Autohome Inc (ATHM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's Fourth Quarter and Full Year 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions) If you have any objections, you may disconnect at this time. A live and archived webcast of this earnings conference call will be available on Autohome's IR website.

女士們、先生們，感謝各位耐心等待參加汽車之家2025年第四季及全年業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。（操作員說明）如果您有任何異議，您可以立即斷開連接。本次財報電話會議的現場直播和存檔影片將在汽車之家投資者關係網站上提供。

It is now my pleasure to introduce your host, 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，請繼續。

(interpreted) Thank you, operator. Hello, everyone, and welcome to Autohome's Fourth Quarter and Full Year 2025 Earnings Conference Call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cn. Joining me on today's call is our Chief Financial Officer, Ms. Craig Yan Zeng. Management will go through the prepared remarks first, which will be followed by a Q&A session where they will be available to answer your questions.

（翻譯）謝謝接線生。大家好，歡迎參加汽車之家2025年第四季及全年業績電話會議。今天早些時候，汽車之家發布了財報，可在公司投資者關係網站ir.autohome.com.cn上查閱。今天與我一同參加電話會議的還有我們的財務長曾燕女士。管理階層將先宣讀準備好的發言稿，隨後進行問答環節，屆時他們將回答各位的問題。

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. 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.

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作出的前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們在美國證券交易委員會和香港聯合交易所的公開文件中概述的風險和不確定性。

Autohome doesn't undertake any obligation to update any forward-looking statements, except as required under applicable laws. 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 non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

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。另請注意，汽車之家發布的獲利新聞稿和本次電話會議中包含對某些未經審計的非GAAP財務指標的討論。有關非GAAP指標與最直接可比較的GAAP指標的調節表，請參閱我們的獲利報告。

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

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。克雷格，請繼續。

(interpreted) Thank you, Sterling. Hello, everyone. This is Craig Zeng. Thank you for joining our earnings conference call today. 2025 was a pivotal year in our evolution, transforming from an automotive information platform into an automotive service ecosystem.

（翻譯）謝謝你，斯特林。大家好。這是克雷格·曾。感謝您今天參加我們的財報電話會議。 2025年是我們發展歷程中的關鍵一年，我們從汽車資訊平台轉型為汽車服務生態系統。

Facing a dynamic industry landscape, our focus was on driving two core initiatives. On the content front, we continue to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities.

面對瞬息萬變的產業格局，我們的重點是推動兩項核心措施。在內容方面，我們將繼續加強高品質內容的開發，同時增強我們的創作者生態系統，並擴大新媒體分發能力。

On the service front, we accelerated the development of fully integrated online to offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners. Throughout this transformation, we are using AI as a core engine to drive product innovation and optimize operations and have already achieved substantial progress across multiple business areas.

在服務方面，我們加速了線上線下一體化服務的發展，為用戶和產業合作夥伴打造了一個更有效率、更便利的端到端汽車服務生態系統。在整個轉型過程中，我們利用人工智慧作為核心引擎來推動產品創新和優化運營，並且已經在多個業務領域取得了實質進展。

On the user side, by continuously optimizing and iterating our platform tools, we've effectively reduced decision-making costs and significantly enhanced the overall user experience. Taking new energy vehicles as an example, we've launched features such as optional configuration selection and vehicle comparison list further enriching the car selection tool set to help users make faster purchasing decisions. Moreover, by building a traffic alliance and expanding service categories, Autohome now covers a broader range of user scenarios, enabling us to better meet diverse user needs.

在用戶方面，透過不斷優化和迭代我們的平台工具，我們有效地降低了決策成本，並顯著提高了整體用戶體驗。以新能源車為例，我們推出了可選配置選擇和車輛比較清單等功能，進一步豐富了選車工具集，幫助使用者更快做出購買決定。此外，透過建立交通聯盟和拓展服務類別，汽車之家現在涵蓋了更廣泛的用戶場景，使我們能夠更好地滿足多樣化的用戶需求。

Our O2O integration initiatives are key to reshaping the automotive consumption process. Throughout 2025, we organized over 5,000 offline automotive exhibition and group purchase events nationwide and collaborated across industries with user-oriented culture IPs such as esports and music festivals. These efforts went beyond the traditional car purchasing model by reaching a broader consumer base and ultimately integrating car-viewing, selection, test-driving and repurchasing and purchasing into an immersive experience.

