#China #Beijing #financial results #Q4 2024 #Autohome

Autohome Inc. Financial Results for 2024

Autohome Inc., a prominent online platform for automobile consumers in China, has released its unaudited financial results for the fourth quarter and the full year ending December 31, 2024. This announcement comes as the company embraces significant growth and innovation in its operations.

Fourth Quarter Highlights

In Q4 of 2024, Autohome reported net revenues of RMB 1,783.4 million (approximately US$244.3 million), reflecting a slight drop from RMB 1,911.4 million in the same quarter of the previous year. The company's net income during this period was RMB 320.5 million (around US$43.9 million), down from RMB 446.7 million in Q4 of 2023.

Despite these declines, Autohome recorded an adjusted net income of RMB 486.5 million (or US$66.7 million), indicating a change but not a drastic drop when compared to RMB 502.8 million during the equivalent period in 2023.

Share Repurchase Strategy

As part of its commitment to enhancing shareholder value, Autohome repurchased 3,289,520 American depositary shares (ADSs) for approximately US$88.5 million by February 14, 2025.

Full Year Overview

For the entire year of 2024, the company garnered total revenues of RMB 7,039.6 million (about US$964.4 million), marking a decrease from the previous year’s RMB 7,184.1 million. The total net income attributable to Autohome for 2024 was RMB 1,681.1 million (approximately US$230.3 million), lower than RMB 1,935.3 million in 2023. The adjusted net income was RMB 2,050.0 million (or US$280.9 million), compared to RMB 2,159.6 million the previous year.

Focused Innovations

Song Yang, the Chief Executive Officer, outlined the company’s commitment to integrating a sophisticated online-to-offline ecosystem, which has driven improvements in user growth and technological application. Autohome has not only expanded its user base, achieving 77.48 million daily active users by December 2024 (up by 13.6% year-over-year), but has also extended its physical footprint with more than 150 franchised Autohome Space and satellite stores.

“By leveraging AI across our services, we aim to refine our business model and enhance operational efficiency, driving Autohome to new heights,” Yang stated.

Craig Yan Zeng, Chief Financial Officer, echoed this sentiment, emphasizing that revenues from online marketplaces grew by 8.1% year-over-year. He projected continuous investment in innovative initiatives, aiming for both expansion and financial stability in 2025.

Financial Breakdown

The company's earnings were influenced by various segments:

• - Media services revenues: RMB 436.8 million in Q4 2024, down from RMB 500.5 million in the previous year.
• - Leads generation services revenues: RMB 758.4 million in Q4 2024, reduced from RMB 841.5 million.
• - Online marketplace and others: increased to RMB 588.2 million in Q4 2024 from RMB 569.5 million.

Costs and Profitability

Despite a lower revenue intake, Autohome managed to keep operating expenses down, with RMB 1,177.0 million recorded in Q4 2024 compared to RMB 1,242.8 million the year prior. Operating profit for Q4 was RMB 232.4 million, demonstrating efforts to maintain profitability amid challenging market conditions.

Looking Forward

As Autohome positions itself for future growth, ongoing initiatives in AI technology integration, user engagement, and expansion in service offerings will be critical. The upcoming year will likely see further advancements in operational efficiency and strategic investments to bolster the company's market presence in China's evolving automotive landscape. The company plans to conduct its earnings conference call to discuss these results and future strategies on February 20, 2025.

For more details about Autohome’s complete financial results and strategic outlook, visit Autohome's official website.