AutoHome: Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

In This Article: BEIJING , Feb. 20, 2025 /PRNewswire/ -- 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 and full year ended December 31, 2024. Fourth Quarter 2024 Highlights [1] Full Year 2024 Highlights [1] Mr. Song Yang , Chief Executive Officer of Autohome, stated, "Throughout the year, we focused on integrating our online-to-offline ecosystem, achieving significant milestones in user growth, content matrix enhancements, new retail business expansion, and the promotion of AI applications. According to QuestMobile , our average mobile daily active users increased by 13.6% year-over-year to 77.48 million in December 2024 , underscoring the effectiveness of our content-driven approach. We are also excited about the rapid expansion of our franchised Autohome Space and satellite stores, which now exceed 150 in total -- significantly broadening our offline presence and further reinforcing our service offerings." "In terms of technological innovation, we have seamlessly integrated AI across all aspects of our services - from content creation for consumers to operational management and decision-making analysis for clients. Looking ahead, we will deepen resource deployment across targeted regional markets, refine our business model, and enhance operational efficiency. By establishing a virtuous online to offline cycle, we are driving Autohome to new heights." Mr. Craig Yan Zeng , Chief Financial Officer of Autohome, added, "We concluded 2024 with several significant breakthroughs across our innovative businesses. Online marketplace and others revenues increased by 8.1% year-over-year in 2024, driving total revenues for the year to RMB7.04 billion . Our new retail business has emerged as a clear growth driver as we further refine and improve the effectiveness of our business model. Looking ahead to 2025, we will continue to strategically invest in innovative growth initiatives in order to achieve our dual objectives of business expansion and financial stability." Unaudited Fourth Quarter 2024 Financial Results Net Revenues Net revenues were RMB1,783 .4 million ( US$244.3 million ) in the fourth quarter of 2024, compared to RMB1,911.4 million in the corresponding period of 2023. Media services revenues were RMB436.8 million ( US$59.8 million ) in the fourth quarter of 2024, compared to RMB500.5 million in the corresponding period of 2023. Leads generation services revenues were RMB758.4 million ( US$103.9 million ) in the fourth quarter of 2024, compared to RMB841.5 million in the corresponding period of 2023. Online marketplace and others revenues were RMB588.2 million ( US$80.6 million ) in the fourth quarter of 2024, compared to RMB569.5 million in the corresponding period of 2023. Cost of Revenues Cost of revenues was RMB428.6 million ( US$58 .7 million) in the fourth quarter of 2024, compared to RMB367 .9 million in the corresponding period of 2023, primarily attributable to an increase in operational costs. Share-based compensation expenses included in cost of revenues in the fourth quarter of 2024 were RMB2.2 million ( US$0 .3 million), compared to RMB1.4 million in the corresponding period of 2023. Operating Expenses Operating expenses were RMB1,177.0 million ( US$161.2 million ) in the fourth quarter of 2024, compared to RMB1,242.8 million in the corresponding period of 2023. Sales and marketing expenses were RMB717.8 million ( US$98.3 million ) in the fourth quarter of 2024, compared to RMB730.1 million in the corresponding period of 2023. Share-based compensation expenses included in sales and marketing expenses in the fourth quarter of 2024 were RMB10.3 million ( US$1.4 million ), compared to RMB11.7 million in the corresponding period of 2023. General and administrative expenses were RMB131.2 million ( US$18.0 million ) in the fourth quarter of 2024, compared to RMB156.8 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the fourth quarter of 2024 were RMB13.6 million ( US$1.9 million ), compared to RMB17.6 million in the corresponding period of 2023. Product development expenses were RMB328.0 million ( US$44.9 million ) in the fourth quarter of 2024, compared to RMB355.9 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the fourth quarter of 2024 were RMB15.6 million ( US$2.1 million ), compared to RMB18.7 million in the corresponding period of 2023. Operating Profit Operating profit was RMB232.4 million ( US$31.8 million ) in the fourth quarter of 2024, compared to RMB366 .7 million in the corresponding period of 2023. Income Tax Expense Income tax expense was RMB31.4 million ( US$4.3 million ) in the fourth quarter of 2024, compared to an income tax expense of RMB127.6 million in the corresponding period of 2023. The decrease in income tax expense was primarily attributable to a timing difference in withholding tax which was largely accrued in the fourth quarter of 2023, following the declaration of the new cash dividend policy in December 2023 . Net Income attributable to A utohome Net income attributable to Autohome was RMB320.5 million ( US$43.9 million ) in the fourth quarter of 2024, compared to RMB446.7 million in the corresponding period of 2023. Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS Net income attributable to ordinary shareholders was RMB304.4 million ( US$41.7 million ) in the fourth quarter of 2024, compared to RMB432.1 million in the corresponding period of 2023. Basic and diluted earnings per share ("EPS") were RMB0.63 (US$0.09) and RMB0.62 (US$0.08) , respectively, in the fourth quarter of 2024, compared to basic and diluted EPS of RMB0.89 and RMB0.89 , respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB2.51 (US$0.34) and RMB2.50 (US$0.34) , respectively, in the fourth quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.57 and RMB3.56 , respectively, in the corresponding period of 2023. Adjusted Net Income a ttributable to A utohome (Non-GAAP) and Non-GAAP EPS/ADS Adjusted net income attributable to Autohome (Non-GAAP) was RMB486.5 million ( US$66.7 million ) in the fourth quarter of 2024, compared to RMB502.8 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.00 (US$0.14) and RMB1.00 (US$0.14) , respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.04 and RMB1.04 , respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.02 (US$0.55) and RMB3.99 (US$0.55) , respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4 .15 and RMB4.14 , respectively, in the corresponding period of 2023. Unaudited Full Year 2024 Financial Results Net Revenues Net revenues in 2024 were RMB7,039.6 million ( US$964.4 million ), compared to RMB7,184.1 million in 2023. Media services revenues were RMB1,523.1 million ( US$208.7 million ) in 2024, compared to RMB1,870.8 million in 2023. Leads generation services revenues were RMB3,135.9 million ( US$429.6 million ) in 2024, compared to RMB3,111.8 million in 2023. Online marketplace and others revenues were RMB2,380.6 million ( US$326.1 million ) in 2024, compared to RMB2,201.5 million in 2023. Cost of Revenues Cost of revenues was RMB1,483.2 million ( US$203.2 million ) in 2024, compared to RMB1,411.9 million in 2023, primarily attributable to an increase in operational costs. Share-based compensation expense included in cost of revenues was RMB8 .1 million ( US$1 .1 million) in 2024, compared to RMB8 .0 million in 2023. Operating Expenses Operating expenses were RMB4,841.4 million ( US$663 .3 million) in 2024, compared to RMB4,898.9 million in 2023. Sales and marketing expenses were RMB2,988.2 million ( US$409.4 million ) in 2024, compared to RMB3,012.5 million in 2023. Share-based compensation expense included in sales and marketing expenses in 2024 was RMB48.4 million ( US$6.6 million ), compared to RMB49.3 million in 2023. General and administrative expenses were RMB534.8 million ( US$73.3 million ) in 2024, compared to RMB538.0 million in 2023. Share-based compensation expense included in general and administrative expenses in 2024 was RMB51.1 million ( US$7.0 million ), compared to RMB51.9 million in 2023. Product development expenses were RMB1,318.4 million ( US$180.6 million ) in 2024, compared to RMB1,348.5 million in 2023. Share-based compensation expense included in product development expenses in 2024 was RMB84.3 million ( US$11.6 million ), compared to RMB85.9 million in 2023. Operating Profit Operating profit was RMB1,003.5 million ( US$137 .5 million) in 2024, compared to RMB1,137 .4 million in 2023. Income Tax Expense Income tax expense was RMB63.0 million ( US$8.6 million ) in 2024, compared to an income tax expense of RMB72.2 million in 2023. Net Income attributable to A utohome Net income attributable to Autohome was RMB1,681.1 million ( US$230.3 million ) in 2024, compared to RMB1,935.3 million in 2023. Net I ncome attributable to Ordinary Shareholders and Earnings per Share/ADS Net income attributable to ordinary shareholders was RMB1,619 .6 million ( US$221.9 million ) in 2024, compared to RMB1,880.1 million in 2023. Basic and diluted EPS were RMB3.34 (US$0.46) and RMB3.33 (US$0.46) , respectively, in 2024 as compared to basic and diluted EPS of RMB3.84 and RMB3.83 , respectively, in 2023. Basic and diluted earnings per ADS were RMB13.36 (US$1.83) and RMB13.31 (US$1.82) , respectively, in 2024 as compared to basic and diluted earnings per ADS of RMB15.35 and RMB15.31 , respectively, in 2023. Adjusted Net Income attributable to A utohome (Non-GAAP) and Non-GAAP Earnings