Autohome (ATHM) Q2 2026 earnings summary

Executive summary

• Achieved steady progress in innovative business, expanding into a comprehensive automotive service ecosystem, with new retail and used car trading initiatives advancing in both domestic and global markets.

• Net revenues for Q2 2026 were RMB1,198.0 million (US$176.6 million), down from RMB1,758.1 million year-over-year.

• Launched proprietary AI agent, Cheese Car Butler, marking a milestone in intelligent automotive applications and product differentiation.

• Completed a US$200 million share repurchase program ahead of schedule and initiated a new US$400 million buyback.

• Expanded content offerings and offline franchised chain, including the first cross-border used car export transaction.

Financial highlights

• Net revenues for Q2 2026 were CNY 1.2 billion: media services CNY 280 million, lead generation CNY 560 million, online marketplace and others CNY 357 million.

• Cost of revenues was CNY 274 million, down from CNY 503 million in Q2 2025; gross margin rose to 77.1% from 71.4% year-over-year.

• Operating profit was CNY 130 million, down from CNY 297 million in Q2 2025; adjusted net income was CNY 277 million, down from CNY 476 million year-over-year.

• Non-GAAP EPS was CNY 0.62 (basic) and CNY 0.61 (diluted), compared to CNY 1.01 in Q2 2025.

• Cash, cash equivalents, and investments totaled CNY 19.36 billion as of June 30, 2026; net operating cash flow was CNY 261 million for Q2.

Outlook and guidance

• Auto market expected to remain under pressure with 2026 passenger vehicle retail sales forecasted to decline 16% year-over-year, below 20 million units.

• NEV penetration continues to rise, reaching 65% in July, while auto exports are a key growth driver, with PV exports up 74% year-over-year in the first seven months.

• High-end NEVs show resilience, with sales up 46% year-over-year, while entry-level and traditional ICE vehicles decline.

• Media business expected to see some recovery in the second half, driven by new vehicle launches and seasonal trends.

• Management expressed confidence in long-term value, highlighted by the new share repurchase program.