Autohome Inc. Announces Unaudited First Quarter 2025 Financial Results
PR Newswire
BEIJING, May 8, 2025
BEIJING, May 8, 2025 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months ended March 31, 2025.
First Quarter 2025 Highlights([1])
-- Net revenues in the first quarter of 2025 were RMB1,453.8 million
(US$200.3 million), compared to RMB1,609.1 million in the corresponding
period of 2024.
-- Net income attributable to Autohome in the first quarter of 2025 was
RMB356.6 million (US$49.1 million), compared to RMB394.5 million in the
corresponding period of 2024, while net income attributable to ordinary
shareholders in the first quarter of 2025 was RMB340.5 million (US$46.9
million), compared to RMB379.8 million in the corresponding period of
2024.
-- Adjusted net income attributable to Autohome (Non-GAAP)[2] in the first
quarter of 2025 was RMB420.8 million (US$58.0 million), compared to
RMB493.9 million in the corresponding period of 2024.
-- Share repurchase: As of May 2, 2025, the Company had repurchased
4,781,999 American depositary shares ("ADSs") for a total cost of
approximately US$128.0 million.
Mr. Song Yang, Chief Executive Officer of Autohome, stated, "In the first quarter, we made significant progress in strengthening our business foundation and driving the execution of our innovation initiatives. We effectively deployed AI technology across various business areas, most notably with the launch of the upgraded Autohome App in late March, featuring an AI smart assistant powered by DeepSeek and our proprietary big data resources. These features significantly enhance the user question-and-answer experience and improve user decision-making efficiency across the automotive vertical."
"Our new retail network continues to steadily expand, with nearly 200 Autohome Space and satellite franchised stores now in operation. These stores offer local partners cutting-edge technological capabilities, premium offline resources, and robust ecosystem support. Looking forward, we will further enhance user value and capitalize on new growth opportunities, building a seamless online-to-offline ecosystem for services and deliver a more comprehensive and convenient one-stop solution for consumers and business partners alike."
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "We delivered another solid quarter of operational and financial results. Our user base continues to expand, with March 2025 average mobile daily active users increasing by 10.8% year-over-year to 76.92 million, according to QuestMobile, primarily driven by category expansion and our ongoing investments in premium content. Revenue growth in our new energy vehicle business also outperformed the broader industry, supported by our robust new retail initiatives. We look forward to collaborating with our new partner and propelling Autohome into the next phase of growth."
Unaudited First Quarter 2025 Financial Results
Net Revenues
Net revenues were RMB1,453.8 million (US$200.3 million) in the first quarter of 2025, compared to RMB1,609.1 million in the corresponding period of 2024.
-- Media services revenues were RMB242.2 million (US$33.4 million) in the
first quarter of 2025, compared to RMB327.4 million in the corresponding
period of 2024, primarily due to reduced advertising spending by internal
combustion engine ("ICE") automakers amid shrinking sales volumes in the
ICE segment.
-- Leads generation services revenues were RMB645.1 million (US$88.9
million) in the first quarter of 2025, compared to RMB726.4 million in
the corresponding period of 2024.
-- Online marketplace and others revenues were RMB566.5 million (US$78.1
million) in the first quarter of 2025, compared to RMB555.2 million in
the corresponding period of 2024.
Cost of Revenues
Cost of revenues was RMB315.5 million (US$43.5 million) in the first quarter of 2025, compared to RMB300.9 million in the corresponding period of 2024. Share-based compensation expenses included in cost of revenues in the first quarter of 2025 were RMB2.4 million (US$0.3 million), compared to RMB0.9 million in the corresponding period of 2024.
Operating Expenses
Operating expenses were RMB948.8 million (US$130.7 million) in the first quarter of 2025, compared to RMB1,126.9 million in the corresponding period of 2024.
-- Sales and marketing expenses were RMB543.6 million (US$74.9 million) in
the first quarter of 2025, compared to RMB641.3 million in the
corresponding period of 2024, primarily due to a decrease in marketing
and promotional expenses. Share-based compensation expenses included in
sales and marketing expenses in the first quarter of 2025 were RMB12.3
million (US$1.7 million), compared to RMB12.8 million in the
corresponding period of 2024.
-- General and administrative expenses were RMB131.0 million (US$18.1
million) in the first quarter of 2025, compared to RMB149.5 million in
the corresponding period of 2024. Share-based compensation expenses
included in general and administrative expenses in the first quarter of
2025 were RMB11.2 million (US$1.5 million), compared to RMB12.0 million
in the corresponding period of 2024.
-- Product development expenses were RMB274.1 million (US$37.8 million) in
the first quarter of 2025, compared to RMB336.1 million in the
corresponding period of 2024, primarily due to a decrease in
personnel-related expenses. Share-based compensation expenses included in
product development expenses in the first quarter of 2025 were RMB19.6
million (US$2.7 million), compared to RMB22.6 million in the
corresponding period of 2024.
Operating Profit
Operating profit was RMB233.4 million (US$32.2 million) in the first quarter of 2025, compared to RMB276.1 million in the corresponding period of 2024.
