Autohome Inc (ATHM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by for Autohome's second quarter and interim 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow management's prepared remarks. 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. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

各位女士、先生，感謝您撥冗參加汽車之家的2026年第二季度及中期業績電話會議。目前，所有與會者均處於僅收聽模式。管理層完成事先準備的發言後，將進入問答環節。提醒各位，本次電話會議正在錄音。如您有任何異議，請立即斷線。今日電話會議的直播及存檔網路直播將於汽車之家投資者關係網站提供。現在很榮幸為各位介紹本次會議主持人——汽車之家投資者關係總監宋思霖（Sterling Song）先生。宋先生，請開始。

Thank you, operator. Hello, everyone, and welcome to Autohome's second quarter and interim 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, 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 all your questions.

謝謝，接線員。各位好，歡迎參加汽車之家2026年第二季度及中期業績電話會議。今天早些時候，汽車之家已發布業績新聞稿，您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 女士。

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》安全港條款作出的前瞻性陳述。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 note that Autohome's earnings press release and today's 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.

除非適用法律另有要求，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天的電話會議亦包含對若干未經審計的非GAAP財務指標的討論。非GAAP指標與最直接可比的GAAP指標之對賬表可於我們的業績新聞稿中查閱。

I will now turn the call over to Autohome's CFO, Ms. Craig Yan Zeng for opening remarks. (inaudible), 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 女士作開場發言。（聽不清），請開始。

(spoken in Chinese) Thank you, Sterling. Hello, everyone. This is Craig Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today.

（中文發言）謝謝你，Sterling。各位好。我是汽車之家首席財務官曾嚴臻（Craig Zeng）。感謝各位參加今天的業績電話會議。

(spoken in Chinese)

（中文發言）

In the second quarter, our innovative business continued to make steady progress, driving Autohome's upgrade toward a comprehensive automotive service ecosystem. For our new retail business, with the authorized dealer model in pilot operation and expanding into more cities, we launched the offline franchise chain brand, Autohome Good Car, further extending our offline service network. In addition, our global expansion into used-car trading is advancing steadily, our cross-border export platform completed its first transaction in July providing valuable experience to further expand our service capabilities.

第二季度，我們的創新業務持續穩步推進，推動汽車之家向綜合汽車服務生態體系升級。在新零售業務方面，授權經銷商模式在試點運營並拓展至更多城市的同時，我們推出線下加盟連鎖品牌「汽車之家好車」，進一步延伸線下服務網路。此外，我們在二手車交易的全球化拓展亦穩步推進，跨境出口平台於7月完成首筆交易，為進一步擴展服務能力積累了寶貴經驗。

(spoken in Chinese)

（中文發言）

We also made major strides in AI, particularly in cutting-edge AI agent technologies. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta as the automotive industry's first standalone agent product. It represents not only a pioneering exploration of intelligent applications, but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us.

我們在AI方面亦取得重大進展，尤其是在前沿AI Agent（智能代理）技術上。7月初，我們發布自研智能代理產品「Cheese Car Butler（芝士車管家）」，並向公眾開放測試，成為汽車行業首個獨立的Agent產品。這不僅是對智能化應用的前瞻探索，也是在豐富產品矩陣、建立差異化競爭優勢方面的重要里程碑。

(spoken in Chinese)

（中文發言）

Specifically, in the second quarter, we made solid progress across content offerings, product capabilities, and traffic alliances. [Accountants] in May, we launched our annual IP, China Intelligent Manufacturing Exploration Plan, jointly created with the News and Publicity Center of the Ministry of Industry and Information Technology. Six episodes will be released throughout the year, covering exciting technological trends, including the low-altitude industry. Intelligent cockpits, intelligent driving, and embodied AI.

具體而言，第二季度我們在內容供給、產品能力與流量聯盟方面均取得扎實進展。[Accountants] 5月，我們推出年度IP《中國智造探索計劃》，由我們與工業和信息化部新聞宣傳中心聯合打造。全年將陸續發布六期內容，覆蓋多個令人振奮的科技趨勢，包括低空產業、智能座艙、智能駕駛以及具身AI。

The premiere episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative, user-oriented storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users. This series also marks our first major content initiative, following Autohome's brand refresh.

首期聚焦飛行汽車，結合沉浸式走訪智能製造一線，並以更具創新性、以用戶為導向的敘事視角，讓前沿科技更貼近、更易於被年輕用戶理解與接受。該系列亦標誌著我們在汽車之家品牌煥新後推出的首個重點內容項目。

After its launch, the program sparked lively discussion on social media, was covered by over 20 leading media outlets and generated over 70 million views across various platforms. On the product side, we launched our intelligent driving channel, which systematically profiles the intelligent driving capabilities of nearly. Mainstream models and provides easy comparisons to help users understand differences across models and choose cars efficiently.

