Prnewswire·2024-07-31 09:30Core Insights - Autohome Inc. reported solid financial results for Q2 2024, with net revenues of RMB1,872.6 million (US$257.7 million), reflecting a year-over-year increase of 2.2% from RMB1,833.0 million in Q2 2023 [2][4] - The company achieved a net income attributable to Autohome of RMB524.8 million (US$72.2 million), up from RMB504.7 million in the same period last year, indicating a growth of 4% [10][11] - Autohome's average mobile daily active users increased by 8.3% year-over-year, reaching 67.91 million in June 2024, highlighting its strong position in the automotive media sector [3] Financial Performance - Net revenues for Q2 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in Q2 2023 [2][4] - Media services revenues decreased to RMB432.9 million (US$59.6 million) from RMB532.0 million in the previous year [4] - Leads generation services revenues increased to RMB820.3 million (US$112.9 million) from RMB759.6 million [4] - Online marketplace and other revenues rose to RMB619.4 million (US$85.2 million) from RMB541.4 million [4] Cost and Expenses - Cost of revenues for Q2 2024 was RMB346.1 million (US$47.6 million), up from RMB330.2 million in Q2 2023 [5] - Operating expenses decreased to RMB1,185.3 million (US$163.1 million) from RMB1,228.1 million in the same period last year [6] - Sales and marketing expenses were reduced to RMB752.5 million (US$103.6 million) from RMB824.1 million, primarily due to decreased marketing and promotional expenses [6] Profitability Metrics - Operating profit for Q2 2024 was RMB412.4 million (US$56.7 million), compared to RMB341.5 million in Q2 2023, reflecting a significant increase [8] - Adjusted net income attributable to Autohome (Non-GAAP) was RMB572.4 million (US$78.8 million), slightly up from RMB569.5 million in the previous year [12] - Basic and diluted earnings per share (EPS) were RMB1.05 (US$0.14) in Q2 2024, compared to RMB1.00 in Q2 2023 [11] Balance Sheet and Cash Flow - As of June 30, 2024, the company had cash and cash equivalents and short-term investments totaling RMB23.47 billion (US$3.23 billion) [13] - Net cash provided by operating activities in Q2 2024 was RMB452.0 million (US$62.2 million) [13] Strategic Initiatives - The company launched its Satellite Plan in May 2024, aimed at establishing satellite stores in lower-tier cities to enhance market penetration [3] - Autohome is focusing on innovative business areas, particularly in data products and new energy vehicles (NEV), which have shown double-digit year-over-year revenue growth [3]