Autohome Inc (ATHM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's third quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝您撥入汽車之家2025年第三季財報電話會議。 （操作說明）

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.

再次提醒，本次電話會議正在錄音。如果您有任何異議，可以立即斷開連接。本次財報電話會議的直播和錄影影片也將發佈在汽車之家投資者關係網站上。

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

現在我榮幸地向大家介紹主持人，汽車之家投資人關係總監宋先生。宋先生，請開始。

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.

謝謝接線生。大家好，歡迎參加汽車之家2025年第三季財報電話會議。今天早些時候，汽車之家發布了財報，您可以在公司投資者關係網站ir.autohome.com.cn上查看。

Joining me on today's call is our Chief Financial Officer, Mr. 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.

今天與我一同參加電話會議的還有我們的財務長曾彥先生。管理階層將先宣讀準備好的發言稿，接著是問答環節，屆時我們將解答各位的所有問題。

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》安全港條款作出的前瞻性陳述。前瞻性陳述受風險和不確定性因素的影響，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聯合交易所提交的公開文件中所述的風險和不確定性。除適用法律另有規定外，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，汽車之家發布的獲利新聞稿和本次電話會議均涉及部分未經審計的非GAAP財務指標。非GAAP指標與最直接可比較的GAAP指標的調節表，請參閱我們的獲利新聞稿。

I'll now turn the call over to Autohome's Chief Financial Officer, Mr. Craig Yan Zeng, for opening remarks. Please go ahead, Craig.

現在我將把電話交給汽車之家財務長曾彥先生，請他致開幕詞。請講，曾彥先生。

(interpreted) Thank you, Sterling. Hello, everyone. This is Craig Zeng. Thank you for joining our earnings conference call today.

（翻譯）謝謝斯特林。大家好，我是克雷格·曾。感謝各位參加我們今天的財報電話會議。

In the third quarter, we continued 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.

第三季度，我們持續推動人工智慧和線上線下整合（O2O）策略。在人工智慧方面，我們顯著加強了人工智慧技術與產品的融合，在提升使用者體驗和客戶營運效率的同時，也促進了業務創新。

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 to transaction completion to after sales services.

在 O2O 方面，我們不斷改進 O2O 平台，整合線上和線下資源，優化端到端用戶體驗，構建涵蓋從初始流量獲取到交易完成再到售後服務的整個客戶旅程的全面閉環生態系統。

In terms of AI technology applications, we completed a comprehensive upgrade of our AI assistant 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.

在人工智慧技術應用方面，我們透過增強模型能力、將用戶查詢與特定車型相結合以及擴展使用場景，完成了人工智慧助理的全面升級，實現了用戶查詢與車型之間的精準匹配。

This has created a decision-making loop of content drives engagement, engagement lead to action. In addition, we've also introduced two new features, the AI car selection system and AI vehicle for diagnostics, providing users with more intuitive and efficient tools for their car-related needs.

這形成了一個內容驅動互動、互動促成行動的決策循環。此外，我們也推出了兩項新功能：AI選車系統和AI車輛診斷，為使用者提供更直覺、更有效率的汽車相關工具。

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 serves as a testament to Autohome's professional influence as a trusted media platform.

9月，我們成功舉辦了首屆全球人工智慧技術大會。大會搭建了一個高端平台，促進了領導企業間的技術交流，展示了中國智慧汽車技術的前沿進展，並提升了中國汽車品牌的整體形象。大會的成功也印證了汽車之家作為值得信賴的媒體平台的專業影響力。

The conference received authoritative endorsements from five major automotive associations and was strongly supported by 14 key corporate partners. seven top executives from leading companies in the industry delivered impact keynote speeches.

這次會議獲得了五大汽車協會的權威認可，並得到了14家重要企業合作夥伴的大力支持。來自業界領先企業的七位高階主管發表了極具影響力的主題演講。

Following the conference, over 30 automotive brands engaged with Autohome's official Weibo account, while more than 60 professional editors, technical experts and PGC creators formed a multidimensional communication matrix that drew widespread attention across the industry.

