Earnings call transcript: Autohome Q3 2025 sees earnings beat, revenue miss

Autohome Inc ADR (ATHM) reported its third-quarter financial results for 2025, revealing a mixed performance. The company posted earnings per share (EPS) of $3.45, surpassing the analyst forecast of $3.42, representing a minor surprise of 0.88%. However, revenue fell short of expectations, coming in at 1.77 billion dollars compared to the anticipated 1.78 billion dollars, marking a negative surprise of 0.56%. In the pre-market session, Autohome’s stock remained stable at $24.82, reflecting a slight decline of 0.44% from the previous close.

Key Takeaways

• Autohome’s EPS exceeded expectations, though revenue slightly missed forecasts.
• Gross margin decreased significantly from the previous year, impacting profitability.
• The company continues to innovate with AI-driven products and services.
• Autohome’s stock showed minimal movement post-earnings announcement.

Company Performance

Autohome demonstrated resilience in Q3 2025 despite a challenging market environment. The company’s strategic focus on AI and technological innovation has bolstered its competitive position. However, a decline in gross margin from 77% to 63.7% year-over-year indicates pressure on profitability. The company’s operating profit increased to 147 million dollars from 83 million dollars in the same period last year, showcasing operational improvements.

Financial Highlights

• Revenue: 1.78 billion dollars, slightly below forecast
• Earnings per share: $3.45, above forecast
• Gross margin: 63.7%, down from 77% YoY
• Operating profit: 147 million dollars, up from 83 million dollars YoY
• Adjusted net income: 407 million dollars, down from 497 million dollars YoY

Earnings vs. Forecast

Autohome’s EPS of $3.45 exceeded the forecast of $3.42, resulting in a positive surprise of 0.88%. However, revenue at 1.77 billion dollars fell short of the forecasted 1.78 billion dollars, marking a negative surprise of 0.56%. The EPS beat is modest compared to previous quarters, indicating stable performance amidst market challenges.

Market Reaction

Autohome’s stock price experienced a slight decline of 0.44% in pre-market trading, settling at $24.82. This movement follows a period of stability, with the stock trading closer to its 52-week low of $23.39. The muted market reaction suggests that investors are weighing the mixed earnings results alongside broader market trends.

Outlook & Guidance

Looking forward, Autohome anticipates modest growth in the auto market for 2026. The company plans to expand its Autohome Mall and deepen its AI and online-to-offline (O2O) strategies. Expected EPS for upcoming quarters and fiscal years remain modest, with projections of $0.45 for Q4 2025 and $1.98 for FY2026.

Executive Commentary

Craig Yan Zeng, CFO, emphasized the company’s commitment to AI integration, stating, "We will continue to deepen the integrated application of AI across multiple scenarios, using technological innovation to drive an efficiency revolution in the auto sector." He also highlighted the strategic shift from a content platform to a transaction service platform.

Risks and Challenges

• Declining gross margin due to investment in innovative businesses.
• Potential market saturation in the automotive sector.
• Macroeconomic pressures affecting consumer spending.
• Competition from other AI and technology-driven automotive platforms.
• Regulatory changes impacting the automotive and technology industries.

Q&A

During the earnings call, analysts inquired about the company’s strategies to counteract market pressures and the impact of policy changes. Autohome addressed concerns regarding the declining gross margin, attributing it to investments in innovative business models. Insights into the used car market were also discussed, highlighting challenges and growth opportunities.

Autohome’s Q3 2025 earnings reflect a company navigating market complexities with a focus on innovation and strategic growth, while contending with profitability pressures and competitive dynamics.

Full transcript - Autohome Inc ADR (ATHM) Q3 2025:

Conference Operator: Ladies and gentlemen, thank you for standing by for Autohome’s third quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. A question-and-answer session will follow management prepared remarks. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time. A live and archived webcast of this earnings conference call will also be available on Autohome’s IR website. It is now my pleasure to introduce your host, Mr. Sterling Song, Autohome’s IR Director. Mr. Song, please go ahead.

Sterling Song, IR Director, Autohome: Thank you, Operator. Hello everyone, and welcome to Autohome’s third quarter 2025 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company’s IR website at ir.autohome.com.cn. Joining me on today’s call is our Chief Financial Officer, Ms. Craig Yan Zeng. Management will go through the prepared remarks, which will be followed by a Q&A session where it is available to answer all your questions. Before we continue, please know that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to those outlined in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange.

Autohome does not undertake any obligation to update any forward-looking statements except as required under applicable law. Please also know that Autohome’s earnings press release and this conference call include discussions of certain unaudited non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. I will now turn the call over to Autohome’s Chief Financial Officer, Ms. Craig Yan Zeng, for opening remarks. Please go ahead, Craig.

