Q2 2025 Autohome Inc Earnings Call
Operator: Conference call. At this time, all participants are on a listen only mode. A question and answer session will follow management's prepared remarks. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time. A live and archived webcast of this earnings conference call will also be available on Autohome's IR's website. It is now my pleasure to introduce your host, Mr. Sterling Song, Autohome's IR director. Mr. Song, please go ahead.
Sterling Song: Thank you, operator. Good morning, everyone, and welcome to Autohome's Q2 and the interim 2025 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cn. Joining me on today's call are Chief Executive Officer, Miss Song Yang, and Chief Financial Officer, Miss Craig Yan Zeng. Management will go through their prepared remarks first, which will be followed by a Q&A session where they will be available to answer your questions. 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 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.
Sterling Song: Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the U.S. 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 non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. I will now turn the call over to Autohome CEO, Miss Yang, for opening remarks. Please go ahead, Miss Yang. Thank you, Sterling. Hello, everyone. This is Song Yang. Thank you for joining our earnings conference call today. In the H1 of the year, we made steady progress in advancing our Autohome strategy.
Song Yang: By effectively optimizing the synergies between our online and offline resources, we improved both user experience and service quality. At the same time, we accelerated AI-driven product innovation and upgrades, leveraging intelligent technologies as a core enabler to empower user decision-making and help customers reduce costs while improving efficiency. On the new retail front, we are redefining the automotive consumer experience through technology. Online, our Buy4Me livestream enables multi-vehicle comparisons and citywide price inquiries. Offline, we deliver differentiated experience through three key services, immersive VR movie, AI-assisted test driving with car owner guidance, and AI-powered purchasing assistance. These innovations significantly reduce transaction costs for both ends, users and customers, creating a complete online to offline service ecosystem. As of Q2, the number of new retail franchise stores has surpassed 200, continuously expanding our service coverage and reaching a broader consumer base.
Song Yang: In terms of AI technology applications, we've created end-to-end intelligent solutions. For consumers, our AI smart assistant now covers all scenarios for both new and used cars, with industry-leading performance in question and answer. For dealerships, we've integrated AI technology into the entire customer journey, from marketing to customer acquisition, to transaction conversion, and to after-sales services, creating a comprehensive and closed digital marketing loop that enhances operational efficiency.
Song Yang: To date, we've already served over 50 automotive brands. 此外，我们还建立了广泛的生态联盟，持续扩大自己的朋友圈，与包括支付宝在内的多家头部平台达成战略合作。通过频道共建和联合品牌营销，构建全域用户触达网络，扩大品牌影响力。值得一提的是，6月末，我们正式上线了汽车之家海外版网站，一共收录了52个中国出海的汽车品牌的一千九百余款车型，为中国汽车产业的全球化发展提供有力支持，也标志着之家海外业务布局迈出了重要一步。Additionally, we've established an expansive ecosystem of alliances and continue to expand our partnership network through strategic collaboration with leading platforms including Alipay.
Song Yang: Through jointly developed channels and co-branded marketing initiatives, we've built a comprehensive user engagement network to amplify our brand influence. Notably, in late June, we officially launched the international version of the Autohome website, featuring over 1,900 vehicle models from 52 Chinese automobile brands going global.
Song Yang: This not only provides substantial support for the globalization of China's auto industry, but also marks a crucial step forward in our international business expansion. Looking forward, we'll continue to expand AI applications across our products and services and deepen the deployment of our automotive ecosystem.
Song Yang: By capitalizing on the industry trends of electrification, intelligence, and globalization, we will further drive the transformation of the automotive consumer experience。 接 下 来 请 CFO 曾 岩 先 生 详 细 介 绍 之 家 2025 年 Q2 的 业 务 及 财 务 情 况 。With that, I'll now turn the call over to our Chief Financial Officer, Craig Yan Zeng, for a closer look at Autohome Inc.'s 2025 operating and financial results。 谢 谢 杨 嵩 总 。 大 家 好 ， 我 是 汽 车 之 家 的 CFO 曾 岩 。Thank you, Miss Yang.
Craig Yan Zeng: Hello everyone, I'm Craig Zeng, the CFO of Autohome。二季度我们强化看新车首发来汽车之家的品牌定位，围绕首秀、首试、首测、技术智能四大核心维度，构建以直播为载体的新车内容矩阵，撬动新车消费内容增长。以六月上线的新车首测栏目为例，我们聚焦重点新车上市节点，打造新能源SUV巅峰对决专题，进行五车五天50多小时的高密度实测直播，全网曝光超1.6亿次。新车内容矩阵不仅强化了用户对上市新车的认知，更显著提升了之家专业信调能力的行业影响力。In the second quarter, we reinforced our brand position as the go-to platform for discovering new car launches with the position of for new car launching come to Autohome.
Craig Yan Zeng: We did this by developing a comprehensive new vehicle content matrix centered around live streaming. This initiative focuses on four key dimensions: debut showcasing, initial test driving, professional testing, and technical intelligence, effectively driving the content growth around new vehicle consumption. For example, in June, we launched the Autohome New Car First Test program and created a special feature titled The Ultimate New Energy SUV Showdown. This intensive testing marathon delivered more than 50 hours of intensive testing, live streaming across 5 vehicles in 5 days, generating over 160 million views across various platforms.
Craig Yan Zeng: The program not only strengthens consumer understanding of newly launched vehicles, but also significantly enhanced Autohome's industry influence as a trusted authority in professional vehicle assessment。 在六月香港车博会期间，我们以中国品牌全球布局为核心视角，通过六小时不间断的中英双语直播呈现展会盛况，并同步打造科技互动体验专区，向全球观众展示之家最新的AI技术与VR的创新应用。这一举措与刚才杨总提及的汽车之家海外版一起，彰显了我们在助力中国汽车品牌出海，推动之家全球化能力输出方面的积极进展。In June, at the International Automotive & Supply Chain Expo in Hong Kong, we took Chinese brands' globalization as our core theme.
Craig Yan Zeng: Through our continuous 6-hour bilingual live streaming in both Chinese and English, we showcased the exhibition highlights while establishing a dedicated interactive technology zone to demonstrate Autohome's cutting-edge AI technology and VR innovation to global audiences.
Craig Yan Zeng: This initiative, together with the launch of the international version of Autohome website mentioned by Miss Yang, underscores our strong progress in supporting Chinese auto brands in their global expansion and promoting our global capabilities。此 外 ， 我 们 持 续 壮 大 流 量 联 盟 ， 推 动 多 平 台 多 场 景 合 作 ， 构 建 全 链 路 生 态 协 同 ， 进 一 步 提 升 汽 车 之 家 的 品 牌 声 量 和 影 响 力 。 例 如 五 月 份 ， 之 家 与 支 付 宝 车 生 活 业 务 板 块 达 成 战 略 合 作 ， 围 绕 支 付 宝 平 台 用 户 及 认 证 车 主 推 出 看 车 选 车 服 务 ， 并 设 置 购 车 补 贴 专 区 ， 服 务 以 旧 换 新 及 意 向 购 车 人 群 。 根 据 QuestMobile 的 数 据 ， 汽 车 之 家 六 月 移 动 端 日 均 用 户 量 达 到 7574 万 ， 同 比 增 长 11.5%， 用 户 规 模 与 平 台 影 响 力 持 续 攀 升 。Additionally, we continue to expand our traffic alliance network by promoting multi-platform and multi-scenario collaborations to create synergies across the entire value chain, further enhancing Autohome's brand popularity and industry influence.
Craig Yan Zeng: A prime example is our strategic partnership with Alipay Auto Life Services sector in May. Together, we launched a dedicated car billing and selection service for Alipay users and certified car owners, including a special subsidy section to serve trade-ins and potential car buyers.
Craig Yan Zeng: According to QuestMobile, our average mobile DAUs reached 75.74 million in June 2025, up by 11.5% from the same period last year, reflecting our sustained growth in user scale and expanding platform influence。 新能源领域，我们的新零售业务致力于打造一站式O2O车生态，以新兴科技为客户服务赋能。线上采取全息直播技术，并将线上服务延伸至线下体验。汽车之家空间站以VR空间大电影作为门店引流的最新抓手，通过真实车主陪同消费者多车对比试驾，增强用户信任，提升订单转化率。同时，AI买手提供客观中立的看选服务，进一步提升门店接待效率。截止二季度，汽车之家空间站和卫星加盟店总数已突破200家，之家包含新零售在内的新能源品牌总收入也在持续攀升，二季度营收同比增幅达27%。Turning to NEV, our new retail business is committed to building a one-stop O2O automotive ecosystem, empowering customer service through emerging technologies.
Craig Yan Zeng: Online, we use holographic live streaming technology and expand digital services into offline experiences. The Autohome Space stores leverage immersive VR movies as a new driver of store traffic and perform multi-vehicle test drives with real car owners to increase trust and improve conversion rates. Meanwhile, our AI-powered car purchasing assistant provides objective and neutral vehicle recommendations, further improving in-store service efficiency. As of Q2, the total number of Autohome Space and satellite stores has reached more than 200.
Craig Yan Zeng: Total revenues from NEVs in the second quarter, including those from the new retail business, continued to grow, increasing by 27% from last year. 数 字 化 方 面 ， 我 们 以 数 据 加 技 术 为 核 心 发 展 驱 动 ， 整 合 独 家 数 据 资 源 与 行 业 分 析 模 型 ， 升 级 推 出 五 大 数 科 产 品 线 ， 包 括 ：AI 营 销 大 脑 、AI 获 客 先 锋 、AI 线 索 大 师 、AI 销 冠 神 器 和 AI 查 车 专 家 。 从 赋 能 精 准 营 销 决 策 制 定 ， 支 持 自 动 化 内 容 生 产 与 智 能 分 发 ， 到 提 升 出 客 效 率 与 邀 约 能 力 和 强 化 一 线 销 售 顾 问 业 务 能 力 ， 再 到 提 供 车 况 车 价 查 询 系 统 ， 我 们 紧 紧 依 托 AI 技 术 ， 重 构 了 营 销 全 链 路 ， 为 合 作 伙 伴 提 供 从 洞 察 到 转 化 的 全 域 智 能 解 决 方 案 ， 有 效 推 动 了 客 户 业 务 效 能 提 升 。 On digitalization, we've adopted a development strategy centered on data plus technology as the core development driver, integrate our proprietary data resources and industry analysis models to upgrade and launch five major digital intelligence product lines, including AI Marketing Brain, AI Customer Acquisition, AI Lead Master, AI Sales Champion, and AI Vehicle Inspector.
