Autohome (ATHM) Q2 2024 earnings summary

Executive summary

• Net revenues grew 2.2% year-over-year to RMB 1.87 billion in Q2 2024, with user traffic and innovative business lines showing strong momentum.

• Adjusted net income attributable to shareholders was RMB 572.4 million, with an adjusted net profit margin of 30.6%.

• User engagement increased, with average mobile DAU up 8.3% year-over-year to 67.91 million in June.

• Strategic expansion of new retail business, especially through the Satellite Plan, increased reach in low-tier cities.

• Enhanced digitalization and product innovation, including Smart Series and digital management platforms for dealerships.

Financial highlights

• Net revenues: RMB 1.87 billion in Q2 2024, up 2.2% year-over-year.

• Leads generation services revenue: RMB 820.3 million, up from RMB 759.6 million year-over-year.

• Online marketplace and others revenue: RMB 619.4 million, up from RMB 541.4 million year-over-year.

• Media services revenue: RMB 432.9 million, down from RMB 532 million year-over-year.

• Operating profit: RMB 412.4 million, up from RMB 341.5 million in Q2 2023.

• Net operating cash flow: RMB 452 million in Q2 2024.

• Cash, cash equivalents, and short-term investments: RMB 23.47 billion as of June 30, 2024.

Outlook and guidance

• Continued focus on user-centric innovation, digitalization, and expansion into new business areas.

• Ongoing implementation of the Satellite Plan to further penetrate low-tier cities and expand the sales network.

• Expectation of rising NEV revenues, supported by favorable government policies and increased trade-in subsidies.