Financial Data and Key Metrics Changes - Net revenues for the second quarter were 1,676 million, with media services revenues at 279 million, leads and recent services revenues at 733 million, and online marketplace and other revenues at 746 million, reflecting a 20.5% year-over-year increase [16] - Cost of revenue in the second quarter was 503 million compared to 346 million in 2024, resulting in a gross margin of 71.5%, down from 81.5% in the same period last year [17] - Operating profit was 297 million in the second quarter, down from 412 million in the same period of 2024, while adjusted net income attributable to Autohome was 476 million compared to 572 million in the corresponding period of 2024 [18] - Non-GAAP basic and diluted earnings per share were both 1.01, compared to 1.18 in the corresponding period of 2024 [18] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled 22,050 million [19] Business Line Data and Key Metrics Changes - Total revenues from the new retail business increased by 27% year-over-year [13] - The number of new retail franchise stores surpassed 200, expanding service coverage [7] - The average mobile daily active users reached 75.74 million in June 2025, up by 11.5% from the same period last year [12] Market Data and Key Metrics Changes - The auto market is experiencing a price war, but prices have begun to stabilize since July, which is expected to positively impact the industry [30] - NEV (New Energy Vehicle) exports increased by 48% year-over-year, indicating strong overseas expansion by Chinese automakers [32] - The overall Chinese auto export is expected to reach around 7 million units this year, with potential growth to 10 million units in the next one to two years [37] Company Strategy and Development Direction - The company is focusing on AI-driven product innovation and enhancing the automotive consumer experience through technology [6] - Autohome aims to deepen the deployment of its automotive ecosystem by capitalizing on trends of electrification, intelligence, and globalization [9] - The company is committed to building a comprehensive automotive service ecosystem and enhancing its brand influence through strategic partnerships [8] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the media services business in the second half of the year, anticipating increased advertising budgets from OEMs during peak seasons [25][26] - The company expects the auto market to stabilize and recover, with a focus on quality over quantity in response to the price war [43] - The secondhand vehicle market is projected to recover as car ownership increases and policies improve, with a forecasted 6.5% year-over-year increase in secondhand vehicle sales [48] Other Important Information - The company has launched an international version of its website, featuring over 1,900 vehicle models from 52 Chinese automobile brands [9] - Autohome has initiated a new share repurchase program, allowing for the repurchase of up to 200 million USD of its shares [19] Q&A Session Summary Question: Media services revenue trend for the second half - Management expects the media service business to improve in the second half due to stabilization in OEM pricing and increased advertising budgets during peak seasons [25][26] Question: Outlook on the auto market for 2025 and shareholder return plans - Management noted that the auto market is stabilizing, with a focus on AI technology and global expansion, and confirmed a cash dividend payout of no less than 1,500 million for the year [30][39] Question: Competition in the second half and used car market recovery - Management indicated that competition is expected to normalize, with a gradual recovery in the used car market as consumer interest grows and policies improve [42][48] Question: Progress on NEV business and data products - The number of franchise stores has exceeded 200, and the company is enhancing its AI capabilities and product offerings to improve customer experience and operational efficiency [52][54]