Q1 2026 Autohome Inc. Earnings Conference Call

Ladies and gentlemen, thank you for standing by for Otto Homes' first quarter 2026 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, please disconnect at this time. A live and archived webcast of today's call will be available on Otto Homes' IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

Thank you, operator. Hello, everyone, and welcome to Autohome's first quarter 2026 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cs. Joining me on today's call is our Chief Financial Officer, Ms. Kui 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 begin, please note that today's discussion contains forward-looking statements made under the Safe Harbor Provision of the U.S. Private Securities Education Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filing with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. AutoHOME undertakes no obligation to update any forward-looking statements except as required under applicable laws. Please also note that Autohom's earnings press release at today's conference call include discussions of certain unaudited land-gap financial measures where reconciliation of the land-gap measure to the most directly comparable gap measures can be found in our earnings release. I will now turn the call over to Autohom's Chief Financial Mr. Craig Yen-Zeng for opening remarks.

Craig, please go ahead. Thank you, Sterling. Hello, everyone. This is Craig Zeng. Thank you for joining our earnings conference call today. 用户端 我们启动了品牌换新与APP改版 将重心转向用户兴趣场景与交易全流程服务 更精确地满足消费者需求 同时通过深耕优质内容与拓展新媒体矩阵 我们的用户规模稳步扩大 移动端日均用户量已突破8000万 创下历史新高 交易平台建设上 我们的新零售业务上线了在线购车功能 并与多家经销商开展试点合作 共同探索汽车电商新体验

此外 我们也在积极推进出海布局 我们的海外平台Yes Auto已在泰国正式投入运营 二手车跨境出口国际平台也同步上线 We began the year by rolling out a series of initiatives to accelerate the transformation of our platform from an automotive information media into a comprehensive automotive service ecosystem. On the user's front, we've initiated a major brand refresh and APP upgrade, shifting our focus towards users' interests and the end-to-end car purchase journey to more precisely address consumers' demands. By strengthening the development of premium content and expanding our new media matrix, we continue to grow our user base steadily, with average mobile daily active users surpassing $80 million, a new all-time high. With regards to our transaction platform development, Our new retail business launched an online car purchase feature and began piloting collaborative initiatives with multiple dealers to explore new automotive e-commerce experiences. We also continue to advance our global expansion. Yes, Auto, our overseas platform, also went to life. Together, officially launched operations in Thailand, and our global cross-border used car export platform also went to life. Together, these advancements mark the beginning of a new development phase for Auto Home, characterized by a few circulation model spanning both domestic and international market

随着前台业务的持续拓展 之家平台的基础能力也在同步提升 AI和大模型正日益成为 底层架构的关键支点 在对外服务层面 我们为合作伙伴提供AI智能产品矩阵 在内部运营层面 我们已经将大模型能力 整合到公司的各项工作流程中 随着前台业务的持续拓展 之家平台的基础能力也在同步提升 AI和大模型正日益成为 几层架构的关键支点 在对外服务层面 我们为合作伙伴提供AI智能产品矩阵 在内部运营层面 我们已经将大模型能力 整合到公司的各项工作流程中 AI驱动的平台运营 正迅速从孤立的效率提升 迈向全链路的系统性变速

As our front-end business continues to expand, we are strengthening our core platform capabilities in parallel. AI and large language models are increasingly becoming a foundational pillar of our infrastructure. On the external services front, we provide our partners with an AI-powered intelligent product mix. On the internal operations front, we have already integrated large language model capabilities into the company's workflow. As a result, AI-driven platform operations are rapidly advancing from isolated efficiency gains to end-to-end systematic transformation.

Thank you for joining us.

Specifically, in March of this year, our overseas content platform is OTO, officially launched operations in Thailand, extending our professional strength into international markets. With a focus on localized operations, the platform has onboarded local creators and established a professional content system. To date, it covers 100 Chinese new energy vehicle model series and includes more than 10,000 product specifications, laying the groundwork for a China NEV database in Thailand. In addition, leveraging the momentum of the Bangkok International Motor Show, we partner with six Chinese automotive brands and 12 media outlets to execute an integrated communication campaign and build a diverse topic matrix. This campaign generated over 140 million views and over 530,000 user interactions across platforms, giving us a strong start in our first overseas market and creating new opportunities to support the long-term diversified development of our In terms of Amsterdam development, in the first quarter, also for media Amsterdam, ecosystem improved in both quantity and quality. The number of premium creators across various fields exceeded 650, and cumulative reach across new billion platforms approached 150 million users. The share of top-tier and middle-tier influencers increased significantly and further enhancing the overall health of the ecosystem. Through various approaches, including holiday-themed marketing campaigns, creator incentives, deep engagement at offline positions, professional driver incubation, and the development of an overseas influencer ecosystem, etc., we are comprehensively building our differentiated content competitively.

