题图｜泰国曼谷国际车展 "成绩亮眼，阻力明显，实力能打，形象模糊"，这是中国车企出海的真实写照。 2026年3月25日，第47届曼谷国际车展启幕。展厅外，是热带季风的湿热气息与泰国特有的从容节 奏；展厅内，是中、日、欧、美车企竞逐东南亚市场的暗战与角力。 本届车展上，中国军团成为最受关注的参展力量：比亚迪、名爵、广汽埃安、长城等主流品牌集体亮 相，从小型车到高端MPV车型悉数登场，中国品牌完成了从参展"看客"到市场主力军的身份转变。 另一个惊喜是，中国汽车服务平台在本次泰国车展全面发力。汽车之家启动了8小时中英双语车展全 程直播和大规模海外报道。很多东南亚用户借此第一次大规模了解中国品牌，中国汽车行业也得以如 此大范围地直观感受东南亚市场的热情，中国车企与本地用户之间的隔阂正被打破。 然而，中国车企在东南亚也面临现实的阻力。这里有日本品牌长达60年的深耕，欧系品牌的高壁 垒，以及与国内迥异的规则和文化。 2025年，日系品牌在泰国市场份额仍达69.3%，丰田以36.2%的市占率稳居第一。中国品牌虽以 21.5%的份额跃居第二，但距离真正撼动日系根基仍有明显差距。降价、铺产能等一系列国内产业链 整合的打法被证明 ...

截至发稿前，南都·湾财社记者留意到，汽车之家微博账号、哔哩哔哩账号、抖音账号已恢复可关注状态，且微博账号与抖音账号更新了北京车展相关内 容。 用户 汽车之家 粉丝:650.9万 汽车之家官方账号 关注 去预约 > 据媒体报道，3月24日，汽车互联网服务平台"汽车之家"（NYSE:ATHM；HK：2518）在多个平台注册的官方账号一度被禁止关注，其中，新浪微博显示"因 违反法律法规或《微博社区公约》禁止关注"，抖音、哔哩哔哩平台分别显示"该用户被禁止关注"和"该账号异常，关注失败"。 同日，汽车之家官方客服回复媒体称，相关账号即将恢复正常，但账号被禁止关注原因和具体的恢复正常时间暂未收到相关说明。 该用户被禁止关注 我们在满洲里把电脑游 动态续航精准! 奥迪E5极寒续 ... 操控与舒适能否兼得? ll ♡ 2255 ♡ 4988 公开资料显示，汽车之家成立于2008年，最初为一家内容型垂直媒体公司，专注于媒体服务。2016年，该公司推出"4+1"战略转型方案，打造了一个囊括"车 内容""车交易""车金融""车生活"的平台，从内容型垂直公司转型和升级为数据和技术驱动的汽车平台。 据了解，目前，汽车之家收入来源包 ...

3月24日，南都N视频记者注意到，汽车互联网服务平台"汽车之家"多个社交平台官方账号被禁止关注，而此前， 国家网信办曾通报称，"汽车之家"等平台开展不规范测评，扰乱汽车行业市场秩序。 "汽车之家"多个账号被禁止关注。 24日下午，南都记者查询发现，"汽车之家"多个社交平台官方账号显示无法正常关注，其中有平台注明系"该用户 因违反社区规定被禁止关注"。这些账号粉丝数从数十万到上百万不等。记者咨询账号客服人员，暂无回应。此 外，"太平洋汽车"多个账号也被禁止关注。 今年1月，"网信中国"公众号发布汽车行业网络乱象专项整治行动公开曝光第三批典型案例。该文披露，近期，国 家网信办会同工业和信息化部等部门聚焦挑动群体对立、炒作负面话题、开展不规范测评等突出问题，持续深入 开展汽车行业网络乱象专项整治，依法依约处置一批违法违规账号。 其中，"汽车之家""太平洋汽车"等汽车类垂直平台，开展"冬测""智驾横评"等不规范测评项目，并通过相关账号 发布以偏概全的汽车测评类信息，误导社会公众对汽车产品质量、功能性能等方面的认知。涉及的账号已被依法 依约采取处置措施。 南都记者获悉，早在2025年12月，"网信中国"公众号曾发布汽车 ...

