Core Viewpoint - The automotive consumption landscape is undergoing transformation due to upgraded consumer demand and the application of new technologies, leading to the emergence of new demands and business models, which will reshape the automotive consumption value chain [1] Group 1: Testing and Evaluation - The 2022 "Super Test - Winter Laboratory" introduced a new dual-temperature testing method, collecting over 20,000 real user samples to provide comprehensive evaluations of 58 popular new energy vehicle models [2][3] - The testing included both pure electric and range-extended/integrated models, covering popular domestic and joint venture brands, and also included new models still in testing [2][4] - The dual-temperature testing approach provided a more comprehensive understanding of vehicle performance under varying conditions, including extreme cold [3][4] Group 2: Performance Insights - In the low-temperature tests, joint venture brands outperformed domestic brands in pure electric models, while all range-extended/integrated models were domestic, highlighting the market dominance of domestic brands in this segment [4] - The average range achievement rate for pure electric models in Beijing was 71.8%, with the Taycan achieving 104.5%, while extreme cold conditions significantly reduced the range of many models [5][4] - The extreme cold testing revealed that the performance of electric vehicles was severely impacted, with some models achieving less than 40% of their official range [5] Group 3: Consumer Guidance - The testing results provided valuable insights into factors affecting winter range, such as battery performance, heating system efficiency, and tire performance under low temperatures [9][12] - The "Super Test" aims to address consumer pain points in selecting electric vehicles by providing clear, data-driven evaluations and recommendations [13] - The initiative emphasizes the importance of transparency and accuracy in automotive evaluations to help consumers make informed decisions [14] Group 4: Industry Impact - The automotive industry is encouraged to upgrade technology and improve product quality through the insights gained from the testing, which serves as a catalyst for innovation [10][14] - The integration of real user data into the evaluation process enhances the credibility and relevance of the assessments, positioning the company as a leader in automotive testing [12][14] - The company's brand upgrade reflects its commitment to meeting evolving consumer needs and promoting sustainable development in the automotive industry [13]

2022年12月30日，第二十届广州车展隆重开幕。作为国内领先的汽车消费在线服务平台，汽车之家一直致力于为汽车行业寻找新视角，为用户创造更具 价值的服务。在本次车展期间，汽车之家创新打造"潮FUN直播盛典"，用连续10天、累计超100小时的精彩直播与互动，打造了一场更多维、更好玩、更潮 流的看展盛宴。 早在去年广州车展，汽车之家便对用户进行了深入洞察。因用户圈层不同、需求不同、逛车展的看点不同，单一的直播方式已经不能满足用户的多样需 求。为了给用户带来多场景代入感下的沉浸直播体验，汽车之家制定了"全场景+全时空+全阵容"于一体的直播玩法，打造了一个超长续航7天不NG的"超级 直播周"。而今年，汽车之家在"超级直播周"基础上，升级打造了更强IP—"潮FUN直播盛典"，其规模更宏大、场景更多元、玩法更丰富、阵容更强大。据 统计，"潮FUN 直播盛典"共获得高达17.9亿的全网曝光量，2377.6万的全网直播播放量和510.4万的直播互动量，这一数据再次刷新往届车展历史峰值，成为 车展超级IP范本。 结合"看买用换玩"多维内容，打造超大规模车展视听盛宴 对于广大车迷来说，车展的最大看点莫过于现场盛况和品牌新车，为了 ...

Core Insights - The report by Aurora Research Institute highlights the performance of the mobile internet industry in Q4 2022, with a focus on the automotive information sector, where Autohome APP leads in both DAU and MAU [1][2] Group 1: Mobile Internet Industry Overview - In Q4 2022, the average number of apps installed per mobile internet user reached 73, with an increase in installations among younger and middle-aged users [1] - The average daily usage time for apps remained stable at 5.3 hours, indicating consistent online behavior among users [1] Group 2: Automotive Information Sector Performance - The automotive market showed a "first decline, then rise" pattern, with total retail sales reaching 5.66 million units in Q4 2022, and December sales hitting 2.169 million units, a year-on-year increase of 15% and a month-on-month surge of 47% [1] - The MAU for the automotive information sector stabilized at 130 million, with a recorded MAU of 134.1 million at the end of the quarter, showing a slowdown in growth but still maintaining a positive trend [1] Group 3: Autohome APP Performance - Autohome APP maintained its leading position in Q4 2022 with an average DAU of 12.887 million and MAU of 47.744 million, along with a monthly user growth of 9.215 million [2] - The strategic shift of Autohome from an automotive vertical media to a "content ecosystem + tool services + transaction platform" is driving its data advantage [2] Group 4: Strategic Initiatives and Collaborations - Autohome has undergone a brand upgrade to appeal to younger consumers, changing its slogan to cover a broader range of automotive consumption scenarios [2] - The company has engaged in various collaborations with platforms like Gaode Map and Huawei to enhance its ecosystem, creating a comprehensive automotive scene that integrates "people, cars, and roads" [3] - Autohome's partnerships with various companies, including CCTV-2 and JD Auto, have expanded its service offerings and user engagement, contributing to its ecosystem growth [3] Group 5: Future Outlook - Autohome aims to leverage its innovation and technology to reduce decision-making and transaction costs in the automotive industry, aspiring to become a leading one-stop service provider for automotive life [4]