我們的O2O整合計畫是重塑汽車消費流程的關鍵。2025 年全年，我們在全國各地舉辦了 5000 多場線下汽車展覽和團購活動，並與電子競技、音樂節等以用戶為中心的文化 IP 進行跨行業合作。這些努力超越了傳統的購車模式，觸及了更廣泛的消費群體，並最終將看車、選車、試駕、再次購買和最終購買整合到一個沉浸式體驗中。

Specifically, within the development of our transaction service ecosystem, we launched the Autohome Mall in the second half of last year, providing users with a smoother digital car purchasing experience. Currently, this business, though still in its initial phase has achieved stable operations and is demonstrating positive momentum, which make us even more confident in the growth prospects of our transactions segment in the coming year.

具體來說，在交易服務生態系統的發展中，我們在去年下半年推出了汽車之家商城，為用戶提供更流暢的數位化購車體驗。目前，這項業務雖然仍處於起步階段，但已實現穩定營運並展現出積極的發展勢頭，這使我們對來年交易業務的成長前景更加充滿信心。

Behind every product and service upgrade, integration and real-world deployment is a strong foundation powered by data and AI technology. In 2025, we introduced our proprietary Cangjie Large Language Model and Tianshu Intelligence Service Platform, integrating Autohome's two decades of industry data and service experience with cutting-edge algorithms. This integration helps our ecosystem partners accelerate their smart transformation. Meanwhile, Autohome's full product portfolio has been comprehensively upgraded with AI-powered capabilities from AI smart assistant that supports users throughout the entire car selection and purchase process to AIGC technology that generates and distributes marketing content across platforms and further to AI-driven intelligent advertising placement covering the entire advertising chain and more. So we are advancing Autohome's shift from a traffic gateway into an intelligent engine that improves efficiency across the entire ecosystem.

每一次產品和服務升級、整合和實際部署的背後，都有以數據和人工智慧技術為支撐的強大基礎。2025年，我們推出了自主研發的滄街大語言模式和天書智慧服務平台，將汽車之家二十年的產業數據和服務經驗與尖端演算法結合。此次整合有助於我們的生態系統合作夥伴加速智慧化轉型。同時，汽車之家全線產品都進行了全面升級，融入了人工智慧技術，從全程支援用戶選車和購車流程的AI智慧助手，到跨平台生成和分發行銷內容的AIGC技術，再到覆蓋整個廣告鏈的AI驅動智慧廣告投放等等。因此，我們正在推動汽車之家從交通門戶向智慧引擎轉型，從而提高整個生態系統的效率。

Specifically, over the past year, we continue to make progress in our content ecosystem, strengthening our professional influence and expanding our reach across new media channels. For instance, during the Guangzhou Auto Show last November, we integrated our event coverage with a creator conference centered on the theme of utility-driven coverage. We produced a marathon live stream spanning two days and 23 hours. Content was closely tied to real-world user scenarios and the results were distributed simultaneously across six major new media platforms, achieving a multidimensional scenario-based content broadcast.

具體來說，在過去一年中，我們在內容生態系統方面不斷取得進展，增強了我們的專業影響力，並擴大了我們在新媒體管道的覆蓋範圍。例如，去年 11 月的廣州車展期間，我們將活動報道與以實用性驅動報道為主題的創作者大會結合。我們製作了一場兩天23小時的馬拉松式直播。內容與現實世界的使用者場景緊密相關，結果同時在六大新媒體平台上發布，實現了基於場景的多維內容傳播。

In addition, in the fourth quarter, we launched Autohome Wanxiang, a comprehensive one-stop content marketing platform for the automotive industry by building creator matrix centered on five key pillars: industry experts, technology, racing, outdoor lifestyle and global markets. We provide automakers with a one-stop automotive content service covering articles, videos, live streaming and more. This allows us to meet the diverse and various marketing needs of automakers. As of the end of 2025, the platform has attracted over 2,500 premier creators from Autohome and various new media channels.

此外，在第四季度，我們推出了汽車之家萬向，這是一個面向汽車行業的綜合性一站式內容行銷平台，它構建了一個以五大支柱為核心的創作者矩陣：行業專家、技術、賽車、戶外生活方式和全球市場。我們為汽車製造商提供一站式汽車內容服務，涵蓋文章、影片、直播等。這使我們能夠滿足汽車製造商多樣化的營銷需求。截至 2025 年底，該平台已吸引了來自汽車之家和各種新媒體管道的 2500 多名頂級創作者。

At the same time, we achieved significant results in building our MCN system. Autohome Media MCN now covers over 500 high-quality KOLs and KOCs across diverse fields, and our new media platforms have cumulatively reached over 100 million users. According to QuestMobile, Autohome's average mobile DAUs in December 2025 were 77.51 million, remaining stable year-over-year. In the new energy vehicle sector, following a successful pilot in late September 2025, Autohome Mall was officially launched in the fourth quarter, continuously advancing our transaction service upgrade, unlocking resources across the industry chain to expand vehicle offerings and optimize the car purchasing experience for users.

