Autohome Inc (ATHM) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's first quarter 2026 earnings conference call. (Operator Instructions). As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. A live and archived webcast of today's call will be available on Autohome's IR website.

各位女士、先生，感謝您撥冗參加汽車之家的2026年第一季度業績電話會議。(接線員指示)。提醒各位，本次電話會議將被錄音。如您有任何異議，請此時中斷連線。今日電話會議的直播及存檔網路廣播將於汽車之家投資者關係網站提供。

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

現在我很榮幸介紹本次會議主持人——汽車之家投資者關係總監Sterling Song。Song先生，請開始。

Thank you, operator. Hello, everyone, and welcome to Autohome's first quarter 2026 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, Mr. 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.

謝謝接線員。各位好，歡迎參加汽車之家2026年第一季度業績電話會議。今天早些時候，汽車之家已發布業績新聞稿，可於公司投資者關係網站 ir.autohome.com.cn 查閱。今天與我一同參會的是我們的首席財務官Craig Yan Zeng先生。管理層將先進行事先準備的發言，隨後進入問答環節，屆時我們將回答各位的提問。

Before we begin, please note that today's discussion contains forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995. These 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.

在開始之前，請注意今天的討論包含根據1995年《美國私人證券訴訟改革法案》安全港條款所作的前瞻性陳述。此等前瞻性陳述存在風險與不確定性，可能導致實際結果與我們目前預期存在重大差異。潛在風險與不確定性包括但不限於我們向美國證券交易委員會及香港交易所提交的公開文件中所列示者。

Autohome undertakes no obligation to update any forward-looking statements except as required under applicable laws. Please also know that Autohome's earnings press release and today's conference call include discussions of certain audited 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.

除適用法律要求外，汽車之家不承擔更新任何前瞻性陳述的義務。另請注意，汽車之家的業績新聞稿及今日電話會議包含對若干經審計的非GAAP財務指標的討論。非GAAP指標與最直接可比的GAAP指標之調節表可於我們的業績新聞稿中查閱。

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

接下來我將把電話交給汽車之家首席財務官Craig Yan Zeng先生作開場發言。Craig，請開始。

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

(口譯) 謝謝你，Sterling。各位好。我是Craig Zeng。感謝各位參加今天的業績電話會議。

We began the year by rolling out a series of initiatives to accelerate the transformation of our platform from an automotive information media into a comprehensive automotive service ecosystem. On the user front, we've initiated a major brand refresh and APP upgrade, shifting our focus towards users' interests and the end-to-end car purchase journey to more precisely address consumers' demands.

我們以一系列舉措開啟新的一年，加速將平台從汽車資訊媒體轉型為綜合性的汽車服務生態系統。在用戶端，我們啟動了重大的品牌煥新與APP升級，將重點轉向用戶興趣與端到端的購車旅程，以更精準地回應消費者需求。

By strengthening the development of premium content and expanding our new media matrix, we continue to grow our user base steadily, with average mobile daily active users surpassing 80 million, a new all-time high. With regards to our transaction platform development, our new retail business launched an online car purchase feature and began piloting collaborative initiatives with multiple dealers to explore new automotive e-commerce experiences. We also continue to advance our global expansion.

透過強化優質內容建設並擴大新媒體矩陣，我們持續穩步擴大用戶規模，移動端日均活躍用戶數突破8,000萬，創歷史新高。在交易平台建設方面，我們的新零售業務上線了線上購車功能，並開始與多家經銷商試點協同合作，探索全新的汽車電商體驗。我們也持續推進全球化拓展。

YesAuto, our overseas platform, also went live. Together, officially launched operations in Thailand, and our global cross-border used car export platform also went live. Together, these advancements mark the beginning of a new development phase for Autohome, characterized by a two-circulation model spanning both domestic and international markets.

我們的海外平台YesAuto亦已上線。Together在泰國正式啟動營運，我們的全球跨境二手車出口平台也已上線。上述進展共同標誌著汽車之家進入新的發展階段，其特徵是覆蓋國內與國際市場的「雙循環」模式。

As our front-end business continues to expand, we are strengthening our core platform capabilities in parallel. AI and large language models are increasingly becoming a foundational pillar of our infrastructure. On the external services front, we provide our partners with an AI-powered intelligent product mix. On the internal operations front, we've already integrated large language model capabilities into the company's workflow. As a result, AI-driven platform operations are rapidly advancing from isolated efficiency gains to end-to-end systematic transformation.

