Q4 2025 Autohome Inc Earnings Call

March 5, 2026

Speaker #1: At this time, all participants are in a listen-only A question and answer session will follow . Management prepared remarks . As a reminder , this conference call is being recorded .

Speaker #1: If you have any objections , you may disconnect at this time Alive and accept webcast of this earnings conference call will be available on Autohome Inc. IR website .

Speaker #1: It is now my pleasure to introduce your host , Sterling Song Autohome Inc. , IR director , Mr. song , please go ahead

Speaker #2: you . Operator . Hello everyone and welcome to Autohome's fourth quarter and full year 2025 Earnings Conference Call Earlier today , Autohome's distributed its earnings , which can be found on the company's IR website at IR Autohome Inc. .

Speaker #2: Joining me on today's call is our chief financial Officer , Mr. Craig Yan Zeng . Management will go through the prepared remarks first , which will be followed by a Q&A session where they will be available to answer your questions continue , please note 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 .

Speaker #2: Forward looking statements are uncertainties that may cause actual results to differ materially from our current expectations Potential risks and uncertainties include , but are not limited to , those outlined in our public filings with the US Securities and Exchange Commission and the Hong Kong Stock Exchange Autohome does not undertake any obligation to update any forward looking statements except as required under applicable laws .

Speaker #2: Please also note that Autohome's earnings press release and this conference call include discussions of certain unaudited financial measures . A reconciliation , GAAP measures to the most directly comparable GAAP measures can be found in our earnings release I'll now turn the call over to Autohome's Chief Financial Officer Mr. Craig Yan Zeng , for opening remarks .

Speaker #2: Craig , please go ahead Zhengyuan Thank you . Hello , everyone . And this is Craig Thank you for joining our earnings conference call today Shanghai That And Shanghai Will Shanghai 2025 was a pivotal year in our evolution .

Speaker #2: Transforming from a automotive information platform is into account . Automotive service ecosystem facing a dynamic industry landscape . Our focus was on driving two core initiatives on the content front , we continue to strengthen the development of high quality content while enhancing our creator ecosystem expanding new media distribution capabilities .

Speaker #2: On the service front , we accelerated the development of fully integrated online to offline services to create a more efficient and convenient end to end automotive service ecosystem for users and industry partners Throughout this transformation , well , I as a core engine to drive product innovation and optimize operations and have already achieved substantial progress across multiple business areas But the Journey New On the user side .

Speaker #2: By continuously optimizing and iterating our platform tools with effectively reduced decision making costs and significantly enhanced the overall user experience . Taking new energy vehicles as an example , we've launched features such as optional configuration selection and vehicle comparison lists , further enriching the car selection tool set to help users make faster purchasing decisions Moreover , by building a traffic alliance and expanding service categories , Autohome's now covers a broader range of user scenarios , enabling us to better meet diverse user needs .

Speaker #2: Q2 And IP To The Shanghai Song Yang To Our auto integration initiatives are key to reshaping the automotive consumption process throughout 2025 . We organized over 5000 offline automotive exhibition and group purchase events nationwide and collaborated across industries with user oriented culture .

Speaker #2: IPS such as esports and music festivals These efforts went beyond the traditional car purchasing model by reaching a broader consumer base and ultimately integrating car .

Speaker #2: Willing selection , test driving , and repurchasing and purchasing into an immersive experience within the development of our transaction service ecosystem , we launched the Autohome Mall in the second half of last year , providing users with a smoother digital purchasing experience Currently , this business does is initial phase has achieved stable operations and is demonstrating positive momentum , which makes us even more confident in the growth prospects of our transaction segment .

Speaker #2: In the coming year I But the Jing Yuan Rating Is A You Crucial . The One for The AI Jing Yuan . We Q1 .

Speaker #2: Behind every product and service upgrade in integration and real world deployment is a strong foundation powered by data and AI technology . In 2025 , we introduced our our proprietary large language model and Tianshu intelligence service platform , integrating Autohome's two decades of industry data and service experience with cutting edge algorithms .

Speaker #2: This integration helps our ecosystem partners accelerate their smart transformation Meanwhile , Autohome's full product portfolio has been comprehensively upgraded with AI powered capabilities from AI , smart that support users throughout the entire car selection and purchase process to AI technology that generates and distributes marketing content across and further to AI driven , intelligent advertising placement covering the entire advertising chain and more .

Speaker #2: So , we are advancing Autohome's shift from a traffic gateway into an intelligent engine that improves efficiency across the entire ecosystem The Jing Yuan .

Speaker #2: Real your Song Yang I Specifically , over the past year , we continue to make progress in our content ecosystem , strengthening our professional influence and expanding our reach across new media channels .

Speaker #2: For instance , during the Guangzhou Auto Show last November , we integrated our event coverage with the Creator centered on the theme of utility driven coverage .

Speaker #2: We produced a marathon live spanning two days and 23 hours . Content was closely to zero user scenarios . The results were distributed simultaneously across six major new media platforms , achieving a multi-dimensional scenario based content broadcast Cycle With two .

Speaker #2: Full On In addition , in the fourth quarter , we launched Autohome Song Yang , a comprehensive one stop content marketing platform for the automotive industry .

Speaker #2: By building on creator matrix centered on five key pillars industry experts , technology , racing , outdoor lifestyle , and global markets . We provide automakers with a one stop automotive content service covering articles , videos , live streams , and more .

Speaker #2: This allows us to meet the diverse marketing needs of automakers . As of the end of 2025 , the platform has attracted over 2500 premium creators from Autohome and various new media channels to the MCE and M YY mobile Engine .

Speaker #2: At the same time , we achieved significant results in building our MC system . Autohome media MCN now covers over 500 high quality Crls and KLCC across diverse fields , and our new media platforms have cumulatively reached over 100 million users , according to mobile Autohome's average mobile dose in December 2025 were 77.51 million remaining stable year over year Grew Xiaodan Zhang From four .

Speaker #2: Chen Xiang Hundred on Can Jing Yuan . Song Yang 25 . There are in the new energy vehicle sector . Following a successful pilot in late September 2025 .

Speaker #2: Autohome Mall was officially launched in the fourth quarter , continuously advancing our transaction service upgrades online resources across the industry chain to expand vehicle offerings and optimized the car purchasing experience for users offline .

Speaker #2: We are focused on low tier cities by establishing a franchise network , treating gaps in OEMs , channel coverage . Autohome was one stop shopping and service ecosystem is still in the exploratory and refinement , and phase has already secured partners with 23 mainstream automotive brands Looking ahead , we will continue to refine the automotive transaction ecosystem and work with partners across the entire industry .

Speaker #2: Value chain to advance the automotive industries , digital and online transformation . For the full year 2025 Autohome , Nev . Related revenues , including the new retail business , maintained steady growth , increasing by 30.2% year over year AI App dipstick to AI Show AI who Machine engine to the For the .

Speaker #2: The Xiaodan Zhang Impact . Digitalization . We completed a series of AI driven upgrades to our products in 12 early in the year .

Speaker #2: The launched an AI powered , intelligent , built on deep sea and Autohome's proprietary data , significantly enhancing the Q&A experience in the automotive vertical .

Speaker #2: In April , we introduced an intelligent used car purchasing assistant that addresses that addresses pain points in transaction matching and purchase decision making for non-standard used cars .

Speaker #2: As a result , we now have achieved full AI assistant coverage across both new car and use user scenarios , maintaining industry leading quality response rates for user Q&A for partners , we used our unique data resources and industry analytics models to upgrade our digital product line across the entire value chain from marketing , outreach to potential customer acquisition to sales conversion , and to after sales services .

Speaker #2: This has enabled end to end efficiency improvements across the process for clients to date , we have served over 50 automotive brands From AI To Jing Yuan to Major Surgical .

