AUTOHOME(ATHM)2025-02-20 18:50Financial Data and Key Metrics Changes - Total revenue for 2024 reached RMB 7.04 billion, with an 8.1% year-over-year increase [10] - Adjusted net income attributable to Autohome in 2024 was RMB 2.05 billion, yielding an adjusted net margin of 29.1% [11][36] - Net revenues for Q4 2024 were RMB 1.78 billion, with media services revenues at RMB 437 million and lead generation services revenues at RMB 758 million [32][36] - Gross margin in Q4 2024 was 76%, down from 80.8% in Q4 2023 [33] Business Line Data and Key Metrics Changes - Revenue from the online marketplace and others increased by 8.1% year-over-year, accounting for 33.8% of total revenue [10] - NEV business revenues increased by 55.2% year-over-year, reflecting strong growth momentum [10][24] - The total number of franchise offline stores exceeded 150, contributing to strong brand aggregation and extensive channel coverage [13][14] Market Data and Key Metrics Changes - Average mobile DAUs reached 77.48 million in December 2024, a 13.6% increase from the same period in 2023 [22] - The auto market saw a sales volume increase of 13.2% year-over-year in Q4 2024, driven by positive policies and market recovery [47] Company Strategy and Development Direction - Autohome aims to serve as a key hub in Haier's automotive industry ecosystem, focusing on integrating online and offline operations [9][44] - The company plans to deepen its presence in low-tier markets and enhance operational quality to drive growth [16] - Strategic focus includes leveraging AI applications to improve productivity and operational efficiency [12][26] Management Comments on Operating Environment and Future Outlook - Management expects continued stabilization and recovery in traditional businesses, with a focus on innovative growth initiatives [31] - The outlook for 2025 includes a projected 2% year-on-year increase in the auto market, with a 20% increase in renewable energy passenger vehicles [50][52] - Management anticipates ongoing favorable policies and steady growth in the auto market, alongside continued price competition [52] Other Important Information - The company announced a dividend of RMB 1.5 billion for 2024 and has repurchased approximately USD 88.5 million worth of shares [11][38] - Haier Group has become the new controlling shareholder, which is expected to inject new vitality into Autohome's long-term development [8][9] Q&A Session Summary Question: Background and purpose of the transaction with CARTECH - Management stated that Haier's strategic shareholding reflects recognition of Autohome's business model and market potential, aiming to create synergy and enhance user experience [42][44] Question: Outlook for the auto market in 2025 - Management expects a stable and positive auto market in 2025, with a projected 2% increase in sales and a significant rise in renewable energy vehicle sales [50][52] Question: Lead generation business contract renewal status - The renewal situation exceeds 85%, attributed to AI integration and strong brand influence [56][57] Question: Outlook for the used car market in 2025 - Management anticipates continued growth in used car sales, driven by policy support and improved transaction processes, despite ongoing price competition [66][68]