隨著前端業務持續拓展，我們也同步強化平台核心能力。AI與大型語言模型正日益成為我們基礎設施的基石。在對外服務方面，我們為合作夥伴提供AI驅動的智慧產品組合。在內部營運方面，我們已將大型語言模型能力整合進公司的工作流程。因此，AI驅動的平台營運正從零散的效率提升，快速邁向端到端的系統性變革。

Specifically, in March of this year, our overseas content platform YesAuto officially launched operations in Thailand, expanding our professional strength into international markets. With a focus on localized operations, the platform has onboarded local creators and established a professional content system. To date, it covers 100 Chinese new energy vehicle model series and includes more than 10,000 product specifications, laying the groundwork for a China NEV database in Thailand.

具體而言，今年3月，我們的海外內容平台YesAuto在泰國正式啟動營運，將我們的專業能力延伸至國際市場。平台聚焦在地化營運，已引入本地創作者並建立專業內容體系。截至目前，平台覆蓋100個中國新能源車型系列，並收錄超過10,000項產品規格，為在泰國建立中國新能源車資料庫奠定基礎。

Leveraging the momentum of the Bangkok International Motor Show, we partnered with six Chinese automotive brands and 12 media outlets to execute integrated communication campaigns and build a diverse topic matrix. This campaign generated over 140 million views and over 530,000 user interactions across platforms, giving us a strong start in our first overseas market and creating new opportunities to support the long-term diversified development of our business.

借助曼谷國際車展的熱度，我們與6家中國汽車品牌及12家媒體合作，開展整合傳播活動並打造多元話題矩陣。該活動在各平台累計帶來超過1.4億次瀏覽與超過53萬次用戶互動，為我們在首個海外市場取得強勁開局，並為支持業務長期多元化發展創造新機遇。

In terms of MCN development, in the first quarter, Autohome Media MCN ecosystem improved in both quantity and quality. The number of premium creators across various fields exceeded 650, and cumulative reach across new media platforms approached 150 million users. The share of top-tier and middle-tier influencers increased significantly, and further enhancing the overall health of the ecosystem.

在MCN建設方面，第一季度汽車之家媒體MCN生態在數量與品質上均有所提升。各領域優質創作者數量超過650位，新媒體平台累計觸達用戶接近1.5億。頭部與腰部達人占比顯著提升，進一步增強了生態整體健康度。

Through various approaches including holiday-themed marketing campaigns, creator incentives, deep engagement at offline exhibitions, professional driver incubation, and the development of an overseas influencer ecosystem, etc., we are comprehensively building our differentiated content competitiveness. According to QuestMobile, Autohome's average mobile DAUs reached 80.73 million in March, representing a year-over-year increase of 4.9%

透過節日主題行銷活動、創作者激勵、線下展會深度參與、專業車手孵化，以及海外達人生態建設等多種方式，我們正全面打造差異化的內容競爭力。根據QuestMobile數據，3月汽車之家移動端日均活躍用戶數達8,073萬，同比增長4.9%。

In the new energy vehicle sector, we continue to focus on Autohome Mall as we build a new transaction ecosystem for the automotive industry. In late April, we launched the online car purchase feature in two cities: Shenzhen and Xi'an.

在新能源車領域，我們持續聚焦汽車之家商城，打造汽車產業新的交易生態。4月下旬，我們在深圳與西安兩座城市上線了線上購車功能。

Local partner dealerships posted competitive local pricing on the Mall, enabling users to complete the entire car purchasing process in one go, including online vehicle selection, configuration, and deposit payments. Users can then sign the contract offline and pay the remaining balance before taking delivery. To streamline the car purchasing process and address user concerns, we introduced four [key quarantine surface, official 35 vehicles sources, MCN supervision farm].

本地合作經銷商在商城發布具競爭力的本地價格，使用戶可一站式完成整個購車流程，包括線上選車、配置與支付訂金。之後用戶可線下簽約並支付尾款後提車。為簡化購車流程並解決用戶顧慮，我們推出四項[關鍵隔離表面、官方35車源、MCN監督農場]。

In the area of AI and large language models, we are leveraging AI and large language models to reshape the entire workflow of our platform's content center, from tracking trending hot topics across the internet to content distribution. Through an AI-powered smart radar, we continuously monitor online trends around the clock. Combined with large language model-assisted content packaging and AIGC-enabled automated content generation, we've effectively integrated professional automotive topics with broader public hot topics, establishing a highly efficient rapid response mechanism.

