Operator
Ladies and gentlemen, thank you for standing by for Otto Holmes' third quarter 2025 earnings conference call. At this time, all participants are in 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, you may disconnect at this time. A live and archive webcast of this earnings conference call will also be available on Otto Holmes' IR website. It is now my pleasure to introduce your host, Mr. Sterling Song, AutoHome's IR Director. Mr. Song, please go ahead.
Thank you, Operator. Hello, everyone, and welcome to AutoHome's third quarter 2025 earnings conference call. Earlier today, AutoHome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cs. Joining me on today's call is our Chief Financial Officer, Ms. Craig Yanzong. Management will go through the prepared remarks, which will be followed by our Q&A session, where it is available to answer all your questions. Before we continue, please know that the discussion today will contain overlooking statements made under the safe harbor provisions of the U.S. Private Security Indication Reform Act of 1995. Overlooking statements are subject to risks and incentives that may cause actual results to deform materially from our current expectations. Potential risks and incentives include but are not limited to those outlined in our public filing with the UIS Securities and Exchange Commission and the Hong Kong Stock Exchange. AutoHome doesn't undertake any application to update any forward looking statements except as required under applicable law. Please also note that Autohomes Earnings Press List and this conference call include discussions of certain un-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. I'll now turn the call over to Autohomes Chief Financial Officer, Ms. Kui Yanzeng, for opening remarks. Please go ahead, Kui. Thank you for joining our Earnings conference call today. In the third quarter, we continue to advance our AI and O2O strategies. On AI, we significantly strengthened the integration of AI technologies with our products, fostering fostering business innovation while enhancing both user experience and customer operational efficiency. On O2O, we continuously improve our O2O platform by integrating online and offline resources, optimizing the end-to-end user experience, and building a comprehensive close-to-loop ecosystem that spans the entire customer journey from initial traffic acquisition through transaction conditions to up sales services.
为用户提供了更直观,更高效的问题解决方案 In terms of AI technology applications we completed a comprehensive upgrade of our AI assistant by strengthening model capabilities integrating user inquiries with specific vehicle models and expanding usage scenarios we achieved precise matching between user queries and car models This has created a decision-making loop of content drives engagement, engagement leads to action. In addition, we have also introduced two new features, the AI car selection system and the AI vehicle port diagnostics, providing users with more intuitive and efficient tools for their car-related needs.
Thank you for joining us.
In September, we launched the first inaugural Global AI Technology Conference. This established a premium platform for technical exchange among leading enterprises, showcased cutting-edge advances in China's intelligent automotive technology and elevated the collective image for Chinese auto brands. The conference's success also served as a testament to Autohom's professional influence as a trusted media platform. The conference received authoritative endorsements from five major automotive associations and was strongly supported by 14 key corporate partners. Seven top executives from leading companies in the industry delivered impact keynote speeches. Following the conference, over 30 automotive brands engaged with Autohom's official Weibo account, while more than 60 professional editors, technical experts, and PGC creators formed a multidimensional communication matrix that drew widespread attention across the industry. 在O2O生态建设方面 全新的汽车之家商城于9月20号启动预热上线 标志着之家线上线下融合的一站式战略取得了重要突破 平台新零售模式也不断升级迭代 更加完善 这些战略推动汽车之家从选车看车的决策枢纽 进一步延伸至买车订车的交易终点 打通了用户购车全链路数字化的闭环, 实现了流量价值的跃迁。 In building our auto ecosystem, we soft-launched our auto home mall on September 20th, marking a major milestone and significant progress in our one-stop online-to-offline strategy. This initiative further improves our new retail business model through continuous upgrades and makes our model more complete. This strategy expands Autohome's role from being a decision-making hub for car selection and research to the final car purchase and ordering per transaction, creating a full digitalized closed loop for the entire car purchase experience and significantly increasing the value of our traffic.