節目上線後在社交媒體引發熱烈討論，獲20餘家頭部媒體報導，並在各平台累計獲得超過7,000萬次觀看。在產品方面，我們上線智能駕駛頻道，系統化呈現近乎主流車型的智能駕駛能力，並提供便捷對比，幫助用戶理解不同車型差異並高效選車。

(spoken in Chinese)

（中文發言）

In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem. A notable example was our partnership with Alipay in June, under which our mini-program became the exclusive provider of comprehensive automotive services for Alipay's AutoLiv channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicles. According to QuestMobile, in June, our daily active users steadily increased year-over-year, reaching 76.5 million.

此外，我們持續推進多平台、多場景流量生態的協同合作。其中一個典型案例是我們於6月與支付寶的合作：我們的小程序成為支付寶「AutoLiv」頻道綜合汽車服務的獨家提供方，提供差異化內容，以匹配首次購車、換購及升級用戶的多元需求。根據QuestMobile數據，6月我們的日活躍用戶數同比穩步提升，達到7,650萬。

(spoken in Chinese)

（中文發言）

In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xi'an in partnership with authorized dealers. Under this model, local partners, dealerships posted competitive pricing on the mall, enabling consumers to select a vehicle and place a deposit online and then complete the contract signing and take delivery offline.

在新能源車領域，4月下旬，我們與授權經銷商合作，在深圳與西安推出線上購車模式試點。在該模式下，本地合作夥伴、經銷商在商城發布具競爭力的價格，消費者可在線選車並支付訂金，隨後在線下完成簽約並提車。

During this pilot period, over 400 dealers joined across these two cities, offering more than 1,000 models and over 1,000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and users. Based on the experience gained from the pilot cities in the second quarter, we replicated this model to three additional cities, Suzhou, Jinan and Shijiazhuang, steadily broadening our network coverage in northern and eastern China.

試點期間，兩座城市共有超過400家經銷商加入，提供超過1,000款車型，70天內完成超過1,000筆交易，並獲得經銷商夥伴與用戶的正面反饋。基於第二季度試點城市的經驗，我們將該模式複製至另外三座城市——蘇州、濟南與石家莊，持續擴大在華北與華東地區的網路覆蓋。

At the same time, to address the service gap in low-tier cities, we launched our offline franchise chain brand, Autohome Good Car at the end of June with a focus on the underserved low-tier cities. Through precise traffic redirection and standardized operating and management systems and streamlined resource support systems will help dealerships in low-tier cities achieve scalable growth.

同時，為彌補低線城市的服務缺口，我們於6月底推出線下加盟連鎖品牌「汽車之家好車」，重點面向服務不足的低線城市。透過精準導流、標準化運營與管理體系，以及精簡的資源支持體系，將幫助低線城市經銷商實現可規模化增長。

At present, over 100 franchise stores joined Autohome Good Car. Going forward, the Autohome app will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and authorized dealer stores will handle vehicle delivery. Through standardized services, we aim to support users throughout the entire vehicle lifecycle, from vehicle discovery, selection, to purchase and ownership.

目前，已有超過100家加盟門店加入「汽車之家好車」。展望未來，汽車之家App仍將作為我們線上獲客的核心，而線下「汽車之家好車」加盟商及授權經銷商門店將負責交付。透過標準化服務，我們旨在覆蓋用戶全車生命周期，從看車、選車到購車與用車。

(spoken in Chinese)

（中文發言）

In AI and models, powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product, for the automotive vertical. The agent leverages our core assets accumulated in the automotive field, including our professional content, product database, MCN ecosystem, and offline service network to provide users with a broad range of services, including multi-dimensional vehicle comparison, vehicle purchase guidance, and maintenance services, et cetera, establishing a unique differentiated competitive advantage.

在AI與模型方面，依託汽車之家自研大語言模型，我們面向汽車垂直領域推出智能代理產品「Cheese Car Butler（芝士車管家）」。該代理充分利用我們在汽車領域積累的核心資產，包括專業內容、產品資料庫、MCN生態以及線下服務網路，為用戶提供多元服務，包括多維度車型對比、購車指導、維保服務等，從而建立獨特的差異化競爭優勢。

Currently, Cheese Car Butler is available to users and has entered the feedback collection stage. With the initial market response being positive. In the future, we will continue to enhance the underlying model capabilities, optimize the product's interactive experience, and gradually integrate more offline service resources to steadily improve the product value and the service quality.

目前，「Cheese Car Butler（芝士車管家）」已向用戶開放並進入反饋收集階段，初步市場反應良好。未來，我們將持續提升底層模型能力，優化產品互動體驗，並逐步整合更多線下服務資源，穩步提升產品價值與服務品質。

(spoken in Chinese)

（中文發言）

In the used car business, we continue to develop both our core domestic and overseas platforms. For our full process used car sales service platform, we continue to improve service quality through greater standardization. Recently, we completed an upgrade and iteration of our vehicle inspection system, expanding the number of inspection items from 128 to 265, including 82 newly added assessments specifically designed for new energy vehicles, further improving the accuracy and reliability of our inspection reports for our cross-border used car export service platform, we formally obtained the official export qualifications during the second quarter.

