Autohome Inc. Announces 2023 Q3 Earnings: Fifth Straight Quarter of YoY Growth in Top and Bottom Lines
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Data Products and New Energy Business Maintain Strong Momentum, Exploration of Synergies Within Diverse Ecosystem Continues
HONG KONG, Nov. 2, 2023 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its third quarter financial results for 2023. The Company delivered steady revenue and profit growth during the quarter, with net revenue increasing by 3.4% year-over-year to RMB1.91 billion and the adjusted net income attributable to Autohome was RMB604 million. This marks the fifth straight quarter of top- and bottom-line growth on a year-over-year basis, with the adjusted net margin reaching a high level of 31.7%.
During the period, revenue from the online marketplace and others business increased 25.2% year-over-year, accounting for 31.4% of total revenue. This led the Company's overall growth and further optimized its revenue structure. Among them, data products generated strong growth momentum, with year-on-year revenue growth of more than 30%. At the same time, the Company made substantial progress in deepening its collaborative efforts with new energy vehicle ("NEV") automakers. Revenue from NEV brands was up by nearly 70% year-over-year as a result.
Mr. Quan Long, Chairman and Chief Executive Officer of Autohome, said, "Year to date, the domestic automobile industry has rebounded significantly and will continue to improve in the future. At the same time, the rapid rise of NEVs has accelerated the transformation and upgrading of the automotive industry. In this new market environment, Autohome is focused on capitalizing on the major opportunities NEVs and digitalization present, supporting our partners in the transformation of their businesses, and broadening the services we have on offer. This will ultimately create a one-stop ecosystem that spans the entire consumer cycle – from the research and purchase phase through to the use and exchange of cars – to drive long-term sustainable growth."
Improvement of content ecosystem construction, exploration of diverse business lines integration, and user traffic hitting new highs
In terms of business segments, Autohome accelerated the build out of its content ecosystem to further widen the platform moat, where its user traffic reached a new high. According to QuestMobile, in September, Autohome's mobile daily active users ("DAUs") increased 39.3% year-over-year to 69.01 million, underscoring its ability to steadily strengthen its leadership position in the automotive media vertical. In the field of innovative business, the Company continues to explore new ways to develop, integrate, and create synergies between the diverse business models across its ecosystem. In addition, the Company also upgraded the foundational infrastructure and capabilities of its digital platform to enhance the value of its data products and seamlessly integrate big data and cutting-edge technologies to power the digital transformation of dealers.
Upgrade of new retail model, revenue from NEV brands soared year-over-year
In the field of NEV, Autohome launched its first brick-and-mortar NEV experience store last September. The Autohome Energy Space franchise stores recently launched in cooperation with TTP in Chengdu Station and Chongqing have presented the opportunity to further refine the "new retail + used cars" business model and drive further business development.
Autohome's new retail business has entered a stage of rapid development, and new retail stores have been opened in four cities: Shanghai, Haikou, Chengdu, and Chongqing. In addition, the construction of new retail stores in 13 cities has already begun, including in Beijing and Guangzhou, with more than 20 stores in various cities to be opened by the end of this year. Meanwhile, the Company is also expanding cooperation with NEV automakers. In the future, the Company will rapidly increase the penetration of Autohome Energy Space franchise stores across the country, allowing Autohome to turn its online advantages into offline business across a broad range of markets. TTP will also leverage the Autohome Energy Space network to accelerate the expansion of its operations nationwide.
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. According to QuestMobile, in September 2023, the mobile DAUs reached 69.01 million with an increase of 39.3% year-over-year. Its mission is to engage, educate and inform consumers about everything auto. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services.
For further information, please visit: https://www.autohome.com.cn/about/index.html
