Autohome Inc (ATHM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's first quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow management's prepared marks. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time.

女士們，先生們，感謝大家參加汽車之家 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。管理階層準備好評分後將進行問答環節。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。

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, Sterling Song, Autohome's IR director, Mr. Song, please go ahead.

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。現在我很高興介紹主持人，汽車之家投資者關係總監Sterling Song，宋先生，請開始。

Thank you, operator. Hello, everyone, and welcome to Autohome's first quarter 2025 earnings conference call. Earlier today, ฤutohome distributed is earnings press release, which can be found on the company's IR website at www.ir.auohome.com.cn.

謝謝您，接線生。大家好，歡迎參加汽車之家2025年第一季財報電話會議。今天早些時候，auohome 發布了盈利新聞稿，可在公司 IR 網站 www.ir.auohome.com.cn 上查閱。

Joining me on today's call, are Chief Executive Officer, Ms. Song Yang, and the Chief Financial Officer, Mr. Craig Yan Zeng. Management will go through their prepared remarks first, 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女士和財務長 Craig Yan Zeng 先生。管理層將首先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 know that the discussion today will contend forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1,995. Forward looking statements are subject to risk and uncertainties that may cause actual results to differ materially from our current expectations.

在我們繼續之前，請注意，今天的討論將針對根據 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 Exchange Commission and the Hong Kong Stock Exchange. Autohome doesn't undertake any obligation to update any further looking statements except as required under applicable laws.

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進一步展望聲明的義務。

Please also know that all homes earning freshly and this conference call include discussions of certain and non-GAAP financial measures. The 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 CEO Mr. Yang for opening remarks. Please go ahead, Ms. Yang, Yang Song.

另請注意，所有房屋新收入和本次電話會議都包括對某些非 GAAP 財務指標的討論。非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳可以在我們的收益報告中找到。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。請楊女士，楊松。

(spoken in foreign language)

（用外語說）

Thank you, Sterling. Hello everyone. This is Song Yang. Thank you for joining our earnings conference call today.

謝謝你，斯特林。大家好。我是宋揚。感謝您參加我們今天的收益電話會議。

(spoken in foreign language)

（用外語說）

In the first quarter, we concentrated on strengthening the fundamentals of our business and on enhancing our innovative initiatives, leverage our solid foundations, we continued to drive breakthroughs innovation, steadily advancing our online to offline integration strategy, and achieving solid progress.

一季度，我們著力夯實基本面，強化創新舉措，憑藉堅實的基礎，持續推動突破性創新，穩步推進線上線下融合戰略，取得了紮實進展。

(spoken in foreign language)

（用外語說）

In terms of building our foundations, we focus on expanding our product offerings and enhancing the user experience to deliver greater value and establish a solid base on our content, we enriched our content portfolio by adding travel logs, camping and other broader automotive related contents. We also introduced a robot section on our APP homepage, expanding into the smart technology space to meet our users' diverse needs. On our user experience, we systematically promoted new car content through upgraded live streaming features to enhance the appeal of our professional content. We also launched the starting price tool which consolidates government subsidies and the OEM discount, helping users make car buying decisions more easily and efficiently.

在建立基礎方面，我們專注於擴大產品供應和增強用戶體驗，以提供更大的價值並建立堅實的內容基礎，我們透過添加旅行日誌、露營和其他更廣泛的汽車相關內容來豐富我們的內容組合。我們也在APP首頁推出了機器人專區，拓展智慧科技領域，滿足用戶多樣化的需求。在使用者體驗方面，我們透過升級的直播功能有系統地推廣新汽車內容，以增強專業內容的吸引力。我們也推出了整合政府補貼和原廠折扣的起始價工具，幫助用戶更輕鬆、有效率地做出購車決策。

(spoken in foreign language)

（用外語說）

Building our solid fundamentals, we're actively driving technological innovation, continuously deepening the application of AI and expanding our new retail business to establish engines for future growth. Currently, our AI technology has already been successfully implemented across our advertising these membership products, the APP Smart assistant, use car smart tools, and the new media, notably at the end of March, again, we upgraded the Autohome APP with an AI smart assistant powered by DeepSeek and our own proprietary big data resources.

在夯實基本面的基礎上，我們積極推動科技創新，不斷深化人工智慧應用，拓展新零售業務，建構未來成長引擎。目前，我們的AI技術已成功應用在我們的廣告會員產品、APP智慧助理、車載智慧工具、新媒體等各個領域，特別是在3月底，我們再次升級了汽車之家APP，搭載了由DeepSeek和我們自己專有的大數據資源支持的AI智能助理。

This feature significantly enhances the user Q&A experience in the automotive vertical and efficiently improves efficiency in user decision making.

此功能顯著提升了汽車垂直領域的使用者問答體驗，有效提高了使用者決策效率。

Meanwhile, our new retail business is steadily expanding. To date, we have nearly 200 Autohome space and satellite franchise doors in operation, providing local partners with cutting edge technological capabilities, premium offline resources and a robust ecosystem support to drive mutual growth.