Craig Yan Zeng, Chief Financial Officer, Autohome: 谢谢宋凯。大家好，我是曾言。感谢大家参加我们今天的电话会议。 Thank you, Sterling. Hello everyone, this is Craig Zeng. Thank you for joining our earnings conference call today. 三季度，我们持续推动AI和O2O战略的进一步深化。一方面，我们大力加强AI技术应用与产品融合，驱动业务创新，提升用户体验和客户运营效率。另一方面，我们不断夯实O2O的平台建设，整合线上线下资源，优化端到端体验，构建起从流量到交易再到服务的一体化生态闭环。 In the third quarter, we continue to advance our AI and O2O strategies. On AI, we significantly strengthened the integration of AI technologies with our products, fostering business innovation while enhancing both user experience and customer operational efficiency. On O2O, we continuously improved our O2O platform by integrating online and offline resources, optimizing the end-to-end user experience, and building a comprehensive closed-loop ecosystem that spans the entire customer journey from initial traffic acquisition through transaction completion to app sales services. 在AI技术应用上，我们完成了AI助手的全面升级，通过强化模型能力，贯通问答内容与车系链接，并拓展使用场景，实现了问答内容与车系的精准关联，打造了内容即入口、看完即选车的决策闭环，并孵化了AI选车帮手和AI故障诊断两大实用功能，为用户提供了更直观、更高效的问题解决方案。 In terms of AI technology applications, we completed a comprehensive upgrade of our AI assistance by strengthening model capabilities, integrating user inquiries with specific vehicle models, and expanding usage scenarios. We achieved precise matching between user queries and car models.

This has created a decision-making loop of content-driven engagement, engagement leads to action. In addition, we’ve also introduced two new features: the AI Car Selection Assistant and the AI Vehicle Fault Diagnostics, providing users with more intuitive and efficient tools for their car-related needs.

Sterling Song, IR Director, Autohome: 九月份，我们主办了首届全球AI科技大会，不仅为核心企业搭建了高水平的技术交流平台，更展现了中国汽车智能化技术的前沿进展，有力助推了中国汽车品牌的集体向上。大会的成功举办，也彰显了汽车之家作为核心媒体的专业影响力。我们获得了包括五大汽车行业协会的权威背书，以及十四家相关企业伙伴的鼎力支持。会议现场，七位产业链领军企业负责人发表了重磅演讲。会后，超过三十个车企品牌与汽车之家官微联动，配合六十余位专业编辑、技术专家和PGC创作者的全方位报道，共同构筑了立体化的传播矩阵，引起了行业的深度关注。 In September, we launched the first inaugural Global AI Technology Conference. This established a premium platform for technical exchange among leading enterprises, showcased cutting-edge advances in China’s intelligent automotive technologies, and elevated the collective image for Chinese auto brands. The conference’s success also served as a testament to Autohome’s professional influence as a trusted media platform. The conference received authoritative endorsements from five major automotive associations and was strongly supported by fourteen key corporate partners. Seven top executives from leading companies in the industry delivered impact keynote speeches. Following the conference, over thirty automotive brands engaged with Autohome’s official Weibo account, while more than sixty professional editors, technical experts, and PGC creators formed a multidimensional communication matrix that drew widespread attention across the industry.

在O2O生态建设方面，全新的汽车之家商城于九月二十号启动预热上线。标志着之家线上线下融合的一站式战略取得了重要突破。平台新零售模式也不断升级迭代，更加完善。这一战略推动汽车之家从选车看车的决策枢纽，进一步延伸至买车订车的交易终点，打通了用户购车全链路数字化的闭环，实现了流量价值的跃迁。 In building our O2O ecosystem, we stock launched our Autohome Mall on September twentieth, marking a major milestone and significant progress in our one-stop online-to-offline strategy. This initiative further improves our new retail business model through continuous upgrades and makes our model more complete. This strategy extends Autohome’s role from being a decision-making hub for car selection and research to the final car purchase and ordering for transactions, creating a full-digitalized closed loop for the entire car purchase experience and significantly increasing the value of our traffic. 具体来看，在内容方面，我们从专业深度与视角广度两个维度来强化内容矩阵，持续推进之家多元化内容生态建设。 Specifically on content, we strengthened our content matrix by increasing professional depth and expanding the breadth of perspective while continuously advancing our diversified content ecosystem. 在二零二五年国内外车展系列报道中，我们双线并举，实现了从全球影响力到本土渗透力的全面覆盖。在慕尼黑车展上，我们立足全球视野，从以全球首发车和中国品牌出海为核心主线，通过高密度的双语直播及视频策划，构建了专业独家的内容矩阵，并借助全球主流媒体网络，将中国汽车产业的创新力量与品牌声量辐射至全世界。在成都车展中，我们聚焦新车与导购，整合十八家车企资源，打造汽车之家直播专属时段，为用户带来沉浸式看展体验。车展首日，新车报道即实现了百分之百全覆盖。 For our twenty twenty-five series of coverage on domestic and international auto shows, we adopted a dual-track approach to achieve comprehensive reach from global influence to local penetration.

At the Munich Auto Show, we took a global perspective, focusing on world premiers and Chinese brands going global. We built a professional and exclusive content matrix. Through intensive bilingual live streaming and video production, then leveraged global mainstream media networks to amplify China’s automotive innovation and brand recognition worldwide. At the Chengdu Auto Show, we focused on new car launches and purchase guidance, integrating resources from 18 automakers to create Autohome-exclusive live streaming sessions. This provided users with an immersive auto show experience. On the first day of the auto show, we achieved 100% coverage of all new car launches. 在专业车展报道之外，我们在布局以内容为核心的互动生态方面也取得了关键进展。新成立的之家传媒MCN正致力于构建以汽车垂类为核心、跨界覆盖科技、旅游和海外内容的多品类达人矩阵，以专业有趣的PGC内容、深度权威的OGC资讯、真实可信的UGC体验为根基，形成丰富多元的内容体系。目前，我们已汇聚两百余位跨平台优质创作者，覆盖专业车评、科技、旅游等多个领域，持续提升之家的平台影响力。根据QuestMobile的数据，汽车之家九月移动端日平均用户量达到七千六百五十六万，同比增长5.1%。 Beyond our professional auto show coverage, we’ve made significant strides in developing a content-centered interactive ecosystem. The newly established Autohome Media MCN is committed to building a multi-category influencer matrix that centers on automotive vertical while extending into technology, travel, and overseas content.

