Revenue from NEV business and Used Car Business Outperform the Market
HONG KONG, May 24, 2022 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its unaudited consolidated results for the three months ended 31 March 2022. Net revenues amounted to RMB1.47 billion. Adjusted net income attributable to Autohome Inc. amounted to RMB438 million. Adjusted net profit ratio was 29.7%. Overall results beat expectations and maintained outstanding profitability with high net profit ratio.
Autohome's mobile DAU grew by 7.5% to 45.2 million in March
During the quarter, through active development of short videos and live streaming content, Autohome has strengthened the diversity of its content platforms. The Company has upgraded its NEV platform with a refreshed layout and user-friendly functionalities to cater to users' diverse needs and behaviors, creating a more flexible and convenient user interface. These initiatives have successfully reinforced Autohome's content ecosystem while delivering a better user experience. According to QuestMobile, Autohome's mobile DAU grew by 7.5% to 45.2 million in March, fortifying the Company leading position in the auto media vertical and far surpassing the total DAU of the second and third largest players in the market combined.
Revenue generated by NEV business surged 156.1% year-over-year
On the digital products front, Autohome continued to build on its platform's big data analytical capabilities and industry-leading technology to drive innovation and empower the digital transformation of OEMs and dealers. The Company has effectively expanded the OEM digital product lineup, building a closed-loop marketing cycle with comprehensive coverage from advertising through transaction. Both the number of clients and the units purchased per client in our digital product business have increased on a year-over-year basis.
Regarding the NEV business, Autohome focused on executing the "1+3" ecosystem strategy. Its goal is to integrate brand and sales to build a full-chain, closed-loop marketing cycle through Autohome's NEV commerce service, while generating diversified revenue streams from the big data services, NEV SaaS and O2O (online-to-offline) car owner activities. During the quarter, Autohome collaborated with most NEV brands, and revenue generated by NEV business surged 156.1% year-over-year, outperforming the NEV market's sales growth.
As for the used car business, Autohome has further advanced its position in the used car market as the Company continues to deepen its synergy with TTP Car Inc. ("TTP"). Thanks to the matching and auction capabilities, Autohome is now involved in approximately 20% of all used passenger vehicle trades in China. Although used passenger vehicle sales have dropped slightly year-over-year market-wide, Autohome outperformed the market and achieved 5% year-over-year growth.
Mr. Quan Long, Chairman of the Board of Directors and Chief Executive Officer of Autohome, said, "The Company will continue to solidify its traditional business foundations while actively investing in new business avenues as it moves forward. Although the COVID-19 resurgence in the first half of 2022 has posed a tremendous challenge to China's auto industry and the broader Chinese economy, Autohome remains determined to confront the difficulties and overcome them together. The Company believes that its business will quickly rebound as the industry recovers in the second half of the year. Autohome will leverage its core competencies to explore larger markets and obtain more sustainable profit margins to obtain greater, longer-term benefits. Supported by strong network effects, excellent innovation capabilities and experienced visionary management team, Autohome will continue to lead the development of China's auto industry and create lasting value for the entire industry in the long run."
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. According to QuestMobile, the company ranked first in the industry with 67.72 million monthly active users in September 2021. Its mission is to enhance the car-buying and ownership experience for auto consumers in China. Autohome provides professionally produced and user-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 advertising campaigns. Further, the Company's dealer subscription and advertising services allows 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 improving their efficiency and facilitating transactions. As a transaction-centric company, Autohome operates "Autohome Mall," a full-service online transaction platform facilitating transactions for automakers and dealers. Further, through its website and mobile applications, it also provides other value-added services including auto financing, auto insurance, used car transactions and aftermarket services.
For more information, please visit our website: http://ir.autohome.com.cn/
Source: Autohome Related Stocks: HongKong:2518 NYSE:ATHM