具体来看,在内容方面,我们从专业深度与视角广度两个维度来强化内容矩阵,
持续推进之家多元化内容生态建设。 Specifically, on content, we strengthen our content matrix by increasing professional depth and expanding the breadth of perspective, while continuously advancing our diversified content ecosystem.
For our 2025 series of coverage on domestic and international auto shows, We adopted a dual-track approach to achieve comprehensive reach from global influence to local penetration. At the Munich Auto Show, we took a global perspective, focusing on world premieres and the Chinese brand going global. We built a professional and exclusive content matrix through intensive bilingual live streaming and video production. They leveraged global mainstream media networks to amplify China's automotive innovation and brand recognition worldwide. At the Chengdu Auto Show, we focused on new car launches and purchase guidance, integrating resources from 18 automakers to create auto home-exclusive live streaming sessions. This provided users with an immersive auto show experience. On the first day of the auto show, we achieved 100% coverage of all new car launches.
For professional auto show coverage, it makes significant strides in developing a content-centered interactive ecosystem. The newly established AutoHome Media MCN is committed to building a multi-category influencer matrix that standards are automotive vertical, while extending into technology, travel, and overseas content. They've also developed a rich and diverse content ecosystem that combines professional and engaging PGC content, in-depth and authoritative OGC insights, and authentic user-generated experiences that resonate. To date, we have gathered over 200 high-quality creators across multiple platforms, covering professional car reviews, technology, travel, and other areas, continuously enhancing auto-homes platform influence. According to Crest Mobile, the average mobile DAUs reached 76.56 million in September 2025, up by 5.1% from the same period last year.
We are planning to build up the market market and cashmere for a double-chain company, and to help the market to the service of the car. We are planning to build up a single-chain company to the company of the market. To build up the market, we are planning to build up the market to the market market and service. In the May of the next one, we are planning to build up the market for the company's business on-site. To build up the accessibility of the company, to make customers more sophisticated and professional professional-less experience.
In NEV, we continue to focus on user and client needs while building a comprehensive automotive ecosystem online centered around our newly soft-launched auto-home more introduced in late September, provides transaction services for our customers. While our offline network of franchise stores, car tech outlets, and used car dealerships is designated to integrate the entire process from online ordering to offline delivery and Building on the successful trial, we plan to officially launch the Auto Home Mall during the double 11 shopping festival. By integrating resources from across the industry value chain, we are committed to providing users with more precise, professional, and efficient car purchasing experiences.
Furthermore, total revenues from NEVs in the third quarter, including those from the new retail business, have continued to grow, increasing by 58.6% from last year. 此外,我们在全球AI科技大会上,重磅发布了汽车之家天苏智能服务平台,该平台以之家自研的仓节大模型为技术底座,凭借开放的工具及与服务分发能力,重做客户平台和生态伙伴之间的协作模式,
推动之家从汽车信息平台向产业智慧中枢升级,进一步夯实了技术家生态的双重壁壁。 On digitalization, our five major digital intelligence product lines are leveraging auto-homed platform capabilities of full lifecycle data tracking to continuously help clients improve targeting accuracy and service efficiency. Furthermore, at the Global AI Technology Conference, we officially launched the Tianshu Intelligent Service Platform, powered by Autohom's proprietary Tangier large language model. The platform uses an open toolkit and service distribution capabilities to redefine collaboration among users, the platform, and the ecosystem partners. This advancement drives Autohom's transformation from an automotive information platform to an industry-wide intelligent hub, further strengthening our fuel advantages in technology and ecosystems.
For your use car business, we continue to advance the standardization of both transactions and services.
The AI car inspection expert developed based on historical transaction data and algorithmic models have achieved industry-leading accuracy in vehicle valuation. Meanwhile, our flagship certified used car stores have further expanded its network of partner dealers. In the future, we will continue to uphold integrity and standardization as our foundation, deepen our collaboration with high-quality used car dealers and continuously drive to provide consumers with a more reliable and worry-free used car buying experience. In summary, this year, we focused on AI and auto to comprehensively accelerate our business expansion. Looking ahead, we will continue driving innovation in both products and business models, building a more efficient automotive ecosystem and service system that creates sustained value for the the industry and ensures our long-term stable development.