會議結束後，超過 30 個汽車品牌與汽車之家官方微博帳號互動，同時 60 多名專業編輯、技術專家和 PGC 內容創作者組成多維溝通矩陣，引起了業界的廣泛關注。

In building our auto ecosystem, we soft launched our Autohome Mall on September 20, 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.

在建構汽車生態系統的過程中，我們於9月20日試營運了汽車之家商城，這標誌著我們在線上線下一體化策略方面邁出了重要一步，並取得了顯著進展。此舉透過持續升級，進一步完善了我們的新零售商業模式，使我們的模式更加完善。

This strategy extends Autohome's role from being a decision-making hub for car selection and research to the final car purchase and ordering per transaction creating a full digitalized closed loop for the entire car purchase experience and significantly increasing the value of our traffic.

這項策略將汽車之家從汽車選擇和研究的決策中心擴展到最終的汽車購買和訂購交易，從而為整個購車體驗創造了一個完整的數位閉環，並顯著提高了我們流量的價值。

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.

具體來說，在內容方面，我們透過增加專業深度和擴大視角來加強內容矩陣，同時不斷推動我們多元化的內容生態系統。

For our 2025 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's premiers and the Chinese brands going global.

在2025年國內外車展系列報告中，我們採取了雙軌制策略，力求從全球影響力到本地滲透實現全面覆蓋。在慕尼黑車展上，我們著眼於全球，專注於全球首發車型和走向國際的中國品牌。

We built a professional and exclusive content matrix through intensive bilingual live streaming and video production that leveraged global mainstream media networks to amplify China's automotive innovation and brand recognition worldwide.

我們透過密集的雙語直播和視訊製作，建立了一個專業且獨特的內容矩陣，並利用全球主流媒體網絡，在全球範圍內擴大了中國汽車創新和品牌知名度。

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.

在成都車展上，我們聚焦新車發表與購車指導，整合18家車企的資源，打造車款獨家直播內容，為用戶帶來沉浸式車展體驗。車展首日，我們實現了所有新車發表100%覆蓋。

Beyond our professional auto show coverage, we 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 expanding into technology, travel and overseas content.

除了專業的車展報告之外，我們在建立以內容為中心的互動生態系統方面也取得了顯著進展。新成立的汽車之家媒體MCN致力於建構以汽車垂直領域為核心，並擴展至科技、旅遊和海外內容的多品類影響者矩陣。

We've also developed a rich and diverse content ecosystem that combines professional and engaging PGC content, in-depth and authoritative OTC insights and authentic user-generated experiences that resonate.

我們還開發了一個豐富多樣的內容生態系統，將專業且引人入勝的 PGC 內容、深入且權威的 OTC 見解以及能夠引起共鳴的真實用戶生成體驗相結合。

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.

截至目前，我們已匯集了來自多個平台的200多位優質內容創作者，涵蓋專業汽車評測、科技、旅遊等領域，並不斷提升汽車之家平台的影響力。根據QuestMobile數據顯示，2025年9月，汽車之家行動端日均活躍用戶數達到7,656萬，較去年同期成長5.1%。

In NEVs, 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, CARtech outlets and used car dealerships is designated to integrate the entire process from online ordering to offline delivery and service.

在新能源汽車領域，我們持續專注於使用者和客戶需求，並致力於建立完善的汽車生態系統。線上平台以9月底新推出的汽車之家商城為核心，提供交易服務；線下平台則由加盟店、CARtech門市和二手車經銷店組成，旨在整合從線上訂購到線下交付和售後服務的全流程。

Building on the success of trial, we plan to officially launch the Autohome Mall during the Double 11 shopping festival. By integrating resources from across the industry value chain, we are committed to providing users with more precise, professional and efficient car purchasing experiences.

基於試營運的成功，我們計劃在雙十一購物節期間正式上線汽車之家商城。透過整合整個產業價值鏈的資源，我們致力於為使用者提供更精準、專業、高效的購車體驗。

Furthermore, total revenues from NEVs in the third quarter, including those from the new retail business has continued to grow, increasing by 58.6% from last year.

