BOCOM International has issued a research report stating that TUHU-W (09690) is expected to continue its trend of double-digit revenue growth and stable profit margins in the second half of the year. The firm anticipates that by 2026, the company should be able to resume its profit improvement trajectory based on this year's foundation. The valuation has been adjusted to 2026, and based on 18x 2026 P/E ratio, the target price has been raised from HK$21 to HK$25, maintaining a "BUY" rating.

In the first half of the year, TUHU outperformed the industry through consumer insights and supply chain management technology growth. The company's H1 2025 performance and store expansion progress were generally in line with expectations, with revenue achieving accelerated year-over-year growth. Despite downward pressure on average transaction values, the company achieved sequential improvement in gross profit margins through optimizing product category structure and supply chain management, while operating expense ratios continued their optimization trend.