Autohome (ATHM) Q3 2025 earnings summary

Executive summary

• Advanced AI and O2O strategies, including the soft launch of Autohome Mall, enhanced user and customer efficiency and ecosystem development.

• Achieved 5.1% year-over-year growth in average mobile DAUs, reaching 76.56 million in September 2025.

• NEV-related revenues grew 58.6% year-over-year, driven by new retail business expansion.

• Net revenues for Q3 2025 were RMB 1.78 billion (US$249.8 million), nearly flat year-over-year.

• Adjusted net income (Non-GAAP) declined to RMB 406.9 million (US$57.2 million) from RMB 497.2 million year-over-year.

Financial highlights

• Net revenues for Q3 2025 were RMB 1.78 billion.

• Media services revenue: RMB 298 million; leads generation: RMB 664 million; online marketplace and others: RMB 816 million (up 32.1% YoY).

• Cost of revenues: RMB 646 million (vs. RMB 408 million in Q3 2024); gross margin: 63.7% (vs. 77% YoY).

• Operating profit: RMB 147 million (vs. RMB 83 million YoY).

• Adjusted net income: RMB 407 million (vs. RMB 497 million YoY).

Outlook and guidance

• Auto market price war is easing; future competition to focus on intelligent technology and cost-effectiveness.

• NEV market remains a core growth driver, with penetration rates above 50% in most months.

• Market faces short-term pressures from policy changes and price wars, but modest and steady growth expected in 2026.

• Continued focus on AI-driven product innovation and O2O integration.

• Ongoing exploration of synergies with CARtech is expected to drive future growth.