Speaker #2: Yan Zeng among 27 . Used car business . We continue to advance the development of standardized service system for vehicle pricing . Our AI vehicle inspector has been successfully deployed across multiple third party platforms .

Speaker #2: It allows users to obtain radiation services through various inputs , including license plate images and vehicle registrations , while also providing in-depth and analysis of marketing , pricing trends .

Speaker #2: Its pricing accuracy , and adoption rates , both ranked among the highest in the industry on the vehicle supply side , we partnered with nine authoritative inspection agencies to establish the vehicle certification Alliance over the years , we completed standardized inspections for more than 500,000 vehicles , offering professional and reliable quality assurance for transactions on platform and effectively reducing trust related costs during the transaction process and The AI With Song Yang overall , in 2025 , we remain committed to a user centric approach , continuously improving the user experience through rich , diverse and high quality content as well as intelligent tools .

Speaker #2: We also achieved key breakthroughs in the practical application of AI and in building an integrated online to offline transaction ecosystem . Moving forward , we remain committed to improving the user experience , continuously enhancing our service and transaction ecosystem , and driving the high quality and sustainable development of Autohome Jing Yuan With that , let me briefly walk you financials for the fourth quarter and full year of 2025 .

Speaker #2: Please note that I will reference RMB only in my discussion today , unless otherwise stated Jing Yuan Jing Yuan . Jing Yuan Jing Yuan .

Speaker #2: Net revenues for the fourth quarter were 1.46 billion . To break it down further , media Services revenues were 334 million . Lead generation services revenue were 68 million , and online marketplace and others revenues contributed 400 million .

Speaker #2: Yuan . As an Jing Yuan Are Pack cost of revenues in the fourth quarter was 19 million , compared to 420 in the first quarter of 2024 .

Speaker #2: Gross margin in the fourth quarter was 78.2% , compared to 76% in the same period of 2020 . For the year We an Jing Yuan .

Speaker #2: Jing Yuan Jing Yuan and yuan . Yan Zeng . Jing Yuan . Turning to operating expenses , sales and marketing expenses in the fourth quarter were 739 million , compared to 718 million in the fourth quarter of four products and development expenses were 258 million , compared to 328 million in the same period of 2020 .

Speaker #2: For . General and administrative expenses were 115 million , compared to 131 million during the same period of 2024 . Yuan Yuan Song Yang yuan Overall , we delivered an operating profit of 92 million in the first quarter , compared to 232 million for the same period of 2020 .

Speaker #2: For adjusted net income attributable to Autohome was 304 million in the first quarter , compared to to 487 million in the corresponding period of 2020 .

Speaker #2: For Jing Yuan , an ask Jing Yuan For Yuan Jing Yuan . Landscape . Basic and diluted earnings per share in the fourth quarter were both 0.0.65 , compared to one for both in the corresponding period of 2020 .

Speaker #2: For non-GAAP basic and diluted earnings per Ads in the first quarter were 2.60 and 2.59 , respectively , compared to the 4.02 and 3.99 , respectively .

Speaker #2: In the corresponding period of 1994 . Our Jing Yuan Yuan of ¥2 . Xiaodan Zhang yuan Yuan We are Next , I'll briefly summarize our full year 2025 results .

Speaker #2: Total revenues were 6.45 billion , of which media services revenues were 1.15 billion . Leads . Generation services revenues were 2.71 billion and online marketplace and other revenues were 2.59 billion , representing an increase of 8.8% year over year .

Speaker #2: In addition , we delivered an adjusted net income attributable to Autohome of 1.61 billion with an adjusted net margin of 2920 4.9% . RR year on the 20 .

[Company Representative] (Autohome): Profit of CNY 92 million in Q1 compared to CNY 232 million for the same period of 2024. Adjusted net income attributable to Autohome was CNY 304 million in Q4, compared to CNY 487 million in the corresponding period of 2024.

[Translator]: Profit of CNY 92 million in Q1 compared to CNY 232 million for the same period of 2024. Adjusted net income attributable to Autohome was CNY 304 million in Q4, compared to CNY 487 million in the corresponding period of 2024.

32 million for the same period of 2024.

Speaker #2: Jing Yuan Of yuan as of December 31st , 2025 , our balance sheet remains robust . Cash . Cash equivalents , short term investments and long term financial products totaled 21.36 billion .

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[Company Representative] (Autohome): 第四季度经调整基本和摊薄每股净利润均为零点六五元，二四年同期均为一元。第四季度，经调整基本和摊薄美股，美国存托股净利润分别为二点六元和二点 ... 二四年同期分别为四元和三点九九元。

Yan Zeng: 第四季度经调整基本和摊薄每股净利润均为零点六五元，二四年同期均为一元。第四季度，经调整基本和摊薄美股，美国存托股净利润分别为二点六元和二点 ... 二四年同期分别为四元和三点九九元。

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Speaker #2: We generated net operating cash flow of 0.89 billion in 2025 . The Yan Zeng year Q1 Song Yang On September 4th , 2024 , our Board of directors authorized a share repurchase program under which we are permitted to repurchase up to US dollar 200 million of Autohome Inc. ads for a period not exceed 12 months thereafter .

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[Company Representative] (Autohome): Non-GAAP basic and diluted earnings per share in Q4 were both $0.65 compared to $1.00 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in Q4 were $2.60 and $2.59 respectively, compared to the $4.02 and $3.99 respectively in the corresponding period of 2024.

[Translator]: Non-GAAP basic and diluted earnings per share in Q4 were both $0.65 compared to $1.00 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in Q4 were $2.60 and $2.59 respectively, compared to the $4.02 and $3.99 respectively in the corresponding period of 2024.

GAAP basic and diluted earnings per share in the fourth quarter were both zero.

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[Company Representative] (Autohome): 下面我来简要总结一下我们二五年全年的业绩情况。总收入为六十四点五亿元，其中媒体服务收入为十一点五亿元，线索服务收入为二十七点一亿元，在线营销及其他收入为二十五点九亿元，同比增长百分之八点八。全年归属于汽车之家的经调整净利润为十六点一亿元，全年的经调整净利润率为二十四点，百分之二十四点九。

Yan Zeng: 下面我来简要总结一下我们二五年全年的业绩情况。总收入为六十四点五亿元，其中媒体服务收入为十一点五亿元，线索服务收入为二十七点一亿元，在线营销及其他收入为二十五点九亿元，同比增长百分之八点八。全年归属于汽车之家的经调整净利润为十六点一亿元，全年的经调整净利润率为二十四点，百分之二十四点九。

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Speaker #2: On August 14th , 2025 , the board approved an extension of the program through December 31st , 2025 . And this program we have repurchased approximately 7.1 million ads for a total cost of approximately USD 185 million .

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[Company Representative] (Autohome): Next, I'll briefly summarize our full year 2025 results. Total revenues were CNY 6.45 billion, of which media services revenues were CNY 1.15 billion. Lead generation services revenues were CNY 2.71 billion. The online marketplace and others revenues were CNY 2.59 billion, representing an increase of 8.8% year-over-year. In addition, we delivered an adjusted net income attributable to Autohome of CNY 1.61 billion, with an adjusted net margin of 24.9%.

[Translator]: Next, I'll briefly summarize our full year 2025 results. Total revenues were CNY 6.45 billion, of which media services revenues were CNY 1.15 billion. Lead generation services revenues were CNY 2.71 billion. The online marketplace and others revenues were CNY 2.59 billion, representing an increase of 8.8% year-over-year. In addition, we delivered an adjusted net income attributable to Autohome of CNY 1.61 billion, with an adjusted net margin of 24.9%.

I'll briefly summarize our full year target on this five results total revenues were $6 45 billion of which media services revenues were $1 15 billion leads generation services revenues were $2 71 billion.