Next, I'll let you explain the current financial situation in the third季 of the year-2025 of the year-2025. Please note, I will only use the人民币 as a supply chain,除非 there is a show.
With that, now please let me briefly walk you through the key financials for the third quarter of 2025.
Please note that I will reference RMB only in my discussion today, unless otherwise stated. 第三季度收入总额为17.8亿元,据起来讲,媒体服务收入为2.98亿元,线索服务收入为6.64亿元,在线营销及其他收入为8.16亿元,同比增长32.1% Net revenues for the third quarter reached $1.78 billion.
To break it down further, media services revenues contributed $298 million, lease generation services revenues for $664 million, and the online marketplace and others' revenues increased by 32.1% year-over-year to $816 million. 成本方面,第三季度营业成本为6.46亿元, 上年同期为4.08亿元, 第三季度毛利率为63.7%, 上年同期为77%。 With respect to cost, cost of revenues in the third quarter was 646 million, compared to 408 million in the third quarter of 2024.
Fourth margin in the third quarter was 63.7% compared to 77% during the same period last year. 营业费用方面,第三季度销售及市场费用为6.2亿元, 上年同期为8.77亿元, 研发费用为2.79亿元, 上年同期为3.39亿元, 一般及管理费用为1.25亿元, 上年同期为1.37亿元.
Turning to operating expenses, sales and marketing expenses in the third quarter were $620 million compared to $877 million in the third quarter of 2024. Product and development expenses were $279 million compared to $339 million in the third quarter of 2024. General and administrative expenses were $125 million compared to $137 million during the same period last year. Overall, we delivered an operating profit of 147 million in the third quarter compared compared to 83 million for the same period of 2024. Adjusted net income attributable to all the homes was 407 million in the third quarter compared to 497 million in the corresponding period of 2024. 纯托股, 净利润分别为3.47元和3.45元, 上年同期分别为4.09元和4.08元. NAMGAP's basic and diluted earnings per share in the third quarter was 0.87 and 0.86 respectively, compared to 1.02 for both in the corresponding period of 2024. None get basic undiluted earnings per ADS in the third quarter were 3.47 and 3.45, respectively, compared to 4.09 and 4.08, respectively, in the corresponding period of 2024. 截至2025年9月30日,我们的资产负债表持续表现强劲,现金及等价物及短期投资合计为218.9亿元,第三季度来自金银活动的现金流量金额为0.67亿元。 As of September 30, 2025, our balance sheet remains robust with cash, cash equivalents, and short-term investment of 21.89 billion. We generated net operating cash flow of 67 million in the third quarter.
2024年9月4日,公司总事会批准了一项 12个月内总额度不超过2亿美金的新的股票回购计划.
On September 4, 2024, our border directors authorized a new share repurchase program program, under which we are permitted to repurchase up to U.S. dollar $200 million of auto-homes ADS for a period not to exceed 12 months thereafter, on August 14, 2025. The board approved an extension of the term of this program through December 31, 2025. As of October 31, 2025, we've repurchased approximately 5.48 million ADS for total cost of approximately US$146 million.
This is the US dollar. According to the company's policy policy, the總會 will today have a mandate to sell the US$1.02 million. Or the US$0.3 million of the current fund will be paid to the US$0.3 million. to the US$0.3 million of the current fund. After the US$0.3 million of the current fund will be paid to the US$0.3 million.
