Q2 2026 Autohome Inc Earnings Call

August 20, 2026

Speaker #1: Management, prepare remarks. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. A live and archived webcast of today's call will be available on Autohome's IR website.

Operator: Management prepared remarks. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. A live and archive webcast of today's call will be available on Autohome's IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

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

Speaker #2: Thank you, operator. Hello, everyone. And welcome to Autohome's second quarter and the interim 2026 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.

Sterling Song: Thank you operator. Hello everyone, and welcome to Autohome Second Quarter and the Interim 2026 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 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 all your questions. Before we begin, please note that today's discussion contains forward-looking statements made under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

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

Speaker #2: Before we begin, please note that today's discussion contains forward-looking statements made under the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #2: These forward-looking statements are subject to risks and uncertainties that may cause accurate results to defer materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filing with the U.S.

Sterling Song: These forward-looking statements are subject to risks and 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 U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong. Autohome undertakes no obligation to update any forward-looking statements except as required under applicable law. Please also note that Autohome's earnings press release and today's 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. I will now turn the call over to Autohome's CFO, Mr. Craig Yan Zeng, for opening remarks. Mr. Zeng, please go ahead.

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 Stock Exchange of Hong Kong. Autohome undertakes no obligation to update any forward-looking statements except as required under applicable law. Please also note that Autohome's earnings press release and today's 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. I will now turn the call over to Autohome's CFO, Mr. Craig Yan Zeng, for opening remarks. Mr. Zeng, please go ahead.

Speaker #2: Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome undertakes no 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 today's conference call include discussions of certain unaudited non-gas financial measures, a reconciliation of the non-gas measures to the most directly comparable gas measures can be found in our earnings release.

Speaker #1: A question and answer session will follow management-prepared remarks. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time.

Speaker #2: I will now turn the call over to Autohome's CFO, Mr. Craig Yan Zhang, for opening remarks. Mr. Zhang, please go ahead.

Speaker #1: A live and archived webcast of today's call will be available on Autohome's IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director.

Speaker #3: 谢谢宋凯。大家好，我是汽车之家的首席财务官曾岩。感谢大家参加我们今天的电话会议。

Craig Yan Zeng: Thank you, Sterling. Hello everyone. This is Craig Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today. In the second quarter, our innovative business continued to make steady progress, driving Autohome's upgrade towards a comprehensive automotive service ecosystem. For our new retail business, with the authorized dealer model in pilot operation and expanding into more cities, we launched the offline franchise chain brand, Autohome Good Car, further expanding our offline service network. In addition, our global expansion into used car trading is advancing steadily. Our cross-border export platform completed its first transaction in July, providing valuable experience to further expand our service capabilities. We also made major strides in AI, particularly in cutting-edge AI agent technology. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta.

Craig Yan Zeng: [Foreign language]

Sterling Song: Thank you, Sterling. Hello everyone. This is Craig Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today.

Speaker #1: Mr. Song, please go ahead.

Speaker #2: Thank you, operator. Hello, everyone, and welcome to Autohome's second quarter and interim 2026 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.

Sterling Song: Thank you, operator. Hello, everyone, and welcome to Autohome's Q2 and interim 2026 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 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 all your questions. Before we begin, please note that today's discussion contains forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Speaker #2: Thank you, Sterling. Hello everyone. This is Craig Zeng, chief financial officer of Autohome. Thank you for joining our earnings conference call today.

Speaker #3: 第二季度，我们的创新业务持续推进落地，推动了汽车之家向一站式汽车生态服务平台的平稳升级。新零售业务领域，在授权经销商模式启动试运营，并扩展到更多城市的基础上，我们推出了线下加盟连锁品牌佳佳好车。进一步拓展线下服务网络。此外，二手车的全球化交易布局也在稳步推进中，7月份跨境出口服务平台完成了首单交易，为之家未来拓展服务能力积累了宝贵经验。

Craig Yan Zeng: [Foreign language]

Sterling Song: In the second quarter, our innovative business continued to make steady progress, driving Autohome's upgrade towards a comprehensive automotive service ecosystem. For our new retail business, with the authorized dealer model in pilot operation and expanding into more cities, we launched the offline franchise chain brand, Autohome Good Car, further expanding our offline service network. In addition, our global expansion into used car trading is advancing steadily. Our cross-border export platform completed its first transaction in July, providing valuable experience to further expand our service capabilities.

Speaker #2: Joining me on today's call is our Chief Financial Officer, Mr. 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 all your questions.

Speaker #2: Before we begin, please note that today's discussion contains forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #2: In the second quarter, our innovative business continued to make steady progress, driving Autohome's upgrade toward a comprehensive automotive service ecosystem for our new retail business with the authorized dealer model in pilot operation and expanding into more cities.

Speaker #2: These forward-looking statements are subject to risks and 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 U.S.

Sterling Song: Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the US Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. Autohome undertakes no obligation to update any forward-looking statements except as required under applicable laws. Please also note that Autohome's earnings press release and today's conference call include discussions of certain unaudited 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's CFO, Mr. Craig Yan Zeng, for opening remarks. Mr. Zeng, please go ahead.

Speaker #2: Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome undertakes no obligation to update any forward-looking statements, except as required under applicable laws.

Speaker #2: We launched the offline franchise chain brand Autohome Good Car, further expanding our offline service network. In addition, our global expansion into used car trading is advancing steadily.

Speaker #2: Please also note that Autohome's earnings press release and today's conference call include discussions of certain unaudited 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: Our cross-border export platform completed its first transaction in July, providing valuable experience to further expand our service capabilities.

Speaker #3: 我们在人工智能领域，特别是在前沿智能体技术方面，也取得了重要进展。7月初，之家旗下自研智能体产品"知识车管家"启动公测，作为汽车行业首款独立的智能体产品，这不仅是对智能化应用的全新探索，更是之家丰富产品矩阵，建立差异化竞争力的重要里程碑。

Craig Yan Zeng: [Foreign language]

Sterling Song: We also made major strides in AI, particularly in cutting-edge AI agent technology. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta. As the automotive industry's first standalone agent product, it represents not only a pioneering exploration of intelligent applications, but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us. Specifically, in Q2, we made substantial progress in content, products, and traffic alliances. In terms of content, in May, we launched the annual IP, "Made in China Exploration Program," in collaboration with the State Council Information Office. Throughout the year, we will roll out six episodes covering key technologies such as the aviation industry, intelligent cabins, autonomous driving, and deep body intelligence.

Speaker #2: I will now turn the call over to Autohome's CFO, Mr. Yan Zeng, for opening remarks. Mr. Song, please go ahead.

Speaker #3: 谢谢宋凯。大家好，我是汽车之家的首席财务官曾言。感谢大家参加我们今天的电话会议。

Craig Yan Zeng: Thank you, Sterling. Hello, everyone. This is Craig Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today.

Speaker #2: Thank you, Sterling. Hello, everyone. This is Quade Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today.

Speaker #2: We also made major strides in AI, particularly in cutting-edge AI agent technologies, in early July we unveiled our proprietary intelligent agent product Cheese Car Butler and opened it for public beta.

Speaker #3: 第二季度，我们的创新业务持续推进落地，推动了汽车之家向一站式汽车生态服务平台的平稳升级。新零售业务领域，在授权经销商模式启动试运营，并扩展到更多城市的基础上，我们推出了线下加盟连锁品牌家家好车，进一步拓展线下服务网络。此外，二手车的全球化交易布局也在稳步推进中，7月份跨境出口服务平台完成了首单交易，为之家未来拓展服务能力积累了宝贵经验。

Craig Yan Zeng: 第二季度，我们的创新业务持续推进落地，推动了汽车之家向一站式汽车生态服务平台的平稳升级。新零售业务领域，在授权经销商模式启动试运营，并扩展到更多城市的基础上，我们推出了线下加盟连锁品牌——家家好车，进一步拓展线下服务网络。此外，二手车的全球化交易布局也在稳步推进中。7月份，跨境出口服务平台完成了首单交易，为之家未来拓展服务能力积累了宝贵经验。

Speaker #2: As the automotive industry's first standalone agent product, it represents not only a pioneering exploration of intelligent applications but also a key milestone in enriching our product portfolio.

Craig Yan Zeng: As the automotive industry's first standalone agent product, it represents not only a pioneering exploration of intelligent applications, but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us. Specifically, in Q2, we made substantial progress in content, products, and traffic alliances. In terms of content, in May, we launched the annual IP, "Made in China Exploration Program," in collaboration with the State Council Information Office. Throughout the year, we will roll out six episodes covering key technologies such as the aviation industry, intelligent cabins, autonomous driving, and deep body intelligence. The first episode focuses on flying cars, using immersive front-line manufacturing tours and innovative narratives from a youth perspective to transform hard technology into content that young users can understand and relate to. This is also a content renewal attempt following the brand refresh of Autohome.

Speaker #2: And establishing a differentiated competitive edge for us.

Speaker #3: 具体来看，二季度我们在内容、产品和流量联盟等方面均取得了扎实进展。内容上，5月份我们与工信部新闻宣传中心联合打造的年度IP"中国制造探索计划"上线，全年将陆续推出6期节目，覆盖低空产业、智能座舱、智能驾驶及具身智能等科技热点。首期聚焦飞行汽车，通过沉浸式一线制造探访、青年视角的创新叙事，将硬核科技转化为年轻用户听得懂、感兴趣的内容。这也是之家品牌焕新之后的一次内容焕新尝试。节目上线后即引爆社媒热议，获得了超过20家权威媒体报道，全网曝光超过7000万。产品端，我们上线了智驾频道，系统梳理了近200款主流车型的智驾能力图谱，帮助用户看懂智驾差异、高效选车。

Speaker #2: In the second quarter, our innovative business continued to make steady progress, driving Autohome's upgrade toward a comprehensive automotive service ecosystem. For our new retail business with the authorized dealer model in pilot operation, we are expanding into more cities.

Speaker #2: We launched the offline franchise chain brand, Autohome Good Car, further expanding our offline service network. In addition, our global expansion into used car trading is advancing steadily.

Speaker #2: Our cross-border export platform completed its first transaction in July, providing valuable experience to further expand our service capabilities.

Speaker #3: 我们在人工智能领域，特别是在前沿智能体技术方面，也取得重要进展。7月初，之家旗下自研智能体产品知识车管家启动公测，作为汽车行业首款独立的智能体产品，这不仅是对智能化应用的全新探索，更是之家丰富产品矩阵，建立差异化竞争力的重要里程碑。

Craig Yan Zeng: 我们在人工智能领域，特别是在前沿智能体技术方面也取得重要进展。7月初，之家旗下自研智能体产品，芝士车管家启动公测。作为汽车行业首款独立的智能体产品，这不仅是对智能化应用的全新探索，更是之家丰富产品矩阵建立差异化竞争力的重要里程碑。

Craig Yan Zeng: The first episode focuses on flying cars, using immersive front-line manufacturing tours and innovative narratives from a youth perspective to transform hard technology into content that young users can understand and relate to. This is also a content renewal attempt following the brand refresh of Autohome. The episode garnered immediate attention and discussion in the media, with over 20 mainstream media reports and more than 70 million exposures online. On the product side, we launched the Value Channel, systematically compiling profile maps of nearly 200 mainstream car models to help users understand value differences and make efficient car choices. Specifically, in Q2, we made solid progress across content offerings, product capabilities, and traffic alliances. On content, in May, we launched our annual IP, China Intelligent Manufacturing Exploration Plan, jointly created with the Ministry of Industry and Information Technology.

Craig Yan Zeng: The episode garnered immediate attention and discussion in the media, with over 20 mainstream media reports and more than 70 million exposures online. On the product side, we launched the Value Channel, systematically compiling profile maps of nearly 200 mainstream car models to help users understand value differences and make efficient car choices.

Sterling Song: Specifically, in Q2, we made solid progress across content offerings, product capabilities, and traffic alliances. On content, in May, we launched our annual IP, China Intelligent Manufacturing Exploration Plan, jointly created with the Ministry of Industry and Information Technology. Six episodes will be released throughout the year, covering exciting technological trends, including the low altitude industry, intelligent cockpits, intelligent driving, and embodied AI. The premier episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative use our anti storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users. This series also marks our first major content initiative following Autohome's brand refresh. After its launch, the program sparked lively discussion on social media, was covered by over 20 leading media outlets, and generated over 70 million views across various platforms.

Speaker #2: Specifically in the second quarter, we made solid progress across content offerings, product capabilities, and traffic alliances. On content, in May we launched our annual IP "China Intelligent Manufacturing Exploration Plan," jointly created with the news and publicity center of the Ministry of Industry and Information Technology.

Speaker #2: We also made major strides in AI, particularly in cutting-edge AI agent technologies. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta.

Sterling Song: We also made major strides in AI, particularly in cutting-edge AI agent technologies. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta. As the automotive industry's first standalone agent product, it represents not only a pioneering exploration of intelligent applications, but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us.

Craig Yan Zeng: Six episodes will be released throughout the year, covering exciting technological trends, including the low altitude industry, intelligent cockpits, intelligent driving, and embodied AI. The premier episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative use our anti storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users. This series also marks our first major content initiative following Autohome's brand refresh. After its launch, the program sparked lively discussion on social media, was covered by over 20 leading media outlets, and generated over 70 million views across various platforms. On the product side, we launched our Intelligent Driving Channel, which systematically profiles the intelligent driving capabilities of nearly 200 mainstream models and provides easy comparisons to help users understand differences across models and choose cars efficiently.

Speaker #2: Six episodes will be released throughout the year, covering exciting technological trends including the low-attitude industry, intelligent cockpits, intelligent driving, and embodied AI. The premier episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative youth-oriented storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users.

Speaker #2: As the automotive industry's first standalone agent product, it represents not only a pioneering exploration of intelligent applications, but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us.

Speaker #3: 具体来看，二季度我们在内容、产品和流量联盟等方面均取得了扎实进展。内容上，5月份我们与工信部新闻宣传中心联合打造的年度IP《中国制造探索计划》上线，全年将陆续推出6期节目，覆盖低空产业、智能座舱、智能驾驶及具身智能等科技热点。首期聚焦飞行汽车，通过沉浸式一线制造探访、青年视角的创新叙事，将硬核科技转化为年轻用户听得懂、感兴趣的内容。这也是之家品牌焕新之后的一次内容焕新尝试。节目上线后即引爆社媒热议，获得了超过20家权威媒体报道，全网曝光超过7000万。产品端，我们上线了智驾频道，系统梳理了近200款主流车型的智驾能力图谱，帮助用户看懂智驾差异、高效选车。

Craig Yan Zeng: 具体来看，二季度我们在内容、产品和流量联盟等方面均取得了扎实进展。内容上，5月份我们与工业和信息化部新闻宣传中心联合打造的年度IP，中国制造探索计划上线。全年将陆续推出六期节目，覆盖低空产业、智能座舱、智能驾驶及具身智能等科技热点。首期聚焦飞行汽车，通过沉浸式一线制造探访，青年视角的创新叙事，将硬核科技转化为年轻用户听得懂、感兴趣的内容。这也是之家品牌换新之后的一次内容换新尝试。节目上线后即引爆社媒热议，获得了超过20家权威媒体报道，全网曝光超过7,000万。产品端，我们上线了智驾频道，系统梳理了近200款主流车型的智驾能力图谱，帮助用户看懂智驾差异，高效选车。

Speaker #2: This series also marks our first major content initiative, following Autohome's brand refresh. After its launch, the programs sparked lively discussions on social media, was covered by over 20 leading media outlets, and generated over 70 million views across various platforms.

Speaker #2: On the product side, we launched our intelligent driving channel which systematically profiles the intelligent driving capabilities of nearly 200 mainstream models and provides easy comparisons.

Sterling Song: On the product side, we launched our Intelligent Driving Channel, which systematically profiles the intelligent driving capabilities of nearly 200 mainstream models and provides easy comparisons to help users understand differences across models and choose cars efficiently.

Speaker #2: To help users understand differences across models, and choose cars efficiently. 此外，我们持续推进多平台、多场景的流量生态协同，以6月与支付宝的合作为例，之家小程序独家为支付宝车生活频道提供全场景服务。针对首购、分购及换购人群，进行差异化内容匹配。根据Quest

Sterling Song: 此外，我们持续推进多平台、多场景的流量生态协同。以六月与支付宝的合作为例，之家小程序独家为支付宝车生活频道提供全场景服务，针对首购、增购及换购人群进行差异化内容匹配。根据QuestMobile的数据，汽车之家六月移动端日均用户量同比稳中有升，达到七千六百五十万。In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem.

Craig Yan Zeng: [Foreign language]

Sterling Song: In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem. A notable example was our partnership with Alipay in June, under which our mini program became the exclusive provider of comprehensive automotive services for Alipay's Auto Live channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicle. According to QuestMobile, in June, our daily active users steadily increased year-over-year, reaching 76.5 million.

