6-K
Autohome Inc. (ATHM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-36222
Autohome Inc.
18th FloorTower 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 | Announcement – Inside Information Change in Controlling Shareholders |
| 99.2 | Announcement – Inside Information Management Change |
| 99.3 | 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/ Quan Long |
| Name: | Quan Long |
| Title : | Chairman of the Board |
Date: February 20, 2025
EX-99.1
Exhibit 99.1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make norepresentation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Autohome Inc.
汽車之家^*^ ****
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2518)
INSIDE INFORMATION
CHANGE IN CONTROLLING SHAREHOLDER
This announcement is issued by Autohome Inc. (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Company has been informed by Yun Chen Capital Cayman (“Yun Chen”, a subsidiary of Ping An), its controlling shareholder, that on February 20, 2025, Yun Chen entered into a share sale and purchase agreement (the “Share Sale and Purchase Agreement”) with CARTECH HOLDING COMPANY, a subsidiary of Haier Group Corporation (the “Purchaser”). Pursuant to the Share Sale and Purchase Agreement, Yun Chen has agreed to sell, and the Purchaser has agreed to acquire, 200,884,012 ordinary shares of the Company, representing approximately 41.91%^1^ of the issued and outstanding ordinary shares of the Company, at a consideration of approximately US$1.8 billion (the “Share Transfer”).
The Share Transfer shall be completed upon satisfaction of the conditions precedent set out in the Share Sale and Purchase Agreement, including, without limitation, obtaining the necessary regulatory approvals. Upon the completion of the Share Transfer, Yun Chen will hold 23,916,500 ordinary shares of the Company, and Yun Chen will cease to be the controlling shareholder of the Company.
The directors of the Company do not expect that the Share Transfer, if completed, will have any material adverse impact on the financial position and business operation of the Company.
Further announcement(s) in relation to the Share Transfer will be made by the Company in accordance with applicable laws and regulations as and when appropriate.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in thesecurities of the Company.
| By order of the Board |
|---|
| Autohome Inc.<br><br><br>Mr. Quan Long |
| Director and Chairman |
Hong Kong, February 20, 2025
As at the date of this announcement, the board of directors of the Company comprises Mr. Quan Long, Mr. Song Yang, Ms. Keke Ding andDr. Fan Lu as the directors, and Mr. Junling Liu, Mr. Tianruo Pu, and Dr. Dazong Wang as the independent directors.
| ^*^ | For identification purposes only |
|---|---|
| ^1^ | Based on 479,288,580 issued and outstanding ordinary shares of the Company (excluding 30,099,020 treasury<br>shares and ordinary shares that had been issued and reserved for the purpose of the share incentive plans of the Company) as at December 31, 2024. |
| --- | --- |
EX-99.2
Exhibit 99.2
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make norepresentation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Autohome Inc.
汽車之家^*^
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2518)
INSIDE INFORMATION
MANAGEMENT CHANGE
This announcement is issued by Autohome Inc. (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Company hereby announces that Mr. Tao Wu (“Mr. Wu”) has resigned from his positions as an executive director and the chief executive officer (the “Chief Executive Officer”) of the Company, effective February 20, 2025. The Company would like to take the opportunity to express its sincere gratitude to Mr. Wu for his valuable contribution to the Company during his tenure.
Furthermore, the Company is pleased to announce that Mr. Song Yang (“Mr. Yang”) has been appointed as an executive director of the Company and the Chief Executive Officer, effective February 20, 2025. The directors of the Company determined that Mr. Yang has valuable and relevant qualifications and experience, and it is in the best interests of the Company to appoint Mr. Yang as an executive director of the Company and the Chief Executive Officer.