在AI與大型語言模型方面，我們正利用AI與大型語言模型重塑平台內容中心的全流程工作，從全網熱點趨勢追蹤到內容分發。透過AI驅動的智慧雷達，我們全天候持續監測線上趨勢。結合大型語言模型輔助的內容包裝與AIGC賦能的自動化內容生成，我們有效將專業汽車議題與更廣泛的大眾熱點相融合，建立了高效率的快速響應機制。

As a result, we have improved content relevance while significantly enhancing operational efficiency. In addition, we have applied both the reverse funnel model and the intelligent distribution model to our membership business. The reverse funnel model works by reasoning backwards from transactions to derive accurate user profiles and extract the key characteristics of these users, improving alignment between platform content and high conversion user needs.

因此，我們在顯著提升營運效率的同時，也改善了內容相關性。此外，我們已將反向漏斗模型與智慧分發模型同時應用於我們的會員業務。反向漏斗模型透過從交易結果反向推理，建立精準的用戶畫像並提取這些用戶的關鍵特徵，從而提升平台內容與高轉化用戶需求之間的匹配度。

The intelligent distribution model breaks through the limitations of isolated platform data by integrating multi-dimensional inputs such as omni-channel user behavior, scenario preferences, and transaction attribution data. This enables smarter, more precise traffic matching as well as more effective user targeting and reach.

智慧分發模型透過整合全通路用戶行為、場景偏好、交易歸因等多維度輸入，突破平台數據孤島的限制。這使得流量匹配更智慧、更精準，同時也能更有效地進行用戶定向與觸達。

In the used car business, during the first quarter, we launched two core business platforms: a full-process used car selling service platform and a cross-border used car export service platform. Together, they form a dual-engine model of improving quality and efficiency in domestic services while expanding into global markets. These platforms provide individual car owners, domestic dealers, and overseas buyers with one-stop integrated solutions, helping the industry move into a new stage of high-quality development defined by efficiency, transparency, and security.

在二手車業務方面，我們於第一季推出兩個核心業務平台：全流程二手車售車服務平台，以及跨境二手車出口服務平台。兩者共同構成「國內服務提質增效、海外市場拓展」的雙引擎模式。這些平台為個人車主、國內經銷商與海外買家提供一站式整合解決方案，推動行業邁入以效率、透明與安全為特徵的高品質發展新階段。

Our full-process used car selling service platform offers free official inspections, dedicated full-stack services, and nationwide price inquiry capabilities. Through deep integration of our underlying digital systems, we've established a standardized service system that covers the entire lifecycle of a car owner's selling journey. The platform is currently in pilot operation in two cities, and we plan to accelerate the rollout to more cities nationwide.

我們的全流程二手車售車服務平台提供免費官方檢測、專屬一站式服務，以及全國價格查詢能力。透過對底層數位系統的深度整合，我們建立了覆蓋車主售車全旅程、涵蓋全生命週期的標準化服務體系。該平台目前已在兩個城市試點運營，我們計畫加速向全國更多城市推廣。

Our cross-border used car export service platform represents our initial effort towards capturing growth opportunities in overseas markets. It enables dealers to list vehicles on both domestic and international platforms with a single click. Each exported vehicle includes a detailed inspection report and a complete maintenance and insurance record. These standardized services help address overseas buyers' concerns and reduce the trust gap associated with cross-border transactions.

我們的跨境二手車出口服務平台代表我們在把握海外市場成長機會方面的初步嘗試。它使經銷商可一鍵將車源同時上架至國內與海外平台。每輛出口車均附有詳細檢測報告以及完整的維修保養與保險記錄。這些標準化服務有助於消除海外買家的疑慮，並降低跨境交易中的信任落差。

Going forward, we will introduce more vehicle sourcing partners to further enrich the supply of export-qualified vehicles. We also plan to build an end-to-end closed-loop system that integrates domestic vehicle sourcing and aggregation, cross-border transaction matching, and overseas delivery fulfillment, enabling used car dealers to execute compliant cross-border exports with no barriers.

