Autohome Inc (ATHM) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's fourth quarter and full year 2024 earnings conference call. (Operator Instructions) 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.

女士們，先生們，感謝大家參加汽車之家 2024 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。如果您有任何異議，您可以立即斷開連接。本次收益電話會議的現場和存檔網路直播也將在汽車之家的 IR 網站上提供。

It is now my pleasure to introduce your host, Mr. Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

現在我很高興介紹您的主持人，汽車之家投資者關係總監 Sterling Song 先生。請宋先生說。

Thank you, operator. Hello, everyone. I'm Sterling, and welcome to Autohome's fourth quarter and full year 2024 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website ir.autohome.com.cn.

謝謝您，接線生。大家好。我是斯特林，歡迎參加汽車之家 2024 年第四季和全年收益電話會議。今天早些時候，汽車之家發布了其收益報告，可在公司投資者關係網站ir.autohome.com.cn上查閱。

Joining me on today's call are Chief Executive Officer, Mr. Song Yang; and Chief Financial Officer, Mr. Craig Yan Zeng. Management will go through their prepared remarks, which will be followed by a Q&A session where they will be available to answer all your questions.

參加今天電話會議的還有執行長宋揚先生；以及財務長 Craig Yan Zeng 先生。管理層將講解他們準備好的發言，然後進行問答環節，回答您的所有問題。

Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US 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.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

Potential risks and uncertainties include but are not limited to those outlined in our public filings with the US Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome doesn't undertake any obligation to update any forward-looking statements, except as required under applicable law.

潛在風險和不確定性包括但不限於我們向美國證券交易委員會和香港證券交易所提交的公開文件中概述的風險和不確定性。除適用法律要求外，汽車之家不承擔更新任何前瞻性聲明的義務。

Please also note 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.

另請注意，汽車之家的收益新聞稿和本次電話會議包括對某些未經審計的非公認會計準則財務指標的討論。在我們的收益報告中可以找到非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

I'll now turn the call over to Autohome's CEO, Mr. Yang, for opening remarks. Please go ahead, Mr. Yang.

現在我將把電話轉給汽車之家執行長楊先生，請他致開幕詞。楊先生，請繼續。

Thank you, Sterling. Hello, everyone. This is Song Yang, CEO of Autohome, and thank you for joining our earnings conference call today. Today is my first time to join the earnings conference call as the CEO of the company. We suppose you have read the update filing by the company earlier today, Haier Group has become the new controlling shareholder of Autohome.

謝謝你，斯特林。大家好。我是汽車之家執行長宋揚，感謝您參加我們今天的財報電話會議。今天是我第一次以公司CEO的身分參加財報電話會議。相信大家已經看到了公司今天稍早的更新文件，海爾集團已經成為汽車之家新的控股股東。

Autohome as China's leading online automotive consumer platform is supported by the core foundation of data plus technology, both a broad user base, deep industry insights, professional content, a strong network of OEMs and dealers and a strong financial system. Haier's strategic investments reflects recognition of Autohome's business model and market potential and will inject new vitality into Autohome's long-term development.

汽車之家作為中國領先的線上汽車消費平台，以數據加技術為核心基礎，擁有廣泛的用戶基礎、深入的行業洞察、專業的內容、強大的主機廠和經銷商網路以及強大的財務體系。海爾的策略投資體現了對汽車之家商業模式和市場潛力的認可，將為汽車之家的長期發展注入新的活力。

In the future, Autohome will serve as a key hub in Haier's automotive industry ecosystem, continuing to solidify and develop the existing businesses while leveraging advanced management experience of Haier and operational systems of CARTECH in deeper user experiences, smart software connectivity and new automotive retail to continue to strengthen Autohome's O2O intelligence exchange and comprehensive service capabilities, further driving innovation and growth for the company and better serving every user.

未來，汽車之家將作為海爾汽車產業生態圈的重要樞紐，在鞏固和發展現有業務的同時，借助海爾先進的管理經驗和CARTECH在深度用戶體驗、智能軟體互聯互通、汽車新零售等領域的運營體系，不斷強化汽車之家O2O智能交換和綜合服務能力，進一步驅動公司創新發展，更好地服務每一位用戶。

At the same time, Ping An Group will remain as a key shareholder of the company and will continue to strongly support Autohome's long-term development. Next, let us take an overview of the company's financials. We concluded 2024 strongly with significant breakthroughs across each of our innovative businesses.

同時，平安集團仍將作為公司主要股東，繼續大力支持汽車之家的長期發展。接下來，讓我們先概覽一下該公司的財務狀況。我們以各項創新業務取得重大突破，為 2024 年畫下了圓滿的句點。

Total revenue for the year reached RMB7.04 billion, with revenue from online marketplace and others increased by 8.1% year-over-year and accounted for 33.8% of total revenue. Notably, our NEV business maintained strong growth momentum with revenues in 2024, increasing by 55.2% year-over-year.

全年總收入達人民幣70.4億元，其中網路市場及其他收入年增8.1%，佔總收入的33.8%。值得注意的是，我們的新能源汽車業務保持強勁成長勢頭，2024年營收年增55.2%。

Adjusted net income attributable to Autohome in 2024 reached RMB2.05 billion, yielding an adjusted net margin of 29.1%. Additionally, we announced a combination of RMB1.5 billion in dividend for the year. And as of last week, had repurchased approximately USD88.5 million worth of shares. Moving forward, we remain committed to executing the Board's approved dividend and share repurchase program, enhancing our shareholder return.