Mr. Yang has over 20 years of experience in automotive industry in both China and the U.S. Since he joined Autohome in October 2021, Mr. Yang has served as Senior Vice President overseeing OEM business, new retail business, used car business, and TTP Car Inc.. Before joining Autohome, Mr. Yang held different leadership positions at multiple automakers. From April 2019 to September 2021, he worked at Ford China, serving as President of NDSD (National Distribution & Service Division) and Deputy General Manager of the Passenger Vehicle Division. Prior to that, he served as CEO of Borgward Passenger Vehicle Group and the Chairman of its North American R&D Center from February 2018 to February 2019. He held several key leadership positions in marketing and sales at Dongfeng Nissan and NNA (Nissan North America) from May 2005 to December 2014. Mr. Yang received his bachelor’s degree in economics from Fudan University in July 1995.
| By order of the Board |
|---|
| Autohome Inc.<br><br><br>Mr. Quan Long |
| Director and Chairman |
Hong Kong, February 20, 2025
As at the date of this announcement, the board of directors of the Company comprises Mr. Quan Long, Mr. Song Yang, Ms. Keke Ding andDr. Fan Lu as the directors, and Mr. Junling Liu, Mr. Tianruo Pu, and Dr. Dazong Wang as the independent directors.
| * | For identification purposes only |
|---|
EX-99.3
Exhibit 99.3
Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results
BEIJING, February 20, 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 full year ended December 31, 2024.
FourthQuarter 2024 Highlights^1^
| • | Net r evenues in the fourth quarter of 2024 were RMB1,783.4 million (US$244.3 million),<br>compared to RMB1,911.4 million in the corresponding period of 2023. |
|---|---|
| • | Net income attributable to Autohome in the fourth quarter of 2024 was RMB320.5 million (US$43.9<br>million), compared to RMB446.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the fourth quarter of 2024 was RMB304.4 million (US$41.7 million), compared to<br>RMB432.1 million in the corresponding period of 2023. |
| --- | --- |
| • | Adjusted net income attributable to Autohome (Non-GAAP)^2^**^^**in the fourth quarter of 2024 was RMB486.5 million (US$66.7 million),<br>compared to RMB502.8 million in the corresponding period of 2023. |
| --- | --- |
| • | Share repurchase: As of February 14, 2025, the Company had repurchased 3,289,520 American depositary<br>shares (“ADSs”) for a total cost of approximately US$88.5 million. |
| --- | --- |
Full Year 2024 Highlights^1^
| • | Net revenues in 2024 were RMB7,039.6 million (US$964.4 million), compared to RMB7,184.1 million<br>in 2023. |
|---|---|
| • | Net income attributable to Autohome in 2024 was RMB1,681.1 million (US$230.3 million), compared to<br>RMB1,935.3 million in 2023, while net income attributable to ordinary shareholders in 2024 was RMB1,619.6 million (US$221.9 million), compared to RMB1,880.1 million in 2023. |
| --- | --- |
| • | Adjusted net income attributable to Autohome (Non-GAAP) ^2^ **** in 2024 was RMB2,050.0 million (US$280.9 million), compared to RMB2,159.6 million in 2023. |
| --- | --- |
| ^1^ | The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain<br>amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.2993 on December 31, 2024 in the City of New York for<br>cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
| --- | --- |
| ^2^ | For more information on this and other non-GAAP financial measures,<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. |
| --- | --- |
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Mr. Song Yang, Chief Executive Officer of Autohome, stated, “Throughout the year, we focused on integrating our online-to-offline ecosystem, achieving significant milestones in user growth, content matrix enhancements, new retail business expansion, and the promotion of AI applications. According to QuestMobile, our average mobile daily active users increased by 13.6% year-over-year to 77.48 million in December 2024, underscoring the effectiveness of our content-driven approach. We are also excited about the rapid expansion of our franchised Autohome Space and satellite stores, which now exceed 150 in total — significantly broadening our offline presence and further reinforcing our service offerings.”
“In terms of technological innovation, we have seamlessly integrated AI across all aspects of our services - from content creation for consumers to operational management and decision-making analysis for clients. Looking ahead, we will deepen resource deployment across targeted regional markets, refine our business model, and enhance operational efficiency. By establishing a virtuous online to offline cycle, we are driving Autohome to new heights.”