Speaker #2: I I am also pleased to announce that on March 5th , 2026 , our Board of Directors authorized a new share repurchase program under which women repurchase up to US dollars 200 million of Autohome Inc. ads , or over the next 18 months .

Online marketplace and others revenues were $2 59 billion, representing an increase of eight 8%.

Year over year.

We delivered adjusted net income attributable to the home of 161 billion with an adjusted net margin of 29 24, 9%.

Speaker #2: This reflects our strong confidence in our business prospects and long term development , as well as our consistent commitment to continuously creating delivering value to our shareholders So that concludes our financial summary .

[Company Representative] (Autohome): 截至二零二五年十二月三十一日，我们的资产负债表持续表现强劲，现金、现金等价物、短期投资及长期理财产品合计为二百一十三点六亿元。二零二五年来自经营活动的现，现金流量净额为八点九亿元。

Yan Zeng: 截至二零二五年十二月三十一日，我们的资产负债表持续表现强劲，现金、现金等价物、短期投资及长期理财产品合计为二百一十三点六亿元。二零二五年来自经营活动的现，现金流量净额为八点九亿元。

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Speaker #2: We are now ready to open up the Q&A session Operator please open the line for the Q&A .

[Company Representative] (Autohome): As of 31 December 2025, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and long-term financial products totaled CNY 21.36 billion. We generated net operating cash flow of CNY 0.89 billion in 2025.

[Translator]: As of 31 December 2025, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and long-term financial products totaled CNY 21.36 billion. We generated net operating cash flow of CNY 0.89 billion in 2025.

As of December 31, 25, our balance sheet remains robust cash cash equivalents short term advancements in our long term financial products totaled 21.

Speaker #1: Thank you . Management , at this time , if you would like to ask questions , please dial star one and one and wait for our name to be announced .

36 billion, we generated net operating cash flow of <unk> 89 billion in 2025.

Speaker #1: If you like to cancel your request , you can press star one and one again . One moment for the first question Our first question comes from the line of Thomas Chong of Jefferies .

[Company Representative] (Autohome): 二零二四年九月四日，公司董事会批准了一项十二个月内总额度不超过两亿美金的股票回购计划。二零二五年八月十四日，董事会批准将该股票回购计划期限延长至二零二五年十二月三十一日。在该股票回购计划期间，我们累计回购了约七百一十二万股美国存托股份，总金额约为一点八五亿美元。

Yan Zeng: 二零二四年九月四日，公司董事会批准了一项十二个月内总额度不超过两亿美金的股票回购计划。二零二五年八月十四日，董事会批准将该股票回购计划期限延长至二零二五年十二月三十一日。在该股票回购计划期间，我们累计回购了约七百一十二万股美国存托股份，总金额约为一点八五亿美元。

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Speaker #3: What your Good evening . Thanks , management , for taking my question . My question . My first question is about can management provide more color about your thoughts about the auto industry outlook But my second question is about capital return .

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[Company Representative] (Autohome): On 4 September 2024, our board of directors authorized a share repurchase program under which we are permitted to repurchase up to $200 million of Autohome's ADS for a period not exceed 12 months thereafter. On 14 August 2025, the board approved an extension of the program through 31 December 2025. Under this program, we have repurchased approximately 7.12 million ADS for a total cost of approximately $185 million.

[Translator]: On 4 September 2024, our board of directors authorized a share repurchase program under which we are permitted to repurchase up to $200 million of Autohome's ADS for a period not exceed 12 months thereafter. On 14 August 2025, the board approved an extension of the program through 31 December 2025. Under this program, we have repurchased approximately 7.12 million ADS for a total cost of approximately $185 million.

On September 4th 2024, our board of directors authorized a share repurchase program under which we are committed to repurchase up to USD $200 million of auto homes. It yet for periods not exceeds 12 months thereafter on August 14th 2025, The board approved an extension of.

The program through December 31, 2025, and this program, we have repurchased approximately $712 million for a total cost of approximately U S dollar $185 million.

Speaker #3: We know there are updates on buyback , but how should we think about the dividends ? Thank you

Speaker #2: Thank you for your question First , let me share with you some recent market developments and future trends . The The First , we believe the total vehicle sales are 20 in 2026 expected to increase slightly or moderately with the overall industry profitability still remain under pressure The triple is On the policy side , you know the the purchase tax incentives for Nevs are gradually being phased out .

[Company Representative] (Autohome): 此外，我很高兴地宣布，二零二六年三月五日，汽车之家董事会授权批准了一项新的股票回购计划，根据该计划，公司可在未来十八个月内回购至多两亿美元的美国存托股。这也充分体现了公司对业务前景及长期发展的坚定信心，以及我们持续为股东创造价值、回报股东的一贯承诺。

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[Company Representative] (Autohome): I'm also pleased to announce that on 5 March 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to $200 million of Autohome's ADS over the next 18 months. This reflects our strong confidence in our business prospects and long-term de-development, as well as our consistent commitment to continuously creating and delivering value to our shareholders.

I'm also pleased to announce that on March 26, our board of directors authorized a new share repurchase program under which we may repurchase up to 200 million of auto homes avs over over the next 18 months. This reflects our strong confidence in our business prospects and allows.

Term game development as well as our consistent commitment to continuously creating and delivering value to our shareholders.

[Company Representative] (Autohome): 以上是公司的财务数据汇总。下面我们开始问答环节。

As a result of our towers would you please Samuel and <unk>. So that concludes our financial summary, we're now ready to open up the Q&A session. Operator. Please open the line for the Q&A. Thank you management at this time, if you'd like to ask question. Please dial star one and one.

[Company Representative] (Autohome): That concludes our financial summary. We are now ready to open up the Q&A session. Operator, please open the line for the Q&A.

Speaker #2: And at the same time , the new subsidy policy has shifted from a fixed subsidy to a variable subsidy The On the market side .

Operator: Thank you, management. At this time, if you'd like to ask question, please dial star one and one and wait for your name to be announced. If you'd like to cancel your request, you can press star one and one again. One moment for the first question. Our first question comes from the line of Thomas Chong of Jefferies. Please go ahead.

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One moment for the first question.

Our first question comes from the line of Thomas Chong of Jefferies. Please go ahead.

Speaker #2: You know , both the China passenger car Association that is cpca and China Association of Automobile Manufacturers cam , both of them projected that this year , China's total auto sales will only increase slightly by , you know , 1% year over year , which is the lowest in the past few years .

Thomas Chong: 晚上好，谢谢管理层接受我的提问。我有两个问题。第一个是想问公司管理层对中国车市未来的展望。第二个问题是关于股东回报方面。很开心看到这一次回购方案有所更新，想问一下分红会有什么消息吗？谢谢。

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[Company Representative] (Autohome): Good evening. Thanks management for taking my question. My first question is about can management provide more color about your thoughts about the auto industry outlook? My second question is about capital returns. We note there are updates on buyback, but how should we think about the dividends? Thank you.

Good evening, Thanks management for taking my question. My question. My first question is about can management provide more color about the about the auto industry outlook.

Speaker #2: So we believe the competition in the auto market will shift from the price war to value war In Yeah . And and meanwhile , you know , the overall the auto sector profit profitability still remains under pressure .

[Company Representative] (Autohome): My second question is about capital returns. We note there are updates on buyback, but how should we think about the dividends? Thank you.

My second question is about capital return it looks great.

How should we think about the dividend. Thank you.

