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01/15 19:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Despite positive developments in AI and shareholder returns, the earnings call reveals concerns. Revenue and EPS declines, along with a dropping gross margin, offset the optimism. The market cap suggests limited volatility, leading to a neutral rating. Management's vague future guidance and pressures in traditional business further weigh on sentiment.
Net Revenues Net revenues for the third quarter reached RMB 1.78 billion.
Media Services Revenues Media services revenues contributed RMB 298 million.
Leads Generation Services Revenues Leads generation services revenues were RMB 664 million.
Online Marketplace and Others Revenues Online marketplace and others revenues increased by 32.1% year-over-year to RMB 816 million.
Cost of Revenues Cost of revenues in the third quarter was RMB 646 million compared to RMB 408 million in the third quarter of 2024.
Gross Margin Gross margin in the third quarter was 63.7% compared to 77% during the same period last year.
Sales and Marketing 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 Product and development expenses were RMB 279 million compared to RMB 339 million in the third quarter of 2024.
General and Administrative Expenses General and administrative expenses were RMB 125 million compared to RMB 137 million during the same period last year.
Operating Profit 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 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.
Non-GAAP Basic and Diluted Earnings Per Share Non-GAAP basic and diluted earnings per share in the third quarter was 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 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.
Cash, Cash Equivalents and Short-Term Investments As of September 30, 2025, cash, cash equivalents and short-term investments were RMB 21.89 billion.
Net Operating Cash Flow Net operating cash flow of RMB 67 million in the third quarter.
AI assistant upgrade: Comprehensive upgrade of AI assistant with enhanced model capabilities, precise matching between user queries and car models, and expanded usage scenarios.
New AI features: Introduction of AI car selection system and AI vehicle diagnostics for intuitive and efficient tools for car-related needs.
Autohome Mall: Soft launched on September 20, marking progress in the one-stop online to offline strategy, creating a full digitalized closed loop for car purchase experience.
Global AI Technology Conference: Launched inaugural conference in September, showcasing China's intelligent automotive technologies and elevating Chinese auto brands' image globally.
Munich Auto Show: Focused on global premieres and Chinese brands going global, leveraging global media networks to amplify China's automotive innovation.
Chengdu Auto Show: Focused on new car launches and purchase guidance, achieving 100% coverage of all new car launches on the first day.
Content ecosystem: Strengthened content matrix with professional depth, expanded perspectives, and developed a diverse ecosystem with over 200 high-quality creators.
NEV revenues: Revenues from NEVs grew by 58.6% year-over-year, supported by the newly launched Autohome Mall and offline franchise stores.
Used car business: Advanced standardization of transactions and services, expanded network of partner dealers, and improved vehicle valuation accuracy with AI.
AI and O2O strategies: Focused on integrating AI technologies and O2O platforms to enhance user experience and operational efficiency.
Tianshu Intelligence Service Platform: Launched at the Global AI Technology Conference, powered by proprietary Cangjie Large Language Model, transforming Autohome into an industry-wide intelligent hub.
Gross Margin Decline: Gross margin in the third quarter was 63.7%, a significant drop from 77% during the same period last year, indicating potential challenges in cost management or pricing pressures.
Revenue Growth Challenges: While total revenues increased, the adjusted net income attributable to Autohome decreased from RMB 497 million in Q3 2024 to RMB 407 million in Q3 2025, reflecting profitability pressures.
Cost of Revenues Increase: Cost of revenues rose to RMB 646 million in Q3 2025 from RMB 408 million in Q3 2024, which could impact overall profitability.
Competitive Pressures in NEV Market: The company is focusing on NEVs and building a comprehensive ecosystem, but the competitive landscape in the NEV market could pose challenges to achieving growth targets.
Dependence on AI and O2O Strategies: Heavy reliance on AI and O2O strategies for business expansion may expose the company to risks if these initiatives fail to deliver expected results or face technological or market adoption hurdles.