In addition, in accordance with our dividend policy, our Board of Directors has approved the cash dividend of U.S. dollar 1.2 per ADS or U.S. dollar 0.30 per ordinary shares shares, payable U.S. dollars to holders of ADS and ordinary shares of record as of the close of business on December 31, 2025. The aggregate amount of the dividend will be approximately RMB 1 billion and expected to be paid to holders of ordinary shares and ADS of the company around February 12, 2026 and February 19, 2026, respectively. On September 30, the company announced the approval of a cash dividend of a property. R&B 500 million. Overall, the company has fulfilled its commitment to shareholders to distribute no less than R&B 1.5 billion in dividends for the full year of 2025. Looking ahead, we remain committed to maintaining a long-term, stable, and proactive approach to shareholder returns, and we sincerely thank our shareholders for their continued strong want support to the company. This is the company's financial information. Next, let's start the discussion. So that concludes our financial summary. We are ready to open up the C&A session. Operator.
Operator
Thank you. We will now begin the question and answer session. To ask the questions on the phone, please press star 11 and wait for our name to be announced. If you'd like to cancel your request, you can press star 11 again. Our first questions come from the line Thomas Chong of Jefferies. Please go ahead.
Thanks, management, for taking my question. I have two questions. The first question is about the outlook for 2026 auto market. How should we think about the industry trend? And my second question is about AI. We mentioned AI in our prepared remarks. So I just want to get some more color about the progress of our AI product offerings. Thank you for your question.
First, let me share some market recent developments and future trends with you. 这对测试价格战的环节还是有帮助的。 我们也看到了20一架车企逐步取消了一口价这样的促销。 First of all, the price war in the auto market has shown some signs of easing, and the automakers are accelerating their intelligent technology efforts. In recent months, multiple government agencies have rolled out intensive policies calling for the industry to end involution and provided policy guidance to ease the ongoing price war in the auto sector. So all these measures have helped to cool down the price war in the auto market. And we have also observed that over 20 automakers have gradually phased out their fixed price promotion. 相关规划加速推进这个智能驾驶这个技术的普及和应用吧以上可以看出未来行业的竞争呢主要取决于科技的一些竞争取决于企业智能技术的整合场景和用户需求的这个系统能力而非单一的这个技术优势因此明年的竞争呢可能从会从单纯的这个价格竞争呢去转向这种技术性价比这样的一种一种比拼吧 Since the start of this year, major automakers have successfully announced their plans for intelligent driving technologies to accelerate the adoption and application of intelligent driving. So from this, it's quite clear that future industry competition will depend more on the company's comprehensive capabilities in integrating intelligent technology, user scenarios, and and meeting user needs, et cetera, rather than any single technological advantage. So for next year, the price competition expected to shift more towards a battle of technological cost effectiveness. Secondly, the NEV market still remains the core growth driver, even though this year their growth number is higher. is comparatively a little bit slower than last year. But according to the data from the China Passenger Car Association, CPCA, the NEV penetration rate exceeded 50% in seven out of the first nine months of this year. So this was mainly driven by the extension of favorable policies, et cetera. So we believe for next year, the overall market, auto market expected to continue to undergo structural adjustment, which will redefine how consumers to make their purchasing decision. At the same time, the China's auto industry continues to remain under high pressure, which has been lasted so long. And this pressure, you know, includes severe capacity, over capacity, declining profit margins, and the intense or fierce market competition, et cetera. So we see both traditional automakers or dealers also undergoing such a business pressure. So confronted with both price wars and shrinking profits and margins, we see OEMs and dealers alike. So they have raised their expectations for both online consumer acquisition and offline sales conversion efficiencies. 至于明年来说呢 我认为以下几点是值得关注的 Looking ahead to next year, we believe the following viewpoint merits our attention 依然是有挑战也有机会吧 汽车车是短期内呢 还是会面临较大的压力 主要来自新能源购置税可能会减免呀 从全面转为减半啊 燃油车购置税的这个优惠到期啊 We believe there's a short-term challenge, but it co-exists with long-term opportunities because the auto market still face significant short-term pressures, mainly from the shift of the NEV purchase tax exemption policy from full exemption to half exemption, and the the exploration of tech incentives for the ICE. So combined with the price war in traditional ICE, all such factors may further impact the auto market. 预计,2026年的车市仍然是有一些小幅和平稳的增长。 