Q3 2024 Autohome Inc Earnings Call Transcript
Key Points
- Autohome Inc (ATHM) reported a 5.6% year-over-year increase in average mobile daily active users, reaching over 70 million.
- The company successfully organized over 500 offline auto shows in low-tier markets, enhancing consumer engagement.
- Revenues from the online marketplace and other segments increased by 3.1% year over year.
- Autohome Inc (ATHM) expanded its new retail business into lower-tier cities, establishing a network of over 50 stores.
- The company strengthened its cooperation with Ping An Group, introducing innovative products and services across various sectors.
- Autohome Inc (ATHM) experienced a decline in gross margin to 77% from 80.4% in the same period last year.
- Operating profit decreased to RMB83 million compared to RMB166 million in the third quarter of 2023.
- Adjusted net income attributable to Autohome was RMB497 million, down from RMB604 million in the corresponding period last year.
- The ongoing price war in the auto industry has negatively impacted the profitability of car companies and dealers.
- The used car market remains sluggish, with a significant decline in trading volume and profitability.
Ladies and gentlemen, thank you for standing by for Autohome's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions) 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.
(technical difficulty) on the company's website at ir.autohome.com.cn. Joining me today on today's call are Chief Executive Officer, Mr. Tao Wu; and Chief Financial Officer, Mr. Craig Yan Zeng. Management, please, 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.
Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking
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