary self-controlled products positively aids both the company's profit and profit margin. Tuhu is a strong defensive symbol amid macroeconomic fluctuations, being selected as the preferred symbol in this 2025 annual strategy for the car service sector. Considering the recent recovery in consumer spending, China Merchants International has raised Tuhu's revenue forecast for this year and next by 1 to 2%, reaching 14.9 billion yuan and 17.1 billion yuan, with gross margins improving to 26% and 26.8%, respectively. The adjusted net income is raised by 3% to 5% to approximately 0.79 billion yuan and 1.15 billion yuan. The bank reiterated the "buy" rating, raising the target price from 23 Hong Kong dollars to 26 Hong Kong dollars due to improved investment sentiment.