Operator
Ladies and gentlemen, thank you for standing by for Otto Homes' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow management 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 be available on Otto Homes' IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR doctor. Mr. Song, please go ahead.
Thank you, operator. Hello, everyone, and welcome to Autohome's fourth quarter and three-year 2025 earnings conference call. Earlier today, Autohome distributed its earnings release 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. Kuwait Yanzeng. Management will go through the prepared remarks first, which will be followed by a Q&A session where they will be available to answer your questions. Before we continue, please know that the discussion today will contain further looking statements made under the Safe Harbor Provision of the U.S. Private Securities Dedication Reform Act of 1995. Five, forward-looking statements are such 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 U.S. Securities Exchange Commission and the Hong Kong Stock Exchange. AutoHome doesn't undertake any obligation to update any forward-looking statements except as required under applicable laws. Please also note that Autohomes earnings press release and this conference call include discussions of certain unordinated financial measures. A reconciliation gap measures to the most directly comparable gap measures can be found in our earnings release. I will now turn the call over to Autohomes Chief Financial Officer, Ms. Craig Yanzong, for opening remarks. Craig, please go ahead. Thank you, Stirling. Hello, everyone. This is Craig Sun. Thank you for joining our Earnings conference call today. Thank you. was a pivotal year in our evolution, transforming from an automotive information platform into a company's automotive service ecosystem. Facing a dynamic industry landscape, our focus was on driving two core initiatives. On the content front, we continue to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities. On the service front, we accelerated the development of fully integrated online-to-offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners. Throughout this transformation, we have every eye as a core engine to drive product innovation and optimize operations and have already achieved substantial progress across multiple business areas.
Also, in the future of the new car, we will increase the performance of the tool that has been improved. The overall experience of the user experience will increase. In the new car, we will be able to promote the choice of the choice of the choice of the car and the car. It will help the user to quickly achieve the decision-making process. 此外,通过构建流量联盟和拓展服务品类,之家覆盖的场景也更加多元,能够更好地满足用户的多样化需求。 On the user side, by continuously optimizing and iterating our platform tools, we've effectively reduced decision-making costs and significantly enhanced the overall user experience.
Taking new energy vehicles as an example, we've launched features such as optional configuration selections and vehicle comparison lists, further enriching the car selection tool set to help users making faster purchasing decisions. Moreover, by building a traffic alliance and expanding service categories, AutoHomes now covers a broader range of user scenarios, enabling us to better meet diverse user needs. Our O2O integration initiatives are key to reshaping the O2O. automotive consumption process. Throughout 2025, we organized over 5,000 offline automotive exhibitions and group purchase events nationwide and collaborated across industries with user-oriented culture IPs such as esports and the music festivals. These efforts went beyond the traditional car purchasing model by reaching a broader consumer base and ultimately integrating car revealing, selection, test driving, and repurchasing, and purchasing into an immersive experience. Specifically, within the development of our transaction service ecosystem, we launched the Auto Home Mall in the second half last year, providing users with a smoother digital car purchasing experience.
Currently, this business, though still in its initial phase, has achieved stable operations and is demonstrating positive momentum, which make us even more confident in the growth prospects of our transaction segment in the coming year. 赋能生态伙伴加速向智能化转型,同时芝家旗下产品矩阵也已经全面实现AI化升级,从贯穿用户选买全程的AI智能助手,到基于AIGC技术的营销内容,急速生成与跨平台分发,再到覆盖广告全链路的AI智能投放等等。 We are generating the power of power from the internet to the internet, and become the technology engine that is the power of power to improve the power of power.