According to Quest Mobile, Auto Home's average mobile DAU reached 80.73 million in March, representing a year-over-year increase of 4.9%. 本地合作经销商在商城平台发布具有竞争力的落地车架,用户可以一站式完成在线选车选配,支付大定,线下签约,并结清尾款后即可提车,为简化购车流程,消除用户顾虑,我们还同步推出了官方认证车员,资金全程监管,价格公开透明,和定金无忧可退,四大保障。

从车员合规到资金安全,从价格透明到灵活购车,平台在每个环节都优先保障用户权益,从而提供安全可信赖的购车体验。 In the new energy vehicle sector, we continue to focus on AutoHome more as we build a new transaction ecosystem for the automotive industry. In late April, we launched the online car purchase feature in two cities, Shenzhen and Xi'an. Local partners, dealerships posted competitive local pricing on the mall, enabling users to complete the entire car purchasing process in one go, including online vehicle selection, configuration, and deposit payments. Users can then sign the contract offline and pay the remaining balance before taking delivery. To streamline the car purchasing process and address user concerns, we introduced four key guarantees, that is, officially certified vehicle sources, end-to-end supervision funds, transparent pricing, and the worry-free refundable deposit policy. From sourcing compliance to fund security, and from transparent pricing to flexible purchasing options, the platform prioritizes user rights at every stage, delivering a secure and trustworthy car purchasing experience.

我们全天候持续监测线上热点 结合大模型资助的内容包装 以及AIGC赋能的自动化内容深层 我们有效地将专业汽车话题 与更广泛的公众关注点融合在一起 建立了一套高效的快速响应机制 在提升内容相关性的同时 运营人效也得到显著优化 此外 我们还将反漏洞模型和智能分发模型 应用到了会员业务中 反漏斗模型以成交结果反向溯源 推导出与成交高度匹配的精准用户画像 并提炼出这些用户的核心特征 从而改善平台内容与精准用户需求的匹配度 智能分发模型和打破单一平台数据的局限性 整合了全域用户行为 场景偏好和成交溯源等多维度信息 In the area of AI and a large language model, we are leveraging AI and a large language model to reshape the entire workflow of our platform's content center,

from tracking trending hot topics across the Internet to content distribution. Through an AI-powered smart radar, we continuously monitor online trends around the clock. Combined with larger language model-assisted content packaging and AIGC-enabled automated content generation, we've effectively integrated professional automotive topics with broader public hot topics, establishing a highly efficient rated response mechanism. As a result, we have improved content relevance while significantly enhancing operational efficiency. In addition, we have applied both the reverse funnel model and the intelligent distribution model to our membership business. The reverse funnel model works by reasoning backwards from transactions to derive accurate user profiles and extract the key characteristics of these users, improving alignment between platform content and the high conversion user needs. The intelligent distribution model breaks through the limitations of isolated platform data by integrating multi-dimensional inputs, such as omni-channel user behavior, scenario preferences, and transaction attribution data.

This enables smarter, more precise traffic matching, as well as more effective user targeting and reach. 二手车业务板块 其中 全流程卖车服务平台提供官方免费检测 专属管家服务和全国群架功能 通过底层数字化系统的深度整合 建立起覆盖车主卖车全生命周期的标准化服务体系 目前 该平台已在两个城市进行试点运营 我们计划将这一模式加速推广至全国更多城市 二手车跨境出口服务平台则是我们把握海外市场增长机遇的初步尝试 平台支持商家一键将车辆同时发布到国内和国际双平台 每台出口车辆都配备详尽的检测报告以及完整的维保出现记录 以标准化服务消除海外买家的顾虑 减少跨境交易中的信任成本 未来我们将引入更多车员合作伙伴 进一步丰富符合出口条件的车员供给 我们致力于构建一个及国内车员整合 跨境交易撮合 海外交付履约 与一体的全链路闭环 帮助二手车商实现零门槛合规化的二手车出口