We’ve also developed a rich and diverse content ecosystem that combines professional and engaging PGC content, in-depth and authoritative OGC insights, and authentic user-generated experiences that resonate. To date, we have gathered over 200 high-quality creators across multiple platforms, covering professional car reviews, technology, travel, and other areas, continuously enhancing Autohome’s platform influence. According to QuestMobile, the average mobile DAUs reached 76.56 million in September 2025, up by 5.1% from the same period last year. 新能源领域，我们着眼用户和客户需求，持续构建一站式O2O车生态。线上，以九月下旬预热推出的汽车之家商城为核心交开展交易服务。线下，我们计划通过之家卖场加盟店、卡泰实际二手车门店网络，全面承接服务体系，对车企无法覆盖的低线城市做覆盖补充，打造从线上锁单到线下交付与服务的全链路贯通。基于九月的成功试水，我们计划在双十一正式上线汽车之家商城，通过整合产业上下游资源，为用户提供更精准、专业和高效的购车体验。此外，之家包含新零售在内的新能源品牌总收入也在持续攀升，三季度营收同比增幅达到58.6%。 In NEV, we continue to focus on user and client needs while building a comprehensive automotive ecosystem. Online, centered around. Our newly soft-launched Autohome Mall, introduced in late September, provides transaction services while our offline network of franchise stores, car tech outlets, and used car dealerships is designated to integrate the entire process from online ordering to offline delivery and service.

Building on the successful trial, we plan to officially launch the Autohome Mall during the W11 Shopping Festival. By integrating resources from across the industry value chain, we are committed to providing users with more precise, professional, and efficient car purchase experiences. Furthermore, total revenues from NEVs in the third quarter, including those from the new retail business, have continued to grow, increasing by 58.6% from last year. 数字化方面，我们的五大数科产品线依托之家平台全周期数据跟踪能力，持续助力客户提升投放精准度与服务效率。此外，我们在全球AI科技大会上重磅发布了汽车之家天枢智能服务平台。 该平台以之家自研的仓颉大模型为技术底座，凭借开放的工具集与服务分散分发能力，重塑客户。 平台和生态伙伴之间的协作模式，推动之家从汽车信息平台向产业智慧中枢升级，进一步夯实了技术家生态的双重壁垒。 On digitalization, our five major digital intelligence product lines are leveraging Autohome’s platform capabilities of full lifecycle data tracking to continuously help clients improve targeting accuracy and service efficiency. Furthermore, at the Global AI Technology Conference, we officially launched the Tianshu Intelligence Service Platform, powered by Autohome’s proprietary Cangjie Large Language Model. The platform uses an open toolkit and service distribution capabilities to redefine collaboration among users, the platform, and the ecosystem partners.

This advancement drives Autohome’s transformation from an automotive information platform to an industry-wide intelligent hub, further strengthening our steel advantages in technology and ecosystems. 二手车业务板块，我们继续推进交易和服务的标准化进程。依托历史交易大数据和算法模型构建的AI查车专家，已在估值精准度方面达到行业领先水平。同时，二手车严选旗舰店进一步扩大了合作商家规模。未来，我们将继续以诚信和标准为基石，深化与优秀二手车经销商的合作。 致力于为消费者提供更安心的购车体验。 For our used car business, we continue to advance the standardization of both transactions and services. The AI car inspection expert, developed based on historical transaction data and algorithmic models, has achieved industry-leading accuracy in vehicle valuation. Meanwhile, our flagship certified used car stores have further expanded its network of partner dealers. In the future, we’ll continue to uphold integrity and standardization as our foundation, deepen our collaboration with high-quality used car dealers, and continuously strive to provide consumers with a more reliable and worry-free used car buying experience. 总体而言，今年我们以AI和O2O为核心驱动，全面加速业务布局。 未来，我们将通过持续推动产品与业务模式的双重创新。 着重致力于构建更高效的汽车生态服务体系，为行业持续创造价值，并助力公司实现长远稳健发展。 In summary, this year we focused on AI and O2O to comprehensively accelerate our business expansion.

Looking ahead, we’ll continue driving innovation in both products and business models, building a more efficient automotive ecosystem and service system that creates sustained value for the industry and ensures our long-term stable development. 接下来，我来向大家简述一下汽车之家二零二五年第三季度的主要财务情况。请注意，我将在今天的讨论中仅以人民币作为货币单位，除非另有说明。 With that. Now, please let me briefly walk you through the key financials for the third quarter 2025. Please note that I will reference RMB only in my discussion today unless otherwise stated. 第三季度收入总额为十七点八亿元。具体来讲，媒体收入，媒体服务收入为二点九八亿元，线索服务收入为六点六四亿元，在线营销及其他收入为八点一六亿元，同比增长百分之三十二点一。 Net revenues for the third quarter reached RMB 1.78 billion. To break it down further, media services revenues contributed RMB 298 million, leads generation services revenues were RMB 664 million, and the online marketplace and others revenues increased by 32.1% year over year to RMB 816 million.

