Core Insights - Autohome Inc. is experiencing a fourth consecutive quarter of revenue decline, primarily due to a significant drop in gross margin and challenges in the overheated Chinese car market [2][12][15] Revenue Performance - The company's revenue fell by approximately 6% in the second quarter, amounting to 1.76 billion yuan ($245 million), down from 1.87 billion yuan a year earlier [12] - Advertising services revenue plummeted by 36% year-on-year, as major customers reduced marketing budgets amid ongoing price wars [3][8] - The online marketplace segment was the only area to report revenue growth, increasing by 21% to 746 million yuan, while leads generation services revenue declined by 11% to 733 million yuan [4][12] Gross Margin and Profitability - Autohome's gross margin decreased by over 10 percentage points to 71.4% compared to 81.5% a year earlier, attributed to higher transaction costs in lower-tier cities [13] - The company reported a 22% drop in profit, falling to 399 million yuan from 510 million yuan a year prior [14] Market Conditions and Future Outlook - The Chinese car market is facing significant challenges, with new car sales rising over 10% in the first half of the year, but average selling prices likely declining due to price wars [6][7] - Autohome has launched an international version of its website to tap into the global market, featuring over 1,900 vehicle models from 52 Chinese brands [10][11] - Executives expressed cautious optimism about potential improvements in the second half of the year, contingent on the stabilization of the economy and an end to price wars [15]

Core Insights - The company reported a total revenue of 1.76 billion RMB for Q2 2025, with an adjusted net profit of 476 million RMB, reflecting a 20.5% year-on-year growth in online marketing and other revenues [1] Group 1: O2O Strategy and AI Integration - The company is advancing its O2O strategy and accelerating AI technology integration to enhance product innovation and optimize user decision-making efficiency [1] - A new content matrix centered around live streaming has been established to drive new car consumption growth, exemplified by the "New Car First Test" program which achieved over 160 million exposures [1][2] - The company aims to deepen its one-stop O2O automotive ecosystem while aligning with the trends of electrification, intelligence, and globalization in the automotive industry [1] Group 2: International Expansion and Ecosystem Collaboration - The company showcased its global strategy during the Hong Kong Auto Show with a 6-hour bilingual live broadcast, highlighting its innovations in AI and VR [2] - The launch of the overseas version of the website includes data on over 1,900 models from 52 Chinese automotive brands, marking a significant step in the company's international strategy [2] - A strategic partnership with Alipay was established to enhance car selection services, leveraging Alipay's extensive user base [2] Group 3: New Retail and Consumer Experience - The new retail business focuses on creating a one-stop O2O automotive service ecosystem, utilizing technology to reshape the consumer experience [3] - The company has expanded its network of automotive experience stations to over 200, enhancing service coverage and user trust [3] Group 4: Digital Marketing and Used Car Services - The company has launched five major data-driven product lines to enhance marketing efficiency, including AI-driven tools for customer acquisition and sales support [4] - The used car segment has introduced a flagship store that ensures transparency and safety in vehicle conditions, providing a reliable online-to-offline experience [5] - The company is committed to becoming a leading global automotive information and transaction service platform through technology innovation and ecosystem collaboration [5]

Group 1 - The core point of the announcement is that the company reported a net revenue of RMB 1.7581 billion for the second quarter of 2025, which is a decrease from RMB 1.8726 billion in the same period of 2024 [1] - The net profit attributable to the company for the second quarter of 2025 was RMB 415.7 million, down from RMB 524.8 million in the second quarter of 2024 [1]

北京时间2025年7月31日晚，汽车之家（纽约证券交易所股票代码：ATHM; 港交所代号：2518）对外披露2025年第二季度及中期财务业绩。公司今年二季度 总营收17.6亿元人民币，归属于汽车之家的经调整净利润为4.76亿元人民币。其中，在线营销及其他收入同比增长20.5%。 汽车之家CEO杨嵩表示："上半年，我们持续推进O2O战略落地，加速AI技术赋能产品创新，优化用户决策效率，助力客户降本增效。展望未来，我们将继 续拓展AI在产品和服务中的应用，深化一站式O2O车生态布局，紧扣汽车产业新能源化、智能化、全球化的变革浪潮，持续助推汽车消费体验跃升。" 构建专业汽车内容生态，驱动用户服务全面升级 二季度，公司深化"看新车首发，来汽车之家"的品牌定位战略，围绕"首秀-首试-首测-技术智能"四大核心维度，构建了以直播为核心载体的全景式新车内容 矩阵，有效撬动新车消费内容增长。以6月上线的标杆性栏目《新车首测》为例，栏目聚焦重点新车上市节点，创新打造"新能源SUV巅峰对决"专题，通过5 车5天50+小时的高密度实测直播，全网曝光量突破1.6亿次。新车内容矩阵不仅显著提升了用户对新车产品的认知深度，更强化了汽车之家 ...