此外，第三季新能源汽車總收入（包括新零售業務收入）持續成長，比去年同期成長了 58.6%。

On digitalization, our five major digital intelligence product lines are leveraging Autohome's platform capabilities of full life cycle data tracking to continuously help clients improve targeting accuracy and service efficiency.

在數位化方面，我們的五大數位智慧產品線正在利用汽車之家的全生命週期資料追蹤平台功能，不斷幫助客戶提高目標定位精度和服務效率。

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 field advantages in technology and ecosystem.

此外，在全澳人工智慧技術大會上，我們正​​式發布了基於汽車之家自主研發的滄捷大語言模型的「天書智慧服務平台」。該平台採用開放工具包和服務分發機制，重新定義了使用者、平台和生態合作夥伴之間的協作模式。這項突破推動汽車之家從汽車資訊平台轉型為產業智慧樞紐，進一步鞏固了我們在技術和生態系統方面的優勢。

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 have achieved industry-leading accuracy in vehicle valuation.

在二手車業務方面，我們持續推進交易和服務的標準化。基於歷史交易數據和演算法模型開發的AI車輛偵測專家，在車輛估值方面實現了業界領先的準確率。

Meanwhile, our flagship certified used car stores have further expanded its network of partner dealers. In the future, we will 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.

同時，我們的旗艦認證二手車門店進一步拓展了合作經銷商網路。未來，我們將繼續秉承誠信和規範的原則，深化與優質二手車經銷商的合作，並不斷努力為消費者提供更可靠、更安心的二手車購買體驗。

In summary, this year, we focused on AI and O2O to comprehensively accelerate our business expansion. Looking ahead, we will 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.

總而言之，今年我們專注於發展人工智慧和O2O，全面加速業務擴張。展望未來，我們將繼續在產品和商業模式方面進行創新，建構更有效率的汽車生態系統和服務體系，為產業創造持續價值，並確保自身長期穩定發展。

With that, now please let me briefly walk you through the key financials for the third quarter 2025. Please note that, I will reference RMBonly in my discussion today, unless otherwise stated.

接下來，請容許我簡單介紹一下2025年第三季的關鍵財務數據。請注意，除非另有說明，我今天的討論將僅使用RMBonly作為參考指標。

Net revenues for the third quarter reached RMB1.78 billion. To break it down further, media services revenues contributed RMB298 million, leads generation services revenues were RMB664 million and the online marketplace and others revenues increased by 32.1% year over year to RMB816 million.

第三季淨收入達人民幣17.8億元。具體而言，媒體服務收入貢獻人民幣2.98億元，線索生成服務收入為人民幣6.64億元，線上市場及其他收入年增32.1%至人民幣8.16億元。

With respect to cost, cost of revenues in the third quarter was RMB646 million compared to RMB408 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.

就成本而言，第三季營業成本為人民幣6.46億元，而2024年第三季為人民幣4.08億元。第三季毛利率為63.7%，去年同期為77%。

Turning to operating expenses. Sales and marketing expenses in the third quarter were RMB620 million compared to RMB877 million in the third quarter of 2024. Product and development expenses were RMB279 million compared to RMB339 million in the third quarter of 2024.

接下來看營運費用。第三季銷售及市場推廣費用為人民幣6.2億元，而2024年第三季為人民幣8.77億元。產品及研發費用為人民幣2.79億元，2024年第三季為人民幣3.39億元。

General and administrative expenses were RMB125 million compared to RMB137 million during the same period last year.

一般及行政開支為人民幣1.25億元，去年同期為人民幣1.37億元。

Overall, we delivered an operating profit of RMB147 million in the third quarter compared to RMB83 million for the same period of 2024. Adjusted net income attributable to Autohome was RMB407 million in the third quarter compared to RMB497 million in the corresponding period of 2024.