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “We concluded 2024 with several significant breakthroughs across our innovative businesses. Online marketplace and others revenues increased by 8.1% year-over-year in 2024, driving total revenues for the year to RMB7.04 billion. Our new retail business has emerged as a clear growth driver as we further refine and improve the effectiveness of our business model. Looking ahead to 2025, we will continue to strategically invest in innovative growth initiatives in order to achieve our dual objectives of business expansion and financial stability.”
Unaudited Fourth Quarter 2024 Financial Results
Net Revenues
Net revenues were RMB1,783.4 million (US$244.3 million) in the fourth quarter of 2024, compared to RMB1,911.4 million in the corresponding period of 2023.
| • | Media services revenues were RMB436.8 million (US$59.8 million) in the fourth quarter of 2024,<br>compared to RMB500.5 million in the corresponding period of 2023. |
|---|---|
| • | Leads generation services revenues **** were RMB758.4 million (US$103.9 million) in the fourth<br>quarter of 2024, compared to RMB841.5 million in the corresponding period of 2023. |
| --- | --- |
| • | Online marketplace and others revenues were RMB588.2 million (US$80.6 million) in the fourth quarter<br>of 2024, compared to RMB569.5 million in the corresponding period of 2023. |
| --- | --- |
Cost of Revenues
Cost of revenues was RMB428.6 million (US$58.7 million) in the fourth quarter of 2024, compared to RMB367.9 million in the corresponding period of 2023, primarily attributable to an increase in operational costs. Share-based compensation expenses included in cost of revenues in the fourth quarter of 2024 were RMB2.2 million (US$0.3 million), compared to RMB1.4 million in the corresponding period of 2023.
Operating Expenses
Operating expenses were RMB1,177.0 million (US$161.2 million) in the fourth quarter of 2024, compared to RMB1,242.8 million in the corresponding period of 2023.
| • | Sales and marketing expenses were RMB717.8 million (US$98.3 million) in the fourth quarter of 2024,<br>compared to RMB730.1 million in the corresponding period of 2023. Share-based compensation expenses included in sales and marketing expenses in the fourth quarter of 2024 were RMB10.3 million (US$1.4 million), compared to<br>RMB11.7 million in the corresponding period of 2023. |
|---|
2
| • | General and administrative expenses were RMB131.2 million (US$18.0 million) in the fourth quarter of<br>2024, compared to RMB156.8 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the fourth quarter of 2024 were RMB13.6 million (US$1.9 million), compared to<br>RMB17.6 million in the corresponding period of 2023. |
|---|---|
| • | Product development expenses were RMB328.0 million (US$44.9 million) in the fourth quarter of 2024,<br>compared to RMB355.9 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the fourth quarter of 2024 were RMB15.6 million (US$2.1 million), compared to<br>RMB18.7 million in the corresponding period of 2023. |
| --- | --- |
Operating Profit
Operating profit was RMB232.4 million (US$31.8 million) in the fourth quarter of 2024, compared to RMB366.7 million in the corresponding period of 2023.
Income Tax Expense
Income tax expense was RMB31.4 million (US$4.3 million) in the fourth quarter of 2024, compared to an income tax expense of RMB127.6 million in the corresponding period of 2023. The decrease in income tax expense was primarily attributable to a timing difference in withholding tax which was largely accrued in the fourth quarter of 2023, following the declaration of the new cash dividend policy in December 2023.
Net Income attributable to Autohome
Net income attributable to Autohome was RMB320.5 million (US$43.9 million) in the fourth quarter of 2024, compared to RMB446.7 million in the corresponding period of 2023.
Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was RMB304.4 million (US$41.7 million) in the fourth quarter of 2024, compared to RMB432.1 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB0.63 (US$0.09) and RMB0.62 (US$0.08), respectively, in the fourth quarter of 2024, compared to basic and diluted EPS of RMB0.89 and RMB0.89, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB2.51 (US$0.34) and RMB2.50 (US$0.34), respectively, in the fourth quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.57 and RMB3.56, respectively, in the corresponding period of 2023.