Sterling Song: Specifically, in the second quarter, we made solid progress across content offerings, product capabilities, and traffic alliances. On content, in May, we launched our annual IP, 中国制造探索计划, jointly created with the News and Publicity Center of the Ministry of Industry and Information Technology. Six episodes will be released throughout the year, covering exciting technological trends including the low-altitude industry, intelligent cockpits, intelligence driving, and embodied AI. The premier episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative use our anti storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users. This series also marks our first major content initiative following Autohome’s brand refresh. After its launch, the program sparked lively discussion on social media, was covered by over 20 leading media outlets, and generated over 70 million views across various platforms.

Speaker #2: Specifically, in the second quarter, we made solid progress across content offerings, product capabilities, and traffic alliances. On content, in May, we launched our annual IP China Intelligent Manufacturing Exploration Plan, jointly created with the News and Publicity Center of the Ministry of Industry and Information Technology.

Speaker #3: Mobile的数据，汽车之家6月移动端日均用户量同比稳中有升，达到7650万。

Speaker #2: In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem, a notable example was our partnership with Alipay in June, and which our mini program became the exclusive provider of comprehensive automotive services for Alipay's auto live channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicles.

Speaker #2: Six episodes will be released throughout the year, covering exciting technological trends including the low-altitude industry, intelligent cockpits, intelligent driving, and embodied AI. The premiere episode focused on flying cars, combining immersive visits to the front lines of intelligent manufacturing with a fresh, innovative, youth-oriented storytelling perspective to make cutting-edge technologies more relatable and engaging for younger users.

Sterling Song: A notable example was our partnership with Alipay in June, under which our mini program became the exclusive provider of comprehensive automotive services for Alipay's Auto Live channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicle. According to QuestMobile, in June, our daily active users steadily increased year-over-year, reaching 76.5 million.

Speaker #2: According to Quest Mobile, in June, our daily active users steadily increased year over year. Reaching 76.5 million

Sterling Song: 新能源车领域，4月下旬，我们在深圳和西安启动了在线购车试点，联合授权经销商在汽车之家商城平台发布具有竞争力的购车价，消费者可以在线选车付定，线下签约提车。试点期间，两城累计入驻经销商超400家，上架在售车系1,000余款，70天累计成交突破1,000台，收到了经销商和用户的良好反馈。基于试点城市的经验，二季度我们将该模式复制到苏州、济南和石家庄三城，逐步扩大华北和华东的授权网络覆盖。同时针对低线城市，6月末我们推出了线下加盟连锁品牌家家好车，聚焦填补下沉市场的服务空白，通过精准导流，输出标准化运营管理体系，及轻量化配套资源支持，帮助低线城市经销商门店实现规模化成长。目前，家家好车落地门店已超百家。未来我们将持续以汽车之家APP为线上获客的核心，联动线下家家好车加盟门店和授权经销商，承接实车交付，以标准化服务覆盖用户看车、选车、购车、用车的全生命周期。In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xian in partnership with authorized dealers.

Sterling Song: In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xian in partnership with authorized dealers. Under this model, local partners' dealerships posted competitive pricing on the Autohome Mall, enabling consumers to select a vehicle and place a deposit online and then complete the contract signing and take delivery offline. During this pilot period, over 400 dealers joined across these two cities, offering more than 1,000 models, and over 1,000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and users. Based on the experience gained from the pilot cities, in Q2, we replicated this model to three additional cities, Suzhou, Jinan, and Shijiazhuang, steadily broadening our network coverage in northern and eastern China.

Craig Yan Zeng: [Foreign language]

Speaker #3: 新能源车领域，4月下旬我们在深圳和西安启动了在线购车试点。联合授权经销商在汽车之家商城平台发布具有竞争力的购车价，消费者可以在线选车附定，线下签约提车。试点期间，两成累计入驻经销商超400家，上架待售车系1000余款。70天累计成交突破1000台，收到了经销商和用户的良好反馈。基于试点城市的经验，二季度我们将该模式复制到苏州、济南和石家庄三城。逐步扩大华北和华东的授权网络覆盖。同时，针对低线城市，6月末我们推出了线下加盟连锁品牌家家好车，聚焦填补下沉市场的服务空白。通过精准导流、输出标准化运营管理体系及轻量化配套资源支持，帮助低线城市经销商门店实现规模化成长。目前，家家好车门店落地门店已超百家，未来我们将持续以汽车之家APP为线上获客的核心，联动线下家家好车加盟门店和授权经销商，承接实车交付，以标准化服务覆盖用户看车、选车、购车、用车的全生命周期。

Speaker #2: This series also marks our first major content initiative following Autohome's brand refresh after its launch. The program sparked lively discussion on social media, was covered by more than 20 leading media outlets, and generated over 70 million views across various platforms.

Speaker #2: On the product side, we launched our Intelligent Driving channel, which systematically profiles the intelligent driving capabilities of nearly 200 mainstream models and provides easy comparisons to help users understand differences across models and choose cars efficiently.

Sterling Song: On the product side, we launched our 智驾频道, which systematically profiles the intelligent driving capabilities of nearly 200 mainstream models and provides easy comparisons to help users understand differences across models and choose cars efficiently.

Speaker #3: 此外，我们持续推进多平台、多场景的流量生态协同，以6月与支付宝的合作为例，之家小程序独家为支付宝车生活频道提供全场景服务，针对首购、增购及换购人群进行差异化内容匹配。根据Quest est Mobile的数据，汽车之家6月移动端日均用户量同比稳中有升，达到7650万。

Craig Yan Zeng: 此外，我们持续推进多平台、多场景的流量生态协同。以6月与支付宝的合作为例，之家小程序独家为支付宝车生活频道提供全场景服务，针对首购、增购及换购人群进行差异化内容匹配。根据QuestMobile的数据，汽车之家6月移动端日均用户量同比稳中有升，达到7,650万。

Speaker #2: In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem. A notable example was our partnership with Adipay in June, in which our mini program became the exclusive provider of comprehensive automotive services for Adipay's Auto Live Channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicles.

Sterling Song: In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem. A notable example was our partnership with Alipay in June, under which our mini program became the exclusive provider of comprehensive automotive services for Alipay's Auto Life channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers, and those upgrading their vehicles. According to QuestMobile, in June, our daily active users steadily increased year-over-year, reaching 76.5 million.

Speaker #2: In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xi'an in partnership with authorized dealers.

Speaker #2: Under this model, local partners' dealerships posted competitive pricing on a more enabling consumers to select a vehicle and place a deposit online, and then complete the contract signing and take delivery offline.

Sterling Song: Under this model, local partners' dealerships posted competitive pricing on the Autohome Mall, enabling consumers to select a vehicle and place a deposit online and then complete the contract signing and take delivery offline. During this pilot period, over 400 dealers joined across these two cities, offering more than 1,000 models, and over 1,000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and users. Based on the experience gained from the pilot cities, in Q2, we replicated this model to three additional cities, Suzhou, Jinan, and Shijiazhuang, steadily broadening our network coverage in northern and eastern China. At the same time, to address the service gap in low-tier cities, we launched our offline franchise chain brand, Autohome Good Car, at the end of June, with a focus on the underserved low-tier cities.

Speaker #2: According to Quest Mobile, in June, our daily active users steadily increased year over year, reaching 76.5 million.

Craig Yan Zeng: 新能源车领域。4月下旬，我们在深圳和西安启动了在线购车试点，联合授权经销商在汽车之家商城平台发布具有竞争力的购车价，消费者可以在线选车付定，线下签约提车。试点期间，两城累计入驻经销商超400家，上架在售车系1000余款，70天累计成交突破1000台，收到了经销商和用户的良好反馈。基于试点城市的经验，二季度我们将该模式复制到苏州、济南和石家庄三城，逐步扩大华北和华东的授权网络覆盖。同时，针对低线城市，6月末我们推出了线下加盟连锁品牌家家好车，聚焦填补下沉市场的服务空白。通过精准导流，输出标准化运营管理体系，及轻量化配套资源支持，帮助低线城市经销商门店实现规模化成长。目前，家家好车门店落地门店已超百家。未来我们将持续以汽车之家APP为线上获客的核心，联动线下家家好车加盟门店和授权经销商，承接实车交付，以标准化服务覆盖用户看车、选车、购车、用车的全生命周期。

Speaker #3: 新能源车领域，4月下旬我们在深圳和西安启动了在线购车试点，联合授权经销商在汽车之家商城平台发布具有竞争力的购车价，消费者可以在线选车附定，线下签约提车。试点期间，两成累计入驻经销商超400家，上架在售车系1000余款，70天累计成交突破1000台，收到了经销商和用户的良好反馈。基于试点城市的经验，二季度我们将该模式复制到苏州、济南和石家庄三城，逐步扩大华北和华东的授权网络覆盖。同时，针对低线城市，6月末我们推出了线下加盟连锁品牌佳佳好车，聚焦填补下沉市场的服务空白。通过精准导流、输出标准化运营管理体系及轻量化配套资源支持，帮助低线城市经销商门店实现规模化成长。目前，佳佳好车门店落地门店已超百家，未来我们将持续以汽车之家APP为线上获客的核心，联动线下佳佳好车加盟门店和授权经销商，承接实车交付，以标准化服务覆盖用户看车、选车、购车、用车的全生命周期。

Speaker #2: During this pilot period, over 400 dealers joined across these two cities offering more than 1000 models, and over 1000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and the users.

Speaker #2: Based on the experience gained from the pilot cities in the second quarter, we replicated this model to three additional cities: Suzhou, Jinan, and Shijiazhuang, steadily broadening our network coverage in northern and eastern China.

Speaker #2: At the same time, to address the service gap in low-tier cities, we launched our offline franchise chain brand Autohome Good Car at the end of June, with a focus on the underserved low-tier cities.

Sterling Song: At the same time, to address the service gap in low-tier cities, we launched our offline franchise chain brand, Autohome Good Car, at the end of June, with a focus on the underserved low-tier cities. Through precise traffic redirection and a standardized operating and management system, and a streamlined resource support system, we help dealerships in low-tier cities achieve scalable growth. At present, over 100 franchise stores joined Autohome Good Car. Going forward, the Autohome APP will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and authorized dealer stores will handle vehicle delivery. Through standardized services, we aim to support users throughout the entire vehicle lifecycle, from vehicle discovery, selection to purchase and ownership.

Speaker #2: Through precise traffic redirection and a standardized operating and management system, and a streamlined resource support system, we help dealerships in low-tier cities achieve scalable growth.

Sterling Song: Through precise traffic redirection and a standardized operating and management system, and a streamlined resource support system, we help dealerships in low-tier cities achieve scalable growth. At present, over 100 franchise stores joined Autohome Good Car. Going forward, the Autohome APP will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and authorized dealer stores will handle vehicle delivery.

Speaker #2: At present, over 100 franchise stores jointed Autohome Good Car, going forward, the Autohome APP will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and the authorized dealer stores will handle vehicle delivery.

Speaker #2: Through standardized services, we aim to support users throughout the entire vehicle lifecycle from vehicle discovery selection to purchase and ownership.

Sterling Song: Through standardized services, we aim to support users throughout the entire vehicle lifecycle, from vehicle discovery, selection to purchase and ownership. AI 和大模型方面，基于知家自研的大模型，我们推出了汽车垂类智能体知识车管家，得益于知家在汽车领域积累的专业内容、产品数据库、达人生态以及线下服务网络等核心资产，知识车管家能够为用户提供车型多维对比、购车早购、用车养车等全品类服务，具备独特的差异化竞争优势。目前，知识车管家已面向用户开放，并进入反馈收集阶段。市场初步反响积极。未来我们将持续迭代底层模型能力，优化产品交互体验，并逐步接入更丰富的线下服务资源，不断提升产品价值与服务质量。In AI and models powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product for the automotive vertical.

Speaker #2: In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xi'an in partnership with authorized dealers, and this model local partners dealerships posted competitive pricing on a more enabling consumers to select a vehicle at a place of deposits online, and then complete the contract signing and take delivery offline.

Sterling Song: In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xi'an in partnership with authorized dealers. Under this model, local partners' dealerships posted competitive pricing on the mall, enabling consumers to select a vehicle and place a deposit online and then complete the contract signing and take delivery offline. During this pilot period, over 400 dealers joined across these 2 cities, offering more than 1,000 models, and over 1,000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and users. Based on the experience gained from the pilot cities, in Q2, we replicated this model to 3 additional cities: Suzhou, Jinan, and Shijiazhuang, steadily broadening our network coverage in northern and eastern China.

Speaker #3: AI和大模型方面，基于之家自研的大模型，我们推出了汽车垂类智能体、知识车管家。得益于之家在汽车领域积累的专业内容，产品数据库、达人生态以及线下服务网络等核心资产，知识车管家能够为用户提供车型多维对比。购车导购、用车养车等全品类服务，具备独特的差异化竞争优势。目前，知识车管家已面向用户开放，并进入反馈收集阶段。市场初步反响积极，未来我们将持续迭代底层模型能力，优化产品交互体验，并逐步接入更丰富的线下服务资源，不断提升产品价值与服务质量。

Craig Yan Zeng: [Foreign language]

Sterling Song: In AI and models powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product for the automotive vertical. The agent leverages our core assets accumulated in the automotive field, including our professional content, product database, MCN ecosystem, and offline service network, to provide users with a broad range of services including multi-dimensional vehicle comparisons, vehicle purchase guidance and maintenance services, etc., establishing a unique differentiated competitive advantage. Currently, Cheese Car Butler is available to users and has entered the feedback collection phase, with the initial market response being positive. In the future, we will continue to enhance the underlying model capabilities, optimize the product's interactive experience, and gradually integrate more offline service resources to steadily improve the product value and service quality.

Speaker #2: During this pilot period, over 400 dealers joined across these two cities, offering more than 1,000 models; and over 1,000 transactions were completed within 70 days, receiving positive feedback from both our dealer partners and the users.

Speaker #2: Based on the experience gained from the pilot cities, in the second quarter, we replicated this model to three additional cities: Suzhou, Jinan, and Shijiazhuang, steadily broadening our network coverage in northern and eastern China.

Speaker #2: In AI and models, powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product, for the automotive vertical. The agent's leverage is our core asset accumulated in the automotive field, including our professional content, product database, MCN ecosystem, and offline service network, to provide users with a broad range of services, including multi-dimensional vehicle comparisons, vehicle purchase guidance, and maintenance services.

Sterling Song: At the same time, to address the service gap in low-tier cities, we launched our offline franchise chain brand Autohome Good Car at the end of June, with a focus on the underserved low-tier cities. Through precise traffic redirection and a standardized operating and management system and a streamlined resource support system, we help dealerships in low-tier cities achieve scalable growth. At present, over 100 franchise stores joined Autohome Good Car. Going forward, the Autohome APP will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and authorized dealer stores will handle vehicle delivery.

Speaker #2: At the same time, to address the service gap in low-tier cities, we launched our offline franchised chain brand, Autohome Good Car, at the end of June, with a focus on the underserved low-tier cities.

Sterling Song: The agent leverages our core assets accumulated in the automotive field, including our professional content, product database, MCN ecosystem, and offline service network, to provide users with a broad range of services including multi-dimensional vehicle comparisons, vehicle purchase guidance and maintenance services, etc., establishing a unique differentiated competitive advantage. Currently, Cheese Car Butler is available to users and has entered the feedback collection phase, with the initial market response being positive.

Speaker #2: Through precise traffic redirection, standardized operating and management systems, and a streamlined resource support system, we help dealerships in low-tier cities achieve scalable growth.

Speaker #2: At present, over 100 franchised stores have joined Autohome Good Car. Going forward, the Autohome app will remain the core of our online customer acquisition efforts, while offline Autohome Good Car franchisees and the authorized dealer stores will handle vehicle delivery.

Speaker #2: Establishing a unique differentiated competitive advantage. Currently, Cheese Car Butler is available to users and has entered the feedback collection stage, with the initial market response being positive.

Speaker #2: In the future, we'll continue to enhance the underlying model capabilities, optimize the product's interactive experience, and gradually integrate more offline service resources to steadily improve the product value and the service quality.

Sterling Song: In the future, we will continue to enhance the underlying model capabilities, optimize the product's interactive experience, and gradually integrate more offline service resources to steadily improve the product value and service quality。二手车业务板块，我们持续推进国内与海外两大核心平台的建设。全流程卖车服务平台方面，我们继续以标准化提升服务品质。近期，我们完成了车源检测体系的升级迭代，检测项目由128项扩展至265项，其中新增82项新能源专项评估，进一步提高了检测报告的精准度与可靠性。跨境出口服务平台方面，二季度我们正式获得了二手车出口官方资质，并同步建成线上多语言国际站及线下履约网络，业务线索覆盖全球100多个国家。7月初，知家平台上首单二手车出口顺利完成，业务实现从0到1的突破。下一阶段，我们将聚焦上游优质车源供给、下游海外客户拓展以及平台运营效率提升这三大维度，全力打造二手车一站式出口新通道。In the used car business, we continue to develop both our core domestic and overseas platforms.

Speaker #2: Through standardized services, we aim to support users throughout the entire vehicle lifecycle, from vehicle discovery and selection to purchase and ownership.

