6-K - ATHM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number: 001-36222

Autohome Inc.

18th Floor Tower B, CEC Plaza

3 Dan Ling Street

Haidian District, Beijing 100080

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Autohome Inc.
By :	/s/ Song Yang
Name:	Song Yang
Title :	Director and Chief Executive Officer

Date: July 31, 2025

EX-99.1

Exhibit 99.1

LOGO

Autohome Inc. Announces Unaudited Second Quarter and Interim 2025 Financial Results

BEIJING, July 31, 2025 – 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 and six months ended June 30, 2025.

Second Quarter 2025 Highlights^1^

•	Net revenues in the second quarter of 2025 were RMB1,758.1 million (US$245.4 million), compared to<br>RMB1,872.6 million in the corresponding period of 2024.
•	Net income attributable to Autohome in the second quarter of 2025 was RMB415.7 million (US$58.0<br>million), compared to RMB524.8 million in the corresponding period of 2024, while net income attributable to ordinary shareholders in the second quarter of 2025 was RMB398.9 million (US$55.7 million), compared to<br>RMB509.7 million in the corresponding period of 2024.
---	---
•	Adjusted net income attributable to Autohome (Non-GAAP)^2^^^in the second quarter of 2025 was RMB475.7 million (US$66.4 million), compared to RMB572.4 million in the corresponding period of<br>2024.
---	---
•	Share repurchase: As of July 25, 2025, the Company had repurchased 5,349,886 American depositary<br>shares (“ADSs”) for a total cost of approximately US$142.4 million.
---	---

Mr. Song Yang, Chief Executive Officer of Autohome, stated, “We continued to make steady progress in advancing our O2O strategy by optimizing synergies between online and offline resources. At the same time, we accelerated AI-driven product innovation to empower user decision-making and improve cost efficiency for our customers. Powered by DeepSeek and our auto-related proprietary big data capabilities, our AI smart assistant delivers industry-leading performance in answering questions across both new and used vehicles scenarios. Meanwhile, our new retail business continued to expand its footprint, with the number of franchised stores surpassing 200 by the end of June, significantly expanding our reach to a broader consumer base.”

“Looking ahead, we will continue to expand the applications of AI across our products and services, and deepen the deployment of our O2O automotive ecosystem. By capitalizing on key industry trends - electrification, intelligence and globalization, we will further drive the transformation of the automotive consumer experience and deliver greater value to both our users and customers.”

^1^	The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain<br>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$1.00 to RMB7.1636 on June 30, 2025 in the City of New York for cable<br>transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
^2^	For more information on this and other non-GAAP financial measures,<br>please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP<br>Results” set forth at the end of this release.
---	---

^1^

The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain<br>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$1.00 to RMB7.1636 on June 30, 2025 in the City of New York for cable<br>transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

^2^

For more information on this and other non-GAAP financial measures,<br>please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP<br>Results” set forth at the end of this release.

---

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Through the upgrade of our content matrix and innovative initiatives, we have further strengthened Autohome’s content ecosystem advantages and achieved steady user growth. According to QuestMobile, our average number of mobile daily active users grew by 11.5% year-over-year, reaching 75.74 million in June. Notably, online marketplace and others revenues increased by 20.5% year-over-year in the second quarter, driven primarily by the robust performance of our new retail business, which also contributed to the rapid rise in our new energy vehicle revenues. Moving forward in 2025, we will remain committed to capturing emerging growth opportunities while maintaining disciplined cost controls to deliver sustainable value to our shareholders.”

Unaudited Second Quarter 2025 Financial Results

Net Revenues

Net revenues in the second quarter of 2025 were RMB1,758.1 million (US$245.4 million), compared to RMB1,872.6 million in the corresponding period of 2024.