展望未來，我們將引入更多車源合作夥伴，進一步豐富符合出口資質的車源供給。我們也計畫打造端到端的閉環系統，整合國內車源採購與集貨、跨境交易撮合以及海外交付履約，讓二手車經銷商能夠無障礙地合規開展跨境出口。

Overall, since the beginning of 2026, we've been actively advancing new initiatives and strategic deployments across multiple business areas, including our content ecosystem, new retail, and the used car businesses. While driving business development, we've maintained a healthy balance sheet and continue to deliver on our commitment to providing stable shareholder returns.

總體而言，自2026年初以來，我們持續在多個業務領域積極推進新舉措與策略部署，包括內容生態、新零售以及二手車業務。在推動業務發展的同時，我們保持了健康的資產負債表，並持續兌現為股東提供穩定回報的承諾。

Today, our Board of Directors approved a cash dividend plan for the first half of 2026, and we have been actively executing share repurchases in the open market. Looking ahead, we will remain focused on emerging growth areas while maintaining stringent cost controls to ensure long-term value for our shareholders.

今天，我們董事會已批准2026年上半年現金股利方案，同時我們也在公開市場積極執行股份回購。展望未來，我們將持續聚焦新興成長領域，同時保持嚴格的成本管控，以確保為股東創造長期價值。

With that, let me briefly walk you through the key financials for the first quarter of 2026. Please note that I will reference RMB only in my discussion today unless otherwise stated. Net revenues for the first quarter were RMB1.05 billion.

接下來，我將簡要帶大家回顧2026年第一季的主要財務數據。請注意，除非另有說明，我今天的討論將僅以人民幣為計價單位。第一季淨營收為人民幣10.5億元。

To break it down further, media services revenues were RMB163 million, lead generation services revenues were RMB503 million, and online marketplace and others revenues were RMB382 million. With respect to cost of revenues in the first quarter was RMB257 million compared with RMB316 million in the first quarter of 2025. Gross margin in the first quarter was 75.5% compared with 78.3% in the same period last year.

進一步拆分來看，媒體服務收入為人民幣1.63億元，線索服務收入為人民幣5.03億元，線上市集及其他收入為人民幣3.82億元。第一季營收成本為人民幣2.57億元，較2025年第一季的人民幣3.16億元下降。第一季毛利率為75.5%，去年同期為78.3%。

Turning to operating expenses, sales and marketing expenses in the first quarter were RMB506 million compared with RMB544 million in the first quarter of 2025. Product and development expenses were RMB274 million, flat year-over-year. General and administrative expenses were RMB120 million compared with RMB131 million in the same period last year.

再看營運費用方面，第一季銷售及行銷費用為人民幣5.06億元，較2025年第一季的人民幣5.44億元下降。產品與研發費用為人民幣2.74億元，與去年同期持平。一般及行政費用為人民幣1.20億元，去年同期為人民幣1.31億元。

Ladies and gentlemen, please remain on the line. Your conference will resume shortly.

各位女士、先生，請保持在線。會議將很快恢復。

(interpreted) Non-GAAP basic and diluted earnings per share in the first quarter were both RMB0.39, compared with RMB0.18 for both in the comparable period of 2025. Non-GAAP basic and diluted earnings per ADS in the first quarter were RMB1.55 and RMB1.54 respectively, compared with RMB3.64 and RMB3.52 respectively in the comparable period of 2025.

（口譯）第一季非GAAP基本及攤薄每股盈餘均為人民幣0.39元，去年可比期間兩者均為人民幣0.18元。第一季非GAAP基本及攤薄每股ADS盈餘分別為人民幣1.55元與人民幣1.54元，去年可比期間分別為人民幣3.64元與人民幣3.52元。

As of March 31, 2026, our balance sheet remained robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled RMB20.04 billion. Net cash used in operating activities was RMB143 million in the first quarter of 2026.

截至2026年3月31日，我們的資產負債表仍然穩健。現金、現金等價物、短期投資及其他長期投資合計為人民幣200.4億元。2026年第一季經營活動所用淨現金為人民幣1.43億元。

On March 5, 2026, our board of directors authorized a share repurchase program under which we are committed to repurchase up to $200 million of Autohome ADS over a period not exceeding 18 months. As of May 22, 2026, We repurchased approximately 3.47 million ADS for a total cost of approximately $62.3 million.

2026年3月5日，我們董事會批准了一項股份回購計畫，承諾在不超過18個月的期間內回購最多2億美元的汽車之家ADS。截至2026年5月22日，我們已回購約347萬股ADS，總成本約6,230萬美元。

In addition, in accordance with our dividend policy, our board of directors approved a per ADS or $0.65 for ordinary share payable in US dollars to holders of ADS and ordinary shares of record as of the close of business on July 2, 2026. The aggregate amount of the dividends will be approximately RMB0.5 billion and expected to be paid to holders of the company's ordinary shares and ADS on or around July 24, 2026, and July 31, 2026, respectively.