Sterling Song: Through standardized services, we aim to support users throughout the entire vehicle lifecycle, from vehicle discovery, selection to purchase and ownership. AI 和大模型方面，基于之家自研的大模型，我们推出了汽车垂类智能体芝士车管家，得益于之家在汽车领域积累的专业内容、产品数据库、达人生态以及线下服务网络等核心资产，芝士车管家能够为用户提供车型多维对比、购车早购、用车养车等全品类服务，具备独特的差异化竞争优势。目前芝士车管家已面向用户开放，并进入反馈收集阶段，市场初步反响积极。未来我们将持续迭代底层模型能力，优化产品交互体验，并逐步接入更丰富的线下服务资源，不断提升产品价值与服务质量。In AI and models powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product for the automotive vertical.

Speaker #3: AI和大模型方面，基于之家自研的大模型，我们推出了汽车垂类智能体知识车管家，得益于之家在汽车领域积累的专业内容，产品数据库、达人生态以及线下服务网络等核心资产。知识车管家能够为用户提供车型多维对比，购车导购、用车养车等全品类服务，具备独特的差异化竞争优势。目前，知识车管家以面向用户开放，并进入反馈收集阶段。市场初步反响积极，未来我们将持续迭代底层模型能力，优化产品交互体验，并逐步接入更丰富的线下服务资源，不断提升产品价值与服务质量。

Craig Yan Zeng: [Foreign language]

Sterling Song: In the used car business, we continue to develop both our core domestic and overseas platforms. For our full-process used car sales service platform, we continue to improve service quality through greater standardization. Recently, we completed an upgrade and iteration of our vehicle inspection system, expanding the number of inspection items from 128 to 265, including 82 newly added assessments specifically designed for new energy vehicles, further improving the accuracy and reliability of our inspection reports. For our cross-border used car export service platform, we formally obtained the official export qualification during Q2. We also established an online multilingual international website and an offline fulfillment network, with business leads spanning over 100 countries. In early July, we successfully completed the first used car export order on our platform, making a breakthrough from zero to one for our business.

Speaker #3: 二手车业务板块，我们持续推进国内与海外两大核心平台的建设。全流程卖车服务平台方面，我们继续与标准化提升服务品质，近期我们完成了车源检测体系的升级迭代。检测项目由128项扩展至265项，其中新增82项新能源专项评估，进一步提高了检测报告的精准度与可靠性。跨境出口服务平台方面，二季度我们正式获得了二手车出口官方资质，并同步建成线上多语言国际站及线下履约网络。业务线索覆盖全球100多个国家，7月初，之家平台上首单二手车出口顺利完成，业务实现从零到一的突破。下一阶段，我们将聚焦上游优质车源供给，下游海外客户拓展，以及平台运营效率提升这三大维度，全力打造二手车一站式出口新通道。

Speaker #2: In AI and models powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product for the automotive vertical. The agent leverages our core assets accumulated in the automotive field, including our professional content, product database, MCN ecosystem, and offline service network, to provide users with a broad range of services, including multi-dimensional vehicle comparisons, vehicle purchase guidance, and maintenance services.

Speaker #2: In the used car business, we continue to develop both our core domestic and overseas platforms. For our full process, used car sales service platform, we continue to improve service quality through greater standardization.

Sterling Song: For our full-process used car sales service platform, we continue to improve service quality through greater standardization. Recently, we completed an upgrade and iteration of our vehicle inspection system, expanding the number of inspection items from 128 to 265, including 82 newly added assessments specifically designed for new energy vehicles, further improving the accuracy and reliability of our inspection reports. For our cross-border used car export service platform, we formally obtained the official export qualification during Q2. We also established an online multilingual international website and an offline fulfillment network, with business leads spanning over 100 countries. In early July, we successfully completed the first used car export order on our platform, making a breakthrough from zero to one for our business. In the next phase, we will focus on three key areas: high-quality vehicle supply upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency.

Speaker #2: Establishing a unique, differentiated competitive advantage, currently Cheese Car Butler is available to users and has entered the feedback collection phase, with the initial market response being positive.

Speaker #2: Recently, we completed an upgrade and integration of our vehicle inspection system expanding the number of inspection items from 128 to 265, including 82 newly added assessments, specifically designed for new energy vehicles.

Sterling Song: In the future, we will continue to enhance the underlying model capabilities, optimize the product's interactive experience, and gradually integrate more offline service resources to steadily improve the product value and service quality。二手车业务板块，我们持续推进国内与海外两大核心平台的建设。全流程卖车服务平台方面，我们继续以标准化提升服务品质。近期，我们完成了车源检测体系的升级迭代，检测项目由128项扩展至265项，其中新增82项新能源专项评估，进一步提高了检测报告的精准度与可靠性。跨境出口服务平台方面，二季度我们正式获得了二手车出口官方资质，并同步建成线上多语言国际站及线下履约网络，业务线索覆盖全球100多个国家。7月初，汽车之家平台上首单二手车出口顺利完成，业务实现从0到1的突破。下一阶段，我们将聚焦上游优质车源供给、下游海外客户拓展以及平台运营效率，提升这三大维度，全力打造二手车一站式出口新通道。In the used car business, we continue to develop both our core domestic and overseas platforms.

Speaker #2: Further improving the accuracy and reliability of our inspection reports for our cross-border used car expert service platform, we formally obtained the official expert qualifications during the second quarter.

Speaker #3: 二手车业务板块，我们持续推进国内与海外两大核心平台的建设，全流程卖车服务平台方面，我们继续与标准化提升服务品质，近期我们完成了车源检测体系的升级迭代，检测项目由128项扩展至265项，其中新增82项新能源专项评估，进一步提高了检测报告的精准度与可靠性。跨境出口服务平台方面，二季度我们正式获得了二手车出口官方资质，并同步建成线上多语言国际站及线下履约网络。业务线索覆盖全球100多个国家，7月初，之家平台上首单二手车出口顺利完成，业务实现从零到一的突破。下一阶段，我们将聚焦上游优质车源供给，下游海外客户拓展，以及平台运营效率提升这三大维度，全力打造二手车一站式出口新通道。

Speaker #2: We also established an online multilingual international website and an offline fulfillment network with business leads spanning over 100 countries. In early July, we successfully completed the first used car expert order on our platform, making a breakthrough from zero to one for our business.

Speaker #2: In the next phase, we'll focus on three key areas: high-quality vehicle supplies upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency. All of this supports our OAuth effort to create a new one-stop channel for used car experts.

Sterling Song: In the next phase, we will focus on three key areas: high-quality vehicle supply upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency. All of this supports our all-out effort to create a new one-stop channel for used car exports.

Sterling Song: All of this supports our all-out effort to create a new one-stop channel for used car exports. 综上所述，年初至今，我们在各业务领域的尝试都取得了阶段性进展。在扎实推动业务发展的同时，我们始终履行对股东回报的坚定承诺。今年3月启动USD 2亿股票回购计划，我们在不到六个月的时间内即提前完成。基于对公司长期价值的坚定信心，7月末我们再次宣布启动为期12个月的新一轮USD 4亿回购计划。同时，今年上半年的CNY 5亿现金分红也于7月底顺利完成向股东的派发。展望未来，我们将持续深耕新业务布局，继续为用户与合作伙伴提供优质服务，为股东带来稳定可期的回报。In summary, since the beginning of the year, we achieved meaningful progress across all businesses.

Speaker #3: 综上所述，年初至今，我们在各业务领域的尝试都取得了阶段性进展。在扎实推动业务发展的同时，我们始终履行对股东回报的坚定承诺。今年3月启动2亿美元股票回购计划，我们在不到6个月的时间内即提前完成。基于对公司长期价值的坚定信心，7月末我们再次宣布启动为期12个月的新一轮4亿美元回购计划，同时今年上半年的5亿美元5亿元人民币现金分红也于7月底顺利完成向股东的派发。展望未来，我们将持续深耕新业务布局，继续为用户与合作伙伴提供优质服务，为股东带来稳定可期的回报。

Craig Yan Zeng: [Foreign language]

Sterling Song: In summary, since the beginning of the year, we achieved meaningful progress across all businesses. While steadily evaluating our businesses, we have consistently delivered on our commitment to shareholder returns. The USD 200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months. In late July, we announced a new 12-month USD 400 million repurchase plan, demonstrating our strong confidence in the company's long-term value. In addition, the CNY 500 million cash dividend for H1 was distributed at the end of July. Looking ahead, we will continue to deepen our new business development, provide high-quality services to users and partners, and deliver sustainable returns to our shareholders.

Speaker #2: In the youth car business, we continue to develop both our core domestic and overseas platforms for our full-process youth car sales service platform.

Sterling Song: For our full process used car sales service platform, we continue to improve service quality through greater standardization. Recently, we completed an upgrade and iteration of our vehicle inspection system, expanding the number of inspection items from 128 to 265, including 82 newly added assessments specifically designed for new energy vehicles, further improving the accuracy and reliability of our inspection reports. For our cross-border used car export service platform, we formally obtained the official export qualifications during Q2. We also established an online multilingual international website and an offline fulfillment network, with business leads spanning over 100 countries. In early July, we successfully completed the first used car export order on our platform, making a breakthrough from zero to one for our business. In the next phase, we will focus on three key areas: high-quality vehicle supplies upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency.

Speaker #2: We continue to improve service quality through greater standardization. Recently, we completed an upgrade and integration of our vehicle inspection system, expanding the number of inspection items from 128 to 265, including 82 newly added assessments specifically designed for new energy vehicles.

Speaker #2: In summary, since the beginning of the year, we achieved meaningful progress across all businesses. While steadily developing our businesses, we've consistently delivered on our commitment to shareholder returns, the US dollar 200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months in late July we announced a new 12-month US dollar 400 million repurchase plan, demonstrating our strong confidence in accompanying long-term value.

Speaker #2: We are further improving the accuracy and reliability of our inspection reports. For our cross-border youth car expert service platform, we formally obtained official export qualifications during the second quarter.

Sterling Song: While steadily evaluating our businesses, we have consistently delivered on our commitment to shareholder returns. The USD 200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months. In late July, we announced a new 12-month USD 400 million repurchase plan, demonstrating our strong confidence in the company's long-term value. In addition, the CNY 500 million cash dividend for H1 was distributed at the end of July.

Speaker #2: We also established an online, multilingual, international website and an offline fulfillment network, with business leads spanning over 100 countries. In early July, we successfully completed the first youth car export order on our platform, making a breakthrough from zero to one for our business.

Speaker #2: In addition, the R&B 500 million cash dividend for the first half of the year was distributed at the end of July. Looking ahead, we'll continue to deepen our new business development, provide high-quality services to users and partners, and deliver sustainable returns to our shareholders.

Speaker #2: In the next phase, we'll focus on three key areas: high-quality vehicle supplies upstream, expanding overseas customer acquisition downstream, and improving platform operational efficiency. All of this supports our all-out effort to create a new one-stop channel for youth car experts.

Sterling Song: Looking ahead, we will continue to deepen our new business development, provide high-quality services to users and partners, and deliver sustainable returns to our shareholders. 接下来我来向大家简述一下汽车之家2026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, let me briefly walk you through the key financials for Q2 2026.

Sterling Song: All of this supports our all-out effort to create a new one-stop channel for used car exports.

Speaker #3: 接下来我来向大家简述一下汽车之家2026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。

Craig Yan Zeng: [Foreign language]

Sterling Song: With that, let me briefly walk you through the key financials for Q2 2026. Please note that I will reference RMB only in my discussion today unless otherwise stated. Q2 total revenues were CNY 1.2 billion. Specifically, media services revenue was CNY 280 million, leads services revenue was CNY 560 million, and online marketing and other revenues were CNY 357 million. Net revenues for Q2 were CNY 1.2 billion. To break it down further, media services revenues were CNY 280 million, lead generation services revenues were CNY 560 million, and online marketplace and others revenues were CNY 357 million.

Sterling Song: 综上所述，年初至今，我们在各业务领域的尝试都取得了阶段性进展。在扎实推动业务发展的同时，我们始终履行对股东回报的坚定承诺。今年3月启动2亿美元股票回购计划，我们在不到六个月的时间内即提前完成。基于对公司长期价值的坚定信心，7月末我们再次宣布启动为期12个月的新一轮4亿美元回购计划。同时，今年上半年的5亿元人民币现金分红也于7月底顺利完成向股东的派发。展望未来，我们将持续深耕新业务布局，继续为用户与合作伙伴提供优质服务，为股东带来稳定可期的回报。In summary, since the beginning of the year, we achieved meaningful progress across all businesses.

Speaker #2: With that, let me briefly walk you through the key financials for the second quarter of 2026. Please note that I will reference R&B only in my discussion today unless otherwise stated.

Sterling Song: Please note that I will reference RMB only in my discussion today unless otherwise stated. Q2 total revenues were CNY 1.2 billion. Specifically, media services revenue was CNY 280 million, leads services revenue was CNY 560 million, and online marketing and other revenues were CNY 357 million. Net revenues for Q2 were CNY 1.2 billion.

Speaker #3: 第二季度收入总额为12亿元，具体来讲，媒体服务收入为2.8亿元，线索服务收入为5.6亿元，在线营销及其他收入为3.57亿元。

Speaker #2: Net revenues for the second quarter were 1.2 billion, to break it down further, media services revenues were 280 million, lease generation services revenues were 560 million, and online marketplace and others revenues were 357 million.

Speaker #2: In summary, since the beginning of the year, we have achieved meaningful progress across all businesses. While steadily developing our businesses, we've consistently delivered on our commitment to shareholder returns.

Speaker #3: 成本方面，第二季度营业成本为2.74亿元，上年同期为5.03亿元。第二季度毛利率为77.1%，上年同期为71.4%。

Craig Yan Zeng: [Foreign language]

Sterling Song: With respect to costs, cost of revenues in Q2 was CNY 274 million, compared with CNY 503 million in Q2 2025. Gross margin in Q2 was 77.1%, compared with 71.4% in the same period last year. Turning to operating expenses, sales and marketing expenses in Q2 were CNY 552 million, compared with CNY 630 million in Q2 2025. Product and development expenses were CNY 223 million, compared with CNY 263 million in Q2 2025. General and administrative expenses were CNY 96 million, compared with CNY 133 million in the same period last year. Overall, we recorded an operating profit of CNY 130 million in Q2, compared with CNY 297 million in the same period of 2025. Adjusted net income attributable to Autohome was CNY 277 million in Q2, compared with CNY 476 million in the corresponding period last year.

Sterling Song: While steadily developing our businesses, we have consistently delivered on our commitment to shareholder returns. The US$200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months. In late July, we announced a new 12 months US$400 million repurchase plan, demonstrating our strong confidence in the company's long-term value. In addition, the CNY 500 million cash dividend for H1 of the year was distributed at the end of July.

Speaker #2: The $200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than six months. In late July, we announced a new 12-month $400 million repurchase plan, demonstrating our strong confidence in the company's long-term value.

Speaker #2: With respect to costs, cost of revenues in the second quarter was 274 million, compared with 503 million in the second quarter of 2025. Gross margin in the second quarter was 77.1%, compared with 71.4% in the same period last year.

Sterling Song: Gross margin in Q2 was 77.1%, compared with 71.4% in the same period last year. Turning to operating expenses, sales and marketing expenses in Q2 were CNY 552 million, compared with CNY 630 million in Q2 2025. Product and development expenses were CNY 223 million, compared with CNY 263 million in Q2 2025.

Speaker #2: In addition, the RMB 500 million cash dividend for the first half of the year was distributed at the end of July. Looking ahead, we'll continue to deepen our new business development, provide high-quality services to users and partners, and deliver sustainable returns to our shareholders.

Speaker #3: 营业费用方面，第二季度销售及市场费用为5.52亿元，上年同期为6.3亿元。研发费用为2.23亿元，上年同期为2.53亿元。一般及管理费用为0.96亿元，上年同期为1.33亿元。

Sterling Song: Looking ahead, we will continue to deepen our new business development, provide high quality services to users and partners, and deliver sustainable returns to our shareholders. 接下来我来向大家简述一下汽车之家2026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, let me briefly walk you through the key financials for Q2 2026.

Speaker #2: Turning to operating expenses, sales and marketing expenses in the second quarter were 552 million, compared with 630 million in the second quarter of 2025.

Speaker #2: PROTACs and development expenses were 223 million, compared with 253 million in the second quarter of 2025. General and administrative expenses were 96 million, compared with 133 million in the same period last year.

Speaker #2: With that, let me briefly walk you through the key financials for the second quarter of 2026. Please note that I will reference R&B only in my discussion today, unless otherwise stated.

Sterling Song: Please note that I will reference CNY only in my discussion today, unless otherwise stated. 第二季度收入总额为 CNY 1.2 billion. 具体来讲, 媒体服务收入为 CNY 280 million, 线索服务收入为 CNY 560 million, 在线营销及其他收入为 CNY 357 million. Net revenues for the second quarter were CNY 1.2 billion.

Sterling Song: General and administrative expenses were CNY 96 million, compared with CNY 133 million in the same period last year. Overall, we recorded an operating profit of CNY 130 million in Q2, compared with CNY 297 million in the same period of 2025.