同時，我們在建構MCN系統方面取得了顯著成果。汽車之家媒體MCN目前涵蓋了各領域的500多位優質KOL和KOC，我們的新媒體平台累計用戶已超過1億人。根據 QuestMobile 的數據，汽車之家 2025 年 12 月的平均行動端日活躍用戶數為 7,751 萬，與去年同期相比保持穩定。在新能源汽車領域，繼2025年9月下旬成功試行後，汽車之家商城於第四季正式上線，不斷推進交易服務升級，釋放產業鏈資源，擴大車輛供應，優化用戶購車體驗。

Offline, we are focused on low-tier cities by establishing a franchise network, filling gaps in OEMs channel coverage. Autohome Mall's one-stop shopping trading and service ecosystem is still in the exploratory and refinement phase has already secured partners with 23 mainstream automotive brands. Looking ahead, we will continue to refine the automotive transaction ecosystem and work with partners across the entire industry value chain to advance the automotive industry's digital and online transformation. For the full year 2025, Autohome's NEV-related revenues, including the new retail business maintained steady growth, increasing by 30.2% year-over-year.

在線下，我們專注於低線城市，透過建立特許經營網絡，填補OEM管道覆蓋的空白。汽車之家商城的一站式購物交易和服務生態系統仍處於探索和完善階段，但已與23個主流汽車品牌合作。展望未來，我們將持續完善汽車交易生態系統，並與整個產業價值鏈上的合作夥伴攜手，推動汽車產業的數位化和線上轉型。2025 年全年，汽車之家新能源汽車相關收入（包括新的零售業務）保持穩定成長，年增 30.2%。

On digitalization, we completed a series of AI-driven upgrades to our products in 2025. Early in the year, the Autohome launched an AI-powered intelligent assistant built on DeepSeek and Autohome's proprietary data, significantly enhancing the Q&A experience in the automotive vertical. In April, we introduced an intelligent used car purchasing assistant that addresses pain points in transaction matching and the purchase decision-making for nonstandard used cars. As a result, we now have achieved full AI assistant coverage across both new car and user scenarios, maintaining industry-leading quality response rates for user Q&A.

在數位化方面，我們在 2025 年完成了一系列由人工智慧驅動的產品升級。今年年初，汽車之家推出了一款基於 DeepSeek 和汽車之家專有數據的 AI 智慧助手，顯著提升了汽車領域的問答體驗。今年四月，我們推出了一款智慧二手車購買助手，旨在解決非標二手車交易匹配和購買決策的痛點。因此，我們現在已經實現了新車和用戶場景的全面人工智慧助理覆蓋，並保持了業界領先的用戶問答品質回應率。

For partners, we used our unique data resources and industry analytics models to upgrade our digital product line across the entire value chain from marketing outreach to potential customer acquisition to sales conversion and to aftersales services. This has enabled end-to-end efficiency improvements across the process for our clients. To date, we have served over 50 automotive brands.

對於合作夥伴，我們利用我們獨特的數據資源和行業分析模型，升級了我們在整個價值鏈上的數位產品線，從市場推廣到潛在客戶獲取，再到銷售轉換和售後服務。這為我們的客戶實現了整個流程的端到端效率提升。迄今為止，我們已為超過 50 個汽車品牌提供服務。

In our Used Car business, we continue to advance the development of a standardized service system. For vehicle pricing, our AI Vehicle Inspector has been successfully deployed across multiple third-party platforms. It allows users to obtain registration services through various inputs, including license plate images and vehicle registrations, while also providing in-depth and analysis of marketing pricing trends. Its pricing accuracy and the user adoption rate both rank among the highest in the industry.