成本方面，第三季度营业成本为六点四六亿元，上年同期为四点零八亿元，第三季度毛利率为六十三点，百分之六十三点七，上年同期为百分之七十七。 With respect to costs, cost of revenues in the third quarter was RMB 646 million compared to RMB 408 million in the third quarter of 2024. Gross margin in the third quarter was 63.7% compared to 77% during the same period last year. 营业费用方面，第三季度销售及市场费用为六点二亿元，上年同期为八点七七亿元，研发费用为二点七九亿元，上年同期为三点三九亿元，一般及管理费用为一点二五亿元，上年同期为一点三七亿元。 Turning to operating expenses, sales and marketing expenses in the third quarter were RMB 620 million compared to RMB 877 million in the third quarter of 2024. Product and development expenses were RMB 279 million compared to RMB 339 million in the third quarter of 2024. General and administrative expenses were RMB 125 million compared to RMB 137 million during the same period last year.

总体来讲，汽车之家第三季度营业利润为一点四七亿元，上年同期为零点八三亿元，归属于汽车之家的经调整净利润为四点零七亿元，上年同期为四点九七亿元。 Overall, we delivered an operating profit of RMB 147 million in the third quarter compared to RMB 83 million for the same period of 2024. Adjusted net income attributable to Autohome was RMB 407 million in the third quarter compared to RMB 497 million in the corresponding period of 2024. 第三季度经调整基本和摊薄每股净利润分别为零点八七元和零点八六元，上年同期均为一点零二元。第三季度经调整基本和摊薄每股。 纯脱股净利润分别为三点四七元和三点四五元，上年同期分别为四点零九元和四点零八元。 Non-GAAP basic and diluted earnings per share in the third quarter were RMB 0.87 and RMB 0.86 respectively compared to RMB 1.02 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in the third quarter were RMB 3.47 and RMB 3.45 respectively compared to RMB 4.09 and RMB 4.08 respectively in the corresponding period of 2024.

million。 As of September thirtieth twenty twenty-five, our balance sheet remained robust with cash, cash equivalents, and short-term investments of RMB 21.89 billion. We generated net operating cash flow of RMB 670 million in the third quarter. 二零二四年九月四日，公司董事会批准了一项十二个月内总额度不超过 $200 million 的新的股票回购计划。二零二五年八月十四日。董事会批准将该股票回购计划期限延长至二零二五年十二月三十一日。截止二零二五年十月三十一日，我们已经回购了约 5.48 million 股美国存托股份，总金额约为 $146 million。 On September fourth twenty twenty-four, our board of directors authorized a new share repurchase program, under which we are permitted to repurchase up to $200 million of Autohome’s ADS for a period not exceeding twelve months thereafter. On August fourteenth twenty twenty-five, the board approved an extension of the term of this program through December thirty-first twenty twenty-five. As of October thirty-first twenty twenty-five, we’ve repurchased approximately 5.48 million ADS for a total cost of approximately $146 million.

2026 年 2 月 12 日前后及 2026 年 2 月 19 日前后分别支付给公司的普通股及美国存托股持有人。 In addition, in accordance with our dividend policy, our board of directors has approved a cash dividend of $1.20 per ADS or $0.30 per ordinary shares payable in US dollars to holders of ADS and ordinary shares of record as of the close of business on December thirty-first 2025. The aggregate amount of the dividend will be approximately CNY 1 billion and expected to be paid to holders of ordinary shares and ADS of the company on or around February twelfth 2026 and February nineteenth 2026 respectively. 在今年 9 月 30 日，公司已宣布批准了总金额约为 CNY 500 million 的现金分红。所以总体来看，公司已履行了 2025 年全年分红不低于 CNY 1.5 billion 的股东回报承诺。未来我们将继续坚持长期稳定积极的股东回馈政策，感谢广大股东对公司长期以来的大力支持。 On September thirtieth 2025, the company announced the approval of a cash dividend of approximately CNY 500 million. Overall, the company has fulfilled its commitment to shareholders to distribute no less than CNY 1.5 billion in dividends for the full year of 2025.

Looking ahead, we remain committed to maintaining a long-term stable and proactive approach to shareholder returns, and we sincerely thank our shareholders for their continued strong support to the company. 以上是公司的财务数据汇总，下面我们开始问答环节。 So that concludes our financial summary. We are ready to open up Q&A session. Operator. Thank you. We will now begin the question and answer session. To ask questions on the phone, please press star one one and wait for your name to be announced. If you’d like to cancel your request, you can press star one one again. Our first question comes from the line of Thomas Zhang of Jefferies. Please go ahead. 晚上好，谢谢管理层接受我的提问。我有两个问题。第一个问题是想问一下公司管理层对明年中国趋势如何展望。另外一个问题是我们在 prepare remarks 也提到 AI，想问一下就是我们公司 AI 产品的进展如何。 Thanks, Management, for taking my question. I have two questions. The first question is about the outlook for twenty twenty-six auto market. How should we think about the industry trend? And my second question is about AI.