Financial Data and Key Metrics Changes - Net revenues for the second quarter were 1,676 million, with media services revenues at 279 million, leads and recent services revenues at 733 million, and online marketplace and other revenues at 746 million, reflecting a 20.5% year-over-year increase [16] - Cost of revenue in the second quarter was 503 million compared to 346 million in 2024, resulting in a gross margin of 71.5%, down from 81.5% in the same period last year [17] - Operating profit was 297 million in the second quarter, down from 412 million in the same period of 2024, while adjusted net income attributable to Autohome was 476 million compared to 572 million in the corresponding period of 2024 [18] - Non-GAAP basic and diluted earnings per share were both 1.01, compared to 1.18 in the corresponding period of 2024 [18] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled 22,050 million [19] Business Line Data and Key Metrics Changes - Total revenues from the new retail business increased by 27% year-over-year [13] - The number of new retail franchise stores surpassed 200, expanding service coverage [7] - The average mobile daily active users reached 75.74 million in June 2025, up by 11.5% from the same period last year [12] Market Data and Key Metrics Changes - The auto market is experiencing a price war, but prices have begun to stabilize since July, which is expected to positively impact the industry [30] - NEV (New Energy Vehicle) exports increased by 48% year-over-year, indicating strong overseas expansion by Chinese automakers [32] - The overall Chinese auto export is expected to reach around 7 million units this year, with potential growth to 10 million units in the next one to two years [37] Company Strategy and Development Direction - The company is focusing on AI-driven product innovation and enhancing the automotive consumer experience through technology [6] - Autohome aims to deepen the deployment of its automotive ecosystem by capitalizing on trends of electrification, intelligence, and globalization [9] - The company is committed to building a comprehensive automotive service ecosystem and enhancing its brand influence through strategic partnerships [8] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the media services business in the second half of the year, anticipating increased advertising budgets from OEMs during peak seasons [25][26] - The company expects the auto market to stabilize and recover, with a focus on quality over quantity in response to the price war [43] - The secondhand vehicle market is projected to recover as car ownership increases and policies improve, with a forecasted 6.5% year-over-year increase in secondhand vehicle sales [48] Other Important Information - The company has launched an international version of its website, featuring over 1,900 vehicle models from 52 Chinese automobile brands [9] - Autohome has initiated a new share repurchase program, allowing for the repurchase of up to 200 million USD of its shares [19] Q&A Session Summary Question: Media services revenue trend for the second half - Management expects the media service business to improve in the second half due to stabilization in OEM pricing and increased advertising budgets during peak seasons [25][26] Question: Outlook on the auto market for 2025 and shareholder return plans - Management noted that the auto market is stabilizing, with a focus on AI technology and global expansion, and confirmed a cash dividend payout of no less than 1,500 million for the year [30][39] Question: Competition in the second half and used car market recovery - Management indicated that competition is expected to normalize, with a gradual recovery in the used car market as consumer interest grows and policies improve [42][48] Question: Progress on NEV business and data products - The number of franchise stores has exceeded 200, and the company is enhancing its AI capabilities and product offerings to improve customer experience and operational efficiency [52][54]

