Q3 2023 Autohome Inc Earnings Call

Okay.

Speaker 1: Thank you for standing by for Auto Home 3rd quarter 2023 earnings conference call. At this time all participants are in a listen only mode.

Ladies and gentlemen, thank you for some device also homes third quarter 2023 earnings conference call.

At this time all participants are in a list.

The only bad news.

Speaker 1: A question and answer session will follow management's prepared remarks.

A question and answer session will follow management's prepared remarks as a reminder, this conference call is being recorded.

Speaker 1: As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time. A live and archive webcast of the Ernand conference call will also be available on AutoHose IR website. It is now my pleasure to introduce your host, Sterling Song, AutoHose IR Director. Mr Song, please go ahead.

If you have any objections you may disconnect at this time.

Live and archived webcast of the earnings conference call will also be available on <unk>.

Oh web sites.

It's now my pleasure to introduce your host Sterling. So also I'll divert.

Sorry about that Mr. Song. Please go ahead.

Speaker 2: Thank you, Haiti. Thank you. Hello, everyone. Welcome to Auto Home, ZCOTA 2023, Ernie's Conference.

Sterling Song: Thank you, Hady. Thank you. Hello, everyone. Welcome to Autohome's Q3 2023 earnings conference call. Earlier today, Autohome distributed its earnings press release, which can be found on the company's IR website at ir.autohome.com.cn. Joining me today on the call are Chairman and CEO, Mr. Quan Long, and Chief Financial Officer, Mr. Craig Yan Zeng. Management will go through their prepared remarks, which will be followed by a Q&A session where they will be available to answer your questions. Before we continue, please know that the discussion today will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Thank you Heidi. Thank you Hello, everyone welcome to ultra homes third quarter 'twenty three earnings conference call.

Speaker 2: Earlier today, AutoHome Distributed is earning a press release which can be found on the company's IR website at ir.autohome.com.cm

I guess a day old telecom distributed its earnings press release, which can be found on the company's IR website at IR.

<unk> Dot auto home Dotcom dossier.

Speaker 2: Joining me today on the call are Chairman and CEO , Ms. Chuan Lung, and Chief Financial Officer, Ms. Craig Yansen.

Today on the call are chairman and CEO, Mr Shan, Li and Chief Financial Officer, Mr. Craig Yeah.

Speaker 2: Management will go through their prepared remarks, which will be followed by a Q&A session, where they will be available to answer questions.

And we'll go through their prepared remarks, which will be followed by a Q&A session, where they will be available to answer questions.

Speaker 2: Before we continue, please know that the discussion today will contain overlooking statements made under the Safe Harbor provisions of the US private.

Before we continue please note that the discussion today will contain forward looking statements made under the safe Harbor provisions of the U S private.

Speaker 2: Securities Dedication Reform Act of 1995. Overlooking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Securities Litigation Reform Act of 1995, but there are lots of statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Sterling Song: Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the US Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome doesn't undertake any obligation to update any forward-looking statements, except as required under applicable law. Please also know that Autohome's earnings press release and this conference call include discussions of certain audited non-GAAP financial measures. A reconciliation of the non-GAAP measures for the most directly comparable GAAP measures can be found in our earnings release. I will now turn the call over to Autohome Chairman and CEO, Mr. Long, for opening remarks. Please go ahead, Mr. Long. Thank you, Sterling. Hello, everyone. This is Quan Long, Chairman and CEO of Autohome. Thank you for joining our earnings conference call today. Thank you, Sterling. Hello, everyone. This is Quan Long, Chairman and CEO of Autohome.

Speaker 2: potential risks and uncertainties include but are not limited to those outlined your public filings with the US Secreties and Exchange Commission and the Hong Kong such change. Also, home doesn't undertake any obligation to update any foreign or losing statements except as required and applicable law.

That's all risks and uncertainties include but are not limited to those outlined your public filings with the U S Securities and Exchange Commission on the Ha that's changed auto home doesn't undertake any obligation to update any forward looking statements.

As required under applicable law.

Speaker 2: Please also know that auto homes earning freshly and this conference call include discussions of certain audited non-get financial measures. A reconciliation of the non-get measures for the most directly comparable GAAP measures can be found in our earnings release. I will now turn the call over to auto home chairman, CEO , Mr. Long, for opening remarks. Please go ahead, Mr. Long.

Please also note that although homes earnings press release and this conference call include discussions of the audited non-GAAP financial measures a reconciliation of the non-GAAP measures for the most directly comparable GAAP measures can be found in our earnings release.

I will now turn the call over to older homes, Chairman and CEO for opening remarks. Please go ahead Mr. <unk>.

Speaker 2: Thank you, Sturling. Hello everyone. This is Quan Long, Chairman of CEO of House of Home. Thank you for joining our earnings conference call today.

Sure.

<unk> was achieved with regard to that.

101.

Great.

Angela sorry, Hello, everyone. This is Randall chairman and CEO of <unk>. Thank you for joining our earnings conference call today.

Sterling Song: Thank you for joining our earnings conference call today. In Q3, our new businesses continued to drive Autohome's overall growth as we further optimized our revenue structure. This marks our 5th straight quarter of top-line and bottom-line growth on a year-over-year basis, while consistently maintaining a high net profit margin. Net revenues for Q3 were RMB 1.91 billion. Revenues from online marketplace and the others business increased 25.2% year-over-year, accounting for 31.4% of total revenue. Revenue from data products, in particular, generated strong growth momentum, increasing more than 30% compared to the same period last year. We also made substantial progress in deepening our collaborative efforts with NEV automakers. Revenues from NEV brands were up by nearly 70% year-over-year as a result. Moreover, adjusted net income attributable to Autohome for the quarter was up 2.3% year-over-year, with our adjusted net margin hitting 31.7%.

Speaker 3: Dear SI do woman, the she is E in, she a jar, and your father PA she go, your Jo ions. So her, she knew in name you good people. So genton turned up, she knew, knew you would be that childun house again, SI and Min ES.

Do you think you're doing this year, which is a unique cheetos as Johnson.

Pedro soldiers.

Some use of Geneva.

<unk> good question.

I'm Tony agenda.

She didn't even need.

Junk Australia.

Thank you Sergio.

So Joel J E T.

Speaker 3: Thank you for watching.

Sanjay.

Toni it's Linda.

Awesome.

So sure.

Firstly you did so.

Speaker 3: Thank you for your attention.

She is huge.

So would you Sami tissue Boston Thompson Pacer.

<unk> trillion tonne feedstock Congo and disaster.

Speaker 3: Weak markets have complaints on letzten Fancy receipts young traditions .drool

Comfortable without water.

Maybe I'll switch it up a little.

<unk> shifting ramping biodiesel Tobey it is a Japan ashish.

Speaker 3: So I thank you. Where were you? ch of xarage in calldan ginevy jotrina onunchetand a bandardis a Jin calld genina B bons ide the.

So what Sanjay two questions, which is a Java Ching Tao the Geneva.

Chile Huntington.

Jean counter junior neat.

I'm, just asking you to cheat.

Speaker 2: In the third quarter, our new businesses continue to drive auto homes overall growth as we further optimize our revenue structure.

In the third quarter, our new business has continued to drive older homes, our real growth as we further optimize our revenue structure. This marks our fifth straight quarter of topline and bottom line growth on a year over year.

Speaker 2: This marks our fifth street quarter of top line and bottom line growth on a year-over-year basis.

Speaker 2: while consistently maintaining a high net profit margin.

Yes basis, while consistently maintaining a high net profit margin net revenues for the third quarter was 191 billion RMB revenues from online marketplace and others business increased 25, 2% year over year accounting for 41, 4% of total revenue rec.

Speaker 2: Net revenues for the third quarter was 1.91 billion RMB. Revenues from online marketplace and other business increase 25.2% year-over-year, accounting for 31.4% of total revenue.

Speaker 2: From data products, in particular, generated strong growth momentum increasing more than 30% compared to the same period last year. We also made substantial progress in defining our collaborative efforts with NEV automators.

New.

From data products in particular generated strong growth momentum increasing more than 70% compared to the same period last year. We also made substantial progress in deepening our collaborative efforts with <unk>.

Speaker 2: revenues from AAV brands were up by nearly 70% year over year as a result.

The automakers revenues from EV brands were up by nearly 70% year over year as a result, merolla adjusted net income attributable to auto home for the quarter was up two 3% year over year with our adjusted net margin heating 31, 7%.

Speaker 2: Moreover, adjusted net income attributable to auto home for the quarter was up 2.3% year over year with our adjusted net margin hitting 31.7%.

Speaker 3: Here R woman jaz pag in nail and pedasa when our gunju nao he WO bargian garchisi Man wuliam orshicshall, sheini trunled center, the ta hoodor two J pin nan.

Sterling Song: During the quarter, we accelerated the build-out of our content ecosystem, which combines efficient tools, content, and services to offer users the information they are seeking, motivates creators to produce content and engage with our community, and creates a virtual cycle that drives growth across the platform. We also continue to explore new ways to develop, integrate, and create synergies between the diverse business models across our ecosystem. The Autohome Energy Space franchise stores we recently launched in cooperation with TTP in Chengdu and Chongqing have given us the opportunity to further refine the new retail plus used car business model and drive further business development. In addition, we also upgraded the foundational infrastructure and capabilities of our digital platform to enhance the value of our data products and seamlessly integrate big data and cutting-edge technologies to empower the digital transformation of dealers.

Yeah.

Also with <unk>.

Hi, Joseph.

Thank you Neil.

Project gunshot tissue, Martinsville, Yoshito, Chile, Transalta centavo Tanger hurdle tuition.

Speaker 3: In the field of innovative business, we will continue to work hard to explore multidimensional industry cooperation and build high-tech companies.

If you want to add.

Yeah.

Well, it's really tissue Sidney you touch or too little.

A little.

Gotcha Gotcha.

Speaker 3: Recently, we have invested in the car-based energy space station, Chengdu station and Chongqing station, and have been cooperating with Day Day Up to fully explore the positive business scenario of new retail and second-hand cars.

So.

<unk> this is Jonathan.

Chengdu Zhengzhou Chongqing John.

Jim.

Okay.

YJ Shin means though John.

Yeah.

Strong travel.

Speaker 3: In addition, we have upgraded the basic capabilities of the digital platform to enhance the value of multiple products and provide drive and security for digital transformation of retailers with large data and excellent intelligent technology.

So what what Martin silver cannot achieve Lee Keith.

He is endo Johnson <unk> Johnson.

Toyota turning GSO, well in Zhengzhou, Suzhou Chongqing Xi'an prudently.

Speaker 2: During the quarter, we accelerated the build-out of our content ecosystem, which combines efficient tools, content, and services to offer users the information they are seeking, motivates creators to produce content and engage with our community, and creates a virtuous cycle that drives growth across the platform.

During the quarter, we accelerated the build out of our content ecosystem, which combines efficient choose content and services to offer users. The information they are seeking multi base creators to produce content and engage with our community.

Create a virtuous cycle that drives growth across our platform. We also continue to explore new ways to develop integrate and create synergies between the diverse business models across our ecosystem. The other home additive space franchise doors, we originally launched in cooperation with.

Speaker 2: We also continue to explore new ways to develop, integrate, and create synergies between the diverse business models across our ecosystem.

Speaker 2: The Autohome energy space franchise stores we recently launched in cooperation with TTP in Chengdu and Chongqing have given us the opportunity to further refine the new retail plus used car business model and drive further business development.

TTP in Chengdu, and Chongqing has given us the opportunity to further refine the new retail plus used car business model and drive further business developments.

Speaker 2: In addition, we also upgraded the foundational infrastructure and capabilities of our digital platform to enhance the value of our data products and seamlessly integrate big data and cutting-edge technologies to empower the digital transformation of the other.

We also upgraded the foundational infrastructure and capabilities, our digital platform to enhance the value of our data products and seamlessly integrate big data on the cutting edge technologies to empower digital transformation.

Speaker 3: The rise of new energy vehicles has accelerated the transformation of the automotive industry.

Quan Long: 当前，新能源汽车快速崛起，加速了汽车行业的转型升级，也将新技术、新模式带到了行业发展的最前沿。在新的市场环境中，我们专注于利用新能源和数字化带来的重大机遇，支持合作伙伴的业务转型，并延伸我们的服务范畴，打造贯穿看车、买车、用车、换车生态圈的全链路一站式服务体系，以多元生态赋能公司的长期生长。

Yes.

Sanjay shouldn't be wrenches requires rotation Joshua children.

Speaker 3: A Junction, jeers was shim wasled P on a H many father than if they.

Angie.

Yes, Johnson cheers Shemozzle pad on a hernia.

Speaker 3: In the new market environment, we focus on using new energy and digitalization to bring great opportunities.

Okay shouldn't this woman trying to unique shouldn't.

Speaker 3: To her doorau than a year dking being as woman of fu pattle. But I want to canto my Y to want to andend that on a chamion. You as a no T shee, the do yes and that full and.

Alright.

<unk>.

Closer hurdle Amanda here, we're trying to be somewhat fragile.

That's all the question Sean.

Marty you want to.

Punches Sundance.

Yeah, so for TG.

Yes time Warner <unk> syndrome.

Sterling Song: The rapid adoption of NEVs is accelerating the transformation of the automotive industry, bringing new technologies and business models to the forefront. In this new market environment, we are focused on capitalizing on the major opportunities NEVs and digitalization present, supporting our partners in the transformation of their businesses and broadening the services we have on offer. This will ultimately create a one-stop ecosystem that spans the entire consumer cycle from the research and the purchase phase through to the use and exchange of cars to drive long-term sustainable growth.

Speaker 2: The rapid adoption of any visas accelerating

The rapid adoption of any visa is accelerating that transformation of the automotive industry, bringing new technologies and business models to the forefront in this new market environment. We are focused on capitalizing on the major opportunities in Evs and <unk> present supporting our partners.

Speaker 2: the transformation of the automotive industry, bringing new technologies and business models to the forefront. In this new market environment, we are focused on capitalizing on the major opportunities, NEVs and digitalization.

Speaker 2: supporting our partners in the transformation of their businesses and broadening the services.

In the transformation of their businesses and broadening the services. We have on offer this will ultimately create a one stop ecosystem that spans the entire consumer cycle from the research and the purchase space.