Craig Yan Zeng: These tools empower a comprehensive range of marketing needs, including enabling accurate marketing decision making, automating content creation with intelligent distribution, improving user engagement efficiency and store visit conversion, strengthening frontline sales consultant capabilities, as well as providing vehicle condition and pricing inquiry systems.
Craig Yan Zeng: Powered by AI, we've redefined the entire marketing value chain, delivering a comprehensive set of intelligent solutions from insights to conversion for partners, which effectively drives improvements in customer business efficiency. 二手车业务板块，我们持续深耕线上线下一体化服务体系。六月下旬，我们正式推出了二手车严选旗舰店专区，精选行业头部品牌入驻，严格把控车商资质，店内车源配置完整的检测报告，确保车况安全透明，并提供可靠的售后服务保障，真正实现线上所见即线下所得。目前首批商家已经完成入驻，未来我们将继续以诚信和标准为核心，拓展与头部车商的合作，扩大优质车源覆盖，让消费者能够放心购车。In our used car business, we continue to enhance integration of our online and offline services system.
Craig Yan Zeng: In late June, we officially launched our flagship certified used car section, featuring carefully selected top-tier brands for cooperation and strictly controlling used car dealer qualification. Each used vehicle in the store comes with comprehensive inspection reports to ensure the safety and transparency of vehicle conditions. Additionally, we also provide reliable after-sales support, ensuring that what consumers see online is what they get offline. At present, we have already onboarded our first group of dealers to our platform.
Craig Yan Zeng: In the future, we will continue to prioritize integrity and standardized processes as our principles, expand cooperation with leading auto dealers, increase the coverage of high-quality vehicle sources, and enable consumers to purchase with greater peace of mind in their purchasing journey. 综 上 所 述 ， 我 们 正 加 速 推 进 O2O 发 展 战 略 ， 并 持 续 孵 化 新 的 业 务 增 长 曲 线 ， 努 力 把 之 家 打 造 成 权 威 的 信 息 平 台 加 便 捷 的 交 易 平 台 。 我 们 将 立 足 长 期 ， 以 新 技 术 持 续 拓 宽 业 务 边 界 ， 以 更 高 效 的 汽 车 生 态 服 务 体 系 推 动 公 司 行 稳 致 远 。In summary, we are accelerating the implementation of our auto development strategy, while continuously incubating new growth drivers and are fully committed to building Autohome into an authoritative professional information platform and a seamless transaction platform.
Craig Yan Zeng: We will focus on the long term, continue to broaden our business horizons with new technologies, and create a more efficient automotive service ecosystem to promote our steady development。 接 下 来 ， 我 来 向 大 家 简 述 一 下 汽 车 之 家 2025 年 第 二 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 。With that, now please let me briefly walk you through the key financials for the Q2 2025.
Craig Yan Zeng: Please note that I'll reference RMB only in my discussion today unless otherwise stated。第二季度收入总额为17.6亿元。具体来讲，媒体服务收入为2.79亿元，线索服务收入为7.33亿元，在线营销及其他收入为7.46亿元，同比增长20.5%。Net revenues for the second quarter were RMB 1.76 billion.
Craig Yan Zeng: Breaking it down, media services revenues were CNY 279 million, leads generation services revenues were CNY 733 million, and online marketplace and others revenues were CNY 746 million, up 20.5% year over year。 成 本 方 面 ， 第 二 季 度 营 业 成 本 为 5.03 亿 元 ， 上 年 同 期 为 3.46 亿 元 。 第 二 季 度 毛 利 率 为 71.4%， 上 年 同 期 为 81.5%。On cost of revenues in Q2 was CNY 503 million, compared to CNY 346 million in Q2 2024.
Craig Yan Zeng: Gross margin in the second quarter was 71.4%, compared to 81.5% during the same period last year. 营 业 费 用 方 面 ， 第 二 季 度 销 售 及 市 场 费 用 为 6.3 亿 元 ， 上 年 同 期 为 7.53 亿 元 。 研 发 费 用 为 2.53 亿 元 ， 上 年 同 期 为 3.15 亿 元 。 一 般 及 管 理 费 用 为 1.33 亿 元 ， 上 年 同 期 为 1.18 亿 元 。Turning to operating expenses. Sales and marketing expenses in the second quarter were CNY 630 million, compared to CNY 753 million in the second quarter of 2024. Product and development expenses were CNY 253 million, compared to CNY 315 million in the second quarter of last year.
Craig Yan Zeng: General and administrative expenses were CNY 133 million, compared to CNY 118 million during the same period last year. 总 体 来 讲 ， 汽车之家 第 二 季 度 营 业 利 润 为 2.97 亿 元 ， 上 年 同 期 为 4.12 亿 元. 归 属 于 汽车之家 的 经 调 整 净 利 润 为 4.76 亿 元 ， 上 年 同 期 为 5.72 亿 元. Overall, we delivered an operating profit of CNY 297 million in Q2, compared to CNY 412 million for the same period of 2024.
Craig Yan Zeng: Adjusted net income attributable to Autohome was CNY 476 million in Q2, compared to CNY 572 million in the corresponding period of 2024. 第 二 季 度 经 调 整 基 本 和 摊 薄 每 股 净 利 润 均 为 CNY 1.01, 上 年 同 期 均 为 CNY 1.18. 第 二 季 度 经 调 整 基 本 和 摊 薄 每 股 美 国 存 托 股 净 利 润 分 别 为 CNY 4.06 和 CNY 4.04, 上 年 同 期 分 别 为 CNY 4.72 和 CNY 4.71. Non-GAAP basic and diluted earnings per share in Q2 were both CNY 1.01, compared to CNY 1.18 in the corresponding period of 2024.
Craig Yan Zeng: Non-GAAP basic and diluted earnings per ADS in Q2 were 4.06 and 4.04 respectively, compared to 4.72 and 4.71, respectively, in the corresponding period of 2024. 截 止 30 June 2025, 我 们 的 资 产 负 债 表 持 续 表 现 强 劲 ， 现 金 、 现 金 等 价 物 及 短 期 投 资 合 计 为 CNY 22.05 billion. Q2 来 自 经 营 活 动 的 现 金 流 量 净 额 为 CNY 495 million. As of 30 June 2025, our balance sheet remains robust with cash equivalents and short-term investments of CNY 22.05 billion.
Craig Yan Zeng: We generated net operating cash flow of CNY 495 million in Q2. 2024 年 9 月 4 日 ， 公 司 董 事 会 批 准 了 一 项 12 个 月 内 总 额 度 不 超 过 2 亿 美 金 的 新 的 股 票 回 购 计 划 。 截 止 2025 年 7 月 25 日 ， 我 们 已 经 回 购 了 约 535 万 股 美 国 存 托 股 份 ， 总 金 额 约 为 1.42 亿 美 元 。 On 4 September 2024, our board of directors authorized a new share repurchase program under which we are permitted to repurchase up to $200 million of Autohome ADS for a period not to exceed 12 months thereafter.
Craig Yan Zeng: As of 25 July 2025, we have repurchased approximately 5.35 million ADS for a total cost of approximately $142 million. 以 上 是 公 司 的 财 务 数 据 汇 总 。 下 面 我 们 开 始 问 答 环 节 。Okay, the above is our financial summary. With that, now we are ready to open up the Q&A session. Operator, please open the line for Q&A.
Operator: Thank you. One moment for our first question. Our first question coming from the line of Thomas Chong with Jefferies. Your line is now open.
Thomas Chong: 晚 上 好 ， 谢 谢 管 理 层 接 受 我 的 提 问 。 我 的 问 题 是 关 于 我 们 对 于 这 家 下 半 年 在 媒 体 业 务 发 展 有 什 么 预 期 ， 还 有 看 法 。Thanks management for taking my question. My question is about the media services revenue. Can management share your thoughts about the trend in H2 and also the expectations? Thank you.
Sterling Song: 谢谢。对于整体的媒体业务呢，主要还是主机厂吧。主机厂的这个情况比较重要。从现在的整体的这个车市来看呢，这个价格战还在进行当中，价格能够企稳呢，可能还是需要一定的时间。我们也看到从国家，从各方面也都有一定的干预吧，希望不要有这种处理制的这种价格战。所以下半年一般来说的话呢，金九银十的汽车销售，传统的一个是旺季，还有年底会有一个冲量，所以主机厂应该能够投入一些更多的，比上半年更多的广告预算。那这家也会积极地争取更多的份额。另外，这家通过线上线下的一体化服务，能够满足不同的厂商的需求，也能够多渠道地获得主机厂的预算。所以总体来讲的话，我们对下半年的媒体服务的业务，相对上半年来说更为看好一点。
Sterling Song: Okay, thank you for raising this question. As for the media service business, I believe that we will continue to look at the OEM budgeting trends. We are still experiencing the price war. We still need some time for the price to go stable. I believe that with the government's intervention and the policy being released, we will expect that the OEM process will gradually recover and the OEMs will invest more in advertising budgets during the traditional peak season of Golden September and Silver October in the second half of the year. Well, at the same time, Autohome can also meet the needs of different manufacturers through online, offline integrated services and obtain automakers budgets through multiple channels.
Operator: As a result, we think that in H2, we are more bullish about the media service business than H1. Thank you. Thank you. Our next question coming from the line of Xiaodan Zhang with CICC. Your line is now open.
Xiaodan Zhang: 管理层老师们好，感谢接受我的提问。那我这边两个问题，第一个是想请管理层分享一下对于下半年车市的展望。那另外我们看到公司这个2亿美金的回购计划已经执行了超过1.4亿美金了，那也想请管理层分享一下，公司股东回报的计划是否有进一步的更新？那我快速翻译一下。Thanks management for taking my questions. First of all, could management share your outlook on the auto market for the second half of 2025?
Xiaodan Zhang: Are there any updates on the shareholder return plans? Thank you.
Song Yang: 好，感谢您的提问。那我是杨松，我先回答第一个问题，第二个问题待会交给曾总来回答。
Sterling Song: Thank you for raising this question. I'm Song Yang, I'll take the first question and the second question will be addressed by Mr. Zeng.
Song Yang: 首先我先分享一下近期的市场近况和我们对未来趋势的判断。
Sterling Song: First of all, let me share some of the recent market dynamics and the future trends.