此外，根據我們的股利政策，董事會批准向截至2026年7月2日營業結束時登記在冊的ADS及普通股持有人，以美元支付每股ADS 0.65美元（或每股普通股相應金額）的股利。股利總額約為人民幣5億元，預計將分別於2026年7月24日前後及2026年7月31日前後支付給公司普通股持有人及ADS持有人。

That concludes our financial summaries. Now we are ready to open up the Q&A session. Operator, please open the line for the Q&A session. Thank you.

以上為我們的財務摘要。現在我們準備開始問答環節。接線員，請開放問答環節的電話線。謝謝。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

(spoken in foreign language) Good evening. Thanks, management, for taking my question. My first question is about the industry trend. We have seen auto industry is a bit soft in Q1. Can management provide more color about your thoughts about the auto industry outlook? My second question is about Autohome and Haier. Can management comment about the updates regarding the synergies? Thank you.

（以外語發言）晚上好。謝謝管理層回答我的問題。我的第一個問題是關於行業趨勢。我們看到汽車行業在第一季有些疲軟。管理層能否更詳細說明你們對汽車行業前景的看法？我的第二個問題是關於汽車之家與海爾。管理層能否評論一下協同效應方面的最新進展？謝謝。

(interpreted) Thank you for your question. As you mentioned, in China, the auto market weakened in the first quarter this year. Retail sales of passenger vehicles declined 17% year-over-year, while NEV sales declined 21% year-over-year. It is the first quarter in history where NEV sales recorded a year-over-year decline in the past, the first time. In April this year, retail sales for both passenger vehicles and NEVs both continued to fall further, declining 22% and 7% respectively compared to the same period in 2025. This is the result of multiple pressures converging from government policy, industry conditions, as well as consumer demand.

(口譯) 感謝您的提問。如您所提到，今年第一季中國汽車市場走弱。乘用車零售銷量同比下降17%，而新能源車（NEV）銷量同比下降21%。這是歷史上首次出現新能源車銷量在第一季錄得同比下滑。今年4月，乘用車與新能源車的零售銷量仍持續進一步下滑，分別較2025年同期下降22%與7%。這是政府政策、產業環境以及消費需求等多重壓力疊加所致。

The faster government policy adjustment and the pulling forward of consumer demand, it's the core reason, main reason behind the sales decline. As you know, the policy exempting the new energy vehicle from purchase tax expired at the end of December last year. This policy expiration really caused consumers to bring forward their car purchases. We saw NEV retail sales reach nearly 1.34 million units in December last year alone. This is a record high in history. This also directly puts forward part of the demand that would otherwise have appeared in the first quarter this year.

政府政策調整加快以及消費需求前置，是銷量下滑的核心、主要原因。如您所知，新能源車免徵購置稅政策已於去年12月底到期。該政策到期確實促使消費者提前購車。我們看到去年12月單月新能源車零售銷量接近134萬輛。這創下歷史新高。這也直接前置了原本可能在今年第一季出現的一部分需求。

Since the beginning of 2026, as you know, the government subsidies have been scaled back. The policy-driven boost to demand weakened. At the same time, the overall consumer confidence still remains relatively cautious in Q1. This further dampens consumers' willingness to purchase vehicles. In addition, the auto market in the first quarter last year was a period of cyclical recovery, so it creates a relatively high base for comparison. The combination of a tougher year-over-year comparison last year and softer demand this year underscores the market pressures seen in the first quarter. It formed the primary backdrop for the short-term decline in auto sales.

自2026年初以來，如您所知，政府補貼已縮減。政策對需求的拉動效應減弱。同時，第一季整體消費者信心仍相對謹慎。這進一步抑制了消費者購車意願。此外，去年第一季汽車市場處於週期性復甦階段，因此形成較高的比較基數。去年同比基數較高與今年需求偏弱的疊加，凸顯了第一季所見的市場壓力。這構成了汽車銷量短期下滑的主要背景。

From an industry perspective, we can see the overcapacity in the auto sector further exacerbated the market pressure and reinforced consumers' wait and see attitude. On one hand, dealer inventory still remain at high level. Since the beginning of this year, the dealer inventory warning index has stayed above the caution threshold for several months already. It increased the pressure on dealers' cash flows. The dealers' losses spread further. In order to recover capital, dealers have increased their discounts. This drives the prices lower. In this way, it has strengthened our consumers' expectations that the auto prices will continue to fall down. It's further lessening the purchasing decision cycle and slowing the transaction conversion.