Adjusted Net Income attributable to Autohome (Non-GAAP) andNon-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was RMB486.5 million (US$66.7 million) in the fourth quarter of 2024, compared to RMB502.8 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.00 (US$0.14) and RMB1.00 (US$0.14), respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.04 and RMB1.04, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.02 (US$0.55) and RMB3.99 (US$0.55), respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4.15 and RMB4.14, respectively, in the corresponding period of 2023.
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Unaudited Full Year 2024 Financial Results
Net Revenues
Net revenues in 2024 were RMB7,039.6 million (US$964.4 million), compared to RMB7,184.1 million in 2023.
| • | Media services revenues were RMB1,523.1 million (US$208.7 million) in 2024, compared to<br>RMB1,870.8 million in 2023. |
|---|---|
| • | Leads generation services revenues **** were RMB3,135.9 million (US$429.6 million) in 2024,<br>compared to RMB3,111.8 million in 2023. |
| --- | --- |
| • | Online marketplace and others revenues were RMB2,380.6 million (US$326.1 million) in 2024, compared<br>to RMB2,201.5 million in 2023. |
| --- | --- |
Cost of Revenues
Cost of revenues was RMB1,483.2 million (US$203.2 million) in 2024, compared to RMB1,411.9 million in 2023, primarily attributable to an increase in operational costs. Share-based compensation expense included in cost of revenues was RMB8.1 million (US$1.1 million) in 2024, compared to RMB8.0 million in 2023.
Operating Expenses
Operating expenses were RMB4,841.4 million (US$663.3 million) in 2024, compared to RMB4,898.9 million in 2023.
| • | Sales and marketing expenses were RMB2,988.2 million (US$409.4 million) in 2024, compared to<br>RMB3,012.5 million in 2023. Share-based compensation expense included in sales and marketing expenses in 2024 was RMB48.4 million (US$6.6 million), compared to RMB49.3 million in 2023. |
|---|---|
| • | General and administrative expenses were RMB534.8 million (US$73.3 million) in 2024, compared to<br>RMB538.0 million in 2023. Share-based compensation expense included in general and administrative expenses in 2024 was RMB51.1 million (US$7.0 million), compared to RMB51.9 million in 2023. |
| --- | --- |
| • | Product development expenses were RMB1,318.4 million (US$180.6 million) in 2024, compared to<br>RMB1,348.5 million in 2023. Share-based compensation expense included in product development expenses in 2024 was RMB84.3 million (US$11.6 million), compared to RMB85.9 million in 2023. |
| --- | --- |
Operating Profit
Operating profit was RMB1,003.5 million (US$137.5 million) in 2024, compared to RMB1,137.4 million in 2023.
4
Income Tax Expense
Income tax expense was RMB63.0 million (US$8.6 million) in 2024, compared to an income tax expense of RMB72.2 million in 2023.
Net Income attributable to Autohome
Net income attributable to Autohome was RMB1,681.1 million (US$230.3 million) in 2024, compared to RMB1,935.3 million in 2023.
Net Income attributableto Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was RMB1,619.6 million (US$221.9 million) in 2024, compared to RMB1,880.1 million in 2023. Basic and diluted EPS were RMB3.34 (US$0.46) and RMB3.33 (US$0.46), respectively, in 2024 as compared to basic and diluted EPS of RMB3.84 and RMB3.83, respectively, in 2023. Basic and diluted earnings per ADS were RMB13.36 (US$1.83) and RMB13.31 (US$1.82), respectively, in 2024 as compared to basic and diluted earnings per ADS of RMB15.35 and RMB15.31, respectively, in 2023.
Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAPEarnings per Share/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was RMB2,050.0 million (US$280.9 million) in 2024, compared to RMB2,159.6 million in 2023. Non-GAAP basic and diluted EPS were RMB4.23 (US$0.58) and RMB4.21 (US$0.58), respectively, in 2024 as compared to non-GAAP basic and diluted EPS of RMB4.41 and RMB4.40, respectively, in 2023. Non-GAAP basic and diluted earnings per ADS were RMB16.91 (US$2.32) and RMB16.85 (US$2.31), respectively, in 2024 as compared to non-GAAP basic and diluted earnings per ADS of RMB17.63 and RMB17.58, respectively, in 2023.