2024年調整後歸屬於汽車之家的淨利達20.5億元人民幣，調整後淨利率為29.1%。此外，我們也宣布全年派發總計15億元人民幣的股息。截至上週，已回購價值約8,850萬美元的股票。展望未來，我們將繼續致力於執行董事會批准的股利和股票回購計劃，提高股東回報。

Our strategic focus throughout 2024 was integrating our online-to-offline ecosystem highlighted by significant milestones in user growth, enhances of our content matrix, expansion of our new retail business and the deployment of AI applications, which were particularly successful for our innovative businesses. I'd like to take a moment to review these achievements in great detail.

我們2024年的策略重點是整合線上線下生態系統，重點關注用戶成長、內容矩陣增強、新零售業務擴展和人工智慧應用部署等方面的重大里程碑，這些對於我們的創新業務尤其成功。我想花點時間詳細回顧這些成就。

First, our online traffic reached new highs again with average mobile DAU exceeding 77 million in December 2024, reflecting the effectiveness of our high-quality content-driven strategy in driving user growth. We also expanded partners with multiple Internet platforms, leveraging open collaboration to engage with a broader demographic and expand our reach.

首先，我們的線上流量再次創下新高，2024 年 12 月平均行動 DAU 超過 7,700 萬，反映了我們優質內容驅動策略在推動用戶成長方面的有效性。我們也擴大了與多個網路平台的合作夥伴，利用開放式協作接觸更廣泛的人群並擴大我們的影響力。

Second, since the launch of our first Autohome Space stores in 2022 and the subsequent large-scale rollout at the end of 2023 and the accelerated expansion of satellite stores into low-tier cities in 2024, we've made substantial progress in building out our offline channels. The total number of franchise offline stores now exceed 150, generating strong brand aggregation and extensive channel coverage.

第二，自2022年推出首家汽車之家太空店、2023年底大規模佈局以及2024年加速向低線城市拓展衛星店以來，我們在線下渠道建設方面取得了實質性進展。目前線下加盟店總數已超過150家，形成了強大的品牌聚集度和廣泛的通路覆蓋率。

At the same time, we helped more than 1,200 cities trade-in for new auto show in over 200 cities during the year, effectively promoting trade-in for new and AUVs into rural area policies. In terms of technological innovation, we've seamlessly integrated AI across all aspects of our business from content creation for consumers to operational management and decision-making analysis for clients, significantly enhancing productivity and operational efficiency for our customers.

同時，年內我們在200多個城市幫助1200多個城市開展了以舊換新活動，有效推動了以舊換新和AUV下鄉政策的落地。在技​​術創新方面，我們將人工智慧無縫融入業務的各個方面，從為消費者創造的內容到為客戶進行的營運管理和決策分析，顯著提高了客戶的生產力和營運效率。

Automobiles play a crucial role in driving domestic demand and expanding consumption, making the industry vital to China's economic growth. In the automotive media sector, we will continue to build differentiated competitive advantages by diversifying and expanding online traffic through our professional content matrix and ecosystem of partnerships.

汽車產業在拉動內需、擴大消費方面發揮重要作用，是中國經濟成長的重要引擎。在汽車媒體領域，我們將透過專業的內容矩陣和合作夥伴生態系統，實現線上流量的多樣化和擴大，從而繼續建立差異化的競爭優勢。

We also deepened our presence in offline regional markets with improved services for users and leverage our digital tools to connect online and offline operations by utilizing our deep understanding of consumer needs and capitalizing on opportunities to transform the industry.

我們還透過改進用戶服務深化了我們在線下區域市場的存在，並利用我們的數位工具，透過深入了解消費者需求並利用機會來改變行業，連接線上和線下運營。

We are building a virtuous cycle between our online and offline businesses. Looking forward, we continue to target the substantial business opportunities we see in low-tier markets, deepen our presence in these regions, operate and refine our business models and enhance operational quality to propel our development of new heights.

我們正在線上和線下業務之間建立良性循環。展望未來，我們將持續瞄準低線市場的龐大商機，深耕低線市場，營運和優化業務模式，提升營運質量，推動公司發展再上新階梯。

With that, I will now turn the call over to our Chief Financial Officer, Craig Zeng, for a closer look at our fourth quarter and full year 2024 operating and financial results.

現在，我將把電話轉給我們的財務長 Craig Zeng，讓他仔細看看我們 2024 年第四季和全年的營運和財務業績。

Thank you, Mr. Yang. Hello, everyone. I'm Craig Zeng, the CFO of Autohome. In 2024, we continue to make progress in content development, leveraging our professional evaluation capabilities and a deep understanding of our user needs. We focus on two core technological areas, smart vehicles, and AV. With this in mind, we've developed a series of professional IP matrices that are both useful for users and beneficial for the industry.

謝謝您，楊先生。大家好。我是汽車之家財務長曾志偉。2024年，我們憑藉著專業的評估能力和對使用者需求的深刻理解，持續在內容開發方面取得進展。我們專注於兩個核心技術領域：智慧汽車和 AV。考慮到這一點，我們開發了一系列專業的IP矩陣，既對使用者有用，也對產業有益。

For example, in December last year, we launched the first winter dual temperature test program focused on NEV. This initiative directively addressed three major industry pain points under low temperature conditions, short range, slow charging, and high energy consumption.

例如，去年12月，我們啟動了第一個專注於新能源車的冬季雙溫度測試計畫。這項措施直接解決了低溫條件下的三大產業痛點：續航里程短、充電慢、能耗高。

We conducted comprehensive tests on the reliability and comfort of vehicles in a low-temperature environment, covering more than 50 models across 30 brands, generating over 600 million views across various platforms. Multiple OEMs shared our content, underscoring the industry's broad recognition of our expertise in professional content creation.

