汽车之家(02518) - 2021 - 中期财报

Financial and Operational Highlights This section provides an overview of Autohome's Q2 2021 performance, highlighting key financial metrics and management's strategic outlook 2021 Q2 Performance Highlights In Q2 2021, Autohome's total net revenues were RMB 1.938 billion, a year-over-year decrease, though online marketing and other businesses (including data products) grew by 10.0% year-over-year, while net income and adjusted net income slightly declined 2021 Q2 Key Financial Metrics | Indicator | 2021 Q2 (RMB Million) | 2020 Q2 (RMB Million) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | 1,938.0 | 2,313.3 | -16.2% | | Online Marketing and Other Revenues | 594.3 | 540.2 | +10.0% | | Net Income Attributable to Ordinary Shareholders | 746.7 | 824.5 | -9.4% | | Adjusted Net Income (Non-GAAP) | 790.2 | 881.0 | -10.3% | - Data product revenues showed strong performance, growing 47.1% year-over-year, becoming a key driver for online marketing and other business growth[3][27] Management Review and Outlook Management highlighted strong momentum in new businesses, particularly data products, used car platforms, and new energy vehicle services, with new business revenue share increasing and user traffic maintaining leadership despite traditional business challenges - New business revenues increased 10.0% year-over-year, raising their contribution to total revenues from 23.4% to 30.7%[4][28] - Data product revenues grew 54.7% year-over-year in the first half; used car platform 'Tiantiantianche' achieved monthly operating breakeven for the first time in June[4][28] - New energy vehicle business performed exceptionally, with revenues from new energy brands surging 238% year-over-year in Q2[4][28] - The company maintained industry leadership in traffic, with mobile daily active users growing 16.1% year-over-year[4][28] Unaudited Financial Results for Q2 2021 This section presents the unaudited financial results for the second quarter of 2021, detailing operating performance, financial position, and cash flows Operating Performance Core media and lead generation service revenues declined due to global chip shortages impacting automaker and dealer advertising budgets, while online marketing and other revenues grew, with effective control over sales and marketing expenses despite increased general and administrative costs Net Revenues 2021 Q2 Net Revenue Composition (RMB Million) | Revenue Category | 2021 Q2 (RMB Million) | 2020 Q2 (RMB Million) | Year-over-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Media Services | 599.8 | 932.1 | -35.6% | Global chip shortage impacting automaker advertising budgets | | Lead Generation Services | 744.0 | 841.0 | -11.5% | Reduced dealer advertising spending | | Online Marketing and Other | 594.3 | 540.2 | +10.0% | Consolidation of Tiantiantianche and increased contribution from data products | Cost of Revenues and Operating Expenses - Cost of revenues remained relatively stable at RMB 261.6 million[6][30] - Sales and marketing expenses significantly decreased year-over-year to RMB 562.4 million (from RMB 872.4 million in the prior year period), primarily due to reduced promotional spending[7][31] - General and administrative expenses increased year-over-year to RMB 176.8 million (from RMB 82.5 million in the prior year period), mainly due to the consolidation of Tiantiantianche and bad debt provisions[7][31] Profitability and EPS 2021 Q2 Profit and EPS Performance (RMB Million) | Indicator | 2021 Q2 (RMB Million) | 2020 Q2 (RMB Million) | | :--- | :--- | :--- | | Operating Profit | 673.0 | 870.7 | | Net Income Attributable to Autohome | 754.9 | 824.5 | | Diluted Net Income Per Share (RMB) | 1.48 | 1.72 | | Adjusted Net Income Attributable to Autohome | 790.2 | 881.0 | | Adjusted Diluted Net Income Per Share (RMB) | 1.56 | 1.84 | Financial Position and Cash Flow As of June 30, 2021, the company maintained a strong cash position with total cash, cash equivalents, and short-term investments reaching RMB 18.43 billion, generating robust net cash inflow from operating activities in Q2 - As of June 30, 2021, the company's total cash, cash equivalents, and short-term investments amounted to RMB 18.43 billion (US$2.85 billion)[11][35] - Net cash flow generated from operating activities in Q2 2021 was RMB 580.8 million (US$90.0 million)[11][35] Financial Statements This section provides the unaudited condensed consolidated financial statements, including the statements of comprehensive income, GAAP to Non-GAAP reconciliation, and balance sheets Unaudited Condensed Consolidated Statements of Comprehensive Income This statement details key income statement items including revenues, costs, expenses, profits, and earnings per share for the three and six months ended June 30, 2021, compared to the prior year period - Provides detailed income and loss data for the three and six months ended June 30, 2021, serving as a core statement for evaluating the company's current operating performance[22][46] Unaudited GAAP and Non-GAAP Reconciliation This table reconciles GAAP net income to Non-GAAP adjusted net income and adjusted EBITDA, primarily adjusting for share-based compensation, intangible asset amortization, and Tiantiantianche-related profit and loss adjustments to aid core operating performance evaluation - Reconciles GAAP net income to Non-GAAP adjusted net income, primarily excluding non-cash or non-core operating items such as share-based compensation expenses, amortization of certain intangible assets, and Tiantiantianche minority interest adjustments[23][47] Unaudited Condensed Consolidated Balance Sheets This statement presents the company's assets, liabilities, and shareholders' equity as of June 30, 2021, compared to year-end 2020, reflecting its financial health and capital structure at the reporting period end - As of June 30, 2021, the company's total assets were RMB 26.925 billion and total liabilities were RMB 3.774 billion, indicating a robust balance sheet structure[24][48] Other Information This section provides general information about Autohome and details regarding the earnings conference call About Autohome Autohome is China's leading online automotive consumer service platform, offering comprehensive content and services throughout the car ownership lifecycle, alongside advertising, lead generation, data analytics, and value-added services for automakers and dealers - The company is positioned as China's leading online automotive consumer service platform, with businesses covering content, advertising, lead generation, data services, online transactions, and automotive aftermarket value-added services[15][39] Conference Call Information The company held an earnings conference call on August 25, 2021, providing dial-in numbers and webcast details, with a replay available until September 1, 2021 - The earnings conference call was held at 8:00 PM Beijing Time on August 25, 2021, with call replay and webcast available[12][14]