在二手車業務方面，我們持續推動標準化服務體系的建置。在車輛定價方面，我們的 AI 車輛偵測系統已成功部署在多個第三方平台。它允許用戶透過各種輸入方式獲取註冊服務，包括車牌圖像和車輛登記信息，同時還提供深入的市場定價趨勢分析。其定價準確率和用戶採納率均位居業界最高水準之列。

On the vehicle supply side, we partnered with nine authoritative inspection agencies to establish the Vehicle Certification Alliance. Over the year, we completed standardized inspections for more than 500,000 vehicles, offering professional and reliable quality assurance for transactions on our platform and effectively reducing trust-related costs during the transaction process.

在車輛供應方面，我們與九家權威檢驗機構合作，成立了車輛認證聯盟。一年來，我們對超過 50 萬輛汽車進行了標準化檢驗，為我們平台上的交易提供了專業可靠的品質保證，有效降低了交易過程中的信任相關成本。

Overall, in 2025, we remain committed to a user-centric approach, continuously improving the user experience through rich diverse and high-quality content as well as intelligent tools. We also achieved key breakthroughs in the practical application of AI and in building an integrated online to offline transaction ecosystem. Moving forward, we remain committed to improving the user experience, continuously enhancing our service and transaction ecosystem, and driving the high-quality and sustainable development of Autohome.

整體而言，到 2025 年，我們將繼續秉持以用戶為中心的理念，透過豐富多樣的高品質內容以及智慧工具不斷改善用戶體驗。我們在人工智慧的實際應用以及建構線上線下一體化交易生態系統方面也取得了關鍵突破。展望未來，我們將繼續致力於改善用戶體驗，不斷提升我們的服務和交易生態系統，推動汽車之家的高品質和永續發展。

With that, let me briefly walk you through the key financials for the fourth quarter and the full year of 2025. Please note that I will reference RMB only in my discussion today, unless otherwise stated. Net revenues for the fourth quarter were RMB1.46 billion. To break it down further, media services revenues were RMB334 million. Lead generation services revenue were RMB68 million.

接下來，我將簡要介紹 2025 年第四季和全年的關鍵財務數據。請注意，除非另有說明，我今天在討論中只會提及人民幣。第四季淨收入為人民幣14.6億元。進一步細分來看，媒體服務收入為人民幣3.34億元。線索開發服務收入為人民幣6800萬元。

And online marketplace and others revenues contributed RMB408 million. Cost of revenues in the fourth quarter was RMB319 million compared to RMB428 million in the fourth quarter of 2024. Gross margin in the fourth quarter was 78.2% compared to 76% in the same period of 2024.

線上市場和其他收入貢獻了4.08億元。第四季營業成本為人民幣3.19億元，而2024年第四季為人民幣4.28億元。第四季毛利率為 78.2%，而 2024 年同期為 76%。

Turning to operating expenses. Sales and marketing expenses in the fourth quarter were RMB739 million compared to RMB718 million in the fourth quarter of 2024. Product and development expenses were RMB258 million compared to RMB328 million in the same period of 2024. General and administrative expenses were RMB115 million compared to RMB131 million during the same period of 2024.

接下來談談營運費用。第四季的銷售和市場推廣費用為人民幣7.39億元，而2024年第四季為人民幣7.18億元。產品及研發費用為人民幣2.58億元，2024年同期為3.28億元人民幣。一般及行政費用為人民幣1.15億元，而2024年同期為人民幣1.31億元。

Overall, we delivered an operating profit of RMB92 million in the fourth quarter compared to RMB232 million for the same period of 2024. Adjusted net income attributable to Autohome was RMB304 million in the first quarter compared to RMB487 million in the corresponding period of 2024. Non-GAAP basic and diluted earnings per share in the fourth quarter were both RMB0.65 compared to RMB1 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in the fourth quarter were RMB2.60 and RMB2.59, respectively, compared to RMB4.02 and RMB3.99 respectively, in the corresponding period of 2024.

整體而言，我們第四季實現營業利潤人民幣9,200萬元，而2024年同期為人民幣2.32億元。第一季歸屬於汽車之家的調整後淨利為人民幣3.04億元，而2024年同期為人民幣4.87億元。第四季非GAAP基本每股盈餘及稀釋每股盈餘均為人民幣0.65元，2024年同期均為人民幣1元。第四季非GAAP基本及稀釋每股ADS收益分別為人民幣2.60元及人民幣2.59元，2024年同期分別為人民幣4.02元及人民幣3.99元。

Next, I will briefly summarize our full year 2025 results. Total revenues were RMB6.45 billion, of which media services revenues were RMB1.15 billion, lead generation services revenues were RMB2.71 billion and online marketplace and others revenues were RMB2.59 billion, representing an increase of 8.8% year-over-year. In addition, we delivered an adjusted net income attributable to Autohome of RMB1.61 billion with an adjusted net margin of 24.9%. As of December 31, 2025, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and long-term financial products totaled RMB21.36 billion.