[Company Representative] (Autohome): 谢谢你的提问. Thank you for your question. 我先分享一下近期的市场近况和未来趋势. First, let me share with you some recent market developments and future trends. 总的来看吧, 我们觉得 2026 年的车市呢, 可能是平或者微微的有些增长吧. 但是呢, 整体的行业的利润依然是比较承压的. First, we believe the total vehicle sales in 2026 expected to increase slightly or modestly, with the overall industry profitability still remain under pressure. 政策方面呢, 我们觉得也是在减弱吧, 就是 NEVs 的这个优惠, 购置税的这个优惠呢, 在退坡. 双积分的补贴, 以往的固定金额呢, 变成以形成一定的价值补贴, 也明确了一个补贴的这么个上限. On the policy side, you know, the purchase tax incentives for NEVs are gradually being phased out.

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Speaker #2: And you know the profit margin last year is for the auto sector is only , you know , 4.1% down from 4.3 paired with the previous year .

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Speaker #2: And so the overall sector is entered into an era of very low garrison So the In the So next step , we believe the technological innovation and intelligent ization should be the key themes for the competition for auto sector in the next stage On the you The For the You know to .

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The overall industry profitability is still remain under pressure.

Yeah sure, Brian Luoma seemingly against each other Diego Youll go interest rate that we opened up let's say port trucking.

You want including England virtually.

The mutual Eagle <unk> ambitions here.

On the policy side.

The the purchase tax incentive for Evs.

<unk> phase out.

[Company Representative] (Autohome): At the same time, the Dual Credit Policy policy has shifted from a fixed subsidy to a variable subsidy. 在市场方面呢，乘联会和中汽协的预测吧，今年的总销量就是只是增长了 1% ，这可能也是这些年最低的一个预测了。在年初的时候。那后面呢，我们认为车企的竞争呢，也将从价格战向价值战转化。 On the market side, you know, both the China Passenger Car Association, that is CPCA, and China Association of Automobile Manufacturers, CAAM, both of them projected that this year China's total auto sales will only increase slightly by, you know, 1% year-over-year, which is the lowest in the past few years.

At the same time, the SKU new subsidy policy.

Policy has shifted from fixed subsidy to variable subsidy.

This is on Columbia and Antonio <unk>.

Speaker #2: So for for ourselves . For all home . We believe this represents a rare opportunity to leverage our integrated auto business model to connect the entire vehicle .

<unk>.

Danielle judicial hone in on what really Churchill, Aegean gentlemen, it sounds from Changzhou, China John Charter. Thank you Omar.

Speaker #2: Purchasing lifecycle for users . At the time , you know , we can also help OEMs to acquire more incremental customers and drive additional sales to help , helping them to capture greater market shares and increasingly competitive and more mature market environment You know We be Just now , we announced the board of directors authorized the new share repurchase program .

On the market side.

Both.

China passenger car authorization that is CPC and China also for Asia of automobile manufacturers see AAM are both of them project here that they.

Basically our China total auto sales will only increase a slice of the pie.

1% year over year, which is the lowest in the.

Past few years, so we believe the <unk>.

[Company Representative] (Autohome): We believe the competition in the auto market will shift from the price war to value war. 另外，整体的这个利润情况依然是不乐观的。2025年的话，根据统计数字的话呢，汽车行业的销售就是只有4.1%。那经过这几年的价格战呢，汽车行业已经确实是在微利的这么一个阶段。Yeah. Meanwhile, you know, the overall auto sector profitability still remains under pressure.

Competition in the auto market.

Will shift from the price war too valuable.

Congrats Occhino, Jake Lawrence and while you guys are below a one <unk>.

Hi, can you talk tissue to the Heartbreak Kid behind us.

So Joe Sebastian's answer you about Mr. <unk>.

Speaker #2: And also on the cash dividends , you know , we firmly remain committed to distributing no less 1.5 billion in total in the cash dividends for the full year .

Thank you for taking your time.

So as Johann <unk>.

<unk> is a leader in weaker demand.

Yes.

In the Meanwhile, you know the overall.

Speaker #2: And so we can ensure consistent , reliable cash dividends to our shareholders We Can you Which so over the long run , we have committed to building a comprehensive hold return framework centered on sustained dividend plus share repurchase , striving to deliver predictable and sustainable returns to all our shareholders .

The auto sector appropriate profitability still remains under pressure and.

[Company Representative] (Autohome): You know, the profit margin last year for the auto sector is only, you know, 4.1%, down from 4.3% compared with the previous year.

The profit margin last year is for the auto sector is only four.

<unk>, 1% down from four three.

<unk> paired with the previous year and so the overall.

[Company Representative] (Autohome): The overall sector is entered into a year of very low profits. 所以后下一步的我们认为技术创新、智能化和车企的这个是车企竞争的这个关键词吧. Our next step, we believe the technological innovation and intelligentization should be the key themes for the competition for auto sector in the next stage. 对于汽车之家来说呢，我们这面临也是一个难得的机遇吧，利用我们线上线下的融合的这个业务模式这个优势，打通用户在购车的全链路上的服务，同时也帮助主机厂获得增量客户，撬动他们的销量。在这个存量竞争的市场环境下呢，也能够去获得一些优势. For ourselves, for Autohome, we believe this represents a rare opportunity to leverage our integrated O2O business model to connect the entire vehicle purchasing lifecycle for users.

<unk>.

Turning into a year of very low okay.

Sure.

Shape.

Zero policy into NOLA or churches.

Churches, and donating Oakland yet.

So our next step will leave.

Technological innovation and Paddington position should be the key theme for.

Speaker #2: So in the future , we will continue to uphold the long term , stable and proactive shareholder return policy . We we sincerely appreciate all our shareholders for their long term , strong and continued support to the company Operator

For the competition for auto.

Next page please.

George I'll ask one a woman Gemini, yes, so you've got I know that you bought deal what Michelle Tierney each other normal holiday that yield most of you to view Kahuku that goes for the Chilean low hanging fruit torture you founded this half an hour.

<unk> chuckled, how much earlier.

Essentially solely on international if I need to go to <unk>.

Speaker #1: Moment for the next question . Our next question comes from Jing Yuan from SIC . Please go ahead

So for for ourselves for auto home. We believe this represents a rare opportunity to leverage our integrated <unk> business model to connect.

The entire vehicle purchasing life cycle.

For users at the same time, we can also help Oems to acquire more incremental customers and drive additional sales so help them, having them to capture greater market shares.

[Company Representative] (Autohome): At the same time, you know, we can also help OEMs to acquire more incremental customers and drive additional sales, helping them to capture greater market shares in an increasingly competitive and more mature market environment. 在刚刚提到我们刚刚宣布了一个新的一个股票回购计划，那在分红方面呢，董事会之前也做过承诺，就是全年的分红不低于 CNY 1.5 billion ，这个分红的承诺依然是有效的. Just now we announced the board of directors authorized the new share repurchase program.

Speaker #4: Is after higher became the major shareholder , how has the company's business plan been updated and what's the potential for future collaboration And my second question is what are the expansion plan for offline stores Thanks

And increasingly competitive on.

More mature market environments.

Okay.

Guaranteed all of them are going along <unk>.

<unk> will help with both Johan.

It's April.

So switching gears over to Joseph <unk>.

Im sure Youll jumbo.

Just now we announced the board of directors authorized the new <unk>.

Speaker #2: Thank you . After becoming our new controlling shareholder , we don't have material change in our overall strategic direction First , we are strengthening the development of user first and we are more focused on the user experience as other top Second , as we just mentioned , we will transform from information platform to a transaction platform .

Share repurchase program and also on the cash dividends.

[Company Representative] (Autohome): Also on the cash dividends, you know, we firmly remain committed to distributing no less than CNY 1.5 billion in total in the cash dividend for the full year.

We firmly remain committed to distributing nolette whatnot.

5 billion in total in the cash dividend for the full year and so we can.