在二手車業務方面，我們持續發展國內與海外兩大核心平台。針對我們的全流程二手車銷售服務平台，我們透過更高程度的標準化持續提升服務品質。近期，我們完成了車輛檢測系統的升級迭代，將檢測項目由128項擴充至265項，其中新增82項專為新能源車設計的評估，進一步提升我們檢測報告的準確性與可靠性；同時，針對我們的跨境二手車出口服務平台，我們已於第二季正式取得官方出口資質。

We also established an online multilingual international website and an offline fulfillment network with business leads spanning over 100 countries. In early July, we successfully completed the first used car export order on our platform, making a breakthrough from zero to one for our business.

我們亦建立了線上多語種國際網站，以及線下履約網路，業務線索覆蓋逾100個國家。7月初，我們在平台上成功完成首筆二手車出口訂單，實現業務從0到1的突破。

In the next phase, we will focus on three key areas: high-quality vehicle supplies upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency. All of this supports our all-out efforts to create a new one-stop channel for used car exports.

下一階段，我們將聚焦三個重點方向：上游高品質車源供給、下游拓展海外客戶獲取，以及提升平台營運效率。以上舉措將支撐我們全力打造二手車出口的一站式新通路。

(spoken in Chinese)

（中文發言）

In summary, since the beginning of the year, we achieved meaningful progress across all businesses. While steadily evaluating our businesses, we've consistently delivered on our commitment to shareholder returns. The USD200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months in late July, we announced a new 12-month USD400 million repurchase plan, demonstrating our strong confidence in the company's long-term value.

總結而言，自年初以來，我們在各項業務上均取得了實質性進展。在穩健評估各項業務的同時，我們也持續兌現對股東回報的承諾。我們於2026年3月宣布的2億美元股票回購計畫，已於7月下旬在不到六個月內提前完成；同時，我們宣布新的為期12個月、4億美元回購計畫，展現我們對公司長期價值的強勁信心。

In addition, the RMB500 million cash dividend for the first half of the year was distributed at the end of July. Looking ahead, we will continue to deepen our new business development, provide high-quality services to users and partners, and deliver sustainable returns to our shareholders.

此外，上半年5億元人民幣現金股利已於7月底完成發放。展望未來，我們將持續深化新業務發展，為用戶與合作夥伴提供高品質服務，並為股東帶來可持續的回報。

(spoken in Chinese)

（中文發言）

With that, let me briefly walk you through the key financials for the second quarter of 2026. Please note that I will reference RMB only in my discussion today unless otherwise stated.

接下來，我簡要帶大家回顧2026年第二季的主要財務數據。請注意，除非另有說明，我今天的討論將僅以人民幣為口徑。

(spoken in Chinese)

（中文發言）

Net revenues for the second quarter were RMB1.2 billion. To break it down further, media services revenues were RMB280 million, leads generation services revenues were RMB560 million, and online marketplace and others revenues were RMB357 million.

第二季淨營收為12億元人民幣。進一步拆分來看，媒體服務收入為2.8億元人民幣，線索服務收入為5.6億元人民幣，線上市集及其他收入為3.57億元人民幣。

(spoken in Chinese)

（中文發言）

With respect to cost of revenue in the second quarter was RMB274 million compared with RMB503 million in the second quarter of 2025. Gross margin in the second quarter was 77.1% compared with 71.4% in the same period last year.

第二季營收成本為2.74億元人民幣，較2025年第二季的5.03億元人民幣有所下降。第二季毛利率為77.1%，去年同期為71.4%。

(spoken in Chinese)

（中文發言）

Turning to operating expenses. Sales and marketing expenses in the second quarter were RMB552 million, compared with $630 million in the second quarter of 2025. Product development expenses were RMB223 million, compared with $253 million in the second quarter of 2025. General and administrative expenses were RMB96 million, compared with $133 million in the same period last year.

接下來看營運費用。第二季銷售及行銷費用為5.52億元人民幣，較2025年第二季的6.30億元人民幣有所下降。產品研發費用為2.23億元人民幣，較2025年第二季的2.53億元人民幣有所下降。一般及行政費用為0.96億元人民幣，較去年同期的1.33億元人民幣有所下降。

(spoken in Chinese)

（中文發言）

Overall, we recorded an operating profit of RMB130 million in the second quarter compared with RMB297 million in the same period of 2025. Adjusted net income attributable to Autohome was $277 million in the second quarter compared with RMB476 million in the corresponding period last year.

整體而言，我們第二季錄得營業利潤1.30億元人民幣，去年同期為2.97億元人民幣。第二季歸屬於汽車之家的經調整淨利為2.77億元人民幣，去年同期為4.76億元人民幣。

(spoken in Chinese)

（中文發言）

Non-GAAP basic and diluted earnings per share in the second quarter were RMB0.62 and RMB0.61, respectively. With RMB1.01 for both in the corresponding period of 2025. Non-GAAP basic and diluted earnings per ADS in the second quarter were both RMB2.46. Compared with RMB4.06 and RMB4.04 respectively in the corresponding period of 2025.

