Autohome Inc. Announces 2024 Q1 Earnings: Record Strong Growth in NEV Business and Echo with "Trade-in for new" Policy
HONG KONG, May 8, 2024 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its first quarter financial results for 2024. Total revenues reached RMB1.61 billion, growing by 4.9% year-over-year. Revenues from the online marketplace and others continued to achieve double-digit growth, increasing by 13% year-over-year, rising to 34.5% of total revenues. In the new energy vehicle (NEV) business, the Company recorded robust growth for the quarter with revenues increasing by 49.6% year-over-year. Adjusted net income attributable to Autohome for the quarter was up 2.2% year-over-year to RMB494 million.
Mr. Tao Wu, Executive Director and CEO of Autohome, said, "The first quarter was a solid start to the year, with NEV and digital products businesses continuing to maintain strong growth momentum. In the future, Autohome will continue to refine, improve, and optimize its overall business framework to enhance quality of service. The Company will actively respond to the national 'trade-in for new' policy to boost consumption. Additionally, Autohome will fully leverage the Ping An Group's abundant resources to explore and develop opportunities in various areas including automotive ecosystems, big data, cooperative car-ownership services, and user benefits, resulting in even greater synergies."
For more information, please visit: https://ir.autohome.com.cn/news-releases/news-release-details/autohome-inc-announces-unaudited-first-quarter-2024-financial
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. According to QuestMobile, in March 2024, the mobile DAUs reached 69.39 million with an increase of 8.1% year-over-year. Its mission is to engage, educate and inform consumers about everything auto. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-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 their advertising campaigns. Further, the Company's dealer subscription and advertising services allow 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 with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services.
For further information, please visit: https://www.autohome.com.cn/about/index.html
SOURCE Autohome
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