Core Viewpoint - After being acquired by Ping An for nine years, China's largest automotive vertical media platform, Autohome, has been sold to Haier Group's subsidiary, Kataychi Holdings, for approximately $1.8 billion, marking a significant shift in ownership and strategy [1][2]. Group 1: Transaction Details - Kataychi Holdings acquired about 43.0% of Autohome's shares from Ping An's Yunchen Capital, becoming the controlling shareholder [1]. - Following the transaction, Ping An retains approximately 5.1% of shares and one board seat, indicating a shift from major shareholder to a significant financial investor [1][3]. - The deal, announced in February, took six months to finalize, raising questions about Haier's motivations for investing in a declining automotive media business [1][4]. Group 2: Haier's Strategic Intent - Haier's Chief Brand Officer has denied speculation about entering the car manufacturing sector, stating the acquisition aims to enhance services in the automotive aftermarket [1][2]. - Kataychi Holdings, established in November 2022, focuses on electric vehicle charging and post-vehicle services, including used car services and infrastructure [1][2]. Group 3: Autohome's Performance and Challenges - Autohome, founded in 2005, has been a leading automotive vertical website, but its revenue and profit have significantly declined since 2021, with a projected net income of RMB 1.68 billion for 2024, halving over four years [3][4]. - The company's media advertising revenue has dropped sharply by 35.46% in Q2 2025, now constituting only 16.24% of total revenue, while the lead generation service faces challenges from the rise of direct sales models in the EV sector [4]. - Autohome's new CEO has indicated a strategic shift towards becoming an automotive ecosystem platform, collaborating with Haier and Ping An [4].