Balance Sheet and Cash Flow
As of December 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.32 billion (US$3.19 billion). Net cash provided by operating activities in the year of 2024 was RMB1,373.1 million (US$188.1 million).
Employees
The Company had 4,415 employees as of December 31, 2024, including 1,332 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on Thursday, February 20, 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.vevent.com/register/BI255a7f8360974da5ae7ffaf90252fa85
Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.
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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.
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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/(gain) relating to non-operating impact of a write-down of the initial investment in a financial product, loss/(gain) pickup of equity method investments, and non-recurring employee severance costs, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.
For investor and media inquiries, please contact:
Autohome Inc.
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn
Christensen China Limited
Suri Cheng
Tel: +86-185-0060-8364
E-mail: suri.cheng@christensencomms.com
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AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share / per ADS data)
| For three months ended December 31, | For year ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Net revenues: | ||||||||||||||||
| Media services | 500,477 | 436,819 | 1,870,819 | 1,523,075 | ||||||||||||
| Leads generation services | 841,486 | 758,443 | 3,111,805 | 3,135,885 | ||||||||||||
| Online marketplace and others | 569,478 | 588,174 | 2,201,511 | 2,380,627 | ||||||||||||
| Total net revenues | **** | 1,911,441 | **** | **** | 1,783,436 | **** | **** | **** | 7,184,135 | **** | **** | 7,039,587 | **** | **** | ||
| Cost of revenues | (367,888 | ) | (428,559 | ) | ) | (1,411,881 | ) | (1,483,220 | ) | ) | ||||||
| Gross profit | **** | 1,543,553 | **** | **** | 1,354,877 | **** | **** | **** | 5,772,254 | **** | **** | 5,556,367 | **** | **** | ||
| Operating expenses: | ||||||||||||||||
| Sales and marketing expenses | (730,094 | ) | (717,812 | ) | ) | (3,012,479 | ) | (2,988,169 | ) | ) | ||||||
| General and administrative expenses | (156,797 | ) | (131,168 | ) | ) | (537,979 | ) | (534,809 | ) | ) | ||||||
| Product development expenses | (355,924 | ) | (327,987 | ) | ) | (1,348,472 | ) | (1,318,443 | ) | ) | ||||||
| Total operating expenses | **** | (1,242,815 | ) | **** | (1,176,967 | ) | ) | **** | (4,898,930 | ) | **** | (4,841,421 | ) | ) | ||
| Other operating income, net | 65,976 | 54,498 | 264,101 | 288,551 | ||||||||||||
| Operating profit | **** | 366,714 | **** | **** | 232,408 | **** | **** | **** | 1,137,425 | **** | **** | 1,003,497 | **** | **** | ||
| Interest and investment income, net | 195,813 | 189,062 | 831,006 | 791,905 | ||||||||||||
| Share of results of equity method investments | 7,361 | (77,389 | ) | ) | 29,133 | (109,094 | ) | ) | ||||||||
| Income before income taxes | **** | 569,888 | **** | **** | 344,081 | **** | **** | **** | 1,997,564 | **** | **** | 1,686,308 | **** | **** | ||
| Income tax expense | (127,566 | ) | (31,375 | ) | ) | (72,155 | ) | (62,959 | ) | ) | ||||||
| Net income | **** | 442,322 | **** | **** | 312,706 | **** | **** | **** | 1,925,409 | **** | **** | 1,623,349 | **** | **** | ||
| Net loss attributable to noncontrolling interests | 4,414 | 7,817 | 9,901 | 57,774 | ||||||||||||
| Net income attributable to Autohome | **** | 446,736 | **** | **** | 320,523 | **** | **** | **** | 1,935,310 | **** | **** | 1,681,123 | **** | **** | ||
| Accretion of mezzanine equity | (39,805 | ) | (44,006 | ) | ) | (153,294 | ) | (172,596 | ) | ) | ||||||
| Accretion attributable to noncontrolling interests | 25,184 | 27,895 | 98,071 | 111,035 | ||||||||||||
| Net income attributable to ordinary shareholders | **** | 432,115 | **** | **** | 304,412 | **** | **** | **** | 1,880,087 | **** | **** | 1,619,562 | **** | **** | ||
| Earnings per share attributable to ordinary shareholders | ||||||||||||||||
| Basic | 0.89 | 0.63 | 3.84 | 3.34 | ||||||||||||
| Diluted | 0.89 | 0.62 | 3.83 | 3.33 | ||||||||||||
| Earnings per ADS attributable to ordinary shareholders (one ADS equals for four ordinaryshares) | ||||||||||||||||
| Basic | 3.57 | 2.51 | 15.35 | 13.36 | ||||||||||||
| Diluted | 3.56 | 2.50 | 15.31 | 13.31 | ||||||||||||
| Weighted average shares used to compute earnings per share attributable to ordinaryshareholders: | **** | |||||||||||||||
| Basic | 484,419,222 | 484,428,433 | 489,952,172 | 484,945,912 | ||||||||||||
| Diluted | 485,701,134 | 487,443,601 | 491,252,460 | 486,552,724 |
All values are in US Dollars.