We mentioned AI in our prepared remarks, so I just want to get some more color about the progress of our AI product offerings. Thank you. 谢谢你的提问。 Thank you for your question. 我先分享一些近期市场近况和未来的一个趋势。 First, let me share some, you know, market recent developments and the future trends with you. 首先吧，车市的价格战呢，有所缓解啊，车企呢，更多的在关注这个加速这个智能化的推进。 过去几个月呢，政府多部门呢，密集的也是出台政策啊，要求行业反内卷啊，希望缓解这个价格战的这个进行一些政策的指导。这对车市价格战的这个缓解呢，还是有帮助的。我们也看到了二十余家车企逐步取消了这种像一口价呀这样的促销。 First of all, the price war in the auto market has shown some signs of easing, and the automakers are accelerating their intelligent technology efforts. In recent months, you know, multiple government agencies have rolled out intensive policies calling for the industry to end devolution and provided policy guidance to ease the ongoing price war in the auto sector. All these measures have helped to cool down the price war in the auto market, and we have also observed that over 20 automakers have gradually phased out their fixed price promotions.

另一个方面呢，就是今年年初开始吧，我觉得主流车企呢，纷纷呢，都发布一些智能驾驶的这种技术的相关规划，加速推进这个。智能驾驶这个技术的普及和应用吧。以上可以看出，未来行业的竞争呢，主要取决于科技的一些竞争，取决于企业智能技术的整合场景和用户需求的这个系统能力，而非单一的这个技术优势。因此明年的。竞争呢，可能会从单纯的这个价格竞争呢，去转向这种技术性价比这样的一种比拼吧。 Since the start of this year, major automakers have successfully announced their plans for intelligent driving technologies to accelerate the adoption and application of intelligent driving. So from this, it’s quite clear that. Future industry competition will depend more on the company’s comprehensive capabilities in integrating intelligent technology, user scenarios, and meeting user needs, et cetera, rather than any single technological advantage. So for next year, the price competition is expected to shift more towards a battle of technological cost effectiveness. 其次呢，我们觉得新能源市场呢，还是增长的核心啊，虽然今年你看到这个因为绝对量增加，可能这个数字稍微下滑一点。根据车联会的数据呢，在今年的前九个月，新能源汽车的渗透率呢，有七个月都是超过50%了。主要受新能源以旧换新啊、购车补贴等利好政策的这个延续吧，推动市场的需求的增长。二六年呢，预计车市呢，继续进行一些结构性的调整，这种变化对消费者来说呢，意味着选择逻辑的一个变化。 Secondly, the NEV market still remains the core growth driver, even though this year their growth number is comparatively a little bit slower than last year. But according to the data from the China Passenger Car Association (CPCA), the NEV penetration rate exceeded 50% in seven out of the first nine months of this year.

This was mainly driven by the extension of favorable policies, et cetera. We believe for next year, the overall market, auto market, is expected to continue to undergo structural adjustments, which will redefine how consumers make their purchasing decisions. 同时呢，中国汽车行业呢，也是持续的面临着压力啊，这个产能过剩、利润率下滑、市场竞争激烈，这个都是已经持续了一段时间的。经销商呢，也面临这个模式的转变。在价格战和行业利润的双重压力下呢，主机厂和经销商呢，对于线上即刻和线下成交转化的效率呢，都有了更高的要求。 At the same time, the China auto industry continues to remain under high pressure, which has been lasting so long, and this pressure, you know, includes severe overcapacity, declining profit margins, and the intense or fierce market competition, et cetera. We see both traditional automakers or dealers also, you know, undergoing such business pressures. Confronted with both price wars and the shrinking profits and the margins, we see OEMs and dealers alike, so they have raised their expectations for both online consumer acquisition and offline sales conversion efficiencies. 对于明年来说呢，我们认为以下几点是值得关注的。 Looking ahead to next year, we believe the following few points merit our attention.

依然是有挑战也有机会吧。汽车车市短期内呢，还是会面临比较大的压力，主要来自新能源购置税可能会减免呀，从全免转为减半啊，燃油车购置税的这个优惠到期啊，叠加这个传统燃油车的价格战，可能还是会对车市有比较大的一个冲击啊。 We believe there are short-term challenges, but it coexists with long-term opportunities because the auto market still faces significant short-term pressures, mainly stemming from the shift of the NEV purchase tax exemption policy from full exemption to half exemption and the expiration of tax incentives for the ICEs. Combined with the price war in traditional ICEs, all such factors may further impact the auto market. 虽然有这样的短期压力吧，但是智能技术的升级，市场。秩序的改善和恢复，如果再能有一些长期的比较持续的这种政策出台的话呢，对车市消费的需求释放呢，还是会有刺激作用。预计二零二六年的车市呢，仍然是有一些小幅和平稳的增长。 Despite the above short-term pressures we just mentioned, there are still upgrades in intelligent technologies, improvements to and recovery in the market order, and if there’s further support by introduction of additional long-term policies, we believe it will still stimulate consumer demand in the auto market, and the market is expected to achieve modest and steady growth in 2026. 对于汽车之家来说呢，我们也将持续深化AI和欧洲的战略啊，像刚才已经讲到了，一方面呢，持续推进产品的这个创新升级，加速推动AI技术在包括内容啊、客服啊、智能客服啊、场景化服务等多个领域的应用；另一方面呢，也持续探索如何利用我们这个线上和线下产业链资源的这个融合，构建新的汽车交易闭环，服务好我们的用户和客户。 For us, for Autohome, we will continue to deepen our AI and auto strategies, as I just mentioned.