整體而言，我們第三季實現營業利潤人民幣1.47億元，而2024年同期為人民幣8,300萬元。第三季歸屬於汽車之家的調整後淨利人民幣為4.07億元，而2024年同期為人民幣4.97億元。

Non-GAAP basic and diluted earnings per share in the third quarter was RMB0.87 and RMB0.86, respectively, compared to RMB1.02 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in the third quarter were RMB3.47 and RMB3.45 respectively, compared to RMB4.09 and RMB4.08, respectively, in the corresponding period of 2024.

第三季非GAAP基本每股盈餘和稀釋每股盈餘分別為人民幣0.87元和人民幣0.86元，2024年同期分別為人民幣1.02元。第三季非GAAP基本每股盈餘和稀釋每股ADS收益分別為人民幣3.47元和人民幣3.45元，2024年同期分別為人民幣4.09元和人民幣4.08元。

As of September 30, 2025, our balance sheet remains robust with cash, cash equivalents and short-term investments of RMB21.89 billion. We generated net operating cash flow of RMB67 million in the third quarter.

截至2025年9月30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達人民幣218.9億元。第三季度，我們實現了淨經營現金流人民幣6700萬元。

On September 4, 2024, our Board of Directors authorized a new share repurchase program under which we are permitted to repurchase up to USD200 million of Autohome's ADS for a period not to exceed 12 months thereafter. On August 14, 2025, the Board approved an extension of the term of this program through December 31, 2025. As of October 31, 2025, we have repurchased approximately 5.48 million ADS for a total cost of approximately USD146 million.

2024年9月4日，董事會批准了一項新的股份回購計劃，根據該計劃，我們可在不超過12個月的期限內回購至多2億美元的汽車之家美國存託股份（ADS）。 2025年8月14日，董事會批准將該計畫的期限延長至2025年12月31日。截至2025年10月31日，我們已回購約548萬股ADS，總成本約1.46億美元。

In addition, in accordance with our dividend policy, our Board of Directors has approved a cash dividend of USD1.20 per ADS or USD0.30 per ordinary share payable in US dollars to holders of ADS and ordinary shares of record as of the close of business on December 31, 2025. The aggregate amount of the dividend will be approximately RMB1 billion and expected to be paid to holders of ordinary shares and ADS of the company on or around February 12, 2026, and February 19, 2026, respectively.

此外，根據我們的股息政策，董事會已批准派發現金股息，每股美國存託股份（ADS）派發1.20美元，或每股普通股派發0.30美元，以美元支付給截至2025年12月31日營業結束時登記在冊的美國存託股份和普通股持有人。股息總額約為人民幣10億元，預計將分別於2026年2月12日左右和2026年2月19日左右支付給公司普通股和美國存託股份的持有人。

On September 30, 2025, the company announced the approval of a cash dividend of approximately RMB500 million. Overall, the company has fulfilled its commitment to shareholders to distribute no less than RMB1.5 billion in dividends for the full year of 2025.

2025年9月30日，公司宣布批准派發現金股息約5億元。整體而言，本公司已履行對股東的承諾，即2025年全年派發不少於15億元的股息。

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.

展望未來，我們將繼續秉持長期穩定、積極主動的股東回報策略，並衷心感謝股東們對公司的一如既往的大力支持。

So that concludes our financial summary. We are ready to open up Q&A session. Operator?

財務總結到此結束。現在準備開始問答環節。接線生？

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(interpreted) I have two questions. The first question is about the outlook for 2026 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.

我有兩個問題。第一個問題是關於2026年汽車市場的展望。我們該如何看待產業趨勢？第二個問題是關於人工智慧的。我們在準備的演講稿中提到了人工智慧。所以我想更詳細地了解我們人工智慧產品的進展。

(interpreted) Thank you for your question. First, let me share some market recent developments and the future trends with you.

（翻譯）謝謝你的提問。首先，我想和你分享一些近期的市場動態和未來的發展趨勢。

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, 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.

首先，汽車市場的價格戰已出現緩和跡象，汽車製造商正在加速智慧化技術的研發投入。近幾個月來，多個政府機構推出了一系列政策，呼籲汽車產業結束權力下放，並提供政策指引以緩解當前汽車產業的價格戰。

So 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.