Income Tax Expense
Income tax expense was RMB56.3 million (US$7.8 million) in the first quarter of 2025, compared to an income tax expense of RMB68.4 million in the corresponding period of 2024.
Net Income attributable to Autohome
Net income attributable to Autohome was RMB356.6 million (US$49.1 million) in the first quarter of 2025, compared to RMB394.5 million in the corresponding period of 2024.
Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was RMB340.5 million (US$46.9 million) in the first quarter of 2025, compared to RMB379.8 million in the corresponding period of 2024. Basic and diluted earnings per share ("EPS") were RMB0.72 (US$0.10) and RMB0.71 (US$0.10), respectively, in the first quarter of 2025, compared to basic and diluted EPS of RMB0.78 and RMB0.78, respectively, in the corresponding period of 2024. Basic and diluted earnings per ADS were RMB2.86 (US$0.39) and RMB2.85 (US$0.39), respectively, in the first quarter of 2025, compared to basic and diluted earnings per ADS of RMB3.14 and RMB3.13, respectively, in the corresponding period of 2024.
Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was RMB420.8 million (US$58.0 million) in the first quarter of 2025, compared to RMB493.9 million in the corresponding period of 2024. Non-GAAP basic and diluted EPS were RMB0.88 (US$0.12) and RMB0.88 (US$0.12), respectively, in the first quarter of 2025, compared to non-GAAP basic and diluted EPS of RMB1.02 and RMB1.02, respectively, in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS were RMB3.54 (US$0.49) and RMB3.52 (US$0.49), respectively, in the first quarter of 2025, compared to non-GAAP basic and diluted earnings per ADS of RMB4.08 and RMB4.07, respectively, in the corresponding period of 2024.
Balance Sheet and Cash Flow
As of March 31, 2025, the Company had cash and cash equivalents and short-term investments of RMB21.93 billion (US$3.02 billion). Net cash provided by operating activities in the first quarter of 2025 was RMB134.7 million (US$18.6 million).
Employees
The Company had 4,345 employees as of March 31, 2025, including 1,299 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Thursday, May 8, 2025 (8:00 p.m. Beijing Time on the same day).
Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.
Registration Link: https://register-conf.media-server.com/register/BI29659c4e82a24979ba0e64eb6aad011d
Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Among other things, Autohome's business outlook, Autohome's strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome's goals and strategies; Autohome's future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome's ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome's expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, and loss/(gain) pickup of equity method investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of non-GAAP and GAAP Results" set forth at the end of this press release.
For investor and media inquiries, please contact:
Autohome Inc.
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn
Christensen China Limited
Suri Cheng
Tel: +86-185-0060-8364
E-mail: suri.cheng@christensencomms.com
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share / per ADS data)
For three months ended March 31,
-----------------------------------------
2024 2025
------------- --------------------------
RMB RMB US$
Net revenues:
Media services 327,431 242,179 33,373
Leads generation
services 726,423 645,143 88,903
Online marketplace
and others 555,211 566,496 78,065
------------- ------------- -----------
Total net revenues 1,609,065 1,453,818 200,341
Cost of revenues (300,892) (315,520) (43,480)
------------- ------------- -----------
Gross profit 1,308,173 1,138,298 156,861
------------- ------------- -----------
Operating expenses:
Sales and marketing
expenses (641,276) (543,639) (74,915)
General and
administrative
expenses (149,545) (131,023) (18,055)
Product development
expenses (336,067) (274,141) (37,778)
------------- ------------- -----------
Total operating
expenses (1,126,888) (948,803) (130,748)
------------- ------------- -----------
Other operating
income, net 94,793 43,860 6,044
Operating profit 276,078 233,355 32,157
------------- ------------- -----------
Interest and
investment income,
net 219,974 177,071 24,401
Share of results of
equity method
investments (49,133) (11,636) (1,603)
------------- ------------- -----------
Income before
income taxes 446,919 398,790 54,955
Income tax expense (68,401) (56,329) (7,762)
------------- ------------- -----------
Net income 378,518 342,461 47,193
Net loss
attributable to
noncontrolling
interests 15,981 14,174 1,953
------------- ------------- -----------
Net income
attributable to
Autohome 394,499 356,635 49,146
Accretion of
mezzanine equity (41,671) (45,654) (6,291)
Accretion
attributable to
noncontrolling
interests 26,948 29,469 4,061
------------- ------------- -----------
Net income
attributable to
ordinary
shareholders 379,776 340,450 46,916
============= ============= ===========
Earnings per share
attributable to
ordinary
shareholders
Basic 0.78 0.72 0.10
Diluted 0.78 0.71 0.10
Earnings per ADS
attributable to
ordinary
shareholders
(one ADS equals
for four ordinary
shares)
Basic 3.14 2.86 0.39