Behind every product and service upgrade, integration, and real-world deployment is a strong foundation powered by data and AI technology. In 2025, we introduced our proprietary Changji large language model and the Tien Shu Intelligent Service Platform, integrating AutoHome's two decades of industry data and service experience with cutting-edge algorithms. This integration helps our ecosystem partners accelerate their smart transformation. Meanwhile, AutoHome's full product portfolio has been comprehensively upgraded with AI-powered capabilities from AI smart assistants that support users throughout the entire car selection and purchase process to AIGC technology that generates and distributes marketing content across platforms, and further to AI-driven intelligent advertising placements covering the entire advertising chain, and more. So we are advancing Autohome's shift from a traffic gateway into an intelligent engine that improves efficiency across the entire ecosystem. Moving on. specifically, over the past year, we continue to make progress in our content ecosystem, strengthening our professional influence and expanding our reach across new media channels. For instance, during the Guangzhou Auto Show last November, we integrated our event coverage with a creator conference centered on the theme of utility-driven coverage. We produced a marathon live stream spanning two days and 23 hours. Content was closely provided by real-world user scenarios. The results were distributed simultaneously across six major new media platforms, achieving a multi-dimensional scenario-based content broadcast. In addition, in the fourth quarter, we launched AutoHome Wanchiang, a comprehensive one-stop content marketing platform for the automotive industry. By building a creator matrix centered on five key pillars, industry experts, technology, racing, outdoor lifestyle, and global markets, we provide automakers with a one-stop automotive content service covering articles, videos, live streams, and more. This allows us to meet the diverse scenario marketing needs of automakers. As of the end of 2025, the platform has attracted over 2,500 premier creators from AutoHome and various new media channels. At the same time, we achieved significant results in building our MCN system. AutoHome Media MCN now covers over 500 high-quality KOLs and KOCs across diverse fields, and our new media platforms have cumulatively reached over 100 million users. According to Quest Mobile, AutoHome's average mobile DAUs in December 2025 were 77.51 million, remaining stable year-over-year.
我们打通产业链资源 丰富车员供给 优化用户购车体验 我们下聚焦 低线城市布局加盟网络 填补了主机场的渠道覆盖空白 目前 商城一站式服务运营体系 还处在探索和完善阶段 已经吸引了 23家主流汽车平台 未来我们将持续完善 汽车交易生态 携手全产业链伙伴 共同推动汽车行业的数字化变革 2025年,芝加包含新能源相关总收入
持续保持稳步增长 全年同比增幅达30.2% In the new energy vehicle sector following a successful pilot in late September 2025 Alto Home More was officially launched in the fourth quarter Continuously advancing our transaction service upgrades, online, we can trade resources across the industry chain to expand vehicle offerings and optimize the car purchasing experience for users. Offline, we are focused on low-tier cities by establishing a franchise network, feeding gaps in OEM channel coverage. Currently, Autohomore's one-stop trading and service ecosystem is still in the exploratory and refinement phase, and has already secured partners with 23 mainstream automotive brands. Looking ahead, we will continue to refine the automotive transaction ecosystem and work with partners across the entire industry value chain to advance the automotive industry's digital and online transformation. For the full year 2025, AutoHome's NEV-related revenues, including the new retail business, maintained steady growth, increasing by 30.2% year-over-year.
Thank you for joining us.
On digitalization, we completed a series of AI-driven upgrades to our products in 2015. Early in the year, the AutoHome launched an AI-powered intelligence system built on DeepSeq and AutoHome's proprietary data, significantly enhancing the Q&A experience in the automotive vehicle. In April, we introduced an intelligent used car purchasing assistant that addresses pain points in transaction matching and the purchase decision making for non-standard used cars. As a result, we now have achieved full AI assistant coverage across both new car and user scenarios, maintaining industry-leading quality response rates for user Q&A. For partners, we used our unique data resources and industry analytics models to upgrade our digital product line across the entire value chain, from marketing outreach to potential customer acquisition to sales conversion and to after-sales services. This has enabled end-to-end efficiency improvements across the process for clients. To date, we have served over 50 automotive brands.
We will continue to improve the service of the service of the service.