Song Yang: 第一个，大家都非常关心的汽车行业的这个价格内卷的问题，我们的判断是这样的，因为政府现在出台了很多的措施，所以说从7月份开始初步看到一些至少是回稳的迹象。
Song Yang: 那么预计在中长期来看，这样的一个价格掠减有望得到缓解，这个对行业和之家来讲都是有积极意义的。
Sterling Song: First of all, we think that in order to cope with the price war of the auto industry, recently we can see that the multiple government authorities have been releasing all kinds of policies for the guidance to fight against this kind of rat racing trend. Since July, we have seen that the price has been gradually going stable, and medium and long run, we think that the price war will going to be eased, and this will be very positive for the entire industry as well as Autohome.
Song Yang: 第二个趋势就是市场的分化进一步加剧，具体体现在以下几点。一方面是主机厂的销量和利润正在向头部企业集中。第二就是中国自主品牌的市场份额在持续提升，但是以价换量的情况比较严重。第三个就是新能源板块在保持了多年的高速增长以后，现在增速已经较以前有所放缓。
Sterling Song: The second thing we see that the auto market differentiation is intensifying. On the first hand, you can see sales volume and profits of the automakers are concentrating on the top players with the share of independent brands continue to rise. However, at the same time, due to trading price for volume, the overall profit of the auto industry is still under a lot of pressure. Thirdly, we can see that NEV continue to grow, but the growth rate has slowed down comparing with H2.
Song Yang: 好，第三点我想特别说一下有关中国汽车的出口。去年中国已经跃居为世界第一的汽车出货大国。根据乘联会的数据，今年的上半年，我们中国汽车出口同比增长6.8%，其中新能源出口同比增长48%。所以我们可以看到，中国车企正在加速出海，这也是我们汽车之家未来的机会所在。
Sterling Song: The third point I want to talk about is that the auto exports have performed brilliantly. According to the data from the China Passenger Car Association, in H1 2025, China's passenger vehicle exports increased by 6.8% year on year, among which new energy vehicle exports increased by 48% YOY. You can see that the Chinese automakers are accelerating their overseas expansion, and this will be very positive for Autohome.
Song Yang: 好，接下来基于对上面三个市场的近况和趋势的判断，我们汽车之家也有三大战略。
Sterling Song: Based on the above mentioned three understanding and forecast about the market trends, actually in Autohome, we will also have the following strategies.
Song Yang: 首先是我们现在是高度地重视对AI技术的投入，那么我们也有信心，我们现在在整个中国的汽车领域，我们的AI能力是非常的领先的，这主要是基于我们在过去20年的在数据库和内容库方面的积累，以及我们在AI的研发力量的多年的投入的积累。
Sterling Song: First of all, we should say that we have been heavily investing in AI technologies, and there are lots of AI related technologies as well as deliverables. That is attributable to our efforts over the past 20 years, in particular in terms of the database, content creation, as well as AI related research and development.
Song Yang: 我们正在把这种AI的领先优势快速地在三个方面予以拓展和转化成我们的生产力，包括了在线上、线下，还有我们为主机厂和4S店所提供的具体的AI产品。
Sterling Song: We have been quickly taking advantage of our AI strength in the above mentioned area and turn it into the actual productivity. Specifically speaking, this will be showcasing online, offline, as well as the product we delivered to our OEMs as well as dealers.
Song Yang: 第二个战略就是我们要坚定不移地把我们的线上加线下的O2O车生态予以持之以恒地建设。
Sterling Song: Second, we will continue to heavily work on the O2O ecosystem, which is featuring online plus offline.
Song Yang: 我们现在是中国在汽车领域和在社交领域的互联网平台里面，唯一有大规模的线下网络的这样一个互联网公司。
Sterling Song: We are actually the only internet company with very large scale of the social media deployment in the auto sector.
Song Yang: 因为我们都知道，汽车行业是需要线上加线下形成闭环的这样一个非常特殊的行业，它不可能全靠线上就能解决所有消费者的需求。
Sterling Song: We understand that for the auto industry, it heavily relies on the close loop with both online plus offline. As a result, you cannot only rely on online service delivery to resolve all the consumer demands.
Song Yang: 所以接下来我们会利用我们的线下网络的优势和线上的互联网平台结合，能够看到我们更多的这样一些模式的创新，以及逐步地为公司贡献更好的业绩。
Sterling Song: In the future, you're going to see that we will better connect our offline network with our online platform so as to continue to innovate our business models and deliver better performance.
Song Yang: 第三个战略就是响应中国品牌出海的这样一个大趋势，所以我们汽车之家也在紧锣密鼓地布局我们的海外的这样一些资源。
Sterling Song: The sub-strategy is to actually closely go in line with the going global trend of the Chinese market. As a result, Autohome is also very busy deploying our overseas resources.
Song Yang: 比如说今年的6月份，我们作为香港车展的唯一的官方的战略合作的汽车媒体，那么也面向全球介绍和推广中国的品牌的汽车。
Sterling Song: For example, in June of this year in the International Automotive & Supply Chain Expo, we actually served as the only official auto media partner of this auto expo, and we have been introducing the Chinese branded auto to the rest of the world.
Song Yang: 因为我们在6月30号上线了汽车之家的海外版的英文网站，应该是中国的互联网平台第一次面向全球消费者来集中地推广和传播中国品牌的汽车。
Sterling Song: Well, at the same time, on 30 June, we also launched the overseas version of the Autohome website. This is for the very first time we actually introduced the Chinese auto brands to the global consumers.
Song Yang: 目前我们已经覆盖了包括香港、泰国、沙特、英国、澳大利亚和巴西等六个国家和地区，也包括了中国所有的出版品牌和超过1900款车型。
Sterling Song: So far, we have been covering 6 countries and the regions including China, Hong Kong, Thailand, Saudi Arabia, United Kingdom, Australia, and Brazil. It also covers more than 1,900 models.
Song Yang: 这应该是中国互联网媒体在海外的首创。我们希望通过汽车之家的这样一个海外版的网站，能够架起中国汽车品牌与海外各个国家消费者的一个桥梁。
Sterling Song: You can see that actually this is the first time ever that we have been doing this kind of media introduction in this way. We also hope that through this international website, we can actually bridge Chinese auto brands with the global consumers.
Song Yang: 今年中国汽车品牌出海预计应该在700万台左右，我们也相信很快未来一到两年可能就会达到接近1,000万台的规模。所以我们现在布局海外，也是希望整个海外市场能够成为为我们汽车之家贡献新的一个增长曲线。
Sterling Song: I expect that this year the overall Chinese auto export will be around the 7 million units. In the next one or two years, this number will increase to 10 million. I think that this kind of overseas business deployment will also become the new growth curve for our business.
Song Yang: 您的第一个问题我就回答到这里，下一个问题请曾总回答。
Sterling Song: That's the answer for the first question. Now I would like to hand the floor to Mr. Zeng.
Craig Yan Zeng: 好的，谢谢。关于公司的股票回购计划，我们在顺利地执行。刚才我也把具体的数字跟大家做了沟通。对于分红政策，董事会也有过对市场的承诺，25年计划全年的分红不低于15亿元人民币，这个数字也不会改变。那未来我们也会持续地去关注如何去回报股东。这个政策我们是不会方向上没有什么变化。
Sterling Song: In terms of the stock repurchase plan, I already gave you some briefing about these numbers. I think that this will remain unchanged. As committed by the board, actually in the year 2025, the whole year cash dividend payout will be no lower than CNY 1.5 billion. This will remain unchanged. In the future, we will continue to get return and reward our shareholder in the sustained manner.
Operator: Thank you. Our next question coming from the line of Brian Gong with Citi. Your line is now open.
Brian Gong: 好的，谢谢管理层接受我的提问。刚才管理层有提到政府在反内卷后，我们似乎有看到车企的这个价格战有所放缓，就想问一下管理层怎么看下半年的这个车企竞争情况？另外一个跟进的问题就是如果说新车这边的竞争能够放缓的话，我们觉得大概有多久的机会能看到二手车行业能够复苏呢？谢谢管理层。
Brian Gong: I will translate myself. Thanks management for taking that question. Management just mentioned that after the government's intervention, you have seen some improvements on the OEM's competition. How does management think about industrial competition in H2 this year? If the competition for new car sales can ease, when could we see the used car industry could recover? Thank you.
Craig Yan Zeng: 好，谢谢。我来回答这两个问题。首先呢，我们从5月到现在，我们已经看到政府通过税政策，也通过一些呼吁，汽车行业平时叫做内卷式增长，然后叫停无序的价格战。我们也看到了一些车企比较积极地回应，比如说取消了一口价的促销政策，有一些宁愿是降量也要保价这些政策。当然以旧换新还是依然会在做的。我们也看到折扣幅度也基本上保持了一个比较的稳定。但是总体来讲，价格战的根本原因还在于产能的过剩。
Sterling Song: Let me take these two questions. We have been seeing that since May till now, we have been witnessing that the government has been releasing the policies for several times and calling for the stop of the evolution related growth, and ask the OEMs to stop this kind of inordinate price war. Well, at the same time, we also see some of the brands, for example, BYD and Changan Automobile, etc., abolish their one price policy and only return the trading policy or announce that reducing volume to maintain the price, etc. You can see the fundamental reason for this is because of the overcapacity.
Craig Yan Zeng: 另外呢，就是因为产能的扩张，所以一些头部车企的增加，销量的增加，中小车企可能面临的压力也会比较大。那我们也注意到，豪华合资品牌这个份额在下跌。那自主品牌从三年前不到50%，到今年上半年我们看到已经超过60%了，所以我们觉得有喜有忧。我们希望通过车企的出海，能够消化一定的产能。另外，从规模优先，也向质量优先去发展。所以，我们希望市场能够比较快地，尽量快地能够回归一个理性的竞争。
Sterling Song: Because the production capacity keep expanding, we have been witnessing that the sales, as well as profit margin, shifting towards the top-tier players. As a result, the small and medium-sized OEMs will face a bigger pressure. In the segmented area, we can see that the luxury, as well as joint venture brands, has been losing shares. The self-owned brand sales has been increasing from less than 50% 3 years ago to more than 60% in the H1 of this year. Well, at the same time, this kind of pressure on profit margin also forced OEMs to shift from size-first or scale-first to quality-first. We also expect that through all of this policy guidance, the market will quickly go back to reasonable competition.