Speaker 2: we have on offer. This will ultimately create a one-stop ecosystem that spans the entire consumer cycle from the research and the purchase phase through to the use and exchange of cars to drive long-term sustainable growth.

To use an exchange of costs to drive long term sustainable growth.

Speaker 2: With that, I will now turn the call over to our Chief Financial Officer, Ms. Kris Tseung, for a close look at our third quarter operating and financial results.

Quan Long: 接下来请CFO曾岩先生详细介绍公司三季度的业务及财务情况。

JJ Lin chin favorable trend changing challenging outcomes Sanjay to the year.

Sterling Song: With that, I will now turn the call over to our Chief Financial Officer, Mr. Chris Zeng, for a close look at our Q3 operating and financial results.

I wish you well.

With that I will now turn the call over to our Chief Financial Officer, Mr. Craig for a closer look at our third quarter operating and financial results.

Craig Yan Zeng: 谢谢龙总。大家好，我是汽车之家的首席财务官曾岩。

The general rule.

Speaker 2: Thank you, Ms. Long. Hello, everyone. I'm Craig Zeng, the CFO of Autohome.

Therefore, what <unk> heard together shortly.

Sterling Song: Thank you, Mr. Long. Hello, everyone. I'm Chris Zeng, the CFO of Autohome.

Thank you Mr. Dong Hello, everyone I'm, Craig <unk>, the CFO of auto home.

Craig Yan Zeng: 第三季度，我们持续加强体系化工具和内容建设，加深平台护城河，扩大平台影响力。例如，我们重点发力新能源实测体系对车型的覆盖，三季度完成对近百款热门新能源车型的测试，为用户提供更全面、更易懂、更专业的工具，提升用户选车决策体验。截止目前，实测工具累计服务用户已超260万人次。此外，之家的818汽车超级盛典与央视财经以及其他视频媒体和社交网站实现多平台联合推流，全域曝光量破145亿，进一步提升了汽车之家的行业影响力。

Speaker 3: In the third quarter, we will continue to strengthen the systematization tool and content construction, and strengthen platform integration.

Thank you.

Dr. John <unk> here.

Jonathan in Hyperdrive Kodak in Highland County.

Speaker 3: For example, we focus on the coverage of car models in the new energy measurement system.

You will note on the FRE.

They took in natural gas.

Speaker 3: In the third quarter, we completed tests on nearly a hundred popular new energy vehicles to provide users with a more comprehensive and more professional tool to improve the user experience.

Frankly, though while 2018 by client.

Terrific.

So Yahoo, Google can chime in.

Great. Thank you.

<unk> sure sure Joseph Yes.

Speaker 3: As of now, we have over 2.6 million users for our tools.

<unk>, which is just a whole Julie if all your pool.

Speaker 3: In addition, Zhijia's 818 car super-sale and CCTV finance and other video media and social networks have achieved multi-platform joint promotion and a total exposure of 1.45 billion, further improving Zhijia's

Two items.

So at Teradata by about two o'clock eastern Yousif.

We also tightening.

Sure.

Sure.

So again talking high <unk>.

The portfolio for investors.

Cable T cell together create income.

Sterling Song: In Q3, we stepped up our efforts to systematically develop tools and content, widen the platform moat, and broaden our profile across the industry. With interest in NEVs growing, for example, we tested nearly 100 popular models to provide users with comprehensive, easy-to-understand, and professional analysis and information. To date, more than 2.6 million users have used our testing tools to assist their car buying decision making. In addition, we promoted Autohome's August 18 Super Auto Festival on multiple platforms in collaboration with CCTV Finance Channel and other broadcast and social media platforms. Total exposure exceeded 14.5 billion impressions, which further strengthens our profile in the industry.

Speaker 2: In the third quarter, we set up our efforts to systematically develop tools and content, widen the platform mode, and broaden our profile across the industry. With interest in NEV's growing, for example, we tested nearly 100 popular models to provide users with comprehensive, easy-to-understand, and professional analysis and information.

In the third quarter, we stepped up our efforts to systematically developed choose and content widened the platform out and broaden our profile across the industry with interest in any of its growing for example, with past at nearly 100 pop with our models to provide users with <unk>.

Hans is easy to understand and professional analysis and information.

Speaker 2: To date, more than 2.6 million users have used our testing tools to assist their card buying decision making.

Date more than $2 6 million users have used our testing tools to assist their car buying decision making.

Speaker 2: In addition, we promoted Autohome's August 18 Super Auto Festival on multiple platforms in collaboration with CCTV Finance Channel and other broadcast and social media platforms.

In addition, we promoted ultra homes August 18, Super Auto Festival, a multiple platform in collaboration with CCTV Finance channel and other broadcast and social media platforms.

Speaker 2: Total exposure exceeded 14.5 billion impressions, which further strengthens our profile in the industry.

Total exposure exceeded 14, 5 billion impressions, which further strengthens our profile in the industry.

Speaker 3: On the other hand, the home-to-work system has also entered a new phase.

Craig Yan Zeng: 另一方面，之家服务体系也迈入了新阶段，通过线上内容融合线下体验的方式抢占用户心智。在成都车展中，我们首次尝试帮帮购服务，根据意向车型组织看车团，由之家的编辑、大咖全程陪同消费者看车、选车，给他们带来不一样的选购体验。我们还发布了导购达人计划，从多个维度鼓励创作者生产和推广有助于消费者购车决策的内容，助力汽车消费。QuestMobile数据显示，汽车之家9月移动端日均用户量达到6901万，较去年同期增长约39.3%，继续领跑汽车垂媒。

If I'm here.

Who would you see <unk> in.

Speaker 3: For set AR Mayo local che out to ye bunshure ch a lo putin to that will cor ctgo.

In Denmark.

Yes, so Neal Europa again puncture.

You're welcome.

Ginger.

Next we'll go to Daniel while Michelle for cancer, Bob Bongo.

Speaker 3: and other car organizations are traveling to jewellery shops and clothing stores across China to bring them a unique pouquinho experience.

Benji 13 contour clients with regard to <unk> dot com trying to update on Zalviso cancel Joshua Hamilton.

Well Youngers yaacov.

While my problem a stock of iron ore.

Speaker 3: From multiple dimensions, we encourage creators to produce and promote content that helps consumers make decision-making decisions.

Totally.

Will it translate.

With regard to Vishal based culture.

Julie is adopted.

Speaker 3: Crest Mobile data shows that the number of daily users of Crest Mobile in September reached 69.01 million and increased by about 39.3% in the same period last year, continuing to lead the car market.

Correct mobile sure sure TWC.

TWC Youll get either O'brien, Virginia.

And I'll be okay Giovanni.

<unk>.

Okay.

T J E T growth related.

Speaker 2: At the same time, we launched the next development phase for our service system, which combines online content with offline experiences to further increase our mindshare among users. At the Chengdu Auto Show, we showcased our purchase assistance service for the first time, which offers consumers a hands-on purchasing experience where they can view and evaluate various car models accompanied by our highly experienced editors.

Sterling Song: At the same time, we launched the next development phase for our service system, which combines online content with offline experiences to further increase our mind share among users. At the Chengdu Auto Show, we showcased our purchase assistance service for the first time, which offers consumers a hands-on purchasing experience where they can view and evaluate various car models accompanied by our highly experienced editors. We also launched a shopping guide program to encourage content creators to produce and promote content that facilitates the decision-making process for consumers and boosts overall car consumption through our platform. According to QuestMobile, mobile DAU in September increased 39.3% year-over-year to 69.01 million, underscoring our ability to steadily strengthen our leadership position in the automotive media vertical.

At the same time, we launched the next development in place for our service system, which combines online content with offline experiences to further increase our mind share among users.

Turning to auto show, we showcased our purchase a system service for the first time, which offers consumers a hands on purchasing experience, where they can view and evaluate various car models accompanied by our highly experienced editors. We also launched our shopping guides program to encourage.

Speaker 2: We also launched a shopping guide program to encourage content creators to produce and promote content that facilitates the decision-making process for consumers and boost overall car consumption through our platform.

Content creators to produce and promote conference that facilitates that decision, making process for consumer and boost overall car consumption through our platform.

Speaker 2: According to QuestMobile, mobile DAU in September increased 39.3% year-over-year to 6369.01 million, underscoring our ability to steadily strengthen our leadership position in the automotive media vertical.

According to quest mobile mobile THQ in September increased 39, 3% year over year to six 369 101 million underscoring our ability to further strengthen our leadership position in the automotive media vertical.

Craig Yan Zeng: 在新能源领域，继去年9月推出首家新能源线下体验店之后，我们对这一模式进行了升级，尝试把二手车业务引入到新零售门店中。除了提供多品牌新能源汽车的一站式看选买车服务以外，还利用二手车业务创造了增量场景和天天拍车的车辆处置能力，向消费者提供卖旧买新的换购服务。

Speaker 3: In the field of new energy, after launching the first new energy offline experience line in September last year, we have upgraded this model, trying to make the second-hand car business more sustainable.

Alright.

TTM, which will show.

Yes, yes, yes.

Well, maybe it's actually more shaky connection.

Country by Arthur.

Speaker 3: In addition to providing a one-stop selection of multi-brand new energy vehicles, we also use the second-hand vehicle business to create a capacity-increasing scene and the ability to control the vehicle every day, and provide consumers with a change to buy a new one.

Yes.

Bookings.

Keytruda he timeshare co Gen Musharraf Woodmac Ali Agha CEO, Thomas <unk> with <unk>.

Obviously, you go <unk>.

Hello.

Speaker 2: Following the launch of our first brick-and-mortar NEV experience store last September , we further refined this business model by integrating our used car business model.

Sterling Song: Following the launch of our first brick-and-mortar NEV experience store last September, we further refined this business model by integrating our used car business. In addition to providing a one-stop service for NEVs from multiple brands that spans from car selection to purchase services, this store now offers consumers the option to trade in their cars and apply the proceeds towards the purchase of a new one. This will create additional opportunities for car sales and take advantage of TTP's vehicle disposal capacity.

Following the launch of our first brick and mortar store last September we'll further refine this business model by integrating our used car business.

Speaker 2: In addition to providing a one-stop service for NUVs from multiple brands that spans from car selection to purchase services, these stores now offer consumers the option to trade in their cars and apply the proceeds towards the purchase of a new one. This will create additional opportunities for car sales and take advantage of TTP's vehicle disposal.

In addition to providing a one stop service for <unk> from multiple brands that span from cost reduction to purchase services. This stores now offer consumers the option to trade in their cars and apply the proceeds towards the purchase of a new one this will create additional opportunities for <unk>.

<unk> sales and take advantage of TTP vehicle disposal.

Speaker 3: The Chengdu Station, which opened in August this year, combines the culture of young people's favorite cars with the form of an art museum, and holds a series of innovative marketing activities on a regular basis.

Craig Yan Zeng: 今年8月开业的成都站更是集合了年轻人喜爱的汽车文化、艺术馆等形式，并定期举办一系列的创新营销活动，业态极具代表性。此外，两周前正式投入运营的重庆站，是我们第一家设有专属二手车运营区域的店铺，以三合一的服务形态为消费者提供一站式体验，让他们在出售二手车的同时，可以购买新能源车或者二手车。这种创新的服务模式，充分利用了新零售和二手车之间的业务协同，为消费者提供车辆检查、购买和更换服务，是新零售模式的又一大创新。

Capacity.

So look at doses at the end here.

Mr Watkins.

And between <unk> and telco.

Yes, hi.

Speaker 3: In addition, the Chongqing Station, which was officially opened two weeks ago, is our first store with a dedicated area for second-hand cars. With a three-in-one service model, we provide customers with a war-safe experience.

So yes, no 10, Joseph Halloween networking, Dr Shaw, either sales growth or either choose.

Yes.

It sounds like either <unk> rysavy.

Speaker 3: so that they can buy new energy vehicles or second-hand cars while selling second-hand cars.

Yes.

And how does that sort of article Unfortunately.

So for the Iot.

Speaker 3: This innovative service model fully utilizes the business model between new retail and second-hand cars.

There is enough room officer Tobin.

So hard to put together.

Speaker 3: Which always your keep tr out in arcomoma for go back food cealing own water. You in that.

It's always a gigawatt Troy ounce popcorn for Goldman.

So feeling sort of water down.

Speaker 2: Auto Home Energy Space Chengdu store which opened this past August has become particularly popular among younger consumers with its innovative marketing activities and automotive culture offerings including a car museum. In addition, the Chongqing store which officially opened two weeks ago is our first location to feature a dedicated used car selection within the store.

Sterling Song: Autohome Energy Space Chengdu store, which opened this past August, has become particularly popular among younger consumers with its innovative marketing activities and automotive culture offerings, including a car museum. In addition, the Chongqing store, which officially opened two weeks ago, is our first location to feature a dedicated used car selection within the store. This provides consumers with a one-stop experience, allowing them to sell their old cars and purchase an NEV or a used car at the same time. This innovative service model capitalizes on the synergies between our new and used car businesses and offers consumers a complete suite of additional services including vehicle inspection, purchase, and replacement.

Yeah.

Although home address space Chengdu store, which opened this past August has become particularly popular among younger consumers with innovative marketing activities and automotive culture offering including a common theme.

The <unk> store, which officially opened two weeks ago as our first location for feature our dedicated used car selection within the store. This provides consumers with a one stop experience, allowing them to cloud they are old cars and purchase AED or used car at the same time.

Speaker 2: This provides consumers with a one-stop experience, allowing them to sell their old cars and the pictures at NED or Youth Car at the same time.

Speaker 2: This innovative service model capitalizes on the synergies between our new and the used car business.

Speaker 3: And offers consumers a complete suit of additional services, including reicco inspection, purchase and replacement. This year we listening to.

Craig Yan Zeng: 日前，我们的新零售业务发展迅速，新零售门店已在全国13个城市落地。未来两年，我们计划将汽车之家能源空间站推向全国，实现多线城市的下沉渗透，让汽车之家的资源优势从线上拓展到线下，而天天拍车也将建立空间站的战略性布局，更迅速地实现全国战略。

Speaker 3: In the next two years, we plan to push the T-Mobile energy space station to the whole country to achieve the downstream penetration of multi-city, so that T-Mobile's resource advantage extends from the line to the line, and Day-to-Day Driving will also establish a strategic layout of the space station to achieve the nationwide penetration of the T-Mobile energy space station as quickly as possible.