•	Media services revenues were RMB279.4 million (US$39.0 million) in the second quarter of 2025,<br>compared to RMB432.9 million in the corresponding period of 2024, primarily due to reduced advertising spending by internal combustion engine automakers.
•	Leads generation services revenues **** were RMB732.6 million (US$102.3 million) in the second<br>quarter of 2025, compared to RMB820.3 million in the corresponding period of 2024.
---	---
•	Online marketplace and others revenues were RMB746.1 million (US$104.2 million) in the second quarter<br>of 2025, compared to RMB619.4 million in the corresponding period of 2024.
---	---

Cost of Revenues

Cost of revenues was RMB503.4 million (US$70.3 million) in the second quarter of 2025, compared to RMB346.1 million in the corresponding period of 2024, primarily due to higher transaction costs associated with the Company’s innovative business in lower-tier cities. Share-based compensation expense included in cost of revenues in the second quarter of 2025 was RMB3.4 million (US$0.5 million), compared to RMB1.9 million in the corresponding period of 2024.

Operating Expenses

Operating expenses were RMB1,015.7 million (US$141.8 million) in the second quarter of 2025, compared to RMB1,185.3 million in the corresponding period of 2024.

•	Sales and marketing expenses were RMB630.0 million (US$87.9 million) in the second quarter of 2025,<br>compared to RMB752.5 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 second quarter of 2025 were<br>RMB13.3 million (US$1.9 million), compared to RMB10.1 million in the corresponding period of 2024.
•	General and administrative expenses were RMB132.7 million (US$18.5 million) in the second quarter of<br>2025, compared to RMB117.6 million in the corresponding period of 2024. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2025 were RMB15.8 million (US$2.2 million), compared to<br>RMB10.4 million in the corresponding period of 2024.
---	---
•	Product development expenses were RMB253.0 million (US$35.3 million) in the second quarter of 2025,<br>compared to RMB315.2 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 second quarter of 2025 were<br>RMB19.9 million (US$2.8 million), compared to RMB18.8 million in the corresponding period of 2024.
---	---

Operating Profit

Operating profit was RMB296.6 million (US$41.4 million) in the second quarter of 2025, compared to RMB412.4 million in the corresponding period of 2024.

Income Tax Expense

Income tax expense was RMB60.6 million (US$8.5 million) in the second quarter of 2025, compared to RMB102.2 million in the corresponding period of 2024.

Net IncomeAttributable to Autohome

Net income attributable to Autohome was RMB415.7 million (US$58.0 million) in the second quarter of 2025, compared to RMB524.8 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 RMB398.9 million (US$55.7 million) in the second quarter of 2025, compared to RMB509.7 million in the corresponding period of 2024. Basic and diluted earnings per share (“EPS”) were RMB0.85 (US$0.12) and RMB0.85 (US$0.12), respectively, in the second quarter of 2025, compared to basic and diluted EPS of RMB1.05 and RMB1.05, respectively, in the corresponding period of 2024. Basic and diluted earnings per ADS were RMB3.40 (US$0.47) and RMB3.38 (US$0.47), respectively, in the second quarter of 2025, compared to basic and diluted earnings per ADS of RMB4.20 and RMB4.19, respectively, in the corresponding period of 2024.

Adjusted Net Income Attributable to Autohome (Non-GAAP) andNon-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB475.7 million (US$66.4 million) in the second quarter of 2025, compared to RMB572.4 million in the corresponding period of 2024. Non-GAAP basic and diluted EPS were RMB1.01 (US$0.14) and RMB1.01 (US$0.14), respectively, in the second quarter of 2025, compared to non-GAAP basic and diluted EPS of RMB1.18 and RMB1.18, respectively, in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS were RMB4.06 (US$0.57) and RMB4.04 (US$0.56), respectively, in the second quarter of 2025, compared to non-GAAP basic and diluted earnings per ADS of RMB4.72 and RMB4.71, respectively, in the corresponding period of 2024.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents and short-term investments of RMB22.05 billion (US$3.08 billion). Net cash provided by operating activities in the second quarter of 2025 was RMB495.0 million (US$69.1 million).