第二季非GAAP基本及攤薄每股收益分別為0.62元人民幣與0.61元人民幣。2025年同期兩者均為1.01元人民幣。第二季非GAAP基本及攤薄每ADS收益均為2.46元人民幣；2025年同期分別為4.06元人民幣與4.04元人民幣。

(spoken in Chinese)

（中文發言）

As of June 30, 2026, our balance sheet remains robust. Cash, cash equivalents, short-term investments and other long-term investments totaled RMB19.36 billion. We generated net operating cash flow of RMB261 million in the second quarter of 2026.

截至2026年6月30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193.6億元人民幣。我們在2026年第二季產生的經營活動淨現金流為2.61億元人民幣。

(spoken in Chinese)

（中文發言）

On March 5, 2026, our Board of Directors authorized a share repurchase program under which we are permitted to purchase up to USD200 million of Autohome's ADS over a period not to exceed [18] months. As of July 30, 2026, we have completed this share repurchase program ahead of schedule with a total of approximately 10.63 million ADSs repurchased.

2026年3月5日，我們董事會批准了一項股份回購計畫，允許我們在不超過[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7月30日，我們已提前完成該回購計畫，累計回購約1,063萬份ADS。

(spoken in Chinese)

（中文發言）

In addition, on July 28, 2026, our Board of Directors authorized a new share repurchase program under which we may repurchase up to USD400 million of Autohome ADSs over the next 12 months as of August 14, 2026. We had repurchased approximately 1.9 million ADSs for a total cost of approximately USD43.6 million.

此外，2026年7月28日，我們董事會批准了一項新的股份回購計畫，自2026年8月14日起的未來12個月內，我們可回購最多4億美元的汽車之家ADS。我們已回購約190萬份ADS，總成本約4,360萬美元。

(spoken in Chinese)

（中文發言）

That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please.

以上為我們的財務摘要。接下來我們準備進入問答環節。請接線員開始。

(Operator Instructions) Thomas Chong, Jefferies.

（接線員指示）Thomas Chong，Jefferies。

(spoken in Chinese)

（中文發言）

Somehow. Good evening. Thanks management for taking my questions. I have two questions. The first one is about the auto industry which is software that market expectations. Can management comment about the second-half industry outlook? And my second question is about the export of used car business. Can management comment about our competitive edge and the latest business progress? Thank you.

喂。各位晚上好。感謝管理層回答我的問題。我有兩個問題。第一個是關於汽車行業，市場預期有所走弱。管理層能否評論一下下半年行業展望？第二個問題是關於二手車出口業務。管理層能否談談我們的競爭優勢以及最新的業務進展？謝謝。

(spoken in Chinese)

（中文發言）

Thank you for your question. I will answer your question. Since the beginning of this year, the overall retail sales in the auto market has remained under pressure. In the first seven months, domestic retail sales of passenger vehicles declined by 20% year over year, while the domestic new vehicle sales fell by 22% year over year in Q2.

謝謝你的提問。我來回答你的問題。自今年年初以來，汽車市場整體零售銷售仍然承壓。前七個月，國內乘用車零售銷量同比下降20%；而第二季國內新車銷量同比下降22%。

Even the new energy vehicle, NEV, which had previously been the primary growth driver, it already seen a sales decline of 8% in Q2 year over year for consecutive periods. And the traditional ICEs, that is internal combustion engine vehicles, performed even worse, the sales declining. 38% year over year in Q2. At the same time, the industry, the auto industry profitability has been deteriorated.

即便是此前作為主要增長驅動力的新能源車（NEV），也已在第二季連續出現同比下滑，降幅為8%。而傳統燃油車（ICE，即內燃機車）表現更差，第二季銷量同比下降38%。同時，汽車行業整體盈利能力也在惡化。

In the first half of the year, the profits for the auto manufacturing industry declined by 20% year over year with the profit margin at just 3.8%, which is a historical low.

上半年，汽車製造業利潤同比下降20%，利潤率僅為3.8%，處於歷史低位。

(spoken in Chinese)

（中文發言）

The market expectations for the overall industry sales at the beginning of the year was optimistic, but now this expectation has been revised downward. The China Passenger Car Association, CPCA, now gorecast that the full year for 2026 passenger vehicle retail sales will decline by 16% year over year. So it brings the overall total annual sales to fewer than 20 million units.

年初市場對行業整體銷量的預期較為樂觀，但目前該預期已下修。中國乘用車市場信息聯席會（CPCA）目前預測，2026年全年乘用車零售銷量將同比下降16%。因此，全年總銷量將降至2,000萬輛以下。

So this means that the overall China auto market will continue to face quite a lot of pressure in the second-half this year, and we expect the auto industry to be characterized by combination of weak domestic demand, structural differentiation, and exports providing support.