Speaker 2: Our new retail business at the moment is developing rapidly with the construction of new retail stores in certain cities having already begun. Over the next two years, we plan to increase the penetration of auto home and the space for entire stores across the country, allowing auto home to turn its online advantages.

Sterling Song: Our new retail business at the moment is developing rapidly, with the construction of new retail stores in certain cities having already begun. Over the next two years, we plan to increase the penetration of Autohome Energy Space franchise stores across the country, allowing Autohome to turn its online advantages into offline business across a broad range of markets. TTP will also leverage the Autohome Energy Space network to accelerate the expansion of its operations nationwide.

Speaker 2: into offline business across the board of markets. TTP will also leverage the Auto Home and the Space Network to accelerate the expansion of its operations nationwide.

And that's <unk> to celebrate the passion of his operations nationwide.

Craig Yan Zeng: 在数字化方面，我们在通信侧和人群画像上，分别做了技术和信息渠道升级，以提高通话效率和画像精准度。我们还深化了AI在智慧器产品中的应用，以进一步节省人工，强化内容质量，为经销商客户提供更高价值的服务。前九个月，包括店均合作产品数和店均收入在内的各项核心指标继续保持两位数的同比攀升。我们将持续快速覆盖数字化产品的应用场景，赋能经销商从人为驱动经营转变为数字驱动经营，用高效取代低效，切实帮客户减负。

Speaker 3: What was that talking cur going into the PD CA from the authority it Ed?

That she was with my apartment.

What does that <unk> <unk>.

Speaker 3: You Don myself you pfather seen to do when my high silver they are, that Ro is H in jino being will get new trani also. We he not cope, he don't Con L C.

It also myself.

Well my <unk> yeah.

Two times and Julio.

<unk> <unk> <unk> <unk>.

<unk>.

Speaker 3: Change way proper. And you because H through. But they, you show that in a question. You C to the Gi you box. Sure they are way for the comi pension. When my Jo, should you quite to, for that should the H H that know. honeyit fu things Don way should be DR, should not be. You go up should that Beach, up chest the B cook there.

Change over here.

Okay and do you have <unk>.

So pretty unusual Canada good sounds good.

<unk> tissue box surely I'll wait for the <unk>.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 2: On Digitalization Front, we upgraded our technology and information channels to improve communication and use of profiling and strengthen the efficiency and accuracy of customer outreach.

Sterling Song: On the digitalization front, we upgraded our technology and information channels to improve communication and user profiling and strengthen the efficiency and accuracy of customer outreach. We also broadened the application of AI into our smart products to generate further labor savings, improve content quality, and provide more value to dealer customers. In the first nine months of the year, key metrics such as the average number of data products adopted by each dealer store and average revenue from data products per dealer store both increased by double digits when compared to the same period last year. We are rapidly expanding our digital product portfolio across a range of application scenarios in order to support dealers as they shift from human-driven to digital-driven operations to improve their operational efficiency and ultimately lower the door prices for customers.

Uhm details right in front, we upgraded our technology and information channels to improve communication and the use of profiling and it's dress and the efficiency and accuracy of customer outreach we.

Speaker 2: We also broadened the application of AI into our smart products to generate further labor savings, improve content quality, and provide more value to the data customers.

It also broadened the application of AIG into our smart products, so generate further labor savings.

<unk> content quality and provide more value to <unk> customers.

Speaker 2: In the first nine months of the year, key metrics, such as the average number of data products adopted by each data store and average revenue from data products for data store, both increased by double digits when compared to the same period last year.

The first nine months of the year she matrix such as the average number updated products adult adopted by <unk> average revenue from data products <unk>, both increased by double digits, one compared to the same period last year.

Speaker 2: We are actually expanding our digital products for the folio across a range of application scenarios in order to support dealers as a shift from human driven to digital driven operations to improve their operational efficiency and ultimately lower the door prices for customers.

<unk> expanding our digital product for the folio across a range of applications scenarios in order to support dealers as a shift from human driven to digital driven operations to improve our operational efficiency and ultimately lower the at the door prices.

Craig Yan Zeng: 二手车方面，除了持续推进与新零售门店的业务联动以外，在产品上，我们以二手车拍卖和新车终端成交数据为基础，结合大模型的计算能力，推出了一站式车价查询平台，向二手车商提供车辆真实成交价格和估值工具。车商可以精准查询到不同区域、不同品牌、不同型号的新车和二手车成交价格，为二手车辆的准确估价提供依据。此外，我们还分别从用户和商户两端提升满意度，从而促进成交转化率改善。第三季度，这家平台的信息撮合及拍卖服务的渗透率持续提升，影响了全国二手乘用车交易量约24.4%，同比提升约3个百分点。

Speaker 3: Hi, everybody. Please, take care, then see you in the next break. Bye.

For customers.

No problem here.

<unk> Yeah <unk>.

Speaker 3: str haitra only articsho hama who ING to have two bch from down with you, with.

<unk> <unk> <unk>.

Speaker 3: Give balmo in. That is anually P 1, you should tr out having do.

<unk> <unk> <unk>.

Speaker 3: In this video i will talk about the specialists and employees of the

<unk> <unk> <unk> <unk>.

Speaker 3: ch on England having our Bo to the comking path we without see how the for artbitrate and.

Georgetown dangerous <unk>.

Hi, <unk>.

Speaker 3: Pull up. We're actually außer-expert,

<unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk>.

Speaker 3: So are two the per Poly backure time do to the ent change is you have a fu ction vol trification in genern chun are tring to out. We are that in the AR. So comication you sign.

<unk>, how do you betcha.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk>.

Sterling Song: Turning to our used car business. In addition to our ongoing cooperation with new retail stores, we launched a one-stop vehicle price inquiry product during the quarter. Based on used car auction and new car transaction data, this platform provides used car dealers with the real vehicle transaction prices as well as valuation tools supported by large language model capabilities. Dealers can now accurately evaluate each vehicle by querying the transaction prices for new and used vehicles across different regions, brands, and models. In addition, we are also boosting the transaction conversion rate by increasing customer and user satisfaction rates. In Q3, Autohome's matching and auction services platform accounted for about 24.4% of all used car transactions in China, a year-over-year increase of approximately 3 percentage points.

Speaker 2: Turning to our used car business, in addition to our ongoing cooperation with new retail stores, we launched a one-stop vehicle price inquiry product during the quarter. Based on used car auction and the new car transaction data, this platform provides used car dealers with the real vehicle transaction prices as well as valuation tools supported by large language model capabilities.

Turning to our youth copies.

In addition to ongoing cooperation with new retail stores.

Launched a one stop vehicle price winery product during the quarter based on <unk> option on a new car transaction data. This platform provides used car dealers with the real vehicle transaction prices as well as for the agent choose supported <unk> language model capabilities dealers come.

Speaker 2: dealers can now accurately evaluate each vehicle by querying the transaction prices for new and used vehicles across different regions, brands and models.

How accurately <unk> each vehicle occurring that transaction prices for new and used vehicles across different regions brands and models.

Speaker 2: In addition, we are also boosting the transaction conversion rate by increasing customer and user satisfaction rate.

<unk>, while also boosting the transaction conversion rate by increasing customer and user satisfaction rates.

Speaker 2: In the third quarter, photo homes matching and auction services platform accounted for about 24.4% of all use car transactions in China, a year-over-year increase of approximately three percentage points.

Set quota motorhomes matching and the options services platform accounted for about 24.4% of all used car transaction in China, a year over year increase of approximately three percentage points.

Speaker 3: As mentioned above, the car industry has seen a steady growth in revenue and revenue in the third quarter. The income structure continues to optimize, and the co-development of multi-billion-dollar business has greatly increased the overall business upstream. And the new retail business is also accelerating into the development of expressways. In the future, we will continue to deepen the ecological strategic layout, open up online and offline channels, and provide new models for the transition of the car industry to solve the new energy trend.

Craig Yan Zeng: 综上所述，汽车之家三季度营收和利润稳健增长，收入结构持续优化，多元业务的协同发展大大提升了整体业务的上升空间，而新零售业务也正在加速迈入发展的快车道。展望未来，我们将继续深化生态化战略布局，打通线上和线下渠道，为解决新能源趋势下车企的经营转型提供新模式。我们坚信，多元业务发展将助力汽车之家实现下一阶段的增长。

4000 please.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> yeah.

Yeah.

<unk> you too.

<unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> magenta.

Speaker 3: We believe that multidisciplinary business development will help the automobile industry achieve the next stage of growth.

Magenta.

<unk> <unk> <unk> <unk>.

Speaker 2: In summary, we delivered steady revenue and profit growth during the quarter while continuing to optimize our revenue structure.

Sterling Song: In summary, we delivered steady revenue and profit growth during the quarter, while continuing to optimize our revenue structure. Our new retail business is gaining growth momentum as synergies among our diverse business lines begin to take hold, which will greatly strengthen overall growth prospects going forward. Looking ahead, we will continue to advance our ecosystem approach by creating new business models that connect the online and offline channels to help automakers transform and adapt to NEV trends. We are confident that our diversified business will drive Autohome growth to the next level.

In summary, <unk> revenue and profit growth during the quarter, while continuing to optimize our revenue structure, our new retail business is gaining momentum as synergies among our diverse business lines.

Speaker 2: Our new retail business is gaining growth momentum as synergies among our diverse business lines begin to take hold, which will greatly strengthen overall growth prospects going forward.

Takeout, which real greatly strengthen our real growth prospects going forward.

Speaker 2: Looking ahead, we'll continue to advance our ecosystem approach by creating new business models that connect the online and offline channels to help automakers transform and adapt to NEB trends.

<unk> will continue to advance our ecosystem approach by creating new business models that connect the online and offline channels to help automakers transform and adapt and you'd be trapped.

Speaker 2: We are confident that our diversified business will drive autohome growth to the next level.

Yeah coffee than that <unk> business will try it auto home grown to the next level.

Craig Yan Zeng: 接下来，我来向大家简述一下汽车之家2023年第三季度的主要财务情况。请注意，我将在今天的讨论中仅以人民币作为货币单位，除非另有说明。

Speaker 3: Next, I will explain to you the main financial statements of the 3rd quarter of the 2023 Car Expo.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 3: Please note that in today's discussion, I will only use RMB as an example, unless there is an explanation.

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 2: Next, let me walk you through the key financials for the third quarter of 2023. Please note that, as with prior course, I will reference RMB only in my discussion today, unless otherwise stated.

Sterling Song: Next, let me walk you through the key financials for Q3 2023. Please note that, as with prior calls, I will reference RMB only in my discussion today unless otherwise stated.

Next let me walk you through the key finance shows for the third quarter of 2023, please know that as with prior costs a reference armed B only you might discussion today.

Otherwise stated.

Craig Yan Zeng: 第三季度收入总额为19.1亿元，同比增长3.4%。具体来讲，媒体服务收入为4.77亿元，线索服务收入为8.30亿元，在线营销及其他收入为5.99亿元，同比增长25.2%，主要是由于数据产品的收入贡献增加。

<unk> <unk> <unk> <unk>.

Speaker 3: Don't be going down back in J an fo to your idea mayking a water way to the entcity care of P away by the selling year. So can doubt it has.

Right Yeah.

A little ways to the I T T.

<unk>.

<unk> told.

Speaker 3: has increased by 25.2%, mainly due to the contribution of data products.

<unk> to actually go you should you tend to <unk> yeah.

Speaker 2: Net revenues for the third quarter were $1.91 billion, up 3.4% year-over-year.

Sterling Song: Net revenues for Q3 were RMB 1.91 billion, up 3.4% year-over-year. Breaking it down by segment, media services revenues were RMB 477 million, lead generation services revenues were RMB 830 million, and the online marketplace and others revenues were RMB 599 million, up 25.2% year-over-year, driven primarily by increasing revenue contribution from data products.

Net revenues for the third quarter, one point 91 billion, 3.4% year over year.

Speaker 2: Breaking it down by segment, media services revenues were $477 million. Least generation services revenues were $830 million. And online marketplace and other revenues were $599 million, up 25.2% year over year, driven primarily by increasing revenue contribution from data products.

It down by six months media services revenues for 477 million <unk> services revenue for 830 million, an online marketplace and other revenues or 519 <unk>.

2500, 2% year over year, driven primarily by increasing revenue contribution from <unk>.

Craig Yan Zeng: 成本方面，第三季度营业成本为3.74亿元，上年同期为3.31亿元。营业成本同比增长，主要是由于内容及运营成本的增加。第三季度毛利率为80.4%，上年同期为82.1%。

Speaker 3: In terms of cost, the operating cost of the third quarter is 3.74 billion yuan, and the year-on-year stock price is 3.75 billion yuan.

Pardon me.

<unk>.

<unk>.

Speaker 3: The growth of operating costs is mainly due to the increase in content and operating costs.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 3: In the third quarter, the??? was 80.4%, and in the first quarter, it was 82.1%.

<unk> <unk> <unk> <unk> <unk>.

Sterling Song: Moving on to costs. Cost of revenues in Q3 was RMB 374 million, compared to RMB 331 million in Q3 2022. The increase was primarily attributable to an increase in content and operational costs. Gross margin in Q3 was 80.4%, compared to 82.1% in Q3 2022.

Speaker 2: Moving on to costs, cost of revenues in the third quarter was $374 million compared to $331 million in the third quarter, 2022. The increase was primarily attributable to an increase in content and operational costs. Growth margin in the third quarter was 80.4% compared to 82.1% in Q3, 2022.

Moving onto cough cost of revenue.

Carter was 374 million compared with 331 million input.

<unk> 2022, the increase was primary attributable to an increase in content and operational costs gross Martinez quarter, what 80.4% compared to 82.1% in Q3 2022.

Speaker 3: In terms of operating costs, the third quarter sales and market costs were 9.35 billion yuan, and the same period last year was

Craig Yan Zeng: 营业费用方面，第三季度销售及市场费用为9.35亿元，上年同期为8.63亿元。同比增长主要是由于市场推广费用的增长。研发费用为3.55亿元，上年同期为3.87亿元。同比下降主要是由于人员相关费用的减少。最后，一般及管理费用为1.41亿元，上年同期为1.36亿元。

Pardon me.