Craig Yan Zeng: 第二个问题就是如果新车的竞争能够缓解，我们多久能够看到二手车？其实二手车一直是一个比较复杂的情况。随着汽车的保有量的增加，我们的车龄也在慢慢地增加。我们也看到，中国的车龄的平均大概保有量的车龄是6.8年，所以还是在一个增加供给的这么一个情况下。我们也看到市场上越来越多的客户会去关心二手车的情况，也在考虑买二手车。那最终没有买呢，我们觉得可能也有几个关系会影响到。第一个，我们是觉得从政策上来讲，虽然现在今年商务部等八个部门已经启动了汽车流通的一些改革试点，也优化了一些登记这些过程，也有一些促进性的政策，但比较核心的一点是关于二手车的历史，二手车的一些保养、维修、保险的一些历史，大量的数据还是不够透明，所以客户还是比较不放心购买二手车。
Sterling Song: Okay. The second question is about the second-hand vehicle. When can the market recover? We can see that this is closely related to the total car parcel car ownership, as well as the car age. Generally speaking, you can see that in China, the car ownership keeps increasing while the average car age retains at 6.8 years. Well, at the same time, a lot of people, a lot of clients are interested in the second-hand vehicle, but they are still hesitant to purchase the second-hand vehicle. The reason can be attributable to the following several aspects. The first thing is because of the policy, even though 8 government authorities, including MOFCOM, have been initiated the car circulation consumption reform pilot, and also optimized the car registration mechanism. However, you can see there's still a lot of intransparency in terms of the car maintenance, repair, as well as the other historical data.
Craig Yan Zeng: 所以从知家作为这个领域的领先的企业，从行业的标准化和透明度上，我们会做更多的努力。6月27号，刚才我们也提到，我们上线了二手车官方的严选体验店的专区。首先就是跟力星航签约，我们帮助其打造品牌，推进线上线下的一体化。消费者寻找车源，直接进入汽车之家二手专区的这个界面就行了。那这些车源都是经过检验的，也有保障的。我们也在推进跟其他品牌的合作，能够帮助消费者找到更靠谱的二手车。
Sterling Song: Secondly, we can see that Autohome as the top player in this industry, we have been making efforts to enhance industrial standards as well as the transparency. Since 27 June, we have been launched the second-hand vehicle official flagship store. The first deal signed was with Li Xinghang, and we help Li Xinghang to build a brand and promote online/offline integration of the services. Consumers, they want to find the source of the vehicle, they can directly come to the flagship store in the Autohome second-hand vehicle column. All of the sources are validated pretty much in terms of the quality.
Craig Yan Zeng: 另外我们研发的部分AI工具，比如二手车的AI智能助手，拍照识车、查车况、查车价工具等等也都陆续上线。我们知道二手车是非标品，这就要求我们的AI智能助手的回答精确度更高，每台车给到用户的回复都是能够不一样的。这些产品也在不停地打磨、升级中。
Sterling Song: In addition, we also develop our own AI tools, such as the used car AI smart assistant, photo car recognition, vehicle condition checking, and car price checking tools. As we all know, used cars or second-hand vehicles are non-standard products, which requires our AI smart assistant to have higher accuracy in replies, and replies to each of the cars of the users is very different. This product are constantly being polished and upgraded.
Craig Yan Zeng: 今年流通协会对二手车的销量预测是同比增长6.5%。我们也持一个挺乐观的态度，当然我们也看到行业内的车商的状况还是比较艰难。当然如果价格战能够缓解，二手车的价格能够相对来说更可预期、更稳定的话，一定也是会促进消费者更多地去选择二手车。
Sterling Song: This year, we also see that the China Automobile Dealers Association predicts that the second-hand vehicle sales will increase by 6.5% year on year. If actually the price war can be eased and mitigated, and the price go to a stable trend, I believe that there will be more consumers choosing the second-hand vehicle.
Craig Yan Zeng: 好，下一位。
Sterling Song: Next question please.
Operator: One moment for next question. Our next question coming from the line of Richie Sandwith, HSBC. Your line is open.
Richie Sandwith: 杨总，Craig，Sterling，晚上好，谢谢你们给我提问的机会。我有两个问题，第一个问题是关于新能源业务，包括我们的空间站，还有微型店，现在的进展如何？对于下半年和明年的发展有什么预期，还有想法？第二个问题关于数据产品，这个业务有没有什么新的进展？可以更新一下我们现在有什么不同的产品，未来会有什么新的这种产品的计划？Thank you management for taking my questions.
Richie Sandwith: I have two. First of all regarding the NEV business, including the franchise stores. What is the progress over there? What is our thoughts on the H2 and next year's development plan and expectations? Secondly, for the data products, what is the progress and can you update us on the late product suites that we have and any new product pipeline? Thank you.
Craig Yan Zeng: 好的，谢谢。关于新零售，我们网络还在持续扩张的过程中，截止二季度，总店数已经超过了200家，有重点城市，也有下沉的市场。在功能上，我们进一步完善了我们的3D的裸眼看车、多车的同屏对比、多品牌一站式购车的功能。那也是借助这次的AI的这种能力，我们也创了AI买手、车主陪同AI试驾，对吧？也做了VR空间大电影的引流，来帮助提升汽车消费的体验。
Sterling Song: Actually, thank you for raising this question. In terms of the scale, by the end of the second quarter, we can see that the total number of the stores already exceeds 200, covering both major cities as well as the lower tier cities. In terms of the functionality innovation, our Space stores has already integrated a lot of functions, such as 3D naked eye watching the cars, the multiple car same-screen comparison, and multiple brands one-stop purchase, etc. Also rely on our AI technologies. We also indigenously created a lot of AI function-related experiences, such as AI buyers and car owners accompany AI comparison test drives, as well as the VR space, blockbuster movie, etc., that to reshape the car consumption experience.
Craig Yan Zeng: 从未来发展来看，当然我们首先也还是要把我们的业务模式进一步地去打造。我们的核心是线上和线下的结合，特别是线下产品与服务的精细化运营与升级，提升单店的效率与客户的口碑。当然从商业上来讲的话，我们也会去提升这个模块的收入的能力和盈利的能力。从技术上来讲，我们可能要进一步地融合AI的大模型，做到千人千面，能够不只服务于终端消费者的升级体验，也将技术产品能够技术能力产品化、服务化。未来可能出海上也能够给予车企一些帮助。
Sterling Song: In terms of the future development plan, actually we will continue to define our business models and focusing on the products and services refined operation, as well as iteration and upgrading, and to enhance the single store operation efficiency, as well as the customer reputation. At the same time, the revenue generation capacity of the new retail module will also be gradually enhanced. While at the same time, we will also continue to strengthen technology integration to integrate with AI big model, not only serving the terminal and consumer experience upgrading, but also to deliver more products and services based on this technology. In the same time, we will also continue to deepen our market insights so as to serve our customers when they do have going global requests.
Craig Yan Zeng: 关于数据产品，现有的一些产品的一些总结，就比如我们C端的一些数据产品，新车、二手车我们都上线了AI的智能助手。基于自研的沧溟大模型和我们这家20年在行业的沉淀的这些专业知识库，专业回答有关用户汽车相关的问题。然后线下店有这个AI买手，这也是行业第一款融合AI大模型与超高清3D交互技术的智能语音助手。支持自然语言对话，帮助用户定制化的购车计划，进行车源对比，提升选车效率。
Sterling Song: In terms of our product matrix as well as business progress from the CM, we have launched the AI smart assistants for both new cars and second-hand cars based on the self-developed Tangjie large model, integrating almost 20 years of industrial accumulation of Autohome and professional knowledge base. Actually, we professionally answer users' car-related questions, while at the same time for offline, we also have AI buyer, the industry's first intelligence voice assistant, integrating AI large model and ultra-high definition 3D interaction technologies, supporting natural language dialogue, and helping users customize car purchase plans, compare car sources, and improve car selection efficiency.
Craig Yan Zeng: B端刚才我已经提过了，我们在原有产品上增加了五大AI的解决方案，覆盖了从营销到获客、触达门店置换的全链路。这个刚才我已经提过了。
Sterling Song: For B-end products, actually, I already said in my opening remark, and for all the OEMs, we have integrated five AI related functions, both covering marketing, customer acquisition, and customer retail, as well as the store services. I already mentioned all of this content in my opening remarks.
Craig Yan Zeng: 对于未来的方向，我觉得之家的最大的优势就是有20年的汽车媒体专业的内容的积累，也有数据，我们也有用户，我们还能够有落地的解决方案。未来我们会继续把这几样优势结合起来，来放大我们的专业能力。一方面要思考如何帮我们的客户做精细化的运营管理，满足其个性化的需求，另一方面也要持续打造我们自家自己的知识库，构建大模型时代的护城河，继续服务好我们的用户和客户。
Sterling Song: In terms of the future development trend of our data products, I believe that Autohome's strength is attributable to our more than 20 years professional content accumulation. We have both data users as well as the industrial knowhow, and we implement all kinds of solutions. In the future, we will continue to combine all of these strengths together so as to further exaggerate our professional capabilities. On the one hand, we will continue to think about how to assist our customers to do refined operation to satisfy their individual life as well as personal demands, while on the other hand, we will continue to build Autohome's knowledge base to build the moat of the large language model era and continue to better serve our users and clients. Thank you.
Craig Yan Zeng: Okay, operator.
Operator: Thank you. There are no further questions at this time. I will now turn the conference back to management for closing comments.
Craig Yan Zeng: 感 谢 大 家 参 加 今 天 的 会 议 ， 期 待 在 下 次 业 绩 电 话 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 。Thank you, everyone. Thank you for joining us today. We appreciate your support and look forward to speaking with you on our next quarter conference in 3 months time. In the meantime, please feel free to contact us if you have any further questions or comments. Thank you. Bye bye.
Operator: This concludes today's conference. Thank you for your participation. You may now disconnect.
Speaker #1: Conference call. At this time all participants on the list and only mode. A question and answer session will follow management's prepared remarks. As a reminder, this conference call is being recorded.
Speaker #1: If you have any objections, you may disconnect at this time. A live and archived webcast of this earnings conference call will also be available on Autohome's IRS website.
Speaker #1: It is now my pleasure to introduce your host, Mr. Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.
Speaker #2: Thank you. Operator. Good morning, everyone. And welcome to Autohome's second quarter and the interim 2025 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.ca.