因此，所有這些措施都有助於緩和汽車市場的價格戰。我們也觀察到，超過20家汽車製造商已逐步取消了固定價格促銷活動。

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.

今年年初以來，各大汽車製造商已成功公佈了其智慧駕駛技術計劃，以加速智慧駕駛的普及和應用。

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.

由此可見，未來產業競爭將更取決於企業整合智慧技術、使用者場景和滿足使用者需求等方面的綜合能力，而非任何單一的技術優勢。因此，明年的價格競爭預計將更多轉向技術成本效益的較量。

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.

其次，新能源汽車市場仍是核心成長動力，儘管今年其成長速度較去年略有放緩。但根據中國乘用車協會（CPCA）的數據，今年前九個月中，新能源汽車滲透率有七個月超過50%。

So this was mainly driven by the extension of favorable policies, et cetera. So we believe for next year, the overall market -- auto market is expected to continue to undergo structural adjustments, which will redefine how consumers to make their purchasing decisions.

因此，這主要是由於優惠政策的延續等等因素所推動的。所以我們認為，明年整體市場——尤其是汽車市場——預計將繼續經歷結構性調整，這將重新定義消費者的購買決策方式。

At the same time, the China's auto industry continues to remain under high pressure, which has been lasted so long. And this pressure includes severe capacity -- overcapacity, declining profit margins and intense or fierce market competition, et cetera. So we see both traditional automakers or dealers also undergoing such business pressure.

同時，中國汽車產業持續面臨長期高壓。這種壓力包括產能嚴重過剩、利潤率下降以及激烈的市場競爭等等。因此，我們看到傳統汽車製造商和經銷商都承受著這樣的經營壓力。

So confronted with both price wars and shrinking profit and margin, we see OEMs and dealers alike. So they have raised their expectations for both online consumer acquisition and offline sales conversion efficiency.

面對價格戰和利潤率雙雙下滑的局面，我們看到汽車製造商和經銷商都提高了對線上獲客效率和線下銷售轉換率的期望。

Looking ahead to next year, we believe the following few points merit our attention. We believe there are short-term challenges, but it coexists with long-term opportunities because the auto market still face 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. So combined with the price war in traditional ICEs, all such factors may further impact the auto market.

展望明年，我們認為以下幾點值得關注。我們認為短期內存在挑戰，但長期機會也並存，因為汽車市場仍面臨顯著的短期壓力，主要源於新能源汽車購置稅減免政策由全額減免轉為半額減免以及內燃機汽車稅收優惠政策的到期。因此，再加上傳統內燃機汽車的價格戰，所有這些因素都可能進一步影響汽車市場。

Despite the above short-term pressures that we just mentioned, there are still upgrades in intelligent technologies, improvements to and recovery in the market order, and if there's further supported 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.

儘管存在我們剛才提到的上述短期壓力，但智慧技術仍在升級，市場秩序仍在改善和復甦，如果再輔以更多長期政策的支持，我們相信這將刺激汽車市場的消費需求，預計該市場將在 2026 年實現溫和穩定的成長。

So 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 content, intelligent customer services and scenario-based services, et cetera.

所以對我們汽車之家來說，正如我剛才提到的，我們將繼續深化我們的人工智慧和汽車策略。一方面，我們將持續推動產品創新與升級，加速人工智慧技術在內容、智慧客服和場景化服務等領域的應用。

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.

另一方面，我們將不斷探索如何利用我們的線上和線下資源實現整合，建立自動交易閉環，更好地服務我們的用戶和客戶。

The second question is our AI product progress. So in the field of intelligent technologies, we have already completed the strategic layout of multiple products, built a technology product mix. Spans the entire life cycle of auto consumption and continuously we drive improvement in both user experience and customer business efficiency.