接下來，我將簡要總結我們 2025 年全年業績。總收入為人民幣64.5億元，其中媒體服務收入為人民幣11.5億元，線索生成服務收入為人民幣27.1億元，線上市場及其他收入為人民幣25.9億元，年增8.8%。此外，我們實現了歸屬於汽車之家的調整後淨利人民幣16.1億元，調整後淨利率為24.9%。截至2025年12月31日，我們的資產負債表依然穩健。現金、現金等價物、短期投資及長期金融產品合計人民幣213.6億元。

We generated net operating cash flow of RMB0.89 billion in 2025. On September 4, 2024, our Board of Directors authorized a share repurchase program under which we are committed 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 program through December 31, 2025. Under this program, we have repurchased approximately 7.12 million ADS for a total cost of approximately USD185 million.

2025年，我們實現了淨經營現金流人民幣8.9億元。2024 年 9 月 4 日，我們的董事會批准了一項股份回購計劃，根據該計劃，我們承諾在此後不超過 12 個月的時間內回購至多 2 億美元的汽車之家美國存託股份。2025 年 8 月 14 日，董事會批准將該計畫延長至 2025 年 12 月 31 日。根據該計劃，我們已回購約 712 萬份 ADS，總成本約為 1.85 億美元。

I'm also pleased to announce that on March 5, 2026, our Board of Directors authorized a new share repurchase program under which we may repurchase up to USD200 million of Autohome's ADS over the next 18 months. This reflects our strong confidence in our business prospects and the long-term development as well as our consistent commitment to continuously creating and delivering value to our shareholders.

我也很高興地宣布，2026 年 3 月 5 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，我們可以在未來 18 個月內回購最多 2 億美元的汽車之家美國存託股份。這體現了我們對公司業務前景和長期發展的堅定信心，以及我們持續為股東創造和交付價值的堅定承諾。

So that concludes our financial summary. We are now ready to open up the Q&A session. Operator, please open the line for the Q&A.

我們的財務總結到此結束。現在我們準備開始問答環節。接線員，請開通問答環節。

(Operator Instructions) Thomas Chong, Jefferies.

（操作說明）托馬斯·鐘，傑富瑞。

(interpreted) My first question is about can management provide more color about your thoughts about the auto industry outlook? My second question is about capital return. We know there are updates on buyback, how should we think about the dividends?

（翻譯）我的第一個問題是，管理階層能否更詳細地闡述你們對汽車產業前景的看法？我的第二個問題是關於資本回報的。我們知道有關股票回購的最新消息，那麼我們該如何看待股利問題呢？

(interpreted) First, let me share with you some recent market developments and future trends. First, we believe the total vehicle sales in 2026 is expected to increase slightly or modestly with the overall industry profitability still remain under pressure. On the policy side, the purchase tax incentives for NEVs are gradually being phased out. And at the same time, the few new subsidy policy has shifted from a fixed subsidy to a variable subsidy.

（翻譯）首先，讓我來和大家分享一下近期的市場發展動態和未來趨勢。首先，我們認為 2026 年汽車總銷量預計將略有或溫和成長，但整個產業的獲利能力仍將面臨壓力。政策方面，新能源車的購置稅收優惠正逐步取消。同時，少數的新補貼政策也從固定補貼轉向了浮動補貼。

On the market side, both the China Passenger Car Association, that is CPCA and the China Association of Automobile Manufacturers, CAAM, both of them projected that this year, China's total auto sales will only increase slightly by 1% year-over-year, which is the lowest in the past few years. So we believe the competition in the auto market will shift from the price war to value war. And meanwhile, overall, in the auto sector profitability still remains under pressure. And the profit margin last year for the auto sector is only 4.1%, down from 4.3% compared with the previous year. And so the overall sector is entered into a year of very low profit.

