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1、1 Autohome Inc.Announces Unaudited First Quarter 2024 Financial Results BEIJING,May 8,2024 Autohome Inc.(NYSE:ATHM;HKEX:2518)(“Autohome”or the“Company”),the leading online destination for automobile consumers in China,today announced its unaudited financial results for the three months ended March 3

2、1,2024.First Quarter 2024 Highlights1 Net revenues in the first quarter of 2024 were RMB1,609.1 million(US$222.9 million),compared to RMB1,533.6 million in the corresponding period of 2023.Net income attributable to Autohome in the first quarter of 2024 was RMB394.5 million(US$54.6 million),compared

3、 to RMB405.5 million in the corresponding period of 2023,while net income attributable to ordinary shareholders in the first quarter of 2024 was RMB379.8 million(US$52.6 million),compared to RMB392.8 million in the corresponding period of 2023.Adjusted net income attributable to Autohome(Non-GAAP)2

4、in the first quarter of 2024 was RMB493.9 million(US$68.4 million),compared to RMB483.5 million in the corresponding period of 2023.Mr.Tao Wu,Chief Executive Officer of Autohome,stated,“We are delighted to report a solid start to the year,characterized by sustained revenue growth,consistent expansio

5、n in our user-base,and the successful deployment of our new business initiatives.For our users,according to QuestMobile,average mobile daily active users grew by 8.1%year-over-year to 69.39 million in March,highlighting the effectiveness of our content-focused strategy on attracting users.For our in

6、novative businesses,Autohome Space is expanding further geographically,with a number of new franchise stores on track to open this year.In addition,we actively responded to the national“trade-in for new”policy,launching a series of initiatives such as the“Hundred Cities Trade-in for New Car-Buying F

7、estival”in collaboration with Ping An Groupallowing consumers to enjoy even more benefits.Going forward,we will continue to build upon our solid business fundamentals and leverage Ping An Groups unique resources to strengthen our long-term competitiveness in the industry.”Mr.Craig Yan Zeng,Chief Fin

8、ancial Officer of Autohome,added,“We delivered solid financial results in the first quarter of 2024,reflecting the successful execution of our key growth strategies.Revenues from our data products continued their strong upward growth trajectory,while revenues from new energy vehicle(“NEV”)brands rem

9、ained robust,with a quarterly growth rate that consistently outpaces the broader industry.Our new retail business also bolstered our topline,enhancing our revenue 1 The reporting currency of the Company is Renminbi(“RMB”).For readers convenience,certain amounts throughout the release are presented i

10、n US dollars(“US$”).Unless otherwise noted,all conversions from RMB to US$are translated at the noon buying rate of US$1.00 to RMB7.2203 on March 29,2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.No representation is

11、made that the RMB amounts could have been,or could be,converted into US$at such rate.2 For more information on this and other non-GAAP financial measures,please see the section captioned“Use of Non-GAAP Financial Measures”and the tables captioned“Unaudited Reconciliations of Non-GAAP and GAAP Result

12、s”set forth at the end of this release.2 sources.Moving ahead,we remain committed to delivering a diverse array of premium products and services,while generating sustainable long-term returns for our shareholders.”Unaudited First Quarter 2024 Financial Results Net Revenues Net revenues in the first

13、quarter of 2024 were RMB1,609.1 million(US$222.9 million),compared to RMB1,533.6 million in the corresponding period of 2023.Media services revenues were RMB327.4 million(US$45.3 million)in the first quarter of 2024,compared to RMB361.5 million in the corresponding period of 2023.Leads generation se

14、rvices revenues were RMB726.4 million(US$100.6 million)in the first quarter of 2024,compared to RMB680.6 million in the corresponding period of 2023.Online marketplace and others revenues were RMB555.2 million(US$76.9 million)in the first quarter of 2024,compared to RMB491.5 million in the correspon

15、ding period of 2023.Cost of Revenues Cost of revenues was RMB300.9 million(US$41.7 million)in the first quarter of 2024,compared to RMB340.2 million in the corresponding period of 2023.Share-based compensation expenses included in the cost of revenues in the first quarter of 2024 was RMB0.9 million(

16、US$0.1 million),compared to RMB2.1 million in the corresponding period of 2023.Operating Expenses Operating expenses were RMB1,126.9 million(US$156.1 million)in the first quarter of 2024,compared to RMB996.6 million in the corresponding period of 2023.Sales and marketing expenses were RMB641.3 milli

