Autohome Inc. Announces Unaudited First Quarter 2024 Financial Results

Core Viewpoint - Autohome Inc. reported solid financial results for the first quarter of 2024, showcasing revenue growth and user base expansion, while also highlighting the successful implementation of new business initiatives [2][3]. Financial Performance - Net revenues for Q1 2024 were RMB1,609.1 million (US$222.9 million), an increase from RMB1,533.6 million in Q1 2023, representing a year-over-year growth of 4.9% [2][4]. - Net income attributable to Autohome in Q1 2024 was RMB394.5 million (US$54.6 million), a slight decrease from RMB405.5 million in Q1 2023 [10]. - Adjusted net income attributable to Autohome (Non-GAAP) was RMB493.9 million (US$68.4 million), up from RMB483.5 million in the same period last year [12]. Revenue Breakdown - Media services revenues were RMB327.4 million (US$45.3 million) in Q1 2024, down from RMB361.5 million in Q1 2023 [4]. - Leads generation services revenues increased to RMB726.4 million (US$100.6 million) from RMB680.6 million year-over-year [4]. - Online marketplace and other revenues rose to RMB555.2 million (US$76.9 million) from RMB491.5 million in the previous year [4]. Cost and Expenses - Cost of revenues decreased to RMB300.9 million (US$41.7 million) in Q1 2024 from RMB340.2 million in Q1 2023 [5]. - Operating expenses increased to RMB1,126.9 million (US$156.1 million) from RMB996.6 million year-over-year [6]. - Sales and marketing expenses rose significantly to RMB641.3 million (US$88.8 million) from RMB523.1 million in Q1 2023, primarily due to increased marketing efforts [7]. Profitability Metrics - Operating profit for Q1 2024 was RMB276.1 million (US$38.2 million), compared to RMB263.2 million in Q1 2023 [8]. - The income tax expense for Q1 2024 was RMB68.4 million (US$9.5 million), up from RMB54.7 million in the same period last year [9]. Earnings Per Share - Net income attributable to ordinary shareholders was RMB379.8 million (US$52.6 million) in Q1 2024, down from RMB392.8 million in Q1 2023 [11]. - Basic and diluted earnings per share (EPS) were RMB0.78 (US$0.11) in Q1 2024, compared to RMB0.80 and RMB0.79 in Q1 2023 [11]. Cash Flow and Balance Sheet - As of March 31, 2024, the company had cash and cash equivalents and short-term investments totaling RMB23.65 billion (US$3.27 billion) [13]. - Net cash provided by operating activities in Q1 2024 was RMB560.8 million (US$77.7 million) [13]. User Engagement and Business Initiatives - Average mobile daily active users grew by 8.1% year-over-year to 69.39 million in March 2024, indicating effective user engagement strategies [3]. - The company is expanding its innovative business initiatives, including the Autohome Space franchise stores and responding to national policies to enhance consumer benefits [3].