第二個問題關於我們人工智慧產品的進展。在智慧科技領域，我們已經完成了多款產品的策略性佈局，建構了涵蓋汽車消費全生命週期的技術產品組合，並持續致力於提升使用者體驗和客戶業務效率。

For our users, our AI smart assistant and the used car AI smart buyer are continuously being upgraded. The new generation of the smart system has moved beyond simple question-and-answer model to proactive understanding and links provision. So it can automatically identify the car models and series mentioned in the conversation and directly push product links. So it shortened the users' search process and improve our decision-making efficiency.

為了更好地服務用戶，我們的AI智慧助理和二手車AI智慧買家都在不斷升級。新一代智慧系統已超越簡單的問答模式，實現主動理解和連結推送。它可以自動識別對話中提及的車型和系列，並直接推送產品鏈接，從而縮短用戶的搜尋時間，提升決策效率。

And for our clients, we have deployed five major AI product lines covering core business scenarios such as marketing insights, online customer acquisition, store visit invitation, dealer store operations and used cars, et cetera. So through the intelligent tools, we can continuously empower our business team members and to realize the full chain digital operations.

我們為客戶部署了五大人工智慧產品線，涵蓋市場洞察、線上客戶獲取、門市訪問邀請、經銷商門市營運和二手車等核心業務場景。透過這些智慧工具，我們可以持續賦能業務團隊成員，實現全鏈數位化營運。

And for our technology foundation, we have our own proprietary Cangjie large language model. For example, our used car AI smart buyer is powered by this Cangjie 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.

在技​​術基礎方面，我們擁有自主研發的「蒼界」大型語言模型。例如，我們的二手車AI智慧買家系統就採用了「蒼界」引擎，並且結合了汽車之家獨有的數據資源，能夠提供高度精準高效的推薦，實現車源與用戶需求的高度匹配。

So 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. So 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.

目前，車家正全面大力推動產品AI驅動升級，實現了從底層架構到應用場景的全面轉型。未來，我們將持續深化AI在多情境下的融合應用，利用科技創新推動汽車產業的效率革新。

Xiaodan Zhang, CICC.

張曉丹，中金公司。

(interpreted) 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?

（翻譯）管理階層能否分享您對未來幾季傳統業務的展望？另外，股東回報計劃方面是否有任何最新進展？

(interpreted) 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 exceeding 23%. So for the car sales volume and profit, I still remain concentrated among the leading companies. So the price cutting for volume strategy has made a lot of OEMs to control their marketing budgets.

（譯文）感謝您的提問。第三季度，我們確實看到OEM廠商的促銷折扣仍然很高，價格戰也持續了很長一段時間。 OEM廠商的整體折扣已經超過23%。因此，就汽車銷售和利潤而言，我認為主要集中在領先企業身上。所以，為了追求銷售量而採取的降價策略，迫使許多OEM廠商控制行銷預算。

For the media services revenue 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 war in the market. And as Q4 approaches to the year-end, and we believe OEMs is expected to maintain high professional discounts to boost their sales revenues and this still put pressure on our media services revenue. So we do expect we will achieve a slight year-over-year decline.

第三季媒體服務營收年減率仍有下降，但降幅已顯著收窄。持續下降的主要原因是OEM廠商在市場上持續的價格戰壓力。隨著第四季接近尾聲，我們預期OEM廠商將繼續維持較高的專業折扣以提振銷售收入，這將對我們的媒體服務收入構成壓力。因此，我們預期媒體服務收入將出現小幅年減。

For our lead generation business, because of the market inventory backlog and the inverted pricing, so 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. So accordingly, our lead generation services also faced some ongoing pressure in the second half of the year.

由於市場庫存積壓和價格倒掛，經銷商持續面臨營運壓力，導致我們的線索開發業務受到影響。我們看到，上半年超過50%的經銷商處於虧損狀態，許多經銷商的生存前景並不樂觀。因此，我們的線索開發服務在下半年也持續面臨壓力。

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 hit the bottom, rebound and stabilize. As I just mentioned, our media segment, business segment already narrowed down their decrease. And on the other hand, our innovative business developed quite strong, quite well. So to some extent, our -- it offsets the situation of our traditional businesses.

