AUTOHOME(ATHM) - 2024 Q2 - Quarterly Report

Financial Performance - Net revenues for Q2 2024 were RMB1,872.6 million (US$257.7 million), a 2.2$72.2 million), up from RMB504.7 million in Q2 2023, representing a 4.2% year-over-year growth[9] - Operating profit for Q2 2024 was RMB412.4 million (US$56.7 million), up from RMB341.5 million in Q2 2023, indicating a 20.8$78.8 million) in Q2 2024, slightly up from RMB569.5 million in Q2 2023[11] - Total net revenues for the three months ended June 2024 were RMB 1,872,554, a 2.2% increase from RMB 1,833,034 in the same period of 2023[22] - Net income attributable to Autohome for the three months ended June 2024 was RMB 524,761, compared to RMB 504,734 for the same period in 2023, reflecting a growth of 4.1%[24] - Adjusted EBITDA for the three months ended June 2024 was RMB 710,854, up from RMB 636,555 in the same period of 2023, representing an increase of 11.6%[24] - The net margin for the three months ended June 2024 improved to 28.0%, compared to 27.5% in the same period of 2023[24] - Basic earnings per share attributable to ordinary shareholders for the three months ended June 2024 was 1.05, an increase from 1.00 in the same period of 2023[22] - The company reported a gross profit of RMB 1,526,452 for the three months ended June 2024, compared to RMB 1,502,807 in the same period of 2023, indicating a growth of 1.6%[22] Revenue Breakdown - Media services revenues decreased to RMB432.9 million (US$59.6 million) in Q2 2024, down from RMB532.0 million in Q2 2023, a decline of 18.6$112.9 million) in Q2 2024, compared to RMB759.6 million in Q2 2023, marking an 8.0% increase[3] Expenses and Liabilities - Total operating expenses for the three months ended June 2024 were RMB 1,185,337, a decrease of 3.5% from RMB 1,228,070 in the same period of 2023[22] - Income tax expense increased to RMB102.2 million (US$14.1 million) in Q2 2024, compared to RMB35.8 million in Q2 2023, primarily due to a withholding tax related to the declared cash dividend plan[8] - Total current liabilities rose to RMB 5,075,351 as of June 30, 2024, compared to RMB 4,350,777 as of December 31, 2023[26] - The company’s total liabilities increased to RMB 5,662,493 as of June 30, 2024, compared to RMB 4,881,880 as of December 31, 2023[26] Cash and Investments - Cash and cash equivalents and short-term investments totaled RMB23.47 billion (US$3.23 billion) as of June 30, 2024[12] - Cash and cash equivalents decreased to RMB 3,881,952 as of June 30, 2024, from RMB 4,996,353 as of December 31, 2023[26] - Interest and investment income for the three months ended June 2024 was RMB 189,053, down from RMB 202,813 in the same period of 2023, a decrease of 6.0%[22] Assets and Equity - As of June 30, 2024, total assets amounted to RMB 30,563,391, a slight decrease from RMB 30,835,731 as of December 31, 2023[26] - Total equity as reported under U.S. GAAP increased to RMB 23,838,220 as of June 30, 2024, compared to RMB 23,414,305 as of December 31, 2023[31] - The company reported a deferred revenue of RMB 1,156,160 as of June 30, 2024, an increase from RMB 801,581 as of December 31, 2023[26] - Goodwill and intangible assets, net, slightly decreased to RMB 4,106,799 as of June 30, 2024, from RMB 4,143,968 as of December 31, 2023[26] Strategic Initiatives - The company launched its Satellite Plan in May 2024 to establish satellite stores in lower-tier cities, aiming to enhance market penetration[2] - The company plans to continue focusing on market expansion and new product development to drive future growth[23] Shareholder Information - The weighted average shares used to compute diluted earnings per share for the three months ended June 2024 was 486,591,693, compared to 493,624,704 in the same period of 2023[24] - Share-based compensation expenses decreased to RMB 16,419 for the six months ended June 30, 2024, from RMB 36,304 for the same period in 2023[30]