Q2 2024 Autohome Inc Earnings Call Transcript
Key Points
- Autohome Inc (ATHM) reported a steady growth in net revenues, with a 2.2% year-over-year increase to RMB1.87 billion.
- Revenues from the online marketplace and other businesses maintained double-digit growth, reaching 33.1% of total revenue.
- The company achieved a healthy profitability with an adjusted net income of RMB5.72 billion and an adjusted net profit margin of 30.6%.
- Autohome Inc (ATHM) expanded its new retail business reach, intensifying penetration from high-tier to low-tier cities.
- The company continues to drive product innovation and upgrade, leveraging smart series products to introduce a comprehensive digital business management platform for dealership partners.
- The ongoing price war in the auto market has lasted for over 500 days, impacting sales and profitability for automakers and dealers.
- The used car market is under pressure due to declining new car prices, resulting in a 1% year-on-year drop in used car sales in June.
- The inventory alert index for Chinese dealers is high, with luxury brands facing the most significant pressure.
- More than 80% of BBA dealers failed to meet their sales goals in the first half of the year, leading to potential closures.
- Operating expenses, including general and administrative expenses, increased compared to the same period last year, impacting overall profitability.
Ladies and gentlemen, thank you for standing by for Autohome's second quarter and interim 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
A live and archived webcast of this earnings conference call will also be available on Autohome's IR website. It is now my pleasure to introduce your host Sterling Song, Autohome's IR Director.
Mr. Song, please go ahead.
Thank you. Thank you, operator, and hello, everyone. I'm Sterling Song, and welcome to Autohome's second quarter and interim 2024 earnings conference call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cn.
Joining me today on today's call are Chief Executive Officer, Mr. Tao Wu; and the Chief Financial Officer, Mr. Craig Yan Zeng. Management will go through their prepared remarks, which will be followed by a Q&A session, where they will be available to answer all your questions.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