In the used car business, during the first quarter, we launched two core business platforms, a full-process used car selling service platform and a cross-border used car export service platform. Together, they form a dual engine model of improving quality and efficiency in domestic services while turning into global markets. These platforms provide individual car owners, domestic dealers, and overseas buyers with one-stop integrated solutions, helping the industry move into a new stage of high-quality development defined by efficiency, transparency, and security. Our full-process use-car selling service platform offers three official inspections, dedicated to home-stage services, and a nationwide price inquiry capability through deep integration of our underlying digital systems, we've established a standardized service system that covers the entire life cycle of a car owner's setting journey. The platform is currently in pilot operation in two cities, and we plan to accelerate the rollout to more cities nationwide. Our cross-border used car export service platform represents our initial effort towards capturing growth opportunities in overseas markets. It enables dealers to lease vehicles on both domestic and international platforms with a single click. Each exported vehicle includes a detailed inspection report and a complete maintenance and insurance record. These standardized services help address overseas buyers' concerns and reduce the trust gaps associated with cross-border transactions. Going forward, we will introduce more vehicle sourcing partners to further enrich the supply of export-qualified vehicles. We also plan to build an end-to-end closed-loop system that integrates domestic vehicle sourcing and aggregation, cross-border transaction matching, and overseas delivery fulfillment, Enabling used car dealers to execute compliant cross-border exports with no barriers. Overall, since the beginning of 2026, we've been actively advancing new initiatives and strategic deployment across multiple business areas, including our content ecosystem, and the new retail and the used car businesses while driving business development we've maintained a healthy balance sheet and continue to deliver on our commitment to providing stable shareholder returns today our board of directors approved a cash dividend plan for the first half of 2026 and we have been actively executing share repurchases in the open market looking ahead will remain focused on emerging growth areas while maintaining stringent cost controls to ensure long-term value for our shareholders.

Next, I'll let you explain the case of the first year of the Ford Motor Company in the first季度 of the Ford Motor Company. Please note, I will only use the currency of the人民币 as a currency, without any evidence.

With that, let me briefly walk you through the key financials for the first quarter of 2016. Please note that I will reference R&B only in my discussion today, unlike otherwise, stating. Next, revenues for the fourth quarter were $1.05 billion. To break it down further, media services revenues were $163 million, least generation services revenues were $503 million, and online marketplace and others revenues were $382 million. 成本方面,第一季度营业成本为2.57亿元,上年同期为3.16亿元,第一季度毛利率为75.5%,上年同期为78.3% With respect to cost, cost of revenue in the first quarter was $257 million compared with $316 million in the first quarter of 2025. Gross margin in the first quarter was 75.5% compared with 78.3% in the same period last year. Turning to operating expenses, sales and marketing expenses in the first quarter were 506 million compared with 544 million in the first quarter of 2025. Product and development expenses were 274 million flat year-over-year.

General and administrative expenses were 120 million compared with 131 million in the same period last year. 总体来讲,汽车之家第一季度营业亏损为0.34亿元,上年同期营业利润为2.33亿元,归宿于汽车之家的第一季度经调整基本和贪薄,美股净利润均为0.39元,25年同期均为0.88元,第一季度经调整基本和贪薄,美股美国净托净利润分析为1.55元和1.55元。 二五年同期分别为3.50元和3.52元

to get to this activity in our community area.

截至2026年3月31日, 我们的资产负代表继续转现强劲, 现金等价务,

短期投资及其他长期投资合计为200.4亿元, 2026年第一季度, 金银活动使用的现金流 净额为1.43亿元. As of March 31st, our balance sheet in Manitoba, But cash, cash equivalent short-term investment and other long-term investment, total 20.04 billion net cash use in operating activities was 143 million in the fourth quarter of 2026. Next is 347,000 US producer ve средs the total total data Wow you are going to be We repurchased up to US$200 million of orders from ADS over a period, not only 18 months. As of May 22nd, 2026, and we repurchased, and we repurchased, and we repurchased, and we repurchased.

We repurchased approximately 3.47 million ADS for a total cost of approximately US$62.3 million. 此外,根据公司的股息政策,董事会今天已批准派发美股美国存托股0.66美元或美股普通股0.1650美元的现金分红,将以美元支付给2026年7月2日休市后登记再测的美国存托股及普通股持有人,分红总金额约为人民币5亿元, In addition, in accordance with our dividend policy, our Board of Directors approved per

ADS or U.S. dollar 0.65 for ordinary share payable in U.S. dollars to holders of ADS and ordinary shares of records as of the close of business on July 2, 2026. The aggregate amount of the dividends will be approximately under $0.5 billion and expected to be paid to holders of the company's ordinary shares and ADIs on or around July 24, 2026 and July 31, 2026, respectively. So that concludes our financial summaries. Now we are ready to open up the Q&A session. Operator, please open the line for the Q&A session. Thank you.