On one hand, we will keep advancing the product innovation and upgrades, accelerating the application of AI technology across contents, intelligent customer services, and scenario-based services, et cetera. On the other side, we will continuously explore ways to leverage our online and offline resources to achieve integration, build a closed loop for auto transactions, and better serve our users and clients. 第二个问题我回答一下关于公司AI产品的进展。在。智能化领域呢，我们已经完成了多款产品的这个布局，构建了覆盖汽车消费全生命周期的科技产品的这个矩阵，持续推动用户体验和客户业务效率的双重提升。 The second question is our AI product program. So in the field of intelligent technologies, you know, we have already completed a strategic layout of multiple products, built a technology product mix. Spans the entire lifecycle of auto consumption, and continuously we drive improvements in both user experience and customer business efficiency. 面对用户呢，我们的AI智能助手呢和二手车的这个AI智能买手呢，在持续的这个升级。新一代的智能助手已实现了就是从一问一答吧，到主动理解和提供链接的跨越，能够自动识别对话中提及的这车型车系，并直接推送产品链接，缩短用户的查询路径，提升决策效率。 For our users, you know, our AI smart assistant and the used car AI smart buyer are continuously being upgraded.

The new generation of the smart assistant has moved beyond simple question and answer models to proactive understanding and links provision. It can automatically identify the car models and theories mentioned in the conversation and directly push product links. It shortened the use of search process and improved decision-making efficiency. 面对客户呢，我们布局了五大AI产品线，涵盖营销洞察啦、线上获客。 邀约的触达门店经营以及二手车等核心业务场景，通过智能化工具持续赋能业务人员，实现全链路的这个数字化运营。 For our clients, you know, we have deployed five major AI product lines covering core business scenarios such as the marketing insights, online customer acquisition, store visit invitation, dealer store operations, and used cars, et cetera. Through the intelligent tools, we can continuously empower our business team members to realize the full-chain digital operations. 这些呢，都依赖于我们自研的这个仓结大模型呢，作为一个技术的底座，比如二手车吧，AI智能买手呢，就搭载了这个仓结的模型，再结合之家独有的这个数据资产，就能够通过精准高效的推荐能力呢，实现车源与用户需求的高度匹配。 For our technology foundation, you know, we have our own proprietary Cangjie Large Language Model.

For example, our used car AI smart buyer is powered by this Tangji engine, and it is, besides, it is combined with Autohome’s unique data assets, so it can deliver highly accurate and efficient recommendations, achieving a high degree of matching between the vehicle sources and the user needs. 当前呢，之家正大力全面大力推进基于AI驱动的产品智能化升级，实现从底层架构到应用场景的全面革新。我们将持续深化AI在多场景的融合应用，通过技术创新呢，来推动这个整个行业的这个效率的这个革命。 Currently, Autohome is comprehensively and vigorously promoting the AI-driven upgrade of the products, achieving a comprehensive transformation from the underlying architecture to application scenarios. In the future, we will continue to deepen the integrated application of AI across multiple scenarios, using the technological innovation to drive an efficiency revolution in the auto sector, in the industry. 下一个问题，Operator。 Thank you. One moment for the next question. The next question comes from the line of Xiao Dan Zhang from CICC. Please go ahead. 嘿，管理层晚上好，感谢接受我的提问啊。我这边有两个问题。那第一个是我们看到三季度公司传统业务的压力啊，人存，那请管理层分享一下，就是后续对于公司传统业务的一个展望啊。那第二个问题是关于股东回报啊，那想请管理层分享一下，在股东回报方面啊，公司是否有什么更新的计划啊。那我快速翻译一下我的提问。 So, thanks management for taking my questions.

So, can management share your outlook on the traditional business for the upcoming quarters? And also, is there any update on the shareholder return plans? Thank you. 好，谢谢。呃，三季度呢，传统业务确实是依然承压啊，这个从市场的大盘来看呢。呃，价格战依然还是这个市场的这个主要的这个一个主旋律吧，综合的这个促销的幅度呢，超过了这个23%。那汽车销售的这个销量和利润呢，也在向头部这个企业集中，以价换量呢。使得那个主机厂的这个预算呢，主要还是投在直接投在这个价格的这这上面。 Thank you for your question. In the third quarter, we do see that the OEM promotional discount still remains at high level, and the price war has been there for so long, and the overall discount for OEMs has already exceeded 23%. So for the car sales volume and the profits, I still remain, you know, concentrated among the leading companies. So the price cutting for volume strategy has made a lot of OEMs control their marketing budgets.

媒体业务呢。Q3虽然营收同比还有下降吧，但幅度也大幅收窄了啊，说明呢整个的市场相对走向稳定。那Q4呢，接近年底，预计主机厂呢还是会保持比较高的这个折扣来。达到他们的销量目标吧，对媒体业务的这个营收的压力还是依然还是不小的。 For the media services revenue, you know, in Q3 still declined year over year, but the decline has narrowed down significantly, and the continued decline is mainly due to the continued pressure from the OEMs price wars in the market. As Q4 is approached to the year end, we believe OEMs are expected to maintain high professional discounts to boost their sales revenues, and this still puts pressure on our media services revenues. We do expect we will achieve a slight year-over-year decline. 线索业务。由于市场库存积压和价格倒挂。是经销商呢持续面临这个经营的压力，上半年呢超过一半的经销商呢处于亏损的这么一个状态，经销商的生存状况呢还是比较严峻的啊，所以我们的线索业务呢在下半年也承受一定的压力。 For our lead generation business, because of the market inventory backlog and the inverted pricing, dealers continue to face operational pressure, and we see that over 50% of dealers operating at a loss in the first half of the year, and it doesn’t look very optimistic for their survival for many dealers.