<unk> is this your account for you Rachel Yeah. So here shortly.

<unk> <unk> <unk>.

Speaker 3: The increase is mainly due to the increase in market promotion costs, and the R&D cost is 3.55 billion yuan.

<unk>. So we also you'll you should have to go out for Ya.

<unk>.

Speaker 3: ch consu andian pattyia to out to us your usion some ING with.

Johnny <unk> <unk> <unk> <unk> <unk>.

Speaker 3: Finally, the general management cost is 1.41 billion yuan, and the annual total is 1.36 billion yuan.

<unk> <unk> <unk> <unk> <unk> <unk>, Yeah <unk> yeah.

Speaker 2: Turning to operating expenses, sales and marketing expenses in the third quarter were $935 million compared to $863 million in Q3 2021.

Sterling Song: Turning to operating expenses. Sales and marketing expenses in Q3 were RMB 935 million, compared to RMB 863 million in Q3 2022. The increase was primarily attributable to the increase in marketing and promotional spending. Product and development expenses were RMB 355 million, compared to RMB 387 million in Q3 2022. The decrease was primarily attributable to a decline in personnel-related expenses. Finally, general and administrative expenses were RMB 141 million, compared to RMB 136 million in Q3 2022.

Her name's operating expenses failed in the <unk> quarter, one 935, <unk> compared to six to 863 million in Q3 2022. The increase was primarily activate info to the inquiries the marketing on a <unk> spanning.

Speaker 2: The increase was primarily attributable to the increase in marketing and promotional spending.

Speaker 2: Product and development expenses were $355 million compared to $387 million in Q3 2020.

<unk> and development pansies or 355 million compare.

387 million two 320 22.

Speaker 2: The decrease was primarily attributable to a decline in personnel related expenses. Finally, general and administrative expenses were 141 million compared to 136 million in Q3, 20.

Decreased was primarily attributable to a decline in personnel related expenses finally general and Mr. To your expenses were 141 million compared to 136 million in Q3 2022.

Craig Yan Zeng: 总体来讲，汽车之家第三季度营业利润为1.66亿元，上年同期为1.92亿元，归属于汽车之家的经调整净利润为6.04亿元，上年同期为5.90亿元，同比增长2.3%。

Speaker 3: In general, the gross profit of the third quarter is 1.66 billion yuan.

<unk> <unk> <unk>.

<unk> 20th <unk>.

Speaker 3: grually Te trated G Te King cars in eirroway. oian incled ia chala twentcia woudient your India.

<unk> yeah surely.

<unk>.

<unk> <unk> <unk>.

Speaker 2: Overrower, we delivered operating profit of 166 million in a set quarter compared to 192 million in the corresponding period of 2020.

Sterling Song: Overall, we delivered operating profit of RMB 166 million in Q3, compared to RMB 192 million in the corresponding period of 2022. Adjusted net income attributable to Autohome Inc. was RMB 604 million in Q3, compared to RMB 590 million in the corresponding period of 2022, representing an increase of 2.3% year over year.

Overall, we delivered operating profit of 166 million units this quarter compared to 192 million <unk> of 2022.

Speaker 2: Adjusted net income attributable to Autohome Inc was $604 million in the third quarter compared to $590 million in the corresponding period of 2022, representing an increase of 2.3% year-over-year.

<unk> net income attributable to Autoharp, Inc. Was 600, and the 4 million units that quota compared to 500, a 90 minute <unk> of 2022, representing an increase of 2.3% year over year.

Craig Yan Zeng: 第三季度，经调整基本和摊薄每股净利润均为1.23元，去年同期均为1.18元。第三季度，经调整基本和摊薄每股美国存托股净利润分别为4.93元和4.92元，上年同期分别为4.73元和4.72元。

Speaker 3: In the third quarter, the US stock and bond net profit was $1.23, and last year it was $1.18. In the third quarter, the US stock and bond net profit was $4.93 and $4.92, and last year it was $4.73 and $4.72.

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> bye.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 2: 9-GAP-basics and diluted earnings per share in a set quarter were 1.23 respectively, compared to 1.18 respectively in the corresponding period of 2022. 9-GAP-basics and diluted earnings per ADS in a set quarter were 4.93 and 4.92 respectively, compared to 4.73 and 4.72 respectively in the corresponding period of 2020.

Sterling Song: Non-GAAP basic and diluted earnings per share in Q3 were RMB 1.23 respectively, compared to RMB 1.18 respectively in the corresponding period of 2022. Non-GAAP basic and diluted earnings per ADS in Q3 were RMB 4.93 and RMB 4.92 respectively, compared to RMB 4.73 and RMB 4.72 respectively in the corresponding period of 2022.

<unk>.

<unk> basic and diluted earnings per share set quota well, one 123 actively compared to one point 18 risk accurately.

Spotting period of time, you can do to mankind basic and diluted earnings Diaz said Carter well for 193, and a four point 92, respectively compared with four point 73, and a four point 72, <unk> <unk> of 2022.

Speaker 3: The our financial expaniones. one does have to that on Te trsues are comingic changing, changing of down. T 20, coto coway are very expashions to the same year.

Craig Yan Zeng: 截止2023年9月30日，我们的资产负债表继续表现强劲，现金、现金等价物及短期投资合计为234.3亿元。第三季度来自经营活动的现金流净额为4.25亿元。

Alright, I'll send you into your plans.

<unk> checking savings of download <unk> <unk> <unk> <unk> <unk>.

Speaker 3: The cash flow from the third quarter is 4.25 billion yuan.

<unk> <unk> <unk> <unk> <unk>.

Speaker 2: As of September 30, 2023, our balance sheet remained very strong with cash, cash equivalent and short-term investment of $23.43 billion. We generated net operating cash flow of $425 million in the third quarter of 2023.

Sterling Song: As of 30 September 2023, our balance sheet remained very strong with cash equivalents, and short-term investments of CNY 23.43 billion. We generated net operating cash flow of CNY 425 million in Q3 2023.

As of September 30th 2023 are balance shaped remains very strong with cash cash equivalent of a short term investment of 23 point 43 billion regenerated net operating cash flow of $425 million and a quarter of 2020th.

Craig Yan Zeng: 2021年11月，公司董事会批准了一项12个月内总额度不超过2亿美元的股票回购计划。2022年11月，公司董事会又将此回购计划延长了12个月，并将于2023年11月17日到期。截止2023年10月27日，我们已经回购了大约625万股美国存托股份，总金额约为1.87亿美元。

Speaker 3: In November 2021, the Board of Directors approved a 12-month stock buyback plan with a total amount of less than US$200 million. In November 2022, the Board of Directors extended this buyback plan for another 12 months, and in November 2023, the Board of Directors approved a 12-month stock buyback plan with a total amount of less than US$200 million.

Three.

Alright, <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> sorry.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk>.

Speaker 3: As of October 27, 2023, we have repurchased about 6.25 million U.S. stocks, a total of about 1.87 billion.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> Yeah <unk>.

Sterling Song: On 18 November 2021, our board of directors authorized a share repurchase program under which we were permitted to repurchase up to $200 million of Autohome ADS for a period not to exceed 12 months thereafter. On 3 November 2022, our board of directors authorized an extension of the share repurchase program for another 12 months, expiring on 17 November 2023. As of 27 October 2023, we have repurchased approximately 6.25 million ADS for a total cost of approximately $187 million.

Speaker 2: On November 18, 2021, our Board of Directors authorized a shared repurchase program under which we were permitted to repurchase up to $200 million of AutoHome's ADS.

On November 18th 2021, or both of <unk> authorize a share repurchase program and the <unk>, we were permitted to repurchase up to $200 million of auto home a D. S for a period not <unk> not exceed 12 months thereafter on November 3rd 20.

Speaker 2: for a period not exceed 12 months thereafter. On November 3rd, 2022, our board of directors authorized an extension of the share repurchase program for another 12 months.

To our board of directors authorize <unk> of that share repurchase per west for another 12 months expiring on November 17th 2023.

Speaker 2: expiring on November 17, 2023.

Speaker 2: As of October 27, 2023, we have repurchased approximately 6.25 million ADS for a total cost of approximately 187 million US dollars.

October 27th 2003, we have repurchased approximately six 125 million a D. S for a total cost of approximately 187 million U S dollars.

Speaker 2: ????????????,??????????? With that, we are ready to take your questions. Operator, please.

Craig Yan Zeng: 以上是公司的财务数据汇总，下面我们开始回答问题。

There's also the house of your <unk>.

Sterling Song: With that, we are ready to take your questions. Operator, please.

<unk>, we are ready to take your questions operator please.

Operator: Thank you. We will take our first question. Your first question comes from the line of Caney Wang from CICC. Please go ahead. Your line is open.

Speaker 1: Thank you. If you wish to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again.

Thank you if you wish to ask a question you would need <unk> and one on your <unk>.

<unk> <unk> <unk>.

To withdraw your question please pester, one and one again.

We will take our first question.

Speaker 1: Your first question comes from the line of Kami Wang from CICC. Please go ahead, your line is open.

Your first question comes from the line of kidney Wang C. I C. C. Please go ahead your line of <unk>.

Caney Wang: 管理层晚上好，感谢接受我的提问。我这里想请教两个方面的问题。第一个就是目前我们看到三季度车市是呈现一个比较温和的边际的回暖。但目前看来的话，整体主机厂在这个价格策略上依然是趋于激进的一个状态。我想请教管理层如何看待明年车市的发展的趋势，以及结构性的机会。然后第二个问题是关于新能源的新零售模式。看到咱们的线下体验店已经陆续地从上海顺利扩展到了成都等地区，那截至目前咱们看到核心城市的运营指标是如何的？以及管理层对于新零售业务这一块，明年的投入计划和增长的目标是怎么去展望的？然后我自己快速翻译一下。Thanks for management for taking my questions. I got two questions here. First of all, could you please share your views on market outlook for the upcoming quarters, and do you expect continuous price competitions among OEMs?

Speaker 4: Thank's show: the ky J ong lching the fing moment.

Mmm.

Thank <unk> for calling me a moment.

Speaker 4: The first one is that we see that the third quarter test is a relatively mild warm-up for the border. At present, it seems that the overall main factory is still in a state of crisis in this price strategy. I would like to ask the management team how to view the trend of development in the next year's test and the structural opportunities.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> just a moment.

<unk> <unk> <unk>.

So much.

Speaker 4: The second question is about the new energy business model. We can see that our business experience store has been expanded from Shanghai to Chengdu and other areas. So far, we can see how the operating indicators of the core city are, and how the management level is looking at the investment plan and growth goals for the new energy business next year.

<unk>, what kind of sandwiches.

<unk> <unk> <unk> <unk> <unk> <unk> magenta.

<unk> <unk> <unk> <unk> <unk> <unk>.

That will be all <unk>.

Alright.

Speaker 4: So thanks for management for taking my questions. And I got two questions here. So first of all, could you please share your views on market outlook for the upcoming quarters and do you expect continuous price competition in the month or year?

<unk>.

Thanks, so much.

For taking my questions and I got two questions the.

First of all could you please <unk> unlucky outlook.

<unk> <unk> <unk> <unk> <unk> <unk> competitions amount on one.

Caney Wang: Secondly, could you update us on the progress of the new retail model for NEV? Especially could you share with us the key operating metrics of pioneer cities such as Shanghai or Chengdu? Thank you.

Speaker 4: And secondly, could you update us on the progress of the new retail model for NEEs, especially could you share with us the key operating metrics of pioneer cities such as Shanghai or Chengdu?

<unk> could you update us <unk> <unk> <unk> <unk>.

Actually can you share with us the key after the Netflix.

Yesterday, Okay, Shanghai <unk>. Thank you.

Speaker 3: For the first question about the test, I already have an answer.

Quan Long: 好的，对于第一个关于车市的问题，我来进行回答。我们也看到三季度我们国家的经济是持续恢复向好的。国家统计局也发布了相关的数据。第三季度国内生产总值GDP同比是增长4.9%，是高于市场预期的。但是我们也看到，根据乘联会的数据，三季度乘用车的零售销量同比只增长了1.8%。这相对于二季度同比上涨21.4%来看的话，增速是大大放缓了。这中间主要的原因是因为去年同期比较高的这种基数的影响，再加上叠加了消费者对于大众商品的这种消费，目前还是持谨慎态度。所以说汽车行业仍然面临挑战。

Oh <unk>.

<unk> <unk> <unk> <unk> <unk>.

Speaker 3: In the third quarter, the economy of China continued to recover and improve, and the National Bureau of Statistics released relevant data. In the third quarter, the GDP of domestic production was 4.9% higher than expected, which was higher than expected in the market.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

<unk> I'm just an angel.

<unk>.

Speaker 3: But we also see that according to the data of the city council, the retail sales of third quarter used cars have increased by 1.8%, which is a big slowdown compared to the second quarter, which rose by 21.4%.

<unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

Speaker 5: The main reason is the high technical impact of the same period last year. In addition, consumers are still cautious about the consumption of mass products. So the automotive industry is still facing challenges.

None of the <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk>.

Speaker 6: Okay, I will take the first question. In Q3, the economy continued to recover and rebound. According to the statistics released by the National Bureau of Statistics, in Q3, our GDP grew by 4.9% year-on-year, higher than market expectations. However, according to the data from CPCA, in Q3, passenger vehicle retail sales grew by 1.8%.

Sterling Song: Okay, I will take the first question. In Q3, the economy continued to recover and rebound. According to the statistics released by National Bureau of Statistics, in Q3, our GDP grew by 4.9% year on year, higher than market expectation. However, according to the data from CPCA, in Q3, passenger vehicle retail sales grew by 1.8%. In Q2, this number was 21.4%. You can notice there is a big slowdown of the growth speed. This is because of the high base number of the same period last year, while at the same time, the consumers continue to be precautious about the commodities consumption. As a result, there is still challenges for the entire auto industry.

Okay I will take your tries to crash.

<unk>.

They continue to recover that every pound. According to the statistics released by National Bureau of statistics interest.

