承董事會命 Autohome Inc. 董事及首席執行官 劉斥先生 香港，2025年9月18日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 於本公告日期，董事會包括董事劉斥先生、梁海山先生、張翠美女士、周生磊先生、方興先生及龍泉先生以及獨 立董事劉峻嶺先生、濮天若先生及汪大總博士。 Autohome Inc. 汽車之家* （於開曼群島註冊成立的有限公司） （股份代號：2518） 有關現金分紅的董事會決議的日期 Autohome Inc.董事會（「董事會」）謹此宣佈正考慮宣派及支付現金分紅（倘有）。倘董事會 決定進行，分紅宣派將於2025年9月30日（星期二）（香港時間）或前後以董事會決議通過。 * 僅供識別 ...

Core Insights - MSCI upgraded the ESG rating of Autohome Inc. from BB to BBB, marking the second consecutive year of rating improvement and achieving the highest level in its history [1] - The upgrade reflects Autohome's continuous progress and strategic investment in environmental, social, and governance dimensions, gaining recognition in the international capital market for its sustainable development practices [1] ESG Performance - MSCI highlighted Autohome's outstanding performance in user privacy and data security, corporate governance structure, and employee development, resulting in multiple enhancements [1] - The company has actively integrated ESG principles into its core business by improving content authenticity management, enhancing user data protection mechanisms, and promoting accessibility features [1] Future Commitment - Autohome views this rating upgrade as a significant milestone in its ongoing efforts to deepen ESG management [1] - The company plans to continue adhering to a user-centric core value, fully integrating ESG orientation into product design, content ecosystem, governance systems, and social contributions [1]

Core Insights - The latest MSCI ESG rating for Autohome Inc. has been upgraded from BB to BBB, marking the second consecutive year of improvement and the highest rating in the company's history [1] - This upgrade reflects the company's ongoing commitment to environmental, social, and governance (ESG) improvements, gaining recognition in the international capital market for its sustainable development efforts [1] ESG Performance - Autohome has shown significant improvements in user privacy and data security, corporate governance, and employee relations [1] - The company has actively integrated ESG strategies into its core business, enhancing the authenticity of platform information, increasing user privacy protection levels, and optimizing product accessibility [1] Future Commitment - The rating upgrade is seen as positive feedback for the company's continuous efforts in sustainable development management [1] - Autohome plans to further embed ESG principles into product innovation, content development, corporate governance, and social responsibility, aiming to create long-term value for users, the industry, and society [1]

Core Insights - The founder of Li Auto, Li Xiang, is more troubled by the decline of Autohome, which he founded, than by the drop in Li Auto's sales or stock price [1] - Autohome, established in 2005, lost control after financing in 2008 and has changed ownership multiple times, recently being acquired by Haier for 13 billion [1] Company Overview - Autohome was founded in 2005 and relinquished control in 2008 due to financing needs [1] - The company has undergone several ownership changes over the years [1] - The latest acquisition was by Haier for 13 billion [1]

Core Viewpoint - Haier has completed the acquisition of a 43% stake in Autohome from Ping An for $1.8 billion, becoming the controlling shareholder, which raises questions about the future direction of Autohome and its business model [7][10]. Group 1: Acquisition Details - Haier's acquisition of Autohome took six months and cost approximately 18 billion USD (around 130 billion RMB) [7]. - Ping An retains a 5.1% stake and a board seat, but the CEO of Autohome has been replaced by someone from Haier's team [10]. Group 2: Autohome's Declining Performance - Autohome's financial performance has been declining, with revenue dropping from 8.66 billion RMB in 2020 to 7.04 billion RMB in 2024, and profit decreasing from 3.41 billion RMB to 1.68 billion RMB during the same period [12]. - The platform has faced a trust crisis due to issues like excessive advertising and low-quality content, leading to a decline in user engagement [14][31]. Group 3: Historical Context - Autohome started as a car enthusiast forum in 2005, focusing on objective content, but shifted towards commercialization after internal conflicts in 2008 [16][19]. - The introduction of lead sales in 2009 marked a turning point, prioritizing profit over user experience, which contributed to its current challenges [20][24]. Group 4: Competitive Landscape - The automotive portal industry is considered a sunset industry, with user engagement declining as consumers turn to platforms like Douyin and Xiaohongshu for car reviews [29][31]. - Competitors like Dongchedi have adopted short video formats and more effective lead generation models, further exacerbating Autohome's struggles [32][36]. Group 5: Future Outlook - Haier's acquisition may aim to integrate Autohome with its used car platform, Kataychi, but the fundamental issues facing Autohome may not be resolved simply through financial investment [40][41]. - The need for a transformative strategy to enhance user experience is critical for Autohome's survival, as financial backing alone is insufficient [44].