Accordingly, our lead generation services also face some ongoing pressure in the second half of the year. 不过我们的客户的渗透率还是保持着不错的水平啊，就是我们也相信如果市场能有所改观的话呢，客户的经营情况有所改善，我们的传统业务呢也有机会能够回升啊，现在也像媒体业务也有所企稳了。另一方面呢，我们创新业务的良好发展呢，也在一定程度上能够对冲一下传统业务的压力。 Nevertheless, our customer penetration rate still remains at a good level. As the market, once the market and customer operating conditions improve, our traditional business can be, you know, hit the bottom, rebound, and stabilize, as I just mentioned, our media segment, business segment, already, you know, narrowed down their decrease. On the other hand, our innovative business developed quite strong, quite well. So to some extent, our, you know, it offsets the situation of our traditional businesses. 下一个问题是关于股东回报的，公司有什么计划更新？那今天我们刚刚宣布了这个新的10亿人民币的现金分红吧，加上后面9月的这个5亿人民币的这个分红这个计划，我们已经兑现了这个25年全年现金分红不低于15亿人民币的承诺。 董事会。 对这个承诺还是比较。 看重的，所以会按照这个承诺去执行。 On the shareholder return, you know, on dividends today, we just announced a cash dividend of CNY 1 billion for the second half of this year, and combined with the CNY 500 million we announced in September, you know, we have fulfilled our commitment to a total.

Annual cash dividend of no less than RMB 1.5 billion for the whole year 2025. You know, our board of directors will, you know, continue this stable dividend policy. 在回购方面呢，总额$200 million的回购股票回购计划已执行超过70%了，进展还是比较顺利。在未来的两个月里头呢，我们会根据市场的情况持续推进这个计划。 On the share repurchase program, you know, of the $200 million share repurchase program, you know, until today we have completed over 70%, and the overall execution of this program is progressing quite well. In the next few months, we will continue to carry out the remaining share repurchase program. 长期以来呢，公司一直努力构建以持续分红啊，再加股票回购为核心的这个股东回报计划，提供给股东呢可以预期的这个稳定的一个收益保障。长期来看呢，我们对公司的业务运营也是非常有信心的，未来我们将持续坚持长期稳定积极的股东回馈政策，感谢广大股东对公司长期以来的大力支持。 For a long time, you know, we have been committed to building a comprehensive shareholder return plan centered on the continuous dividends and the share repurchases, providing shareholders with predictable and stable shareholder returns. Over the long term, we are very confident in our business operations in the future, so we will continue to uphold our long-term stable and proactive approach to shareholder return.

We sincerely thank all our shareholders for their long-standing strong support to the company. Operator. Thank you. Thank you for the questions. One moment for the next question. The next question comes from the line of Richie Sun from HSBC. Please go ahead. 哎，管理层，呃，虽然晚上好，呃，谢谢你们接受我的提问。啊，我是有两个问题。第一个问题是，啊，想问一下，呃，公司的毛利率的水平，啊，为什么在三季度的时候还会有一个同比和环比的一个下滑，然后怎么看未来的趋势？第二个问题就是，啊，想问一下，啊，新能源空间站和卫星电的发展情况如何，然后2026年的目标会是什么？ Thank you, management, for taking my questions. So I have two. First of all, the gross profit margin, it has been dropping year on year in Q1 and Q2 in the third quarter. So why is that, and what is the trend going forward? Secondly, I want to ask about the energy space stores and satellite stores. So what is the development progress and the 2026 target? Thank you. 谢谢。我来回答一下你的问题。第一个就是今年呢，我们其实从过去几年吧，我们为了快速推进呢创新业务的发展，我们也积极在拓展创新业务，增加了部分前期投入。 啊，也因此呢也产生了一些比较高的成本。 Thank you for your question. Since the beginning of 2025 this year, so in order to accelerate the development of our new. Innovative businesses, we have been actively expanding in.

We have been actively developed our business, and so it increased our upfront investment, and consequently it resulted in higher costs. 具体来讲呢，新零售等创新业务在Q3的规模呢同比扩大，比如其实这家商城啊也开始在9月份做试水，线上线下这个全链路贯通的这个业务模式。那这个业务模式呢目前还处在发展的初期，啊，我们觉得市场的整体反应呢还是积极的。那我们也在这个相关的这些领域呢增加了一些投入，啊，我们认为这些投入呢对公司啊开拓新的增长路径呢也还是有必要的。 Specifically, you know, our innovative business such as the new retail business has scaled up in the third quarter as compared to the same period last year. For example, we soft launched the Autohome Mall business in September, and although this model is quite early in its early stage, but we observed where we get quite positive market feedbacks, and we believe such staged investments are quite necessary for our future development. For our, you know, to explore new avenues of growth and create much greater room for future development. 当然这个新的交易业务呢，它的毛利率是没有办法和过去的这种广告媒体业务相比的，所以mixed也是一个主要的原因。 The gross margin of our transaction business, it cannot be, of course, it cannot be compared for our, you know, traditional business.