我們對車輛在低溫環境下的可靠性、舒適性進行了全面的測試，涵蓋30個品牌50餘款車型，在各大平台的瀏覽量超過6億次。多家OEM廠商分享了我們的內容，彰顯了業界對我們專業內容創作專業知識的廣泛認可。

Additionally, our content localization strategy was successfully implemented in several pilot cities such as Chengdu and Xi'an. In this location, we adopted an open platform model to create localized content channels that integrate services and promotional activities from local automotive partners.

此外，我們的內容在地化策略已在成都、西安等多個試點城市成功實施。在這個位置，我們採用開放平台模式來創建在地化的內容頻道，整合本地汽車合作夥伴的服務和促銷活動。

This approach connects regional user needs with local resources, forming a complete closed loop from user demand to serving and merchant cooperation. This initiative not only helped us acquire traffic from low tier markets but also lays a foundation for the further expansion of our regional businesses. According to Quest Mobile data, the number of our average mobile DAUs in December 2024 reached 77.48 million, an increase of 13.6% from the same period in 2023, reflecting our leading position in the automotive media vertical.

這種方式將區域用戶需求與本地資源對接，形成從用戶需求到服務、商家合作的完整閉環。這項舉措不僅幫助我們從低線市場獲取流量，也為我們進一步拓展區域業務奠定了基礎。根據Quest Mobile的數據，2024年12月我們的平均行動DAU數量達到7,748萬，較2023年同期成長13.6%，反映了我們在汽車媒體垂直領域的領先地位。

Turning to NEVs. During the fourth quarter, our new retail business focused on strengthening operations in online live streaming and offline activities. Online, we utilized its exhibition halls and holographic cabin at Autohome Space stores to boost local user acquisition capabilities through live streaming.

轉向 NEV。第四季度，我們的新零售業務重點在於加強線上直播和線下活動的運作。在線上，我們利用汽車之家空間門市的展廳和全像艙，透過直播提升本地用戶獲取能力。

Offline, we leveraged vehicles from several brands to create curated sales events that simplify the car selection process for users while making purchasing more cost effective. We also observed rapid growth in new media matrix accounts and the key influencer accounts related to new retail in the fourth quarter, driving significant growth in both leads and transaction volumes on a sequential basis.

在線下，我們利用多個品牌的車輛來創建精心策劃的銷售活動，簡化用戶的汽車選擇流程，同時使購買更具成本效益。我們還觀察到第四季度新媒體矩陣帳戶和與新零售相關的關鍵影響者帳戶的快速增長，推動了線索量和交易量的環比大幅增長。

To date, we have established 28 franchised Autohome Space stores and more than 130 satellite stores nationwide. We are also pleased to report that total revenues from NEVs during the year, including those from the new retail business, increased by 55.2% from last year, reflecting its huge growth potential.

目前，我們在全國已建立28家汽車之家空間專營店和130多家衛星店。我們也很高興地報告，今年包括新零售業務在內的新能源汽車總收入比去年增長了55.2%，反映了其巨大的成長潛力。

In addition, as China's largest automotive Internet platform, we actively support national trade-in policies. We aggregate subsidies policies and promotional offers from manufacturers in real time through our online platform, providing users with a one-stop service for discount information and automatic matching of benefits that accelerate demand for vehicle upgrades and trade-ins.

此外，作為中國最大的汽車網路平台，我們積極支持國家以舊換新政策。我們透過線上平台即時彙整廠商補助政策及促銷優惠，提供用戶一站式優惠資訊及自動配對福利服務，加速車輛升級、以舊換新需求。

Moreover, we organized the 100 cities trade-in for new series of offline auto shows to bring our products and services into third and fourth tier cities. By focusing on these low-tier markets, we create transaction scenarios and facilitate the implementation of trad-in for new and NEV policies in rural areas. In 2024, we hosted nearly 1,000 offline auto shows covering almost 250 cities nationwide with over 80% of them in low-tier cities.

此外，我們也舉辦了百城以舊換新系列線下車展，將我們的產品和服務帶入三、四線城市。透過聚焦這些低線市場，我們創造交易場景，促進農村地區新車以舊換新和新能源汽車政策的實施。2024年，我們舉辦了近1000場線下車展，覆蓋全國近250個城市，其中80%以上位於低線城市。

On digital front, during the fourth quarter, we prioritized AI-driven upgrades for our products, particularly for these subscription package services. For example, our AIGC video generation tool now features modular graphics and video production capabilities that greatly enhance the format of content while empowering dealers to create a high-quality content efficiently.

在數位方面，在第四季度，我們優先考慮人工智慧驅動的產品升級，特別是這些訂閱包服務。例如，我們的AIGC視訊生成工具現在具有模組化圖形和視訊製作功能，大大增強了內容的格式，同時使經銷商能夠有效率地創建高品質的內容。

Additionally, it also supports one-click distribution of content across multiple mainstream media platforms, significantly improving operational efficiency for dealers. We also integrated AI into core products for dealership operations.

此外，也支援一鍵分發多個主流媒體平台的內容，大幅提高經銷商的營運效率。我們也將人工智慧融入經銷商營運的核心產品中。

For example, in lead management, AI-driven smart follow-ups provide dealers with comprehensive strategies and tools for managing leads from initial content contact into the transaction, improving store staffs issue resolution efficiency by over 20%.