Group 1 - Haier has completed the acquisition of a 43.0% stake in Autohome from Ping An for approximately $1.8 billion (around 13 billion RMB), becoming the controlling shareholder [2][4] - Despite Ping An's Yunchen Capital retaining a 5.1% stake and a board seat, the CEO of Autohome has been replaced with someone from Haier's network, indicating potential significant changes ahead [4][6] - Autohome's financial performance has been declining steadily, with revenue dropping from 8.66 billion RMB in 2020 to 7.04 billion RMB in 2024, and profit decreasing from 3.41 billion RMB to 1.68 billion RMB during the same period [6][19] Group 2 - The shift in ownership from a financial company to a home appliance company raises questions about the future direction of Autohome, especially given its current struggles [6][27] - Autohome has faced a trust crisis due to issues like excessive advertising and low-quality content, which have contributed to its declining reputation [9][19] - The automotive portal industry is considered a sunset industry, with user engagement decreasing as consumers turn to platforms like Douyin and Xiaohongshu for car reviews [20][22] Group 3 - Haier's acquisition may aim to integrate Autohome with its used car platform, Kataychi, and expand its presence in the automotive sector, but the fundamental issues facing Autohome may not be resolved by this change [27] - The competitive landscape has shifted, with competitors like Dongchedi adopting more effective content strategies, such as short videos, which have outperformed Autohome's traditional text and image-based approach [22][25] - Autohome's lead generation model has become outdated, leading to dissatisfaction among car manufacturers and dealers, further exacerbating its challenges in the market [25][27]

Group 1 - Haier Group's subsidiary, Katai Chi Holdings, has successfully completed the strategic acquisition of a 43% stake in Autohome from Ping An's Yunchen Capital for approximately $1.8 billion, making Haier the controlling shareholder of Autohome [2] - Following the transaction, Yang Song has resigned as CEO of Autohome and will take on the role of Senior Vice President, while Liu Chi from Haier Group will become the Chairman, Director, and CEO of Autohome [2] - It is reported that Haier plans to acquire additional shares of Autohome by November 2024, aiming for full control rather than just a specific business segment, with a potential 30% workforce reduction expected in January 2025 [2] Group 2 - Autohome's financial report for the first half of 2025 shows total revenue of 3.212 billion yuan, a year-on-year decrease of 7.75%, and a net profit attributable to shareholders of 772.3 million yuan, down 15.99% year-on-year [3]