Employees

The Company had 4,360 employees as of June 30, 2025, including 1,311 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, July 31, 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/BI8cf7e0ee3ea6428a9b2a6318555713d0

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, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, 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, pleasecontact:

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 share and per share / per ADS data)

	For three months ended June 30,								For six months ended June 30,
	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Net revenues:
Media services		432,858			279,399					760,289			521,578
Leads generation services		820,271			732,581					1,546,694			1,377,724
Online marketplace and others		619,425			746,140					1,174,636			1,312,636
Total net revenues	****	1,872,554	****	****	1,758,120	****		****	****	3,481,619	****	****	3,211,938	****		****
Cost of revenues		(346,102	)		(503,424	)		)		(646,994	)		(818,944	)		)
Gross profit	****	1,526,452	****	****	1,254,696	****		****	****	2,834,625	****	****	2,392,994	****		****
Operating expenses:
Sales and marketing expenses		(752,543	)		(629,982	)		)		(1,393,819	)		(1,173,621	)		)
General and administrative expenses		(117,564	)		(132,665	)		)		(267,109	)		(263,688	)		)
Product development expenses		(315,230	)		(253,017	)		)		(651,297	)		(527,158	)		)
Total operating expenses	****	(1,185,337	)	****	(1,015,664	)		)	****	(2,312,225	)	****	(1,964,467	)		)
Other operating income, net		71,279			57,611					166,072			101,471
Operating profit	****	412,394	****	****	296,643	****		****	****	688,472	****	****	529,998	****		****
Interest and investment income, net		189,053			165,123					409,027			342,194
Share of results of equity method investments		4,640			(322	)		)		(44,493	)		(11,958	)		)
Income before income taxes	****	606,087	****	****	461,444	****		****	****	1,053,006	****	****	860,234	****		****
Income tax expense		(102,165	)		(60,596	)		)		(170,566	)		(116,925	)		)
Net income	****	503,922	****	****	400,848	****		****	****	882,440	****	****	743,309	****		****
Net loss attributable to noncontrolling interests		20,839			14,810					36,820			28,984
Net income attributable to Autohome	****	524,761	****	****	415,658	****		****	****	919,260	****	****	772,293	****		****
Accretion of mezzanine equity		(42,687	)		(47,355	)		)		(84,358	)		(93,009	)		)
Accretion attributable to noncontrolling interests		27,599			30,563					54,547			60,032
Net income attributable to ordinary shareholders	****	509,673	****	****	398,866	****		****	****	889,449	****	****	739,316	****		****
Earnings per share attributable to ordinary shareholders
Basic		1.05			0.85					1.84			1.57
Diluted		1.05			0.85					1.83			1.56
Earnings per ADS attributable to ordinary shareholders (one ADS equals for four ordinaryshares)
Basic		4.20			3.40					7.34			6.26
Diluted		4.19			3.38					7.32			6.23
Weighted average shares used to compute earnings per share attributable to ordinaryshareholders:
Basic		484,860,625			469,269,006					484,569,763			472,358,950
Diluted		486,591,693			471,358,186					486,029,303			474,595,274

All values are in US Dollars.

AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share / per ADS data)

	For three months ended June 30,								For six months ended June 30,
	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Net income attributable to Autohome	****	524,761	****	****	415,658	****		****	****	919,260	****	****	772,293	****		****
Plus: income tax expense		103,505			61,936					173,247			119,605
Plus: depreciation of property and equipment		31,750			25,846					65,284			53,216
Plus: amortization of intangible assets		9,650			9,595					19,300			19,216
EBITDA	****	669,666	****	****	513,035	****		****	****	1,177,091	****	****	964,330	****		****
Plus: share-based compensation <br>expenses		41,188			52,311					89,495			97,801
Adjusted EBITDA	****	710,854	****	****	565,346	****		****	****	1,266,586	****	****	1,062,131	****		****
Net income attributable to Autohome	****	524,761	****	****	415,658	****		****	****	919,260	****	****	772,293	****		****
Plus: amortization of intangible assets resulting from business acquisition		9,583			9,583					19,166			19,166
Plus: share-based compensation expenses		41,188			52,311					89,495			97,801
Plus: investment loss arising from one of financial products^3^		2,906			—					2,906			—
Plus: (gain)/loss on equity method investments, net		(4,640	)		322					44,493			11,958
Plus: tax effects of the adjustments		(1,360	)		(2,147	)		)		(8,954	)		(4,721	)		)
Adjusted net income attributable to Autohome	****	572,438	****	****	475,727	****		****	****	1,066,366	****	****	896,497	****		****
Net income attributable to Autohome	****	524,761	****	****	415,658	****		****	****	919,260	****	****	772,293	****		****
Net margin		28.0	%		23.6	%		%		26.4	%		24.0	%		%
Adjusted net income attributable to Autohome	****	572,438	****	****	475,727	****		****	****	1,066,366	****	****	896,497	****		****
Adjusted net margin		30.6	%		27.1	%		%		30.6	%		27.9	%		%
Non-GAAP earnings per share
Basic		1.18			1.01					2.20			1.90
Diluted		1.18			1.01					2.19			1.89
Non-GAAP earnings per ADS (one ADS equals for fourordinary shares)
Basic		4.72			4.06					8.80			7.59
Diluted		4.71			4.04					8.78			7.56
Weighted average shares used to compute non-GAAPearnings per share:
Basic		484,860,625			469,269,006					484,569,763			472,358,950
Diluted		486,591,693			471,358,186					486,029,303			474,595,274