Speaker #3: 第二季度收入总额为12亿元，具体来讲，媒体服务收入为2.8亿元，线索服务收入为5.6亿元，在线营销及其他收入为3.57亿元。

Speaker #3: 总体来讲，汽车之家第二季度营业利润为1.3亿元，上年同期营业利润为2.97亿元，归属于汽车之家的经调整净利润为2.77亿元，上年同期为4.76亿元。

Speaker #2: Net revenues for the second quarter were $1.2 billion. To break it down further, media services revenues were $280 million, lease generation services revenues were $560 million, and online marketplace and others revenues were $357 million.

Sterling Song: To break it down further, media services revenues were CNY 280 million, lead generation services revenues were CNY 560 million, and online marketplace and others revenues were CNY 357 million. 成本方面, 第二季度营业成本为 CNY 274 million, 上年同期为 CNY 503 million, 第二季度毛利率为 77.1%, 上年同期为 71.4%. With respect to costs, cost of revenues in the second quarter was CNY 274 million, compared with CNY 503 million in the second quarter of 2025.

Speaker #2: Overall, we recorded an operating profit of 130 million in the second quarter, compared with 297 million in the same period of 2025. Adjusted net income attributable to auto home was 277 million in the second quarter, compared with 476 million in the corresponding period last year.

Speaker #3: 成本方面，第二季度营业成本为2.74亿元，上年同期为5.03亿元。第二季度毛利率为77.1%，上年同期为71.4%。

Sterling Song: Adjusted net income attributable to Autohome was CNY 277 million in Q2, compared with CNY 476 million in the corresponding period last year. non-GAAP basic and diluted earnings per share in Q2 were CNY 0.62 and CNY 0.61 respectively, compared with CNY 1.01 for both in the corresponding period of 2025.

Speaker #3: 第二季度经调整基本和摊薄每股净利润分别为由0.62元和0.61元，上年同期均为1.01元。第二季度经调整基本和摊薄每股美国存托股净利润均为2.46元，上年同期分别为4.06元和4.04元。

Sterling Song: non-GAAP basic and diluted earnings per share in Q2 were CNY 0.62 and CNY 0.61 respectively, compared with CNY 1.01 for both in the corresponding period of 2025. Non-GAAP basic and diluted earnings per ADS in the second quarter were both CNY 2.46 compared with CNY 4.06 and CNY 4.04 respectively in the corresponding period of 2025.

Speaker #2: With respect to cost, cost of revenues in the second quarter was $274 million, compared with $503 million in the second quarter of 2025. Gross margin in the second quarter was 77.1%, compared with 71.4% in the same period last year.

Sterling Song: Gross margin in the second quarter was 77.1%, compared with 71.4% in the same period last year. 营业费用方面, 第二季度销售及市场费用为 CNY 552 million, 上年同期为 CNY 630 million, 研发费用为 CNY 223 million, 上年同期为 CNY 253 million, 一般及管理费用为 CNY 96 million, 上年同期为 CNY 133 million. Turning to operating expenses, sales and marketing expenses in the second quarter were CNY 552 million, compared with CNY 630 million in the second quarter of 2025. Product and development expenses were CNY 223 million, compared with CNY 263 million in the second quarter of 2025.

Speaker #2: Non-gas basic and diluted earnings per share in the second quarter were 0.62 and 0.61, respectively, compared with 1.01 for both in the corresponding period of 2025.

Sterling Song: Non-GAAP basic and diluted earnings per ADS in the second quarter were both CNY 2.46 compared with CNY 4.06 and CNY 4.04 respectively in the corresponding period of 2025. 截止 2026 年 6 月 30 日，我们的资产负债表持续展现强劲。现金、现金等价物、短期投资及其他长期投资合计为 193.6 亿元。2026 年第二季度来自经营活动的现金流量净额为 2.61 亿元。 As of 30 June 2026, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled CNY 19.36 billion.

Speaker #2: Non-gas basic and diluted earnings per ADS in the second quarter were both 2.46, compared with 4.06 and 4.04, respectively, in the corresponding period of 2025.

Speaker #2: Turning to operating expenses, sales and marketing expenses in the second quarter were $552 million, compared with $630 million in the second quarter of 2025.

Speaker #2: Product and development expenses were $223 million, compared with $253 million in the second quarter of 2025. General and administrative expenses were $96 million, compared with $133 million in the same period last year.

Speaker #3: 截至2026年6月30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其他长期投资合计为193.6亿元。2026年第二季度来自经营活动的现金流量净额为2.61亿元。

Craig Yan Zeng: [Foreign language]

Sterling Song: General and administrative expenses were CNY 96 million, compared with CNY 133 million in the same period last year. 总体来讲, Autohome Inc. 第二季度营业利润为 CNY 130 million, 上年同期营业利润为 CNY 297 million, 归属于 Autohome Inc. 的经调整净利润为 CNY 277 million, 上年同期为 CNY 476 million. Overall, we recorded an operating profit of CNY 130 million in the second quarter, compared with CNY 297 million in the same period of 2025.

Speaker #3: 总体来讲，汽车之家第二季度营业利润为1.3亿元，上年同期营业利润为2.97亿元。归属于汽车之家的经调整净利润为2.77亿元，上年同期为4.76亿元。

Sterling Song: As of 30 June 2026, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled CNY 19.36 billion. We generated net operating cash flow of CNY 261 million in Q2 2026.

Speaker #2: As of June 30, 2026, our balance sheet remains robust, cash cash equivalents and short-term investment and other long-term investments totaled 19.36 billion, with generated net operating cash flow of 261 million in the second quarter of 2026.

Sterling Song: We generated net operating cash flow of CNY 261 million in Q2 2026. 2026 年 3 月 5 日，公司董事会批准了一项 18 个月内总额度不超过 2 亿美元的股票回购计划。截止 2026 年 7 月 30 日，我们已提前完成了此项回购计划，总计回购了约 1063 万股美国存托股份。 On 5 March 2026, our board of directors authorized a share repurchase program under which we are permitted to purchase up to $200 million of Autohome's ADS over a period not to exceed 18 months.

Speaker #2: Overall, we recorded an operating profit of $130 million in the second quarter, compared with $297 million in the same period of 2025. Adjusted net income attributable to Autohome was $277 million in the second quarter, compared with $476 million in the corresponding period last year.

Craig Yan Zeng: [Foreign language]

Speaker #3: 2026年3月5日，公司董事会批准了一项18个月内总额度不超过2亿美元的股票回购计划。截止2026年7月30日，我们已提前完成了此项回购计划，总计回购了约1,063万股美国存托股份。

Sterling Song: Adjusted net income attributable to Autohome was CNY 277 million in the second quarter, compared with CNY 476 million in the corresponding period last year. 第二季度经调整基本和摊薄每股净利润分别为0.62元和0.61元，上年同期均为1.01元。第二季度经调整基本和摊薄每股美国存托股净利润均为2.46元，上年同期分别为4.06元和4.04元。Non-GAAP basic and diluted earnings per share in the second quarter were 0.62 and 0.61 respectively, compared with 1.01 for both in the corresponding period of 2025.

Speaker #3: 第二季度经调整基本和摊薄每股净利润分别为。由0.62元和0.61元，上年同期均为1.01元。第二季度经调整基本和摊薄每股美国存托股净利润均为2.46元，上年同期分别为4.06元和4.04元。

Speaker #2: On March 5, 2026, our board of directors authorized a share repurchase program under which we are permitted to purchase up to USD 200 million of auto homes ADS over a period not to exceed 18 months, as of July 30, 2026.

Sterling Song: On 5 March 2026, our board of directors authorized a share repurchase program under which we are permitted to purchase up to $200 million of Autohome's ADS over a period not to exceed 18 months. As of 30 July 2026, we have completed this share repurchase program ahead of schedule with a total of approximately 10.63 million ADS repurchased.

Sterling Song: As of 30 July 2026, we have completed this share repurchase program ahead of schedule with a total of approximately 10.63 million ADS repurchased. 此外，2026 年 7 月 28 日，公司董事会批准了一项 12 个月内总额度不超过 4 亿美元的新的股票回购计划。截止 2026 年 8 月 14 日，我们已经回购了约 190 万股美国存托股份，总金额约为 4,360 万美元。 In addition, on 28 July 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to $400 million of Autohome's ADS over the next 12 months.

Speaker #2: We have completed this share repurchase program ahead of schedule, with a total of approximately 10.63 million ADS repurchased. 此外，2026年7月28日，公司董事会批准了一项12个月内总额度不超过4亿美元的新的股票回购计划。截止2026年8月14日，我们已经回购了约190万股美国存托股份，总金额约为4,360万美元。 In addition, on July 28, 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to USD 400 million of auto homes ADS over the next 12 months, as of August 14, 2026.

Speaker #2: Non-GAAP basic and diluted earnings per share in the second quarter were $0.62 and $0.61, respectively, compared with $1.01 for both in the corresponding period of 2025.

Craig Yan Zeng: [Foreign language]

Sterling Song: Non-GAAP basic and diluted earnings per ADS in the second quarter were both 2.46, compared with 4.06 and 4.04 respectively in the corresponding period of 2025. 截止 30 June 2026，我们的资产负债表持续展现强劲。现金、现金等价物、短期投资及其他长期投资合计为 193.6 亿元。2026 年第二季度，来自经营活动的现金流量净额为 2.61 亿元。As of 30 June 2026, our balance sheet remains robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled CNY 19.36 billion.

Speaker #2: Non-GAAP basic and diluted earnings per ADS in the second quarter were both $2.46, compared with $4.06 and $4.04, respectively, in the corresponding period of 2025.

Sterling Song: In addition, on 28 July 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to $400 million of Autohome's ADS over the next 12 months. As of 14 August 2026, we had repurchased approximately 1.9 million ADS for a total cost of approximately $43.6 million.

Speaker #3: 截止2026年6月30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其他长期投资合计为193.6亿元。2026年第二季度来自经营活动的现金流量净额为2.61亿元。

Sterling Song: As of 14 August 2026, we had repurchased approximately 1.9 million ADS for a total cost of approximately $43.6 million. 以上是公司的财务数据汇总。下面我们开始回答问答环节。 That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please.

Speaker #2: We had repurchased approximately 1.9 million ADS for a total cost of approximately USD 43.6 million.

Speaker #2: As of June 30, 2026, our balance sheet remained robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled $19.36 billion, with generated net operating cash flow of $261 million in the second quarter of 2026.

Speaker #3: 以上是公司的财务数据汇总。下面我们开始回答问答环节。

Craig Yan Zeng: [Foreign language]

Sterling Song: We generated net operating cash flow of CNY 261 million in the second quarter of 2026. 2026 年 3 月 5 日，公司董事会批准了一项 18 个月内总额度不超过 2 亿美元的股票回购计划。截止 30 July 2026，我们已提前完成了此项回购计划，总计回购了约 1,063 万股美国存托股份。On 5 March 2026, our board of directors authorized a share repurchase program under which we are permitted to purchase up to US$200 million of Autohome's ADS over a period not to exceed 18 months.

Sterling Song: That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please.

Speaker #2: That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please。

Speaker #1: Thank you. As a reminder, if you'd like to ask questions, you can press star 11 and we'll frename to be announced. Your first questions comes from the line of Thomas Chong of Jefferies, your line is now open.

Operator: Thank you. As a reminder, if you would like to ask a question, you can press star one one and wait for your name to be announced. Your first question comes from the line of Thomas Chong of Jefferies. Your line is now open.

Speaker #4: 大家好，谢谢管理层接受我的提问。我有两个问题。第一个是今年上半年我们看到汽车行业整体的表现都是低于市场的预期。请问公司管理层怎么看下半年中国车市的发展？另外的话呢，我们也听到管理层介绍了二手车出口的业务，可以简单介绍一下这个业务公司的优势和最新的一个进展吗？ Good evening, thanks management for picking my questions. I have two questions. The first one is about the auto industry, which is softer than market expectations.

Thomas Chong: 晚上好，谢谢管理层接受我的提问，我有两个问题，第一个是今年上半年我们看到汽车行业整体的表现都是低于市场的预期，请问公司管理层怎么看下半年中国车市的发展？另外我们也听到管理层介绍了二手车出口的业务，可以简单介绍一下这个业务公司的优势和最新的进展吗？Good evening. Thanks management for taking my questions. I have two questions. The first one is about the auto industry, which is softer than market expectations. Can management comment about the second half industry outlook?

Thomas Chong: [Foreign language] Good evening. Thanks management for taking my questions. I have two questions. The first one is about the auto industry, which is softer than market expectations. Can management comment about the second half industry outlook?

Speaker #2: On March 5, 2026, our board of directors authorized a share repurchase program under which we are permitted to purchase up to $200 million of Autohome ADS over a period not to exceed 18 months, as of July 30, 2026.

Sterling Song: As of 30 July 2026, we have completed this share repurchase program ahead of schedule with a total of approximately 10.63 million ADS repurchased. 此外，28 July 2026，公司董事会批准了一项 12 个月内总额度不超过 4 亿美元的新的股票回购计划。截止 14 August 2026，我们已经回购了约 190 万股美国存托股份，总金额约为 4,360 万美元。In addition, on 28 July 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to US$400 million of Autohome's ADS over the next 12 months.

Speaker #2: We have completed this share repurchase program ahead of schedule, with a total of approximately 10.63 million ADS repurchased。此外，2026年7月28日，公司董事会批准了一项12个月内总额度不超过4亿美元的新的股票回购计划。截止2026年8月14日，我们已经回购了约190万股美国存托股份，总金额约为4,360万美元。 In addition, on July 28, 2026, our board of directors authorized a new share repurchase program under which we may repurchase up to USD 400 million of auto homes ADS over the next 12 months, as of August 14, 2026.

Speaker #4: Can management comment about the second half industry outlook? And my second question is about the export of used car business. Can management comment about our competitive edge and the latest business progress?

Thomas Chong: My second question is about the export of used car business. Can management comment about our competitive edge and the latest business progress? Thank you.

Speaker #4: Thank you.

Speaker #3: 好，谢谢。我来回答你的问题。年初以来呢，车市整体的这个销售还是持续承压的。前面7个月国内的乘用车零售呢，销售同比下降了20%吧。二季度呢，国内新车的消息销量呢，同比也下降了22%。即便是此前一直增长的这个新能源呢，销量也连续同比的下滑。二季度同比下滑了8%。燃油车呢，更是下降了38%。同时呢，行业盈利的水平呢，也是同步走低的。就是上半年汽车行业的这个利润额呢，同比下降了20%，利润率仅为3.8%，也是在历史的一个低位。

Sterling Song: 好，谢谢，我来回答你的问题。年初以来，车市整体的销售还是持续承压的。前面七个月，国内的乘用车零售销售同比下降了20%。二季度国内新车的销量同比也下降了22%。即便此前一直增长的新能源，销量也连续同比下滑。二季度同比下滑了8%，燃油车更是下降了38%。同时行业盈利的水平也是同步走低的。上半年汽车行业的利润额同比下降了20%，利润率仅为3.8%，也是在历史的一个低位。Thank you for your question. I will answer your question. Since the beginning of this year, the overall retail sales in the auto market has remained under pressure. In the first seven months, domestic retail sales of passenger vehicles declined by 20% year over year, while the domestic new vehicle sales fell by 22% year over year in Q2. Even the NEV, which had previously been the primary growth driver, it already see a sales decline of 8% in Q2 year over year for consecutive period. The traditional ICE, that is internal combustion engine vehicles, performed even worse, the sales declining 38% year over year in Q2. At the same time, the auto industry profitability has been deteriorated. In the H1 of the year, the profits for the auto manufacturing industry declined by 20% year over year, with the profit margin at just 3.8%, which is a historical low. 年初市场对行业销量年初的时候预期还是相对稳定的今年。但现在已经被下调了。车联会预测2026年的全年的乘用车的销量同比会下降大概16%的样子。这也就说全年的销量就不足 20 million辆了。这个是一个比较低的数字了。这也意味着下半年国内整体车市的压力还会持续。预计行业的会呈现内需还是承压的，结构也会分化，出海会是提升的整体这么一个态势。The market expectations for the overall industry sales at the beginning of the year was optimistic, but now this expectation has been revised downward. The China Passenger Car Association, CPCA, now forecasts that the full year for 2026 passenger vehicle retail sales will decline by 16% year over year. It brings the overall total annual sales to fewer than 20 million units.

Sterling Song: As of 14 August 2026, we had repurchased approximately 1.9 million ADS for a total cost of approximately US$43.6 million. 以上是公司的财务数据汇总。下面我们开始回答问答环节。 That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please.

Speaker #2: We had repurchased approximately 1.9 million ADSs for a total cost of approximately $43.6 million.

Speaker #3: 以上是公司的财务数据汇总。下面我们开始回答问答环节。

Speaker #2: That concludes our financial summary. Now we are ready to open the Q&A session. Operator, please.

Operator: Thank you. As a reminder, if you'd like to ask question, you can press star one one and wait for your name to be announced. Your first question comes from the line of Thomas Chong of Jefferies. Your line is now open.