Speaker #2: Joining me on today's call are Chief Executive Officer Ms. Song Yang and Chief Financial Officer Ms. Kui Yan Zeng. Management will go through their prepared remarks first, which will be followed by a Q&A session where they will be available to answer questions.
Speaker #2: Before we continue, please note that the discussion today will contain forward-looking statements made under the Harbor Provisions of the U.S. Private Securities Indication Reform Act of 1995.
Speaker #2: Forward-looking statements are subject to risks and uncertainties that may cause actual results to defer materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the U.S.
Speaker #2: 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.
Speaker #2: Please also note 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 to the most directly comparable GAAP measures can be found in our earnings release.
Speaker #2: I will now turn the call over to Autohome CEO Ms. Yang for opening remarks. Please go ahead, Ms. Yang.
Speaker #3: 谢谢宋凯。大家好，我是杨松。感谢大家参加我们今天的电话会议。
Speaker #2: Thank you, Sterling. Hello everyone. This is Song Yang, thank you for joining our earnings conference call today.
Speaker #3: 上半年我们稳步推进Autohome战略，深化落地。通过线上线下资源的高效协同，实现了用户体验和服务质量的双重提升。同时我们加速AI技术驱动的产品创新升级，以智能化为核心，赋能用户决策，助力客户实现降本增效。
Speaker #2: In the first half of the year, we made steady progress in advancing our Autohome strategy by effectively optimizing the synergies between our online and offline resources.
Speaker #2: We improved both user experience and service quality, at the same time we accelerated AI-driven product innovation and upgrades. Leveraging intelligent technologies as a core enabler to empower user decision-making and help customers reduce costs while improving efficiency.
Speaker #3: 在新零售领域，我们正以科技重构汽车消费体验，线上依托帮买车直播，实现多车对比与全程询价。线下凭借VR空间大电影车主陪同AI对比试驾和AI买手三大服务能力，打造差异化的体验，显著降低用户和客户两端的交易成本，形成从线上到线下的完整服务闭环。截至二季度，我们的新零售加盟门店总数已突破200家，持续扩大服务半径，触达更广泛的消费群体。
Speaker #2: On the new retail. Branch where redefining the automotive consumer experience through technology online our Buy for Me live stream enables multi-vehicle comparisons and citywide tries inquiries offline we deliver differentiated experience through three key services immersive VR movie AI assisted test driving with car owner guidance and AI powered purchasing assistance.
Speaker #2: This innovations significantly reduce transaction costs for both ends users and customers creating a complete online to offline service ecosystem as of the second quarter the number of new retail franchise stores has surpassed 200 continuously expanding our service coverage and reaching a broader consumer base.
Speaker #3: 在AI技术应用方面，我们打造了端到端的智能解决方案。用户端我们的AI智能助手已实现新车与二手车全场景覆盖，用户问答优质率行业领先。客户端我们已将AI技术贯穿营销获客转化服务全环节，打造了完整的数字化营销闭环，助力客户实现全流程效率提升。目前已服务超过50个品牌。
Speaker #2: In terms of AI technology applications, we've created end-to-end intelligent solutions for consumers our AI smart assistants now covers all scenarios for both new and used cars with industry-leading performance in question and answer.
Speaker #2: For dealerships, we've integrated AI technology into the entire customer journey for marketing to customer acquisition to transaction conversion and to after-sales services creating a comprehensive and closed digital marketing loop that enhances operational efficiency.
Speaker #2: To date, we've already served over 50 automotive brands.
Speaker #3: 此外，我们还建立了广泛的生态联盟，持续扩大自己的朋友圈，与包括支付宝在内的多家头部平台达成战略合作。通过频道共建和联合品牌营销，构建全域用户触达网络，扩大品牌影响力。值得一提的是，6月末我们正式上线了汽车之家海外版网站，一共收录了52个中国出海的汽车品牌的1,900余款车型，为中国汽车产业的全球化发展提供有力支持。也标志着之家海外业务布局迈出了重要一步。
Speaker #2: Additionally, we've established extensive ecosystem of alliances and continue to expand our partnership network through strategic collaboration with leading platforms including Alipay。 Through jointly developed channels and co-branded marketing initiatives, we've built a comprehensive user engagement network to amplify our brand influence, notably in late June we officially launched the international version of Autohome website featuring over 1,900 vehicle models from 52 Chinese automobile brands going global.
Speaker #2: This not only provides substantial support for the globalization of China's auto industry but also marks a crucial step forward in our international business expansion.
Speaker #3: 展望未来，我们将继续拓展AI在产品和服务中的应用。深化一再是Autohome车生态布局，抓住汽车产业新能源化、智能化和全球化的变革趋势，持续推动汽车消费体验升级。
Speaker #2: Looking forward, we'll continue to expand AI applications across our products and services and deepen the deployments of our automotive ecosystem by capitalizing on the industry trends of electrification, intelligence, and globalization.
Speaker #2: We'll further drive the transformation of the automotive consumer experience.
Speaker #3: 接下来请CFO曾延先生详细介绍之家25年第二季度的业务及财务情况。
Speaker #2: With that, I'll now turn the call over to our Chief Financial Officer Craig Zeng for a closer look at the second quarter 2025 operating and financial results.
Speaker #3: 谢谢杨松总。大家好，我是汽车之家的CFO曾延。
Speaker #2: Thank Craig Zeng, the CFO of Autohome.
Speaker #3: 二季度我们强化看新车首发来汽车之家的品牌定位，围绕首秀、首饰、手册、技术智能四大核心维度，构建以直播为载体的新车内容矩阵，撬动新车消费内容增长，以6月上线的新车手册栏目为例，我们聚焦重点新车上市节点，打造新能源SUV巅峰对决专题，进行五车五天50多小时的高密度实测直播，全网曝光超1.6亿次新车内容矩阵，不仅强化了用户对上市新车的认知，更显著提升了之家专业定调能力的行业影响力。
Speaker #2: In the second quarter, we reinforced our brand position as a go-to platform for discovering new car launchers with the position of for new car launching come to comprehensive new vehicle content matrix centered around live streaming, this initiative focuses on four key dimensions: the beach showcasings, initial test driving, professional testing, and technical intelligence.
Speaker #2: Effectively driving the content growth around new vehicle consumption. For example, in June, we launched the Autohome New Car First Test program and created a special feature titled the Ultimate New Energy SUV Showdown.
Speaker #2: This intensive testing marathon delivered more than 50 hours of intensive testing live streaming across five vehicles in five days, generating over 160 million views across various platforms.
Speaker #2: The program not only strengthened consumer understanding of newly launched vehicles but also significantly enhanced Autohome's industry influence as a trusted authority in professional vehicle
Speaker #3: 在6月香港车博会期间，我们以中国品牌全球布局为核心视角，通过6小时不间断的中英双语直播呈现展会盛况，并同步打造科技互动体验专区，向全球观众展示之家最新的AI技术与VR的新创新应用。这一举措与刚才杨总提及的汽车之家海外版一起，彰显了我们在助力中国汽车品牌出海、推动之家全球化能力输出方面的积极进展。
Speaker #2: In June, at the International Automotive and Supply Chain Exposition in Hong Kong, we took Chinese brands' globalization as our core theme. Through a continuous six-hour bilingual live streaming in both Chinese and English, we showcased the exhibition highlights while establishing a dedicated interactive technology zone to demonstrate Autohome's cutting-edge AI technology and the VR innovations to global audiences.
Speaker #2: This initiative together with the launch of the international version of Autohome website mentioned by Miss Yang underscores our strong progress in supporting Chinese auto brands in their global expansion and promoting our global capabilities.
Speaker #3: 此外，我们持续壮大流量联盟，推动多平台多场景合作，构建全链路生态协同，进一步提升汽车之家的品牌声量和影响力。例如，5月份之家与支付宝、车生活业务板块达成战略合作，围绕支付宝平台用户及认证车主推出看车选车服务，并设置购车补贴专区，服务以旧换新及意向购车人群。根据Quest Mobile的数据，汽车之家6月移动端日均用户量达到7,574万，同比增长11.5%，用户规模与平台影响力持续攀升。
Speaker #2: Additionally, we continue to expand our traffic alliance network by promoting multi-platform and multi-scenario collaborations to create synergies across the entire value chain, further enhancing Autohome's brand popularity and industry influence.
Speaker #2: A prime example is our strategic partnership with Alipay Auto Life Service sector in May. Together, we launched a dedicated carvilling and selection service for Alipay users and a certified car owners, including a special subsidy section to serve trade-ins and potential car buyers.
Speaker #2: According to Quest Mobile, our average mobile DAUs reached 75.74 million in June 2025, up by 11.5% from the same period last year, reflecting our sustained growth in user scale and expanding platform influence.
Speaker #3: Human AI领域，我们的新零售业务致力于打造一站式O2O车生态，以新兴科技为客户服务赋能。线上采取全息直播技术，并将线上服务延伸至线下体验。汽车之家空间站以VR空间大电影作为门店引流的最新抓手，通过真实车主陪同消费者多车对比试驾，增强用户信任，提升订单转化率。同时，AI买手提供客观中立的看选服务，进一步提升门店接待效率。截止二季度，汽车之家空间站和卫星加盟店总数已突破200家，之家包含新零售在内的新能源品牌总收入也在持续攀升。二季度营收同比增幅达27%。
Speaker #2: Turning to NEV, our new retail business is committed to building a one-stop O2O automotive ecosystem empowering customer service through emerging technologies. Online, we use holographic live streaming technology and expand digital services into offline experiences.
Speaker #2: The Autohome Space stores leveraged immersive VR movie as a new driver of store traffic and performs multi-vehicle testing driving with real car owners to increase trust and improve conversion rates.
Speaker #2: Meanwhile, our AI-powered car purchasing assistant provides objective and neutral vehicle recommendations, further improving in-store service efficiency. As of the second quarter, total number of Autohome space and satellite stores has reached more than 200.
Speaker #2: Total revenues from NEVs in the second quarter including those from the new retail business continued to grow, increasing by 27% from last year.
Speaker #3: 数字化方面，我们以数据加技术为核心发展驱动，整合独家数据资源与行业分析模型，升级推出五大数科产品线，包括AI营销大脑、AI获客先锋、AI线索大师、AI销冠神器和AI查车专家。从赋能精准营销决策制定，支持自动化内容生产与智能分发，到提升出客效率与邀约能力和强化一线销售顾问业务能力，再到提供车况车价查询系统，我们仅仅依托AI技术，重构了营销全链路，为合作伙伴提供从洞察到转化的全域智能解决方案，有效推动了客户业务效能提升。
Speaker #2: On digitalization we've adopted a development strategy centered on data plus technology as the core development driver, integrate our proprietary data resources and industry analysis models to upgrade and launch five major digital intelligence product lines, including AI marketing brains, AI customer acquisition, AI lease master, AI sales champion, and AI vehicle inspector.
