On August 20, AUTOHOME-S (02518) released its unaudited financial results for the second quarter of fiscal year 2026. During the quarter, the company recorded total revenue of approximately RMB 1.2 billion, with adjusted net profit attributable to AUTOHOME reaching RMB 277 million. As China's domestic automotive market transitions into a phase of stock-based development, competition within the vehicle manufacturing industry has intensified. With the accelerated evolution of OEM direct-sales models, continuous adjustments in channel structures, and increasingly cautious corporate marketing spending strategies, the automotive internet services sector is facing a reshaped competitive landscape.
Against this backdrop, Autohome has maintained a stable core business foundation, leveraging years of accumulated content and data capabilities to solidify its user base. Simultaneously, the company has made headway in AI applications, new retail offline networks, domestic used-car services, and cross-border expansion. Through comprehensive upgrades across its business chain, the platform is progressively evolving from a traditional car-selection tool into an intelligent service ecosystem, building momentum for long-term growth.
Stable Traffic Foundation: Premium Content and Tools Driving Transactions
According to QuestMobile statistics, Autohome's mobile daily active users reached 76.5 million in June 2026, showing steady year-on-year growth and maintaining its leading user scale among vertical automotive platforms. The traffic value of automotive vertical platforms extends beyond sheer user numbers—it lies in the substantial pool of users with genuine car-purchasing intent, which serves as the lifeblood for subsequent transaction-oriented businesses. Unlike the fragmented automotive content found on general platforms, Autohome's competitive moat stems from the dual support of professional content and tool products.
During the second quarter, the platform launched a dedicated intelligent driving channel, mapping out the autonomous driving capabilities of nearly 200 vehicle models. This initiative addresses the highly sought-after intelligent driving segment, filling a gap in users' car-selection decision tools. On one hand, the platform refines hardcore automotive content, translating complex technical specifications into easily digestible information for average consumers; on the other, it leverages its long-accumulated vehicle database and user review system to build a multi-layered car-selection tool matrix. In terms of content distribution, the platform balances professional depth with mass-market reach. In May, Autohome collaborated with the News and Communication Center of the Ministry of Industry and Information Technology to launch the "China Intelligent Manufacturing Exploration Program," with its inaugural episode focusing on the flying car sector. Combining on-site visits with youth-oriented perspectives to decode cutting-edge industries, the initiative garnered coverage from over 20 mainstream media outlets and achieved over 70 million impressions across the web, effectively penetrating general consumer groups with industry technology content.
In June, Autohome forged a deep partnership with Alipay, with its mini-program taking over all service scenarios of Alipay's auto-life channel, delivering differentiated content to first-time buyers, additional purchasers, and replacement buyers alike. The opening of external traffic channels further unlocks the platform's car-selection service capabilities, while the mutual reinforcement of content ecosystem and tool functionality solidifies user mindshare.
AI Technology Empowerment: Building Deeper Differentiation Barriers
The gradual adoption of OEM direct-sales models is reshaping marketing investment logic in the automotive industry, triggering structural adjustments in traditional advertising lead-generation businesses. This shift demands that platforms transcend mere information display, extending from content and news toward a complete automotive consumption service chain—a practical catalyst driving Autohome's business upgrades. To accomplish this service capability expansion, technology plays a pivotal role. With rapid iterations in large language models, AI provides powerful tools for industry advancement. Unlike typical basic Q&A AI applications on the market, Autohome is simultaneously developing consumer-facing products and internal technology infrastructure—optimizing user experience on one front while leveraging technology to revamp internal business processes on the other.
In July, the industry's first standalone vertical automotive intelligent agent product, "Zhishi Car Butler," officially entered public beta testing. Leveraging two decades of accumulated vehicle data, content assets, creator ecosystem, and offline fulfillment resources, Autohome connects the complete consumer journey from car research and selection to purchase and ownership. Beyond enabling multi-model comparisons, purchase consultations, and maintenance Q&A, the product attempts to bridge online inquiries with offline dealership visits, channeling AI-generated recommendations into real transaction scenarios. Future iterations will optimize model capabilities, expand offline partner resources, and gradually advance toward commercialization.