這意味著今年下半年中國整體汽車市場仍將持續面臨相當大的壓力；我們預期汽車產業將呈現「國內需求疲弱、結構性分化、出口提供支撐」的組合特徵。

(spoken in Chinese)

（中文發言）

From the industry level, we can see the new energy transition is accelerating and auto exports is becoming a new growth driver.

從產業層面來看，我們可以看到新能源轉型正在加速，汽車出口正成為新的成長動能。

(spoken in Chinese)

（中文發言）

So for the China auto market, now it has entered into an existing market stage with the weak domestic demand becoming a major problem -- major constraints on growth. And at the same time, you can see the penetration rate for NEV continue to pick up. So in April, the penetration rate is 60%. And now in July, it climbed further to a new high of 65%. So in contrast to the weak domestic demand, the auto export has maintained a strong growth momentum.

因此就中國汽車市場而言，目前已進入存量市場階段，國內需求疲弱成為主要問題——也是成長的主要約束。同時，你也可以看到新能源車（NEV）的滲透率持續提升。4月滲透率為60%。而到7月，進一步攀升至65%的新高。與國內需求疲弱形成對比的是，汽車出口維持強勁的成長動能。

During the first seven months 2026, passenger vehicle exports increased by 74% year over year. With NEV accounting for more than half of the total export volumes. And with the weak domestic demand and strong overseas growth simultaneously, auto exports has become a key engine for automakers to offset the weak domestic demand and drive profit growth.

2026年前七個月，乘用車出口年增74%。其中新能源車占總出口量的一半以上。在國內需求疲弱與海外成長強勁並存的情況下，汽車出口已成為車企對沖國內需求疲弱、並帶動利潤成長的關鍵引擎。

(spoken in Chinese)

（中文發言）

From the market level, we can see there is an increase in structural differentiation and consumers are increasingly in a mode, they are in a mode of wait and see.

從市場層面來看，我們可以看到結構性分化加劇，消費者也愈來愈處於觀望模式。

(spoken in Chinese)

（中文發言）

So currently the market is experiencing clear structural differentiation across segments. By price range, you can see the auto market is diverging at both ends. The entry-level market for vehicles priced below RMB50,000 has contracted sharply, declining 55% year over year in the first half. On the other side, sales of high-end NEVs priced above RMB400,000 surged 46%, demonstrating greater market resilience.

因此目前市場在各細分領域出現明顯的結構性分化。按價格區間來看，汽車市場在兩端分化。售價低於人民幣5萬元的入門級市場大幅收縮，上半年年減55%。另一方面，售價高於人民幣40萬元的高端新能源車銷量大增46%，顯示出更強的市場韌性。

So overall, the sales of traditional ICE and low-end NEVs continue to decline, while the middle to high-end NEVs have emerged as a growth segment.

整體而言，傳統燃油車（ICE）與低端新能源車的銷量持續下滑，而中高端新能源車已成為成長板塊。

(spoken in Chinese)

（中文發言）

So in summary, the auto market in the first half of this year can be characterized as cold domestically, hot overseas. Domestic demand weakened year over year, while NEV penetration continued to increase and auto exports became the primary growth driver for the overall industry.

總結來看，今年上半年汽車市場可概括為「國內冷、海外熱」。國內需求同比走弱，但新能源車滲透率持續提升，汽車出口成為全行業的主要成長驅動力。

As China's auto market enters an existing market. Competition stage. Currently, only those companies who can capture consumers' needs throughout their entire life cycle and provide value-added services across the entire customer journey will be best positioned for the future development in the transforming period and market. So this is also one of the key areas we will continue to focus on and explore going forward.

隨著中國汽車市場進入存量市場。競爭階段。目前，只有那些能在消費者全生命週期中捕捉需求，並在整個客戶旅程提供增值服務的公司，才能在轉型期與市場變革中更好地把握未來發展機遇。因此，這也是我們未來將持續關注並深入探索的重點方向之一。

(spoken in Chinese)

（中文發言）

The second question about the used car export market is sufficiently fragmented with a sufficiently large and diverse supply of used car vehicles. So this is favorable for us to build our long-term competitive advantage and sustainable barriers for entry. And if the market was more highly concentrated, it would be more difficult for platform companies.

第二個問題，二手車出口市場足夠分散，且二手車車源供給規模大、類型多樣。因此，這有利於我們建立長期競爭優勢與可持續的進入壁壘。如果市場更高度集中，對平台型公司而言反而會更困難。

(spoken in Chinese)

（中文發言）

And for our advantages in this area, first is the brand, strong brand from Autohome. We are the leading auto vertical media platform, so we have a strong brand recognition and credibility and also we are dually listed, this also help us in our branding.

至於我們在這一領域的優勢，第一是品牌——汽車之家強勢品牌。我們是領先的汽車垂直媒體平台，具備很強的品牌認知度與公信力；同時我們在兩地上市，這也有助於品牌建設。

Second is the stable supply, used car vehicle supply and a standardized system. We have access to a stable and compliant supply of used cars supported by a standardized industry-leading vehicle inspection system, which can enable comprehensive assessments of the vehicle condition. So overseas buyers value accurate and complete and comprehensive vehicle inspection [forward] as well as those maintenance and influence claim records, so Autohome can provide all of this. So this gives overseas buyers greater confidence in their purchase process.