同時，我們的新零售業務也在穩步擴張。目前，我們已經營近200個汽車之家專賣店及衛星門市，為當地合作夥伴提供尖端的技術能力、優質的線下資源和強大的生態系統支持，促進共同成長。

In addition, through our participation in the auto show in Thailand, we are also actively exploring ways to support Chinese automakers in expanding overseas markets.

此外，透過參加泰國車展，我們也積極探索支持中國汽車企業拓展海外市場的方式。

(spoken in foreign language)

（用外語說）

Autohome began as auto automotive media and has evolved far beyond. In the two decades since our establishment, we've accumulated a massive amount of industry data, abundant industry expertise, a large and strong user base, and extensive brand recognition.

汽車之家最初是一家汽車媒體，但如今已發展成為汽車媒體。我們成立二十年來，累積了大量的產業數據、豐富的產業專業知識、龐大且強大的用戶基礎、廣泛的品牌知名度。

Today, as the Chinese auto market undergoes profound structural changes, we built a data-driven intelligence service platform across new retail, smart technologies, and the broader automotive ecosystem, driving a comprehensive upgrade to the automotive consumer experience.

如今，在中國汽車市場發生深刻結構性變化的背景下，我們建構了以數據為驅動、橫跨新零售、智慧科技以及更廣泛的汽車生態系統的智慧服務平台，推動汽車消費者體驗的全面升級。

Looking ahead, we remain committed on user needs, continue to strengthen our foundations, actively explore new emerging sectors, and build a fully integrated online to offline ecosystem for services, providing consumers and the clients a more comprehensive and convenient one-stop service.

展望未來，我們將持續以使用者需求為中心，持續夯實基礎，積極探索新興領域，建構線上線下全鏈路服務生態，為消費者和客戶提供更全面、便利的一站式服務。

(spoken in foreign language)

（用外語說）

With that, I will now turn the call over to our Chief Financial Officer, Mr. Craig Yan Zeng for a closer look at our first quarter of 2025 operating and financial results.

現在，我將把電話轉給我們的財務長 Craig Yan Zeng 先生，讓他仔細看看我們 2025 年第一季的營運和財務表現。

(spoken in foreign language)

（用外語說）

Thank you, Mr. Yang. Hello everyone. I'm Chris Zeng, the CFO of Autohome.

謝謝您，楊先生。大家好。我是汽車之家財務長曾志偉。

(spoken in foreign language)

（用外語說）

In the first quarter, we focused on key new car launches and upgraded the live streaming of our professional content. By life streaming new car, the views, initial showcasing's and initial test drives, we improve the timeliness and reach of professional content, creating an immersive consumer experience. For example, our new car express news program organized and customized live streaming of new car launches, attracting more than 200,000 interactions collectively.

一季度，我們聚焦在新車發布，升級專業內容直播。透過直播新車、觀賽、首秀、試駕，我們提升了專業內容的時效性和覆蓋率，創造了身臨其境的消費者體驗。例如，我們的新車快訊節目組織客製了新車發表會的直播，累計互動量超過20萬次。

The related topic also sparked user-generated content and secondary distribution across multiple third-party platforms, extending the reach of our professional content beyond the traditional audience. Today, we have achieved full live streaming coverage for all S-class new car launches.

相關主題也引發了用戶生成內容和跨多個第三方平台的二次分發，將我們的專業內容的覆蓋範圍擴展到傳統受眾之外。今天，我們實現了S級新車發表會全程直播。

(spoken in foreign language)

（用外語說）

In addition to our professional contents, we also introduced a variety of programs such as Motor Enthusiast and the Grand Touparadigmr, creating interactive platforms for car owners to share and connect over their driving experiences and the marking and expansion of our content coverage from specialized automotive topics to broader car lifestyle and culture.

除了專業的內容之外，我們還推出了《汽車愛好者》、《Grand Touraradigmr》等豐富多彩的節目，為車主們打造了分享和交流駕駛體驗的互動平台，標誌著我們的內容覆蓋範圍從專業的汽車話題延伸到了更廣泛的汽車生活方式和文化領域。

This also integrates the future trends of smart technology into our content, forming a diversified and a multi-dimensional content ecosystem. According to QuestMobile, our average mobile DAUs reached $76.92 million in March 2025, up 10.8% from the same period last year, reflecting our sustained growth in user scale and expanding platform influence.

這也將智慧科技的未來趨勢融入我們的內容中，形成多元化、多維度的內容生態系統。根據QuestMobile的數據顯示，2025年3月，我們的平均行動DAU達到7,692萬美元，較去年同期成長10.8%，反映出我們用戶規模的持續成長和平台影響力的不斷擴大。

(spoken in foreign language)

（用外語說）

Turning to NEVs, our new retail business introduced the buy for me service model that integrates online and offline services. With a focus on the user, this model combines expert recommendations, real-time vehicle demonstrations, while live streaming, instant communication through enterprise, WeChat, transparent online pricing and a multi-vehicle test drives by real car owners.