從產業角度來看，我們看到汽車行業產能過剩進一步加劇市場壓力，並強化了消費者的觀望情緒。一方面，經銷商庫存仍維持在高位。自今年年初以來，經銷商庫存預警指數已連續數月高於警戒線。這加大了經銷商的現金流壓力。經銷商虧損面進一步擴大。為了回籠資金，經銷商加大了折扣力度。這推動價格下行。由此也強化了消費者對車價將持續下跌的預期。進一步拉長購買決策週期並放緩成交轉化。

On the other hand, operating pressures on major OEMs also continue to spread. Among the top 10 OEMs in the first quarter this year, nine of them reported year-over-year sales declines. We also observed that the profit margin for the China auto manufacturing industry fell to just 3.2% for three months this year. This is a record low in history, and it is further declining from 4.1% compared with last year. This really reflects the widespread reality facing the whole industry. The OEMs are relying on pricing cuts to drive sales volumes, while both prices and volumes are simultaneously under great pressure.

另一方面，主要主機廠（OEM）的經營壓力也在持續擴散。今年第一季前十大主機廠中，有九家同比銷量下滑。我們也觀察到，今年前三個月中國汽車製造業利潤率降至僅3.2%。這是歷史新低，且較去年的4.1%進一步下滑。這真實反映了全行業普遍面臨的現實。主機廠依賴降價來帶動銷量，但價格與銷量同時承受巨大壓力。

Another point is that, in the future export, auto exports will serve as a key stabilizing force for the auto industry. According to the data from CPCA, China Passenger Car Association, China exported a cumulative 1.83 million vehicles in the first quarter this year, which is a year-over-year growth of 61%. EV exports continue to account for a large percentage, significantly a high share. It remains as the core growth driver in overseas expansion.

另外一點是，未來出口將成為汽車產業的重要穩定力量。根據乘聯會（CPCA）的數據，今年第一季中國累計出口183萬輛汽車，同比增長61%。電動車出口仍佔較大比重，佔比顯著偏高。其仍是海外拓展的核心成長驅動力。

About the synergies and collaboration with Haier Group, the transaction has completed more than six months. The current collaboration is still focused on synergies execution in the used car business and offline services scenario, etc.

關於與海爾集團的協同與合作，該交易完成已超過六個月。目前合作仍聚焦於二手車業務及線下服務場景等方面的協同落地。

For CARtech, its used car business has been developing for so many years with a presence across multiple cities nationwide in China, and it has extensive experience in integrated online to offline operations and dealership store management, et cetera.

就CARtech而言，其二手車業務在中國全國多個城市深耕多年，並在線上到線下的一體化運營以及經銷門店管理等方面擁有豐富經驗。

For Haier Group, it also brings us expertise in consumer service systems and management models, which are all areas for collaboration and knowledge sharing for us.

就海爾集團而言，其也為我們帶來消費者服務體系與管理模式方面的專長，這些都是我們合作與知識共享的領域。

For example, our new retail business has already begun cooperation with CARtech in the used car segment, including the vehicle sourcing and vehicle inspection processes. CARtech's vehicle customization and the charging port, charging station business have also created synergistic opportunities with that. Going forward in the future, we plan to continue deepening and expanding cooperation in the above areas. Thank you.

例如，我們的新零售業務已在二手車板塊與CARtech展開合作，包括車源獲取與車輛檢測流程。CARtech的車輛定制以及充電口、充電站業務也由此創造了協同機會。展望未來，我們計劃在上述領域持續深化並擴大合作。謝謝。

Brian Gong, Citi.

Brian Gong，花旗。

(spoken in foreign language) Thanks management for taking my questions. I have two questions. First is that, can management share the feedback from dealers during the contract renewal period this year? Should we expect continuous decline on sales lead business given dealers worsening conditions?

(外語發言) 感謝管理層回答我的問題。我有兩個問題。第一，管理層能否分享今年合約續約期間經銷商的回饋？鑑於經銷商經營狀況惡化，我們是否應預期銷售線索（sales lead）業務將持續下滑？

Secondly, for new retail business, what is our strategies for expansion now? Does this business approaches the phase that we can scale up very quickly? How should we view its growth potentials ahead? Thank you.