Financial Data and Key Metrics Changes - Net revenues for the second quarter were 1,676 million, with a year-over-year increase of 20.5% [19] - Media services revenues were 279 million, leads and recent services revenues were 733 million, and online marketplace and other revenues were 746 million [19] - Gross margin in the second quarter was 71.5%, down from 81.5% in the same period last year [20] - Operating profit was 297 million, compared to 412 million for the same period in 2024 [21] - Adjusted net income attributable to the company was 476 million, compared to 572 million in the corresponding period of 2024 [21] - Cash, cash equivalents, and short-term investments totaled 22,050 million as of June 30, 2025 [22] Business Line Data and Key Metrics Changes - Total revenues from the new retail business increased by 27% year-over-year [15] - The number of new retail franchise stores surpassed 200, expanding service coverage [8] - Average mobile daily active users reached 75.74 million in June 2025, up by 11.5% from the same period last year [14] Market Data and Key Metrics Changes - The auto market is experiencing a price war, but prices have begun to stabilize since July [32] - New energy vehicle (NEV) exports increased by 48% year-over-year, indicating strong overseas expansion [33] - The overall Chinese auto export is expected to reach around 7 million units this year, with potential growth to 10 million in the next one to two years [39] Company Strategy and Development Direction - The company is focusing on AI-driven product innovation and enhancing the automotive consumer experience through technology [7] - Plans to deepen the deployment of the automotive ecosystem by capitalizing on trends of electrification, intelligence, and globalization [11] - The company aims to build a comprehensive user engagement network through strategic collaborations with leading platforms [9] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the media service business in the second half of the year, expecting OEMs to invest more in advertising budgets [28] - The company anticipates a gradual recovery in the auto market, with government policies supporting stabilization [32] - The used car market is expected to recover as car ownership increases and average car age remains at 6.8 years [47] Other Important Information - The company has launched an international version of its website, featuring over 1,900 vehicle models from 52 Chinese automobile brands [10] - A new share repurchase program was authorized, allowing the company to repurchase up to 200 million USD of its shares [22] Q&A Session Summary Question: What is the outlook for media services revenue in the second half? - Management expects a bullish trend in media services due to OEMs gradually recovering and increasing advertising budgets during peak seasons [28] Question: What is the outlook for the auto market in 2025 and updates on shareholder return plans? - Management noted that the auto market is stabilizing, with a focus on AI technologies and global expansion. The cash dividend payout will remain no lower than 1.5 billion for the year [41] Question: How does management view competition in the second half and the recovery of the used car industry? - Management indicated that competition is expected to normalize due to government policies, and the used car market may recover as consumer interest increases [47][51] Question: What progress has been made in the NEV business and data products? - The company has exceeded 200 franchise stores and is enhancing AI functionalities in its offerings. Future plans include integrating AI technologies to improve customer experiences [56][58]

7月31日，汽车之家披露2025年第二季度及中期财务业绩。公司今年二季度总营收17.6亿元人民币，归 属于汽车之家的经调整净利润为4.76亿元。 汽车之家CEO杨嵩表示，上半年公司持续推进o2o战略落地，加速AI技术赋能产品创新，优化用户决策 效率，助力客户降本增效。未来将继续拓展AI在产品和服务中的应用，深化一站式O2O车生态布局，紧 扣汽车产业新能源化、智能化、全球化的变革浪潮，持续助推汽车消费体验跃升。 二季度，公司深化"看新车首发，来汽车之家"的品牌定位战略，围绕"首秀-首试-首测-技术智能"四大核 心维度，构建了以直播为核心载体的全景式新车内容矩阵，撬动新车消费内容增长。 以《新车首测》为例，栏目聚焦重点新车上市节点，创新打造"新能源SUV巅峰对决"专题，通过5车5天 50+小时的高密度实测直播，全网曝光量突破1.6亿次。新车内容矩阵不仅显著提升了用户对新车产品的 认知深度，更强化了汽车之家在行业内的专业定调能力与权威影响力。 国际化布局方面，香港车博会期间，汽车之家以"中国品牌全球布局"为战略视角，通过6小时不间断的 中英双语全球直播，全方位呈现展会盛况。同期设立的科技互动体验专区，展示了汽车之家 ...

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。 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） 2025 年第二季度及中期未經審計財務業績公告 我們謹此宣佈2025年第二季度未經審計財務業績，包含截至2025年6月30日止三個月及 六個月的未經審計財務業績（「第二季度及中期業績」）。我們亦根據《香港聯合交易所有 限公司證券上市規則》第13.48(1)條向我們的股東提供本業績公告作為我們的2025年中期 報告。 於本公告日期，本公司董事會包括董事龍泉先生、楊嵩先生、丁珂珂女士及盧凡博士以及獨立董事劉峻嶺先生、 濮天若先生及汪大總博士。 * 僅供識別 1 汽車之家公佈 2025 年第二季度及 中期未經審計財務業績 北京，2025年7月31日 — 汽車之家（紐交所代碼：ATHM，港交所代號：2518）（「汽車之 家」或「公司」），中國領先的汽車消費者在線服務平台，今天公佈其截至2025年6月30日 的三個月及 ...