談到新能源汽車，我們的新零售業務推出了線上線下相結合的「買我」服務模式。此模式以使用者為中心，融合了專家推薦、即時車輛展示、網路直播、企業即時溝通、微信互動、線上透明定價、多車主真實試駕等功能。

By connecting every stage of the buying process, we offer users a one-stop car purchasing experience across multiple brands, marking the programs easier and more cost effective. Currently, we've established 29 Autohome space stores, and 170 franchise satellite stores nationwide forming strong offline networks, enabling more users to experience the professionalism and convenience of our services. In the first quarter, total revenues from NEVs, including those from our new retail business, increased by 72.6% year over year.

透過連接購買過程的每個階段，我們為用戶提供跨多個品牌的一站式購車體驗，使程式更簡單、更具成本效益。目前，我們在全國範圍內已建立29家汽車之家空間店、170家特許衛星店，形成強大的線下網絡，讓更多用戶體驗到我們服務的專業性和便捷性。一季度，包括新零售業務在內的新能源汽車總收入年增72.6%。

(spoken in foreign language)

（用外語說）

On the digital front, we are advancing the comprehensive AI upgrade of our products powered by DeepSeek specifically in marketing, we have transitioned from the traditional manual design and the rule-based approaches to an AI native and a data-driven intelligence paradigm leveraging.

在數位化方面，我們正在推動DeepSeek驅動的產品的全面AI升級，特別是在行銷方面，我們已經從傳統的手動設計和基於規則的方法轉變為AI原生和數據驅動的智慧範式。

Generative AI, we rebuild our end-to-end marketing system to deliver more precise and efficient services for membership products, we deeply integrated DeepSeek open-source architecture to continuously enhance AI capabilities, utilize AI enabled task reduction, follow up, optimization and decision support.

生成式人工智慧，我們重構端對端行銷體系，為會員產品提供更精準、高效的服務，深度整合DeepSeek開源架構，持續增強AI能力，利用AI進行任務的精簡、跟進、優化和決策支援。

Providing more intelligent operational assistance to our business partners. Our AI DeepSeek powers new media, marketing connects, content-based, and the live streaming based channels to acquire consumers, significantly improving store operational efficiency and helping merchants achieve higher quality traffic conversion.

為我們的業務合作夥伴提供更智慧的營運協助。我們的AI DeepSeek賦能新媒體、行銷連結、內容、直播等管道獲客，大幅提升門市營運效率，協助商家達到更高品質的流量轉換。

In addition, to address the complexities of non-standard used car transactions, we launched the used car AI smart buyer.

此外，針對非標準化二手車交易的複雜性，我們推出了二手車AI智慧買家。

In April, which we find the labeling of non-standard product tags and analyzes user needs to effectively solve problems such as poor transaction matches and car selection difficulties.

4月份，尋找不規範商品標籤標註問題，分析用戶需求，有效解決交易匹配度差、選車難等問題。

In the first quarter, the revenues from data products increased by over 5% year over year. We will continue to deepen the application of AI across multiple scenarios to better address user demand and then drive business model innovation and efficient.

一季度，數據產品營收年增5%以上。我們將持續深化人工智慧在多情境的應用，以更好地滿足使用者需求，進而驅動商業模式創新與高效。

(spoken in foreign language)

（用外語說）

Yeah, used car business, we are building a collaborative O2O ecosystem around the used car transaction chain. Online, we established a cross-platform coordination mechanism between Autohome and the TCP to optimize resource allocation and ensure a consistent user experience.

是的，二手車業務，我們正在圍繞二手車交易鏈建立一個協作的O2O生態系統。在線上，我們建立了汽車之家與TCP的跨平台協調機制，優化資源配置，確保使用者體驗的一致性。

Offline, we collaborate with TTP dealers and Autohome space stores to expand premium inventory sourcing and implement refined layered management of used car resources based on vehicle condition, pricing, and other factors to accurately match inventory with different dealer capabilities, creating a highly efficient used car sourcing platform.

線上下，我們與TTP經銷商、汽車之家太空門市合作，拓展優質庫存採購，並根據車況、價格等因素對二手車資源進行精細化分層管理，將庫存與不同經銷商能力進行精確匹配，打造高效的二手車採購平台。

(spoken in foreign language)

（用外語說）

In summary, we've been vigorously implementing a new strategy for the integrated development of auto operations and continuously advancing execution. In this process, we've been constantly strengthening our business foundation and cultivating new growth drivers.

綜上所述，我們一直在大力實施汽車一體化發展新策略，並持續推動執行。在這個過程中，我們不斷夯實業務基礎，培育新的成長動力。

We are striving to transform from a pure automotive media vertical into a comprehensive auto lifestyle ecosystem, one that is much closer to the transaction and enhance the global automotive consumers' ownership experience.

我們致力於從單純的汽車媒體垂直領域轉型為全面的汽車生活方式生態系統，更貼近交易，提升全球汽車消費者的擁有體驗。

This evolution will allow us to deliver superior products and services to users and clients and create long-term value for our shareholders.