Speaker #2: These tools empower a comprehensive range of marketing needs, including enabling accurate marketing decision making, automating content creation with intelligent distribution, improving user engagement efficiency and store visits conversion, strengthening frontline sales consultant capabilities as well as providing vehicle condition and pricing inquiry systems.
Speaker #2: Powered by AI, we've redefined the entire marketing value chain, delivering a comprehensive set of intelligent solutions from insight to conversion for our partners, which effectively drives improvements in customer business efficiency.
Speaker #3: 二手车业务板块，我们持续深耕线上线下一体化服务体系。6月下旬，我们正式推出了二手车严选旗舰店专区，精选行业头部品牌入驻，严格把控车商资质，店内车源配置完整地检测报告，确保车况安全透明，并提供可靠的售后服务保障。真正实现线上所见及线下所得。目前，首批商家已经完成入驻，未来我们将继续以诚信和标准为核心，拓展与头部车商的合作，扩大优质车源覆盖，让消费者能够放心购车。
Speaker #2: In our used car business, we continue to enhance integration of our online and offline services system. In late June, we officially launched our flagship certified used car section, featuring carefully selected top-tier brands for corporation and strictly controlling used car dealer qualifications.
Speaker #2: Each used vehicle in the store comes with comprehensive inspection reports to ensure the safety and transparency of vehicle conditions. Additionally, we also provide reliable after-sales support, ensuring that what consumers see online is what they get offline.
Speaker #2: At present, we have already onboarded our first group of dealers to our platform. In the future, we will continue to prioritize integrity and standardized processes as our principles.
Speaker #2: Expand cooperation with leading auto dealers, increase the coverage of high-quality vehicle sources, and enable consumers to purchase with greater peace of mind in their purchasing journey.
Speaker #3: 综上所述，我们正加速推进O2O发展战略，并持续孵化新的业务增长曲线，努力把之家打造成权威的信息平台加便捷的交易平台。我们将立足长期，以新技术持续拓宽业务边界，以更高效的汽车生态服务体系，推动公司行稳致远。
Speaker #2: In summary, we are accelerating the implementation of our O2O development strategy while continuously incubating new growth drivers and are fully committed to building Autohome into an authoritative professional information platform and a seamless transaction platform.
Speaker #2: We will focus on the long term, continue to broaden our business horizons with new technologies, and create a more efficient automotive service ecosystem to promote our steady development.
Speaker #3: 接下来，我来向大家简述一下汽车之家2025年第二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 #2: With that, now please let me briefly walk you through the key financials for the second quarter 2025. Please note that our reference R&B only in my discussion today unless otherwise stated.
Speaker #3: 第二季度收入总额为17.6亿元，具体来讲，媒体服务收入为2.79亿元，线索服务收入为7.33亿元，在线营销及其他收入为7.46亿元，同比增长20.5%。
Speaker #2: Net revenues for the second quarter were 1.76 billion, breaking it down. Media services revenues were 279 million, lease generation services revenues were 733 million, and online marketplace and others revenues were 746 million, up 20.5% year over year.
Speaker #3: 成本方面，第二季度营业成本为5.03亿元，上半年上年同期为3.46亿元。第二季度毛利率为71.4%，上年同期为81.5%。
Speaker #2: On cost, cost of revenues in the second quarter was 503 million, compared to 346 million in the second quarter of 2024. Gross margin in the second quarter was 71.4%, compared to 81.5% during the same period last year.
Speaker #3: 营业费用方面，第二季度销售及市场费用为6.3亿元，上年同期为7.53亿元。研发费用为2.53亿元，上年同期为3.15亿元。一般及管理费用为1.33亿元，上年同期为1.18亿元。
Speaker #2: Earnings to operating expenses sales and marketing expenses in the second quarter were 630 million, compared to 753 million in the second quarter of 2024.
Speaker #2: Product and development expenses were 253 million, compared to 315 million in the second quarter of last year. General and administrative expenses were 133 million, compared to 118 million during the same period last year.
Speaker #3: 总体来讲，汽车之家第二季度营业利润为2.97亿元，上年同期为4.12亿元，归属于汽车之家的经调整净利润为4.76亿元，上年同期为5.72亿元。
Speaker #2: Overall, we delivered an operating profit of 297 million in the second quarter, compared to 412 million for the same period of 2024. Adjusted net income attributable to Autohome was 476 million in the second quarter, compared to 572 million in the corresponding period of 2024.
Speaker #3: 第二季度经调整基本和摊薄每股净利润均为1.01亿元，上年同期均为1.18元。第二季度经调整基本和摊薄每股美国存托股净利润分别为4.06元和4.04元，上年同期分别为4.72元和4.71元。
Speaker #2: Non-GAAP basic and diluted earnings per share in the second 1.01, compared to 1.18 in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in the second quarter were 4.06 and 4.72 and 4.71, actively, in the corresponding period of 2024.
Speaker #3: 截至2025年6月30日，我们的资产负债表持续表现强劲，现金等价物及短期投资合计为220.5亿元。第二季度来自经营活动的现金流量净额为4.95亿元。
Speaker #2: As of June 30th, 2025, our balance sheet remains robust with cash, cash equivalents, and short-term investments of 22.05 billion, regenerated net operating cash flow of 495 million, in the second quarter.
Speaker #3: 2024年9月4日，公司董事会批准了一项12个月内总额度不超过2亿美金的新的股票回购计划。截至2025年7月25日，我们已经回购了约535万股美国存托股份，总金额约为1.42亿美元。
Speaker #2: As on September 4th, 2024, our board of directors authorized a new share repurchase program under which we are permitted to repurchase up to 200 million US dollars of Autohome's ADS for a period not exceed 12 months thereafter, as of July 25th, 2025.
Speaker #2: We have repurchased approximately 5.35 million ADS for a total cost of approximately US dollar 142 million.
Speaker #3: 以上是公司的财务数据汇总。下面我们开始问答环节。
Speaker #2: Okay, the above is our financial summary. With that, now we are ready to open up the Q&A session. Operator, please open the line for Q&A.
Speaker #1: Thank you. As a reminder to ask a question, you will need to press star 11 on your cell phone and wait for your name to be announced.
Speaker #1: So we draw your question, simply press star 11 again. One moment for our first question. Our first question coming from the line of Thomas Chong with Jeffrey.
Speaker #1: So your line is now open.
Speaker #3: 晚上好，谢谢管理层接受我的提问。我的问题是关于我们对于自家下半年在媒体业务发展有什么预期，还有看法。Finance management for taking my question. My question is about the media services revenue. Can management share your thoughts about the trend in second half and also the expectations?
Speaker #3: Thank you.
Speaker #2: 谢谢。对于整体的媒体业务呢，就是主要还是主机场吧，主机场的这个情况比较重要。从现在的这个整体的这个车市来看呢，这个价格战还在进行当中。价格能够企稳呢，可能还是需要一定的时间呢，我们也看到从国家从各方面也都有这个一定的干预吧，希望不要有这种这个不理智的这种价格战。所以下半年呢，一般来说的话呢，经久营时的这个汽车销售呢，这个传统的一个是旺季吧，还有年底会有一个冲量。所以主机场呢，应该能够投入一些更多的比上半年更多的广告预算。那自家呢，也会积极的争取更多的这个份额。另外呢，自家呢，通过线上线下的一体化服务呢，能够满足呢，不同的厂商的需求。也能够多渠道的这个获得这个主机场的预算吧。所以总体来讲的话，我们对下半年的媒体服务的这个业务呢，相对上半年来说更为看好一点。
Speaker #1: Okay, thank you for raising this question. As for the media service business, I believe that will continue to look at the OEM budgeting trends.
Speaker #1: Because we are still experiencing the price fall as a result, we still need some time for the price to go stable. And I believe that with the government's intervention and the policy being released, actually we will expect that actually the OEM profit will gradually recover and the OEMs will invest more in advertising budgets during the traditional peak season of golden September and silver October.
Speaker #1: In the second half of the year. Well, and same time, Autohome can also meet the needs of different manufacturers through online, offline integrated services and obtain automakers' budgets through multiple channels.
Speaker #1: As a result, we think that in the second half of the year, when more bullish about the media service business than the first half of the year.
Speaker #1: Thank you.
Speaker #2: Thank you. Our next question coming from the line of Xiaodan Zeng with CICC. Your line is now open.
Speaker #4: Hi,感谢接受我的提问。那我这边有两个问题。那第一个是想请管理层分享一下对于下半年车市的展望。那另外我们看到公司这个2亿美金的回购计划已经执行了超过1.4亿美金了。那也想请管理层分享一下，就是公司股东回报的计划是否有进一步的更新。那我快速翻译一下。So thanks management for taking my questions. So first of all, could management share your outlook on the auto market for the second half of 2025?
Speaker #4: And are there any updates on the shareholder return plans? Thank you.
Speaker #2: 好，感谢您的提问。那我是杨松，我先回答第一个问题。Gavin待会交给曾总来回答。
Speaker #1: Thank you for raising this question. I'm Yang Song, I'll take the first question and the second question will be addressed by Mr. Zeng.
Speaker #2: 首先我先分享一下近期的市场近况和我们对未来趋势的判断。
Speaker #1: First of all, let me share some of the recent market dynamics and the future trend.
Speaker #2: 第一个大家都非常关心的汽车行业的这个价格内卷的问题。我们的判断是这样的，因为政府现在出台了很多的措施，所以说从7月份开始初步看到一些至少是回稳的迹象。那么预计在中长期来看，这样的一个价格内卷有望得到缓解。这个对行业和自家来讲都是有积极意义的。
Speaker #1: So first of all, we think that in order to cope with the price wall of the auto industry, recently we can see that the multiple government authorities have been releasing all kinds of policies for the guidance to fight against this kind of rat racing trend.
Speaker #1: So since July, we have seen that the price has been gradually going stable. And medium and long run, we think that the price wall will going to be eased and this will be very positive for the entire industry as well as Autohome.