For example, the media business and the lead generation business is much lower than our traditional business. 未来呢，我们也会坚持严格控制成本的这个一贯做法吧，秉承这个审慎的原则呢，把控投入的规模，也会关注这个利润率的毛利率的变化。 So going forward, we will adhere to our consistent practice of the strict cost controls, and we will uphold the prudent principles in managing the scale of our investment. We will pay attention to our gross margin change. We will focus on that. 下一个问题呢，是。 空间站和卫星电的发展和目标吧。我们线下网络的发展呢始终围绕着以数字的科技化吧，优化这个汽车消费的这个流程，提升消费效率这一核心。啊，我们的优势在于呢，我们在下层市场可以补足主机厂和经销商没有覆盖的区域，帮助主机厂拓展销售网络。 The second question is about Autohome space station and the satellite stores development. The development of our offline network. Always centered on using our digital technology to streamline the car purchasing process and improve the transaction efficiency. Our advantage is in our ability to cover areas in low-tier markets where OEMs or dealers, they do not reach, so we can help them to expand their sales network. 这个业务模式呢也在不断的这个升级和迭代，就像我刚才我也讲了，就是打通线上和线下吧，把线上的科技呢与流量的优势呢传递到线下，从资讯平台呢向交易平台去转型。 This business model is also being continuously upgraded and iterated.

As I just mentioned, you know, we are integrating the online and offline resources, bringing our online technology and the traffic advantages to offline. We try to transform from an auto content-oriented platform to a transaction service platform. 在大股东的交易完成之后呢，新的大股东呢对于线下是有比较丰富的经验的，所以呢我们也会。结合他们的优势。持续探索这个线上线下融合的这种思路，啊，打造更便捷更高效的平台，积极拓展呢这个传统业务模式以外的新的增长点。 After we complete the controlling shareholder, you know, we will continue to work on combining our online and offline efforts to provide platform services that are more convenient and efficient, and we try to find new ways to grow beyond our traditional business models. 下一个问题。 Operator. Thank you for the question. One moment for the next question. Our final question comes from Brian Gong from Citi. Please go ahead. 谢谢管理层接受我的提问。想很快问一下这个二手车这边的一个情况，因为看到最近二手车市场似乎还是比较疲软，想请问一下管理层如何看待二手车市场后续的一个发展情况。谢谢。 I will translate myself. The used car market seems still a little bit weak recently. How does management view the outlook for used car market ahead? Thank you.

好，谢谢。嗯。年初以来吧，二手车今年呢体现了一个就是量升价降的这么一个态势。根据流通协会的统计呢，上半年二手车呢累计交易量呢同比增加了2%，但是成交均价呢同比下降了12%。市场结构呢也呈现出两大特点，一个就是跨区域的这个流通的这个活跃度呢提升了。 另外一个就是新能源二手车的交易量呢快速攀升。 Thank you for your question. Since the beginning of this year, the used car market has generally shown a trend of rising transaction volume and falling prices. According to China Automobile Dealers Association (CADA), for the first half, the transaction volume for used cars rose 2% year over year, while the average transaction price decreased by 12% year over year. At the same time, we see there are two notable structural trends emerged in the market. First is the increased cross-regional flow. Second is the rapidly increasing NEV used cars sales. 在交易规模扩大的时候，同时呢其实行业的经营压力并没有减少。由于车市价格战的影响呢，二手车企业的亏损面呢扩大至超过七成，平均库存的周期呢还在延长，获客成本呢依然是居高不下的，竞争也非常同质化。 但尽管如此呢，我们也看到就是一些积极的因素也出来了，比如说以旧换新的政策呢还激活了这个置换需求，就市场。为市场呢输送了更多呢优质的这个车源。新能源二手车呢也开始正式成为了拉动增长的一个重要的一个引擎。汽车流通协会预测呢，全年二手车的交易量呢有望突破2050万辆，同比增长呢4%-5%。 While the transaction volumes are expanding, the operational pressures in the industry continue to intensify due to the impact of price wars in the auto market. We see the proportion of loss-making used car companies has expanded to over 70%.

With lengthening average inventory cycles, continued high customer acquisition costs, and intensified homogeneous competition, etc. Despite this, positive factors still remain. For example, the trade-in policies have stimulated replacement demand and brought more high-quality used cars into the market, with the new energy used car becoming a key growth engine. The CADA forecast for the full year, the used car transaction volume could exceed 20.5 million units and increase of 4%-5% year over year. 当前的二手车行业已步入深度调整与价值链重构的关键这个阶段，以价换量模式的负面影响呢也是逐渐的显现。不过呢，中国汽车市场呢庞大的保有量。 与消费的这个韧性呢为二手车行业的中长期发展呢提供了有力的支持。 汽车之家也将继续携手行业伙伴，通过精细化运营与服务升级呢积极应对挑战，探索新业态，挖掘新价值，推动二手车行业迈向高质量的发展。 Currently, the used car sector has entered a crucial stage of deep adjustment and value chain reconstruction. The negative impact from the price cutting for volume model is gradually becoming apparent. However, China’s large vehicle ownership base and resilient consumer demand provide strong support for the middle to long-term development of the used car industry.

Autohome will continue to collaborate with industry partners to actively address challenges through refined operations and service upgrades, exploring new business models and locking new value to advance the used car industry towards high-quality development. Operator. Thank you. Yeah, no further questions at this time. I’ll turn the conference back to management for closing remarks. 感谢大家参加今天的会议，期待在下次业绩电话会上能再与大家交流公司的最新发展。如果您有任何问题或建议，欢迎随时与我们联系，谢谢。 Thank you very much for joining us today. We appreciate your support and look forward to updating you on our next quarter’s conference call in a few months’ time. In the meantime, please feel free to contact us if you have any further questions or comments. Thank you, everyone.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.