[Company Representative] (Autohome): We can ensure consistent, reliable cash dividends to our shareholders. 啊，长期以来呢，公司始终就致力于构建以持续分红加上股票回购吧，为核心的这个一揽子股东回报，努力为股东创造可预期的收益保障。未来我们将继续坚持长期稳定、积极的股东回馈政策，感谢广大股东一直以来的支持。Over the long run, we have committed to building a comprehensive shareholder return framework, centered on sustained dividends, plus share repurchase, striving to deliver a predictable and sustainable return to all our shareholders.

Through our consistent reliable cash dividends to our shareholders.

Chunky liner Costless should also truly neupogen.

So January will hopefully go about replacing <unk>.

This is <unk>.

Leave it alone.

Could you just walk out with our <unk> loan provisions.

Thank you Luisa.

Sure.

So over the long run we have.

Speaker #2: So we set up the Autohome more , which was established last last year . So the AI , the AI Jing Yuan . The And the third with the continuous upgrade of AI capabilities .

Thanks, Amit.

Two building a comprehensive shot.

For the return framework centered on sustained dividends plus share repurchase striving to deliver a predictable and sustainable returns to our shareholders. So in the future. We will continue to uphold the long term stable and proactive shareholder return policy we will.

[Company Representative] (Autohome): In the future, we will continue to uphold the long-term, stable, and proactive shareholder return policy. We sincerely appreciate all our shareholders for their long term strong and continued support to the company. Operator.

<unk> 30.

Speaker #2: You know , which will bring us more help us more in our future operations I we So in the long run , our target is is to we will transform from an information platform into a one stop transaction ecosystem .

Appreciate all our shareholders for their long term store on the casino the support for the company.

Operator.

Operator: One moment for the next question. Our next question comes from Jing Yuan from CICC. Please go ahead.

One moment for the next question.

Our next question comes from Jim <unk> from CIBC. Please go ahead.

Okay.

Xiaodan Zhang: 管理层晚上好，感谢接受我的提问。这边有两个问题，第一个问题是关于海尔成为我们公司的大股东之后呢，对于公司业务规划有没有什么更新，以及未来的协同空间如何？第二个问题是想问一下关于线下门店，想问一下公司关于线下门店的扩展计划，然后我简单翻译一下。

Jing Yuan: 管理层晚上好，感谢接受我的提问。这边有两个问题，第一个问题是关于海尔成为我们公司的大股东之后呢，对于公司业务规划有没有什么更新，以及未来的协同空间如何？第二个问题是想问一下关于线下门店，想问一下公司关于线下门店的扩展计划，然后我简单翻译一下。

Excellent.

Speaker #2: Platform Now User And also For the event To You might And in terms of synergies with higher you know we will leverage higher strengths in channels supply chain management and service networks to further optimize our integrated auto new retail model .

I'm, so glad you harsh my own going forward long term hallmark.

Okay.

We're adding for <unk>.

Can you just outline.

Hello, and welcome I'm, providing you can find them.

Yes.

Okay.

[Company Representative] (Autohome): After Haier became the major shareholder, how has the company's business plan been updated? What's the potential for future collaboration? My second question is, what are the expansion plans for offline stores? Thanks.

Hi, I became a major shareholder how has the company has different timing update and what's the potential for a future collaboration and my second call chanced, Okay. I've got a pension plan for outbound story.

[Company Representative] (Autohome): 好，谢谢。那我先来回答一下，就是海尔成为控股股东呢，呃，我们大的方向是没有什么变化的。

Cynthia.

Charges for hard for those who don't know.

Sure Neil from a PR.

[Company Representative] (Autohome): thank you. After Haier becoming our new controlling shareholder, we don't have a material change in our overall strategic direction.

Thank you also hired it became our new controlling shareholder we.

Speaker #2: We will explore a low cost , high efficiency and experience driven channel sales approach to drive our business upgrade from a transaction matchmaking model to a full chain service model and ultimately , our goal is to provide more convenient , more transparent and trustworthy car purchasing experience .

Don't have a material change in our overall strategic direction.

[Company Representative] (Autohome): 首先呢, 还是强化这个, 还是强化以用户为先吧, 我们要强化这个优质内容的建设和传播.

It was in the high <unk> high should somehow <unk> EMEA <unk> user name and the general economy.

[Company Representative] (Autohome): First, we are strengthening the development of user first and we are more focused on the user experience as the top priority.

First we are strengthening.

In the development of user first and we are more focused on the user experience as other top priority.

Speaker #2: Covering the entire life from the vehicle , searching , selecting to purchasing , using and replacing The Cash The for the offline stores .

[Company Representative] (Autohome): 啊，其次呢，我们就是要刚才也提到，我们要从一个媒体平台向交易去转化，所以我们也就是有了一个新的一个板块，像现在汽车之家车商城。

<unk> <unk> meeting in Paris on Joe you should so you won't mean that youre. So youre seeing that you go about clients around C&I, just because you've got Toronto.

[Company Representative] (Autohome): Second, as we just mentioned, we will transform from an information platform to a transaction platform. We set up the Autohome Mall, which was established last year.

Second we just mentioned we will transform from information platform to our transaction platform. So we've picked up.

Auto home are more which was established.

Last year.

[Company Representative] (Autohome): 啊，随着近期把这个 AI 的这个提升，AI 的这个技术的发展，这样对我们今天的产品的创新和运营能力都会带来一些新的帮助。

So Jean <unk>, the AI the J.

So AI, which is lovaza jumped to one <unk> times electronics, including in only two fleet that Asia Sheena Bunzl.

Speaker #2: You know we will expand our primary franchise model so our focus should be covering more cities from tier three to tier five , low tier cities to help OEMs to strengthen their channel networks and find them to try to help them to find more incremental users and addressing the OEMs pain points .

[Company Representative] (Autohome): Third, with the continuous upgrade of AI capabilities, you know, which will bring us more, help us more in our future operation.

And the third pillar with the continuous upgrade of AI capability.

[Company Representative] (Autohome): Third, with the continuous upgrade of AI capabilities, you know, which will bring us more, help us more in our future operation.

Which will bring us more.

How has more our future operations.

Please turn to the kind of how should see wrong. When we're trying to get a very small menudo <unk> Hana <unk> answer that <unk>.

[Company Representative] (Autohome): 长期的看呢，我们还是希望我们战略，还是希望我们能够从信息平台呢升级为一站式的汽车交易服务平台。

Speaker #2: For example , insufficient channel coverage in low tier markets , etc. Thank you . Operator . The next question .

[Company Representative] (Autohome): In the long run, our target is to we will transform from an information platform into a one stop transaction ecosystem platform.

In the long run our target is phase two we will transform from information platform into a one stop.

Speaker #1: Thank you . One moment for the next question Our next question comes from the line of Ritchie Sun from HSBC . Please go ahead

Transaction ecosystem platform.

Okay.

[Company Representative] (Autohome): 呃，协同方面呢，呃，我们将依托海尔在渠道、供应链和服务网络方面的优势，持续优化线上线下融合的新零售模式，探索低成本、高效率、高体验的线上线下融合的销售模式，推动业务从撮合交易向全链路服务的升级，以便更快、更便捷、更透明、更可信赖的购车体验，覆盖用户看车、选车、用 -- 买车、用车、换车的全生命周期。

<unk> <unk>, one more if I may.

Yoshi Tricia Johan <unk> also seen unusual Moshe password, each Humber Ghansham Coquina, Shanghai, Shenzhen, Guangzhou Auto Marsha <unk>, Joey juncture with Florida.

Speaker #5: Will you one so Union go The Some of the New I agents I In the AI agent Function AI Jing Yuan Xiaodan Zhang show you The the Jing Yuan Thank you for taking my questions .

<unk>.

<unk> gone combing glucose geological towards yet.

Youll come to match one.

For the change of indulgence.