For internal enterprise use, the AutoOPC AI-native organizational platform represents another key initiative for Autohome. AutoOPC integrates data pathways across multiple business systems, equipped with capabilities such as digital employees and AI avatars. AI avatars can parse multi-source business data and accumulate reusable business insights, while digital employees handle certain routine tasks, driving intelligent transformation of business workflows. AI is no longer merely a consumer-facing feature—it is deeply embedded in every facet of business operations, enhancing operational and decision-making efficiency while establishing an iterative technological foundation.
Multi-Pronged Transaction Breakthroughs: New Retail and Used Cars Unlocking Growth Potential
As AI products like "Zhishi Car Butler" roll out and successfully bridge online services with offline scenarios, converting mature technological capabilities into sustainable commercial returns becomes the next strategic priority for Autohome. According to information from Zhitong Finance APP, Autohome is building an integrated online-offline business model through its new retail division, establishing a chain where "APP generates leads online, and offline stores close transactions." The business pursues two differentiated paths in parallel: one through authorized dealer models, and the other through the newly launched franchise brand, Jiajia Haoche. Rather than opting for asset-heavy self-operated stores, the platform revitalizes existing dealer resources across society to complete network expansion.
The authorized dealer model, launched in April, first took root in Shenzhen and Xi'an, with over 400 dealers onboarded in both cities, more than 1,000 vehicle models listed, and cumulative transactions exceeding 1,000 units within 70 days. In the second quarter, this model expanded to Suzhou, Jinan, and Shijiazhuang, further broadening the authorized network's coverage. In late June, Autohome introduced its franchise chain brand, Jiajia Haoche, targeting lower-tier city markets. The brand provides partner dealers with traffic generation solutions, standardized operational systems, and lightweight support, deeply penetrating the vast county-level markets. By the end of the reporting period, over 100 stores had been established.
The used-car business operates on a dual-track strategy: enhancing domestic services while expanding overseas. Domestically, the focus is on building a one-stop service system around both buying and selling ends. On the purchasing side, Autohome collaborates with partners to integrate vehicle sourcing channels, perfecting the entire consumer experience from selection to after-sales support. On the selling side, the platform has developed a full-process pipeline covering evaluation, pricing, auction, and title transfer, alongside iterating AI-powered valuation tools and implementing standardized inspection services. During the second quarter, the platform completed an upgrade to its inspection system, expanding inspection items from 128 to 265, including 82 newly added special assessments for new energy vehicles. Given the uneven condition of vehicles in the used-car market, these specialized inspections help streamline vehicle condition transparency and enhance transaction experiences.
Meanwhile, the overseas business achieved a landmark milestone. In the second quarter, the company obtained official qualifications for used-car exports, established a multi-language international online platform and offline fulfillment network, with business leads covering over 100 countries globally. In early July, Autohome completed the first full-cycle cross-border used-car export transaction. As cross-border operations represent an entirely new track, the platform will refine upstream vehicle sourcing, overseas client acquisition, and cross-border operational efficiency, potentially unlocking new growth avenues.
At the end of July, the company announced a 12-month share buyback program of up to USD 400 million, reflecting management's confidence in its fundamental outlook. From an operational perspective, as of the end of the second quarter, Autohome held RMB 19.36 billion in cash and various investments, providing a solid financial foundation and ample funding to support the iteration of innovative businesses.
Evidently, despite the domestic automotive market's transition from growth to stock, structural opportunities remain embedded within the industry. Autohome, leveraging its long-accumulated content, data, and user base—combined with AI capabilities, new retail transaction networks, and domestic-international used-car business layouts—is building a closed-loop online-offline service ecosystem. By focusing on full-chain automotive consumption service upgrades, the company aims to help the industry tap into new consumption spaces within the stock market while fortifying its own core competitiveness. Building on these business innovations, Autohome is poised to shape a new model of automotive distribution services, delivering comprehensive automotive services to consumers while creating long-term value for the industry and investors alike.