Thank you. We will now begin the question and answer session. To ask a question now, please press star 11 on your telephone keypad and write for your name to be announced. To withdraw your question, please press star 11 again. A moment for our first question. And our first question comes from the line of Thomas Chong of Jefferies. Please ask your question, Thomas. Your line is open.

Good evening. Thanks, management, for taking my question. My first question is about the industry trend. We have seen auto industry is a bit soft in Q1. Can management provide more color about your thoughts about the auto industry outlook? And my second question is about auto home and hire. Can management comment about the updates regarding the synergies?

Thank you. 谢谢你的提问 就像您说的 国内的一季度的车市是比较弱的 乘用车的整体的销量同比下滑了17% 新能源在其中下滑了21% 这可能也是新能源汽车单独统计的时候 销量首次在出现同比下滑 而且下滑了21% 4月份的话 据我们了解乘用车的零售和新能源车还是持续的下降 分别下降了是这个22%和7% 这个也是政策行业消费端多重压力叠加的一个结果

Thank you for your question As you mentioned, in China, the auto market weakened in the first quarter this year retail sales of passenger vehicles declined 17% year-over-year, while NEV sales declined 21% year-over-year. So it is the first quarter in history where NEV sales recorded a year-over-year decline in the past, the first time. And in April this year, retail sales for both passenger vehicles and NEVs both continued to fall further, declining 22% and 7% respectively compared to the same period in 2025.

So this is the result of multiple pressures converging from government policy, industry conditions, as well as consumer demand. 大家知道新能源的这个免征购置税的这个政策12月底到期嘛,所以这样的话呢,就让很多的消费者的购车的这个需求会前置,我们看到25年12月呢,新能源销售量呢,3月是134万两,这是历史最高了,这当然也就是透支了2026年一季度的一些需求。

The fixed government policy adjustment and the pulling forward of consumer demand, you know, is the core reason, main reason behind the sales decline. As you know, the policy exempting the new energy vehicle from purchase tax expired at the end of December last year. So this policy exploration really caused consumers to bring forward their car purchases. So we saw EV retail sales reach nearly 1.34 million units in December last year alone. So this is a record high in history.

This also directly put forward part of the demand that would otherwise have appeared in the first quarter this year. 啊 今年呢 政策的国普退坡嘛 政策的驱动肯定是减弱了 然后叠加呢 这个一季度呢 整体的这个宏观的信心呢 还是偏谨慎的 消费者的这个购车意愿呢 也受到了一定的压制 同时呢 对比去年一季度的时候呢 车市还是一个阶段性的回暖吧 基数也相对比较高 所以这两个一增一减呢 就是也显得今年的这个一季度的这个市场的这个销售的数字 So, since the beginning of 2026, as you know, the government subsidies have been scaled back.

The policy-driven boost to demand weakened. At the same time, the overall consumer confidence still remains relatively cautious in Q1. So, this further dampens consumers' willingness to purchase vehicles. In addition, the auto market in the first quarter last year was a period of cyclical recovery. So it creates a relatively high base for comparison. So the combination of a tougher year-over-year comparison last year and the softer demand this year underscores the market pressure seen in the first quarter.

So it formed the primary backdrop for the short-term decline in auto sales. 从行业端来看,产能过剩依然还是放大了市场的压力,对消费者来讲也会去观望价格的变化,一方面经销商的库存还是高起的,今年以来库存的预警指数已经连续出在警戒的水平之上了,这也是经销商的资金链非常紧张,亏损面加大, 为了这个加快销售回总资金吧,经销商呢,也提高了折扣,这个使价格呢,终端销售价格持续下降,这种越等越便宜的这种预期呢,也会让客户的这个决策的和成交的周期拉长。

So from an industry perspective, we can see the overcapacity in the auto sector further exacerbated the market pressures and reinforced consumers' wait-and-see attitudes. So on one hand, dealer inventory still remains at a high level. Since the beginning of this year, the dealer inventory warning index has stayed above the cautious threshold for, you know, for several months already. So it increased the pressure on dealers' cash flows, the dealers' losses spread further. So in order to recover capital, dealers have increased their discount. So this drive the prices lower. So in this way, it has strengthened our consumer expectations that the auto prices will continue to fall down.