Interest rate or G. D. P by 4.9 per cent around here hires and market expectation.

According to the bank has some C. P C. A interest rate how could you repeat your current <unk>.

Speaker 6: In Q2, this number was 21.4%. You can notice there's a big slowdown of the growth speed. This is because of the high base number of the same period last year, while at the same time, the consumers continue to be precautious about the commodities consumption. As a result, there is still challenges for the entire auto industry.

118 per cent.

Cheapest plan that was 21 point so our tech types you can <unk>.

<unk>, Okay <unk> speed.

Hi, <unk> <unk> <unk> <unk> <unk> <unk> <unk> can be consumers continue to prepare pre caches and <unk> <unk> I have to reach out there is trying to get for the entire auto industry.

Speaker 5: According to the data from the annual meeting, China's car industry has a 4.9% profit margin from January to September this year. This is an average of 5.7% of the overall industrial enterprise profit margin at the same time.

Quan Long: 根据乘联会的数据来看，今年1至9月份，中国汽车行业的利润率只有4.9%，这是低于同期整体工业企业利润率5.7%的平均水平的。这中间的主要原因是因为燃油车盈利，但是市场占比是大幅下滑的。新能源车虽然高速增长，但大部分是仍在亏损的。所以对于汽车行业来说，这种结构性的调整还在持续地进行中。

<unk> <unk> <unk> <unk> <unk> <unk> <unk> I'm just for Angel.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 5: The main reason for this is because of the profit of the oil car, but the market share has fallen sharply. Although new energy vehicles are growing at a high speed, most of them are at a loss. So for the automotive industry, this structural adjustment is still ongoing.

So as long as you have <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

So <unk> so what do you think it shows a hung up I, just Wanna <unk> I associate that Angel.

Speaker 6: According to the data from CPCA, in the first nine months of 2023, the overall profit margin for the Chinese auto industry is 4.9%, much lower than 5.7%, which is the overall industrial company's profit margin. However, I think that this is because even though ICE cars are still making profit, but their market share is declining, while NEVs experienced a high speed growth, but most of them are still suffering from losses. As a result, the entire auto sector is still going on restructuring.

Sterling Song: According to the data from CPCA, in the first 9 months of 2023, the overall profit margin for the Chinese auto industry is 4.9%, much lower than 5.7%, which is the overall industrial company's profit margin. However, I think that this is because even though ICE cars are still making profit, but their market share is declining, while NEVs experience a high speed growth, but most of them are still suffering from losses. As a result, entire auto sector are still going on the restructuring.

And according to the times are from C. P say eight in the first nine months of 2023.

Perfect for the Chinese industry is spelled <unk> <unk>.

What I can find 27% <unk> company's profit margin.

However, I think that this is because even though I T. E cars are still making profit market share is declining.

<unk> experienced a high speed.

Can I. Please have been <unk> at the rate that entire audience I still got you on the restructuring.

Quan Long: 目前的中央和各级政府为了稳定汽车生产，扩大市场消费，应该来说是出台了一系列的促进汽车消费的相关政策。比如说优化汽车限购管理的政策，支持老旧汽车的更新消费，加快培育二手车市场，以及加强新能源汽车配套措施建设等措施。我们相信这一系列的利好政策将会促进汽车行业消费的加快恢复。

Speaker 5: In order to stabilize car production and expand market consumption, the central and state governments have introduced a series of policies to promote car consumption.

<unk> <unk> <unk> <unk>, <unk>, <unk> <unk> <unk> <unk> <unk>.

Speaker 5: For example, the policy of optimizing automotive procurement and management, supporting the update and consumption of old and new automobiles, speeding up the development of the second-hand car market, and strengthening the construction of new energy vehicles, we believe that a series of good policies will promote the acceleration and recovery of automobile consumption.

<unk> <unk> <unk> <unk>, <unk>, <unk>, <unk>, <unk>, <unk> chunk, which would you choose a higher shelf with a chocolate.

Speaker 6: So far, central and different levels of the local government, they have been paying great effort to uplifting and stabilizing the auto production and also released a series of policies and incentives to promote auto consumption. For example, there is policy about optimizing the car purchase restriction management to support the trading of the old cars for the new ones and accelerate the development of the used car market and accelerate and strengthen the development of the supportive facilities. We believe that with the above mentioned favorable policies, the auto sector consumption will continue to recover in a very speedy way.

Sterling Song: So far, central and different levels of the local government, they have been paying great effort to uplifting and stabilizing the auto production, and also released a series of policies and incentives to promote auto consumption. For example, there is policy about optimizing the car purchase restriction management to support the trading of the old cars for the new ones, and accelerate the development of the used car market, and strengthen the development of NEV supportive facilities. We believe that with the above mentioned favorable policies, the auto sector consumption will continue to recover in a very speedy way.

So five central and different levels of 10 o'clock at night.

Great <unk> stabilizing the ultra protection and also released a few of <unk> your consumption.

<unk> policy about optimizing the car purchase restriction management.

The trading after it would cost for the new ones and accelerate the development.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> will continue to recover and embarrassed anyway.

Quan Long: 对于明年的车市的发展趋势，我们认为主要有以下两个方面。第一个就是新能源领域仍然是行业的发展重点。根据乘联会发布的相关数据，截止到今年9月份，新能源乘用车的市场渗透率已经达到了36.9%。中央和各地持续在推出更多的一些有针对性的、有效性的举措，来促进新能源汽车消费。所以我们预计，明年的新能源市场的渗透率将继续走高，这是一个方面。第二个方面就是关于二手车市场的潜力也将持续扩大。我们可以看到，中国二手车的消费区域快速地崛起阶段。今年1至9月，二手车的交易量已经达到了1349万台，交易额是达到了8598亿元。中国的二手车市场是名副其实的万亿级的市场。随着新能源车的发展，让更多的消费者有了购车和用车的低成本优势。同时，二手车单独的迁入政策的实施，也给汽车经销商的二手车业务更多蓬勃发展的空间。所以对于中国的二手车市场发展潜力是巨大的。 In terms of the outlook and trend for the auto market of next year, we think that there are mainly the following two aspects. First of all, NEV will continue to be the priority of the development. According to the data of CPCA, by the end of September, NEV passenger vehicle market penetration hit 36.9%. The central as well as the local government continue to launch more targeted and effective measures to promote the consumption of the NEV. We estimate that next year NEV penetration will continue to go higher. The second trend is that the used car market will continue to expand its market potential. We've noticed that the used car consumption

Speaker 5: As for the development trend of next year's test, we think there are mainly two aspects. The first is that the new energy field is still a key development point for the industry.

<unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

Speaker 5: According to the relevant data released by the city council, as of September this year, the market penetration rate of new energy vehicles has reached 36.7%.

Could you tell me what are the <unk>.

<unk> <unk> Angel.

Speaker 5: The central and regional governments continue to push for more targeted and practical solutions.

<unk> <unk> <unk> <unk>, <unk>, <unk>, <unk> <unk> <unk> <unk> <unk>.

Speaker 5: to stimulate the consumption of new energy vehicles. So we expect that the penetration rate of new energy in the market next year will continue to rise. This is one aspect.

Speaker 5: Secondly, the potential of the second-hand car market will continue to expand. We can see that the consumption of second-hand cars in China is in a fast-rising stage. So far this year, the number of second-hand cars has reached 13.49 million units in September . The transaction volume has reached 8,598 billion yuan. China's second-hand car market is at an all-time high.

<unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk>, <unk>, <unk>, <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

Speaker 5: With the development of new energy vehicles, more consumers will have the advantage of buying and using low-cost vehicles. At the same time, the implementation of a separate rental policy for second-hand vehicles also gives car dealers more space for rampant development in the second-hand vehicle industry. So the potential for the development of the second-hand vehicle market in China is huge.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 6: In terms of the outlook and the trend for the auto market of next year, we think that there are mainly the following two aspects. First of all, NEV will continue to be the priority of the development. According to the data of CPCA, by the end of September , NEV passenger vehicle market penetration hit 36.9%, and central as well as the local government continue to launch more targeted and effective measures to promote the consumption of the NEV. We estimate that next year, NEV penetration will continue to go higher. And the second trend is that the used car market will continue to expand its market potential. We've noticed that the used car consumption

And can I get out Sir can I transfer the automatic with NASA here, we think that it yeah, mainly the falling to add that first of all I need they will continue to be the current our I T department. According to the data F. C. P C. A.

Except that the passenger vehicle market penetration, 639% in central <unk> continuing to lunch.

And effective measures to promote the consumption of up to a beach, we estimate that it next to your email penetration will continue to go higher and is that <unk> is that <unk> will continue to H.

Potential with noted that <unk> Creek.

Sterling Song: quickly and rapidly emerge in China. In the first nine months of 2023, the used car trading volume was 13.49 million units, and the trading value was RMB 859.8 billion. The used car market in China is indeed a trillion-level market. With the development of NEV, more and more consumers, they got the advantage of purchase a used car at a low cost, while at the same time, the separate endorsement policy and its implementation for the used car also deliver more development potential and space for the car dealership industry. I believe that there's a huge potential for the used car development in China.

And get rapidly emerged in China.

Perfect nine months of 2023 <unk>.

13.49 million units at the trade in value worth 859 point, <unk> <unk> market and arrested development.

A guard at the and then check check in his car and at no cost Yeah <unk> is that mentality.

Mentality.

<unk> alright.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 6: car development in China. In a word, the Chinese auto sector in the medium and long term will enjoy a stable and upward trend. And we are very confident about the long-term development trend and its potential of the Chinese auto market. Autohome will continue to grow our

That's it Sir.

Sure.

China.

Speaker 5: So to sum up, in general, the long-term situation of the Chinese automotive industry is stable and optimistic. We are also confident in the long-term development of Chinese cars. As a car company, we will continue to develop new energy vehicles and second-hand cars, seize the opportunity in the new market, and develop a long-term health with a diversified production of renewable vehicles.

Quan Long: 所以我们总结一下，总体来看，中国汽车行业中长期形势是稳中向好的。我们对中国车市长期发展也是充满信心的。作为汽车之家，将持续地发展新能源车和二手车的业务，把握新的市场机遇，以多元生产生态赋能公司的长期健康成长。

So you're a woman.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

That's what I'm going to the <unk> Center.

Speaker 6: In a word, the Chinese auto sector in the medium and long term will enjoy a stable and upward trend, and we are very confident about the long-term development trend and its potential of the Chinese auto market. Autohome will continue to grow our AEV and used car business to grasp the new market opportunities and use a diversified ecosystem to empower our long-term sales development growth.

Sterling Song: In a word, the Chinese auto sector in the medium and long term will enjoy a stable and upward trend. We're very confident about the long-term development trend and its potential of the Chinese auto market. Autohome will continue to grow our NEV and its used car business to grasp the new market opportunities and use diversified ecosystem to empower our long-term development and growth.

In a way to Chinese electric.

<unk>, well enjoy a stable and what Trent.

Very conscientious about the longterm trend and its potential have you tried any sort of market.

Uhm, well continue to grill hour, a Z and used your card business.

<unk> market opportunities and use the.

<unk> birthday, five ecosystem to you're empowered.

Sounds good.

<unk>.

Speaker 3: Hello, I'm Zheng Yan. I'm here to answer your second question about our offline experience store.

[noise] Oh.

Craig Yan Zeng: 我是曾岩，我来回答一下你的第二个问题，就是关于我们线下的体验店。从数量上来说，这也是一个我们非常重要的指标。我们今年除了上海、海口、重庆、成都已经正式运营，我们今年在年底前可能有接近20家的这个新零售店会逐步地开始运营。这个是我们的一个非常重要的，本身就是一个指标。在核心城市的这些指标我们还没有做一个正式的披露，但是从我们建店的速度和我们看到的话，都还是比较令我们满意的，客户也都是给出了非常正面的反馈。对于这种新模式的接受程度也是非常的不错，也欢迎大家去我们的这些店去参观，去了解第一手的这些情况。未来这一到两年，我们会根据不同的城市和合作伙伴的情况，在不同线的这个城市中去推广我们的这个模式。因为我们这个模式有一个很大的优势，就是我们除了一线、二线、三线，甚至在四线和五线都会有很强的生命力。所以我们明年我们的目标可能是50个城市，到了2025年可能超过100个城市。所以我们也期待着新能源这个模式随着它的渗透率的不断提高，在未来为汽车之家也能贡献更多的财务的数据。

<unk> yeah.

Speaker 3: In terms of quantity, this is also a very important indicator for us. This year, in addition to Shanghai, Haikou, Chongqing and Chengdu, we have officially opened. Before the end of the year, we may have close to 20 new retail stores that will gradually open.

2000, <unk> 14th April th.

<unk>.

Seemingly hosea noteworthy Yehuda cash with me.

Take sure one moment, you said <unk>.

Speaker 3: We haven't made any official announcement about the indicators in the core cities. But from the data we have seen so far, we are quite satisfied with them. Our clients are very satisfied with them.

<unk> the <unk>.

Hi, I'm male so you could just a futile at home so I'll need your date of pseudo home condo.

<unk> <unk> <unk> Luna.

Speaker 3: and gave a very positive feedback. So the acceptance of this new model is also very good. We also welcome everyone to visit our stores to learn about the situation of the first-hand.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 3: In the next 1-2 years, we will work with our partners in different cities and countries.

<unk>.

<unk> no <unk>.

<unk> <unk> <unk>.

Speaker 3: We want to promote our model in different cities. We have a big advantage in this model. In addition to the first, second, and third lines, we will have a strong reputation even in the fourth and fifth lines. So our goal next year may be 50 cities. In 2025, we will have more than 100 cities.

Oh sure.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> alright, yeah. Thank you for the rest of your home <unk>.

The media and then we'll go out for <unk>.

Oh, Yeah <unk>.

So you want me it should either take off.

Speaker 3: The energy-saving model is continuously improving its penetration rate and contributing more financial data to the infrastructure in the future.

A little more so that <unk>.

Oh man.

<unk> <unk> <unk>.

Speaker 6: OK, Mr. Zeng will take the second question. So for the second question, the first thing we should look at is the number of the stores we build.