In our used car business, we continue to advance the development of a standardized service system. For vehicle pricing, our AI vehicle inspector has been successfully deployed across multiple third-party platforms. It allows users to obtain radiation services through various inputs, including license plate images and vehicle registration, while also providing in-depth analysis of marketing pricing trends. Its pricing accuracy and user adoption rate both rank among the highest in the industry. On the vehicle supply side, we partnered with nine authoritative inspection agencies to establish the Vehicle Certification Alliance. Over the year, we completed standardized inspections for more than 500,000 vehicles, offering professional and reliable quality assurance for transactions on our platform and effectively reducing trust-related costs during the transaction process. Overlord in 2025 we remain committed to a user-centric approach, continuously improving the user experience through rich, diverse, and high-quality content, as well as intelligent tools. We also achieved key breakthroughs in the practical application of AI and in building an integrated online-to-offline transaction ecosystem. Moving forward, we remain committed to improving the user experience, continuously enhancing our service and transaction ecosystem, and driving the high-quality and sustainable development of auto-home.
With that, let me briefly walk you through the key financials for the fourth quarter and the full year of 2025.
Please note that I will reference RMB only in my discussion today unless otherwise stated.
Next year's revenue for the fourth quarter were $1.46 billion.
To break it down further, media services revenues were $334 million, least generation services revenues were $68 million. and the online marketplace and others' revenues contributed $400,000,000.
In terms of the 4th季營業成本, the 4th季營業成本 is 3.19亿元, the 24th季營業成本 is 4.29亿元, the 4th季營業成本 is 78.2%, the 24th季營業成本 is 78.2%, and the 24th季營業成本 is 76.6%.
Research's collect cost of revenues in the first quarter was $19 million, compared to $405 million in the first quarter of 2024.
Growth margin in the fourth quarter was 78.2% compared to 76% in the thin period of 2024. 营业费用方面,第四季度销售及市场费用为7.39亿元, 二四年同期为7.18亿元,研发费用为2.58亿元, 二四年同期为3.28亿元,一般级管理费用为1.15亿元, 二四年同期为1.31亿元.
Turning to operating expenses, sales and marketing expenses in the fourth quarter were 739 million compared to 718 million in the fourth quarter of four. Product and development expenses were $258 million compared to $328 million in the same period of 2024. General and administrative expenses were $150 million compared to $131 million during the same period of 2024. Overall, we delivered an operating profit of 92 million in the first quarter compared to 232 million for the same period of 2024. Adjusted net income attributable to other homes was 304 million in the first quarter, compared to 487 million in the corresponding period of 2024. 第四季度,经调整基本和贪博美股准利润均为0.65元,二四年同期均为1元。 第四季度,经调整基本和贪博美股存托股准利润分别为2.6元,和二四年同期分别为4元和3.99元。 Non-GAAP basic and diluted earnings per share in the first quarter were both 0.65 compared to 1 for both in the corresponding period of 2024.
Non-GAAP basic and diluted earnings per ADS in the first quarter were 2.60 and 2.59 respectively compared to the 4.02 and the 3.99 respectively in the corresponding period of 1994. 下面我来简要总结一下我们25年全年的业绩情况 总收入为64.5亿元 其中媒体服务收入为11.5亿元 线索服务收入为27.1亿元 在线营销及其他收入为25.9亿元 同比增长8.8% 全年归属于汽车之家的经调整净利润为16.1亿元
全年的经调整净利润率为24.9% Next, I'll briefly summarize our full-year 2025 results. Total revenues were $6.45 billion, of which media services revenues were $1.15 billion, least generation services revenues were $2.71 billion, and online marketplace and others' revenues were $2.59 billion, representing an increase of 8.8% year-over-year. In addition, we delivered an adjusted net income attributable to auto home of $1.61 billion with an adjusted net margin of 24.9%. As of December 31st, 2025, our balance sheet remains robust. Cash, cash equivalent, short-term investment, and long-term financial products totaled 21.36 billion. We generated net operating cash flow of 0.89 billion in 2025. On September 4th, 2024, our board of directors authorized a share repurchase program under which we are permitted to repurchase up to US$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 program through December 31, 2025. Under this program, we have repurchased approximately 7.12 million ADS for a total cost of approximately US$185 million. I'm also pleased to announce that on March 5, 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to U.S. dollar 200 million of auto homes ADS over the next 18 months. This reflects our strong confidence in our business prospects and a long-term development, as well as our consistent commitment to continuously creating and delivering value to our shareholders. So that concludes our financial summary. We are now ready to open up the Q&A session. Operator, please open the line for the Q&A.