這項轉變將使我們能夠為用戶和客戶提供優質的產品和服務，並為我們的股東創造長期價值。

(spoken in foreign language)

（用外語說）

With that, please let me briefly walk you through the key financials for the first quarter 2025. Please know that I will reference RMB only in my discussion today unless otherwise stated.

下面，請容許我簡單向您介紹 2025 年第一季的主要財務狀況。請注意，除非另有說明，我今天的討論中只會引用人民幣。

(spoken in foreign language)

（用外語說）

Net revenues for the first quarter were RMB1.45 billion. Breaking it down, media services revenues were RMB242 million. These generation services revenues wereRMB645 million and online marketplace and other revenues were RMB566 million up 2% year over year.

第一季淨營收為14.5億元人民幣。其中，媒體服務收入為2.42億元。其中發電服務收入為6.45億元，線上市場及其他收入為5.66億元人民幣，較去年同期成長2%。

(spoken in foreign language)

（用外語說）

On cost of revenues in the first quarter was RMB3,160 million compared to RMB301 million in the corresponding period last year. First margin in the first quarter was 78.3% compared to 81.3% during the first quarter last year.

第一季營業成本為人民幣31.60億元，去年同期為人民幣3.01億元。第一季的利潤率為 78.3%，而去年第一季為 81.3%。

(spoken in foreign language)

（用外語說）

Overall, we delivered an operating profit of RMB233 million in the first quarter compared to RMB276 million for the same period of last year. Adjusted net income attributable to Autohome was RMB421 million in the first quarter compared to RMB494 million in the corresponding period of 2024.

整體而言，我們第一季的營業利潤為人民幣2.33億元，去年同期為人民幣2.76億元。第一季歸屬於汽車之家的調整後淨利為人民幣4.21億元，而2024年同期為人民幣4.94億元。

(spoken in foreign language)

（用外語說）

Non-GAAP basic and diluted earnings per share in the first quarter were both RMB0.88 compared to RMB1.02 in the corresponding period of 2024. Non-GAAP basic and diluted earnings for ADS in the first quarter were RMB3.54 and RMB3.52 respectively compared to RMB4.08 and RMB4.07 respectively in the corresponding period of 2024.

第一季非美國通用會計準則每股基本盈餘和稀釋收益均為人民幣 0.88 元，而 2024 年同期為人民幣 1.02 元。第一季非美國通用會計準則下，美國存託憑證基本收益和攤薄收益分別為3.54元人民幣及3.52元人民幣，而2024年同期分別為4.08元人民幣及4.07元人民幣。

(spoken in foreign language)

（用外語說）

Of March 31, 2025, our balance sheet remains robust with cash equivalent and the short-term investments of RMB21.93 billion. We generated net operating cash flow of RMB135 million in the first quarter.

截至2025年3月31日，我們的資產負債表依然穩健，現金等價物及短期投資為人民幣219.3億元。我們第一季實現淨經營現金流1.35億元人民幣。

(spoken in foreign language)

（用外語說）

On September 4, 2024, our board of directors authorized a new share repurchase program under which we are permitted to for a period does exceed 12 months thereafter. As of May 2, 2025. We purchased approximately $4.78 mill i on repurchase up to $200 million of Autohome ADS for a total cost of approximately $128 million.

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，我們可以在此後超過 12 個月的時間內進行股票回購。截至 2025 年 5 月 2 日。我們以約 478 萬美元的價格回購了價值高達 2 億美元的汽車之家 ADS，總成本約為 1.28 億美元。

(spoken in foreign language)

（用外語說）

So, the above is our financial summary with that we are ready to open up the Q&A session operator.

因此，以上是我們的財務摘要，我們已準備好開啟問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Thomas Chong, Jeffries.

托馬斯張，杰弗里斯。

(spoken in foreign language)

（用外語說）

Good evening. Thanks, management, for taking my question. My first question is about the auto industry. We see the sector is performing well in Q1. What's the implication to the sector and Autohome?

晚安.謝謝管理層回答我的問題。我的第一個問題是關於汽車產業的。我們看到該行業在第一季表現良好。這對產業和汽車之家有何影響？

What's management expectation about 2025 industry outlook?

管理階層對2025年產業前景有何預期？

And my second question is about new retail. Can management comments about the progress so far and our plan going forward? Thank you.

我的第二個問題是關於新零售的。管理層能否評論一下目前的進展和未來的計劃？謝謝。

(spoken in foreign language)

（用外語說）

Thank you for your question. I am Song Yang. Let me answer your question. First, let me analyze the characteristics of the market for Q1.

感謝您的提問。我是宋揚。讓我來回答你的問題。首先分析一下第一季市場特性。

(spoken in foreign language)

（用外語說）

First, the overall new car sales grew, but with new energy vehicles that is MEV standing out, although their growth rate has slowed. According to official data, Q1's auto sales increased by 6% year on year.

一是新車銷售量整體維持成長，但以新能源車為主的MEV銷售表現突出，儘管成長放緩。官方數據顯示，第一季汽車銷量較去年同期成長6%。

Among this internal Combustion engine vehicle sales, that is ICE vehicle sales continue to decline, down 12% year on year, while NEV sales grew by 36% year on year. However, this is slower than the growth rate of over 40% seen in the second half of last year.