例如在線索管理方面，AI驅動的智慧跟進為經銷商提供了從最初內容接觸到最終成交的全方位線索管理策略和工具，提升門市人員問題解決效率20%以上。

In business management, AI incorporates each store's operational data and standardizes complex operational data analysis process so that managers can quickly obtain insights to guide their decision-making. This upgrades not only enhanced the efficiency of content creation and distribution, but also significantly improved operational and management efficiency of dealerships.

在業務管理中，AI整合每個門市的營運數據，並將複雜的營運數據分析流程標準化，使管理者能夠快速獲得洞察，指導決策。此次升級不僅提升了內容創作和分發的效率，也顯著提高了經銷商的營運和管理效率。

For our used car business, in 2024, we enhanced digital application, providing users and clients with a broad range of digital inquiry and other marketing tools such as vehicle condition and pricing to enhance the user experience and improve client operational efficiency. We also continue to strengthen vehicle sourcing, particularly for certified high-quality vehicles to ensure vehicle quality and promote the healthy development of the industry.

二手車業務方面，2024年我們加強數位應用，提供用戶及客戶豐富的車況、價格等數位化查詢及行銷工具，提升用戶體驗，提升客戶營運效率。我們也將繼續加強車輛採購，特別是經過認證的高品質車輛，以確保車輛品質並促進行業的健康發展。

Over the year, the number of average daily certified vehicles on our platform almost doubled compared to the previous year. Moving forward, we will continue to focus on strict cost control while optimizing operational efficiency to ensure the stable development of our business.

一年來，我們平台日均認證車輛數量比前一年幾乎翻了一番。未來我們將持續嚴格控製成本，優化營運效率，確保業務穩定發展。

Before discussing the specifics of our financials, I believe everyone has already noted that the decrease in our media services revenues during the fourth quarter narrowed significantly on the back of an improving auto sales market. Looking ahead to the new year, we hope to see our traditional businesses continue to stabilize and recover as we will continue to prudently invest in innovative growth initiatives in order to achieve our dual objectives of business expansion and financial stability.

在討論我們的財務細節之前，我相信大家已經注意到，由於汽車銷售市場回暖，我們第四季媒體服務收入的降幅大幅收窄。展望新的一年，我們希望看到我們的傳統業務繼續穩定和復甦，同時我們將繼續審慎地投資於創新成長計劃，以實現業務擴展和財務穩定的雙重目標。

With that, let me briefly walk you through the key financials for the fourth quarter and full year 2024. Please note that I will reference RMB only in my discussion today unless otherwise stated. Net revenues for the fourth quarter were RMB1.78 billion. Breaking it down, media services revenues were RMB437 million. Lead generation services revenues were RMB758 million, and online marketplace and other revenues were RMB588 million, up 3.3% year-over-year.

接下來，讓我簡要地向您介紹一下 2024 年第四季和全年的主要財務狀況。請注意，除非另有說明，我今天的討論中只會引用人民幣。第四季淨營收為17.8億元。其中，媒體服務收入4.37億元。銷售線索生成服務收入為人民幣 7.58 億元，線上市場及其他收入為人民幣 5.88 億元，較去年同期成長 3.3%。

On cost, cost of revenues in the fourth quarter was RMB429 million compared to RMB368 million in the fourth quarter of 2023. Gross margin in the fourth quarter was 76% compared to 80.8% during the same period of 2023.

成本方面，第四季營收成本為人民幣 4.29 億元，而 2023 年第四季為人民幣 3.68 億元。第四季毛利率為 76%，而 2023 年同期為 80.8%。

Turning to operating expenses. Sales and marketing expenses in the fourth quarter were RMB718 million compared to RMB730 million in the fourth quarter of 2023. Product and development expenses were RMB328 million compared to RMB356 million in the fourth quarter of last year. General and administrative expenses were RMB131 million compared to RMB157 million during the same period of 2023.

談到營運費用。第四季銷售和行銷費用為人民幣 7.18 億元，而 2023 年第四季為人民幣 7.3 億元。產品及開發費用為3.28億元人民幣，去年同期為3.56億元。一般及行政開支為人民幣 1.31 億元，而 2023 年同期為 1.57 億元。

Overall, we delivered an operating profit of RMB232 million in the fourth quarter compared to RMB367 million for the same period of last year. Adjusted net income attributable to Autohome was RMB487 million in the fourth quarter compared to RMB503 million in the corresponding period of 2023.

整體而言，我們第四季的營業利潤為人民幣2.32億元，而去年同期為人民幣3.67億元。第四季歸屬於汽車之家的調整後淨利為人民幣4.87億元，而2023年同期為人民幣5.03億元。

Non-GAAP basic and diluted earnings per share in the fourth quarter were both RMB1 compared to RMB1.04 in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS in the fourth quarter were RMB4.02 and RMB3.99, respectively, compared to RMB4.15 and RMB4.14 respectively in the corresponding period of 2023.

第四季非美國通用會計準則每股基本盈餘和稀釋收益均為 1 元人民幣，而 2023 年同期為 1.04 元人民幣。第四季非美國通用會計準則每股美國存託憑證基本收益和攤薄收益分別為4.02元人民幣及3.99元人民幣，2023年同期分別為4.15元人民幣及4.14元人民幣。

Now I'll briefly summarize our 2024 full year results. Total revenues were RMB7.04 billion, of which media services revenues were RMB1.52 billion. Lead generation services revenues were RMB3.14 billion and online marketplace and other revenues were RMB2.38 billion, an increase of 8.1% year-over-year. In addition, we delivered an adjusted net income attributable to Autohome of RMB2.05 billion with adjusted net margin of 29.1%.