Despite the above short-term pressures, as we just mentioned, there are still upgrades in intelligent technologies, improvements to a recovery in the market order, and if there's further supported by introduction of additional long-term policies, we believe it will still stimulate consumer demand in the auto market, and the market expected to achieve modest and steady growth in 2026. So for us, for auto home, we will continue to deepen our AI and auto strategies as I just mentioned. On one hand, we will keep advancing the product innovation and upgrades, accelerating the application of AI technology across content, intelligent customer services, and scenario-based services, etc. On the other side, we will continuously explore ways to leverage our online and offline resources to achieve integration, build a closed loop for auto transactions, and better serve our users and clients. 直接推动用户体验和客户业务效率的双重提升。 The second question is our AI product progress. So in the field of intelligent technologies, we have already completed a strategic layout of multiple products. The technology product mix spans the entire life cycle of auto consumption. And continuously, we drive improvement in both user experience and customer business efficiency. 而面对用户呢我们的AI智能助手呢和二手车的这个AI智能买手呢在持续的这个升级 新一代的智能助手已实现了就是从一问一答吧到主动理解和提供链接的跨越 能够自动识别对话中提及的车型车系并直接推送产品链接 缩短用户的查询路径提升决策效 And for users, you know, our AI Smart Assistant and the used car AI Smart Buyer are continuously being upgraded. The new generation of the Smart Assistant has moved beyond simple question and answer model to proactive and standing under link provision. So it can automatically identify the car models and series mentioned in the conversation and directly push product links. So it shortens the use of search process and improves decision-making efficiency. And for our clients, And we have deployed five major AI product lines covering core business scenarios such as marketing insights, online customer acquisition, store visit invitation, dealer store operations, and the used cars, et cetera. So through the intelligent tools, we can continuously empower our business team members and to realize the full chain digital operations. 这些都依赖于我们自研的这个仓杰大模型的作为一个技术的底座,比如二手车吧,AI智能买手呢,就搭载了这个仓杰的模型,在结合之家独有的这个数据资产,就能够通过精准高效的推荐能力实现车员与用户需求的高度匹配。 And for our technology foundation, you know, we have our own proprietary Tangjie large language model. For example, our used car, AI Smart Buyer, is powered by this Tangjie engine. And it is, besides, it is combined with Autohome's unique data assets. So it can deliver highly accurate and efficient recommendations, achieving a high degree of matching between the vehicle sources and the user needs. So currently, AutoHome is comprehensively and vigorously promoting the AI-driven upgrade of the products, achieving a comprehensive transformation from the underlying technology. architecture to application scenarios. So in the future we will continue to deepen the integrated application of AI across multiple scenarios using the technological innovation to drive an efficiency revolution in the auto sector in the industry.
Operator
One moment for the next question. The next question comes from the I'll ask Dan Zhang from CITC, please go ahead. questions.
So can management share your outlook on the traditional business for the upcoming quarters? And also, is there any update on the shareholder return plans? Thank you.
好 谢谢 三季度呢 传统业务确实是依然承压 这个从市场的大盘来看呢 价格战依然还是这个市场的这个主要的这个一个主权率吧 综合的这个促销的幅度呢 超过了这个23% 那汽车销售的这个销量和利润呢 也在向头部这个企业集中 So, the cost of the cost of the company, the cost of the company, the cost of the company, the cost of the company, the cost of the company.
Thank you for your question. In the third quarter, we do see that the OEM promotional discount still remains at high level, and the price wall has been there for so long. And the overall discount for OEMs has already exceeded 23%. So for the car sales volume and the profits, I still remain, you know, concentrated among the leading companies. So the price cutting for volume strategy has made a lot of OEMs to control their marketing budgets. For the media services revenue, you know, in Q3 still declined year over year, but the decline has narrowed down significantly, and the continued decline is mainly due to the continued pressure from the OEMs are price wars in the market. And the SQ4 is approaches to the year-end, and we believe OEMs are expected to maintain high professional discounts to boost their sales revenues. And they still put pressure on our media services revenues. So we do expect we will achieve a slight year-over-year decline. For our least generation business, because of the market inventory backlog, loss and inverted pricing. So dealers continue to face operational pressure. And we see that over 50% of dealers operating at a loss in the first half of the year. And it doesn't look very optimistic for their survival for many dealers. So accordingly, our least generation services also face some ongoing pressure in the second half of the year.