第二，關於新零售業務，我們目前的擴張策略是什麼？該業務是否已進入可以非常快速放量的階段？我們應如何看待其未來的成長潛力？謝謝。

(interpreted) Thank you for your question. At present, for the dealer membership renewal, this has been completed this year. Overall, the dealer customer coverage still remains at a stable level even though there is ongoing price wars in the auto market and there are shrinking margins at the retail level. It really brings a lot of high inventory pressure for most of the dealers.

(口譯) 感謝您的提問。目前，經銷商會員續約今年已完成。整體而言，儘管汽車市場持續價格戰、零售端利潤收縮，我們的經銷商客戶覆蓋仍保持在穩定水準。這確實給大多數經銷商帶來了很大的高庫存壓力。

For most of the dealers, they adopted a more conservative operating approach, and the loss-making coverage in the dealer segment has widened, and the profitability pressure still remains at a high level in the retail end for the dealers.

對大多數經銷商而言，他們採取了更為保守的經營策略，經銷商端的虧損覆蓋面擴大，而零售端的盈利壓力仍維持在高位。

Despite there is a pressure on the overall vehicle sales, for dealers, their demand for high-quality sales leads still continue to increase. Autohome still remains one of the most important customer acquisition channels for dealer customers. On the membership services side, we are improving the traffic matching accuracy and distribution efficiency through the data-driven reverse funnel model and the intelligent distribution model.

儘管整體整車銷售承壓，但對經銷商而言，其對高品質銷售線索的需求仍在持續增加。汽車之家仍是經銷商客戶最重要的獲客渠道之一。在會員服務方面，我們透過數據驅動的反向漏斗模型與智能分發模型，提升流量匹配精準度與分發效率。

Going forward, Autohome will continue to work closely with the dealer customers to further explore solutions which can help them to break through the current operation challenges for the dealer customers. We aim to support dealerships in increasing the customer traffic and improving the conversion rate, while also trying to expand the integrated O2O business initiative. Our goal is to help dealer customers improve their revenues and profitability while mitigating as much as possible the operational impact caused by the broader auto industry downturn.

展望未來，汽車之家將持續與經銷商客戶緊密合作，進一步探索可協助經銷商客戶突破當前營運挑戰的解決方案。我們旨在協助經銷商提升客流並提高轉化率，同時也將努力擴大整合式 O2O 業務倡議。我們的目標是在盡可能降低整體汽車產業下行所帶來的營運影響的同時，協助經銷商客戶提升營收與獲利能力。

For our new retail business, we are still currently exploring to reach allowing local dealer customers to join our network, which is the Autohome Mall platform, and display dealer vehicle inventory and the final transaction pricing online. This model is just quite similar to Taobao marketplace model.

就我們的新零售業務而言，我們目前仍在探索，讓本地經銷商客戶加入我們的網路（即汽車之家商城平台），並在線上展示經銷商車輛庫存及最終成交價格。該模式與淘寶的市集模式相當類似。

Through cooperation with such dealers, we are able to provide users with a seamless O2O online-to-offline one-stop vehicle purchasing experience, which can cover the entire process from the online vehicle selection, browsing, personalized configuration, to online deposit payment, and to millions offline vehicle delivery and pickup. Our target is to create an e-commerce like auto transaction platform, which can deliver an efficient, user-friendly experience for our customers.

透過與此類經銷商合作，我們能為用戶提供無縫的 O2O 線上到線下一站式購車體驗，覆蓋從線上選車、瀏覽、個性化配置、線上支付訂金，到線下提車與交付的全流程。我們的目標是打造類電商的汽車交易平台，為客戶提供高效率、易用的體驗。

At present, we are piloting this model, online car purchasing model in two cities, Xi'an and Shenzhen, so far so good. Once this model has been fully upgraded and validated, we will further expand it into other additional cities. Thank you.

目前，我們已在西安與深圳兩個城市試點該線上購車模式，迄今進展良好。待該模式完成全面升級並得到驗證後，我們將進一步擴展至更多城市。謝謝。

Jing Yuan, CICC.

中金公司，景媛。

(spoken in foreign language) Thanks for management taking my question. I wonder what's the company's future plan for shareholder returns going forward. Thanks.