17、on(US$88.8 million)in the first quarter of 2024,compared to RMB523.1 million in the corresponding period of 2023,due primarily to an increase in marketing and promotional expenses.Share-based compensation expenses included in the sales and marketing expenses in the first quarter of 2024 were RMB12.8

18、 million(US$1.8 million),compared to RMB10.0 million in the corresponding period of 2023.General and administrative expenses were RMB149.5 million(US$20.7 million)in the first quarter of 2024,compared to RMB149.2 million in the corresponding period of 2023.Share-based compensation expenses included

19、in the general and administrative expenses in the first quarter of 2024 were RMB12.0 million(US$1.7 million),compared to RMB12.3 million in the corresponding period of 2023.Product development expenses were RMB336.1 million(US$46.5 million)in the first quarter of 2024,compared to RMB324.4 million in

20、 the corresponding period of 2023.Share-based compensation expense included in the product development expenses in the first quarter of 2024 were RMB22.6 million(US$3.1 million),compared to RMB21.7 million in the corresponding period of 2023.Operating Profit 3 Operating profit was RMB276.1 million(U

21、S$38.2 million)in the first quarter of 2024,compared to RMB263.2 million in the corresponding period of 2023.Income Tax Expense Income tax expense was RMB68.4 million(US$9.5 million)in the first quarter of 2024,compared to an income tax expense of RMB54.7 million in the corresponding period of 2023.

22、Net Income Attributable to Autohome Net income attributable to Autohome was RMB394.5 million(US$54.6 million)in the first quarter of 2024,compared to RMB405.5 million in the corresponding period of 2023.Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS Net income attributab

23、le to ordinary shareholders was RMB379.8 million(US$52.6 million)in the first quarter of 2024,compared to RMB392.8 million in the corresponding period of 2023.Basic and diluted earnings per share(“EPS”)were RMB0.78(US$0.11)and RMB0.78(US$0.11),respectively,in the first quarter of 2024,compared to ba

24、sic and diluted EPS of RMB0.80 and RMB0.79,respectively,in the corresponding period of 2023.Basic and diluted earnings per ADS were RMB3.14(US$0.43)and RMB3.13(US$0.43),respectively,in the first quarter of 2024,compared to basic and diluted earnings per ADS of RMB3.18 and RMB3.17,respectively,in the

25、 corresponding period of 2023.Adjusted Net Income Attributable to Autohome(Non-GAAP)and Non-GAAP EPS/ADS Adjusted net income attributable to Autohome(Non-GAAP)was RMB493.9 million(US$68.4 million)in the first quarter of 2024,compared to RMB483.5 million in the corresponding period of 2023.Non-GAAP b

26、asic and diluted EPS were RMB1.02(US$0.14)and RMB1.02(US$0.14),respectively,in the first quarter of 2024,compared to non-GAAP basic and diluted EPS of RMB0.98 and RMB0.98,respectively,in the corresponding period of 2023.Non-GAAP basic and diluted earnings per ADS were RMB4.08(US$0.57)and RMB4.07(US$

27、0.56),respectively,in the first quarter of 2024,compared to non-GAAP basic and diluted earnings per ADS of RMB3.92 and RMB3.91,respectively,in the corresponding period of 2023.Balance Sheet and Cash Flow As of March 31,2024,the Company had cash and cash equivalents and short-term investments of RMB2

28、3.65 billion(US$3.27 billion).Net cash provided by operating activities in the first quarter of 2024 was RMB560.8 million(US$77.7 million).Employees The Company had 5,420 employees as of March 31,2024,including 2,092 employees from TTP Car,Inc.Conference Call Information The Company will host an ear

29、nings conference call at 8:00 a.m.U.S.Eastern Time on Wednesday,May 8,2024(8:00 p.m.Beijing Time on the same day).4 Please register in advance of the conference call using the registration link provided below.Upon registering,each participant will receive a set of participant dial-in numbers and a p

30、ersonal PIN,which will be used to join the conference call.Registration Link:https:/ Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.Additionally,a live and archived webcast of the conference call will be available at https:/ and a repla

31、y of the webcast will be available following the session.About Autohome Autohome Inc.(NYSE:ATHM;HKEX:2518)is the leading online destination for automobile consumers in China.Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology.Autoho

32、me 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 re

33、ach 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 Companys dealer subscription and advertising services allow dealers to market their inventory and services through Autohomes

34、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 transa

35、ctions.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:/ Harbor Statement This press release contains statements that may

36、 constitute forward-looking statements pursuant to the safe harbor provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as will,expects,anticipates,future,intends,plans,believes,estimates and similar statements.