Core Viewpoint - The "Hundred Cities Renewal Car Purchase Festival" is launched to promote the consumption of new energy vehicles (NEVs) and support the implementation of the "old-for-new" policy in the automotive industry [1][3][14]. Group 1: Event Overview - The event is co-hosted by Autohome and Ping An Property & Casualty Insurance, with significant attendance from industry leaders and government officials [1][3]. - The festival aims to enhance the automotive industry's production capabilities and stimulate consumer demand for NEVs [1][3]. Group 2: Policy and Market Context - The Ministry of Commerce and other departments issued guidelines for the "old-for-new" subsidy program, clarifying the scope and standards for subsidies [3][14]. - NEV penetration rate surpassed 50% for the first time in April, indicating strong market demand and growth potential [5]. Group 3: Strategic Initiatives - The festival combines online and offline experiences to facilitate a seamless car purchasing process, enhancing consumer engagement [7][17]. - Autohome and Ping An will leverage their respective platform advantages to provide consumers with convenient services, including test drives and vehicle comparisons [8][13]. Group 4: Consumer Experience and Services - The project introduces a test drive insurance with coverage of up to 200,000 yuan, ensuring consumer safety during test drives [13]. - The initiative offers immersive car viewing experiences, professional consultations, and rapid transaction processes for used cars [13][14]. Group 5: Industry Collaboration and Future Outlook - The collaboration among government, industry associations, car manufacturers, and internet platforms aims to activate a market space worth trillions of yuan [14][16]. - Autohome's ongoing partnerships and resource expansion are expected to drive innovation and high-quality development in the automotive sector [16][17].

Core Insights - Ping An Property & Casualty Insurance has launched a thematic campaign "Safe Journey to Reunion" in collaboration with Autohome to enhance safety and convenience for families during the Spring Festival [1][3] Group 1: Insurance Products and Services - The campaign features a range of insurance products covering various scenarios such as vehicle maintenance, home life, pet care, and overseas travel [3] - New products include "New Year Home Insurance" which covers common property loss risks and offers value-added services like laundry pickup and delivery [4] - The "Ping An 24" global protection plan provides coverage for overseas travelers, including emergency assistance and medical rescue services [4] Group 2: Promotions and Discounts - The campaign includes a "New Year Goods Festival" offering discounts on essential items and services through the Ping An Good Car Owner App [3] - Consumers can receive additional car purchase discounts, with potential savings of up to 3,700 yuan and additional gifts when purchasing through Autohome [3] Group 3: Safety and Support Services - The company has been conducting a Spring Festival safety campaign for 15 consecutive years, providing online and offline support services such as accident assistance and safety checks [5] - The Ping An Good Car Owner App offers safety inspection services covering nine major areas and 60 sub-items to identify vehicle issues [6] - Offline support points are established at major roadways and highway entrances to assist travelers with various services, ensuring a smooth journey [5][6]

Core Insights - The 2025 Auto Home 818 Global Car Purchase Festival aims to stimulate car buying enthusiasm with the theme "Remembering the Past, Embracing the AI Future" while providing substantial discounts and subsidies to users [1][4][11] - The event is strategically aligned with national policies to boost automotive consumption, especially in light of the challenges faced by the automotive market in 2025 [1][11] Industry Performance - In the first half of 2025, China's passenger car retail sales reached 10.901 million units, a year-on-year increase of 10.8%, with new energy vehicles accounting for 5.468 million units sold, reflecting a growth of 33.3% and a penetration rate of 50.2% [3] - Despite the increase in sales volume, the automotive consumption value only grew by 1% to 23,468 billion yuan, indicating a disparity between sales growth and revenue [3] - The average transaction price in Q2 2025 dropped by 14% compared to Q2 2022, impacting industry profitability, which saw a decline of 11.9% year-on-year to 178.1 billion yuan, with a profit margin of 4.3% [3] Event Highlights - The 2025 festival will focus on high-quality car purchase conversions by collaborating with various ecosystem partners to enhance consumer experience and value [4][5] - The event will leverage digital platforms, including live streaming and interactive games, to engage users and provide real-time information on subsidies and promotions [8] - The festival will also feature a physical presence in over 200 cities, offering a one-stop shopping experience with advanced technologies like AI-driven comparisons and virtual reality experiences [8][9] Consumer Engagement - The festival aims to provide genuine subsidies to users, with a focus on creating a seamless online-to-offline purchasing process [8][11] - The event will include a "Used Car Fair" offering thousands of quality vehicles at discounted prices, catering to cost-conscious consumers [11] - The festival is positioned as a significant annual event in the automotive industry, aiming to boost consumer confidence and support the upward development of Chinese brands [11]