[Company Representative] (Autohome): In terms of synergies with Haier, you know, we will leverage Haier's strength in channels, supply chain management, and service networks to further optimize our integrated O2O new retail model. We will explore a low cost, high efficiency, and experience driven channel sales approach to drive our business upgrade from a transaction matchmaking model to a full chain service model. Ultimately, our goal is to provide more convenient, more transparent, and trustworthy car purchasing experience covering the entire life from the vehicle searching, selecting, to purchasing, using, and replacing.

And in terms of synergies is higher you know, we will leverage higher strength in channels.

Supply chain management and service networks to further optimize our integrated audio new retail model.

We will explore.

Low cost high efficiency and.

Experienced driven.

Annual sales approach to drive our business upgrade from a transaction matching.

Matchmaking model to a full train service model.

Ultimately our goal is to provide more convenient.

Transparent and trustworthy.

Speaker #5: Firstly , regarding the Nev business Can you share what would . What would we bring to the partners ? And in 2026 . And what are the key indicators we should look for to assess the development progress Secondly , in the rapid development for AI agents , we are seeing there are some impact to some industry and platforms .

Car purchasing experience covering the <unk>.

Yeah.

From the vehicle searching select him to purchasing using out of the replacing.

Okay happened again.

[Company Representative] (Autohome): 线下门店呢，我们配合这个线上的商城吧，我们也会持续拓展我们的线下门店，主要还是以加盟的模式。重点呢是覆盖三到五线的多个低线城市开始吧，帮助主机厂去进行一些渠道的补强，挖掘呢增量用户，解决汽车厂商在低线渠道的覆盖不足的这么一个特点啊。 For the offline stores, you know, we will continue to expand, primarily through franchise model. Our focus will be covering more cities from tier three to tier five low tier cities to help OEMs to strengthen their channel networks, find them to try to help them to find more incremental users and addressing the OEMs pain point, for example, insufficient channel coverage in low tier markets, etc. Thank you. Operator. The next question.

Hello, John Thomas.

You put out in the gym and yet has yamana Moshe.

Yes sure for.

Speaker #5: So how does management assess the impact of AI agent towards auto verticals and what would Autohome do to address this risk and what are the progress made in the AI applications ?

Sure.

With each analyst.

Bundled with <unk>.

Biogen now Yahoo.

<unk> can you touch on trials that he can and should always figure out which one doesn't cut it.

For the offline stores you know, we will continue to expand our premier.

Speaker #5: And finally , in terms of the dealer side , the dealers are related . Revenue has been falling . So what when do management think the decline will actually stop ?

The franchise model, so our focus will be covering more cities from tier three to tier five low tier cities to help Oems to strengthen their channel networks.

Speaker #5: Thank you

Find them try to help them to find more incremental users and addressing the Oems pinpoints for example, sufficient channel coverage and low tier market et cetera.

Thank you operator. The next question. Thank you one moment for the next question.

Speaker #2: For the Jing Yuan I should Go to the Thank you for your question . First let me answer your question about what value can we can our Nev transaction business bring to our partners .

Operator: Thank you. One moment for the next question. Our next question comes from the line of Ritchie Sun from HSBC. Please go ahead.

Okay.

Our next question comes from the line of Richardson from HSBC. Please go ahead.

Ritchie Sun: 谢谢管理层，给我提问的机会。我有几个问题，可能一个一个问。首先就是，新能源业务在 2026 年，能够给合作伙伴带来什么样的好处呢？我们应该观察什么的指标去判断这个发展的进度。好，第二个问题就是，关于 AI 的。这个 agent 在加速发展吧，未来也会影响一些行业，还有平台。管理层如何评估这些 AI agent 对汽车垂直媒体的这个影响，自家有什么策略去应对这些风险，公司在 AI 应用方面有什么进展？最后就想问一下，经销商收入这边，公司觉得下跌的这个情况会什么时候会停止呢？

Hey, good morning.

Again with Q&A.

Let's go into <unk>.

Sandra.

<unk>, yes.

Unknown yen.

Okay hurdle whole bank Dyno Asia Jamba.

Well my knee guide once some of the <unk> team to <unk>.

Speaker #2: As I just mentioned , the transaction business was launched in the second half of , of last year . And this year we'll continue to further explore this business model .

<unk> Joshi applying AI to hold is that the agent casual.

<unk> got a whole win <unk> Pi now whole quantity of tongue, Yoko Pinkwater CA AI agent Tito.

Speaker #2: So for EVs , you know what we provide is , you know , is far beyond the advertising . And lead generation businesses .

Can you tell us where he made it so that you can sell now.

Now I'll just guide you Ocean.

But just your phone scan <unk> now, let's say whole just how when you saw things held for onshore wind with Epipen.

Speaker #2: So we are now delivering a complete end to end solution that covers from car searching to transaction conversion process . So , so this approach differentiates Autohome from other platforms in the market And if Also has auto For the in terms of metrics to monitor for this processes are quite simple .

Costa Jade.

That's a good thing when you ship Michelle waiting.

[Company Representative] (Autohome): Thank you, management, for taking my questions. Firstly, regarding the NEV business, can you share what will we bring to the partners and in 2026? What are the key indicators we should look for to assess the development progress? Secondly, in terms of the rapid development for AI agents, we are seeing there some impact to some industry and platforms, how does management assess the impact of AI agent towards auto verticals? What would Autohome do to address this risk? What are the progress made in the AI applications? Finally, in terms of the dealer side, the dealers related revenue has been falling. What when do management think this decline will actually stop? Thank you.

Thank you management for taking my questions.

Firstly regarding the <unk> business can you share what.

What we bring to the.

Partners and in 2026, and what are the key indicators, we should look for to assess the development progress.

In terms of the rapid development for AI agents.

We are seeing some impact to some industry and platforms. So how does management assess the.

Impact of AI agent towards auto verticals.

Auto home due to address this risk and what are the progress made in the AI applications and finally in terms of the dealer side.

Speaker #2: First is the number of brands . How many brands are want to cooperate with us ? Want to draw platform for offline ? The metrics should focus more on the coverage of the channel .

Dealers related revenue has been falling so.

What went into management thing.

Speaker #2: Channel works and besides , in addition , you know , transaction volumes is another key metric . You know , we are you know what we are trying to validate this business model .

Time will actually stop thank you.

[Company Representative] (Autohome): 好，谢谢。首先回答一下关于新能源交易业务的给合作，合作伙伴带来的益处。我们从去年下半年呢，开始了这个商城的这个业务，今年还会继续探索这个业务模式。我们向这个交易的这个服务的转化呢，是我们的一个既定战略。那我们提供，那对于这些新能源的这个车呢，我们提供的就不仅仅是广告和线索了，而是更多的是服务，所以它是一个交易转化后全链路的这么一个解决方案。这个呢，就会把我们从过去的一个简单的传媒平台进行一个升级。

Gotcha.

Suzanne with IHOP Simona.

And so our yield hurdles hurdle hollander equal.

Once you guys have any in the case of the Samsung Junior how would you could transfer to Russia.

Speaker #2: And we we target to increase the scale of this model gradually .

1 million shown with <unk>.

Speaker #6: You AI agent to The Agent Also so the Function AI agent To AI function

Florida Tri Pointe legacy didn't tell you.

Now on to go.

Cynthia Murray energy were trying our junior Virginians to Guadalajara, Chihuahua, Usher Goldwater shufu so its actually.

So you've got a whole Charlie alluded then you go into your heart.

And Yoplait <unk>.

Got you the yugo.

Hi, Jason English.

[Company Representative] (Autohome): Thank you for your question. First let me answer your question about what value can our NEV transaction business bring to our partners. As I just mentioned, the transaction business was launched in the second half of last year, and this year we'll continue to further explore this business model. For NEVs, you know, what we provide is, you know, far beyond the advertising and the lead generation businesses. We are now delivering a complete end-to-end solution that covers from car searching to transaction conversion process. This approach differentiates Autohome from other platforms in the market.