其中內燃機汽車銷量，也就是ICE汽車銷量持續下滑，較去年同期下降12%，而新能源汽車銷量較去年同期成長36%。但這比去年下半年40%以上的成長放緩。

(spoken in foreign language)

（用外語說）

At the same time, we've observed a clear trend of growth in volume but decline in profits. In Q1, the average profit margin of China's auto industry was only 3.9%, significantly lower than the 5.6% average for downstream industrial enterprises, reflecting continued margin pressure in the auto sector.

同時，我們也看到產量成長、利潤下降的明顯趨勢。一季度，我國汽車產業平均利潤率僅3.9%，明顯低於下游工業企業5.6%的平均水平，汽車產業利潤率持續承壓。

(spoken in foreign language)

（用外語說）

Second, two new policies have helped revive the market and stimulate car buying demand.

二是兩項新政策有利於市場復甦，刺激購車需求。

In January, the National Development and Reform Commission and the Ministry of Finance released a notice on promoting consumption and the trade-in of consumer goods.

今年1月，國家發展改革委員會、財政部發布關於促進消費和消費品以舊換新工作的通知。

Regarding the auto sector, it proposed expanding support for scrapping and replacing old vehicles and improving subsidy standards for car trade-ins.

在汽車領域，提出加強對老舊汽車報廢更新支持力度，提高汽車以舊換新的補助標準。

According to the estimates from the China Automobile Dealers Association, after the scrappage, standards were broadened, over 10 million additional national 4 standard passenger vehicles became eligible, and the number of eligible NEVs increased by more than 1 million.

根據中國汽車流通協會測算，此次退市放寬標準後，新增符合國四標準的乘用車1000多萬輛，符合標準的新能源汽車新增100多萬輛。

(spoken in foreign language)

（用外語說）

Third, the price war has cooled while competition in intelligent vehicle technology has intensified. Automakers are now racing into the smart tech track, not only meeting consumer demand for intelligent experiences, but also helping manufacturers overcome the challenges of technological homogenization amid fierce market competition.

第三是價格戰降溫，智慧汽車技術競爭加劇。目前，汽車廠商紛紛進軍智慧科技賽道，不僅滿足了消費者對於智慧體驗的需求，也幫助廠商在激烈的市場競爭中克服了技術同質化的挑戰。

(spoken in foreign language)

（用外語說）

Looking ahead to the 2025 auto market, we see the following trends. First, ongoing structural adjustments in the market, with NEVs becoming the main growth driver.

展望2025年的汽車市場，我們看到以下趨勢。一是市場結構持續調整，新能源車成為主要成長動力。

Second, continued policy support, leading to steady, modest growth. Third, automakers accelerating their shift toward intelligent transformation.

二是政策支持持續推進，經濟穩定較快成長。三是汽車企業加速智慧轉型。

(spoken in foreign language)

（用外語說）

For Autohome, we will continue to focus on user demand, improving user experience, and enhancing our service capabilities.

對於汽車之家，我們將持續專注於使用者需求，提升使用者體驗，並增強服務能力。

(spoken in foreign language)

（用外語說）

For one thing, we are developing intelligent professional tools such as the starting price tool and our AI assistance to help users understand regional differences in vehicle discount policies.

一方面，我們正在開發起始價工具、AI助理等智慧專業工具，幫助使用者了解車輛優惠政策的區域差異。

(spoken in foreign language)

（用外語說）

The other thing is that we are aligning, we are capitalizing the broader structural changes in the auto market by expanding our new retail network. We are building nearly 200 space stores and satellite stores nationwide.

另一件事是我們正在調整，透過擴大我們的新零售網路來利用汽車市場更廣泛的結構性變化。我們正在全國各地建造近200家空間店和衛星店。

At these space stores, we've introduced the innovative buy car for you O2O service model, addressing user pain points throughout the entire car buying journey from browsing and selecting to purchasing and trading in. We're also working to integrate the NEV service chain and provide users with high quality, convenient, and one-stop services.

在這些太空店，我們創新推出「幫您買車」O2O服務模式，解決用戶從看車選車到購買以舊換新的整個購車過程的痛點。我們也致力於整合新能源汽車服務鏈，為使用者提供優質、便利、一站式的服務。

(spoken in foreign language)

（用外語說）

With the continued growth of the NEV market, the improvement of our channel network, and the ongoing evolution of our business model, we believe our new retail business will become a new engine driving Autohome future growth.

隨著新能源汽車市場的持續成長、通路網路的完善以及商業模式的不斷演進，我們相信新零售業務將成為汽車之家未來成長的新引擎。

(spoken in foreign language)

（用外語說）

Now, let me answer your second question.

現在我來回答你的第二個問題。

(spoken in foreign language)

（用外語說）

So first about our store opening progress. As of the end of the first quarter this year, we have established 29 space stores and 170 franchise satellite stores across the country. These stores cover both major cities and lower tier markets, enabling more users to experience auto homes professional and convenient services.