We believe that if the market can be changed, the customer's financial situation will be changed, and our traditional business will also be able to increase. Now, the media industry has also been waiting for us. On the other hand, the development of our new business development is also able to increase our traditional business.
Nevertheless, our customer penetration rate still remains at a good level. as the market once the market and customer operating conditions improve our traditional business can be you know hit the bottom rebound and stabilize as i just mentioned our media segment business segment already you know narrow down their decrease and on the other hand our Our innovative business developed quite strong, quite well. So to some extent, our, you know, it's offset the situation of our traditional businesses. of this year in 2020. On the shareholder return, you know on dividend. Today, we just announced cash dividend of RMB 1 billion for the second half of this year, and the combined with the RMB 500 million, We announced in September, you know, we have fulfilled our commitment to a total annual cash dividend of no less than RMB, 1.5 billion for the whole year, 2025. You know, our border directors will, you know, continue this stable dividend policy. On the share repurchase program, you know, of the US dollar 200 million share repurchase program, you know, until the day we have completed over 70% and the overall execution of the US dollar. this program is progressing quite well. So in the next few months, we'll continue to carry out the remaining share repurchase program. For a long time, we have been committed to building a comprehensive shareholder return plan centered on the continuous dividend and the share repurchases, providing shareholders with predictable and stable shareholder return. Over the long term, we are very confident in our business operations in the future, so We will continue to uphold our long-term, stable, and proactive approach to shareholder return. We sincerely thank all shareholders for their long-standing and strong support to the company. Operator?
Operator
Thank you. Thank you for the questions. One moment for the next question. The next question comes from the line of Richie Sen from HSBC.
Please go ahead. 管理商 虽然晚上好 谢谢你们接受我的提问 我是有两个问题 第一个问题是想问一下公司的毛利率的水平 为什么在三季度的时候还会有一个同比和环比的一个下滑 然后怎么看未来的趋势 第二个问题就是想问一下新能源空间站和卫星变的发展情况如何 然后2026年的目标会是什么 Thank you management for taking my questions So I have two First of all, the gross profit margin It has been dropped in year-on-year and Q-on-Q in third quarter So why is that and what is the trend going forward Secondly, I want to ask about the energy space stores and satellite stores So what is the development progress and the 2026 target Thank you 谢谢我来回答一下你的问题第一个就是今年呢我们其实从从过去几年吧我们为了快速推进了创新业务的发展我们也积极在拓展创新业务增加了部分前期投入也因此呢也产生了一些比较高的成本 Thank you for your question.
Since the beginning of 2025 this year, so in order to accelerate the development of our new innovative businesses, we have been actively expanding in, we have been actively developed our business, and so it's increased our upfront investment, and consequently it resulted in higher costs.
As a matter of fact, the new market is new to the Q3 level of the new market. The new market is now in October. This market market is currently in the last year. This market market is currently in the early days. The market market has been quite a bit of a tremendous impact. We've also added some investment in these different levels.