All values are in US Dollars.

^3^	It represented the loss of an investment with fair value below its initial investment, which was recognized at<br>“interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

	As of<br>December 31,			As of June 30,
	2024			2025
	RMB			RMB			US
ASSETS
Current assets
Cash and cash equivalents		1,693,597			2,878,872
Restricted cash		88,515			93,891
Short-term investments		21,621,992			19,174,574
Accounts receivable, net		1,358,849			1,483,888
Amounts due from related parties, current		63,957			60,913
Prepaid expenses and other current assets		336,941			258,786
Total current assets	****	25,163,851	****	****	23,950,924	****		****
Non-current assets
Restricted cash, non-current		5,000			5,000
Property and equipment, net		204,049			179,129
Goodwill and intangible assets, net		4,069,637			4,032,550
Long-term investments		339,247			327,289
Deferred tax assets		308,246			308,246
Amounts due from related parties, non-current		3,521			5,825
Other non-current assets		128,074			124,698
Total non-current assets	****	5,057,774	****	****	4,982,737	****		****
Total assets	****	30,221,625	****	****	28,933,661	****		****
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables		2,931,869			1,954,966
Advance from customers		106,276			112,312
Deferred revenue		276,894			822,995
Income tax payable		185,976			133,458
Amounts due to related parties		38,250			56,831
Dividends payable		990,529			—
Total current liabilities	****	4,529,794	****	****	3,080,562	****		****
Non-current liabilities
Other liabilities		23,103			33,516
Deferred tax liabilities		468,078			462,136
Total non-current liabilities	****	491,181	****	****	495,652	****		****
Total liabilities	****	5,020,975	****	****	3,576,214	****		****
MEZZANINE EQUITY
Convertible redeemable noncontrolling interests		1,931,529			2,024,538
EQUITY
Total Autohome shareholders’ equity	****	23,951,737	****	****	24,104,561	****		****
Noncontrolling interests		(682,616	)		(771,652	)		)
Total equity	****	23,269,121	****	****	23,332,909	****		****
Total liabilities, mezzanine equity and equity	****	30,221,625	****	****	28,933,661	****		****

All values are in US Dollars.

UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS Accounting Standards

The unaudited condensed consolidated statements of income for the six month ended June 30, 2025 and the unaudited condensed consolidated balance sheets as of June 30, 2025 (collectively, the “Unaudited Interim Financial Statements”) of Autohome Inc., its subsidiaries, the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the “Company”) are prepared in accordance with the accounting principles generally accepted in the United States of America (the “U.S. GAAP”), and the differences between U.S. GAAP and IFRS Accounting Standards issued by the International Accounting Standards Board (together, the “Reconciliation Statement”) have been disclosed in the Appendix — Unaudited Reconciliation Between U.S. GAAP and IFRS Accounting Standards attached herein.

PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standards on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board.