首先介紹一下我們開店的進展。截至今年第一季末，我們在全國已建立29家太空店、170家加盟衛星店。這些門市涵蓋了主要城市及二、三線市場，讓更多用戶體驗到汽車之家專業、便利的服務。

(spoken in foreign language)

（用外語說）

The second point is about our space store upgrades.

第二點是關於我們太空商店的升級。

Since Autohome first launched its offline retail strategy in September 2022, we have undergone more than two years of hands-on exploration and continuous iteration of our new retail model.

汽車之家自2022年9月首次發布線下零售策略以來，已經經歷了兩年多的實踐探索和新零售模式的不斷迭代。

At the recent Shanghai Auto Show, the newly upgraded Autohome Shanghai Space store was unveiled at the Shanghai World Expo site. It features cutting edge technologies, including a glasses-free 3D holographic cabin, Dolby sound, and an AI smart purchase assistant, enabling users to enjoy an immersive car selection experience and generate personalized purchase plans in real time.

在近日開幕的上海車展上，全新升級的汽車之家上海太空店在上海世博園區亮相。它擁有裸眼3D全像座艙、杜比音效、AI智慧購車助理等尖端技術，讓使用者享受沉浸式選車體驗，並即時產生個人化購車方案。

We will rapidly roll out these space stores upgrades nationwide to deliver an even better car buying experience for our users.

我們將迅速在全國推廣這些空間商店升級，為我們的用戶提供更好的購車體驗。

(spoken in foreign language)

（用外語說）

The third point is about our expansion plan. In 2025, we plan to aggressively expand our offline new retail presence. By the end of this year, we aim to exceed 500 total locations combining our space stores and satellite stores. The expansion will focus on lower tier and rural markets. And over the next 3 years, we intend to extend our reach to cover the vast majority of prefecture-level cities, counties, and rural areas across China. This will allow more consumers to access Autohome services, accelerate the adoption of new energy vehicles, and support the broader transformation and upgrade of the automotive industry.

第三點是關於我們擴張計畫。2025年，我們計劃大力拓展線下新零售業務。到今年年底，我們的目標是將太空店和衛星店總數增加到 500 家。此次擴張將重點放在低線市場和農村市場。未來3年，我們計劃將服務範圍擴大到中國絕大多數地級市、縣和農村地區。這將使更多消費者能夠享受汽車之家的服務，加速新能源汽車的普及，並支持汽車產業更廣泛的轉型升級。

(spoken in foreign language)

（用外語說）

So much for my answer. Thank you again for your question.

我的回答就這麼多。再次感謝您的提問。

Okay, thank you, operator, please go ahead.

好的，謝謝接線員，請繼續。

Thank you.

謝謝。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

(spoken in foreign language)

（用外語說）

I will translate myself thanks management for taking my question. I have two questions. First one is, what's the latest status of house acquisition and when the deal can be completed in the future? What new development strategies will Autohome to apply?

我會自己翻譯，感謝管理階層回答我的問題。我有兩個問題。第一個問題，目前房屋收購狀況如何，未來什麼時候可以成交？汽車之家將採取哪些新的發展策略？

And the second question is when will OEM's pricing work to stabilize management will and does the impact from bankruptcy of dealers to our lead generation business just emerge?

第二個問題是，OEM的定價工作何時才能穩定管理階層，經銷商破產對我們的潛在客戶開發業務的影響是否剛剛顯現？

Thank you.

謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Brian, for your question. On February 20th, Higher Group announced that its subsidiary, Cartex had acquired a 41.91% stake in Autohome.

布萊恩，謝謝你的提問。2月20日，Higher集團宣布，其子公司Cartex收購汽車之家41.91%的股份。

As of now, the equity transfer has not yet been completed, and the transaction is still under regulatory approval. We will share any updates with our shareholders first up to date.

截至目前，股權轉讓尚未完成，交易仍在監管部門審批中。我們將第一時間與股東分享最新消息。

(spoken in foreign language)

（用外語說）

So, as the transaction is yet to be completed, we could only disclose public information and opinions.

因此，由於交易尚未完成，我們只能揭露公開資訊和意見。

So, all in all, we believe that we will be committed to the online to offline new retail model and also the development trend in new energy vehicles and intelligent development strategy.

所以總而言之，我們相信我們將致力於線上到線下的新零售模式以及新能源汽車的發展趨勢和智慧化發展策略。

(spoken in foreign language)

（用外語說）

So, according to the press release by the higher group, we will be committed to continue strengthening Autohome's O2O intelligence exchange capability and the Ping An Group will remain our important shareholder. We will also continue to strengthen our partnership with Ping An Property and Casualty Insurance.

所以，根據上級集團的新聞稿，我們將致力於持續加強汽車之家的O2O情報交換能力，平安集團仍將是我們的重要股東。我們也將繼續加強與平安產險的合作關係。

(spoken in foreign language)

（用外語說）

So, as for your second question about when the auto price war is expected to stabilize and also the impacts of dealership closures, whether they are beginning to emerge, we believe that the price war is expected to continue in the short run, and just now we've heard from CEO Yang that now we are seeing a trend of growth in volume while decline in profits and also we can see that from the financial reports of automakers that are listed, their profits have been affected.