Speaker #1: Thank you. As a reminder, if you'd like to ask questions, you can press star 11 and we'll find the MDB announce. Your first question comes from the line of Thomas Zhong of Jefferies. Your line is now open.

Speaker #2: Thank you for your question. I will answer your question. You know, since the beginning of this year, the overall retail sales in the auto market has remained under pressure.

Speaker #2: In the first seven months, domestic retail sales of passenger vehicles declined by 20% year over year, while the domestic new vehicle sales fell by 22% year over year, in Q2.

Speaker #4: 晚上好，谢谢管理层接受我的提问。我有两个问题。第一个是，今年上半年我们看到汽车行业整体的表现都是低于市场的预期。请问公司管理层怎么看下半年中国车市的发展？另外的话呢，我们也听到管理层介绍了二手车出口的业务，可以简单介绍一下这个业务、公司的优势和最新的一个进展吗？ Good evening, thanks to management for picking my questions. I have two questions. The first one is about the auto industry, which is softer than market expectations.

Thomas Chong: 晚上好，谢谢管理层接受我的提问。我有两个问题，第一个是今年上半年我们看到汽车行业整体的表现都是低于市场的预期，请问公司管理层怎么看下半年中国车市的发展？另外，我们也听到管理层介绍了二手车出口的业务，可以简单介绍一下这个业务公司的优势和最新的进展吗？Good evening. Thanks management for taking my questions. I have two questions. The first one is about the auto industry, which is softer than market expectations. Can management comment about the second half industry outlook?

Speaker #2: Even the new energy vehicle, NEV, which had previously been the primary gross driver, it already see a sales decline of 8% in Q2, year over year, for a consecutive period.

Speaker #2: And traditional ICEs, that is internal combustion engine vehicles, you know, performed even worse the sales declining 30 8% year over year, in Q2. At the same time, the industry, the auto industry profitability has been deteriorated.

Speaker #4: Can management comment about the second-half industry outlook? And my second question is about the export of the used car business. Can management comment about our competitive edge and the latest business progress?

Thomas Chong: My second question is about the export of used car business. Can management comment about our competitive edge and the latest business progress? Thank you.

Speaker #2: In the first half of the year, the profits for the auto manufacturing industry declined by 20% year over year, with the profit margin adjust 3.8%, which is a historical low.

Speaker #4: Thank you.

Craig Yan Zeng: 好，谢谢，我来回答你的问题。年初以来，车市整体的销售还是持续承压的。前面七个月，国内的乘用车零售的销售同比下降了20%。二季度，国内新车的销量同比也下降了22%。即便此前一直增长的这个新能源，销量也连续同比下滑，二季度同比下滑了8%，燃油车更是下降了38%。同时，行业盈利的水平也是同步走低的，上半年汽车行业的利润额同比下降了20%，利润率仅为3.8%，也是在历史的一个低位。

Speaker #3: 年初市场对行业销量这个年初的时候预计还是相对稳定的。今年但现在已经已经被下调了。乘联会呢，预测26年的全年的乘用车的这个销量同比会下降大概16%的样子。这也就说呢，全年的销量就不足2,000万辆了。这个是一个比较低的数字了。这也意味着下半年国内整体车市的压力还会持续。预计呢，行业的会呈现内需还是承压的。结构呢，也会分化。出海呢，会是提升的这么一个整体这么一个态势。 The market expectations for

Speaker #2: Thank you for your question. I will answer your question. You know, since the beginning of this year, the overall retail sales in the auto market have remained under pressure.

Sterling Song: Thank you for your question. I will answer your question. Since the beginning of this year, the overall retail sales in the auto market has remained under pressure. In the first seven months, domestic retail sales of passenger vehicles declined by 20% year over year, while the domestic new vehicle sales fell by 22% year over year in Q2. Even the new energy vehicle, NEV, which had previously been the primary growth driver, it already see a sales decline of 8% in Q2 year over year for consecutive periods. The traditional ICE, that is internal combustion engine vehicles, performed even worse, the sales declining 38% year over year in Q2. At the same time, the auto industry profitability has been deteriorated. In H1, the profits for the auto manufacturing industry declined by 20% year over year, with the profit margin at just 3.8%, which is a historical low.

Speaker #2: the overall industry sales at the beginning of the year was optimistic but now this expectation has been revised downward. The China passenger car association CPCA now forecast that the full year for 2026 passenger vehicle retail sales will decline by 16% year over year.

Speaker #2: In the first seven months, domestic retail sales of passenger vehicles declined by 20% year over year, while domestic new vehicle sales fell by 22% year over year in Q2.

Speaker #2: Even the new energy vehicle, NEV, which had previously been the primary growth driver, has already seen a sales decline of 8% in Q2 year over year, for consecutive periods.

Speaker #2: So it bring the overall total annual sales to fewer than 20 million units. So this means that the overall China auto market will continue to face quite a lot of pressure in the second half this year.

Sterling Song: This means that the overall China auto market will continue to face quite a lot of pressure in the H2 this year. We expect the auto industry to be characterized by a combination of weak domestic demand, structural differentiation, and exports providing support.

Speaker #2: And we expect the auto industry to be characterized by a combination of weak domestic demand structural differentiation and exports providing support.

Speaker #3: 行业的层面呢，也确实是在新能源转型的这个在加速。出口呢，是成为这个行业的一个新的一个动力。

Craig Yan Zeng: 行业的层面也确实是在向新能源转型的阶段在加速。出口是成为这个行业一个新的动力。

Speaker #2: In the first half of the year, the profits for the auto manufacturing industry declined by 20% year over year, with the profit margin adjusted to 3.8%, which is a historical low.

Speaker #2: From the industry level, we can see the new energy transition is accelerating. And auto exports are is becoming a new gross driver.

Sterling Song: From the industry level, we can see the new energy transition is accelerating and auto exports are becoming a new growth driver.

Craig Yan Zeng: 年初市场对行业销量的预计还是相对稳定的，但现在已经被下调了。乘联会预测2026年全年的乘用车销量同比会下降大概16%的样子。这也就是说全年的销量就不足2000万辆了，这个是一个比较低的数字了。这也意味着下半年国内整体车市的压力还会持续。预计行业会呈现内需还是承压的，结构也会分化，出海会是提升的整体这么一个态势。

Speaker #3: 在国内的车市呢，现在也是一个存量市场的吧，这么一个阶段。内需呢，增长也是乏力，也是一个最主要的一个问题。新能源的渗透率呢，还在走高。继4月份突破六成呢，7月份攀升到65%的新高。与内需这个疲软反差呢，就是出口倒是持续的一个增长的一个状态。今年前7个月呢，乘用车出口的量呢，同比增长74%。其中呢，过半的是新能源车型，是出口的主力。内需承压于海外高增长并行的出口已经成为车企对冲内需疲软，驱动利润增长的一个核心。

Craig Yan Zeng: 在国内的车市，现在也是一个存量市场的阶段。内需增长也是乏力，是一个最主要的问题。新能源的渗透率还在走高，继4月份突破六成，7月份攀升到65%的新高。与内需疲软反差的则是出口倒是持续增长的一个状态。今年前七个月，乘用车出口的量同比增长74%，其中过半的新能源车型是出口的主力。内需承压与海外高增长并行的出口已经成为车企对冲内需疲软、驱动利润增长的一个核心。

Sterling Song: The market expectations for the overall industry sales at the beginning of the year was optimistic, but now this expectation has been revised downwards. The China Passenger Car Association, CPCA, now forecasts that the full year for 2026 passenger vehicle retail sales will decline by 16% year over year. It brings the overall total annual sales to fewer than 20 million units. This means that the overall China auto market will continue to face quite a lot of pressure in the second half of this year. And we expect the auto industry to be characterized by a combination of weak domestic demand, structural differentiation, and export providing support.

Speaker #2: industry sales at the beginning of the year was optimistic but now this expectation has been revised downward. The China passenger car association CPCA now forecast that the full year for 2026 passenger vehicle retail sales will decline by 16% year over year.

Speaker #2: So for the China auto market, now it has entered into a existing market stage. With the weak domestic demand becoming a major problem, major constraint on growth.

Sterling Song: For the China auto market, now it has entered into an existing market stage with the weak domestic demand becoming a major constraint on growth. At the same time, you can see the penetration rate for NEV continue to pick up. In April, the penetration rate is 60%, and now in July, it climbed further to a new high of 65%. In contrast to the weak domestic demand, auto exports have maintained a strong growth momentum. During the first seven months of 2026, passenger vehicle exports increased by 74% year over year, with NEV accounting for more than half of the total export volume. With the weak domestic demand and strong overseas growth simultaneously, auto exports have become a key engine for automakers to offset the weak domestic demand and drive profit growth.

Speaker #2: So, it brings the overall total annual sales to fewer than 20 million units. This means that the overall China auto market will continue to face quite a lot of pressure in the second half of this year.

Speaker #2: And at the same time, you can see the penetration rate for NEV continue to pick up. So in April, it is the penetration rate is 60%.

Speaker #2: And now in July, it complimbed further to a new high of 65%. So in contrast to the weak domestic demand, the auto exports has maintained a strong growth momentum during the first seven months 2026.

Speaker #2: And we expect the auto industry to be characterized by a combination of weak domestic demand, structural differentiation, and exports providing support.

Speaker #3: 行业的层面呢，也确实是在新能源转型的这个在加速。出口呢，是成为这个行业的一个新的一个动力。

Craig Yan Zeng: 行业的层面，也确实是在新能源转型的阶段在加速，出口是成为这个行业一个新的动力。

Speaker #2: Passenger vehicle exports increased by 74% year over year. With NEV accounting for more than half of the total exports volumes. And the with the weak domestic demand and strong overseas growth, simultaneously, you know, auto exports has become a key engine for automakers to offset the weak domestic demand and drive profit growth.

Speaker #2: From the industry level, we can see that the new energy transition is accelerating, and auto exports are becoming a new growth driver.

Sterling Song: From the industry level, we can see the new energy transition is accelerating and auto exports is becoming a new growth driver.

Speaker #3: 在国内的车市呢，现在也是一个纯存量市场的吧，这么一个阶段。内需呢，增长也是乏力，是一个最主要的一个问题。新能源的渗透率呢，还在走高，即4月份突破六成呢，7月份攀升到65%的新高。与内需这个疲软反差呢，就是出口倒是持续的一个增长的一个状态。今年前7个月呢，乘用车出口的量呢，同比增长74%。其中呢，过半的是新能源车型，是出口的主力。内需承压于海外高增长并行呢，出口已经成为车企对冲内需疲软，驱动利润增长的一个核心。

Craig Yan Zeng: 在国内的车市，现在也是一个存量市场的阶段。内需增长乏力也是一个最主要的问题。新能源的渗透率还在走高，继4月份突破六成，7月份攀升到65%的新高。与内需疲软反差的就是出口倒是持续增长的一个状态。今年前七个月，乘用车出口的量同比增长74%，其中过半的是新能源车型，是出口的主力。内需承压与海外高增长并行的出口已经成为车企对冲内需疲软、驱动利润增长的一个核心。

Speaker #3: 市场层面呢，结构也在分化。消费者的观望的情绪呢，也是在加重。

Craig Yan Zeng: 而市场层面的结构也在分化，消费者的观望情绪也是在加重。

Speaker #2: From the market level, we can see there is an increasing structural differentiation and consumer increasingly in a mode they are in a mode of wait and see.

Sterling Song: From the market level, we can see there is an increasing structural differentiation and consumers are increasingly in a mode of wait and see.

Speaker #3: 细分市场的结构呢，分化也很明显。从价格段来看呢，车市呈现了两端分化的态势。5万元以下的入门代步车市场大幅收缩，上半年同比下滑了55%。另一方面呢，40万以上的高端新能源销量大涨46%。市场韧性增强，整体来看呢，燃油车和中低端新能源车的销量下滑，而中高端的新能源车型成为正向增长的一个细分的一个赛道。

Craig Yan Zeng: 细分市场的结构的分化也很明显。从价格段来看，车市呈现了两端分化的态势。5万元以下的入门代步车市场大幅收缩，上半年同比下滑了55%。另一方面，40万以上的高端新能源销量大涨46%，市场韧性增强。整体来看，燃油车和中低端新能源车的销量下滑，而中高端的新能源车型成为正向增长的一个细分赛道。

Speaker #2: So for the China auto market, now it has entered into an existing market stage, with weak domestic demand becoming a major problem and a major constraint on growth.

Sterling Song: For the China auto market, now it has entered into existing market stage with the weak domestic demand becoming a major constraint on growth. At the same time, you can see the penetration rate for NEV continue to pick up. In April, the penetration rate is 60%, and now in July, it climbed further to a new high of 65%. In contrast to the weak domestic demand, the auto export has maintained its strong growth momentum. During the first 7 months of 2026, passenger vehicle exports increased by 74% year over year, with NEV accounting for more than half of the total exports volume. With the weak domestic demand and strong overseas growth simultaneously, auto exports has become a key engine for automakers to offset the weak domestic demand and drive profit growth.

Speaker #2: And at the same time, the you can see the penetration rate for NEV continue to pick up. So in April it is the penetration rate is 60% and now it in July it comply it it climbed further to a new high of 65%.

Speaker #2: So currently the market is experience clear structural differentiation across segment by price range. You can see the auto market is diverging at both ends.

Sterling Song: Currently the market is experiencing clear structural differentiation across segments. By price range, you can see the auto market is diverging at both ends. The entry-level market for vehicles priced below CNY 50,000 has contracted sharply, declining 55% year over year in H1. On the other side, sales of high-end NEVs priced above CNY 400,000 surged 46%, demonstrating greater market resilience. Overall, the sales of traditional ICE and low-end NEVs continue to decline, while the middle to high-end NEVs have emerged as a growth segment.

Speaker #2: The entry level market for vehicles priced below RMB 50,000 has contracted sharply declining 55% year over year in the first half. On the other side, sales of high-end NEVs priced above RMB 400,000 surged 46%, demonstrating greater market resilience so overall the sales of of traditional ICE and low-end NEVs continue to decline, while the middle to high-end NEVs have emerged as a growth segment.

Speaker #2: So in contrast to the weak domestic demand, auto exports have maintained their strong growth momentum during the first seven months of 2026. Passenger vehicle exports increased by 74% year over year.

Speaker #2: With NEV accounting for more than half of the total exports volumes. And the with the weak domestic demand and strong overseas growth, simultaneously, you know, auto exports have has become a key engine for automakers to offset the weak domestic demand and drive profit growth.

Speaker #3: 价格管理起来呢，就上半年车市是内冷外热，内需呢弱，新能源渗透率增提升，出口呢成为拉动行业向上的一个主要增长。在国内汽车市场进入存量竞争的情况下呢，谁能抓住用户的生命周期的需求，提供贯穿全程的价值服务，谁就能在市场的变革中呢赢得未来发展的主动权。这也是我们未来会持续关注和探索的主要方面。

Craig Yan Zeng: 概括起来，上半年车市是内冷外热。内需弱，新能源渗透率提升，出口成为拉动行业向上的一个主要增长。在国内汽车市场进入存量竞争的情况下，谁能抓住用户的生命周期的需求，提供贯穿全程的价值服务，谁就能在市场的变革中赢得未来发展的主动权。这也是我们未来会持续关注和探索的主要方面。

Speaker #3: 市场层面呢，结构也在分化。消费者的观望的情绪呢，也是在加重。

Craig Yan Zeng: 而市场层面的结构也在分化，消费者的观望情绪也是在加重。

Sterling Song: From the market level, we can see there is an increasing structural differentiation and consumers are increasingly in a mode of wait and see.

Speaker #2: From the market level, we can see there is increasing structural differentiation, and consumers are increasingly in a mode—they are in a mode of wait and see.

Speaker #2: So in summary, the auto market in the first half of this year can be characterized as cold domestically hot overseas. Domestic demand weakened year over year, while NEV penetration continue to increase.

Sterling Song: In summary, the auto market in the H1 of this year can be characterized as cold domestically, hot overseas. Domestic demand weakened year-over-year, while NEV penetration continued to increase and auto exports became the primary growth driver for the overall industry. As China's auto market enters an existing market competition stage, currently, only those companies who can capture consumers' needs throughout their entire life cycle and provide value-added services across the entire customer journey will be best positioned for the future development in the transforming period and market. This is also one of the key areas we will continue to focus on and explore going forward.

Craig Yan Zeng: 细分市场的结构的分化也很明显。从价格段来看，车市呈现了两端分化的态势，5万元以下的入门代步车市场大幅收缩，上半年同比下滑了55%。另一方面，40万以上的高端新能源销量大涨46%，市场韧性增强。整体来看，燃油车和中低端新能源车的销量下滑，而中高端的新能源车型成为正向增长的一个细分赛道。

Speaker #2: And auto exports became the primary growth driver for the overall industry. As China's auto market enters an existing market competition stage, currently you know only those companies who can capture consumers needs throughout their entire lifecycle and provide value added services across the entire customer journey will be best positioned for the future development in the transforming period and market.

