2025-11-06 13:00Financial Data and Key Metrics Changes - Net revenues for Q3 2025 reached RMB 1.78 billion, with media services revenues contributing RMB 298 million, leads generation services revenues at RMB 664 million, and online marketplace revenues increasing by 32.1% year over year to RMB 816 million [12][13] - Cost of revenues in Q3 was RMB 646 million compared to RMB 408 million in Q3 2024, resulting in a gross margin of 63.7%, down from 77% in the same period last year [14] - Operating profit for Q3 was RMB 147 million, up from RMB 83 million in Q3 2024, while adjusted net income attributable to Autohome was RMB 407 million, down from RMB 497 million year over year [15] Business Line Data and Key Metrics Changes - The online marketplace and other revenues increased significantly, while media services revenues continued to decline year over year, although the decline has narrowed [13][28] - Revenues from new energy vehicles (NEVs) grew by 58.6% year over year, indicating strong performance in this segment [10] Market Data and Key Metrics Changes - The average mobile daily active users (DAUs) reached 76.56 million in September 2025, up by 5.1% from the same period last year [9] - The NEV penetration rate exceeded 50% in seven out of the first nine months of 2025, driven by favorable policies [21] Company Strategy and Development Direction - The company is focusing on advancing AI and O2O strategies, enhancing user experience and operational efficiency through AI technology integration [4][10] - The launch of the Autohome Mall marks a significant step in the O2O strategy, aiming to create a comprehensive closed-loop ecosystem for car purchases [7][10] - The company plans to continue driving innovation in products and business models to build a more efficient automotive ecosystem [12][24] Management Comments on Operating Environment and Future Outlook - Management noted that the price war in the auto market is showing signs of easing, with automakers accelerating their intelligent technology efforts [19] - The NEV market remains a core growth driver, despite slower growth compared to the previous year, with expectations for modest and steady growth in 2026 [22][23] - Short-term challenges exist due to policy changes and market pressures, but long-term opportunities remain as intelligent technologies continue to develop [23][24] Other Important Information - The company announced a cash dividend of $1.20 per ADS, fulfilling its commitment to distribute no less than RMB 1.5 billion in dividends for the full year 2025 [17][30] - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments of RMB 21.89 billion [16] Q&A Session Summary Question: Outlook for the 2026 auto market and AI product offerings - Management indicated that the price war is easing, and competition will increasingly focus on technological capabilities rather than just pricing [19][20] - The NEV market is expected to continue growing, with structural adjustments anticipated in consumer purchasing decisions [21][22] Question: Traditional business outlook and shareholder return plans - OEM promotional discounts remain high, impacting media services revenues, which are expected to see a slight year-over-year decline [27][28] - The company has committed to a stable dividend policy and has completed over 70% of its $200 million share repurchase program [30] Question: Gross profit margin trends and energy space stores development - The decline in gross profit margin is attributed to increased upfront investments in innovative businesses, which are expected to yield long-term benefits [31][32] - The development of offline networks aims to improve transaction efficiency and expand sales in low-tier markets [33][34] Question: Outlook for the used car market - The used car market is experiencing rising transaction volumes but falling prices, with operational pressures intensifying due to price wars [36][37] - Despite challenges, positive factors such as trade-in policies are expected to stimulate demand, particularly for NEV used cars [37]