Used Car Business Standardization: Efforts to standardize used car transactions and services may face operational challenges, especially in maintaining quality and reliability across a growing network of partner dealers.
Economic and Market Uncertainties: Forward-looking statements highlight risks and uncertainties, including economic conditions and market dynamics, which could adversely impact the company's performance.
AI and O2O Strategies: The company plans to continue advancing its AI and O2O strategies to drive innovation in products and business models, aiming to build a more efficient automotive ecosystem and service system for long-term stable development.
Autohome Mall Launch: The Autohome Mall, soft-launched in September 2025, will be officially launched during the Double 11 shopping festival. This initiative aims to provide a fully digitalized closed-loop car purchasing experience, integrating online and offline resources.
NEV Revenue Growth: Revenues from NEVs, including the new retail business, grew by 58.6% year-over-year in Q3 2025. The company plans to expand its NEV ecosystem, focusing on user and client needs.
Tianshu Intelligence Service Platform: The platform, powered by Autohome's proprietary Cangjie Large Language Model, aims to redefine collaboration among users, the platform, and ecosystem partners, transforming Autohome into an industry-wide intelligent hub.
Used Car Business Expansion: The company plans to deepen collaboration with high-quality used car dealers and expand its network of flagship certified used car stores, focusing on providing a reliable and standardized used car buying experience.
Dividend Policy: The Board of Directors approved a cash dividend of USD 1.20 per ADS or USD 0.30 per ordinary share, payable in U.S. dollars to holders of ADS and ordinary shares of record as of December 31, 2025. The aggregate amount of the dividend will be approximately RMB 1 billion, expected to be paid on or around February 12, 2026, and February 19, 2026, respectively.
Annual Dividend Commitment: The company announced the approval of a cash dividend of approximately RMB 500 million on September 30, 2025. Overall, the company has fulfilled its commitment to distribute no less than RMB 1.5 billion in dividends for the full year of 2025.
Share Repurchase Program: On September 4, 2024, the Board of Directors authorized a share repurchase program to repurchase up to USD 200 million of Autohome's ADS for a period not to exceed 12 months. On August 14, 2025, the Board approved an extension of the program through December 31, 2025. As of October 31, 2025, approximately 5.48 million ADS have been repurchased at a total cost of approximately USD 146 million.
Despite positive developments in AI and shareholder returns, the earnings call reveals concerns. Revenue and EPS declines, along with a dropping gross margin, offset the optimism. The market cap suggests limited volatility, leading to a neutral rating. Management's vague future guidance and pressures in traditional business further weigh on sentiment.
The earnings report presents mixed signals. While there are positive elements such as growth in NEV revenues and a share repurchase program, these are offset by declining margins, increased costs, and decreased earnings. The Q&A suggests optimism in future media revenues and auto market stabilization, but lacks concrete guidance. The market cap suggests moderate sensitivity to news. Overall, the mixed financial results and cautious optimism lead to a neutral prediction for the stock price movement.
The earnings call presents mixed signals. Financial performance shows slight revenue growth but declining margins and earnings, suggesting financial challenges. Positive elements include a strong NEV market outlook and shareholder returns through dividends and buybacks, which are favorable. However, the Q&A reveals uncertainties, such as regulatory approvals and competitive pressures, which could hinder growth. The missed EPS expectations and vague management responses also contribute to a cautious outlook. Given the market cap, the stock price is likely to remain stable, leading to a neutral prediction within the next two weeks.
The earnings call presents a mixed sentiment. Financial performance shows slight growth but declining margins and profits, which is concerning. The strategic partnership with Haier and NEV growth are positives, but regulatory and competitive pressures pose risks. The Q&A highlights uncertainties in OEM pricing and the pending acquisition by Haier. Share repurchase and stable dividends are favorable, but overall, the mixed signals balance out to a neutral sentiment, especially given the company's medium market cap.
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