Speaker #2: So currently, the market is experiencing clear structural differentiation across segments. By price range, you can see the auto market is diverging at both ends.

Sterling Song: Currently the market is experiencing clear structural differentiation across segments. By price range, you can see the auto market is diverging at both ends. The entry level market for vehicles priced below CNY 50,000 has contracted sharply, declining 55% year-over-year in the H1. On the other side, sales of high-end NEVs priced above CNY 400,000 surged 46%, demonstrating greater market resilience. Overall, the sales of traditional ICE and low-end NEVs continue to decline, while the middle to high-end NEVs have emerged as a growth segment.

Speaker #2: The entry-level market for vehicles priced below RMB 50,000 has contracted sharply, declining 55% year over year in the first half. On the other side, sales of high-end NEVs priced above RMB 400,000 surged 46%, demonstrating greater market resilience.

Speaker #2: So this is also one of the key areas we will continue to focus on and explore going forward.

Speaker #3: 第二个问题呢，是二手车出口这个赛道。这个赛道呢，业务还是比较分散的。市场上的车源呢，也也也够多，也够也分散，还是有利于我们建立一个长期的竞争力和商业壁垒的。这种情情况还是比较适合平台类企业的。

Craig Yan Zeng: 第二个问题是二手车出口这个赛道。这个赛道业务还是比较分散的，市场上的车源也够多，也够分散，还是有利于我们建立一个长期的竞争力和商业壁垒的。这种情况还是比较适合平台类企业。

Speaker #2: So, overall, the sales of traditional ICE and low-end NEVs continue to decline, while the middle- to high-end NEVs have emerged as a growth segment.

Speaker #2: The second question about the used car export, you know, the used car export market is sufficiently fragmented with a sufficiently large and diverse supply of of used car vehicles.

Sterling Song: The second question about the used car export. The used car export market is sufficiently fragmented with a sufficiently large and diverse supply of used car vehicles. This is favorable for us to build our long-term competitive advantage and sustainable barriers for entry. If the market was more highly concentrated, it would be more difficult for platform companies.

Speaker #3: 概括了起来呢，就上半年车市是内冷外热，内需呢弱，新能源渗透率增提升，出口呢成为拉动行业向上的一个主要增长。在国内汽车市场进入存量竞争的情况下呢，谁能抓住用户的生命周期的需求，提供贯穿前全程的价值服务，谁就能在市场的变革中呢赢得未来发展的主动权。这也是我们未来会持续关注和探索的主要方面。

Craig Yan Zeng: 概括起来呢，上半年车市是内冷外热、内需弱、新能源渗透率提升、出口成为拉动行业向上的一个主要增长。在国内汽车市场进入存量竞争的情况下，谁能抓住用户的生命周期的需求，提供贯穿全程的价值服务，谁就能在市场的变革中赢得未来发展的主动权。这也是我们未来会持续关注和探索的主要方面。

Speaker #2: So this is favorable for us to build our long-term competitive advantage and and sustainable barriers for entry. And if the market was more highly concentrated it would be more difficult for platform companies.

Speaker #3: 之家的优势呢，第一个是品牌，作为这个头部垂眉的这个品牌，我们也是在每港两地上市吧，所以我们在海外的影响力是有帮助的。那第二个呢，我们有稳定的车源和标准化的体系。稳定合规的二手车车源，叠加行业的标准的二手检测体系，可以对车况呢进行一个全面的排查。海外买家比较在意真实完整的车辆检测报告和维保出险报告，之家呢是能够提供给用户，让用户更安心的。这个数字化的数字化的这一站式服务呢，也是之家的优势。线上呢驱动提效，提供7-24小时的管家，车源呢动态匹配，多语言网站的服务呢，都帮助买卖双方呢高效的沟通。

Craig Yan Zeng: 之家的优势。第一个是品牌。作为头部垂媒的品牌，我们也是在两地上市，对于我们在海外的影响力是有帮助的。第二个，我们有稳定的车源和标准化的体系。稳定合规的二手车车源，叠加行业的标准的二手车检测体系，可以对车况进行一个全面的排查。海外买家比较在意真实完整的车辆检测报告和维保出险报告。之家是能够提供给用户，让用户更安心的。数字化的这一站式服务也是之家的优势。线上的驱动提效，提供7×24小时的管家，车源动态匹配，多语言网站的服务，都帮助买卖双方高效地沟通。

Sterling Song: In summary, the auto market in the H1 of this year can be characterized as cold domestically, hot overseas. Domestic demand weakened year-over-year, while NEV penetration continued to increase and auto exports became the primary growth driver for the overall industry. As China's auto market enters an existing market competition stage, currently, only those companies who can capture consumers needs throughout their entire life cycle and provide value-added services across the entire customer journey, will be best positioned for the future development in the transforming period and market.

Speaker #2: So, in summary, the auto market in the first half of this year can be characterized as cold domestically and hot overseas. Domestic demand weakened year over year, while NEV penetration continued to increase.

Speaker #2: And auto exports became the primary growth driver for the overall industry. As China's auto market enters an existing market competition stage, currently, you know, only those companies who can capture consumers' needs throughout their entire lifecycle and provide value-added services across the entire customer journey will be best positioned for future development in this transforming period and market.

Speaker #2: And for our advantages in this area, you know, first is the brand strong brand from auto home. You know, we are the leading auto vertical media platform.

Sterling Song: For our advantages in this area, first is the brand, strong brand from Autohome. We are the leading auto vertical media platform, so we have a strong brand recognition and credibility. Also, we are newly listed. This also help us in our branding. Second is the stable supply, used car vehicle supply, and a standardized system. We have access to a stable and compliant supply of used cars, supported by a standardized industry-leading vehicle inspection system, which can enable comprehensive assessments of the vehicle condition. Overseas buyers value accurate and comprehensive vehicle inspection reports as well as those maintenance and insurance claim records. Autohome can provide all of these. This gives overseas buyers greater confidence in their purchase process. Third is the digital one-stop service. This is our advantage.

Speaker #2: So, this is also one of the key areas we will continue to focus on and explore going forward.

Sterling Song: This is also one of the key areas we will continue to focus on and explore going forward. 第二个问题是二手车出口这个赛道。这个赛道业务还是比较分散的，市场上的车源也够多，也够分散，还是有利于我们建立一个长期的竞争力和商业壁垒的。这种情况还是比较适合平台类企业。The second question about the used car exports. The used car export market is sufficiently fragmented with a sufficiently large and diverse supply of used car vehicles. This is favorable for us to build our long-term competitive advantage and sustainable barriers for entry.

Speaker #3: 第二个问题呢，是二手车出口这个赛道。这个赛道呢，业务还是比较分散的。市场上的车源呢，也也也够多，也够也分散，还是有利于我们建立一个长期的竞争力和商业壁垒的。这种形情况还是比较适合平台类企业的。 The second question about

Speaker #2: So we have a strong brand, strong brand recognition and credibility. And also, you know, we are newly listed this also help us in our branding.

Speaker #2: Second is the stable supply. Used car vehicle supply and a standardized system. You know, we have access to a stable and compliant supply of used cars.

Speaker #2: The used car export, you know, the used car export market is sufficiently fragmented, with a sufficiently large and diverse supply of used car vehicles.

Speaker #2: Supported by a standardized industry leading vehicle inspection system, which can enable comprehensive assessments of the vehicle condition. So overseas buyers value accurate and complete and comprehensive vehicle inspection reports as well as those maintainance and influence claim records.

Speaker #2: So, this is favorable for us to build our long-term competitive advantage and sustainable barriers to entry. And if the market were more highly concentrated, it would be more difficult for platform companies.

Sterling Song: 知家的优势第一个是品牌。作为头部垂媒的品牌，我们也是在美港两地上市，对于我们在海外的影响力是有帮助的。第二个，我们有稳定的车源和标准化的体系。稳定合规的二手车车源，叠加行业的标准的二手车检测体系，可以对车况进行一个全面的排查。海外买家比较在意真实完整的车辆检测报告和维保出险报告，知家是能够提供给用户，让用户更安心的。数字化的这一站式服务也是知家的优势。线上的驱动提效，提供7到24小时的管家，车源动态匹配，多语言网站的服务都帮助买卖双方高效地沟通。For our advantages in this area, first is the brand, strong brand from Autohome.

Speaker #2: So auto home can provide all of this so this gives overseas buyers greater confidence in their purchase process. Third is the digital one-stop service this is our advantage you know we leverage our online digital tools to improve the operational efficiency including the 24/7 customer support, those dynamic matching of the vehicle supply and those multilingual websites services etc.

Speaker #3: 之家的优势呢，第一个是品牌，作为这个头部垂眉的这个品牌，我们也是在每搞两地上市吧，所以我们在海外的影响力是有帮助的。那第二个呢，我们有稳定的车源和标准化的体系，稳定合规的二手车车源，叠加行业的标准的二手检测体系，可以对车况呢进行一个全面的排查。海外买家比较在意真实完整的车辆检测报告和维保出险报告，之家呢是能够提供给用户，让用户更安心的。这个数字化的数字化的这一站式服务呢，也是之家的优势。线上呢驱动提效，提供7-24小时的管家，车源呢动态匹配，多语言网站的服务呢都帮助买卖双方呢高效的沟通。

Sterling Song: We leverage our online digital tools to improve the operational efficiency, including the 24/7 customer support, those dynamic matching of the vehicle supply, and those multilingual website services, etc. All these capabilities facilitate more effective communication between buyers and sellers.

Speaker #2: So all these capabilities facilitate more effective communications between buyers and sellers.

Speaker #3: 从进展方面呢，二季度刚才提到我们已经拿到了正式拿到了二手车车出口的这个官方资质。之家平台上的首单二手车出口交易也顺利完成了，业务实现了从0到1的突破。后续工作方面呢，一方面我们会尽力扩大车源，优质车源，另一方面会聚焦拓展海外的客户基础。同时进一步优化我们的二手车出口服务平台，提升整体的运营效率，全力打造一站式的二手车出口的这个新通道。

Craig Yan Zeng: 从进展方面，二季度刚才提到我们已经正式拿到了二手车出口的官方资质。之家平台上的首单二手车出口交易也顺利完成了，业务实现了从0到1的突破。后续工作方面，一方面我们会尽力扩大优质车源，另一方面会聚焦拓展海外的客户基础，同时进一步优化我们的二手车出口服务平台，提升整体的运营效率，全力打造一站式的二手车出口的新通道。

Speaker #2: And for our advantages in this area, you know, first is the brand strong brand from auto home. You know, we are the leading auto vertical media platform, so we have a strong brand strong brand recognition and credibility.

Sterling Song: We are the leading auto vertical media platform, so we have a strong brand recognition and credibility. Also, we are newly listed. This also help us in our branding. Second is the stable supply, used car vehicle supply and a standardized system. We have access to a stable and compliant supply of used cars, supported by a standardized industry-leading vehicle inspection system, which can enable comprehensive assessments of the vehicle condition. Overseas buyers value accurate and complete and comprehensive vehicle inspection reports, as well as those maintenance and insurance claim records. Autohome can provide all of these. This gives overseas buyers greater confidence in their purchase process. Third is the digital one-stop service. This is our advantage. We leverage our online digital tools to improve the operational efficiency, including the 24/7 customer support, those dynamic matching of the vehicle supply, and those multilingual website services, etc.

Speaker #2: And also, you know, we are newly listed. This also helps us in our branding. Second is the stable supply—used car vehicle supply and a standardized system.

Speaker #2: For our business progress update on the used car, you know, in the second quarter, we just mentioned we officially obtained the the government qualification for the used car expert.

Sterling Song: For our business progress update on the used car. In Q2, we just mentioned, we officially obtained the government's qualification for the used car export. We successfully completed the first used car export transaction on our platform. This represents an important zero to one breakthrough for this business segment. For the work ahead of us, on one hand, we will expand our high-quality used car vehicle sourcing. On the other hand, we will focus on expanding our overseas customer base. Also at the same time, we will continue to optimize our used car export service platform and improve the overall operation efficiency with the goal to build a one-stop new channel for the used car exports.

Speaker #2: You know, we have access to a stable and compliant supply of used cars, supported by a standardized industry vehicle inspection system, which can enable comprehensive assessments of the vehicle condition.

Speaker #2: And we successfully completed the first used car expert transaction on our platform. So this represents an important zero to one breakthrough for this business segment.

Speaker #2: And for the work ahead of us on on the on one hand, you know, we'll expand our high quality used car vehicle sourcing. On the other hand, we'll focus on base and also at the same time we'll continue to optimize our used car expert service platform and improve the overall operation efficiency.

Speaker #2: So overseas buyers value accurate, complete, and comprehensive vehicle inspection reports, as well as those maintenance and insurance claim records. So Autohome can provide all of this.

Speaker #2: So this gives overseas buyers greater confidence in their purchase process. Third is the digital one-stop service this is our advantage you know we leverage our online digital tools to improve the operational efficiency including the 24/7 customer support those dynamic matching of the vehicle supply and those multilingual website services etc.

Speaker #2: With the goal to build a one-stop new channel for the used car expert.

Speaker #3: 下一个问题。

Craig Yan Zeng: 下一个问题。

Speaker #2: The next question please. Operator.

Sterling Song: The next question, please, Operator.

Speaker #1: Thank you. The next questions comes from the line of Zhang Xiaodan of CICC. Please go ahead.

Operator: Thank you. The next question comes from the line of Zhang Xiaodan of CICC. Please go ahead.

Speaker #2: So all these capabilities facilitate more effective communication between buyers and sellers.

Sterling Song: All these capabilities facilitate more effectively communications between buyers and sellers。从进展方面，二季度刚才提到我们已经正式拿到了二手车出口的官方资质。汽车之家平台上的首单二手车出口交易也顺利完成了，业务实现了从0到1的突破。后续工作方面，一方面我们会尽力扩大优质车源，另一方面会聚焦拓展海外的客户基础，同时进一步优化我们的二手车出口服务平台，提升整体的运营效率，全力打造一站式的二手车出口的新通道。For our business progress update on the used car.

Speaker #4: 关于这个晚上好，感谢接受我的提问。我这边有两个问题请教一下。那第一个是我们看到公司最近的股东回报的动作是比较积极的。想请管理层分享一下如何看待后续的股东回报计划的一个可持续性。从中长期来看如何平衡现金储备和股东回报。然后第二个问题是关于我们的现在的新零售业务。想请管理层分享一下就是公司目前对于这块业务的一个战略的定位。快速翻译一下我的问题。 So thanks management for taking my questions and first of all the company has recently taken proactive steps on shareholder returns so how do you view the sustainability of the shareholder return program going forward and over the medium to the long term how will you balance the cash reserves as well as as well as the shareholder returns.

Zhang Xiaodan: 管理层晚上好，感谢接受我的提问。我这边有两个问题请教一下。第一个是我们看到公司最近的股东回报的动作是比较积极的，想请管理层分享一下如何看待后续的股东回报计划的一个可持续性，从中长期来看如何平衡现金储备和股东回报。然后第二个问题是关于我们的线下的新零售业务，想请管理层分享一下公司目前对于这块业务的一个战略的定位。快速翻译一下我的问题。So thanks management for taking my questions.

Xiaodan Zhang: 管理层晚上好，感谢接受我的提问。我这边有两个问题请教一下。第一个是我们看到公司最近的股东回报的动作是比较积极的，想请管理层分享一下如何看待后续的股东回报计划的一个可持续性，从中长期来看如何平衡现金储备和股东回报。然后第二个问题是关于我们的线下的新零售业务，想请管理层分享一下公司目前对于这块业务的一个战略的定位。快速翻译一下我的问题。So thanks management for taking my questions.

Zhang Xiaodan: First of all, the company has recently taken proactive steps on shareholder returns. How do you view the sustainability of the shareholder return program going forward? Over the medium to the long term, how will you balance the cash reserves, as well as the shareholder returns? Secondly, regarding the new retail business, what is the company's current strategic positioning for this segment? Thank you.

Xiaodan Zhang: First of all, the company has recently taken proactive steps on shareholder returns. How do you view the sustainability of the shareholder return program going forward? Over the medium to the long term, how will you balance the cash reserves, as well as the shareholder returns? Secondly, regarding the new retail business, what is the company's current strategic positioning for this segment? Thank you.

Speaker #2: For our business progress update on used cars, you know, in the second quarter, we just mentioned we officially obtained the government qualification for used car exports.

Sterling Song: In the second quarter, we just mentioned, we officially obtained the government

Speaker #2: And we successfully completed the first used car export transaction on our platform. This represents an important zero-to-one breakthrough for this business segment.

Speaker #4: And secondly regarding the new retail business what is the company's current strategic positioning for this segment thank you.

Speaker #2: 谢谢。第一个问题呢就是之家一直高度重视股东回报与长期的这个实时的这个管理吧。为了完善股东的回报机制呢提升投资价值。我们也建立了常态化的股息政策加上股份回购的这么一个双重的一个回报体系。然后回报机制呢更加透明呢可可预期。 Thank you for question. Auto home has always placed a strong emphasis on the shareholder returns and the long term market value management to further enhance our shareholder return mechanism and improve investment value we have established a dual track return framework combining a regular cash dividend policy with share repurchases making our shareholder return policy more transparent and predictable.