8
AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share / per ADS data)
| For three months ended December 31, | For year ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Net income attributable to Autohome | **** | 446,736 | **** | **** | 320,523 | **** | **** | **** | 1,935,310 | **** | **** | 1,681,123 | **** | **** | ||
| Plus: income tax expense | 128,906 | 32,716 | 77,515 | 68,321 | ||||||||||||
| Plus: depreciation of property and equipment | 36,886 | 27,019 | 165,820 | 120,830 | ||||||||||||
| Plus: amortization of intangible assets | 9,654 | 9,645 | 40,949 | 38,595 | ||||||||||||
| EBITDA | **** | 622,182 | **** | **** | 389,903 | **** | **** | **** | 2,219,594 | **** | **** | 1,908,869 | **** | **** | ||
| Plus: share-based compensation expenses | 49,345 | 41,743 | 195,092 | 192,024 | ||||||||||||
| Adjusted EBITDA | **** | 671,527 | **** | **** | 431,646 | **** | **** | **** | 2,414,686 | **** | **** | 2,100,893 | **** | **** | ||
| Net income attributable to Autohome | **** | 446,736 | **** | **** | 320,523 | **** | **** | **** | 1,935,310 | **** | **** | 1,681,123 | **** | **** | ||
| Plus: amortization of intangible assets resulting from business acquisition | 9,583 | 9,583 | 40,610 | 38,332 | ||||||||||||
| Plus: share-based compensation expenses | 49,345 | 41,743 | 195,092 | 192,024 | ||||||||||||
| Plus: investment loss arising from one of financial products^3^ | 5,813 | — | 23,252 | 620 | ||||||||||||
| Plus: (Gain)/loss on equity method investments, net | (7,361 | ) | 77,389 | (29,133 | ) | 109,094 | ||||||||||
| Plus: Non-recurring employee severance costs^4^ | — | 60,847 | — | 60,847 | ||||||||||||
| Plus: tax effects of the adjustments | (1,329 | ) | (23,565 | ) | ) | (5,581 | ) | (31,992 | ) | ) | ||||||
| Adjusted net income attributable to Autohome | **** | 502,787 | **** | **** | 486,520 | **** | **** | **** | 2,159,550 | **** | **** | 2,050,048 | **** | **** | ||
| Net income attributable to Autohome | **** | 446,736 | **** | **** | 320,523 | **** | **** | **** | 1,935,310 | **** | **** | 1,681,123 | **** | **** | ||
| Net margin | 23.4 | % | 18.0 | % | % | 26.9 | % | 23.9 | % | % | ||||||
| Adjusted net income attributable to Autohome | **** | 502,787 | **** | **** | 486,520 | **** | **** | **** | 2,159,550 | **** | **** | 2,050,048 | **** | **** | ||
| Adjusted net margin | 26.3 | % | 27.3 | % | % | 30.1 | % | 29.1 | % | % | ||||||
| Non-GAAP earnings per share | ||||||||||||||||
| Basic | 1.04 | 1.00 | 4.41 | 4.23 | ||||||||||||
| Diluted | 1.04 | 1.00 | 4.40 | 4.21 | ||||||||||||
| Non-GAAP earnings per ADS (one ADS equals for fourordinary shares) | ||||||||||||||||
| Basic | 4.15 | 4.02 | 17.63 | 16.91 | ||||||||||||
| Diluted | 4.14 | 3.99 | 17.58 | 16.85 | ||||||||||||
| Weighted average shares used to compute non-GAAPearnings per share: | ||||||||||||||||
| Basic | 484,419,222 | 484,428,433 | 489,952,172 | 484,945,912 | ||||||||||||
| Diluted | 485,701,134 | 487,443,601 | 491,252,460 | 486,552,724 |
All values are in US Dollars.