市場方面，中國乘用車協會（CPCA）和中國汽車工業協會（CAAM）均預測，今年中國汽車總銷量年增僅1%，為近幾年來的最低水準。因此，我們認為汽車市場的競爭將從價格戰轉向價值戰。同時，總體而言，汽車產業的獲利能力仍面臨壓力。去年汽車業的利潤率僅 4.1%，低於前一年的 4.3%。因此，整個產業進入了利潤非常低的一年。

So next step, we believe the technological innovation and intelligentization should be the key themes for the competition for auto sector in the next stage. So for ourselves, for Autohome, we believe this represents a rare opportunity to leverage our integrated O2O business model to connect the entire vehicle purchasing life cycle for users. At the same time, we can also help OEMs to acquire more incremental customers and drive additional sales to helping them to capture greater market shares in an increasingly competitive and more mature market environment.

因此，我們認為，技術創新和智慧化應該是下一階段汽車產業競爭的關鍵主題。因此，對我們汽車之家而言，我們認為這是一個難得的機會，可以利用我們一體化的 O2O 商業模式，將用戶的整個購車生命週期連接起來。同時，我們還可以幫助 OEM 廠商獲得更多增量客戶，推動更多銷售，從而幫助他們在競爭日益激烈、日趨成熟的市場環境中獲得更大的市場份額。

Just now, we announced the Board of Directors authorized a new share repurchase program. And also on the cash dividends, we firmly remain committed to distributing no less than RMB1.5 billion in total in the cash dividend for the full year. And so we can ensure consistent, reliable cash dividends to our shareholders. So over the long run, we have committed to building a comprehensive shareholder return framework centered on sustained dividend plus share repurchase, striving to deliver predictable and sustainable returns to all our shareholders. So in the future, we will continue to uphold the long-term, stable and proactive shareholder return policy. We sincerely appreciate all our shareholders for their long-term strong and continued support to the company.

剛才，我們宣布董事會已批准一項新的股票回購計畫。此外，關於現金股息，我們仍然堅定承諾全年派發不少於人民幣15億元的現金股息。這樣我們就能確保向股東持續可靠地派發現金股利。因此，從長遠來看，我們致力於建立以持續分紅和股票回購為中心的全面股東回報框架，努力為所有股東帶來可預測和可持續的回報。因此，未來我們將繼續堅持長期、穩定、積極的股東回報政策。我們衷心感謝所有股東長期以來對公司的大力支持。

Our next question comes from (inaudible) from CICC.

我們的下一個問題來自中金公司（聽不清楚）。

(interpreted) After Haier became the major shareholder, how has the company's business plan been updated? And what's the potential for future collaboration? And my second question is what are the expansion plan for offline stores?

（譯）海爾成為大股東後，公司的商業計畫發生了哪些變化？未來合作的可能性如何？我的第二個問題是，線下門市的擴張計畫是什麼？

(interpreted) After Haier becoming our new controlling shareholder, we don't have material change in our overall strategic direction. First, we are strengthening the development of user first, and we are more focused on the user experience as the top priority. Second, as we just mentioned, we will transform from information platform to a transaction platform. So we set up the Autohome Mall, which was established last year. And third, with the continuous upgrade of AI capabilities, which will bring us more -- help us more in our future operation.

（譯）海爾成為我們新的控股股東後，我們的整體策略方向並沒有發生實質變化。首先，我們加強了以使用者為中心的發展，並將使用者體驗作為首要任務。其次，正如我們剛才所提到的，我們將從資訊平台轉型為交易平台。於是我們創辦了汽車之家商城，該商城於去年成立。第三，隨著人工智慧能力的不斷提升，這將為我們帶來更多——在我們的未來營運中提供更多幫助。

So in the long run, our target is to -- we will transform from information platform into a one-stop transaction ecosystem platform. And in terms of synergies with Haier, we will leverage Haier's strength in channels, supply chain management, and service networks to further optimize our integrated O2O new retail model. We will explore a low-cost, high efficiency and experience-driven channel sales approach to drive our business upgrade from a transaction matchmaking model to a full chain service model.

因此，從長遠來看，我們的目標是——我們將從資訊平台轉型為一站式交易生態系統平台。在與海爾的綜效方面，我們將利用海爾在通路、供應鏈管理和服務網路方面的優勢，進一步優化我們的一體化 O2O 新零售模式。我們將探索低成本、高效率和以體驗為導向的通路銷售方法，推動我們的業務從交易撮合模式升級為全鏈服務模式。

And ultimately, our goal is to provide more convenient, more transparent, and trustworthy car purchasing experience covering the entire [process] from the vehicle searching, selecting to purchasing, using, and replacing. For the offline stores, we will continue to expand our primary franchise model. So our focus should be covering more cities from Tier 3 to Tier 5 low-tier cities to help OEMs to strengthen their channel networks and find them -- to try to help them to find more incremental users and addressing the OEMs pain points, for example, insufficient channel coverage in low-tier markets, et cetera.