Specifically, you know, our innovative business, such as the new retail business, has scaled up in the third quarter as compared to the same period last year. For example, we self-launched auto home more business in September. And although this model is quite early stage, but we observed where we get quite positive market feedbacks. And we believe such staged investments is quite necessary for our future development, for our, you know, to explore new avenues of growth and create a much greater room for future development. So the growth margin of our transaction business, it cannot be, of course, it cannot be compared for our, you know, traditional business. For example, the media business and the least generation business is much lower than our traditional business. So going forward, we'll adhere to our consistent practice of the strict cost controls, and we'll help hold the prudent principles in managing the scale of our investment. So we'll pay attention to our growth margin change. We'll focus on that. The second question is about Autohom Space Station and the satellite store's development, the development of our offline network is always centered on using our digital technology to streamline the car purchasing process and improve the transaction efficiency. So our advantage is our ability to cover areas in low-tier markets where OEMs or dealers, they don't reach. So, we can help them to expand their sales network. So, this business model is also being continuously upgraded and iterated. As I just mentioned, you know, we are integrating the online and offline resources, bringing our online technology and the traffic advantages to offline. So we try to transform from an auto content-oriented platform to a transaction service platform. So after, you know, we complete the controlling child holder, you know, you know, we will continue to working on combining our online and offline efforts to provide platform services that are more convenient and efficient. efficient, and we try to find new ways to grow beyond our traditional business models.
Operator
Thank you for the question. One moment to the next question. Our final question comes from Barang Gong from Citi. Please go ahead.
Operator
This is my question. I'd like to ask a question about the two-wheel drive here, because I see the two-wheel drive
市场似乎还是比较疲乱,想请问一下管理层,如何看待二手车市场后续的一个发展情况。 谢谢, I will trust it to myself, the used car market seems still a little bit weak recently, how does management view the outlook for used car market ahead?
Thank you for your question. Since the beginning of this year, the used car market has generally shown a trend of rising transaction volume and the folding prices. According to China Automobile Dealers Association, CADA, for the first half, the transaction volume for used cars rose 2% year over year, while the average transaction price decreased by 12% year over year. At the same time, we see there are two notable structural trends emerged in the market. First is the increased cross-regional flows. Second is the rapidly increasing NEV use cars sale
that交易规模 扩大的时候 同时呢 其实行业的 经营压力 并没有减少 由于车市 价格战的影响 二手车企业的 亏损面呢 扩大是超过七成 平均库存的周期 还在延长 扩客成本 依然是居高不下的 竞争也非常同质化 但尽管如此呢 我们也看到 就是一些 积极的因素 也出来了 比如说 已就换新的政策呢 还激活了 这个置换需求 就市场
While the transaction volumes are expanding, the operational pressures in the industry continue to intensify. due to the impact of price wars in the auto market, we see the proportion of loss-making used car companies has expanded to over 70% with lessening average inventory cycles, continued high customer acquisition costs, and intensified homogeneous competition, et cetera. But despite this, positive factors do remain. For example, the trade-in policies have stimulated replacement demand and brought more high-quality used cars into the market, with the new energy used cars becoming a key growth engine. So the CADA forecast for the full year, the used car transaction volume could exceed 20.5 million units, an increase of 4 to 5 percent year over year. 以步入深度调整与价值链重构的关键阶段 以价换量模式的负面影响也是逐渐的显现 不过中国汽车市场庞大的保有量与消费的韧性 为二手车行业的中长期发展提供了有力的支持 汽车之家也将继续携手行业伙伴 通过精细化运营与服务升级的积极应对挑战 探索新业态 挖掘新价值 推动二手车行业迈向高质量的发展 Currently, the used car sector has entered a crucial stage of deep adjustment and value chain reconstruction. The negative impact from the price cutting for volume model are gradually becoming apparent. However, China's large vehicle ownership space and a resident consumer demand provides strong support for the middle to long-term development of the used car industry. So, AutoHome will continue to collaborate with industry partners to actively address challenges through refined operations and service upgrades, exploring new business models, unlocking new value to advance the used car industry towards high-quality development.
Operator
Thank you. There are no further questions at this time. I'll turn the conference back to your management for closing remarks. 感谢大家参加今天的会议,期待在下次业绩电话会上能再与大家交流公司的最新发展。 如果您有任何问题或建议,欢迎随时与我们联系,谢谢。 Thank you very much for joining us today.
We appreciate your support and look forward to updating you on our next quarter's conference for in a few months' time. And in the meantime, please feel free to contact us if you have any further questions or comments. Thank you, everyone.