It further lessening the purchasing decision cycle And slowing the transaction conversion 另一方面呢 就是OEM的这个经营压力 持续的传导吧 一季度呢 前十家车企中 九家的销量都是同比下跌的 这个我们也看到 这个汽车制造业的销售利润 在前三个月就3.2% 也是历史最低的 二五年这个数字是4.1% 这也就是一个现实 So on the other hand, operating pressures on major OEMs also continue to spread.

Among the top 10 OEMs in the first quarter this year, nine of them reported year-over-year sales decline. we also observed that the profit margin for the china auto manufacturing industry fell to just 3.2 percent you know for three months this year this is a record low in history and it is further declining uh from 4.1 compared with last year so this really reflects the widespread widespread reality facing the whole industry the oems are relying on pricing cut to drive sales volume, while both prices and volume are simultaneously under great pressure. In the future, auto exports will serve as the key stabilizing force for the auto industry. According to the data from CPCA, China Passenger Car Association, China exported a cumulative 1.83 million vehicles in the first quarter this year, which is a year-over-year growth of 61%. So, NEV export continues to account for a large percentage, still significantly a high share. So it remains as the core growth driver in overseas expansion.

关于海尔和芝加的协同呢,因为现在我们从交易完成到现在就是半年多的时间嘛, 目前主要还是在二手车和线下场景方面呢,做的比较多一点。

About the Synergy's collaboration with a higher group, the transaction has completed more than six months. So the current collaboration is still focused on Synergy's execution in the used car business and the offline services scenario, et cetera. For CarTech, its used car business has been developing for so many years, with a presence across multiple cities nationwide in China, and it has extensive experience in integrated online to offline operations and dealership door management, etc. For a higher group, it also brings us expertise in consumer service systems and management models, which are all areas for collaboration and knowledge shared with us. 现在我们的新零售业务已经在二手车领域和卡泰池展开比较深入的合作 包括车员供应啊 车辆检测环节等等 卡泰池车辆的改装定制和充电装服务呢 也和之家行程协同效应 后续我们继续会深化和拓展在这些领域的合作 For example, our new retail business has already began cooperation with CarTech in the use car segment, including the vehicle sourcing and vehicle inspection processes. CarTech, vehicle customization and the charging pole, charging station business have also created synergistic opportunities with that. So going forward in the future, you know, we plan to continue deepening and expanding operations in the above area. Thank you.

Thank you. We will now take our next question from Brian Gong of City. Please ask your question, Brian. Your line is open.

Thank you,管理 team. This is what I asked. I have two questions. 第一个是关于销售线索的 能否分享一下今年经销商续约的时候的他们的一个反馈 就是主要想看一下销售线索业务这块的下滑是否会持续 然后另外一个是我们新流售的拓展 现在是怎么思考的 这个业务的模式是否已经达到了可以快速复制的阶段 后续该怎么看他的这个增长动能 然后我很快翻译一下 Thanks management for taking my questions. I have two questions. First is that can management share the feedback from dealers during the contract renewal period this year? Should we expect continuous decline on sales list business given dealers worsening conditions? And secondly, for new retail business, what is our strategies for expansion now? Does this business approach the phase that we can scale up very quickly? And how should we view its growth potentials ahead? Thank you.

Thank you. The first question is about the business of the company's contract. The business of the company's contract is already finished.

Thank you for your question. As present, you know, for the dealer membership renewal, this has been completed this year. And overall, the dealer customer coverage still remains at a stable level, even though there is ongoing price wars in the auto market and there are shrinking margins at the retail level. So it's really bring a lot of high inventory pressures for most of the dealers. So for most of the dealers, they adopted a more conservative operating approach, and the loss-making coverage in the dealer segment has widened, and the profitability pressure still remains at the high level in the retail end for the dealer.

It is one of the most important things in the market. We also have to increase the performance of the data-driven model and the technology-driven model.