图片来源：视觉 中国 3月24日上午，智通财经搜索发现，汽车互联网服务平台汽车之家（02518.HK）多个平台社交账号被禁 止关注。 在其微博账号，智通财经查阅发现，汽车之家因违反法律法规或《微博社区公约》禁止关注。该账号目 前有约979万粉丝，其最后一条微博停留在1月5日，此后再无更新。 此外，汽车之家官方认证抖音账号显示"该用户被禁止关注"，该账号拥有651万粉丝；其快手、B站官 方认证账号均被禁止关注，有平台提示原因显示为"账号异常"或"违反社区规定"。其抖音、B站的视频 最后更新日期都是1月5日，仅快手账号的视频最后更新日期为1月23日。 智通财经联系汽车之家的几大账号客服，询问什么原因禁止关注？仅其微博账号回复称："如果没有及 时回复，请留意私信，我们会第一时间处理。"截至发稿，其他账号没有任何回复。 今年1月，汽车之家曾因为不规范测评项目，被中央网信办点名批评。1月16日，中央网信办发布汽车行 业网络乱象专项整治行动公开曝光第三批典型案例。网信办表示，"汽车之家""太平洋汽车"等汽车类垂 直平台，开展"冬测""智驾横评"等不规范测评项目，并通过相关账号发布以偏概全的汽车测评类信息， 误导社会公众对 ...

3月24日，汽车之家多个社交平台官方账号被禁止关注。 其微博账号显示"该用户因违反法律法规或《微博社区公约》被禁止关注！"最近发布的一条微博停留在1月5日，内容为"奥迪E5一百天真长测"相关视频。 汽车之家官方认证抖音账号显示"该用户被禁止关注"，该账号拥有651万粉丝；其快手、B站官方认证账号均被禁止关注，有平台提示原因显示为"账号异 常"或"违反社区规定"。 今年1月，汽车之家曾因为不规范测评项目，被中央网信办点名批评。1月16日，中央网信办发布汽车行业网络乱象专项整治行动公开曝光第三批典型案 例。网信办表示，"汽车之家""太平洋汽车"等汽车类垂直平台，开展"冬测""智驾横评"等不规范测评项目，并通过相关账号发布以偏概全的汽车测评类信 息，误导社会公众对汽车产品质量、功能性能等方面的认知。 SFC ...

每经AI快讯，近日，国内头部汽车互联网服务平台"汽车之家"多个社交平台官方账号被禁止关注。23 日，有相关平台客服回应记者称，账号被禁止关注的原因一般为评论区互动违规。记者了解到，今年1 月，"汽车之家"曾因为不规范测评项目，被中央网信办点名批评。（极目新闻） ...

【#汽车之家多个平台账号被禁止关注#】近日，国内头部汽车互联网服务平台"汽车之家"多个社交平台 官方账号被禁止关注。 24日上午，在"汽车之家"微博账号，记者点击关注，显示"该用户因违反法律法规或《微博社区公约》 被禁止关注！"其最近发布的一条微博停留在1月5日，内容为"奥迪E5一百天真长测"相关视频。另 外，"汽车之家"的抖音、快手、B站等账号均被禁止关注，有平台提示原因显示为"账号异常"或"违反社 区规定"。视频平台最后更新日期在1月23日。 极目新闻记者联系某视频平台客服，客服称账号被禁止关注大部分原因是因为评论区互动违规或者违规 互关互粉等情况。至于"汽车之家"因什么原因禁止关注，无从了解。（极目新闻） ...