Operator
Thank you, management. At this time, if you would like to ask a question, please dial star one and one and wait for a name to be announced. If you'd like to cancel your request, you can press star one and one again. One moment for the first question. Our first question comes from the line of Thomas Chong of Jefferies. Please go ahead.
Good evening, thanks management for taking my question. My first question is about can management provide more color about your thoughts about the auto industry outlook? My second question is about capital return. We know there are updates on buyback. How should we think about the dividends?
Thank you for your question. Thank you for your question. sales in 2026 expected to increase slightly or modestly, with the overall industry profitability still remain under pressure. The policy side, you know, the purchase tax incentives for NEVs are gradually being phased out. And at the same time, the due new subsidy policy has shifted from a fixed subsidy to a variable subsidy. On the market side, you know, both the China Passenger Car Association, that is CPCA, and the China Association of Automobile Manufacturers, CAAM, Both of them projected that this year China's total auto sales will only increase slightly by 1% year over year, which is the lowest in the past few years. So we believe the competition in the auto market will shift from the price war to value war. Yeah, and meanwhile, you know, the overall auto sector profitability still remains under pressure. And, you know, the profit margin last year is for the auto sector is only, you know, 4.1%, down from 4.3% paired with the previous year. And so the overall sector is entered into a year of very low.
So, in the next step, we think the technology innovation and technology is the key to the competition.
So next step, we believe the technological innovation and the intelligentization should be the key theme for the competition for auto sector in the next stage. So for ourselves, for AutoHome, we believe this represents a rare opportunity to leverage our integrated O2O business model to connect the entire vehicle purchasing life cycle for users. At the same time, we can also help OEMs to acquire more incremental customers and drive additional sales, so helping them to capture greater market shares in an increasingly competitive and more mature market environment. Just now we announced the Board of Directors authorize the new share repurchase program and also on the cash dividends You know, we firmly remain committed to distributing no less than 1.5 billion in total in the cash dividend for the full year, and so we can ensure consistent, reliable cash dividend to our shareholders. So over the long run, we have committed to building a comprehensive shareholder return framework centered on sustained dividend plus share repurchase, striving to deliver predictable and sustainable returns to all our shareholders. So in the future, we will continue to uphold the long-term, stable, and proactive shareholder return policy. We sincerely appreciate all our shareholders for their long-term, strong, and continued support to the company. Operator?
Operator
One moment for the next question. Our next question comes from Jing Yuan from CICC. Please go ahead.
After hire became the major shareholder, how has the company's business time been updated? And what's the potential for future collaboration? And my second question is, what are the expansion plans for Outland stores?
Thank you. Now I'll just answer that. Hire as a customer, we don't have any change in the big way.
Thank you. After Hire becoming our new controlling shareholder, we don't have material change in our overall strategic direction. First, we are strengthening the development of user first, and we are more focused on the user experience as the top priority. Second, as we just mentioned, we will transform from an information platform to a transaction platform. So we set up the auto home mall, which was established last year. 随着近期把这个AI的这个提升,AI的这个技术的发展,这样对我们今天的产品的创新和运营能力都会带来一些新的帮助。 And the third, with the continuous upgrade of AI capabilities, you know, which will bring us more, help us more in our future operation. 所以长期的看呢我们还是希望我们战略还是希望我们能够从信息平台呢升级为一战式的汽车交易服务平台 So in the long run our target is to we will transform from an information platform into a one-stop transaction ecosystem platform 而协同方面呢我们将依托海尔在渠道供应链和服务网络方面的优势持续优化线上线下融合的新零售模式探索低成本高效率高体验的线上线下融合的销售模式推动业务从撮合交易向全链路服务的升级以便更快更便捷更透明更可信赖的购车体验覆盖用户看车选车用买车用车换车的全生命周期 And in terms of synergies with Hire, you know, we will leverage higher strength in channels, supply chain management, and the service networks to further optimize our integrated O2O new retail model. We will explore a low-cost, high-efficiency, and experience-driven channel sales approach to drive our business upgrade from a transaction matchmaking model to a full-chain service model. And ultimately, our goal is to provide more convenient, more transparent, and trustworthy car purchasing experience covering the entire area. From the vehicle searching, selecting, to purchasing, using and replacing. For the offline stores, you know, we will continue to expand our primary franchise model. So our focus should be covering more cities from Tier 3 to Tier 5, low-tier cities, to help OEMs to strengthen their channel networks and try to help them to find more incremental users. and addressing the OEM's pain points, for example, insufficient channel coverage in lotiers markets, et cetera. Thank you. Operator, the next question.