第二是穩定車源與標準化體系。我們依託行業領先、標準化的車輛檢測系統，獲取穩定且合規的二手車供給，能對車況進行全面評估。海外買家重視準確、完整、全面的車輛檢測[forward]，以及維修與出險理賠記錄等，汽車之家都能提供。因此能讓海外買家在購買流程中更有信心。

Third is the digital one-stop service, this is our advantage. We leverage our online digital tools to improve the operational efficiency, including the 24/7 customer support. Those dynamic matching of the vehicle supply and those multilingual website services, et cetera. So all these capabilities facilitate more effective communications between buyers and sellers.

第三是數位化一站式服務，這也是我們的優勢。我們運用線上數位工具提升營運效率，包括7×24小時客服支援。車源的動態匹配，以及多語言網站服務等。這些能力都有助於買賣雙方更有效地溝通。

(spoken in Chinese)

（中文發言）

For our business program update on the used car. In the second quarter, we just mentioned we officially obtained the government qualification for the used car export and we successfully completed the first used car export transaction on our platform.

關於二手車業務進展更新。在第二季，我們剛才提到已正式取得政府的二手車出口資質，並在平台上成功完成首筆二手車出口交易。

So this represents an important zero-to-one breakthrough for this business segment. And for the work ahead of us, on one hand, we will expand our high-quality used car vehicle sourcing. On the other hand, we will focus on expanding our overseas customer base. And also at the same time, we will continue to optimize our used car export service platform and improve the overall operation efficiency with the goal to build a one-stop new channel for the used car export.

這代表該業務板塊實現了重要的從0到1突破。後續工作方面，一方面我們將擴大高品質二手車車源的獲取。另一方面，我們將重點拓展海外客戶基礎。同時，我們也將持續優化二手車出口服務平台、提升整體營運效率，目標是打造二手車出口的一站式新通路。

(spoken in Chinese)

（中文發言）

The next question, please, operator.

下一個問題，請接線員。

Zhang Xiaodan, CICC.

中金公司張曉丹。

(spoken in Chinese)

（中文發言）

So thanks management for taking my questions. And first of all, the company has recently taken proactive steps on shareholder returns. So how do you view the sustainability of the shareholder return program going forward? And over the medium to the long-term, how will you balance the cash reserves as well as the shareholder returns? And secondly, regarding the new retail business, what is the company's current strategic positioning for this segment?

感謝管理層回答我的問題。首先，公司近期在股東回報方面採取了更積極的舉措。請問管理層如何看待未來股東回報計畫的可持續性？以及在中長期，公司將如何平衡現金儲備與股東回報？第二，關於新零售業務，公司目前對該板塊的戰略定位是什麼？

(spoken in Chinese)

（中文發言）

Thank you for your question. Autohome has always placed a strong emphasis on the shareholder return and the long-term market value management. To further enhance our shareholder return mechanism and improve investment value, we have established a dual-track return framework combining a regular cash dividend policy with share repurchases, making our shareholder return policy more transparent and predictable.

謝謝你的提問。汽車之家一直高度重視股東回報與長期市值管理。為進一步完善股東回報機制、提升投資價值，我們建立了「定期現金股利政策 + 股份回購」的雙軌回報框架，使股東回報政策更透明、更可預期。

(spoken in Chinese)

（中文發言）

For the share repurchase, as we just mentioned, the USD200 million share buyback program, we completed ahead of schedule at the end of July and also on July 28, the company announced a new. $400 million share repurchase program. And as of last week, approximately 10% of this buyback program has been completed. So going forward in the future, we will continue to actively execute this buyback program in the open market in accordance with our established strategy.

關於股份回購，正如我們剛才提到的2億美元回購計畫，我們已於7月底提前完成；同時公司於7月28日公告了新的4億美元股份回購計畫。截至上週，該回購計畫已完成約10%。未來，我們將依照既定策略，持續在公開市場積極執行該回購計畫。

(spoken in Chinese)

（中文發言）

For the cash dividends, in March, the company announced the RMB500 million cash dividend for the first half of this year, and this was successfully distributed to all our shareholders by the end of July. And also this year, we will continue to execute our commitment to pay at least RMB1.5 billion in cash dividends for the full year.

關於現金股利，3月公司公告了今年上半年人民幣5億元的現金股利，並已於7月底前成功派發給全體股東。此外，今年我們將持續履行承諾，全年至少派發人民幣15億元現金股利。

(spoken in Chinese)

（中文發言）

For our long-term capabilities, Autohome has a healthy balance sheet and we have ample cash reserves and a stable business operations. So this gives us the capacity to deliver sustainable, stable and long-term returns to all shareholders. So in the future now, we will continue to improve operation efficiency and strengthen the resilience of our business, ensuring we can fulfill our commitment to all the shareholders.