現在我將簡要總結我們2024年全年業績。總收入為人民幣70.4億元，其中媒體服務收入為人民幣15.2億元。銷售線索生成服務收入為人民幣 31.4 億元，線上市場及其他收入為人民幣 23.8 億元，較去年同期成長 8.1%。此外，我們實現歸屬於汽車之家的調整後淨利為人民幣20.5億元，調整後淨利率為29.1%。

As of December 31, 2024, our balance sheet remains robust with cash, cash equivalents and short-term investments of RMB23.32 billion. We generated net operating cash flow of RMB1.37 billion in 2024. On September 4, 2024, our Board of Directors authorized a new share repurchase program under which we were committed to repurchase up to USD200 million of Autohome's ADS for a period not to exceed 12 months thereafter.

截至2024年12月31日，我們的資產負債表依然穩健，現金、現金等價物及短期投資為人民幣233.2億元。2024年，我們實現淨經營現金流13.7億元人民幣。2024 年 9 月 4 日，我們的董事會批准了一項新的股票回購計劃，根據該計劃，我們承諾在此後不超過 12 個月的時間內回購最多 2 億美元的汽車之家 ADS。

As of February 14, 2025, we've repurchased approximately 3.3 million ADS for a total cost of approximately USD88.5 million. The above is our financial summary. With that, we are ready to open up the Q&A session. Operator?

截至 2025 年 2 月 14 日，我們已回購約 330 萬股 A​​DS，總成本約 8,850 萬美元。以上是我們的財務摘要。好了，我們準備開始問答環節。操作員？

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

So, thanks, management, for taking my question. I will transfer my questions. So I have two questions. First is for the transaction with CARTECH. So what's the background and the purpose of this transaction? And how it will impact our business in the future and in what areas plan to cooperate.

所以，感謝管理層回答我的問題。我會轉達我的問題。我有兩個問題。首先是與CARTECH的交易。那麼這筆交易的背景和目的是什麼呢？以及對我們未來的業務會產生什麼影響以及計劃在哪些領域進行合作。

And my second question is we saw the recovery in the fourth quarter in 2024. So how's the reason the positive policies will impact auto market and Autohome? And what's the management outlook for the auto market in 2025? Thanks.

我的第二個問題是，我們在 2024 年第四季看到了復甦。那麼這些利好政策究竟會對車市以及汽車之家產生什麼樣的影響呢？管理階層對2025年的汽車市場有何展望？謝謝。

Thank you for the question. My name is Yang Song. Firstly, we cannot comment on Haier's investment decision making, but we believe that Haier CARTECH strategic shareholding in Autohome is a decision based on multi phased consideration. As you know, stated in the news release for Haier, as China's leading online service platform for automotive consumers.

謝謝你的提問。我叫楊松。首先，我們無法評論海爾的投資決策，但我們認為海爾CARTECH戰略入股汽車之家是經過多階段考慮後做出的決定。如大家所知，海爾在新聞稿中表示，作為中國領先的汽車消費者線上服務平台。

Autohome takes data plus technology as its core support, and it has a wide user base. In-depth industry insights, professional content, as well as strong network of vehicle manufacturing, OEMs, and the dealers, and a stable financial system. Haier strategic shareholding reflects its recognition of Autohome's business model and the market potential, and we are also injecting vitality is the long-term development of Autohome.

汽車之家以數據+科技為核心支撐，擁有廣泛的使用者基礎。深入的產業洞察、專業的內容、以及強大的汽車製造、OEM、經銷商網路和穩定的財務體系。海爾策略入股汽車之家，體現了對汽車之家商業模式和市場潛力的認可，也為汽車之家的長遠發展注入了活力。

In the future, as a key hub in Haier's automotive industry ecosystem, Autohome will continue to consolidate and develop its existing business, and at the same time, draw on Haier's advanced management experiences on the CARTECH operating system to further promote the company's innovation and growth, with aim to better serve every users and the customers.

未來，作為海爾汽車產業生態圈的重要樞紐，汽車之家將在不斷鞏固發展現有業務的同時，借鑒海爾CARTECH營運體系的先進管理經驗，進一步推動公司創新發展，更好地服務於每位用戶和消費者。

At the same time, Haier will utilized its leading advantages in technological innovation, user insights, consumer services system, and the human and order combination management model integrate the online, offline integrated upgrading of CARTECH, especially its advanced store management, inventory management experiences, and comprehensive empower Autohome.

同時，海爾將利用其在技術創新、用戶洞察、消費者服務體系、人單合一管理模式等方面的領先優勢，融合CARTECH線上線下一體化升級，特別是其先進的門市管理、庫存管理經驗，全面賦能汽車之家。

It will also develop in synergy in the field of in-depth user experience, intelligent hardware connection, and automotive new retail, and continuously strengthen Autohome's O2O intelligence integration, and interaction and the comprehensive operating and service capability.

並在深度用戶體驗、智慧硬體連接、汽車新零售等領域協同發展，不斷強化汽車之家O2O智慧融合互動及綜合營運服務能力。

So overall speaking, we firmly believe that by combining the resources and the professional knowledge of the two parties, more synergy can be created, providing users with more high quality and innovative solutions. In addition, I have a supplementary notice.

所以整體來說，我們堅信透過結合雙方的資源和專業知識，可以產生更多的綜效，為使用者提供更多高品質、創新的解決方案。另外我還有一個補充通知。

After the transaction is completed, Ping An Group will continue to be the major shareholder of Autohome and the deepen collaboration with Autohome in multiple assets, such as after sales vehicle services, online marketing, and support the long-term development of Autohome together with Haier.