最終，我們的目標是提供更便利、更透明、更值得信賴的購車體驗，涵蓋從車輛搜尋、選擇到購買、使用和更換的整個過程。對於線下門市，我們將繼續擴大我們的主要加盟模式。因此，我們的重點應該是覆蓋更多三線到五線低線城市，以幫助 OEM 加強其渠道網絡並找到他們——努力幫助他們找到更多增量用戶，並解決 OEM 的痛點，例如低線市場渠道覆蓋不足等。

Ritchie Sun, HSBC.

孫里奇，匯豐銀行。

(interpreted) Firstly, regarding the NEV business, can you share what will we bring to the partners in 2026? And what are the key indicators we should look for to assess the development progress? Secondly, in terms of the rapid development for AI agents, we are seeing there's some impact to some industry and platforms. So how does management assess the impact of AI agent towards auto verticals? And what would Autohome do to address this risk? And what are the progress made in the AI applications? And finally, in terms of the dealer side, the dealer's related revenue has been falling. So when do management think this decline will actually stop?

（翻譯）首先，關於新能源汽車業務，您能否分享一下我們在 2026 年將為合作夥伴帶來什麼？那麼，我們應該關注哪些關鍵指標來評估發展進展？其次，就人工智慧代理的快速發展而言，我們看到這對某些產業和平台產生了一定的影響。那麼，管理階層如何評估人工智慧代理對汽車垂直產業的影響呢？汽車之家會採取什麼措施來應對這項風險？人工智慧應用領域取得了哪些進展？最後，就經銷商而言，經銷商的相關收入一直在下降。那麼管理階層認為這種下滑趨勢何時才能真正停止？

(interpreted) Thank you for your questions. First, let me answer your question about what value can we -- can our NEV transaction business bring to our partners. As I just mentioned, the transaction business was launched in the second half of last year. And this year, we'll continue to further explore this business model. So for EVs, what we provide is far beyond the advertising and lead generation businesses. So we are now delivering a complete end-to-end solution that covers from car searching to transaction conversion process. So this approach differentiates Autohome from other platforms in the market.

（翻譯）謝謝你們的提問。首先，讓我回答您關於我們的NEV交易業務能為合作夥伴帶來什麼價值的問題。正如我剛才提到的，交易業務是在去年下半年推出的。今年，我們將繼續深入探索這種商業模式。因此，對於電動車而言，我們提供的服務遠遠超出了廣告和潛在客戶開發業務。因此，我們現在提供的是完整的端到端解決方案，涵蓋從車輛搜尋到交易轉換流程。因此，這種方法使汽車之家與其他市場上的平台區分開來。

In terms of metrics to monitor for this progress is quite simple. First is the number of brands, how many brands want to cooperate with us, want to grow our platform. For offline, the metrics should be focused more on the coverage of the channel works. Besides, in addition, transaction volume is another key metric. We are -- what we are looking now to validate this business model and we target to increase the scale of this model gradually.

衡量這項進展的指標非常簡單。首先是品牌數量，有多少品牌想要與我們合作，想要發展我們的平台。對於線下管道，指標應該更著重於渠道作品的覆蓋範圍。此外，交易量也是另一個關鍵指標。我們現在正在驗證這一商業模式，並計劃逐步擴大該模式的規模。

For the how to assess the AI agents impact on the auto media vertical, first from the interaction model level, AI agents are more and more becoming the new hub connecting users and services with conversational interaction replacing the traditional models. And the second is more from the service side, service level. This is just what we just mentioned, we are transitioning to more transaction model, transaction platform.

要評估人工智慧代理對汽車媒體垂直領域的影響，首先從互動模型層面來看，人工智慧代理正日益成為連結使用者和服務的新樞紐，透過對話式互動取代傳統模型。第二點更來自服務方面，即服務水準。正如我們剛才所提到的，我們正在朝向更偏向交易模式、交易平台的方向轉型。

So for Autohome, our response has two points. First is, we try to build an Autohome AI agent for the auto sector, for the auto industry, and we try to enhance the 2C user experience. So what we are doing is we try to enable the agent to deliver a complete one-stop personalized concept style service across the entire auto life cycle. So we are -- what we are doing is we try to make AI a trusted intelligent companion throughout the car purchasing to ownership life cycle.