Thank you for your question first let me answer your question about what value can be.

Our E transaction business bring to our partners.

I just mentioned the transaction business our launched in the second half of last year and this year will continue to further explore business model. So for <unk> you know what we provide is.

Speaker #2: For the how to assess the AI agents impact on the auto media vertical . First from the interaction model level , you know AI agents becoming more and more becoming the new hub connecting users and services with conversational interaction , replacing the traditional models .

It's <unk>.

The advertising and leads generation businesses. So we are now delivering a complete end to end solution that covers from car searching to transaction conversion process. So so based approach differentiate auto home from other platforms in the market.

Speaker #2: And the second is more from the service service side . Service level . But this is just what we just mentioned . We are transitioning to more transaction model , transaction platform

[Company Representative] (Autohome): 至于说关注的指标，其实还是比较简单的。呃，一方面呢，是多少厂商愿意和我们进行这种模式的合作，啊，就是 O2O 嘛，还是从 O2O 来看，那线下呢，关注这个网络能够覆盖啊，多少，多少店，门店的这个情况，还有就是这个交易的这个规模。啊，当然我们也很重视这个模式能够被客户接受，然后后面的规模，整个交易的规模啊，能够起来。

So when you look at the allocation how should it be Dol zander.

Sure.

Oh you did.

Sure.

Oklahoma has all told her that kind of thing.

When do we take a lot more for that.

Yeah again.

Okay.

Hi, Otero surgical Joe Greenwood Darren.

Speaker #6: AI agent Jing Yuan . Now AI who might the Agent AI For the contract

It wont be a conjuncture Moshe mungo critical houdeshell.

John you lean more on <unk>.

[Company Representative] (Autohome): For the in terms of metrics to monitor for this progress is quite simple. First, is the number of brands, how many brands want to cooperate with us, want to draw from us. For offline, the metrics should be focused more on the coverage of the channel works. Besides, in addition, you know, transaction volume is another key metrics, you know, we are, you know, what we are looking now to validate this business model, and we target to increase the scale of this model gradually.

For the in terms of magic.

To monitor for this program are quite simple first.

The number of bran, how many brands are want to cooperate with us one too.

Transform offer offline the metrics should we focus more on the courage of our.

Channel kind of worked and besides the addition, you know.

Transaction volume is another key metric you know we are.

What we've.

Speaker #2: So for auto our response has two points . First is we try to build an autohome AI agent for the auto sector for the auto industry .

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[Company Representative] (Autohome): 关于 AI agent 对整个的这个行业的影响呢，我觉得是这样的。首先呢，对汽车行业广告的影响呢，我觉得首先是这种交互的这个范式的层面。 AI agent 成为就是连接用户和服务的这么一个新的这么一种方式。对话式的这个替代了单纯的一个单向的一个搜索。这个汽车传媒的传统的流量入口的这个方式呢，可能会需要有些改变。 AI agent 第二步呢，除了交互之外，就是服务分发，这是更进一步了。传媒这种单纯的说从内容的这个模式呢，就不足了。这也是我们要向这个整个的交易的这个方向去转化的这个一个，也是跟这个 AI 的这个方向应该是一致的。

AI agent.

Speaker #2: And we try to enhance the to.see user experience . So what we are doing is we try to enable the agent to deliver a complete , one stop personalized concept .

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Speaker #2: Concept , style service across the entire auto lifecycle . So we are what we are doing is we try to make AI a intelligent companion throughout the car .

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Speaker #2: Purchasing to ownership lifecycle . The second point is we try to establish an AI based intelligent service network , which can connect the automakers , dealers , financial institutions , and others .

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Speaker #2: Stakeholders , etc. so to enable the direct service delivery and collaborate ecosystem value creation , and we try to balance the two experience and to be conversion efficiency

Following our initial chip.

[Company Representative] (Autohome): For the how to assess the AI agent impact on the auto media vertical. First, from the interaction model level, you know, AI agent becoming the new hub connecting users and the services with conversational interaction replacing the traditional models. Second is more from the service side, service level. This is just what we just mentioned, we are transitioning to more the transaction model, transaction platform.

For the how to assess the AI agent impacts on the auto media vertical first from the interaction model level.

Yeah Ethan.

Becoming more and more becoming the new hub connecting users and those services are with conversational interaction, replacing the traditional.

Speaker #6: AI When the machine Can AI The The Yes . AI

Our models and the second is more from the 30th a service by service level.

This is what we just mentioned we are transitioning to more.

The transaction model transaction platform.

[Company Representative] (Autohome): 之家的这个应对策略，刚才我也提到了一些了，首先就是打造汽车行业的自家的这个 AI agent，来驱动这个 C 端的体验的这么一个提升，实现从选车、买车到用车全周期的这个一站式的这个个性化的管家式服务，让 AI 成为用户买车、用车的全流程的这么一个可信赖的智能伙伴。第二个，就是构建这个 agent 智能体， AI 就是个人 AI 智能体的这么一个服务网络，连接车企、经销商、金融机构等多方面，实现这个服务的直达与生态价值的共创，兼顾这个 C 端的体验和 B 端的这个转化的这么一个效率。

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Speaker #2: So from the very beginning , I also hope focus on the AI . And we have made a lot of progress . For example , we developed a proprietary auto vertical large language model , which is called .

Dr. Linda just a co gen Jacob agents and that AI can just goes generic.

<unk> somebody of FUA, India, Turkey, China generally chico's. She can think of who that should are you shouldn't has actually gone up.

Speaker #2: It ranks first in the auto knowledge evaluation among Chinese large models . And for the C and users , you know , you know , AI pioneered a conversational assistant covering the full lifecycle of car searching , selection , purchasing and using .

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[Company Representative] (Autohome): For Autohome, our response has two points. First is we try to build an Autohome AI agent for the auto sector, for the auto industry. We try to enhance the O2O user experience. What we are doing is we try to enable the agent to deliver a complete one-stop, personalized concept style service across the entire auto lifecycle. What we are doing is we try to make AI a trusted intelligence companion throughout the car purchasing to ownership lifecycle. The second point is, we try to establish AI-based intelligence service networks which can connect the automakers, dealers, financial institutions, and other stakeholders, et cetera.

So for auto home our response has two parts.

One first is we'll try to build a auto home agents for the auto sector for the auto industry and we try to enhance the juicy.

Do you think yours. So what we are doing is we try to enable the island to deliver a complete one stop personal lives.

Speaker #2: So we can achieve a industry leading performance evaluation and significantly enhance the users . And we . In this way , we can shorten the user decision making cycles .

Conflict.

Style survey across the entire auto lifecycle. So we are what we are doing is we tried to make it attractive intelligent companion throughout the car purchasing two ownership lifecycle the second positive.

Speaker #2: And for the end customers , we also leverage AI to make more new content . Provides a one stop AI you know , capabilities and intelligent operational services

We.

Try to establish a base intelligence service networks, which can connect the automakers.

Speaker #6: So That the You

Dealer financial institutions, and other stakeholders et cetera. So.

[Company Representative] (Autohome): To enable the direct service delivery and the collaborate ecosystem value creation, we try to balance the two C experience and the to B conversion efficiency.

Are you able that Iraq.

If you have a rate and collaborate ecosystem value creation, and we try to balance the QC clearance and to be conversion efficiency.

[Company Representative] (Autohome): 这家从 AI 一开始就非常重视，我们已经不仅仅停留在计划上，我们已经有了一些显著的进展。一方面是我们自研的这个垂媒的这个 Cangjie 这个大模型吧，在中文大模型汽车知识评测中呢，是位居榜首。同时呢，在面向 C 端用户的看、选、买、用的这个全场景呢，也首创了这个对话式的 AI 智能助手。效果评测呢，也在行业里头也是比较领先的。极大提升用户的体验，也缩短了这个用户的决策的这么个路程。其他呢，再包括像在 B 端的一些内容创作，等方面呢，也是用 AI 智能来运营和赋能了全行业。

Doubtful AI.