Operator
Thank you. One moment for the next question. Our next question comes from the line of Richie Sun from HSBC. Please go ahead.
Thank you,管理長, for the opportunity to ask me. I have some questions, maybe one question. 首先就是新人员业务在2026年能够给合作伙伴带来什么样的好处呢 我们应该观察什么的指标去判断这个发展的进度 然后第二个问题就是关于AI的 然后这个agent在加速发展嘛 然后未来也会影响一些行业还有平台 然后管理层如何评估这些AI agent 对汽车垂媒的这个影响 然后自家有什么策略去应对这些风险 然后公司在AI应用方面有什么进展 然后最后就想问一下经销商收入这边 公司觉得下跌的这个情况会什么时候会停止呢 Thank you management for taking my questions Firstly, regarding the NEV business, can you share what would we bring to the partners in 2026 and what are the key indicators we should look for to assess the development progress. Secondly, in terms of the rapid development for AI agents, we are seeing there is some impact to some industry and platforms. So, how does management assess the impact of AI agent towards auto verticals, and what would auto home do to address this risk, and what are the progress made in the AI applications. And finally, in terms of the dealer side, the dealer's related revenue has been falling, so when do management think the decline will actually stop? 谢谢 首先回答一下关于新能源交易业务的给合作伙伴带的益处 我们从去年下半年开始了这个商城的这个业务 今年还会继续探索这个业务模式 我们向这个交易的这个服务的转化是我们的一个既定战略 那我们提供那对于这些新能源的这车呢
进行一个升级 Thank you for your question First let me answer your question about what value can we can our NEV transaction business bring to our partners As I just mentioned the transaction business was launched in the second half of last year. And this year, we'll continue to further explore this business model. So for NEVs, what we provide is far beyond the advertising and the lead generation businesses. So we are now delivering a complete end-to-end solution that covers from car searching to transaction conversion process. So this approach Differentiates AutoHome From other platforms In the market
我们提供的就不仅仅是广告和线索了 而是更多的是服务 所以它是一个交易转化后 全链路的这么一个解决方案 这个呢就会把我们从过去的
至于说关注的指标 其实还是比较简单的 一方面是多少厂商 愿意和我们进行 这种模式的合作 就是AutoO 还是AutoO的来看 线下关注网络 能够覆盖 多少门店的情况 还有就是交易的规模 至于说关注的指标其实还是比较简单的 一方面是多少厂商愿意和我们进行这种模式的合作 这是O2O 还是O2O的来看 线下关注网络能够覆盖多少门店的情况 还有就是交易的规模 当然我们也很重视这个模式能够被客户接受 然后后面的规模整个交易的规模弄起来 In terms of metrics to monitor for this progress, it's quite simple.
First, there's the number of brands. How many brands want to cooperate with us, want to draw a platform. For offline, the metrics should focus more on the coverage of the channel works. And besides, in addition, transaction volume is another key metric.
You know, we are, you know, what we are doing now is to validate this business model, and we target to increase the scale of this model. 关于AI agent对整个的行业的影响 我觉得是这样的 首先对汽车行业广告的影响 我觉得首先是这种交互的范式的层面 AI agent成为就是连接用户和服务的 这么一个新的这么一种方式 对话式的替代了单纯的一个单向的搜索 所以汽车垂媒的传统的流量入口的方式 可能会需要有些改变 that AI agent
那崔美这种单纯的 说从内容的这个模式呢 就不足了 这也是我们要向这个 整个的交易的这个方向 去转化的这个一个 也是跟这个AI的这个方向
应该是一致 for the how to assess the AI agent's impact on the ultra media vertical first from the interaction model level So, you know, AI agents are becoming more and more, becoming the new hub, connecting users and their services with conversational interaction, replacing the traditional models. And the second is more from the service side, service level.