（外語發言）感謝管理層回答我的問題。我想了解公司未來對股東回報的規劃是什麼。謝謝。

(interpreted) Thank you for your question. As we said, we will continue to implement our commitment for shareholder returns. Today, our board of directors announced the interim cash dividend plan of RMB500 million for the first half of this year, and we will continue to fulfill our commitment for the full year cash dividend of no less than RMB1.5 billion. Regardless of the fluctuations in the auto industry, we will consistently place strong emphasis on the shareholder returns, and we will maintain continuity and stability in our dividend policy.

（翻譯）謝謝您的提問。如我們所說，我們將持續履行對股東回報的承諾。今天，我們董事會宣布了今年上半年人民幣5億元的中期現金股利方案，我們也將繼續履行全年現金股利不低於人民幣15億元的承諾。無論汽車產業如何波動，我們都將一貫高度重視股東回報，並保持股利政策的連續性與穩定性。

For the share buyback, our new share buyback program was ratified in March by the board. Until today it's almost three months. So far, we have completed roughly one third of the authorized share repurchase amount. It really reflects our determined attitude and execution.

關於股份回購，我們新的股份回購計畫已於3月獲董事會批准。截至今天已接近三個月。目前，我們已完成約三分之一的授權回購金額。這充分體現了我們堅定的態度與執行力。

You know, we have for Autohome, we have been consistently prioritized shareholder returns and we established our shareholder return framework, including the cash dividend plus the share buyback. Going forward, we will continue to adhere to our comprehensive shareholder return policy in the future. Thank you.

您知道，對於汽車之家而言，我們一直將股東回報置於優先位置，並建立了股東回報框架，包括現金股利加股份回購。展望未來，我們將繼續堅持全面的股東回報政策。謝謝。

Ritchie Sun, HSBC.

匯豐銀行，Ritchie Sun。

(spoken in foreign language) Thank you management for taking my question. I want to ask about the Autohome Mall business progress. Any metrics to share and the second half outlook? Thank you.

（外語發言）感謝管理層回答我的問題。我想問一下汽車之家商城業務的進展。是否有任何指標可以分享，以及下半年的展望？謝謝。

(interpreted) Thank you for your question. For detailed numbers, it is still too early at the moment. For our Autohome Mall, our target is try to provide our users with more standardized new cars, certified used car products and multiple platform level safeguards.

（翻譯）謝謝您的提問。就具體數字而言，目前仍為時尚早。對於汽車之家商城，我們的目標是努力為用戶提供更標準化的新車、認證二手車產品，以及多重平台級保障。

For example, for the new standard vehicles, we aggregate the best-value models from major brands and offer exclusive benefits as well as other transparent final pricing. It can address key user pain points such as the difficulty in the price comparison and customer concerns about overpaying. For the high quality used cars, we can rely on our deep cooperation with CARtech to establish a unified inspection and warranty system.

例如，在標準化新車方面，我們匯聚各大品牌中性價比最高的車型，提供專屬權益以及其他透明的最終定價。這可解決用戶在比價困難以及擔心買貴等關鍵痛點。在高品質二手車方面，我們可依託與 CARtech 的深度合作，建立統一的檢測與保固體系。

For the online auto industry, the overall business model is still not very clear, but we firmly trust that this is the right direction for the whole industry. From our point of view, we do expect that both the new car and the used car transaction business will become a new engine for Autohome's future growth. This is our deep understanding for the future of the industry. Thank you.

對於線上汽車產業而言，整體商業模式目前仍未十分清晰，但我們堅信這是全行業正確的方向。從我們的角度來看，我們預期新車與二手車交易業務都將成為汽車之家未來成長的新引擎。這是我們對產業未來的深刻理解。謝謝。

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

謝謝。目前沒有進一步的問題。我將把電話交回管理層作結語。

(interpreted) Thank you everyone. Thank you very much for joining the call today. We appreciate your continued support and we 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 very much. Goodbye. Thank you.

（翻譯）謝謝大家。非常感謝各位今天參加電話會議。感謝各位持續的支持，我們期待在幾個月後的下一季度電話會議上向各位更新進展。在此期間，如有任何進一步問題或意見，歡迎隨時與我們聯繫。非常感謝。再見。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your line.

感謝您參與今天的電話會議。本次會議到此結束。您現在可以掛線。

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.

本逐字稿中標註為（翻譯）的部分，由現場電話會議中的口譯員所述。該口譯員由主辦本活動的公司提供。