交易完成後，平安集團將繼續作為汽車之家第一大股東，並與汽車之家在售後汽車服務、線上行銷等多項資產上深化合作，攜手海爾支持汽車之家的長期發展。

Okay. Now it would be my great pleasure to answer your second question. Thank you for the question. I consider this to be a great question. According to our official data, the auto market performed strongly in the fourth quarter of last year with sales volume increased by 13.2% year-over-year. We believe that this is mainly because approaching the end of the year, auto companies made efforts to achieve the annual growth.

好的。現在我非常高興回答您的第二個問題。謝謝你的提問。我認為這是一個很好的問題。根據我們的官方數據，去年第四季汽車市場表現強勁，銷量較去年同期成長13.2%。我們認為，這主要是因為接近年底，汽車企業紛紛努力實現全年成長。

We coupled with the expiration of some two new policies at the December, it effectively boosted the auto market itself and helped the recent recovery of the industry confidence. As you know, as a professional vehicle media platform in the automotive industry, we are to meet users' needs for the two new policies, which is a large scale equipment renewal, and consumer goods trading incentive.

再加上12月份兩個新政策的到期，有效提振了汽車市場本身，有助於近期產業信心的恢復。大家知道，作為汽車產業的專業汽車媒體平台，我們是為了滿足用戶對兩項新政策的需求，即大規模設備更新和消費品交易誘因。

And we do see that Vodafone has created a localized content channel, integrated and updated local trading for new policies, and accurately connected the user needs with local resources. According to the QuestMobile data shows that in December of 2024, the average daily number of mobile users of automotive increased by 13.6% year-over-year, further consolidating its industry influences.

我們也確實看到沃達豐打造了在地化的內容頻道，對新政策進行在地化整合與更新，精準地將使用者需求與本地資源對接。根據QuestMobile數據顯示，2024年12月，汽車業日均行動用戶數年增13.6%，產業影響力進一步鞏固。

At the same time, with the recovery of the auto market, Autohome's media business has also picked up, growing by 34% quarter-over-quarter. We expect this trend to be continued in 2025. Next, I would like to share with you my outlook for 2025. According to the market detail sales in 2025, it will increase by 2% year-on-year. And also, we can see that the cumulative retail sales in 2024 increased by 5.5% year-over-year.

同時，隨著汽車市場的復甦，汽車之家媒體業務也出現回暖，較上季成長34%。我們預計這一趨勢將在 2025 年繼續延續。接下來我想跟大家分享我對2025年的展望。以2025年市場明細銷量計算，較去年成長2%。而且我們還可以看到，2024年的累計零售額年增了5.5%。

Among, which the retail sales of new renewable energy passenger vehicles, will increase by 20% year-over-year and that this penetration rate will reach to 57%. We believe that this overall pattern of both market in 2025 will be stable and positive, and that the following trends may be shown.

其中，新能源乘用車零售量較去年同期成長20%，滲透率達57%。我們認為2025年這兩個市場的整體格局都將是穩中向好的，並可能呈現以下趨勢。

I would like to provide you with three detailed analysis. So firstly, we do see continued favorable policies, and steady growth of the auto market. And secondly, we do see the continuous growth of the renewable energy vehicle, and also the emergence of the intelligent trends. And thirdly, we do see the industry price competition will continue.

我想提供給大家三點詳細的分析。首先，我們確實看到利好政策持續出台，汽車市場穩定成長。其次，我們確實看到再生能源汽車的持續成長，以及智慧化趨勢的出現。第三，我們確實看到產業價格競爭將會持續下去。

In summary, in the long run, with the continuous development of the renewable energy vehicle industry, and the government introduction of the new favorable co-license to support the auto market consumption, we believe that the auto market will have strong long-term growth, and we will also continue to deepen our efforts in the new renewable energy business, and develop healthy together with the Chinese automotive industry. That's all for my answer. Thank you very much.

綜上所述，長期來看，隨著新能源汽車產業的不斷發展，以及政府推出新的利好政策扶持汽車市場消費，我們相信汽車市場將長期保持強勁成長，我們也將繼續深耕新能源汽車業務，與中國汽車產業共同健康發展。我的回答就到這裡。非常感謝。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

I will transfer myself. Thanks, management, for taking my question. I have two questions. First is regarding our lead generation business. How is the contract renewal, the situation so far? And any areas to further explore potentials for this segment? And the second question is about the outlook 2025 outlook for used car market. And when does -- how much do you expect - will management expect this - the industry and our business to recover for used car business? Thank you.

我會自行轉學。謝謝管理層回答我的問題。我有兩個問題。首先是關於我們潛在客戶開發業務。續約事宜怎麼樣，目前情況如何？還有哪些領域可以進一步挖掘這領域的潛力？第二個問題是關於2025年二手車市場的前景。您預計管理階層對二手車產業和我們的業務的復甦預期是怎樣的？謝謝。

Thank you very much. I would like to take your question. Talking about the renewal of the [DealerConnect]. Actually, it started at the end of 2024 as usual, and it was basically completed after the spring festival in 2025. The renewal situation is very good. Actually, it exceeds 85%, which is better than previous year. Why we can achieve such success is, because of the two factors.

非常感謝。我想回答你的問題。談論更新[經銷商連接]。其實它照例是2024年底開工，2025年春節後就基本完工了。更新情況非常好。事實上，這一數字超過了85%，比去年有所好轉。我們之所以能取得這樣的成功，是因為有兩個因素。

One is the product to operate full scale AI implementation, integrating on platform, information data, and workflow. Through AI operation reduction, AI flow efficiency improvement, and AI decision making assistance. It reduces cost and increase the revenue for dealers. And secondly, the brand advantages. We have very strong brand influence, high user traffic.