就我們的長期能力而言，汽車之家資產負債表健康，現金儲備充足，且業務營運穩健。因此，我們有能力為全體股東提供可持續、穩定且長期的回報。未來，我們將持續提升營運效率、強化業務韌性，確保能夠履行對全體股東的承諾。

(spoken in Chinese)

(中文發言)

For the new retail business, it is an important strategic initiative for Autohome as we build our transaction ecosystem and address gaps in our offline service capabilities. For online, we are leveraging the Autohome APP to build an automotive. Transaction service platform, Autohome Mall. For offline, we leverage offline car purchase and Autohome Good Car to expand offline service network, connecting online demand with offline service fulfillment.

對於新零售業務而言，這是汽車之家在打造交易生態系、補足線下服務能力缺口方面的一項重要策略舉措。在線上方面，我們正依託汽車之家APP打造汽車交易服務平台——汽車之家商城（Autohome Mall）。交易服務平台，汽車之家商城。在線下方面，我們依託線下購車與汽車之家好車，拓展線下服務網路，將線上需求與線下服務履約連接起來。

So on the online to offline scenarios, we are leveraging our AI technologies to provide end-to-end support, including the vehicle selection through our AI car selection assistance, and purchase support through AI price inquiry, et cetera. So going forward, we are planning to expand AI-enabled services into the vehicle ownership stage.

因此在這些線上到線下的場景中，我們正運用AI技術提供端到端的支援，包括透過AI選車助手完成車型選擇，以及透過AI詢價等提供購買支援等。展望未來，我們計畫將AI賦能的服務延伸至用車（車輛擁有）階段。

(spoken in Chinese)

(中文發言)

In terms of our new retail business update and progress, as you can see that the implementation has been moving at a relatively rapid speed for online car purchase. It began its pilot program in late April and now it expanded to five cities: Xi'an, Shenzhen, Suzhou, Jinan, and Shijiazhuang, primarily targeting at high-tier cities.

就我們新零售業務的更新與進展而言，如各位所見，線上購車的落地推進速度相對較快。該業務於4月底啟動試點，目前已擴展至五個城市：西安、深圳、蘇州、濟南與石家莊，主要聚焦於高線城市。

For Autohome Good Car, it opened up its franchise program in late June and has now more than 100 franchise stores with a primary focus on low-tier markets. So ultimately, our goal is to become a comprehensive automotive service ecosystem that delivers value throughout the entire auto life cycle from car discovery to car selection to purchasing, owning, and eventually replacing.

對於汽車之家好車，其於6月底開放加盟計畫，目前已擁有超過100家加盟門店，主要聚焦於低線市場。最終，我們的目標是打造一個覆蓋汽車全生命週期的綜合汽車服務生態系，從看車、選車、購車，到用車，並最終換車，在全流程中持續創造價值。

(spoken in Chinese)

(中文發言)

Thank you. Next question, operator.

謝謝。下一個問題，請接線員。

Ritchie Sun, HSBC.

匯豐銀行（HSBC）的Ritchie Sun。

(spoken in Chinese)

(中文發言)

Thank you management for taking my questions. I want to ask management about how do you feel the recovery timing. As well as the drivers behind the auto market and especially for the media services, how would you view the trend in the second-half of this year?

感謝管理層回答我的問題。我想請教管理層如何看待復甦的時間點，以及汽車市場背後的驅動因素，特別是媒體服務方面，您如何看待今年下半年的趨勢？

(spoken in Chinese)

(中文發言)

Regarding the drivers for the auto industry recovery, as we just mentioned, the. Auto market sales for the whole year expected to decline about 16% year over year. This has been downside. And however, it doesn't mean. There is not any growth opportunities in the market. For example, the vehicle upgrades and replacements will still contribute for more new vehicle purchasing demand. And we just mentioned that sales of the high-end NEVs priced over RMB400,000, it increased 46% year over year. So in our opinion, a sustainable stabilization and recovery of the auto market still depend on improvement. In the broader [macroeconomic] environment and strengthening of the consumer confidence.

關於汽車產業復甦的驅動因素，如我們剛才提到的，全年汽車市場銷量預計同比下滑約16%。這是下行壓力。但這並不意味著市場沒有任何成長機會。例如，車輛升級與置換仍將帶來更多新車購買需求。我們也提到，售價40萬元人民幣以上的高端新能源車銷量同比增長46%。因此我們認為，汽車市場要實現可持續的企穩與復甦，仍取決於更廣泛的[宏觀經濟]環境改善以及消費者信心的增強。

(spoken in Chinese)

(中文發言)

And exports, auto exports is another important growth opportunity. In the first half of this year, the key passenger, vehicle PV exports, increased by more than 70% year over year and the NEV exports surging 124%. And for NEVs, it accounted for over 50% of the total passenger vehicle exports. So it represents new opportunities in the auto market.