Speaker #2: 这个其实就是车市的分化进一步加剧。具体体现在以下几点。一方面是主机场的销量和利润正在向头部企业集中。第二就是中国自主品牌的市场份额在持续提升。但是这个以价换量的情况比较严重。第三个就是新能源板块在保持了多年的高速增长以后，现在的增速已经较以前有所放缓。
Speaker #1: And the second thing we see that the auto market differentiation is intensifying. On the first hand, you can see sales volume and profits of the automakers are concentrating on the top players.
Speaker #1: With the share of independent brands continue to rise, however, at the same time, due to trading price for volume, the overall profit of the auto industry is still under a lot of pressure.
Speaker #1: And sadly, we can see that NEV continue to grow, but the growth rate has slowed down comparing with the second half of the year.
Speaker #2: 好，第三点我想特别说一下有关中这个中国汽车的出口。那去年中国已经跃居为世界第一的汽车出口大国。根据车联会的数据，今年的上半年，我们中国自行车统出口同比增长6.8%，其中新能源出口同比增长48%。所以我们可以看到中国车企正在加速出海，这也是我们汽车之家未来的机会所在。
Speaker #1: And the third point I want to talk about is that the Auto Exports have performed a brightly and according to the data from the China Passenger Car Association, in the first half of 2025, the China's passenger vehicle exports increased by 6.8% year on year, among which new energy vehicle exports increased by 48% worldwide.
Speaker #1: So you can see that the Chinese automakers are accelerating their overseas expansion and this will be very positive for Autohome.
Speaker #2: 好，接下来基于对上面三个市场的近况和趋势的判断，我们汽车之家也有这个三大战略。
Speaker #1: And based on the above-mentioned three understanding and forecast about the market trend, actually in Autohome, we will also have the following strategies.
Speaker #2: 首先是我们现在是高度的重视对AI技术的投入。那么我们也有信心，我们现在在整个中国的汽车领域，我们的NI能力是非常的领先的。这主要是基于我们在过去20年的这样一个在数据库和内容库方面的积累，以及我们在AI的研发力量的多年的投入的积累。
Speaker #1: First of all, we should say that we have been heavily invested in AI technologies and there are lots of AI-related technologies as well as deliverables.
Speaker #1: That is attributable to our efforts over the past 20 years in particular in terms of the database, content creation, as well as AI-related research and development.
Speaker #2: 我们正在把这种AI的领先优势快速的在三个方面予以这个拓展和转化成我们的生产力，包括了在线上、线下还有我们为主机厂和4S店所提供的具体的AI产品。
Speaker #1: So we have been quickly taking advantage of our AI strength in the above-mentioned area and turn it into the actual productivity. And specifically speaking, this will be showcasing online/offline as well as the product with delivered to our OEMs as well as dealers.
Speaker #2: 第二个战略就是我们要坚定不移的把我们的这个线上加线下的欧洲车生态予以持之以恒的建设。
Speaker #1: And the second, we will continue to heavily work on the O2O ecosystem which is featuring online plus offline.
Speaker #2: 我们现在是中国在汽车领域和在这个社交领域的这个互联网平台里面唯一有大规模的线下网络的这样一个互联网公司。
Speaker #1: We are actually the only internet company with very large scale of the social media deployment in the auto sector。
Speaker #2: 因为我们都知道汽车行业是需要线上加线下形成闭环的这样一个非常特殊的行业，它不可能全靠线上就能解决所有消费者的需求。
Speaker #1: We understand that for the auto industry, it heavily rely on the close loop with both online plus offline as a result you cannot only rely on online service delivery to resolve all the consumer demand。
Speaker #2: 所以接下来我们会利用我们的线下网络的优势和线上的网互联网平台结合，能够看到我们更多的这样一些模式的创新，以及逐步的为公司贡献更好的业绩。
Speaker #1: So in the future, you're going to see our offline network with our online platform so as to continue to innovate our business models and deliver better performance.
Speaker #2: 第三个战略就是这个响应中国品牌出海的这样一个大趋势，所以我们汽车之家也在紧锣密鼓的布局我们的海外的这样一些这个资源。
Speaker #1: And the third strategy is to actually closely go in line with the going global trend of the Chinese market as a result Autohome is also very busy deploying our overseas resources.
Speaker #2: 比如说今年的6月份，我们作为香港车展的这个唯一的官方的战略合作的汽车媒体，那么也对整个面向全球的这个介绍和推广中国的这个品牌的汽车。
Speaker #1: For example, in June of this year, in the Hong Kong Auto Expo, we actually serve as the only official auto media partner of this Auto Expo and we have been introducing the Chinese branded auto to the rest of the world。
Speaker #2: 因为我们在6月30号上线的汽车之家的这个海外版的英文网站，应该说这是中国的互联网平台第一次面向全球消费者来集中的这个推广和传播中国品牌的汽车。
Speaker #1: Well, and at the same time, on June the 30th, we also launched the overseas version of the Autohome website。 This is for the very first time we actually introduced the Chinese auto brands to the global consumers。
Speaker #2: 对，目前我们已经覆盖了这个包括香港、泰国、沙特、英国、澳大利亚和巴西的六个国家和地区，也包括了中国的所有的这个出海的品牌和超过1,900万车型。
Speaker #1: And so far, we have been covered six countries and the regions including China, Hong Kong, Thailand, Saudi Arabia, United Kingdom, Australia, and Brazil。 It also covers more than 1,900 models。
Speaker #2: 这应该是中国这个互联网媒体在海外的首创。我们希望通过汽车之家的这样一个海外版的网站能够架起中国汽车品牌与海外各个国家消费者的一个桥梁。
Speaker #1: So you can see that actually this is the first time ever that we have been doing this kind of media introduction in this way and we also hope that through this international website we can actually bridge Chinese auto brands with the global consumers。
Speaker #2: 今年中国汽车品牌出海预计应该在700万台左右，我们也相信很快未来一到两年可能就会达到接近1,000万台的规模。所以我们现在布局海外也是希望整个海外市场能够成为为我们汽车之家贡献新的一个增长曲线。
Speaker #1: I expect that this year the overall Chinese Auto Export will be around the 7 million units and in the next one or two years this number will increase to 10 million.
Speaker #1: So I think that this kind of overseas business deployment will also become the new growth curve for our business。
Speaker #2: 有欢迎的第一个问题我就回答到这里，下一个问题请郑重回答。
Speaker #1: So that's the answer for the first question. Now I would like to hand the floor to Mr. Zeng。
Speaker #3: 好的，谢谢。关于公司的股票回购计划呢，我们在顺利的执行。刚才我也把具体的数字跟大家做了沟通。对于分红政策呢，董事会也有过对市场的承诺，25年计划全年的分红不低于15亿元人民币的这个数字呢，也不会改变。那未来呢，我们也会持续的去关注如何去回报股东。这个政策呢，我们是不会方向是没有什么变化。
Speaker #1: So in terms of the stock repurchase plan, I already give you some briefing about these numbers. So I think that this will remain unchanged.
Speaker #1: And as committed by the board, actually in the year 2025, the whole year cash dividend payout will be no lower than 1.5 billion RMB yuan.
Speaker #1: And this will remain unchanged and in the future we will continue to get return and reward our shareholder in a sustained manner。
Speaker #4: Our next question coming from the line of Brian Gong with CD, your line is now open。
Speaker #2: Hello, 谢谢观众接受我提问。就是刚才管理层有提到政府在反内卷后我们似乎有看到车企的这个价格战有所放缓，就想问一下管理层怎么看下半年的这个车企竞争情况。另外一个跟进的问题就是如果说新车制造的竞争能够放缓的话，我们觉得大概有多久的机会能看到二手车行业能够复苏呢？谢谢管理层。I will translate myself，thanks management for taking my question。So management just mentioned after the government's intervention you have seen some improvements on the OEMs competition。How does management think about the industrial competition in the second half of this year and if the competition for new car sales can ease, when could we see the used car industry could recover?
Speaker #2: Thank you。
Speaker #3: 好，谢谢。我来回答这两个问题。首先呢，我们从5月到现在吧，我们已经看到政府呢通过出台政策，也通过一些呼吁吧，然后汽车行业呢停止叫做内卷式的增长，然后叫停这个无序的这种价格战。我们也看到了一些车企比较积极的回应，比如说取消了什么一口价的塑料政策呀，呃，有一些宁愿是降量也要保价呀，这些政策啊，当然以旧换新还是依然会在做的。我们也看到折扣幅度呢也基本上保持了一个比较的稳定。但是总体来讲呢，价格战的根本原因还在于产能的过剩，产能的过剩。
Speaker #1: So let me take these two questions. We have been seeing that since May to now, we have been witnessing that the government has been releasing the policies for several times and calling for the stop of the involution-related growth.
Speaker #1: And as the OEMs to stop this kind of inordinately price war. Well, and at the same time, we also see some of the brands, for example, BYD and China Automobile, etc., abolished this year one price policy and only returned the trading policy.
Speaker #1: All announced that reducing volume to maintain the price, etc. So you can see that fundamental reason for this is because of the overcapacity.
Speaker #3: 另外呢，就是因为产能的这个扩张吧，所以呢一些头部车企的增加，销量的增加呢，中小车企可能面临的压力会比较大。那我们也注意到呢，豪华合资品牌呢这个份额在下跌。那自主品牌呢从三年前不到50%呢到今年上半年我们看到已经超过60%了。所以我们觉得有喜有忧吧。所以我们希望呢就是通过我们看到车企的出海能够消化一定的产能啊，另外呢从规模优先呢也向质量优先去啊发展。所以呢我们希望市场能够比较快的吧，尽量的尽量快的能够回归一个理性的竞争。
Speaker #1: Because the production capacity keeps expanding, we have been witnessing that the sales as well as profit margin shifting towards the top-tier medium-sized OEMs will face a bigger pressure.
Speaker #1: And in the segmented area, we can see that luxury as well as joint venture brands has been losing shares. And the self-owned brand sales has been reducing from less than 50, has been increasing from less than 50% three years ago to more than 60% in the first half of this year.
Speaker #1: Well, and at the same time, this kind of pressure on profit margin also forced OEMs to shift from size first or scale first to quality first.
Speaker #1: We also expect that through all of this policy guidance, the market will quickly go back to reasonable competition.