Sterling Song: Okay, Mr. Zeng will take the second question. For the second question, the first thing we should look at is the number of the stores we built. Now actually in Shanghai, Haikou, Chengdu, and Chongqing, we already officially put our stores into operation. Besides, by the end of the year, we are going to build another 20 new shops. This is very important indicator for us, the number of the stores. While at the same time, you can see that now for the numbers and indicators, we haven't disclosed these numbers in the essential cities. However, the speed of building our stores as well as the feedback we get from the consumers are pretty positive. I think that this is a very popular trend in the future. If you get chance, we welcome all of you to visit our stores in different cities.

Okay, Mister down where it takes a second question care for a second question <unk> is the number of discharge with beard now actually ensure high high <unk> I'm trying to <unk>, we're already especially <unk> into operation and besides by the end of the state Yeah, we're going to do it.

Speaker 6: end of the year we're going to build another 20 new shops so this is very important indicator for us the number of the stores. Well in the same time you can see that now for the numbers and indicators we haven't disclosed these numbers in the essential cities however the speed of building our stores as well as the feedback we get from the consumers are pretty positive and I think that this is a very popular trend in the future and if you get chance we welcome all of you to visit our stores in different cities and in the next one or two years according to our development in different cities as well as our cooperation with different partners we will continue to promote the number of our stores we have not only stores in tier one tier two and tier three cities but also tier four and tier five we see very strong vigor and vitality in different tiers of the cities we plan that next year we're going to cover another 50 cities and by the end of 2025 we're going

Another 28, and you shop. So this is very important in cater for <unk> well and it came time you can see that now for day <unk> and indicators, we haven't disclosed these numbers and the essentials cities Crawford speed.

Building, our stores as well as the feedback we get from the consumer Zachary deposit cash and I think that this is a very popular.

Future and if you get transferred welcome all of you to visit our store in different cities.

Sterling Song: In the next one to two years, according to our development in different cities, as well as our cooperation with different partners, we will continue to promote the number of our stores. We have not only built stores in tier 1, tier 2, and tier 3 cities, but also tier 4 and tier 5. We see very strong vigor and vitality in different tiers of the cities. We plan that next year we are going to cover another 50 cities. By the end of 2025, we are going to cover a total of 100 cities in China. We expect that with different penetration of the NEV, in the future, new retail business will continue to contribute more in our financial contribution.

And an extra one or two years. According to argue that meant to India for city as well as our cooperation with different partners.

<unk> to promote the number of our stores, we have not only <unk> to enter three cities, but also chair for <unk> received <unk> different tiers of the cities, we plant that <unk>, yeah, we're going to covered another 50 C DS.

Speaker 7: We plan that next year we're going to cover another 50 cities, and by the end of 2025, we're going to cover a total of 100 cities in China. We expect that with the further penetration of the AEV, in the future, new retail business will continue to contribute more in our financial contribution.

By the end of 2025, where it's going to cover a total of 100 cities in China.

<unk> penetration of up to a <unk> and a future retail business will continue to contact <unk> finished your authentication.

Operator: Thank you. We will take our next question. Please stand by. Your next question comes from the line of Ritchie Sun from HSBC. Please go ahead. Your line is open.

Thank you.

We'll take our next question.

<unk>.

Speaker 1: Your next question comes from the line of Richie Sun from HSBC. Please go ahead, your line is open.

Your next question comes from the line of <unk>. Some HSBC. Please go ahead your line of <unk>.

Speaker 8: Mr. Long, Mr. Zhang, Mr. Sterling, good evening. Thank you for giving me the opportunity to ask questions. I have two questions.

Ritchie Sun: 龙总、曾总、Sterling，晚上好，感谢你们给我提问的机会。我有两个问题。首先，管理层请问可以量化一下，对明年二手车市场的增速有什么预期？刚才也可能简单讲了一下，然后对公司的二手车业务的收入和利润率有什么预期？第二个问题就是关于不同互联网平台现在已经使用到AI和大模型，提升了广告变现、内容生产和线索清理等的效率，其实我们公司在这方面有什么布局呢？其实在媒体、线索、数据产品等等业务线，我们有没有看到进一步提升效率的空间？I will translate this question myself.

<unk> <unk> <unk> <unk> <unk>, <unk>, <unk>, <unk>, <unk>, <unk>, <unk>, <unk> <unk> <unk> <unk> <unk> the whole <unk>.

Speaker 8: First of all, could you please clarify what expectations do you have for the second-hand car market next year? And what expectations do you have for the company's second-hand car business income and profits? The second question is about different Internet platforms. AI and big models have now been used to enhance advertising.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 8: ?????????????, ????????????????? ??????,??,?????????, ?????????????????? I will translate this question myself.

Here's what you need the salary.

<unk>, Yeah, we can hold <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 8: Good evening, management. Thank you for the opportunity to ask questions. I have two. So firstly, after the previous question that talked about used car, can management further quantify the expectation towards the used car market growth outlook in the next year? And what is your expectation towards the revenue and margin for this business?

<unk> questions myself you.

Ritchie Sun: Good evening management. Thank you for the opportunity to ask questions. I have two. Firstly, after the previous question that talked about used car, can management further quantify the expectation towards the used car market growth outlook in the next year? What is your expectation towards the revenue and margin for this business? Second of all, various internet platforms are using AI and large language models to improve ad monetization, content production, and lead filtering efficiency. What is Autohome strategy in this front and in media services, lead generation, data products, and among other business lines, do we see any room to improve the efficiency further? Thank you.

<unk>. Thank you for the opportunity to ask questions I have two so firstly <unk>. The previous question that talked about <unk> further quantified the expectation to us the used car market Grove I'll look in the next year.

And what is the expectation to us the retinue imagine for this business.

Speaker 8: Second of all, various internet platforms are using AI and large language models to improve ad monetization, content production, and lease filtering efficiency. So what is Autohome's strategy in this front? And in media services, lease generation, data products, and among other business lines, do we see any room to improve the efficiency further? Thank you.

<unk> various internet platform started using a I enlarge language models <unk> contact production at least filtering efficiency. So Wallis Autohome strategy <unk> any media services police generation data product said amount <unk> <unk>.

<unk>. Thank you.

Speaker 3: Thank you, Yongqi. I'll answer the first question about the second...

Craig Yan Zeng: 好，谢谢Ricky。我先第一个问题关于二手车。二手车是汽车消费非常重要的一个板块，二手车市场也一直受到了政府的重视。最近政府也是发布了很多促进二手车市场的政策。根据中国汽车流通协会的这个数据，今年前三季度国内二手车交易的规模达到近1350万辆，同比增长了12.6%。汽车流通协会预测，今年全国二手车交易量有望创下历史的新高。我们预计明年二手车市场仍将延续今年的良好态势，继续保持活跃，迎来一个高质量发展的新阶段。

<unk>, which I figured I'd be quite Arkansas.

Speaker 3: The second-hand car is a very important part of car consumption. The second-hand car market has also been heavily valued by the government. Recently, the government has also released a lot of policies to promote the second-hand car market.

Alright, so I'm not sure <unk>.

Alright, what's your <unk>.

<unk>.

Yeah sure if I would open door switching.

<unk> <unk>.

Speaker 3: According to the data from the Chinese Automobile Flow Association, in the third quarter of this year, the size of domestic second-hand car transactions reached nearly 13.5 million taels, an increase of 12.5% compared with the previous year.

Could you tell me what is <unk> <unk> <unk>.

T. He says I'll try that comes on the back of your charges.

Speaker 3: The Government Exchange of China predicted that 20% of sued in China will moving up in the new year

<unk>.

Speaker 3: We expect that the second-hand car market will continue to be good this year. Keep up the good work and welcome a new phase of high-quality development.

<unk>.

<unk>.

Could be possible.

Gotten out patterns singular.

Speaker 6: First of all, I will address the question about the used car market. The used car market is a very important segment in the entire auto sector, and the used car market always got high attention from the government. Recently, the government

Sterling Song: Okay. Firstly, I will address the question about the used car market. Used car market is a very important segment in the entire auto sector. Used car market always got high attention from the government. Recently, the government continuously to release a series of incentives to promote the consumption on the used car market. According to the data of Auto Dealers Association, in the first three quarters of this year, our used car market trading volume hit almost 13.5 million, grew by 12.6% year-on-year. Also according to the forecast of Auto Dealers Association, this year our national used car trading volume is expected to hit a historical high. We expect that next year, used car market will continue to keep this year's good trend and continue to be very active and embrace the new stage of high quality development.

[noise], Okay yesterday I will address the question about that use the current market just come out of area is a very important sacramento in the entire auto sector and I used to come out <unk>.

Hi, Acacia <unk> recently, the governance continuously to release at <unk> <unk>.

Samsung and it used to come back okay. According to the data of auto dealers Association and if there's just Rico Joseph this yeah.

<unk> market trading volume check out of 13.5 million.

Speaker 3: 5 million by 12.6% year-on-year. And also according to the forecast of auto dealers association, this year our national used car trading volume is expected to hit a historical high. We expect that next year used car market will continue to keep today's and this year's good trend and continue to be very active and embrace the new stage of high quality development. In terms of our income, this year's second-hand car sales is a challenge for the second-hand car industry. The business of second-hand cars has shown good performance. In the first three quarters of this year, the sales volume of used cars is expected to hit a historical high. We expect that next year used car market will continue to keep today's and this year's good trend and continue to be very active and embrace the new stage of high quality development.

12 26 per cent.

And also according to your phone <unk>, that's all retailers Association.

Yeah, I'll National <unk> trading volume is expected to cheat historical high if that's if.

<unk> will continue to.

Yes, good Trent and continues to be very active and interested in these days of high quality development.

Speaker 3: In terms of our revenue, this year's second-hand car sales have brought a positive impact to the second-hand car industry.

Craig Yan Zeng: 从我们的收入上来看，今年新车降价促销还是给二手车行业带来了一定的挑战。汽车之家二手车的业务还是表现出了比较良好的韧性。前三季度之家包括天天拍车在内，整体二手车的业务板块还是保持了一个比较稳定的增长。天天拍车也保持了累计的盈利。随着明年汽车之家新零售门店在更多城市运营，天天拍车也可以建立空间站去实现更多城市的扩张。我们也有信心把我们明年整体的二手车的业务营收持续扩大，也可以去参照一下整个二手车市场的增长。

Four one <unk>.

Speaker 3: The second-hand car business is doing well.

<unk>.

Speaker 3: In the first three quarters of the year, including the day-to-day shooting of cars, the number of second-hand cars has maintained a steady growth.

<unk> <unk> <unk> <unk> <unk>.

<unk>.

<unk>.

Speaker 3: Day-to-day driving also keeps the accumulated profit. With the next car home, retail stores are operating in more cities. Day-to-day driving can also build a space station to achieve such an expansion in more cities.

<unk>.

<unk> <unk> <unk> <unk> <unk>.

<unk> W. A quota.

Speaker 3: We are also confident that we will continue to expand our second-hand car business next year. You can also refer to such a chart of the entire second-hand car market.

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 6: In terms of the revenue, you can see that this year, the new car price cards and promotion campaigns do generate some challenges for the used car market. So for Autohome, our used car business shows a very strong resilience. In the first three quarters,

Ritchie Sun: In terms of the revenue, you can see that this year, the new car price cuts and promotion campaigns do generate some challenges for the used car market. For Autohome, our used car business shows a very strong resilience. In the first three quarters, the overall used car business, including TTP, maintained a very good growth momentum. TTP still makes profit so far. Next year with more and more new retail shops and stores operating in different cities, I believe that TTP will also leverage the space stations and to have their businesses all over China. We are very confident that next year the overall used car business revenue will continue to expand.

In terms of your Brown ear and you can see that yeah.

Price cuts and promotion campaign to generate some challenges 30 here to come back yet.

Uhm <unk> ineffective Cortes.

Speaker 6: You know, the overall used car business, including TTP, maintained a very good growth momentum. And TTP still makes profits so far and next year with more and more new retail shops and stores operating in different cities. I believe that TTP will also leverage the space stations and to have their businesses all over China. And we're very confident that next year the overall used car business revenue will continue to expand.

The ultra <unk> business, including T. T P maintained a very good.

<unk> and T. G P still makes perfect so far and snacks here with more and more new retail shops and stores.

Can you interpret city I believe that T T P <unk>.

<unk> This noted all of China.

Confidence that next year. The overall used your card business revenue will continue to expand.

Speaker 3: Regarding AI, at the application end, we continue to use technology related to AI models to seek more business cooperation opportunities to improve product competitiveness and customer satisfaction.

Craig Yan Zeng: 关于AI，在应用端，我们持续应用和AI大模型相关的技术，谋求更多的商业合作机会，以提高产品竞争力和客户满意度。年初我们达成了与百度的文心一言生态的战略合作，将通过百度智能云接入文心一言的能力，结合自身的数据及技术优势，实现智能对话技术与汽车数字化服务的全面融合。这也是AI模型技术在国内汽车数字化服务场景的首次落地。

Yeah.

<unk> <unk> <unk>.

<unk>.

<unk>.

Speaker 3: At the beginning of the year, we reached a strategic cooperation with Baidu's Wenxin One Speech Ecology. Through Baidu Smart Cloud, we will integrate the capabilities of Wenxin One Speech with our own data and technical advantages, and implement the comprehensive integration of smart dialogue technology and car digitalization services. This is also the first time that AI model technology has landed in the domestic car digitalization service scene.

<unk> <unk> <unk> <unk>, <unk>, <unk> <unk> <unk> <unk> <unk>.

Hey, I'm <unk>.

We will tell you that <unk>.

Speaker 6: And the second question, you know, from the application side, we continue to apply AI and large language model related technologies and to seek more business cooperation opportunities as to improve our product competitiveness as well as customer satisfaction. At the beginning of the year, we enter into strategic partnership with Baidu, ErnieBot, and we will leverage their capability of Baidu smart cloud connecting with ErnieBot. And based on our own data and technology strengths, we're going to have a comprehensive convergence of intelligent dialogue technology with the auto digital services. This is also the first application scenario of the AI large language model technologies on the auto sector in China.