Financial Performance - In Q2 2025, the company reported total revenue of 1.76 billion RMB and an adjusted net profit of 476 million RMB [1] - Online marketing and other revenues grew by 20.5% year-on-year [1] Brand Strategy and Content Innovation - The company deepened its brand positioning strategy focusing on "new car premieres" and created a comprehensive content matrix centered around live streaming [1] - The flagship program "New Car Premiere" launched in June achieved over 160 million exposures through a high-density live test drive event [1] International Expansion - During the Hong Kong Auto Show in June, the company showcased its global strategy with a 6-hour bilingual live broadcast [1] - The overseas version of the company's website was launched at the end of June, featuring data on over 1,900 models from 52 Chinese automotive brands [1] User Engagement and Growth - In June, the mobile daily active user count reached 75.74 million, marking an 11.5% year-on-year increase [2] - The company is building a one-stop O2O automotive ecosystem, enhancing the car buying experience through technology [2] New Retail and Service Innovations - The company’s new retail business is focused on creating a transparent car selection process through live streaming and AI-assisted services [2] - The network of the company's service stations and satellite franchise stores has surpassed 200, expanding service coverage [2] Digital Transformation - The company launched five major data science product lines aimed at enhancing marketing efficiency and customer engagement [3] - The new products integrate exclusive data resources and industry-specific analysis models to support partners in improving business performance [3]

Core Viewpoint - Autohome Inc. reported its financial results for the second quarter of 2025, highlighting a decline in net revenues but growth in user engagement and strategic advancements in AI and O2O (online-to-offline) initiatives [1][3]. Financial Performance - Net revenues for Q2 2025 were RMB 1,758.1 million (US$ 245.4 million), a decrease of 6.1% from RMB 1,872.6 million in Q2 2024 [4][7]. - Net income attributable to Autohome was RMB 415.7 million (US$ 58.0 million), down from RMB 524.8 million in the same period last year [12]. - Adjusted net income (Non-GAAP) for Q2 2025 was RMB 475.7 million (US$ 66.4 million), compared to RMB 572.4 million in Q2 2024 [14]. Revenue Breakdown - Media services revenues decreased to RMB 279.4 million (US$ 39.0 million) from RMB 432.9 million in Q2 2024, attributed to reduced advertising spending by traditional automakers [8]. - Leads generation services revenues fell to RMB 732.6 million (US$ 102.3 million) from RMB 820.3 million in the previous year [8]. - Online marketplace and other revenues increased to RMB 746.1 million (US$ 104.2 million) from RMB 619.4 million, reflecting strong performance in the new retail business [8]. Cost and Expenses - Cost of revenues rose to RMB 503.4 million (US$ 70.3 million) from RMB 346.1 million in Q2 2024, primarily due to higher transaction costs in lower-tier cities [5]. - Operating expenses decreased to RMB 1,015.7 million (US$ 141.8 million) from RMB 1,185.3 million in the same quarter last year [6]. - Sales and marketing expenses were reduced to RMB 630.0 million (US$ 87.9 million) from RMB 752.5 million, indicating a decrease in marketing and promotional activities [6]. User Engagement and Strategic Initiatives - The average number of mobile daily active users grew by 11.5% year-over-year, reaching 75.74 million in June 2025 [3]. - The company is focusing on expanding AI applications across its products and services, aiming to enhance the automotive consumer experience [3]. - The number of franchised stores in the new retail business surpassed 200 by the end of June 2025, broadening the consumer reach [3]. Balance Sheet and Cash Flow - As of June 30, 2025, the company had cash and cash equivalents and short-term investments totaling RMB 22.05 billion (US$ 3.08 billion) [15]. - Net cash provided by operating activities in Q2 2025 was RMB 495.0 million (US$ 69.1 million) [15].