那麼關於你的第二個問題，汽車價格戰什麼時候能穩定下來，還有經銷商關店的影響是不是開始顯現出來，我們認為短期內價格戰預計還會持續下去，剛才楊總也講了現在我們看到的是一個量在增長，但是利潤在下降的趨勢，而且從現在上市的汽車廠商的財報也可以看到，他們的利潤都受到了影響。

However, we believe that the room for further price decline is limited, and we believe that after the current inventory clearance and also the end of the subsidy policy transition, the competition will gradually cool and ease.

但我們認為價格進一步下降的空間有限，相信在當前庫存去化以及補貼政策過渡結束後，競爭將逐漸降溫並緩和。

(spoken in foreign language)

（用外語說）

Also, we are seeing a major impact on the dealers caused by the price war, especially in terms of their financial reports. Last year we are seeing the decline in profits across most of the dealers, and we believe that currently the dealers, the biggest challenge. The challenge faced by dealers is the need to transform and we are seeing apparent decline in the sales of IC vehicles and the 4S model that used to be popular is also facing severe challenges.

此外，我們看到價格戰對經銷商造成了重大影響，尤其是在財務報告方面。去年我們看到大部分經銷商的利潤都在下滑，我們認為目前對經銷商來說，最大的挑戰。經銷商面臨的挑戰是轉型，目前IC車銷售量明顯下滑，曾經盛行的4S模式也面臨嚴峻挑戰。

So currently we need to address the challenge of declining ICE auto sales, and they also need to think about how to better sell NEVs. Of course, we are seeing a lot of efforts on their part and our new retail business also aims to help them.

所以目前我們需要應對內燃機汽車銷售下滑的挑戰，同時也需要思考如何更好地銷售新能源車。當然，我們看到他們付出了很多努力，我們的新零售業務也旨在幫助他們。

(spoken in foreign language)

（用外語說）

So, in the long run, we believe that the dealers would pivot towards the business of new energy vehicles and also towards greater efficiency and cost.

因此，從長遠來看，我們相信經銷商將轉向新能源汽車業務，並提高效率並降低成本。

Of course we see news of dealers exiting the market. However, we believe that the base number is still stable. So in the future. With restructuring of the businesses and greater innovation, we believe that leading dealers and those who are able to transform relatively rapidly would still have the potential to hold still in the market, and we believe the market would return to a healthy track after temporary adjustments.

當然我們也看到經銷商退出市場的消息。但我們認為基數還是穩定的。將來也是如此。隨著業務的重組和創新的加強，我們相信領先的經銷商和那些能夠相對較快轉型的經銷商仍然有潛力在市場中站穩腳跟，並且我們相信市場在經過暫時的調整後會回歸到健康的軌道。

Okay, please.

好的，請吧。

Thank you.

謝謝。

Xiaodian Zhang, CICC.

張曉殿，中金公司。

(spoken in foreign language)

（用外語說）

So, could management, update the strategy for the new retail model as well as its expansion pace for the subsequent quarters and also any update on the shareholder return plans. Thank you.

那麼，管理階層能否更新新零售模式的策略以及後續幾季的擴張步伐，以及股東回報計畫的任何更新。謝謝。

(spoken in foreign language)

（用外語說）

So, as Song Yang mentioned earlier, our new retail business has been constantly evolving. So, it started from version 1.0, which focused on launching space stores in major cities, and then we have version 2.0 where we introduced the satellite plans, and we built a 1 plus and marketing network extending from courses.

所以，正如宋陽剛才所提到的，我們的新零售業務一直在不斷發展。所以，它從 1.0 版本開始，專注於在主要城市開設太空商店，然後我們有 2.0 版本，其中我們引入了衛星計劃，並建立了從課程延伸的 1+ 和行銷網路。

To surrounding regional markets and now we are up to the stage of version 3.0 where we focus on enhancing the car buyers' experience and reducing transaction costs for both buyers and sellers through technology and service upgrades. So our new retail strategy has been consistently upgraded in line with market dynamics.

面向周邊區域市場，目前我們已進入3.0版本階段，專注於透過技術與服務的升級，提升購車者的體驗，降低買賣雙方的交易成本。所以我們的新零售策略一直在根據市場動態不斷升級。

(spoken in foreign language)

（用外語說）

Our first store in Shanghai underwent a comprehensive upgrade in Q1 this year. In addition to existing services, it now features an immersive VR camera experience and an on-demand AI smart purchase assistance, making the car buying journey even more intelligent.

我們上海首家門市於今年第一季進行了全面升級。除了現有的服務外，現在還增加了沉浸式VR攝影機體驗和按需AI智慧購買輔助，讓購車之旅更加智慧。

The AI Smart Purchase assistance can match vehicle models to a customer's budget, lifestyle demands, and preferences, cutting information search time by 90%, lowering decision-making costs, and improving overall purchase efficiency, delivering a time-saving car search and cost saving car purchase.