| ^3^ | It represents 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. |
|---|---|
| ^4^ | It represents the non-recurring employee severance costs associated<br>with the optimization to the Company’s organizational structure in the fourth quarter of 2024. |
| --- | --- |
9
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)
| As of<br>December 31, | As of December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||||
| RMB | RMB | US | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 4,996,353 | 1,693,597 | ||||||
| Restricted cash | 126,794 | 88,515 | ||||||
| Short-term investments | 18,552,354 | 21,621,992 | ||||||
| Accounts receivable, net | 1,472,489 | 1,358,849 | ||||||
| Amounts due from related parties, current | 16,439 | 63,957 | ||||||
| Prepaid expenses and other current assets | 360,559 | 336,941 | ||||||
| Total current assets | **** | 25,524,988 | **** | **** | 25,163,851 | **** | **** | |
| Non-current assets | ||||||||
| Restricted cash, non-current | 5,000 | 5,000 | ||||||
| Property and equipment, net | 200,860 | 204,049 | ||||||
| Goodwill and intangible assets, net | 4,143,968 | 4,069,637 | ||||||
| Long-term investments | 448,341 | 339,247 | ||||||
| Deferred tax assets | 295,598 | 308,246 | ||||||
| Amounts due from related parties, non-current | 16,048 | 3,521 | ||||||
| Other non-current assets | 200,928 | 128,074 | ||||||
| Total non-current assets | **** | 5,310,743 | **** | **** | 5,057,774 | **** | **** | |
| Total assets | **** | 30,835,731 | **** | **** | 30,221,625 | **** | **** | |
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accrued expenses and other payables | 2,932,227 | 2,931,869 | ||||||
| Advance from customers | 105,379 | 106,276 | ||||||
| Deferred revenue | 801,581 | 276,894 | ||||||
| Income tax payable | 227,260 | 185,976 | ||||||
| Amounts due to related parties | 24,572 | 38,250 | ||||||
| Dividends payable | 984,332 | 990,529 | ||||||
| Total current liabilities | **** | 5,075,351 | **** | **** | 4,529,794 | **** | **** | |
| Non-current liabilities | ||||||||
| Other liabilities | 89,187 | 23,103 | ||||||
| Deferred tax liabilities | 497,955 | 468,078 | ||||||
| Total non-current liabilities | **** | 587,142 | **** | **** | 491,181 | **** | **** | |
| Total liabilities | **** | 5,662,493 | **** | **** | 5,020,975 | **** | **** | |
| MEZZANINE EQUITY | ||||||||
| Convertible redeemable noncontrolling interests | 1,758,933 | 1,931,529 | ||||||
| EQUITY | ||||||||
| Total Autohome shareholders’ equity | **** | 23,928,187 | **** | **** | 23,951,737 | **** | **** | |
| Noncontrolling interests | (513,882 | ) | (682,616 | ) | ) | |||
| Total equity | **** | 23,414,305 | **** | **** | 23,269,121 | **** | **** | |
| Total liabilities, mezzanine equity and equity | **** | 30,835,731 | **** | **** | 30,221,625 | **** | **** |
All values are in US Dollars.
10