一是實現全面人工智慧落地的產品，整合平台、資訊資料、工作流程。透過AI運算減少、AI流程效率提升、AI決策輔助。為經銷商降低成本，增加收益。其次，品牌優勢。我們的品牌影響力非常強，用戶流量也很高。

And also, we have the optimized operating experience, and the comprehensive service guarantee continuously attracts a large number of customers to renew. And also, I want to talk about the business potential in the following three aspects. The firstly is the Chinese auto market. Although maybe different source may have different projection, but we believe the overall trend would be up growing.

而我們以優化的營運體驗、完善的服務保障不斷吸引大量客戶續約。另外，我想從以下三個方面來談談商業潛力。首先是中國汽車市場。儘管不同來源可能有不同的預測，但我們相信整體趨勢是向上成長的。

If the total sales go up, the leads would also go up. That is for sure the trend. And, also, we can do more on digitization and intelligent validation. For example, we can further optimize the AI technology to achieve more accurate customer, portraits, and personalized recommendations, helping the dealers to reach targeted customers in a more effective way.

如果總銷售額上升，銷售線索數量也會上升。這肯定是趨勢。而且，我們還可以在數位化和智慧驗證方面做更多的事情。例如，我們可以進一步優化AI技術，實現更精準的客戶畫像和個人化推薦，幫助經銷商更有效地觸及目標客戶。

We can also analyze the user's car, and using big data and AI to better achieve, more efficient targeted market strategy, suggested for dealers. And also, we do see more opportunities and more coverage. In the past, our market is more focused on the big cities. And in the future, we can get into the down market, which is more at the lower tier cities, and help us to achieve more customers.

我們還可以對用戶的汽車進行分析，並利用大數據和人工智慧來更好地實現、更有效率地為經銷商提供有針對性的市場策略建議。而且，我們確實看到了更多的機會和更多的報道。過去我們的市場更多的集中在大城市。未來，我們可以進入低端市場，即低線城市，這將幫助我們獲得更多客戶。

And, secondly, in terms of the lead business, we focus a lot on new car sales. In the future, we can do more post sales services, including the maintenance and et cetera. So in this way, we can further expand the business. Now talking about your second question, which is about the used car business, I should say in 2024, the used car sales increased while the profits declined.

其次，就主要業務而言，我們非常注重新車銷售。未來我們可以做更多的售後服務，包括維修等等。這樣，我們就可以進一步擴大業務。現在談談您的第二個問題，即二手車業務，我應該說在2024年，二手車銷量增加了，但利潤卻下降了。

The annual used car transaction volume, increased by 6.5%. However, out of the top 100 used car dealers, 49 had a single vehicle gross profit margin, which is only between 4% to 6% and in 29 had a GT margin of less than 4%. Now talking about why the reason of sales growth, for example, they are from the policy support.

全年二手車交易量成長6.5%。然而，在前100名的二手車經銷商中，有49家的單車毛利率僅為4%至6%，其中29家的GT利潤率低於4%。現在講為什麼銷售成長的原因，比如說是來自於政策的支持。

For example, the trading for new policies in the new car market, has driven the replacement demand for used cars, to a certain extent. And also cross professional business handling under the listing of the National five emission limit, has simplified the trading process, reduced the trading cost, and improved the trading efficiency.

例如，新車市場換新政策的出台，某種程度上帶動了二手車的置換需求。並在全國五排放限值上市下進行跨專業業務辦理，簡化了交易流程，降低了交易成本，提高了交易效率。

What interesting part is about the renewable, market used car. In the past, there are a lot of, not so transparency in this market and the volume is not big. However, the transaction volume in 2024 exceeds 1 million vehicles, an increase of 48% year-over-year, which is an important driving force for the market growth.

有趣的部分是關於可再生的、市場二手車。過去，這個市場有很多，不太透明，交易量也不大。但2024年交易量將超過100萬輛，較去年同期成長48%，是市場成長的重要驅動力。

Well, there are pros and cons. For example, the reason for the profit declining is majorly due to the price wars in the new renewable new car market, which has led to large fluctuation in the purchase and the sales price of the used car and extended inventory cycle and the difficult capital recovery.

嗯，有利有弊。例如，利潤下滑的主要原因是新車市場價格戰，導致二手車買賣價格波動較大，庫存週期延長，資金回收困難。

So this single vehicle gross profit margin of used car dealership enterprises had generally declined. Now I would like to share with you my outlook for 2025. Firstly, the market. With the continuous implementation of the trading for new policy, the market demand would continue to be released.

因此二手車經銷企業的單車毛利率普遍出現下降。現在我想跟大家分享我對2025年的展望。第一，市場。隨著以舊換新政策的不斷實施，市場需求將持續釋放。

Coupled with the promotion of the renewable energy used car, the sales volume of the used car industry in 2025 is expected to continue to grow. Talking about the price war, I should say in 2025 the price war would continue, but the volatility would be less. We do believe that would help to improve the market. We are aiming to address the pain point in the market.

加上再生能源二手車的推廣，預計2025年二手車產業銷售仍將持續成長。談到價格戰，我應該說2025年價格戰仍會持續，但波動性會較小。我們確實相信這將有助於改善市場。我們的目標是解決市場痛點。

For example, to enhance the transparency of the used car transaction in terms of the pricing and the condition of the car. So that's why in Autohome, we want to promote the trustworthy used car source, which would increase significantly. So this certified and high-quality car source usually has higher selling price, and we help the dealers to improve the profitability.