Sterling Song: The second question, from the application side, we continue to apply AI and large language model related technologies and to seek more business cooperation opportunities so as to improve our product competitiveness as well as customer satisfaction. At the beginning of the year, we entered into strategic partnership with Baidu ERNIE Bot. We will leverage their capability of Baidu Smart Cloud connecting with ERNIE Bot, and based on our own data and technology strengths, we are going to have the comprehensive convergence of intelligent dialogue technology with the auto digital services. This is also the first application scenario of the AI large language model technologies on the auto sector in China.

And the second question you know from the application side, we continue to apply a I N slash language model related technologies and to speak more business.

Corporation opportunities to improve our competitiveness asthma as customer satisfaction in the beginning of the year, we enter into a strategic partnership with five G. <unk> and we will leverage cause the ability to.

Smart cloud connecting with any board based on our own data and technology stress, we're going to have the comprehensive <unk>.

<unk> dialogue technology rest of all your digital services.

Okay perfect application will ask you a large modern technology the auto enter in China.

Speaker 3: For example, in the first half of this year, we launched an AI-based smart choice tool called Cloud Smart Choice to help marketers quickly choose the right products for their customers.

Craig Yan Zeng: 在产品上，我可以给你举几个例子。上半年我们上线了一个基于AI技术的智选工具，叫云智选，帮助经销商快速进行用户分层、分流，触达高净值的用户，释放产能，提升服务质量。基于GPT模型，我们在帮助用户进行选车对比，以及帮助经销商门店进行分析上也都有产品推出。再比如，我们的AI智能写作是我们智慧助手的其中的一项功能，能够帮助经销商完成质量优良的内容发布和写作。我们希望依托这类大模型产品，我们可以持续帮助经销商降本增效，提升运营效率。

That's how many <unk>.

Some <unk> some interest.

<unk> Hi, <unk>.

Speaker 3: Distribute to high-quality users, release production capacity, and improve service quality.

<unk> <unk> <unk> <unk>.

Speaker 3: Based on the GPT model, we help users to select and compare, and help retailers and stores to analyze products and launch them.

<unk> <unk> <unk> <unk>, yeah <unk>.

Speaker 3: For example, our AI intelligent writing is one of the functions of our intelligent assistants, which can help marketers to produce high-quality content and writing.

<unk>.

Yeah, it's delicious washwoman shortly photos that you only have one.

<unk> is it.

Let me see <unk>.

Speaker 3: We can continue to help?deduct ????????????????? to improove sales performance

<unk> <unk> <unk>.

Speaker 6: And product-wise, in the first half of this year, we have launched an AI-based intelligent tool, which is called Smart Selection, to facilitate and empower the dealers to quickly segment their clients and to reach out to the high-networth individuals as soon as possible, release their capacity, and improve service quality. And based on GPT model, we are also helping the users and the clients to select the cars and also help the dealers to do the operation analysis.

Sterling Song: 产品方面，在第一季度，我们推出了基于AI的智能工具，名为Smart Selection，用于帮助经销商快速细分客户，及时联系高网络价值个人，释放产能，提高服务质量。基于GPT模型，我们也帮助用户和客户选择车辆，并协助经销商进行运营分析。另一个例子是，我们的AI智能写作工具也是智能助理的一部分。它确实可以帮助经销商快速完成高质量、准确无误的内容编写和发布。我们希望通过这种大语言模型产品，能够继续帮助经销商降低成本、提高效率，以及整体提升运营效能。

And products arrive in the first half of this year, we have launched at AI intelligent.

Intelligent too, which is <unk> <unk>, <unk> and <unk> to quickly Sacramento their clients and to reach out to the <unk> as soon as possible I released a capacity and improve service quality.

G P G motto.

Also helping you with your sign your client.

Cars and <unk>.

The appreciate analysis and for another example, our a I <unk> <unk> <unk> is also one of the functions <unk> our intelligent assistant.

Speaker 6: And for another example, our AI smart writing instrument is also one of the functions in our intelligent assistant. It can actually facilitate and empower the dealers to complete high quality and very good writing as well as the content release.

First of all it take any piloted dealers to complete high quality and.

Very good writing asthma S. D content relief, we hope that rely on this kind of match message more products. We can continue to happy tellers to cut costs and improve efficiency asthma ask you <unk> appreciate efficiency.

Speaker 7: We hope that by relying on this kind of large language model products, we can continue to help the dealers to cut cost and improve efficiency, as well as to enhance their overall operation efficiency.

Sterling Song: 下一个问题。

Oh, sorry, he was.

Sterling Song: Next question.

Okay next question.

Operator: Thank you. We will take our next question. Your next question comes from the line of Thomas Chong from Jefferies. Please go ahead. Your line is open.

Thank you we will take our next question.

Speaker 1: Your next question comes from the line of Thomas Chong from Jeffreys. Please go ahead, your line is open.

So next question comes from the line of comes telephone Jeffries. Please go ahead, you're lying his iPad.

Speaker 3: Good evening. Thank you for accepting my question. I have two questions. The first one is about the stock market's forecast for the second half of the year and the beginning of the year in 2021. The second question is, can you update the second-hand car market?

Sterling Song: 晚上好，谢谢管理层接受我的提问。我有两个问题。第一个是关于主机厂在下半年，还有2024年他们的市场的预算的投放的那个情况。第二个的话是管理层可不可以更新一下二手车的市场，还有天天拍的战略。Thanks management for taking my questions. My first question is about the budget spent by OEM in the second half this year as well as 2024. My second question is related to the overall used car market as well as the strategies for 天天拍. Thank you.

Somehow <unk> 109, <unk> <unk> <unk> <unk> <unk>.

Sure I'll punish him Clifford.

Speaker 8: Thanks, management, for taking my questions. My first question is about the budget spent by ODM in the second half this year, as well as the 2024.

Okay, So <unk> <unk>.

<unk> fast management for taking my questions Uhm. My first question is about the <unk> <unk> <unk> in the second half this year, that's spelled S. <unk>.

Speaker 3: My second question is related to the overall used car market as well as the strategies for 1010pi. Thank you.

My second question is related to the overall <unk> S. S. The strategies for <unk>. Thank you.

Craig Yan Zeng: 好，谢谢Thomas。我先回答一下关于主机厂的和明年的市场预算投放的情况。下半年，特别四季度，我们看到整个市场的竞争还是非常激烈。主机厂确实会更有意愿，特别是燃油车的这些主机厂，会把预算投放到触使终端成交的，比如说线索、有效果类的广告，或者直接进行补贴。同时也会把更多的资源去支持它的经销商。

Speaker 3: Thank you, Thomas. Let me answer the question about the stock market and the market forecast for next year. In the second half of the year, especially in the fourth quarter,

Okay, Sir from us.

<unk>.

<unk> when we're kind of.

<unk>.

Speaker 3: We will apply this budget to specific shops specifically to oil companies and add more support to our suppliers.

<unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk>.

Huh.

Speaker 6: Okay, I will firstly take the question about the budget plan for the OEM in the second half as well as next year. In the second half of this year and in particular since Q4, we see that actually the OEMs, they would like to invest more of their budget in promoting the transaction from the user side. For example, to support the lease generation as well as to invest on advertisements or directly subsidize the consumers.

Sterling Song: I will first take the question about the budget plan for the OEM in H2 as well as next year. In the H2 of this year and in particular since Q4, we see that actually the OEMs, they would like to invest more of their budget in promoting the transaction from the user side. For example, to support the lead generation as well as to invest on advertisement or directly subsidize the consumers.

Okay, well first of all I take your questions about the budget plan for the <unk> in the.

Second half asthma is next week yeah.

Second half of this year.

And in particular seems queue for let me see if that's actually the <unk>, we would like to invest a moment of the budget and promoting the transaction.

Your site for example to support at least generation accurate <unk> directly subsidize the consumers.

Craig Yan Zeng: 对于明年，刚才龙总也提到了，说整体来讲，我们对于整体的市场还是一个谨慎乐观的态度。但是由于主机厂本身的利润，还有经销商本身的这种自身盈利情况的压力，主机厂可能也还是会持续今年的趋势，还是会首先去考虑对经销商的支持和一些终端的补贴。所以他们在广告的投放上可能就会是更加地谨慎，更加地关注效果，也会更加多元化。所以在这一块，可能明年我们依然会看到一个比较激烈的竞争的场面。

Speaker 3: As for next year, as Mr. Long said, we are optimistic about the overall market.

<unk> $2 20 right.

<unk>.

Speaker 3: However, due to the profits of the mainframe itself and the pressure of the self-profit situation of the merchants themselves, the mainframe may still continue this trend this year, and will still prioritize the support of the merchants.

That's enough.

<unk> <unk> magenta.

<unk>.

<unk> <unk> <unk> <unk>.

So <unk> <unk>.

Speaker 3: and some mid-range stocks. So they will be more cautious and pay more attention to the effect on the placement of ads. It will also be more diversified. So in this area, we may still see a fierce competition next year.

Sure sure.

Yeah, So <unk>.

<unk> Uh Huh, John Glen too so.

<unk>, so it's actually a crime <unk> yeah.

<unk>.

Speaker 6: And for next year, just like Mr. Long mentioned, we think that actually for the market investment, we will continue to be precautiously optimistic. Because for the OEMs, since their profit margin are under some pressure, they will pay more attention to the effectiveness of the budget investment. For example, they will prioritize the support to the dealers or directly subsidize the consumers.

Sterling Song: For next year, just like Mr. Long mentioned, we think that actually for the market investment, we will continue to be cautiously optimistic. For the OEMs, since their profit margin are under some pressure, they will pay more attention to the effectiveness of the budget investment. For example, they will prioritize the support to the dealers or directly subsidize the consumers. As a result, in terms of the ADS investments, they will be more precautious and they tend to further diversify their investment. They will also pay more and higher attention to the effectiveness of the ADS.

And phone actually yeah, just like Mister <unk>.

Think that's actually <unk> will continue to be cautiously optimistic.

Oh, Yeah, and <unk> <unk>.

Martin into some pressure if you will.

Pay more attention to the effectiveness of get back your investment for example, with a <unk>.

Alright, Hi state supported you the tellers directly subsidizing consumers.

Speaker 6: As a result, in terms of the ad investment, they will be more precautious and they tend to further diversify their investment. So they will also pay more and higher attention to the effectiveness of the ad.

At the reach out in terms of to add more.

More precautions and they tend to diversify their investments.

<unk> and higher attention to the effectiveness after the at.

Speaker 3: In the future, we will keep up with the trend of the industry. One is to speed up the digitalization of AI to improve efficiency in the entire field. The other is the rapid development of new energy sources. So we will improve our own ability around these two points and also challenge more customers' budgets.

Craig Yan Zeng: 从未来来讲的话，我们还是会抓住这个行业的趋势。一个是加速AI为代表的数字化在整个领域中对效率的提升，还有一个就是新能源的快速发展。所以还是围绕这两个点，我们会去提升我们自身的能力，也去抢占更多的客户的预算。

There's a weird I don't know how long I should <unk> <unk> <unk> <unk> <unk> <unk>.

So you're <unk> <unk> <unk> <unk> <unk>.

Speaker 6: And looking into the future, I think that we will continue to grab the opportunities, in particular in two areas. First of all, accelerate the digital application of AI, and secondly, still prioritize and focusing on NEV. And by leveraging our strengths, we will also try to win more customers and try to get their budget and investment.

Sterling Song: Looking into the future, I think that we will continue to grab the opportunities, in particular in two areas. First of all, accelerate the digital application of AI, and secondly, still prioritize and focusing on NEV. By leveraging our strengths, we will also try to win more customers and try to get their budget and investment.

And looking into the future I think that's where we're continuing to grab that opportunity.

Could answer area festival accelerate agents the application of AI and <unk> and <unk>. We will also try to win more customized and tried to get the Pakistani investment.

Speaker 3: As for the second-hand car market, I just mentioned that in general, due to the low price of new cars in recent years,

Craig Yan Zeng: 关于二手车市场，刚才我也讲了一下，总体来讲，由于受到这几年新车降价的一个承压，还有一个过去疫情的一个影响，所以过去二手车的增长受到了一定的限制。而未来几年，我们认为新车的降价基本上也到了一个阶段。所以未来几年，我们是觉得二手车会是一个双位数的一个增长，这么一个整体的市场状态。

Okay <unk> <unk>.

<unk> <unk> <unk>.

<unk> yeah.

Speaker 3: In the past few years, we think that the price of new cars has basically reached a certain stage, so in the next few years, we think that second-hand cars will be a double-digit increase in the overall market status.

Yeah, I hear Ya.

<unk>, what you asked for that <unk>.

Sure every night.

Well <unk> excuse me, telling you you're calling because.

So we'd be Ikea know mortgages outage real quick for you <unk>.

<unk>, let me <unk>.

Sterling Song: For the used car market, I already mentioned that due to the price cut of the new vehicles and because of COVID-19, we do see that used car market has been under some pressure as well as some restrictions. I believe that in the future years, the price cuts for the new cars already come to a specific limit, and we believe that used car market can expect a double-digit growth.

Speaker 6: And for the used-car market, I already mentioned that due to the price cut of the new vehicles and because of COVID-19, we do see that used-car market has been under some pressure as well as some restrictions. But I believe that in the future years, you know, the price cuts for the new cars already come to a specific limit. And we believe that used-car market can expect a double-digit growth.

And for that you have to call back at I already mentioned that you choose a price cut scan your vehicles and because of COVID-19, we do state that used car market has been Andrew some pressure asthma.

<unk>, but I believe that in the future ears.

<unk> put a new cars already come to your specific limit and we believe that you can just come in case, you can't expect a double digit branch.

Speaker 3: In the past year, Shenzhen Time has maintained a profit and survived the pressure. Their future goal is to expand and develop.

Craig Yan Zeng: 对于天天拍，我想他们在过去的这一年中已经持续地保持了一个盈利，度过了一个生存的压力。他们现在的未来的目标更多是一个扩张和发展的这么一个态势。那我们考虑除了他们自身之外，我们也希望能够结合自家、结合集团等各方面的资源来帮助他们的发展。我们也提到了，在最新的新零售文件中，我们也推出了三合一的服务形态，一方面是方便了客户的换车需求，另外一方面也可以帮助天天拍进行一个高速和低成本的扩张。

So you said, you're kinda <unk> Android you should shoot up actually that you need two what are you <unk> have you seen that wait <unk>, Nevada.