Core Viewpoint - The financial report indicates that the company is experiencing a significant decline in revenue and profit, reflecting challenges in its traditional business model and a transition towards a new operational framework [1][2]. Financial Performance - In 2025, the company's total revenue was 6.452 billion yuan, a year-on-year decrease of 8.3%, with net profit at 1.443 billion yuan, down 14.2% [1]. - In Q4 2025, revenue further declined to 1.462 billion yuan, a drop of 18% year-on-year, and net profit fell to 234 million yuan, down 27% [1]. Traditional Business Model - The company has historically relied on two main revenue streams: media advertising and sales leads, which have been losing growth momentum [1][3]. - The media advertising revenue for 2025 was 1.153 billion yuan, down 24.3%, while sales lead revenue was 2.709 billion yuan, down 13.6% [5]. Market Dynamics - The decline in traditional media advertising is attributed to shrinking marketing budgets from automakers and a shift towards short video platforms and social media for advertising [5]. - The sales lead business, once a core revenue source, is facing challenges as the automotive sales system evolves, with new channels like live selling and social media reducing reliance on traditional platforms [5][6]. New Business Initiatives - The company is exploring new growth avenues, with "online marketing and others" revenue reaching 2.589 billion yuan, an increase of 8.8%, marking it as the only growing segment [7]. - The launch of the "Automobile Home Mall" in 2025 aims to transition the company from an information platform to a transaction platform, allowing users to complete the car buying process online [8]. Cost Structure and Profitability - The transition to a transaction-based model involves higher costs compared to the previous media model, leading to a decrease in overall gross margin from 78.9% to 72.4% and operating margin from 14.3% to 11.9% [9][10]. Shareholder Dynamics - In 2025, Haier Group acquired controlling interest in the company, potentially providing synergies with its extensive retail channels and consumer scenarios [11]. - The integration of automotive sales with household consumption could create new user entry points, although this synergy is still in early stages [11]. Industry Context - The challenges faced by the company reflect broader trends in the automotive vertical media industry, where traditional media's role is diminishing due to the rise of social media and short video platforms [12]. - The company is aware of these shifts and is attempting various transformation strategies, but these efforts are still in the early stages [13].

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on the Hong Kong market, leveraging over a decade of experience in both buy and sell sides of investment [1] - The service provides monthly updates and watch lists to keep investors informed about potential investment opportunities [1]

Core Viewpoint - The company, Autohome, reported its financial performance for Q4 and the full year of 2025, highlighting a strategic transformation from an automotive information platform to a one-stop automotive ecosystem service platform, focusing on content enhancement and service integration [1][11]. Financial Performance - Q4 total revenue reached 1.46 billion RMB, with an adjusted net profit of 304 million RMB [1] - Full-year total revenue for 2025 was 6.45 billion RMB, with an adjusted net profit of 1.61 billion RMB [1] - The company announced a new stock repurchase plan, allowing for the buyback of up to 200 million USD in American Depositary Shares over the next 18 months [1] Content Strategy - Autohome emphasizes high-quality content as a core strategy, aiming to lead the automotive industry content landscape [2] - The company has integrated deep industry insights into its content, participating in major events like the Guangzhou International Auto Show, which featured a 23-hour immersive live broadcast [2] Creator Ecosystem - The launch of the "Zhijia Wanxiang" content marketing platform aims to provide a one-stop automotive content solution, attracting over 2,500 quality creators [3] - The platform covers various content forms, including text, video, and live streaming, enhancing its industry influence [3] New Media Impact - The "Zhijia Media MCN" has expanded to include over 500 creators, with mobile daily active users surpassing 77.51 million by December 2025 [5] Online and Offline Integration - Autohome is advancing its online and offline (O2O) integration strategy, launching a new retail model through its mall business [6] - The mall has attracted 23 mainstream new energy brands, creating a comprehensive operational network for display, transaction, and after-sales services [6] Immersive Experience - The company organized over 5,000 offline auto shows and group buying events in 2025, extending the car purchasing experience into immersive spaces [7] - In the used car sector, Autohome is building a standardized service system and has completed over 500,000 standardized vehicle inspections [7] AI Integration - Autohome has embraced AI technology, completing AI upgrades across its product lines to enhance user experience and service capabilities [10] - The introduction of AI-driven tools, such as an intelligent assistant and a used car smart buyer, aims to improve decision-making and user interaction [10] Future Outlook - The company plans to continue its transformation into a one-stop automotive ecosystem service platform, focusing on content, new energy, AI digitalization, and used cars as competitive advantages [11] - Autohome aims to deepen online and offline integration and drive technological innovation to create long-term value for users, clients, and shareholders [11]