儘管如此，我們的客戶滲透率仍然保持在良好水準。隨著市場——一旦市場和客戶經營狀況好轉——我們的傳統業務就能觸底並趨於穩定。正如我剛才提到的，我們的媒體業務和商業業務的下滑幅度已經收窄。另一方面，我們的創新業務發展勢頭強勁，表現良好。因此，在某種程度上，這彌補了我們傳統業務的不足。

On the shareholder return on dividends today, we just announced a cash dividend of RMB1 billion for the second half of this year. And combined with RMB500 million we announced in September, we have fulfilled our commitment to a total annual cash dividend of no less than RMB1.5 billion for the whole year 2025. Our Board of Directors will continue this stable dividend policy.

在今天的股東分紅會議上，我們宣布今年下半年派發現金股利10億元。加上9月宣布的5億元人民幣，我們已履行了2025年全年派發現金股息總額不少於15億元人民幣的承諾。董事會將繼續執行這項穩定的股利政策。

On the share repurchase program, of the USD200 million share repurchase program, until today, we have completed over 70% and the overall execution of this program is progressing quite well. So in the next few months, we will continue to carry out the remaining share repurchase program.

在總額為2億美元的股票回購計畫中，截至目前，我們已完成超過70%，該計畫的整體執行進展順利。因此，在接下來的幾個月裡，我們將繼續執行剩餘的股票回購計畫。

For a long time, 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. So 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 returns. We sincerely thank all shareholders for their long-standing strong support to the company.

長期以來，我們一直致力於建立以持續分紅和股份回購為核心的全面股東回報計劃，為股東提供可預測且穩定的回報。因此，我們對未來的業務運作充滿信心。我們將繼續秉持長期穩定且積極主動的股東回報策略。衷心感謝各位股東長期以來對公司的大力支持。

Ritchie Sun, HSBC.

孫里奇，匯豐銀行。

(interpreted) So I have two. First of all, the gross profit margin it has been dropping year on year and Q on Q in first 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?

（翻譯）我有兩個問題。首先，毛利率年減，第一季較上季也下降。這是為什麼？未來的趨勢如何？其次，我想問能源空間儲存和衛星儲存的情況。目前的研發進度如何？ 2026年的目標是什麼？

(interpreted) 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.

（翻譯）感謝您的提問。自2025年初以來，為了加速我們創新業務的發展，我們一直在積極擴張——我們一直在積極發展我們的業務，因此增加了前期投資，從而導致了更高的成本。

Specifically, 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 Autohome Mall business in September.

具體而言，與去年同期相比，我們創新業務（例如新零售業務）在第三季規模有所擴大。例如，我們在9月試營運了汽車之家商城業務。

And although, this model is quite early in its early stage, but we observed where we get quite positive market feedback. And we believe such staged investments is quite necessary to -- for our future development for our -- to explore new avenues of growth and create much greater room for future development.

儘管這種模式尚處於早期階段，但我們觀察到市場回饋相當正面。我們相信，這種分階段投資對於我們未來的發展至關重要，有助於我們探索新的成長途徑，並為未來的發展創造更大的空間。

So the gross margin of our transaction business, it cannot be -- of course, it cannot be compared for our traditional business. For example, the media business and the lead generation business is much lower than our traditional business.

因此，我們交易業務的毛利率當然無法與我們的傳統業務相提並論。例如，媒體業務和線索開發業務的毛利率就遠低於我們的傳統業務。

So going forward, we will adhere to our consistent practice of the strict cost controls, and we'll hold the prudent principles in managing the scale of our investment. So we will pay attention to our gross margin change. We will focus on that.

因此，今後我們將繼續堅持嚴格的成本控制，並秉持審慎的投資規模管理原則。我們將密切關注毛利率的變化，並將重點放在這方面。

The second question is about Autohome space station and satellite stores development. The development of our offline network is always centered on using our digital technology to streamline the car purchasing process and improve the transaction efficiency. So our advantage is in our ability to cover areas in low-tier markets where OEMs or dealers, they don't reach. So we can help them to expand their sales network.