Sterling Song: 谢谢。第一个问题就是，知家一直高度重视股东回报与长期的实质的这个管理。为了完善股东的回报机制，提升投资价值，我们也建立了常态化的股息政策，加上股份回购的这么一个双重的一个回报体系，让回报机制更加透明，可预期。Thank you for your question.

Speaker #2: And for the work ahead of us on on the on one hand, you know, we'll expand our high quality used car vehicle sourcing on the other hand we'll focus on expanding our overseas customer base and also at the same time we'll continue to optimize our used car export service platform and improve the overall operation efficiency.

Sterling Song: Autohome has always placed a strong emphasis on the shareholder return and the long-term market value management. To further enhance our shareholder return mechanism and improve investment value, we have established a dual-track return framework combining a regular cash dividend policy with share repurchases, making our shareholder return policy more transparent and predictable. 回购方面，我们刚才已经讲过了。我们 3 月 5 号的这个 2 亿美元的回购计划 7 月底就完成了。然后 7 月 28 号，董事会有一个新的这个 12 个月的 4 亿美元的回购计划，到上周我们也做了 10% 了。后面我们将按照既定的战略，持续地在市场上继续进行我们的回购的这个操作。 For the share repurchase, as we just mentioned, the USD 200 million share buyback program, we completed ahead of schedule at the end of July.

Speaker #2: With the goal to build a one-stop news channel for used car exports.

Speaker #3: 下一个问题。

Speaker #2: The next question please. Operator.

Speaker #1: Thank you. The next question comes from the line of Zhang Xiaodan of CICC. Please go ahead.

Speaker #4: 关于这个晚上好，感谢接受我的提问啊。我这边有两个问题请教一下。那第一个是我们看到公司最近的股东回报的动作是比较积极的，想请管理层分享一下如何看待后续的股东回报计划的一个可持续性。从中长期来看，如何平衡现金储备和股东回报。然后第二个问题是关于我们的现在的新零售业务，想请管理层分享一下就是公司目前对于这块业务的一个战略的定位。快速翻译一下我的问题。 So thanks management for taking my questions and first of all the company has recently taken proactive steps on shareholder returns so how do you view the sustainability of the shareholder return program going forward and over the medium to the long term how will you balance the cash reserves as well as as well as the shareholder returns.

Speaker #3: 回购方面呢这个我们刚才已经讲过了啊我们3月5号的这个2亿美元的回购计划确定完成了。然后7月28号呢董事会有个新的这个12个月的4亿美元的回购计划到上周我们也做了10%了。后面我们将按照既定的战略呢持续的在市场上呢继续这个进行我们的回购的操作。

Speaker #2: For the share repurchase as we just mentioned you know the US dollar 200 million share by buy program we completed ahead of schedule at the end of July.

Speaker #2: And also on July 28th you know we the company announced a new US dollar 400 million share repurchase program and as of last week approximately 10% of this buyback program has been completed.

Sterling Song: On 28 July, the company announced a new USD 400 million share repurchase program.

Sterling Song: As of last week, approximately 10% of this buyback program has been completed. Going forward in the future, we will continue to actively execute this buyback program in the open market in accordance with our established strategy. 分红方面，3 月份我们宣布了上半年的 5 亿人民币的这个现金分红，7 月底已经顺利完成了这个股息的派发。今年我们会继续兑现全年现金分红不低于 15 亿人民币的这个承诺。 For the cash dividends, in March, the company announced the CNY 500 million cash dividend for the H1 of this year, and this was successfully distributed to all our shareholders by the end of July.

Speaker #4: And secondly, regarding the new retail business, what is the company's current strategic positioning for this segment? Thank you.

Speaker #2: So going forward in the future we'll continue to actively execute this buyback program in the open market. In accordance with our established strategy.

Speaker #3: 谢谢。第一个问题呢就是之家一直高度重视股东回报与长期的这个实时的这个管理吧。为了完善股东的回报机制呢提升投资价值，我们也建立了常态化的股息政策，加上股份回购的这么一个双重的一个回报体系。然后回报机制呢更加透明呢可可预期。

Speaker #3: 分红方面呢3月份我们宣布了上半年的5亿人民币的这个现金分红。7月底已经顺利完成了这个股息的派发。今年我们会继续兑现全年现金分红不低于15亿人民币的这个承诺。

Speaker #2: For the cash dividends you know in March the company announced the RMB 500 million cash dividend for the first half of this year and this was successfully distributed to all our shareholders at the end of July.

Speaker #2: Thank you for your question. Autohome has always placed a strong emphasis on shareholder return and long-term market value management. To further enhance our shareholder return mechanism and improve investment value, we have established a dual-track return framework, combining a regular cash dividend policy with share repurchases, making our shareholder return policy more transparent and predictable.

Speaker #2: And also this year we'll continue to to execute our commitment to pay at least RMB 1.5 billion in cash dividends for the full year.

Sterling Song: This year, we will continue to execute our commitment to pay at least CNY 1.5 billion in cash dividends for the full year. 从这个长期的能力来讲，知家的这个资产负债表是非常健康的，现金还是非常充裕的，业务也经营得也是稳健的，具备为股东创造长期稳定回报的能力。未来我们也也会持续地优化这个运营效率，保持这个业务的这个韧性，然后确保一个对股东的这个承诺，完成对股东承诺。 For our long-term capabilities, Autohome has a healthy balance sheet, and we have ample cash reserves and a stable business operation. This gives us the capacity to deliver sustainable and stable and long-term returns to all shareholders. In the future, we will continue to improve operation efficiency and strengthen the resilience of our business, ensuring we can fulfill our commitment to all the shareholders. 关于这个线下的轻零售业务，这是一个知家在构建的一个交易生态，补齐线下服务的短板的一个重要的一个战略布局。线上我们是依托知家的 APP，搭建这么一个线上交易平台，汽车之家的商城。线下我们通过在线购车，加家好车拓展这个线下服务的这个网络，承接线上用户需求。从线上到线下场景中，我们用 AI 提供全流程赋能，包括选车的这个销售，购车的赋能，这个叫 AI 询价。后面还会有用车上的一些规划。 For the new retail business, it is an important strategic initiative for Autohome as we build our transaction ecosystem and address gaps in our offline service capabilities. For online, we are leveraging the Autohome APP to build an automotive transaction service platform, Autohome Mall. For offline, we leverage offline car purchase and the Autohome Good Car to expand offline service network, connecting online demands with offline service fulfillment. On the online to offline scenarios, we are leveraging our AI technologies to provide end-to-end support, including the vehicle selection through our AI car selection assistant and purchase support through AI, price inquiry, etc. Going forward, we are planning to expand AI-enabled services into the vehicle ownership stage. 业务的进展上，刚才也讲到我们的推进速度也是比较快的。在线购车是 4 月下旬的其中的一个试点，现在已经覆盖了五个城市：西安、深圳、苏州、济南、石家庄，这主要还是一些高线城市。家家好车 6 月底开放加盟，目前落地 100 多家加盟店，主要关注中低线下沉市场。最终我们希望形成一个用户提供看、选、买、用、换全周期的价值的服务平台。 In terms of our new retail business update and progress, as you can see, the implementation has been moving at a relatively rapid speed.

Speaker #3: 从这个长期的能力来讲呢之家的这个资产负债表是非常健康的啊现金还是非常充裕的。业务呢也经营的也是稳健的。具备为股东创造长期稳定回报的能力。未来我们也许持也会持续的优化这个运营效率。保持这个业务的这个韧性然后确保一个对股东的这个承诺完健完成对股东承诺。

Speaker #3: 回购方面呢这个我们刚才已经讲过了啊我们3月5号的这个2亿美元的回购计划7月底就完成了。然后7月28号呢董事会有个新的这个12个月的4亿美元的回购计划到上周我们也做了10%了。后面我们将按照既定的战略呢持续的在市场上呢继续这个进行我们的回购的这个操作。

Speaker #2: For our you know long term capabilities you know auto home has a healthy balance sheet and we have ample cash reserves and a stable business operations.

Speaker #2: For the share repurchase as we just mentioned you know the US dollar 200 million share by buy program we completed ahead of schedule at the end of July and also on July 28th you know we the company announced a new US dollar 400 million share repurchase program and as of last week approximately 10% of this buyback program has been completed so going forward in the future we will continue to actively execute this buyback program in the open market.

Speaker #2: So this give us the capacity to deliver sustainable stable and long term returns to all shareholders. So in the future you know we'll continue to improve operation efficiency and strengthen of the resilience of our business ensuring we can fulfill our commitment to all the shareholders.

Speaker #3: 关于这个线下的新零售业务呢这是一个直接之家在构建的一个交易审计。生态股息线下服务的转版的一个重要的一个战略布局。线上呢我们是依托之家的APP呢搭建这么一个线上的交易平台集成之家的商城。线下呢我们通过在线购车加加好车呢拓展这个线下服务的这个网络。承接线上用户需求。从线上到线下的场景中呢我们用AI提供全流程赋能。包括选车的这个交付购车的赋能这个小AI训驾巡驾了。后面还会有用车上的一些规划。

Speaker #2: In accordance with our established strategy.

Speaker #3: 分红方面呢3月份我们宣布了上半年的5亿人民币的这个现金分红7月底已经顺利完成了这个股息的派发。今天我们会继续兑现全年现金分红不低于15亿人民币的这个承诺。

Speaker #2: For the cash dividend, you know in March the company announced the RMB 500 million cash dividend for the first half of this year, and this was successfully distributed to all our shareholders by the end of July. Also, this year we'll continue to execute our commitment to pay at least RMB 1.5 billion in cash dividends for the full year.

Speaker #2: For the new retail business you know it is important strategic initiative for auto home as we build our transaction ecosystem and address gaps in our offline service capabilities.

Speaker #3: 从这个长期的能力来讲呢之家的这个资产负债表是非常健康的啊现金还是非常充裕的。业务呢也经营的也是稳健的。具备为股东创造长期稳定回报的能力。未来我们也许持也会持续的优化这个运营效率。保持这个业务的这个韧性然后确保一个对股东的这个承诺完成对股东承诺。

Speaker #2: For online you know we are leveraging the auto home APP to build an automotive transaction service platform auto home more. For offline you know we leverage offline car purchase and the auto home good car to expand offline service network connecting online demand with offline service fulfillment.

Speaker #2: So on the online to offline scenarios we are leveraging our AI technologies to provide end to end support you know including the vehicle selections through our AI car selection assistant and purchase support through AI price inquiry etc.

Speaker #2: For our, you know, long-term capabilities, you know, Autohome has a healthy balance sheet, and we have ample cash reserves and stable business operations, so this gives us the capacity to deliver sustainable, stable, and long-term returns to all shareholders.

Speaker #2: So going forward we are planning to you know expand AI enable services into the vehicle ownership stage.

Speaker #2: So in the future, you know, we'll continue to improve operational efficiency and strengthen the resilience of our business, ensuring we can fulfill our commitment to all the shareholders.

Speaker #3: 业务的进展上呢刚才也讲到我们的推进速度也是比较快的。在线购车呢是4月下旬的启动的一个试点。现在已经覆盖了5个城市西安深圳苏州济南石家庄。这主要还是一些高线城市。加加好车呢6月底开放加盟。目前落地100多家加盟店主要关注中低线下沉市场。最终呢我们希望形成一个用户提供看选买用换全周期的价值的这个样的一个服务平台。

Speaker #3: 关于这个线下的新零售业务呢这是一个直接之家在构建的一个交易审计生态补齐线下服务的短板的一个重要的一个战略布局。线上呢我们是依托之家的APP呢搭建这么一个线上的交易平台集成之家的商城。线下呢我们通过在线购车加加好车呢拓展这个线下服务的这个网络承接线上用户需求。从线上到线下的场景中呢我们用AI提供全流程赋能包括选车的这个交付购车的赋能这个小AI训驾巡驾了后面还会有用车上的一些规划。

Speaker #2: In terms of our new retail business update and progress you know as you can see that the implementation has been moving at a relatively you know rapid speed.

Speaker #2: For online car purchase you know it began its pilot program in late April and now it's expanded to five cities Xi'an Shenzhen Suzhou Jinan and Shijiazhuang.

Sterling Song: For online car purchase, it began its pilot program in late April, and now it is expanded to five cities: Xi'an, Shenzhen, Suzhou, Jinan, and Shijiazhuang, primarily targeting high tier cities. For Autohome Good Car, it opened up its franchise program in late June and has now more than 100 franchise stores, with a primary focus on low tier markets. Ultimately, our goal is to become a comprehensive automotive service ecosystem that delivers value throughout the entire auto lifecycle, from car discovering, to car selection, to purchasing, owning, and eventually replacing. Thank you. Next question, operator.

Speaker #2: For the new retail business, you know it is an important strategic initiative for Autohome as we build our transaction ecosystem and address gaps in our offline service capabilities. For online, you know, we are leveraging the Autohome app to build an automotive transaction service platform, Autohome More. For offline, you know, we leverage offline car purchase and the Autohome Good Car to expand our offline service network, connecting online demand with offline service fulfillment. So, in the online to offline scenarios, we are leveraging our AI technologies to provide end-to-end support, you know, including vehicle selection through our AI car selection assistant and purchase support through AI price inquiry, etc.

Speaker #2: Primarily targeting at high tier cities. For auto home good car it opened up its franchise program in late June and has now more than 100 franchise stores with a primary focus on low tier markets.

Speaker #2: So ultimately our goal is to become a comprehensive automotive service ecosystem that deliver value throughout the the entire auto life cycle from car discovering to car selection to purchasing owning and and eventually replacing.

Speaker #3: 下一个问题。

Speaker #2: Thank you. Next question operator.

Speaker #1: Our next questions comes from Ritchie Sun of HSBC. Please go ahead.

Operator: Next question comes from Richardson of HSBC. Please go ahead.

Operator: Next question comes from Ritchie Sun of HSBC. Please go ahead.

Speaker #2: So, going forward, we are planning to expand AI-enabled services into the vehicle ownership stage.

Speaker #4: 管理层晚上好。感谢你们给我提问的机会。想请教一下就是你们如何看现在是这个车是整个的恢复的时间点还有有什么特别的因素可以驱动这个恢复。特别是下半年如何看媒体业务发的这个这个增长的这个趋势啊。谢谢。 Thank you management for taking my questions. I want to ask management about how do you feel the recovery timing as well as the drivers behind the auto market and especially for the media services how would you feel the trend in the second half of this year.

[Analyst] (HSBC): 管理层晚上好，感谢你们给我提问的机会。想请教一下，你们如何看现在这个车市整个的恢复的时间点，还有有什么特别的因素可以驱动这个恢复？特别是下半年，如何看媒体业务增长的趋势？谢谢。 Thank you management for taking my questions. I want to ask management about how do you feel the recovery timing as well as the drivers behind the auto market? And especially for the media services, how would you feel the trend in the H2 of this year? Thank you.

Ritchie Sun: 管理层晚上好，感谢你们给我提问的机会。想请教一下，你们如何看现在这个车市整个的恢复的时间点，还有有什么特别的因素可以驱动这个恢复？特别是下半年，如何看媒体业务增长的趋势？谢谢。 Thank you management for taking my questions. I want to ask management about how do you feel the recovery timing as well as the drivers behind the auto market? And especially for the media services, how would you feel the trend in the H2 of this year? Thank you.

Speaker #3: 业务的进展上呢刚才也讲到我们的推进速度也是比较快的。在线购车呢是4月下旬的启动的一个试点。现在已经覆盖了5个城市西安深圳苏州济南石家庄这主要还是一些高线城市。加加好车呢6月底开放加盟目前落地100多家加盟店主要关注中低线下沉市场。最终呢我们希望形成一个用户提供看选买用换全周期的价值的这个样的一个服务平台。

Speaker #2: In terms of our new retail business update and progress, you know, as you can see, the implementation has been moving at a relatively, you know, rapid speed.

Speaker #4: Thank you.

Speaker #3: 关于这个车市恢复的这个驱动因素啊刚才我们也提到了说国内车市呢全年的销量已经下调了被预计啊预计是一个负的16。这个也是按照这个预计呢下半年的表现就要好于上半年。其实这个呢在这种整体这个下降呢可能还是和之前的这个补贴啊把这个销量这个需求预知了有一定的关系。但即使这样呢在细分赛道也是有增长的机会的啊。比如这个更新啊报废更新啊消费升级啊也有新的这个需求。刚才我们也提到就40万元以上的这个高端新能源车的销量同比增长是46%。在这样的一个市场中呢是一个非常亮眼的表现。我们觉得国内汽车真正要想回稳的话还是有赖于整体宏观经济的改善吧和消费信心的提升。

Sterling Song: 关于车市恢复的驱动因素，刚才我们也提到了，国内车市全年的销量已经下调了，预计是一个负的16%。按照这个预计，下半年的表现就要好于上半年。其实整体这个下降，可能还是和之前的补贴把销量需求预知有一定关系。但即使这样，在细分赛道也是有增长的机会的。比如报废更新、消费升级也有新的需求。刚才我们也提到，40万元以上的高端新能源车的销量同比增长是46%。在这样的一个市场中，是一个非常亮眼的表现。我们觉得国内汽车真正要想回稳的话，还是有赖于整体宏观经济的改善和消费信心的提升。Regarding the drivers for the auto industry recovery, as we just mentioned, the auto market sales for the whole year is expected to decline about 16% year over year.