Despite the pressure on the overall vehicle sales, for dealers, their demand for high quality sales needs still continues to increase. You know, AutoHome still remains one of the most important customer acquisition channels for dealer customers. So on the membership services side, you know, we are improving the traffic matching accuracy and distribution efficiency through the data-driven reverse funnel model and the intelligent distribution model. 未来吧,我们之家会继续跟经销商呢,一起呢,探索这个经营的这个提升的这个方案,帮门店呢,提升这个客流和成交的转换,拓展线上线下的这个联动业务,帮助经销商吧,增收盈利,尽可能降低这个行业下行再来的这个经营的这个冲击。 So going forward, Auto Home will continue to work closely with the dealer customers to further explore solutions which can help them to break through the current operation challenges for the dealer customers. We aim to support dealerships in increasing the customer traffic and improving the conversion rate, while also, you know, we try to expand the integrated O2O business initiative. You know, our goal is to help Vila customers improve their revenues and profitability while mitigating as much as possible the operational impacts caused by the broader auto industry downturn. 展示在商城上 就类似有点淘宝的这个样子 那通过这些经销商联动呢 我们能够为用户提供 线上线下一站式的 这个便捷购车服务 涵盖在线选车

个性化配置选择 在线支付 大定以及线下轻松提车等 全流程环节 为用户提供一个电商体验的 那么一个 购车的一个交易平台 目前我们在西安和深圳两个城市的 这个业务模式呢 在跑 效果还可以 跑通之后呢 可能在更多的这个城市 会去推广复制

For our new retail business, you know, we are still currently exploring, you know, allowing local dealer customers to join in our network, which is the Auto Home More platform and display dealer vehicle inventory and the final transaction pricing online. So this model is just quite similar to Taobao marketplace model so through cooperation with such dealers we are able to provide users with a seamless o2o online to offline one-stop vehicle purchasing experience so which can cover the entire process from from the online vehicle selection browsing personalize the configuration to online deposit payments and to many offline vehicle delivery and pick-up. And, you know, our target is to create an e-commerce-like auto transaction platform which can deliver an efficient user-friendly experience for our customers. You know, at present we are piloting this model, online hard-purchasing model, in two cities, Xi'an and Shenzhen. So far, so good. And once this model has been fully upgraded and validated, we will further expand it into other additional cities. Thank you.

Thank you. We will now take our next Question from the line of Jing Yuan from CICC, please ask your question. Jing, your line is open. Thanks for a moment for taking my question. I wonder what's the company's future plan for shareholder returns going forward. Thanks.

Thank you for your question. As we said, we will continue to implement our commitments for shareholder returns. And today, our board of directors announced the interim cash dividend plan of RMB 500 million for the first half of this year. And we will continue to fulfill our commitment for the full year cash dividend of no less than RMB 1.5 billion. So regardless of the fluctuations in the auto industry, we will consistently play strong emphasis on the shareholder returns, and we will maintain continuity and stability in our dividend policy. For the shares by bike, you know, our new shares by bike program was ratified in March by the board. So until today, it's almost three months. So far, you know, we have completed roughly one third of the authorized share repurchase amounts. And so it really reflects our determined attitude and execution. 重视投资者回报也是之家董事会常态化的回购 也是我们现在的这个策略 You know, we have, for Autohom, we have been consistently prioritizing shareholder returns and, you know, we established our shareholder return framework You know, including the cash dividends plus share by bike So going forward, we will continue to adhere to our comprehensive shareholder return policy in the future. Thank you.

We will now take our next question from the line of Richie Sun of HSBC. Please go ahead, Richie, your line is open.

Thank you, management, for taking my question. I want to ask about the auto home mall business progress. Any metrics to share in the second half outlook? Thank you. Thank you for your question. For detailed numbers, it's still too early at the moment. You know, for our auto home shopping mall, So, you know, our target is try to provide our users with more standardized new cars, certified used car products and the magical platform level safeguards. For example, for the new standard vehicle, we aggregate the best-selling models from major brands and offer exclusive benefits, as well as other transparent final pricing. And so it can address key user pain points, such as the difficulty in the price comparison and the customer's concerns about overpaying. And for the high quality used cars, we can rely on our deep cooperation with CarTech to establish a unified inspection and warranty system. So for the online auto industry, the overall business model is still not very clear, but we firmly trust that this is the right direction for the whole industry. So from our point of view, we do expect that both the new car and the used car transaction business will become new engines for auto homes' future growth. So this is our deep understanding for the future of the industry. Thank you.

Thank you. There are no further questions at this time. I'll turn the call back to management for closing remarks.

Thank you, everyone.

Thank you very much for joining the call today. We appreciate your continued support and we look forward to updating you on our next quarter's conference for a few months' time. And in the meantime, please feel free to contact us if you have any further questions or comments. Thank you very much. Goodbye. Thank you.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.