37、Among other things,Autohomes business outlook,Autohomes strategic and operational plans and quotations from management in this announcement contain forward-looking statements.Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Comm

38、ission(“SEC”),in announcements made on the website of The Stock Exchange of Hong Kong Limited(the“Hong Kong Stock Exchange”),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties.Statemen

39、ts that are not historical facts,including statements about Autohomes beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-lo

40、oking statement,including but not limited to the following:Autohomes goals and strategies;Autohomes future business development,results of operations and financial condition;the expected growth of the online automobile advertising market in China;Autohomes ability to attract and retain users and adv

41、ertisers and further enhance its brand recognition;Autohomes expectations regarding demand for and market acceptance of its products and services;competition in the online automobile advertising industry;relevant government policies and regulatory environment of China;fluctuations in general economi

42、c and business conditions in China and assumptions underlying or related to any of the foregoing.Further 5 information regarding these and other risks is included in Autohomes filings with the SEC and announcements on the website of the Hong Kong Stock Exchange.All information provided in this press

43、 release is as of the date of this press release,and Autohome does not undertake any obligation to update any forward-looking statement,except as required under applicable law.Use of Non-GAAP Financial Measures To supplement net income presented in accordance with U.S.GAAP,we use Adjusted Net Income

44、 attributable to Autohome,Non-GAAP basic and diluted EPS and earnings per ADS,Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures.We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses,amortization

45、of intangible assets resulting from business acquisition,investment loss/(gain)relating to non-operating impact of a write-down of the initial investment in a financial product,and loss/(gain)pickup of equity method investments,with all the reconciliation items adjusted for related income tax effect

46、s.We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares.We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and dilute

47、d weighted average number of ADSs.We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues.We define Adjusted EBITDA as net income attributable to Autohome before income tax expense,depreciation expenses of property and equipment,amortization expens

48、es of intangible assets and share-based compensation expenses.We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance,in addition to net income prepared in accordance with U.S.GAAP.We believe these non-GAAP financial measures are imp

49、ortant to help investors understand our operating and financial performance,compare business trends among different reporting periods on a consistent basis and assess our core operating results,as they exclude certain non-cash charges or items that are non-operating in nature.The use of the above no

50、n-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future,but such items should be considered in the overall evaluation of our results.These non-GAAP financial measures should be considered in addition to financial

51、measures prepared in accordance with GAAP,but should not be considered a substitute for,or superior to,financial measures prepared in accordance with GAAP.For more information on these non-GAAP financial measures,please see the table captioned Unaudited Reconciliation of non-GAAP and GAAP Results se

52、t forth at the end of this press release.For investor and media inquiries,please contact:Autohome Inc.Investor Relations Sterling Song Investor Relations Director Tel:+86-10-5985-7483 E-mail: Christensen China Limited Suri Cheng Tel:+86-185-0060-8364 E-mail: 6 AUTOHOME INC.UNAUDITED CONDENSED CONSOL

53、IDATED STATEMENTS OF OPERATIONS DATA (Amount in thousands,except per share/per ADS data)For three months ended March 31,2023 2024 RMB RMB US$Net revenues:Media services 361,468 327,431 45,349 Leads generation services 680,634 726,423 100,608 Online marketplace and others 491,527 555,211 76,896 Total

54、 net revenues 1,533,629 1,609,065 222,853 Cost of revenues(340,214)(300,892)(41,673)Gross profit 1,193,415 1,308,173 181,180 Operating expenses:Sales and marketing expenses (523,116)(641,276)(88,816)General and administrative expenses (149,156)(149,545)(20,712)Product development expenses (324,366)(

55、336,067)(46,545)Total operating expenses(996,638)(1,126,888)(156,073)Other operating income,net 66,388 94,793 13,129 Operating profit 263,165 276,078 38,236 Interest and investment income,net 225,015 219,974 30,466 Loss from equity method investments(31,435)(49,133)(6,805)Income before income taxes

56、456,745 446,919 61,897 Income tax expense(54,681)(68,401)(9,473)Net income 402,064 378,518 52,424 Net loss attributable to noncontrolling interests 3,438 15,981 2,213 Net income attributable to Autohome 405,502 394,499 54,637 Accretion of mezzanine equity(36,499)(41,671)(5,771)Accretion attributable

57、 to noncontrolling interests 23,749 26,948 3,732 Net income attributable to ordinary shareholders 392,752 379,776 52,598 Earnings per share for ordinary shares Basic 0.80 0.78 0.11 Diluted 0.79 0.78 0.11 Earnings per ADS attributable to ordinary shareholders(one ADS equals for four ordinary shares)B