Speaker #3: 第二个问题就是如果新车的竞争能够缓解呢，我们多久能够看到二手车？其实二手车呢一直是一个比较复杂的情况，随着汽车的保有量的增加呢，我们的车龄也在慢慢的增加，我们也看到车龄的平均中国的车龄的平均大概保有量的车龄是6.8年。所以还是在一个增应该是一个增加就是供给的这么一个情况下。我们也看到市场上的这个客户呢越来越多的客户会去关心二手车的情况，也在考虑买二手车。那最终没有买呢，我们觉得可能也有几个关系会影响到啊。第一个呢我们是觉得就是从政策上来讲，虽然今天在今年呢商务部等八个部门呢已经启动了汽车流通的一些改革试点，便优化了一些登记啊，过登记啊这些过程啊，也有一些推动促进一些的政策。但比较核心的一点是关于二手车的历史，二手车的一些啊保养啊维修啊保险的一些历史呢，大量的数据呢还是不够透明。所以客户呢还是比较不放心购买二手车。
Speaker #1: Okay, the second question is about the secondhand vehicle. When can the market recover? We can see that this is closely related to the total car park or car ownership as well as the car age.
Speaker #1: Generally speaking, you can see that in China the car ownership keeps increasing while the average car age retains at 6.8 years. Well, and at the same time, a lot of people, a lot of clients are interested in the secondhand vehicle, but they are still hesitant to purchase the secondhand vehicle.
Speaker #1: The reason can be attributable to the following several aspects. The first thing is because of the policy. Even though each government authorities including MOFCOM has been initiated the car circulation consumption reform pilot, and also optimized the car registration mechanism.
Speaker #1: However, you can see there's still a lot of intransparency in terms of the car maintenance, repair as well as the other historical data.
Speaker #3: 所以从芝加哥作为这个领域的领先的企业呢，从行业的标准化和透明度上呢，我们会做更多的努力啊。6月27号刚才我们也提到，我们上线了二手车官方的严选旗舰店的某个专区啊。首先就是跟立新航签约吧，我们帮助去打造品牌，推进线上线下的一体化。消费者呢寻找车源呢直接进入汽车之家二手区二手专区的这个旗舰店就行了。那这些车源呢都是经过检验的，也有保障的啊。我们也在推进推进跟其他品牌的合作啊，能够帮助消费者找到更靠谱的二手车。
Speaker #1: And the second day we can see that Autohome as the top player in this industry will have been making efforts to enhance industrial standards as well as to transparency.
Speaker #1: And since June the 27th, we have been launched the secondhand vehicle official flagship store. And the first deal signed was with立新航 and we help立新航 to build a brand and promote online offline integration of the services.
Speaker #1: And consumers they want to find a source of the vehicle they can directly come to the flagship store in the Autohome secondhand vehicle column.
Speaker #1: And all of the sources are validated pretty much in seed in terms of the quality.
Speaker #3: 另外我们研发的部分AI工具，比如二手车的AI智能助手啊，拍照试车查车况查车价工具等等，也都陆续上线。我们知道二手车是非标品，这就要求我们的AI智能助手的回答呢精确度更高。每台车呢给到用户的回复都是能够是不一样的啊。这些产品呢也在不停的打磨升级中。
Speaker #1: In addition, we also developed our own AI tools such as the use the car AI smart assistant photo car recognition vehicle condition tracking and car price tracking tools.
Speaker #1: As we all know, used cars or secondhand vehicles are non-standard products which require our AI smart assistant to have higher accuracy in replies and reply to each of the cars of the users is very different.
Speaker #1: This product constantly being polished and upgraded.
Speaker #3: 今年呢流通协会对二手车的销量预测是同比增长6.5%啊。我们呢也持一个谨慎乐观的态度，但是我们也看到行业内的车商的状况呢还是比较艰难啊。当然如果价格战能够缓解，二手车的价格能够相对来说更可预期更稳定的话呢，一定也是会促进啊消费者更多的去选择二手车吧。
Speaker #1: And this year we also see that the car circulation association predicts that the secondhand vehicle sales will increase by 6.5% year on year. If actually the price wall can be eased and mitigated and the price go to a stable trend, I believe that that would be more consumers choosing the secondhand vehicle.
Speaker #3: 好，下一个问题。
Speaker #1: Next question please.
Speaker #2: One moment for next question. Our next question coming from the line of Ritchie Sun, which SBC Elan is open.
Speaker #3: 杨总， great, starting晚上好，谢谢你们给我提问的机会啊。呃，我有两个问题。第一个问题是关于新能源业务，包括我们的空间站，还有卫星店啊，现在的进展如何，对于下半年和明年的发展有什么预期，还有想法啊。第二个问题关于呃数据产品啊，这个业务有没有什么新的进展，可以更新一下啊我们现在有什么不同的产品，然后未来会有什么新的这种产品的计划啊。Banker management for taking my questions啊，Matthew，呃，first of all regarding the NEV business including啊 the franchise stores啊，so what are the progress over there and what is our thoughts on the second half and next year's development plan and expectations and secondly for the data product, so what is the progress and can you update us on the late product suites that we have and any new product pipeline?
Speaker #3: Thank you.
Speaker #4: 好的，谢谢。呃，关于新零售呢，我们网络还在持续的这个扩张的过程中啊，我们的二截止二季度呢，总店数已经超过了200家啊，有重点城市也有下沉的市场啊。在功能上呢，我们进一步完善我们的3D的这个裸眼看车啊，多车的同屏对比啊，啊多品牌一站式购车的功能。那也是借助这次AI的这个这次的这个AI的这种能力，我们也创组创了AI买手吧啊，车主陪同AI试驾对吧，也也也也做了这个VR空间大电影的引流啊，重塑来帮助呢这个汽车消费的这个体验啊，提升汽车消费的体验。
Speaker #1: And actually thank you for raising this question. in terms of the scale by the end of the second quarter, we can see that the total number of the stores already exceeds 200, covering both major cities as well as the lower tier cities.
Speaker #1: And in terms of the functionality innovation, our space stores has already integrated a lot of functions such as 3D naked eye watching the cars and the multiple car same screen comparison and multiple brands one stop purchase etc.
Speaker #1: And also rely on our AI technologies, we also you know indigenously created a lot of AI function related experiences such as AI buyers and car owners accompany AI comparison tested drive as well as the VR space blockbuster movie etc.
Speaker #1: That's to reshape the car consumption experience.
Speaker #3: 从未来发展来看呢，呃，当然我们首先也还是要把我们的业务模式进一步的去打造啊，我们的核心呢是线上和线下的结合啊，特别是线下产品与服务的精细化运营与升级啊，但提升单店的效率与客户的口碑啊，当然从商业上来讲的话，我们也会啊去提升这个模块的这个收入的这个能力和盈利的能力。从技术上来讲呢，啊我们可能要进一步的融合这个AI的这个大模型啊，做到这个千人千面吧，这个能够不止于服务于终端消费者的身体体验，也将技术产品呢能够技术能力产品化服务化啊，未来呢可能出海上呢也能够给予这个车企一些帮助。
Speaker #1: In terms of the future development plan, actually we will continue to deepen our business models and focusing on the product and the services refined operation as well as iteration and upgrading and to enhance the single store operation efficiency as well as the customer reputation and well, at the same time the revenue generation capacity of the new retail module will also be gradually enhanced.
Speaker #1: Well, at the same time we will also continue to strengthen technology integration to integrate with AI big model not only serving the terminal and consumer experience upgrading but also to deliver more products and services based on this technology.
Speaker #1: And in the same time we will also continue to deepen our market insights such to serve our customers when they do have going global requests.
Speaker #3: 关于数据产品呢，呃，现有呢一些产品的一些总结，就比如我们C端的一些数据产品，那新车二手车呢我们都上线了AI的这个智能助助手啊，基于自研的这个仓颉大模型和我们支架20年吧，行业的这些沉淀的这些专业知识库，专业回答有关相去就是用户汽车相关的问题，然后线下店呢有这个AI买手啊，这也是行业吧第一款融合AI大模型与超高清3D交互技术的这个智能语音助手啊，支持呢这个自然语言对话，帮助用户呢啊定制定制化的这种购车的计划啊，进行车源对比，提升选车效率。
Speaker #1: And in terms of our product metrics as well as business progress from the C end, you know we have launched the AI smart assistant for both new cars and the second hand cars based on the self developed仓颉 large model integrating almost 20 years of industrial accumulation of autohome and professional knowledge base actually we professionally answers users car related questions.
Speaker #1: Well, at the same time for offline we also have AI buyer the industry's first intelligent voice assistant integrating AI large model and ultra high definition 3D interaction technologies supporting natural language dialogue and helping users customize car purchase plans and to compare car sources and improve car selection efficiency.
Speaker #3: 啊B端刚才我已经提过了啊，我们在原有的产品上呢增加了这个五大AI的这个解决方案啊，覆盖了从营销到获客触达门店置换的这个全联路啊，这个刚才我已经提过了。
Speaker #1: And for B end product actually I already said in my opening remark and for all the OEMs we have integrated five AI related functions both covering marketing customer acquisition and customer reach out as well as the store services I already mentioned all of this content in my opening remark.
Speaker #3: 啊对于未来的方向呢，我觉得支架的最大的优势就是有20年的汽车媒体专业的内容的积累，也有数据啊，我们呢也有用户还懂我们还能够有这个落地的这个解决方案，未来我们会继续会把这几样优势结合起来啊，来放大我们的专业能力，一方面要思考如何帮我们的客户做精细化的运营管理，满足其个性化的需求，另一方面呢也要持续打造我们支架自己的知识库，构建大模型时代的这个护城河，继续服务好我们的用户和客户。
Speaker #1: In terms of the future development trend of our data products, I believe that autohomes strength is attributable to our more than 20 years professional content accumulation we have both data users as well as the industrial know-how and we implement all kinds of solutions in the future we will continue to combine all of the strengths together so as to further exaggerate our professional capabilities on the one hand we will continue to think about how to assist our customers to do refined operation to satisfy their individual lives as well as personal demands while on the other hand we will continue to build autohomes knowledge base to build the moat of the large language model era and continue to better serve our users and clients.
Speaker #1: Thank you.
Speaker #3: Okay I'll present.
Speaker #4: Thank you. There are no further questions at this time. I will now turn the conference back to management for closing comments.
Speaker #3: 感谢大家参加今天的会议，期待在下次业绩电话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。 Thank you everyone, thank you for joining us today. We appreciate your support and look forward to speaking on our next quarter of the conference call in a few months' time.
Speaker #3: In the meantime, please feel free to contact us if you have any further questions or comments. Thank you, bye-bye.