Diluted 3.13 2.85 0.39
Weighted average shares used to
compute earnings per share
attributable to ordinary
shareholders:
Basic 484,278,900 475,483,227 475,483,227
Diluted 485,253,760 478,030,619 478,030,619
AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share / per ADS data)
For three months ended March 31,
-------------------------------------
2024 2025
----------- ------------------------
RMB RMB US$
Net income attributable
to Autohome 394,499 356,635 49,146
Plus: income tax
expense 69,742 57,669 7,947
Plus: depreciation of
property and
equipment 33,534 27,370 3,772
Plus: amortization of
intangible assets 9,650 9,621 1,326
----------- ----------- -----------
EBITDA 507,425 451,295 62,191
----------- ----------- -----------
Plus: share-based
compensation
expenses 48,307 45,490 6,269
----------- ----------- -----------
Adjusted EBITDA 555,732 496,785 68,460
----------- ----------- -----------
Net income attributable
to Autohome 394,499 356,635 49,146
Plus: amortization of
intangible assets
resulting from
business
acquisition 9,583 9,583 1,321
Plus: share-based
compensation expenses 48,307 45,490 6,269
Plus: Loss on equity
method investments,
net 49,133 11,636 1,603
Plus: tax effects of
the adjustments (7,594) (2,574) (355)
----------- ----------- -----------
Adjusted net income
attributable to
Autohome 493,928 420,770 57,984
----------- ----------- -----------
Net income attributable
to Autohome 394,499 356,635 49,146
Net margin 24.5 % 24.5 % 24.5 %
Adjusted net income
attributable to
Autohome 493,928 420,770 57,984
Adjusted net margin 30.7 % 28.9 % 28.9 %
Non-GAAP earnings per
share
Basic 1.02 0.88 0.12
Diluted 1.02 0.88 0.12
Non-GAAP earnings per
ADS (one ADS equals for
four ordinary shares)
Basic 4.08 3.54 0.49
Diluted 4.07 3.52 0.49
Weighted average shares
used to compute
non-GAAP earnings
per share:
Basic 484,278,900 475,483,227 475,483,227
Diluted 485,253,760 478,030,619 478,030,619
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)
As of
December 31, As of March 31,
------------- ---------------------
2024 2025
------------- ---------------------
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 1,693,597 2,157,997 297,380
Restricted cash 88,515 106,086 14,619
Short-term investments 21,621,992 19,773,374 2,724,844
Accounts receivable, net 1,358,849 1,579,851 217,709
Amounts due from related parties,
current 63,957 65,855 9,075
Prepaid expenses and other current
assets 336,941 308,481 42,510
------------- ----------
Total current assets 25,163,851 23,991,644 3,306,137
------------- ---------- ---------
Non-current assets
Restricted cash, non-current 5,000 5,000 689
Property and equipment, net 204,049 186,432 25,691
Goodwill and intangible assets, net 4,069,637 4,051,081 558,254
Long-term investments 339,247 327,611 45,146
Deferred tax assets 308,246 308,246 42,477
Amounts due from related parties,
non-current 3,521 5,419 747
Other non-current assets 128,074 136,141 18,761
------------- ----------
Total non-current assets 5,057,774 5,019,930 691,765
------------- ---------- ---------
Total assets 30,221,625 29,011,574 3,997,902
============= ========== =========
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables 2,931,869 2,233,599 307,799
Advance from customers 106,276 104,550 14,407
Deferred revenue 276,894 690,524 95,157
Income tax payable 185,976 177,422 24,449
Amounts due to related parties 38,250 50,470 6,955
Dividends payable 990,529 - -
Total current liabilities 4,529,794 3,256,565 448,767
------------- ---------- ---------
Non-current liabilities
Other liabilities 23,103 35,102 4,837
Deferred tax liabilities 468,078 465,300 64,120
------------- ----------
Total non-current liabilities 491,181 500,402 68,957
------------- ---------- ---------
Total liabilities 5,020,975 3,756,967 517,724
------------- ---------- ---------
MEZZANINE EQUITY
Convertible redeemable
noncontrolling interests 1,931,529 1,977,183 272,463
------------- ---------- ---------
EQUITY
Total Autohome shareholders' equity 23,951,737 24,003,691 3,307,797
Noncontrolling interests (682,616) (726,267) (100,082)
------------- ---------- ---------
Total equity 23,269,121 23,277,424 3,207,715
------------- ---------- ---------
Total liabilities, mezzanine equity
and equity 30,221,625 29,011,574 3,997,902
============= ========== =========
[1] The reporting currency of the Company is Renminbi ("RMB"). For readers'
convenience, certain amounts throughout the release are presented in US
dollars ("US$"). Unless otherwise noted, all conversions from RMB to US$ are
translated at the noon buying rate of US$1.00 to RMB7.2567 on March 31, 2025
in the City of New York for cable transfers of RMB as certified for customs
purposes by the Federal Reserve Bank of New York. No representation is made
that the RMB amounts could have been, or could be, converted into US$ at such
rate.
[2] For more information on this and other non-GAAP financial measures, please
see the section captioned "Use of Non-GAAP Financial Measures" and the tables
captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" set forth
at the end of this release.
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SOURCE Autohome Inc.
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