Speaker #2: For online car purchases, you know it began its pilot program in late April and now it's expanded to five cities: Xi'an, Shenzhen, Suzhou, Jinan, and Shijiazhuang, primarily targeting high-tier cities.

Speaker #2: For Autohome Good Car, it opened up its franchise program in late June and now has more than 100 franchise stores, with a primary focus on lower-tier markets.

Speaker #2: So ultimately, our goal is to become a comprehensive automotive service ecosystem that delivers value throughout the entire auto life cycle, from car discovery to car selection, to purchasing, owning, and eventually replacing.

Speaker #3: Thank you. Next question, operator.

Speaker #1: Our next question comes from Richie Sun of HSBC. Please go ahead.

Speaker #2: 就是garden的drivers for the auto industry recovery you know just just mentioned the auto market sales for the whole year expected to to to decline about 16% year over year.

Speaker #4: 管理层晚上好感谢你们给我提问的机会。想请教一下就是你们如何看现在是这个车是整个的恢复的时间点还有有什么特别的因素可以驱动这个恢复特别是下半年如何看媒体业务发的这个这个增长的这个趋势谢谢 thank you management for taking my questions. I want to ask management about how do you feel the recovery timing as well as the drivers behind the auto market and especially for the media services how would you feel the trend in the second half of this year thank you.

Sterling Song: This has been downside. However, it does not mean there is not any growth opportunities in the market. For example, the vehicles prepaid and replacement will still contribute more for more new vehicle purchasing demand. We just mentioned that sales of the high-end NEVs priced over CNY 400,000, it increased 46% year over year.

Speaker #2: This has been you know downside. And and however you know it doesn't mean there there is not any growth opportunities in the market. For example you know the the the vehicles prepaid and replacement will will still you know contribute more for more new vehicle purchasing demand.

Speaker #2: And we just mentioned that sales of the high end NEVs price over RMB 400,000 it increased 46% year over year. So the the so in our opinion a sustainable stabilization and recovery of the auto market still depend on improvement in in the broader microeconomic environment and a strength strengthening of the consumer confidence.

Speaker #3: 关于这个车市恢复的这个驱动因素啊刚才我们也提到了说国内车市呢全年的销量已经下调了被预计啊预计是一个负的16这个也是按照这个预计呢下半年的表现就要好于上半年其实这个呢在这种整体这个下降呢可能还是和之前的这个补贴啊把这个销量这个需求预知的有一定的关系但即使这样呢在细分赛道也是有增长的机会的啊比如这个更新啊报废更新啊消费升级啊也有新的这个需求刚才我们也提到就40万元以上的这个高端新能源车的销量同比增长是46%在这样的一个市场中呢是一个非常亮眼的表现我们觉得国内汽车真正要想回稳的话还是有赖于整体宏观经济的改善吧和消费心情的提升

Sterling Song: In our opinion, a sustainable stabilization and recovery of the auto market still depend on improvement in the broader macroeconomic environment and a strengthening of the consumer confidence. Auto export is another important growth opportunity. In H1 of this year, the PV exports increased by more than 70% year over year.

Speaker #3: 当出口也是另外一个机会啊今年上半年呢乘用车出口增长超过70%。新能源呢同比增长超过124%。这个占比也达到52。这些都是一些新的机会。

Speaker #2: And exports auto exports is another you know important growth opportunity. In the first half of this year the P passenger vehicle PV exports increased by more than 70% year over year.

Speaker #2: And the NEV exports surging 124%. And for NEVs it accounted for over 50% of the total passenger vehicle exports. So it it represents new opportunities in the auto market.

Sterling Song: The NEV exports surging 124%. For NEVs, it accounted for over 50% of the total passenger vehicle exports. It represents new opportunities in the auto market. Regarding the media's business in H2 of this year, as you know, there is always a saying that golden September and silver October, and besides, there will be a multiple of new vehicle and new car launching in the market.

Speaker #2: regarding the drivers for the auto industry recovery you know just we just mentioned the auto market sales for the whole year expected to to to decline about 16% year over year this has been you know downsize and and however you know it doesn't mean there's there is not any growth opportunities in the market for example you know the the the vehicle script page and replacement will will still you know contribute more for more new vehicle purchasing demand and we just mentioned that sales of the high end NEVs priced over RMB 400,000 it increased 46% year over year so the the so in our opinion a sustainable stabilization and recovery of the auto market still depend on improvement you know in the broader microeconomic environment and a strength strengthening of the consumer confidence.

Speaker #3: 关于下半年的这个媒体业务呢我我们我们讲就是下半年因为有个金九银十嘛当然另一个很重要的因素就是新车的发布。我们预计呢车市还是会有一定程度的修复。

Speaker #2: For the regarding the media business in the second half of of this year as you know there is always a saying that golden September and silver October.

Speaker #2: And besides there will be a multiple of new car you know new vehicle and a new car launching in the market. So in our opinion we we believe the the market will will show kind of a recovery second half of this year.

Sterling Song: In our opinion, we believe the market will show a recovery in H2 of this year. Operator, the next question, please.

Speaker #2: Operator the next question please.

Operator: For the next question. The next question comes from the line of Brian Gong of Citi. Please go ahead. Your line is open.

Speaker #1: For the next question. The next questions comes from the line of Brian Gong of Citi. Please go ahead your line is open.

Speaker #2: 好的晚上好各位领导。想问一下这个销售线索这边的这个业务啊就是现在经销商压力也挺大的。想问一下管理层怎么看我们销售线索这个业务后续的一个发展情况。谢谢。Aber

Brian Gong: 好的。晚上好，各位领导。想问一下销售线索这边的业务，就是现在经销商压力也挺大的，想问一下管理层怎么看我们销售线索这个业务后续的一个发展情况？谢谢。I will translate myself. Thanks management for taking my question. Given the pressure over auto dealers, how does management think about outlook for our sales leads business? Thank you.

Speaker #3: 当出口也是另外一个机会啊今年上半年呢乘用车出口增长超过70%新能源呢同比增长超过124%这个占比也达到52这些都是一些新的机会

Speaker #3: Transit myself.

Speaker #2: And the exports auto exports is another you know important growth opportunity in the first half of this year the P passenger vehicle PV exports increased by more than 70% year over year and the NEV exports surging 124% and for NEVs it accounted for over 50% of the total passenger vehicle exports so it it represents new opportunities in the auto market.

Speaker #2: Thanks management for taking my question. Given the pressure over auto dealers how does management think about auto for our sales you.

Speaker #3: 线索的业务呢和销量是更直接的相关的。我们看第二季度我们的线索就是业务的降幅和整个大市的降幅基本上是一致的。那另一个原因另一个影响因素呢就是经销商的这个经营情况啊我觉得看他们压力还是比较大的。普遍都没有完成半年的销售目标。汽车流动协会的数据显示呢今年上半年呢77%的门店半年销量的目标完成率不到就是不到九成吧。这个经销商的这个新车销售的还是一个大量的还存在一个亏损的这么一个状态。而且呢库存也是比较多的。所以我们觉得呢下半年的这个最新的预测的这个新车的这个销量的下半年也也是一个下降的这么一个一个情况。所以整体的我们觉得这一块还是会承压的。

Sterling Song: 线索的业务和销量是更直接的相关。我们看第二季度，我们的线索业务的降幅和整个大势的降幅基本上是一致。另一个影响因素就是经销商的经营情况。我觉得看他们压力还是比较大，普遍都没有完成半年的销售目标。汽车流通协会的数据显示，今年上半年，77%的门店半年销量的目标完成率不到九成。经销商的新车销售还是一个大量存在亏损的这么一个状态，而且库存也是比较多的。所以我们觉得，最新的预测，新车的销量下半年也是一个下降的这么一个情况。所以整体的，我们觉得这一块还是会承压的。For the lead generation, performance is highly related with the overall sales volume in the market.

Speaker #3: 关于下半年的这个媒体业务呢我我们我们讲就是下半年因为有个金九银十嘛当然另一个很重要的因素就是新车的发布我们预计呢车市还是会有一定程度的修复

Speaker #2: For the regarding the media business in the second half of of this year as you know there is always a saying that golden September and silver October and besides there will be a multiple of new car you know new vehicle and a new car launching in the market so in our opinion we we believe the the market will will show kind of a recovery a second half of this year.

Speaker #2: know the the lease generation you know performance is highly related with the overall sales volume in the in the market. You know in Q2 you know the the market and the sales of the autos decreased.

Speaker #3: Operator the next question please.

Speaker #1: For the next question. The next questions come from the line of Brian Kong of Citi. Please go ahead, your line is open.

Sterling Song: In Q2, the market and the sales of autos decreased. That is the main reason for the lead generation segment. On one hand, for dealer, continue to face significant operating pressures in the market. Many of them failed to meet their sales target for the H1 this year. According to the statistics data from the China Automobile Dealers Association, CADA, 77% of the dealers achieved less than 90% of their H1 sales target. Many of those dealers respond with more losses and with high volumes of inventories.

Speaker #2: So that is the main reason for the lease generation segment. So on on one hand for dealer you know continue to to face significant operating pressures in the market.

Speaker #2: 好的晚上好各位领导想问一下这个销售线索这边的这个业务啊就是现在经销商压力也挺大的想问一下管理层怎么看我们销售线索这个业务后续的一个发展情况谢谢 I will trust it myself management for taking my question given the pressure over auto dealers how does management think about auto for our sales lease business thank you.

Speaker #2: Many of them fail to meet their sales target for the first half this year. And according to the statistics data from the China Automobile Dealer Association CADA 77% of the dealership achieved less than 90% of their half first half half first half year sales target.

Speaker #3: 线索的业务呢和销量是更直接的相关的我们看第二季度我们的线索就是业务的降幅和整个大市的降幅基本上是一致的那另一个原另一个影响因素呢就是经销商的这个经营情况啊我觉得看他们压力还是比较大的普遍都没有完成半年的销售目标汽车流动协会的数据显示呢今年上半年呢77%的门店半年销量的目标完成率不到就是不到九成吧这个经销商的这个新车销售的还是一个大量的还存在一个亏损的这么一个状态而且呢库存也是比较多的所以我们觉得呢下半年的这个最新的预测的这个新车的这个销量的下半年也也是一个下降的这么一个一个情况所以整体的我们觉得这一块还是会承压的

Speaker #2: And so many of them you know many of those dealers they they they you know respond with more losses and with high volumes of inventories.

Speaker #2: So that's why we believe we as we just mentioned the sales volumes for the new cars still face a pressure and a decrease for second half of this year.

Sterling Song: That is why as we just mentioned, the sales volumes for the new cars still face a pressure and a decrease for H2 of this year. We still see some opportunities in the market. On one hand, we are increasing our traffic and upgrading our products to improve the quality and quantity of the leads, and lay a solid foundation for the renewal of our dealership products for the H2 of this year and the next year as well. I give you some examples. For example, we are using our AI technology. We use the AI live streaming. We are leveraging the AI technology to empower dealers' new media live streaming operations, so we can help them to reduce costs and improve their efficiency, and increase their operation efficiency and help them to enhance their conversion capabilities. Also, we have smart stores, so we can upgrade the intelligent guided tour function. So when user browse a dealer's online store, AI-generated voice commentary can match the content on the screen, and it can be played automatically. So it can help to create an immersive watch and listen experience, helping to increase the number of users who will submit and leave their contact information. We expect through those products and service upgrades and technologies, we can build a solid foundation for the renewal of our products next year.

Speaker #3: 大家好在这种环境下也是有机会的。像我们也是要通过我们自己的流量提升产品升级呢提升线索的这个数量和质量啊也既为今年的下半年也为明年的这个区间呢做好准备。那我们可以举例比如说AI对吧我们通过AI技术呢赋能经销商的新媒体的直播运营帮助商家呢降本增效提升这个线索的转化能力啊滞销店铺升级呢智能导览功能在用户浏览时自动播放与画面匹配的AI语音解说让用户实现边看边听的这种沉浸式的导览提升用户的这个流资量。我们也希望通过这个一系列的产品和服务升级呢啊帮助经销商也帮助我们自己在这个市场中呢这个提升我们的啊服务的水平。

Speaker #2: For the lease you know the the lease generation you know performance is highly related with the overall sales volumes in the in the market you know in Q2 you know the the market and the sales of the autos decreased so that is the main reason for the lease generation segment so on on one hand for dealer you know continue to to face significant operating pressures in the market so many of them failed to meet their sales target for the first half this year and according to the statistics data from the China Automobile Dealer Association CADA 77% of the dealerships achieved less than 90% of their half first half half first half year sales target and so many of them you know many of those dealers they they they you know respond with more losses and with high volumes of inventories so that's why we believe we as we just mentioned the sales volumes for the new cars still face a pressure and a decrease for second half of this year.

Speaker #2: I give you some examples for example we take we're using our AI technology we use the AI live streaming you know we are leveraging the AI technology to impart dealers new media live streaming operations so we can help them to reduce costs and improve their efficiency.

Speaker #2: Increase their operation efficiency and help them to enhance their conversion capabilities and also we you know we have a smart smart stores so we can upgrade the intelligent guided tour function so when users browse a dealer's online store AI generated voice commentary can match the content on the screen and it can be played automatically.

Speaker #3: 当然了在这种环境下也是有机会的像我们也是要通过我们自己的流量提升产品升级呢提升线索的这个数量和质量啊也既为今年的下半年也为明年的这个续签呢做好准备那我们可以举例比如说AI对吧我们通过AI技术呢赋能经销商的新媒体的直播运营帮助商家呢降本增效提升这个线索的转化能力滞销店铺升级呢智能导览功能在用户浏览时自动播放与画面匹配的AI语音解说让用户实现边看边听的这种沉浸式的导览提升用户的这个流资量我们也希望通过这个一系列的产品和服务升级呢帮助经销商也帮助我们自己在这个市场中呢这个提升我们的服务的水平

Speaker #2: So it it can help to create an immersive you know watch and listen experience helping to increase the number of users who will submit and leave their contact information.

Speaker #2: So so we expect through those products and service upgrades and technologies we can help we we we we can build a solid foundation for the renewal of our products next year.

Sterling Song: Operator?

Speaker #2: Operator.

Operator: No further question at this time. I will turn the call back over to management for closing remarks.

Speaker #1: No further question at this time. I will turn the call back over to management for closing remarks.

Speaker #2: Yeah so we still see some opportunities in the market you know on one hand you know we are increasing our traffic and upgrading our products to improve the quality and the quantity and quality of the lease and they solid foundation for the renewal of our dealership products for example the车商会 of for the second half of this year and the next year as well I give you some examples for example we take we using our AI technology we use the AI live streaming you know we are leveraging the AI technology to empower dealers new media live streaming operations so we can help them to reduce costs and improve their efficiency increase their operation efficiency and help them to enhance their conversion capabilities and also we you know we have a smart smart stores so we can upgrade the intelligent guided tour function so when user browse a dealer's online store AI generated voice commentary can match the content on the screen and it can be played automatically so it it can help to create an immersive you know watch and listen experience helping to increase the number of users who will submit and leave their contact information so so we expect through those product and service upgrades and technologies we can help we we we we can build a solid foundation for the renewal of our products next year.

Speaker #3: 非常感谢大家参加今天的会议。期待在下季度业绩电话会上能再与大家交流公司战略和业务的最新发展情况。如果您有任何问题或建议欢迎随时与我们联系。谢谢大家再见。

Craig Yan Zeng: 非常感谢大家参加今天的会议。期待在下季度业绩电话会上，能再与大家交流公司战略和业务的最新发展情况。如果您有任何问题或建议，欢迎随时与我们联系。谢谢大家。再见。

Speaker #2: Thank you very much everyone for joining us today. We look forward to to speaking with you all again our next quarter's conference call and to sharing the latest updates on the on the company's corporate strategy and the business development.

Sterling Song: Thank you very much, everyone, for joining us today. We look forward to speaking with you all again our next quarter's conference call, and to sharing the latest update on the company's corporate strategy and business development. Should you have any further questions or suggestions, please feel free to contact us at any time. Thank you, everyone. Goodbye. Thank you, operator.

Speaker #2: Should you have any further questions or suggestions please feel free to contact us at any time. Thank you everyone goodbye. Thank you operator.

Operator: That does conclude today's conference call. Thank you for your participation. You may now disconnect.

Speaker #2: Operator.

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

Speaker #2: Thank you very much, everyone, for joining us today. We look forward to speaking with you all again on our next quarter's conference call and to sharing the latest updates on the company's corporate strategy and business development. Should you have any further questions or suggestions, please feel free to contact us at any time. Thank you, everyone. Goodbye. Thank you, operator.