AI智慧購車輔助可依照客戶的預算、生活需求、喜好等進行車型匹配，減少90%的資訊搜尋時間，降低決策成本，提升整體購車效率，實現省時省車、省購車。

(spoken in foreign language)

（用外語說）

As mentioned by CEO Yang, by the end of this year, Autohome aims to operate 50 space stores and 500 satellite stores offering car buying services to nearly all prefecture level cities and counties. In China. Over the next 3 years, we plan to open 1,000 satellite stores. With this rapid scale up, our new retail business is expected to become a greater contributor to Autohome overall revenue.

CEO楊濤透露，到今年年底，汽車之家的目標是在全國各地擁有50家太空店和500家衛星店，為幾乎所有地級市和縣提供購車服務。在中國。未來3年，我們計畫開設1000家衛星店。隨著規模的快速擴大，我們的新零售業務預計將對汽車之家整體收入做出更大的貢獻。

(spoken in foreign language)

（用外語說）

So, as for the shareholder return plan about the dividends, our plan, our general plan is to maintain consistent and stable in terms of in terms of our shareholder return. We will continue to honor our previous commitments to the market, that is this year's dividend payout will be no less than RMB1.5 billion.

因此，至於有關股息的股東回報計劃，我們的計劃，我們的總體計劃是在股東回報方面保持一致和穩定。我們將繼續履行先前對市場的承諾，今年的分紅不低於15億元。

And about our share repurchase, in September 2024, the board approved a $200 million share repurchase program and as mentioned by CEO Yang, as of now, we have already executed approximately $130 million repurchasing, nearly, that is nearly $5 million ADS.

關於我們的股票回購，2024 年 9 月，董事會批准了一項 2 億美元的股票回購計劃，正如楊致遠首席執行官所提到的，截至目前，我們已經執行了約 1.3 億美元的回購，接近 500 萬美元的 ADS。

So, taking both the dividends and share repurchases into account, our annual shareholder return rate has exceeded 10%. Looking ahead, we will continue to reward shareholders through consistent and stable dividends and repurchase policies aiming to increase long term and stable returns for our investors.

因此，如果同時考慮股利和股票回購，我們的年度股東報酬率已經超過 10%。展望未來，我們將繼續透過持續穩定的股利及回購政策回報股東，旨在為投資者增加長期穩定的回報。

Thank you, operator. Next, please.

謝謝您，接線生。有請下一位。

Thank you.

謝謝。

Ritchie Sun, HSBC.

孫紅雷，匯豐銀行。

Hey, Yang Song, Craig sterling, (spoken in foreign language).

嗨，楊松，克雷格·斯特林，（用外語說）。

Thank you for taking my questions. I would like to ask, how would you think about the impact of trade tensions towards the car market and our business. Thank you.

感謝您回答我的問題。我想問一下，您如何看待貿易緊張局勢對汽車市場和我們的業務的影響。謝謝。

(spoken in foreign language)

（用外語說）

So, we believe the trade war will have some impact on China's auto market. There would be price fluctuations because with the US imposing higher tariffs, brands, American auto brands such as Tesla, Lincoln, Chevrolet, and Hammer are expected to rise.

因此，我們認為貿易戰將對中國汽車市場產生一定的影響。由於美國加徵關稅，預計特斯拉、林肯、雪佛蘭、鐵鎚等美國汽車品牌的價格將會波動。

However, we believe that currently, the domestic auto market is largely driven by the growth of new energy vehicles, and we are also seeing very high market share from brands of Europe and Japan while the proportion, while the share of US brands is relatively limited. So, we believe the impact on the overall Chinese auto market will also be limited.

但我們認為，目前國內汽車市場很大程度上是由新能源汽車的成長所推動的，我們也看到歐洲和日本品牌的市場份額佔比非常高，而美國品牌的份額相對有限。因此，我們認為對中國整體汽車市場的影響也將是有限的。

(spoken in foreign language)

（用外語說）

So just to clarify, by US brand, I mean imported US auto.

因此，需要澄清的是，我所說的美國品牌是指進口的美國汽車。

(spoken in foreign language)

（用外語說）

So, for Autohome because our main businesses are focused on the domestic market, so there may be some impact on the macro level, but the direct impact is very limited on Autohome.

所以對於汽車之家來說，因為我們的主要業務集中在國內市場，所以在宏觀層面上可能會有一些影響，但是對汽車之家的直接影響非常有限。

Okay, operator.

好的，接線生。

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

謝謝。目前沒有其他問題，我將把會議交還給管理層進行最後評論。

(spoken in foreign language)

（用外語說）

Thank you everyone. Thank you very much for joining us today. We appreciate your support, and we look forward to updating you on our next quarter's conference call in a few months' time. And in the meantime, please contact us if you have any further questions or comments.

謝謝大家。非常感謝您今天加入我們。我們感謝您的支持，並期待在幾個月後的下一季電話會議上向您通報最新情況。同時，如果您有任何其他問題或意見，請與我們聯絡。

Thank you very much. Thank you.

非常感謝。謝謝。