此外，出口——汽車出口——也是另一個重要的成長機會。今年上半年，乘用車（PV）出口同比增長超過70%，新能源車出口更是大增124%。而在乘用車出口中，新能源車占比超過50%。因此，這代表了汽車市場的新機會。

(spoken in Chinese)

(中文發言)

For the -- regarding the media business in the second-half of this year, as you know, they are always saying that gold in September and silver October, and besides, there will be a multiple of new car -- new vehicle, and new car launches in the market. So in our opinion, we believe the market will show kind of a recovery second-half of this year.

至於——關於今年下半年媒體業務的表現，如你所知，大家常說「金九銀十」，此外，市場上也會有多款新車——新車型與新車上市。因此我們認為，今年下半年市場將呈現一定程度的復甦。

Operator, the next question, please.

接線員，請下一個問題。

Brian Kong, Citi.

花旗（Citi）的Brian Kong。

(spoken in Chinese)

(中文發言)

I will translate myself management for taking my question. Given the pressure over auto dealers, how does management think about the outlook for our sales leads business? Thank you.

我自己翻譯。感謝管理層回答我的問題。在經銷商承壓的情況下，管理層如何看待我們線索業務的展望？謝謝。

(spoken in Chinese)

(中文發言)

For the lead generation performance is highly related with the overall. Sales volumes in the market. In Q2, the market and the sales of the autos decreased. So that is the main reason for the lead generation segment. So on one hand, for dealer continue to face significant operating pressures in the market, as many of them failed to meet their sales target for the first half of this year. And according to the statistics data from the China Automobile Dealers Association, CADA, 77% of the dealerships achieved less than 90% of their half -- first half -- half-year sales target. And so many of them, many of those dealers, they respond with more losses and with high volumes of inventories. So that's why we believe, as we just mentioned, the sales volumes for the new cars still face pressure and decrease for second-half of this year.

線索獲取業務的表現與整體市場銷量高度相關。第二季度，市場與汽車銷量下滑。因此這是線索業務板塊承壓的主要原因。一方面，經銷商在市場中仍面臨顯著的經營壓力，因為許多經銷商在今年上半年未能達成銷售目標。根據中國汽車流通協會（CADA）的統計數據，77%的經銷商完成度低於其上半年銷售目標的90%。因此其中很多經銷商出現更大的虧損並承擔較高的庫存水位。所以我們認為，正如剛才所提到的，下半年新車銷量仍將面臨壓力並可能下滑。

(spoken in Chinese)

(中文發言)

Yeah. So we still see some opportunities in the market. On one hand, we are increasing our traffic and upgrading our products to improve the quality and the content and quality of the leads and the solid foundation for the renewal of our dealership products. For example (inaudible) for the second-half of this year and the next year as well.

是的。不過我們仍然看到一些市場機會。一方面，我們正在提升流量並升級產品，以提升線索的內容與品質，並為經銷商產品的續約打下堅實基礎。例如（聽不清）在今年下半年以及明年也是如此。

I give you some examples. For example, we take -- we're using our AI technology. We use the AI live streaming. We are leveraging the AI technology to empower dealers' new media live streaming operations, so we can help them to reduce costs and improve their efficiency, increase their operation efficiency and help them to enhance their conversion capabilities.

我舉幾個例子。例如，我們正在使用AI技術。我們採用AI直播。我們利用AI技術賦能經銷商的新媒體直播運營，從而幫助他們降本增效，提升運營效率，並增強轉化能力。

And also, we have a smart stores, so we can upgrade the intelligent guided tour function. So when user browse a dealer's online store, AI-generated voice commentary can match the content on the screen. And it can be played automatically. So it can help to create an immersive watch-and-listen experience, helping to increase the number of users who will submit. Can leave their contact information. So we expect through those products and service upgrades and technologies, we can help, we can build a solid foundation for the renewal of our products next year. Operator?

另外，我們也有智慧門店，可以升級智慧導覽功能。當用戶瀏覽經銷商的線上門店時，AI生成的語音講解可與螢幕內容匹配，並可自動播放。這有助於打造沉浸式的視聽體驗，從而提升提交線索的用戶數量，也就是留下聯絡資訊的用戶數。因此我們預期，透過這些產品與服務升級以及技術能力，我們可以為明年產品續約建立堅實基礎。接線員？

No further questions at this time, I will turn the call back over to management for closing remarks.

目前沒有更多問題。我將把電話交回管理層作結語。

(spoken in Chinese)

(中文發言)

Thank you very much, everyone, for joining us today. We look forward to speaking with you all again on our next quarter's conference call and to sharing the latest updates on the company's corporate strategy and business development. Should you have any further questions or suggestions, please feel free to contact us at any time. Thank you, everyone. Goodbye. Thank you, operator.

非常感謝各位今天參與我們的電話會議。我們期待在下一季度的電話會議上再次與各位交流，並分享公司企業策略與業務發展的最新進展。如您有任何進一步的問題或建議，歡迎隨時與我們聯繫。謝謝大家。再見。謝謝接線員。

That does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。