Group 1: Ownership Change - Automotive Home has undergone another ownership change, with Katai Chi Holdings officially becoming the controlling shareholder after completing the acquisition from Cloud Capital, a subsidiary of Ping An Insurance [1] - Katai Chi Holdings acquired approximately 43% of Automotive Home's shares for about $1.8 billion, marking a significant shift in ownership [1] - Following the transaction, the CEO and board member Yang Song resigned, and Liu Chi, a director from Haier Group, was appointed as the new chairman and CEO [1] Group 2: Financial Performance - In Q2 2025, Automotive Home reported a net income of 1.758 billion yuan, a year-on-year decrease of 6.14%, and a net profit attributable to the company of 415.7 million yuan, down approximately 20.79% [2] - The decline in revenue was attributed to reduced advertising spending from internal combustion engine manufacturers, impacting the media business [2] Group 3: Business Challenges - Automotive Home's lead generation business is experiencing a contraction, with several car brands ceasing cooperation with the platform [3] - Huawei announced a suspension of collaboration with Automotive Home and other platforms due to high lead generation service costs that did not yield proportional results [3] - Automotive Home's net profit has been declining for several consecutive quarters, with Q3 and Q4 2024 showing year-on-year decreases of 23.69% and 28.25%, respectively [3] Group 4: Future Strategy - Katai Chi Holdings aims to integrate "content + transaction + service" into a new travel platform model, enhancing online and offline collaboration [4] - Automotive Home plans to accelerate the development of a new retail model that efficiently combines online and offline operations, creating a one-stop O2O automotive ecosystem [4] - The future direction of Automotive Home under Katai Chi Holdings remains uncertain [4]

Core Viewpoint - After being acquired by Ping An for nine years, China's largest automotive vertical media platform, Autohome, has been sold to Haier Group's subsidiary, Kataychi Holdings, for approximately $1.8 billion, marking a significant shift in ownership and strategy [1][2]. Group 1: Transaction Details - Kataychi Holdings acquired about 43.0% of Autohome's shares from Ping An's Yunchen Capital, becoming the controlling shareholder [1]. - Following the transaction, Ping An retains approximately 5.1% of shares and one board seat, indicating a shift from major shareholder to a significant financial investor [1][3]. - The deal, announced in February, took six months to finalize, raising questions about Haier's motivations for investing in a declining automotive media business [1][4]. Group 2: Haier's Strategic Intent - Haier's Chief Brand Officer has denied speculation about entering the car manufacturing sector, stating the acquisition aims to enhance services in the automotive aftermarket [1][2]. - Kataychi Holdings, established in November 2022, focuses on electric vehicle charging and post-vehicle services, including used car services and infrastructure [1][2]. Group 3: Autohome's Performance and Challenges - Autohome, founded in 2005, has been a leading automotive vertical website, but its revenue and profit have significantly declined since 2021, with a projected net income of RMB 1.68 billion for 2024, halving over four years [3][4]. - The company's media advertising revenue has dropped sharply by 35.46% in Q2 2025, now constituting only 16.24% of total revenue, while the lead generation service faces challenges from the rise of direct sales models in the EV sector [4]. - Autohome's new CEO has indicated a strategic shift towards becoming an automotive ecosystem platform, collaborating with Haier and Ping An [4].

Group 1 - Haier Group, through its subsidiary Katai Chi Holdings, has completed the strategic acquisition of approximately 43.0% of Autohome's shares from Ping An's Yuncheng Capital for about $1.8 billion, becoming the controlling shareholder of Autohome [2] - Ping An Property & Casualty will remain a major shareholder of Autohome, holding approximately 5.1% of shares through Yuncheng Capital and retaining a board seat [2] - The board of Autohome has been restructured, with Yang Song resigning as CEO and being replaced by Liu Chi, who is also the head of Haier Group's automotive sector [2] Group 2 - Autohome, as a leading automotive vertical media platform, has 280 million registered users and an average daily usage time exceeding 40 minutes, which can help Haier in traffic conversion [3] - Competitors like Midea and Gree are also entering the automotive sector through investments and collaborations, indicating the need for Haier to act to avoid falling behind [3] - Following the acquisition, Haier can enhance its financial capabilities, as Autohome reported a net income of 1.758 billion yuan for Q2 2025, down from 1.873 billion yuan in the same period of 2024, and a net profit of 415.7 million yuan, down from 524.8 million yuan in 2024 [3] - The direct target of Haier's acquisition is the automotive aftermarket, as it aims to leverage Autohome's established service system to fill gaps in online traffic and transaction platforms [3]