Speaker 3: We are hoping to combine the resources of companies such as filesystems, news agencies and others

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 3: We have also launched a three-in-one service model in the latest XINLINSHOU document. On the one hand, it is convenient for customers to change cars. On the other hand, it can also help Day Day Up to expand its high-speed and low-cost service.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk>.

<unk> <unk> <unk> <unk>.

I'm happy here.

So could you tell me that yokota.

Sterling Song: For TTP is already in generating process. It means that it already gone through the stage of survival. It already enter into the stage of expansion and future development. In the future, we will continue to leverage the resources from the group as well as the other partners to facilitate the development of TTP. In the previous answered the questions, we also mentioned the three-in-one service format. We think that it will greatly help TTP to develop and will continue to facilitate its high-speed growth.

Speaker 6: And for TTP, you know, TTP is already generating cross-set.

Mmm.

Four T T P. Yeah T. G. P is already generating process. It means that it already Costa Rica stage of survivor. It already entered into the state of expansion and feature Department and a future will continue to laugh <unk> as well as the other plan is to facilitate the development to H T T P.

Speaker 7: into the state of expansion and future development. In the future, we will continue to leverage the resources from the group as well as the other partners to facilitate the development of TTP. And in the previous answered the questions, we also mentioned the three-in-one service format. So we think that it will greatly help TTP to develop and will continue to facilitate this high-speed growth. All right. Next question. OK, next question.

Mm mm answered the questions. We also mentioned the three in one service for match Uhm. So we think that it will help.

<unk> T T P. <unk> will continue to fix it facilitate at high speed.

Speaker 6: Okay, next question, please. Thank you.

Craig Yan Zeng: 好了，下一个问题。

Uh huh.

Sterling Song: Okay, next question, please.

Okay next question please.

Operator: Thank you. We will take our final question. Your final question comes from the line of Brian Gong from Citi. Please go ahead.

Thank you.

We will take our final question.

Speaker 1: Your final question comes from the line of Brian Gong from City. Please go ahead, your line is open.

You'll final question comes from the line to find golf and city. Please go ahead your line as I said.

Speaker 5: Hi, good evening. It's almost the end of the year, so I'd like to know when the contract with Li Zheng will be launched. Do we have any expectations for this contract? Do we have any room to raise the price?

Brian Gong: 谢谢管理层，晚上好。因为也到年底了，所以想问一下，我们跟经销商这边力证这边续约什么时候启动？那么对于这次的续约，我们有什么预期？我们是否还有空间去提价格？那现在随着新势力的销量占比越来越高，不知道管理层怎么看待传统车企的经销商数量，也就是4S店的数量会不会越来越少呢？谢谢。我自己翻译一下。Can management share, when we will start the contract renewal with dealers for this generation?

<unk> <unk>.

<unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 9: Now with the increasing sales of the new power, I don't know what the management team thinks about the number of traditional car dealers, that is, the number of SaaS stores, will it be less and less? Thank you. Let me translate it myself.

<unk> shortly I'll transfer your call.

<unk> your shoulder.

<unk>, what's the <unk>.

Speaker 10: commitment share, you know, when we will start the contract renewal with dealers for each generation? And what's our expectation for the contract renewal this time? Do we still have room to raise our price?

Mmm commencement sure when we will start real contract renewal dealers for each generation and what's our expectation for the contract renewal. This time, we still have room to reach our price along with you know the <unk> <unk>.

Brian Gong: What's our expectation for the contract renewal this time? Do we still have room to raise our price? Along with the rising proportion of new auto sales from NEVs, how does management think about the numbers of dealers from traditional OEMs? Will the number gradually decline in the future? Thank you.

Speaker 10: And along with the rising proportion of new auto sales from new EVs, how does management think about the numbers of dealers from traditional OEMs? Will the number gradually decline in the future? Thank you.

<unk>, a new auto sales from new <unk> with Us management of <unk>. So the numbers of dealers from traditional Williams will the number.

<unk>. Thank you.

Craig Yan Zeng: 谢谢Brian。经销商的续约和往常一样，我们现在基本上已经开始了，到明年的一季度结束，这个跟往年也是一样的。你提到关于涨价，其实涨价从来不是我们的一个战略的一个目标。过去可能市场上有一些觉得我们从经销商收的钱数是增加了，但现实的情况是我们其实提供了更多的服务，数字化的产品其实并不是一个涨价的结果，我们从来也没有去追求一个在线索上涨价去提升业绩。今年我们也看到，我们经销商的盈利情况确实也是比较困难的，所以今年我们更不会以涨价的这种方式去续约，我们更多的还是会说怎么样去帮助他们。像我们的数字化产品，更多的目的是在帮助他们去降本增效。所以整体的话，回答你的问题，我们并不认为涨价是我们今年，甚至是过去也是一样的，我们并不是要在线索上去涨价。

Said goodbye.

Speaker 3: It's the same as usual. We've basically started it now. We'll finish it by the end of next year. It's the same as last year. You mentioned the price increase. In fact, the price increase has never been one of our strategic goals. In the past, there may be some in the market who think that the number of money we receive from retailers has increased. But the reality is that we actually provide more services, digital products. In fact, it's not the result of a price increase. We've never pursued a price increase to increase our business.

<unk> <unk> <unk>.

Okay sure.

<unk> <unk> <unk> <unk>.

Gotcha, that's what Apple phones or you go on Saturday.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk> you got that.

Yeah Yeah.

Yeah, I know <unk>.

Speaker 3: Hence, our economic situation is not really ideal at all. Therefore, this year...

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 3: we will help them more. Our digital products are more about helping them to go down. So in general, to answer your question, we don't think the price increase is the same this year or even in the past. We don't want to increase the price based on clues.

So this will have <unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Joshua.

For the <unk>.

<unk>.

Speaker 6: Thank you, Brian , for reading this question. Yes, we already initiated a contract to renew with our dealers. However, we will not use price increase as a strategy for us to gain more profit. It has never been our strategy. Of course, sometimes you think that we charge more from the dealers. That is because we have been providing more services to our dealers, including offering more digital products to them. And I think that we never take a price increase as a strategy for us to gain more and higher performance. And this year, as we know, the dealers, they generally encounter some difficulties. So we will, of course, never raise the price.

Sterling Song: Thank you Brian for reading this question.

Thank you Brian for everything this question, Yeah, well, we already initiated a contract.

Sterling Song: Yes, we already initiated a contract to renew with our dealers. However, we will not use price increase as a strategy for us to gain more profit. It has never been our strategy. Of course, sometimes you think that we charge more from the dealers, that is because we have been providing more services to our dealers, including offering more digital products to them. I think that we never take a price increase as a strategy for us to gain more and higher performance. This year, as we know, the dealers, they generally encounter some difficulties, so we will of course never raise the price. From our side, we would like to empower and enable the dealers by offering more digital products and helping them to cut cost and improve efficiency. In a word, in the past and present, we have never been using the price increase as a strategy for us to gain more profit.

<unk>, we will not use price increase <unk>.

Came up process. It has never been our strategy of course, sometimes you think sexually charged more from the teller that is because we have been providing more services.

To our ears, including offering more digital products to them and I think that we never take a price increase as a strategy for <unk> and higher performance and is your as Leno.

They generally encountered some difficulties. So we will of course never reached a price so I'm I'm.

Speaker 6: So from our side we would like to empower and enable the dealers by offering more digital products and helping them to cut cost and improve efficiency. So in a word in the past and in the present we have never been using the price increase as a strategy for us to gain more profit.

Side, we would like to empower and enable the tellers.

By offering more digital products, and helping them to cut costs and improve efficiency. So in a way in a past and present, we have never been using the price increase as a strategy for us to Kmart profits.

Craig Yan Zeng: 至于你提到的经销商数量问题，对于油车来讲的话，今年前三个季度燃油车的销量是差不多下降了9%，八点几的样子，不到9一点。那经销商肯定是会受影响。所以如果你单纯地看传统油车的话，经销商的数量从一个大的方向上肯定是会减少的。但同时你也看到我们今天的新能源的渗透比已经非常高了，今年三季度可能已经到了37%的这个样子。所以新能源品牌的店也是有了一个飞速的发展，很多的新的经销商也向新能源开始转型。我们的新零售也是在帮助新能源做销售。所以总体来讲，这还是一个非常有活力的市场，因为整体的车的销量，我们预计今年也是2%到3%之间的增长，明年也会是一个稳定向好这么个情况。所以总体来讲，我们是觉得经销商的数量并不是核心的问题。

Speaker 3: You mentioned the quantity of the oil cars, in terms of oil cars, the oil car sales in the past 3 quarters have dropped by 9%. The oil car sales in the past 3 quarters have dropped by 9%.

Mmm.

<unk> excuse me <unk>.

Can I also <unk> I started out with the <unk>.

<unk>.

<unk> yeah.

Speaker 3: So if you just look at traditional oil trucks, the number of dealers will definitely decrease in a big way, but at the same time, you can also see that the penetration ratio of our new energy is already very high, which is 37% in the 3rd quarter of this year, which is a very high penetration rate, which is a very high penetration rate, which is a very high penetration rate, which is a very high penetration rate, which is a very high penetration rate,

Could.

<unk> <unk> <unk> <unk> <unk>.

Unfortunately <unk>.

City Hall.

<unk>.

Speaker 3: So the new energy brand has a rapid development and a lot of new dealers are looking forward to it.

Yeah. So it seems like <unk>, you'll visa frequently Nevada.

I think I'll take.

Yeah, Yeah, Yeah, Yeah <unk>.

Speaker 3: Our XINLINSHOU is also helping XINGENGYUAN to do sales. So overall, this is still a very active market. Because we expect the overall car sales to increase between 2% and 3% this year. It will be a stable trend next year. So overall, we think the number of dealers is not the core problem.

<unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

If you have all the food that for Ya.

Speaker 3: The core problem is how to adapt to the new energy and how to help the merchants get a new positioning in this change. So in this aspect, whether it's digital products or the retail model, we are all working on this.

Craig Yan Zeng: 核心的问题是我们怎么样去适应新能源和这种变化中，怎么样帮助经销商去获得一个新的定位。所以在这一点上，我们无论从数字化产品，我们从新零售的模式，我们在各个方面都在做这方面的努力。

<unk> <unk> <unk> <unk> <unk> <unk> <unk>.

<unk> <unk> <unk> <unk> <unk> <unk> <unk> <unk>.

Speaker 6: And the second thing is about the number of the dealers in your question. In Q3, we see that the sales from the ICE car dealers dropped by a little bit less than 9%. Of course, the dealers are under some impact and see that the sales of the ICE vehicles have been declining. However, at the same time, the EV penetration has been on the rise. And you can see that in Q3, the penetration already hit 37%. So there are some rapid development trends for the NEV brands. Well, and at the same time, some traditional dealers are also transforming themselves into the NEV dealers. So for our new retail business model, we are also trying to help those NEV dealers to further expand and to tap deeper into this market because the market in a whole is very vigorous.

Sterling Song: The second thing is about the number of the dealers in your question. In Q3, we see that the sales from the ICE car dealers dropped by a little bit less than 9%. Of course, the dealers are under some impact and see that the sales of the ICE vehicles have been declining. However, at the same time, the NEV penetration has been on the rise.

And.

The number of retailers in your question interest rate you receive that.

<unk> dropped it by unlimited <unk>, 9% of course, Andrew some impact and I see that the status of the iced tea he'd be a curse has been declining credit for honesty and it came time to E Bay, Patricia <unk> right and you can see is that two three Patricia Alrighty City Sir.

Sterling Song: You can see that in Q3, the penetration already hit 37%. There are some rapid development trends for the NEV brands, while at the same time some traditional dealers are also transforming themselves into the NEV dealers. For our new retail business model, we are also trying to help those NEV dealers to further expand and to tap deeper into this market, because the market in a whole is very vigorous. I believe that the number of dealers itself is not an issue at all. The thing is that how we can better adapt to all kinds of changes and dynamics to reposition those dealers so as to be more adaptable. By offering those digital products and by facilitating them with our new retail model, I believe that we can do a better job in the future.

Per cent, so awesome <unk>, well <unk> sandwich tradition that you're ready to also transforming themselves into the <unk> they'll for our new retail business model. We are also trying to help those any retailers to try to expand and to a cap deeper into this market.

Because the market.

Speaker 6: And I believe that the number of dealers itself is not an issue at all. The thing is that how we can better adapt to all kinds of changes and dynamics to reposition those dealers so as to be more adaptable. So by offering those digital products and by facilitating them with our new retail model, I believe that we can do a better job in the future.

<unk> <unk> and I believe that the number of dealers itself is not an issue at all.

Is that how we can better adapt it you're all kinds of changes and dynamics to reposition the Steelers so as to be more adaptable so by offering those days too products and.

Facilities in Sandwich, our new retail motto at least that's what we can do a better job in the future.

Sterling Song: Operator。

Okay Sir.

Speaker 1: Thank you. There are no further questions at this time. I will turn the conference back to management for closing comments.

Operator: Thank you. There are no further questions at this time. I will turn the conference back to management for closing comments.

<unk> <unk> further questions at this time I <unk> to management, so closing comments.

Speaker 5: Dear Chairman Expert, there is a new story to end the discussion

Quan Long: 好，感谢大家参加今天的会议。我们也期待下次业绩电话会上能够再与大家交流公司的最新发展。如果你有任何问题或建议，也欢迎随时与我们联系。谢谢。

Oh yeah.

<unk> <unk> <unk>, sorry, if I got you on <unk>.

Speaker 2: If you have any questions or suggestions, please feel free to contact us. Thank you.

<unk> <unk> <unk> <unk>.

Sterling Song: Thank you everyone. Thank you for joining us today. Appreciate your support. We look forward to updating you on our next quarter's conference call in a few months time. In the meantime, please feel free to contact us if you have any further questions. Thank you. Bye bye.

<unk>. Thank you for joining us today appreciate your support.

Look forward to <unk> next quarter's conference call in a few months.

Meantime, please feel free to contact us if you have any further patterson. Thank you. Thank you bye bye.

Speaker 1: This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

This concludes today's conference call. Thank you for participating you may now disconnect.

Speaker 11: You

Mmm.

[music].

Speaker 11: And.

Mmm.

[music].