AIA cashless, Joffrion, Georgia, and Virginia that Johan <unk>.

Speaker #2: We will focus on the dealers business conditions . You know last year our dealership suffered severe losses . So they are survival conditions worsened and even we find new vehicle prices fell below the the prices for used cars from our data certificates .

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Speaker #2: It showed over 70% of the dealers nationwide in China were in loss making Because of the tough environment . So some dealers have exited the dealership network last year , which is the the most difficult in the few years .

So working Tony is the higher do you think should be already agenda.

Yes.

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[Company Representative] (Autohome): From the very beginning, Autohome focus on the AI, and we have made a lot of progress. For example, we developed a proprietary auto vertical large language model, which is called Cangjie. It runs first in the auto knowledge evaluation among Chinese large models. For the C-end users, you know, you know, AI pioneered a conversational assistant covering the full lifecycle of car searching, selection, purchasing, and using. We can achieve a industry-leading performance evaluation and significantly enhance the user experiences. In this way, we can shorten the user decision making cycles. For the B-end customers, we also leverage AI to make more new content, provide the one-stop AIGC, you know, capabilities and intelligent operational services.

So from the very beginning of out of home.

Focus on the AI and we have made a lot of progress for example, we developed a proprietary auto vertical lack language model, which of course <unk> ranked first in the auto knowledge devaluation, among Chinese large models and Florida.

Speaker #2: So based on our own data and statistics , at the end of last year , the total number of dealers declined by approximately 5% year over year

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Speaker #6: And the Jing Yuan Now we

Oh AI pioneer to come.

Conversational assistant covering the full lifecycle of car searching selection purchasing under using so we can achieve our industry leading performance evaluation and.

Significantly enhanced.

Speaker #2: Also under such environment , the decrease in dealer groups budget was anticipated by us . So this year on our renewal for our dealership member product has been completed .

And in this way, we can shorten the use of decision making cycles and therefore, the BMS customers. We also elaborate AI to make more on new content provides a one stop <unk> GC <unk>.

Speaker #2: So the the coverage are still remains at solid level . And this year next for the next step , we will work with our dealer customers together to try to find a solutions .

Capabilities and intelligent operational services.

[Company Representative] (Autohome): 这个就是关于经销商的这个收入这块的. 主要还是整体的经销商的经营情况比较值得我们重视的. 今年呢，经销商整体的这个渠道是比较严峻的，新车销售甚至出现倒挂. 根据我们的统计呢， 2025 年全国汽车经销商呢，大概有超过 70% 呢，都是处于亏损的这么一个状态.

So is your question how much of the solution partner.

Through our hazard.

Speaker #2: And we want to get a win win situation for both sides .

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Speaker #6: So Champion For The The auto the emotional So you know So the .

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[Company Representative] (Autohome): We focus on the dealers business conditions. You know, last year, dealerships suffered severe losses, with so their survival conditions worsened. Even we find new vehicle prices fell below the prices for used cars. From our data statistics, it showed over 70% of the dealers nationwide in China were in loss-making.

And we are focused on the dealer business conditions last year, our dealerships suffered.

Severe losses.

So they are survival condition worsens and even we find new vehicle prices fell below the prices for used cars from our data certificates. It's showed over 70% of the dealers and nationwide in China, Oregon loss, making.

Speaker #2: So as as we just mentioned . So we will work with dealer clients together . For example work with or work on more digital products and increase their traffic , increase their conversion rate and other auto business as well .

[Company Representative] (Autohome): 因为经营比较困难呢，经销商退网的情况也是在过去几年中也是最严重的了。根据之家的统计呢，到去年底呢，经销商大盘的这个商家总数啊，同比下降可能也是 5% 左右吧。

And the teams are calling on the genotype two launching pioneer should be done.

Speaker #2: Try to help them to increase their efficient strategies to help the dealer dealers operations . And we try to decrease any negative impact on their operations That the above is my answer to your my answer to questions .

So in fact, what she's in January I should say a gondola.

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[Company Representative] (Autohome): Because of the tough environment, so some dealers have exited the dealership network last year, which is the most difficult in the last few years. Based on our own data and statistics, at the end of last year, the total number of dealers declined by approximately 5% year-over-year.

Because of the tough environment. So some dealers have exhibited the dealership network last year, which is the.

The most difficult in the last few years, but based on our own data.

Speaker #2: Thank you .

Speaker #1: Thank you . There are no further questions at this time . I'll turn the call back over to management for closing remarks

At the end of last year.

The total number of dealer declines by approximately 5% year over year.

[Company Representative] (Autohome): 所以在这个背景下呢，经销商集团的这个预算的缩水呢，也是在我们的这个预料中。那今年呢，我们跟经销商的整体的续约呢，覆盖率还是不错的。那我想我们后面会和经销商一起吧，大家能够想到更好的办法来取得共赢。

So it actually is a page in China.

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Speaker #2: Thank you everyone . Thank you very much for joining us today . We appreciate your continued support and look forward to updating you on our next quarter's conference call in a few months time .

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Speaker #2: In the meantime , please feel free to contact us if you have any further questions or comments . Thank you . Goodbye .

Thanks Andre.

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[Company Representative] (Autohome): Under such environment, the decrease in dealer groups budget was anticipated by us already. This year, our renewal for our dealership member product has been completed. The coverage still remains at a solid level. This year, for the next step, we work with our dealer customers together to try to find solutions, and we want to get a win-win situation for both sides.

And so under such environment.

The decrease in dealer groups batteries was anti.

<unk> separated by a variety. So this year on our renewal for our dealership remember our product has been completed and so the the courage still remains.

Solid level and this year next for the next step we will work with our dealer customers together to try to find solutions and we want to get a win win situation for both sides.

[Company Representative] (Autohome): 无论后面是通过数字产品帮助经销商提升他们的效率，加强流量的转化，都是我们会和经销商一起去探索在这个新环境下的这个方式，甚至包括我们新的这个 O2O 的交易模式，帮助经销商去提升他们的销售效率。通过异议我们希望能够减少对经销商相关收入的一个影响。

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[Company Representative] (Autohome): As we just mentioned, so we will work with dealer clients together. For example, work on more digital products, increase their traffic, increase their conversion rate, and other auto business as well. Try to help them to increase their to help the dealerships, the dealers operations, and we try to decrease any negative impact on their operations.

So.

Yes.

As we just mentioned so we'll work with dealer.

Clients together for example.

Oh work on more digital products and increase their traffic increase there.

Conversion rate and other <unk>.

Business, that's where I'll try to help them to increase there.

The feedback sheet to help.

The dealer shaped the theaters.

Operations, and we try to equate any negative impact on their operations.

Okay.

[Company Representative] (Autohome): 好，回答完了。

Our fleet outlook.

[Company Representative] (Autohome): That the above is my answer to your question. Thank you.

The above is my.

Answer.

My answer to your question. Thank you. Thank you there are no further questions at this time I'll turn the call back over to management for closing remarks.

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

[Company Representative] (Autohome): 感谢大家参加今天的会议，期待在下次业绩会上能再与大家交流公司的最新发展。如果您有任何问题或建议，欢迎随时与我们联系。谢谢。

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[Company Representative] (Autohome): Thank you, everyone. Thank you very much for joining us today. We appreciate your continuous support and 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 or comments. Thank you. Goodbye.

Well. Thank you everyone and thank you very much for joining US today. We appreciate your continued support and 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 or comments. Thank you goodbye.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

And gentlemen that concludes today's conference call. Thank you for your participation you may now disconnect your lines.

[music].

Okay.

[music].

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