Core Viewpoint - The financial performance of Autohome (ATHM) shows a decline in revenue and net profit for the fiscal year ending June 30, 2025, indicating potential challenges in the automotive online service market [1][2]. Financial Performance - As of June 30, 2025, Autohome reported total revenue of 3.212 billion RMB, a year-on-year decrease of 7.75% [1]. - The net profit attributable to shareholders was 772 million RMB, reflecting a year-on-year decline of 15.99% [2]. Company Overview - Autohome is a leading online service platform for automotive consumers in China, aiming to reduce decision-making and transaction costs in the automotive industry through technology [2]. - The company provides a variety of content types, including professional, user-generated, and AI-generated content, along with a comprehensive vehicle database and extensive automotive release information [2]. - Autohome serves as a preferred platform for automotive manufacturers and dealers to promote advertising campaigns, leveraging its large and active consumer user base [2]. - The company offers dealer subscription and advertising services, enabling dealers to market their inventory and services to millions of potential online users [2]. - Autohome operates a full-featured online trading platform called "Car Mall," which facilitates transactions for manufacturers and dealers [2].

Core Viewpoint - The financial performance of Autohome (ATHM) shows a decline in revenue and net profit for the fiscal year ending June 30, 2025, indicating potential challenges in the automotive online service market [1][2]. Financial Performance - As of June 30, 2025, Autohome reported total revenue of 3.212 billion RMB, a year-on-year decrease of 7.75% [1]. - The net profit attributable to shareholders was 772 million RMB, reflecting a year-on-year decline of 15.99% [2]. Company Overview - Autohome is a leading online service platform for automotive consumers in China, aiming to reduce decision-making and transaction costs in the automotive industry through technology [2]. - The company provides a variety of content types, including professional and user-generated content, as well as AI-generated content, covering the entire car purchase and usage cycle [2]. - Autohome serves as a preferred platform for automotive manufacturers and dealers to promote their advertising campaigns, leveraging its large and active consumer user base [2]. - The company offers dealer subscription and advertising services, enabling dealers to market their inventory and services to millions of potential online users [2]. - Autohome operates a comprehensive online trading platform called "Car Mall," facilitating transactions for manufacturers and dealers [2].

Core Viewpoint - Automotive Home (02518) shares rose over 5%, reaching 53.8 HKD with a trading volume of 4.0263 million HKD following the release of its Q2 earnings report [1] Group 1: Financial Performance - Automotive Home reported a total revenue of 1.76 billion RMB for Q2, exceeding expectations by 1% [1] - Online marketing and other business revenues grew by 20.5% year-on-year, driven by strong performance in new retail and rapidly increasing revenue from the new energy sector [1] - The management assured the market of a stable annual dividend of 1.5 billion RMB, indicating a dividend yield of approximately 6% [1] Group 2: User Growth and Market Position - The company achieved a year-on-year increase of 11.5% in daily average mobile users in June, reaching 75.74 million [1] - The CFO highlighted the continuous strengthening of the content ecosystem and steady user growth through content matrix upgrades and innovative initiatives [1] Group 3: Future Outlook - Citic Lyon expects media service revenue to recover in Q3 as the price war among car manufacturers gradually eases [1] - The company aims to add 500 new stores by the end of the year, which will require additional cost investments [1]

Core Viewpoint - The stock of Autohome (02518) increased by over 5%, reaching HKD 53.8, with a trading volume of HKD 4.0263 million, following the release of its second-quarter performance report [1] Financial Performance - Autohome reported total revenue of RMB 1.76 billion for the second quarter, exceeding the expectations of Citic Lyon by 1% [1] - Online marketing and other business revenues grew by 20.5% year-on-year, driven primarily by strong performance in new retail and effectively boosting revenue from the new energy sector [1] User Growth - The average daily user count on Autohome's mobile platform increased by 11.5% year-on-year in June, reaching 75.74 million users [1] Dividend and Future Outlook - The management assured the market that the annual dividend of RMB 1.5 billion remains unchanged, indicating a dividend yield of approximately 6% [1] - Citic Lyon anticipates that media service revenue will recover in the third quarter as the price war among car manufacturers gradually eases [1] Expansion Plans - Autohome aims to add 500 new stores by the end of the year, which will require additional cost investments [1]