58、asic 3.18 3.14 0.43 Diluted 3.17 3.13 0.43 Weighted average shares used to compute earnings per share attributable to ordinary shareholders:Basic 493,324,032 484,278,900 484,278,900 Diluted 494,826,708 485,253,760 485,253,760 7 AUTOHOME INC.UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS(Amou

59、nt in thousands,except per share/per ADS data)For three months ended March 31,2023 2024 RMB RMB US$Net income attributable to Autohome 405,502 394,499 54,637 Plus:income tax expense 56,021 69,742 9,659 Plus:depreciation of property and equipment 47,938 33,534 4,644 Plus:amortization of intangible as

60、sets 10,840 9,650 1,337 EBITDA 520,301 507,425 70,277 Plus:share-based compensation expenses 46,185 48,307 6,690 Adjusted EBITDA 566,486 555,732 76,967 Net income attributable to Autohome 405,502 394,499 54,637 Plus:amortization of intangible assets resulting from business acquisition 10,722 9,583 1

61、,327 Plus:share-based compensation expenses 46,185 48,307 6,690 Plus:investment loss/(gain)arising from one of financial products3(5,813)-Plus:loss on equity method investments,net 31,435 49,133 6,805 Plus:tax effects of the adjustments(4,520)(7,594)(1,052)Adjusted net income attributable to Autohom

62、e 483,511 493,928 68,407 Net income attributable to Autohome 405,502 394,499 54,637 Net margin 26.4%24.5%24.5%Adjusted net income attributable to Autohome 483,511 493,928 68,407 Adjusted net margin 31.5%30.7%30.7%Non-GAAP earnings per share Basic 0.98 1.02 0.14 Diluted 0.98 1.02 0.14 Non-GAAP earnin

63、gs per ADS(one ADS equals for four ordinary shares)Basic 3.92 4.08 0.57 Diluted 3.91 4.07 0.56 Weighted average shares used to compute non-GAAP earnings per share:Basic 493,324,032 484,278,900 484,278,900 Diluted 494,826,708 485,253,760 485,253,760 3 It represented the loss or gain of an investment

64、with fair value below its initial investment,which was recognized at“interest and investment income,net”.The impact was considered to be not directly related to the Companys operating activities.8 AUTOHOME INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET(Amount in thousands,except as noted)As of D

65、ecember 31,As of March 31,2023 2024 RMB RMB US$ASSETS Current assets Cash and cash equivalents 4,996,353 2,870,271 397,528 Restricted cash 126,794 152,730 21,153 Short-term investments 18,552,354 20,775,926 2,877,433 Accounts receivable,net 1,472,489 1,337,141 185,192 Amounts due from related partie

66、s,current 16,439 66,962 9,274 Prepaid expenses and other current assets 360,559 437,926 60,652 Total current assets 25,524,988 25,640,956 3,551,232 Non-current assets Restricted cash,non-current 5,000 5,000 692 Property and equipment,net 200,860 189,714 26,275 Goodwill and intangible assets,net 4,14

67、3,968 4,125,383 571,359 Long-term investments 448,341 399,208 55,290 Deferred tax assets 295,598 295,598 40,940 Amounts due from related parties,non-current 16,048 13,877 1,922 Other non-current assets 200,928 186,645 25,850 Total non-current assets 5,310,743 5,215,425 722,328 Total assets 30,835,73

68、1 30,856,381 4,273,560 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other payables 2,932,227 2,528,006 350,125 Advance from customers 105,379 109,485 15,163 Deferred revenue 801,581 1,189,742 164,777 Income tax payable 227,260 284,658 39,425 Amounts due to related parties 24,572 2

69、7,767 3,846 Dividends payable 984,332 536,760 74,340 Total current liabilities 5,075,351 4,676,418 647,676 Non-current liabilities Other liabilities 89,187 77,363 10,715 Deferred tax liabilities 497,955 495,708 68,655 Total non-current liabilities 587,142 573,071 79,370 Total liabilities 5,662,493 5

70、,249,489 727,046 MEZZANINE EQUITY Convertible redeemable noncontrolling interests 1,758,933 1,800,604 249,381 EQUITY Total Autohome shareholders equity 23,928,187 24,363,089 3,374,249 Noncontrolling interests (513,882)(556,801)(77,116)Total equity 23,414,305 23,806,288 3,297,133 Total liabilities,mezzanine equity and equity 30,835,731 30,856,381 4,273,560