第二個問題是關於汽車之家太空站和衛星門市的發展。我們線下網路的發展始終以運用數位化技術簡化購車流程、提升交易效率為核心。因此，我們的優勢在於能夠涵蓋汽車廠商或經銷商難以觸及的低線市場區域，從而幫助他們拓展銷售網路。

So this business model is also being continuously upgraded and iterated. As I just mentioned, we are integrating the online and offline resources, bringing our online technology and the traffic advantages to offline. So we try to transform from an auto content-oriented platform to a transaction service platform.

因此，這種商業模式也在不斷升級和迭代。正如我剛才提到的，我們正在整合線上和線下資源，將我們的線上技術和流量優勢帶到線下。所以我們正努力從以內容為導向的平台轉型為交易服務平台。

So after we complete the controlling shareholder, we will continue to working 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 model.

因此，在完成控股股東收購後，我們將繼續努力結合線上和線下資源，提供更便利且有效率的平台服務，並嘗試尋找超越傳統商業模式的新發展途徑。

Brian Gong, Citi.

Brian Gong，花旗銀行。

(interpreted) 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?

（翻譯）我將自行翻譯。近期二手車市場似乎依然有些疲軟。管理階層如何看待二手車市場的未來前景？

(interpreted) 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 the 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 flows. Second is the rapidly increasing NEV used cars sales.

（譯文）感謝您的提問。根據中國汽車經銷商協會（CADA）數據顯示，今年以來，二手車市場整體呈現成交量上升、價格下降的趨勢。上半年，二手車成交量較去年同期成長2%，而平均成交價格則較去年同期下降12%。同時，市場出現了兩個顯著的結構性趨勢：一是跨區域流動加劇；二是新能源二手車銷售快速成長。

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, et cetera. But despite this, positive factors still remain.

儘管交易量不斷增長，但由於汽車市場價格戰的影響，行業營運壓力持續加劇。我們看到，虧損的二手車公司比例已超過70%，平均庫存週期延長，獲客成本居高不下，同質化競爭加劇等等。但即便如此，正面因素依然存在。

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. So the CADA forecast for the full year, the used car transaction volume could exceed 20.5 million units, an increase of 4% to 5% year over year.

例如，以舊換新政策刺激了車輛更新換代需求，使更多優質二手車進入市場，其中新能源二手車成為重要的成長引擎。因此，CADA預測全年二手車交易量可能超過2,050萬輛，較去年同期成長4%至5%。

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 are gradually becoming apparent.

目前，二手車市場已進入深度調整和價值鏈重構的關鍵階段，以銷售量為導向的降價策略帶來的負面影響正逐漸顯現。

However, China's large vehicle ownership base and relevant consumer demand provide strong support for the mid-to long-term development of the used car industry. So Autohome will continue to collaborate with industry partners to actively address challenges through refined operations and service upgrades, exploring new business models, unlocking new value to advance the used car industry towards high-quality development.

然而，中國龐大的汽車保有量和相關的消費需求為二手車產業的中長期發展提供了強而有力的支撐。因此，汽車之家將繼續與產業夥伴攜手合作，透過優化營運和服務升級積極應對挑戰，探索新的商業模式，釋放新的價值，推動二手車產業邁向高品質發展。

There are no further questions at this time. I'll turn the conference back to management for closing remarks.

目前沒有其他問題了。我將把會議交還給管理階層，請他們作總結發言。

(interpreted) 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. And in the meantime, please feel free to contact us if you have any further questions or comments. Thank you, everyone.

（翻譯）非常感謝各位今天參加我們的電話會議。我們感謝大家的支持，並期待在幾個月後的下一季電話會議上向大家報告最新情況。同時，如果您有任何其他問題或意見，請隨時與我們聯繫。謝謝大家。

This concludes the conference for today.

今天的會議到此結束。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標示「（已翻譯）」的部分由現場通話的口譯員翻譯。該口譯員由本次活動的贊助公司提供。