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Autohome Inc. Announces Unaudited Third Quarter 2024 Financial Results
ATHMAUTOHOME(ATHM) Prnewswire·2024-11-06 09:30

Core Viewpoint - Autohome Inc. reported a decline in net revenues and net income for the third quarter of 2024 compared to the same period in 2023, while also announcing a cash dividend and share repurchase program to enhance shareholder value [2][3][12]. Financial Performance - Net revenues for Q3 2024 were RMB1,774.5 million (US252.9million),downfromRMB1,906.0millioninQ32023,representingadecreaseofapproximately6.9252.9 million), down from RMB1,906.0 million in Q3 2023, representing a decrease of approximately 6.9% [2][4]. - Net income attributable to Autohome was RMB441.3 million (US62.9 million) in Q3 2024, compared to RMB578.3 million in Q3 2023, reflecting a decline of about 23.7% [12][14]. - Adjusted net income (Non-GAAP) was RMB497.2 million (US70.8million)inQ32024,downfromRMB603.8millioninQ32023,adecreaseofapproximately17.670.8 million) in Q3 2024, down from RMB603.8 million in Q3 2023, a decrease of approximately 17.6% [14][22]. Revenue Breakdown - Media services revenues were RMB326.0 million (US46.5 million) in Q3 2024, down from RMB476.9 million in Q3 2023 [5]. - Leads generation services revenues remained stable at RMB830.7 million (US118.4million)inQ32024,slightlyupfromRMB830.1millioninQ32023[5].−OnlinemarketplaceandothersrevenuesincreasedtoRMB617.8million(US118.4 million) in Q3 2024, slightly up from RMB830.1 million in Q3 2023 [5]. - Online marketplace and others revenues increased to RMB617.8 million (US88.0 million) in Q3 2024, compared to RMB599.1 million in Q3 2023 [5]. Cost and Expenses - Cost of revenues increased to RMB407.7 million (US58.1million)inQ32024fromRMB373.6millioninQ32023,primarilyduetorisingoperationalcosts[7].−OperatingexpensesdecreasedtoRMB1,352.2million(US58.1 million) in Q3 2024 from RMB373.6 million in Q3 2023, primarily due to rising operational costs [7]. - Operating expenses decreased to RMB1,352.2 million (US192.7 million) in Q3 2024 from RMB1,431.4 million in Q3 2023 [8]. - Sales and marketing expenses were reduced to RMB876.5 million (US124.9million)inQ32024fromRMB935.2millioninQ32023[9].ShareholderReturns−TheboardofdirectorsapprovedacashdividendofUS124.9 million) in Q3 2024 from RMB935.2 million in Q3 2023 [9]. Shareholder Returns - The board of directors approved a cash dividend of US1.15 per ADS (or US0.2875perordinaryshare),withanaggregateamountofapproximatelyRMB1billionexpectedtobepaidaroundMarch2025[16][22].−AsofNovember1,2024,thecompanyhadrepurchased244,302AmericandepositarysharesforatotalcostofapproximatelyUS0.2875 per ordinary share), with an aggregate amount of approximately RMB1 billion expected to be paid around March 2025 [16][22]. - As of November 1, 2024, the company had repurchased 244,302 American depositary shares for a total cost of approximately US6.7 million [2][16]. Strategic Developments - The CEO highlighted progress in advancing the integrated online-to-offline ecosystem strategy, with a 5.6% year-over-year growth in average mobile daily active users to 72.87 million in September 2024 [3]. - The company is expanding its offline presence through franchise stores and collaborations with Ping An Group to enhance its offerings in various automotive sectors [3].