例如，提高二手車交易在定價、車況等方面的透明度。因此，在汽車之家，我們想要推廣值得信賴的二手車來源，這將大幅增加。所以這種經過認證的、高品質的車源通常售價更高，我們幫助經銷商提高獲利能力。

And also, digital tools such as vehicle condition and price query can effectively improve the business equation efficiency. So in this way, we believe that the overall momentum is that it will be a long-term growth of the market, but do not expect to see short-term, outbursts of the rapid growth of the market. Operator?

此外，車況、價格查詢等數位化工具也能有效提升業務結算效率。因此，我們認為整體動能是市場將長期成長，但不期望看到市場短期內爆發式的快速成長。操作員？

Thank you for the questions. Xiaodan Zhang, CICC.

謝謝您的提問。張曉丹，中金公司。

So thanks management for taking my questions. And could you please share your outlook on 2025 revenue and margin outlook for, on the NEV's new retail model? And how should we think of its expansion pace going onwards? Thank you.

感謝管理層回答我的問題。您能否分享一下對 NEV 新零售模式 2025 年營收和利潤前景的展望？我們又該如何看待未來的擴張步伐呢？謝謝。

Well, thank you very much for the question. As you know, the renewable energy vehicle is one of the key development strategy for Autohome. And we believe that the new retail business, we would focus more on O2O, the online and offline collaboration. We believe that this would be the major driver for the future growth of the business. Actually, with our past experience shows that this is a very good strategy.

嗯，非常感謝您的提問。眾所周知，再生能源汽車是汽車之家的重點發展策略之一。我們相信，新零售業務將更重視O2O，即線上和線下的合作。我們相信這將成為未來業務成長的主要動力。其實，根據我們過去的經驗表明，這是一個非常好的策略。

For example, in 2022, we only have one space store in Shanghai. By the end of 2023, we have 28 space station franchise stores. Since we started testing the satellite stores in May, and also the total number of the space station and the satellite franchise station has now exceeded 150.

例如2022年我們在上海就只有一家空間店。到2023年底，我們擁有28家太空站特許經營店。自五月開始測試衛星商店以來，太空站和衛星特許經營站的總數已超過150個。

So it can be seen that the construction of our offline channels have taken initial shape, achieving the wide coverage, of the high and the low tier cities. And this year, we will continue to explore, especially in the lower tier cities. We want to have a wider coverage in the smaller and the lower tier cities.

可以看出我們線下渠道建設已經初具規模，實現了對高、低線城市的廣泛覆蓋。今年，我們將繼續探索，特別是在低線城市。我們希望在較小城市和低線城市實現更廣泛的覆蓋範圍。

In terms of the profit, we believe the profit would be reasonable, and it is not a cash burning business for the renewable and the new retail business. And we want to see that our franchisees, can achieve the balance in terms of its financial, recovery imbalance in the short-term. So in this way, our 2025 business will continue to grow. Operator?

從利潤角度來說，我們認為利潤是合理的，而且對於再生能源和新零售業務來說，這不是一個燒錢的業務。我們希望看到我們的加盟商能夠在短期內實現財務和復甦失衡的平衡。這樣一來，我們的2025年業務就會持續成長。操作員？

Ritchie Sun, HSBC.

孫紅雷，匯豐銀行。

Thank you, management, for taking my question. I want to ask how should we think about, or what is your view on further lifting the payout ratio, or shareholder return? Thank you.

謝謝管理層回答我的問題。我想問一下我們該怎麼去考慮，或者說您對進一步提高派息率，或者股東回報有什麼看法？謝謝。

Well, thank you very much for the great question. Actually, if you look at the past three years. In 2022, we had already paid [$500 million] dividend payout. In 2023, this number reached to RMB1 billion. And in 2024, it further reached to RMB1.5 billion. And also, our Board of Directors also made a promise that in the future in next three years, we would pay out no less than RMB1.5 billion.

嗯，非常感謝您提出這個好問題。事實上，如果你回顧過去三年。2022 年，我們已經支付了 [5 億美元] 的股息。2023年，這數字將達到10億元。2024年將進一步達到15億元。而我們董事會也承諾，未來三年，我們會派發不低於15億元人民幣的股息。

In addition to the dividend payout, we also find other ways to for example, for the share buyback policies, to better boost our share price. It helps the investors to reduce its risk. Actually, out of these 200 million share buyback plan, as for now, we had executed approximately USD88.5 million.

除了派息之外，我們還尋找其他方式，例如股票回購政策，以更好地提高我們的股價。它有助於投資者降低風險。實際上，在這2億股回購計畫中，截至目前，我們已經執行了約8,850萬美元。

So in the future, in addition to the dividend payout, we would continue to do more share buyback policies and other effective way to help to better giving back to our shareholders. Operator?

所以未來除了分紅以外，我們還會繼續做更多的股票回購政策等有效的方式，更好地回饋股東。操作員？

Thank you. There are no further questions at this time. I will turn the conference back to management for closing.

謝謝。目前沒有其他問題。我將把會議交還給管理層以結束會議。

Thank you, everyone. Thank you very much for joining us today. We appreciate your support to the company, and we look forward to updating you on our next quarter's conference in a few months' time. In the meantime if you have any questions, please feel free to contact us. And thank you for joining us today. Thank you, everyone. Bye-bye.

謝謝大家。非常感謝您今天加入我們。我們感謝您對公司的支持，並期待在幾個月後向您通報下一季的會議情況。同時，如果您有任何疑問，請隨時與我們聯繫。感謝您今天加入我們。謝謝大家。再見。

This will conclude conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。