Appendix

The Unaudited Interim Financial Statements of the Company are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS Accounting Standards. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS Accounting Standards are as follows:

Reconciliation of unaudited condensed consolidated statements of income:

	For six months ended June 30,
	2024			2025
	RMB			RMB
Reconciliation of net income in the consolidated statements of income	(in thousands)
Net income as reported under U.S. GAAP	****	882,440	****	****	743,309	****
IFRS Accounting Standards adjustments:
Preferred shares (Note a)		126,264			64,042
Leases (Note b)		(285	)		1,253
Share-based compensations (Note c)		(16,419	)		(8,625	)
Net income as reported under IFRS Accounting Standards	****	992,000	****	****	799,979	****

Reconciliation of unaudited condensed consolidated balance sheets:

	As of<br>December 31,			As of<br>June 30,
	2024			2025
	RMB			RMB
Reconciliation of total equity in the consolidated balance sheets	(in thousands)
Total equity as reported under U.S. GAAP	****	23,269,121	****	****	23,332,909	****
IFRS Accounting Standards adjustments:
Preferred shares (Note a)		1,693,068			1,858,262
Leases (Note b)		(8,019	)		(6,766	)
Total equity as reported under IFRS Accounting Standards	****	24,954,170	****	****	25,184,405	****

Notes:

Basis of Preparation

The Directors of the Company areresponsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules. The Reconciliation Statement was prepared based on the Company’s unaudited interim condensed consolidatedfinancial information for the six months ended June 30, 2025 prepared under U.S. GAAP, with adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRS Accounting Standards. The adjustmentsreflect the differences between the Company’s accounting policies under U.S. GAAP and IFRS Accounting Standards.

(a)	Preferred Shares

Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted to the amountwhich equals to redemption value of each series of preferred shares.

Under IFRS Accounting Standards, the preferred shares, whichare redeemable at the option of the holder, represent a financial liability. And the financial liability is measured at fair value and changes in the fair value are reflected in the consolidated statements of comprehensive income. The amount ofchange in the fair value of the financial liability that is attributable to changes in the credit risk of the liability shall be recognized in other comprehensive income/(loss); the remaining amount of change in the fair value of the liability shallbe recognized in profit or loss.

Accordingly, the reconciliation includes a fair value profit change of RMB126.26 million andRMB64.04 million recognized in the consolidated statements of comprehensive income for each of the six months ended June 30, 2024 and 2025, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAPand financial liabilities under IFRS Accounting Standards of RMB1,693.07 million and RMB1,858.26 million as at December 31, 2024 and June 30, 2025, respectively.

(b)	Leases

For operating leases under U.S. GAAP, the subsequent measurement of the lease liability is based on the present value of the remaining leasepayments using the discount rate determined at lease commencement, while the right-of-use asset is remeasured at the amount of the lease liability, adjusted for theremaining balance of any lease incentives received, cumulative prepaid or accrued rents, unamortized initial direct costs and any impairment. This treatment under U.S. GAAP results in straight line expense being incurred over the lease term, asopposed to IFRS Accounting Standards which generally yields a “front-loaded” expense with more expense recognized in earlier years of the lease.

Accordingly, the reconciliation includes an expenses difference recognized in the consolidated statements of comprehensive income ofRMB0.29 million (negative) and RMB1.25 million for each of the six months ended June 30, 2024 and 2025, respectively. The reconciliation also includes a difference in total equity of RMB8.02 million (negative) and RMB6.77 million(negative) as at December 31, 2024 and June 30, 2025, respectively.

(c)	Share-based Compensation

Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-linemethod for all share-based awards granted with service conditions that have a graded vesting schedule. For awards with performance condition and multiple service dates, if the performance conditions are all set at inception and independent for eachyear, each tranche is accounted for as a separate award with its own requisite service period. Compensation cost is recognized over the respective requisite service period separately for each separately-vesting tranche as though each tranche of theaward is, in substance, a separate award.

Under IFRS Accounting Standards, the accelerated method is required to recognizecompensation expense for all employee equity awards granted with graded vesting.

Accordingly, the reconciliation includes anexpense recognition difference in the consolidated statements of comprehensive income of RMB16.42 million (negative) and RMB8.63 million (negative) for each of the six months ended June 30, 2024 and 2025, respectively.