所以對於汽車之家，我們的回應有兩點。首先，我們嘗試為汽車產業打造一款汽車之家人工智慧代理，並努力提升2C用戶體驗。因此，我們正在努力使代理商能夠在整個汽車生命週期中提供完整的一站式個人化概念服務。所以我們正在做的，就是努力讓人工智慧成為從購車到用車整個生命週期中值得信賴的智慧夥伴。

The second point is we try to establish an AI-based intelligent service network, which can connect the automakers, dealers, financial institutions and others, stakeholders, et cetera, so to enable the direct service delivery and collaborate ecosystem value creation, and we try to balance the 2C experience and 2B conversion efficiency. From the very beginning, Autohome focus on the AI, and we have made a lot of progress. For example, we developed a proprietary auto vertical large language model, which is called Cangjie. It ranks first in the auto knowledge evaluation among Chinese large models.

第二點是，我們嘗試建立一個基於人工智慧的智慧服務網絡，連接汽車製造商、經銷商、金融機構和其他利害關係人等，從而實現直接服務交付和協作生態系統價值創造，我們努力平衡2C體驗和2B轉換效率。從一開始，汽車之家就專注於人工智慧，我們已經取得了巨大的進展。例如，我們開發了一種專有的自動垂直大語言模型，名為「蒼潔」。在中國大型車型中，它的汽車知識評估排名第一。

And for the C-end users, AI pioneered conversational assistant covering the full life cycle of car searching, selection, purchasing and using so we can achieve industry-leading performance evaluation and significantly enhance the users. And in this way, we can shorten the user decision-making cycles. And for the B-end customers, we also leverage AI to make more new content, provide one-stop AIGC capabilities and intelligent operational services.

對於 C 端用戶而言，AI 開創了對話式助手，涵蓋了汽車搜尋、選擇、購買和使用的整個生命週期，從而實現了行業領先的性能評估，並顯著提升了用戶體驗。這樣一來，我們就能縮短使用者的決策週期。對於 B 端客戶，我們也利用 AI 製作更多新內容，提供一站式 AIGC 能力和智慧營運服務。

And we will focus on the dealers' business conditions. Last year, our dealerships suffered severe losses. So their survival conditions worsened. And even we find new vehicle prices fell below the prices for used cars. From our data statistics, it showed over 70% of the dealers nationwide in China were in loss-making.

我們將重點放在經銷商的經營狀況。去年，我們的經銷商遭受了嚴重損失。於是，他們的生存狀況惡化了。而且我們發現，新車價格甚至低於二手車價格。根據我們的數據統計，中國全國超過 70% 的經銷商處於虧損狀態。

Because of the tough environment, some dealers have exited the dealership network last year, which is the most difficult in the last few years. So based on our own data and statistics, at the end of last year, the total number of dealers declined by approximately 5% year-over-year.

由於市場環境嚴峻，一些經銷商去年退出了經銷網絡，這是近年來最艱難的一年。根據我們自己的數據和統計，截至去年年底，經銷商總數比去年同期下降了約 5%。

So under such environment, the decrease in dealer groups budget was anticipated by us already. So this year, our renewal for our dealership member of product has been completed. So the coverage still remains at a solid level. And this year, next -- for the next step, we will work with our dealer customers together to try to find solutions, and we want to get a win-win situation for both sides.

因此，在這種環境下，經銷商集團預算的減少是我們早已預料到的。所以今年，我們經銷商會員的產品續約工作已經完成。因此，覆蓋率仍然保持在較高水準。今年，下一步，我們將與經銷商客戶共同努力尋找解決方案，我們希望雙方共贏。

So as we just mentioned, we will work with dealer clients together, for example, work on more digital products, increase their traffic, increase their conversion rate and other auto business as well, try to help them to increase their (inaudible) to help the dealers' operations, and we try to decrease any negative impact on their operations. The above is my answer to your questions. Thank you.

正如我們剛才提到的，我們將與經銷商客戶一起合作，例如，開發更多數位產品，增加他們的流量，提高他們的轉換率以及其他汽車業務，努力幫助他們提高（聽不清楚）以幫助經銷商的運營，我們努力減少對他們運營的任何負面影響。以上就是我對您問題的回答。謝謝。

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

目前沒有其他問題了。我將把電話轉回給管理階層，請他們做總結發言。

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

（翻譯）謝謝大家。非常感謝您今天蒞臨。感謝您一直以來的支持，我們期待在幾個月後的下一季電話會議上向您報告最新情況。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。再見。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。