第二步呢 除了交互之外 就是服务 分发 这是更进一步了
This is just what we just mentioned We are transitioning to more transaction model Transaction platform That之家的这个应对策略呢 刚才我也提到了一些了 首先就是打造汽车行业的之家的这个AI agent 来驱动这个C端的体验的这么个提升 实现从选车买车到用车 全周期的这个一站式的这个个性化的管家式的服务 让AI成为用户买车用车的全流程的这么一个可信赖的智能伙伴 那第二个呢就是构建这个Agent的智能体 AI就是个人智能体的这么一个服务网络
连接车企经销商金融机构等多方面呢实现这个服务的直达与生态价值的共创 兼顾这个C端的体验呢和B端的这个转化的这么一个效率 So for Autohome, our response has two points. First is we try to build an Autohome AI agent for the auto sector, for the auto industry, and we try to enhance the 2C user experience. So what we are doing is we try to enable the agent to deliver a complete, one-stop, personalized construction style service across the entire auto life cycle. So what we are doing is we try to make AI a trusted, intelligent companion throughout the car purchasing to ownership life cycle. The second point is we try to establish an AI-based intelligent service network, which can connect the automakers, dealers, financial institutions, and others, stakeholders, etc. So to enable the direct service delivery and collaborate ecosystem value creation, and we try to balance the 2C experience and to be conversion efficiency.
uh 一些显著進展 一方面是我們自研的這個垂媒的這個 艙截這個大模型吧 在中文大模型汽車知識評測中呢 是位居榜首啊 同時呢 在面向C端用戶的看 買用的這個全場景呢 也創建了這個 首創了這個對話式的AI智能助手 啊 效果評測呢 也是在行業裡頭也是比較領先的 啊 提升了這個用戶的 極大提升用戶的體驗
也缩短了这个用户的决策的这么个路程 其他的在包括像在B端的一些内容创作 等方面也是用AI 来运营和赋能的全行业 So from the very beginning Auto Home focused on the AI and we have made a lot of progress For example, we developed a proprietary Auto vertical large language model which is called Tangjie. It runs first in the auto knowledge evaluation among Chinese large models. And for the C and users, you know, AI pioneered a conversational assistant covering the full lifecycle of car searching, selection, purchasing, and using. So we can achieve an industry-leading performance evaluation and significantly enhance the users and in this way we can shorten the user decision making cycles and for the BN customers we also leverage AI to make more new content provide the one-stop AIGC you know capabilities and intelligent operational No services. and we will focus on the dealers business conditions you know last year dealerships suffered severe losses so their survival conditions worsened and even we find new vehicle prices fell below the prices for used cars from our data statistics it showed over 70 percent of the dealers nationwide in China were in loss-making. Because of the tough environment, so some dealers have exceeded the dealership network last year, which is the most difficult in the last few years. So based on our own data and statistics, at the end of last year, the total number of dealers declined by approximately 5% year over year. So under such environment, the decrease in dealer group's budget was anticipated by us already. So this year, our renewal for our dealership member of product has been completed. So the coverage still remains at a solid level. And this year, for the next step, we will work with our dealer customers together to try to find solutions, and we want to get a win-win situation for both sides. So, as we just mentioned, we will work with dealer clients together, for example, work on more digital products, increase their traffic, increase their conversion rate. and other auto business as well, try to help them to increase their to help the dealerships, the dealers' operations. And we try to decrease any negative impact on their operations. That's the above is my answer to your question.
Operator
Thank you. There are no further questions at this time. I'll turn the call back over to management for closing remarks.
Thank you very much for joining us today. We appreciate your continuous support. I look forward to updating you our next quarter's conference call in a few months' time. In the meantime, please feel free to contact us. if you have any further questions or comments. Thank you.
Operator
Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.
