汽车之家(02518) - 2023 - 中期业绩

2023 Q2 and Interim Results Summary Performance Highlights The company achieved robust financial growth in Q2 2023 with total net revenue up 5.8% and adjusted net income increasing by 20.6%, alongside strong mobile user growth and share repurchases Key Financial Indicators for Q2 2023 | Metric | 2023 Q2 | 2022 Q2 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenue (Million RMB) | 1,833.0 | 1,733.0 | +5.8% | | Net Income Attributable to Autohome (Million RMB) | 504.7 | 435.0 | +16.0% | | Adjusted Net Income Attributable to Autohome (Million RMB) | 569.5 | 472.2 | +20.6% | - According to QuestMobile data, Autohome's mobile daily active users reached 62.71 million in June 2023, a 31.7% year-over-year increase, maintaining its leading position in automotive vertical media[5] - As of July 21, 2023, the company had repurchased 4,697,330 American Depositary Shares totaling approximately $141 million[3] Financial Performance Analysis Q2 2023 total revenue growth was primarily driven by online marketing and other services, while operating expenses remained stable, leading to a 13.3% increase in operating profit Q2 2023 Net Revenue Composition (Million RMB) | Revenue Category | 2023 Q2 | 2022 Q2 | YoY Change | | :--- | :--- | :--- | :--- | | Media Services | 532.0 | 530.6 | +0.3% | | Leads Services | 759.6 | 752.8 | +0.9% | | Online Marketing and Others | 541.4 | 449.6 | +20.4% | | Total Net Revenue | 1,833.0 | 1,733.0 | +5.8% | Q2 2023 Operating Expense Analysis (Million RMB) | Expense Category | 2023 Q2 | 2022 Q2 | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Sales and Marketing Expenses | 824.1 | 738.7 | +11.6% | Increased marketing and promotional activities | | General and Administrative Expenses | 91.0 | 126.6 | -28.1% | Decrease in allowance for expected credit losses | | Research and Development Expenses | 313.0 | 362.2 | -13.6% | Decrease in personnel-related expenses | | Total Operating Expenses | 1,228.1 | 1,227.5 | +0.05% | - | Q2 2023 Profit and Earnings Per Share | Metric | 2023 Q2 | 2022 Q2 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Profit (Million RMB) | 341.5 | 301.3 | +13.3% | | Net Income Attributable to Ordinary Shareholders (Million RMB) | 491.2 | 423.4 | +15.9% | | Diluted Net Income Per ADS (RMB) | 3.98 | 3.38 | +17.8% | Balance Sheet and Cash Flow As of June 30, 2023, the company maintained a healthy financial position with RMB 23.34 billion in cash, cash equivalents, and short-term investments, alongside stable operating cash flow - As of June 30, 2023, the company's total cash and cash equivalents and short-term investments amounted to RMB 23.34 billion (approximately $3.22 billion), indicating ample capital reserves[11] - In Q2 2023, net cash flow from operating activities was RMB 522.0 million (approximately $72.0 million)[11] Business Outlook and Strategy The company is actively advancing its "Big C-end" strategy, focusing on the new energy vehicle market and AI technology applications to drive diversified business growth through innovative offline experiences and proprietary GPT models - The company is actively advancing its "Big C-end" strategy, making steady progress in content refinement, ecosystem diversification, and panoramic traffic coverage[3] - For the new energy vehicle market, the company launched innovative offline promotion models, including "Caravan-style Holographic Cabins" to serve lower-tier cities and the first "Autohome Energy Station" franchise store, marking the expansion of its new retail model[3] - Accelerating the application of AI technology across all scenarios, the company has developed two decision-support products based on GPT models, aiming to provide more efficient services to users and clients and help partners reduce costs and increase efficiency[3] - Revenue from new energy vehicle brands continues to maintain strong growth momentum[5] Unaudited Consolidated Financial Statements Unaudited Condensed Consolidated Statements of Comprehensive Income The financial statements show year-over-year growth in net revenue and net income for both Q2 and H1 2023, with Q2 net revenue at RMB 1.833 billion and H1 net revenue at RMB 3.367 billion Q2 2023 Income Statement Summary (Thousand RMB) | Item | 2023 Q2 | 2022 Q2 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenue | 1,833,034 | 1,732,993 | +5.8% | | Gross Profit | 1,502,807 | 1,454,129 | +3.3% | | Operating Profit | 341,509 | 301,251 | +13.4% | | Net Income Attributable to Autohome | 504,734 | 435,016 | +16.0% | H1 2023 Income Statement Summary (Thousand RMB) | Item | 2023 H1 | 2022 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenue | 3,366,663 | 3,204,285 | +5.1% | | Gross Profit | 2,696,222 | 2,670,404 | +1.0% | | Operating Profit | 604,674 | 542,487 | +11.5% | | Net Income Attributable to Autohome | 910,236 | 753,264 | +20.8% | Unaudited Condensed Consolidated Balance Sheets As of June 30, 2023, the company reported total assets of RMB 30.63 billion and total liabilities of RMB 5.03 billion, demonstrating strong asset strength and liquidity with substantial current assets Balance Sheet Summary (Thousand RMB) | Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash, Cash Equivalents and Short-term Investments | 23,335,071 | 22,080,891 | | Total Assets | 30,627,266 | 29,715,819 | | Total Liabilities | 5,028,806 | 4,627,193 | | Total Autohome Shareholders' Equity | 24,373,717 | 23,888,842 | Reconciliation of GAAP to Non-GAAP Financial Measures This section details the reconciliation from GAAP net income to Non-GAAP adjusted net income, with key adjustments in Q2 2023 including share-based compensation and intangible asset amortization, resulting in an adjusted net income of RMB 569.5 million and a 31.1% adjusted net margin Q2 2023 GAAP to Non-GAAP Net Income Reconciliation (Thousand RMB) | Item | 2023 Q2 | 2022 Q2 | | :--- | :--- | :--- | | Net Income Attributable to Autohome (GAAP) | 504,734 | 435,016 | | Add: Share-based compensation expenses | 41,628 | 28,396 | | Add: Amortization of intangible assets resulting from business acquisitions | 10,722 | 10,722 | | Add: Loss from investment in a wealth management product | 14,532 | 4,021 | | Other adjustments and tax impact | (1,150) | (6,150) | | Adjusted Net Income Attributable to Autohome (Non-GAAP) | 569,466 | 472,223 | Net Margin Comparison | Metric | 2023 Q2 | 2022 Q2 | | :--- | :--- | :--- | | Net Margin (GAAP) | 27.5% | 25.1% | | Adjusted Net Margin (Non-GAAP) | 31.1% | 27.2% | Company Information and Others About Autohome Autohome is China's leading online automotive consumer service platform, aiming to reduce decision-making and transaction costs in the automotive industry through technology, offering comprehensive content and services for consumers, manufacturers, and dealers - The company is positioned as China's leading online automotive consumer service platform[13] - Its core mission is "to continuously reduce decision-making and transaction costs in the automotive industry through technology"[13] - Business scope includes providing comprehensive automotive content (OGC, PGC, UGC, AI content) for consumers, offering advertising, sales leads, data analytics, and marketing services for manufacturers and dealers, and operating the "Che Mall" online transaction platform, along with value-added services like auto finance, insurance, and used car services[13] Conference Call Information The company has scheduled an earnings conference call for Thursday, July 27, 2023, at 8:00 AM U.S. Eastern Time, with registration and webcast details provided - The conference call is scheduled for 8:00 AM U.S. Eastern Time (8:00 PM Beijing Time) on July 27, 2023[12] - Participants must pre-register via a designated link to obtain dial-in information, with a webcast and replay also available[12] Explanation of Non-GAAP Financial Measures The company utilizes Non-GAAP financial measures such as adjusted net income and EPS to evaluate operating performance by excluding non-operating or non-cash items like share-based compensation and intangible asset amortization, providing clearer insight into core business trends - The company uses adjusted net income, adjusted net income per share, adjusted net margin, and adjusted EBITDA as supplementary Non-GAAP financial measures[15] - Key items excluded from Non-GAAP measures include: share-based compensation expenses, amortization of intangible assets from business acquisitions, investment gains/losses from certain wealth management products, equity method investment gains/losses, impairment of long-term investments, and related income tax effects[15] - The purpose of using these measures is to help investors understand the company's operating and financial performance and facilitate consistent comparisons across different reporting periods[15]