Autohome NYSE: ATHM said it began 2026 with a broad push to reposition its platform from an automotive information media business into a more comprehensive automotive services ecosystem, while reporting first-quarter revenue of RMB 1.05 billion and highlighting continued shareholder returns through dividends and share repurchases.
Chief Financial Officer Craig Yan Zeng told investors on the company’s first-quarter earnings call that Autohome is expanding across content, transactions, artificial intelligence, used cars and overseas markets. He said the company’s average mobile daily active users reached a record high, surpassing 80 million, supported by a brand refresh, an app upgrade, premium content development and a broader new media presence.
“We began the year by rolling out a series of initiatives to accelerate the transformation of our platform from an automotive information media into a comprehensive automotive service ecosystem,” Zeng said through a translator.
Revenue Reaches RMB 1.05 Billion
For the first quarter of 2026, Autohome reported net revenues of RMB 1.05 billion. Media services revenue was RMB 163 million, lead generation services revenue was RMB 503 million, and online marketplace and other revenue was RMB 382 million.
Cost of revenues was RMB 257 million, compared with RMB 316 million in the first quarter of 2025. Gross margin was 75.5%, down from 78.3% a year earlier.
Operating expenses declined in several areas. Sales and marketing expenses were RMB 506 million, compared with RMB 544 million in the prior-year quarter. Product and development expenses were flat year over year at RMB 274 million. General and administrative expenses were RMB 120 million, compared with RMB 131 million in the same period last year.
Autohome reported non-GAAP basic and diluted earnings per share of RMB 0.39 for the quarter, compared with RMB 0.18 in the comparable period of 2025. Non-GAAP basic and diluted earnings per ADS were RMB 1.55 and RMB 1.54, respectively, compared with RMB 3.64 and RMB 3.52 in the prior-year period.
As of March 31, the company said cash, cash equivalents, short-term investments and other long-term investments totaled RMB 20.04 billion. Net cash used in operating activities was RMB 143 million in the quarter.
Autohome Expands Content, AI and Overseas Platforms
Zeng said Autohome’s content ecosystem continued to expand in the quarter. The company’s media MCN ecosystem surpassed 650 premium creators across various fields, while cumulative reach across new media platforms approached 150 million users. According to QuestMobile data cited by the company, Autohome’s average mobile daily active users reached 80.73 million in March, up 4.9% year over year.
The company is also using artificial intelligence and large language models across its content and membership operations. Zeng said Autohome has deployed an AI-powered “smart radar” to track online trends around the clock, while using large language models and AIGC tools to support content packaging, automated content generation and distribution.
In its membership business, Autohome is applying what it calls a reverse funnel model and an intelligent distribution model to improve user targeting, traffic matching and conversion. Zeng said these tools are intended to align platform content with users who are more likely to transact and to integrate data from user behavior, scenario preferences and transaction attribution.
Autohome also launched its overseas content platform YesAuto in Thailand in March. Zeng said the platform has onboarded local creators and built a content system covering 100 Chinese new energy vehicle model series and more than 10,000 product specifications. During the Bangkok International Motor Show, Autohome partnered with six Chinese automotive brands and 12 media outlets on campaigns that generated more than 140 million views and over 530,000 user interactions across platforms.
New Retail and Used Car Platforms Advance
In late April, Autohome launched an online car purchase feature through Autohome Mall in Shenzhen and Xi’an. Zeng said local partner dealerships can post competitive local pricing on the platform, allowing users to select vehicles, configure options and pay deposits online before completing contracts and delivery offline.
During the question-and-answer session, Zeng said the model is comparable to a marketplace approach, with dealers displaying inventory and final transaction pricing online. He said the company is currently piloting the model in the two cities and will consider expansion after the model is “fully upgraded and validated.”
Autohome also launched two used car platforms in the first quarter: a full-process used car selling service platform and a cross-border used car export service platform. The domestic selling platform offers free official inspections, dedicated services and nationwide price inquiry capabilities. It is currently in pilot operation in two cities, with plans to expand to more cities nationwide.
The export platform allows dealers to list vehicles on domestic and international platforms with one click. Zeng said each exported vehicle includes a detailed inspection report and maintenance and insurance records, with the aim of reducing trust barriers in cross-border used car transactions.
Management Cites Pressure in China Auto Market
Asked by Jefferies analyst Thomas Chong about industry conditions, Zeng said China’s auto market weakened in the first quarter. He said retail sales of passenger vehicles declined 17% year over year, while NEV sales declined 21%, marking what he described as the first year-over-year quarterly decline for NEV sales. In April, he said passenger vehicle retail sales and NEV retail sales declined 22% and 7%, respectively, from the same period in 2025.
Zeng attributed the weakness to multiple factors, including the expiration of the NEV purchase tax exemption at the end of 2025, reduced subsidies, cautious consumer confidence and a high comparison base from the prior year. He also cited high dealer inventories, price cuts and industry overcapacity as factors that have extended consumer decision cycles.
Despite pressure on dealers, Zeng said Autohome’s dealer membership renewal process had been completed and customer coverage remained stable. He said demand for high-quality sales leads continues to rise, and that Autohome remains an important customer acquisition channel for dealers.
Zeng also discussed collaboration with Haier Group, saying the partnership remains focused on used cars and offline service scenarios. He said Autohome’s new retail business has begun working with CARtech in used cars, including vehicle sourcing and inspection, while CARtech’s vehicle customization and charging-related businesses create additional potential synergies.
Dividend and Buybacks Remain Priorities
Autohome said its board authorized a share repurchase program on March 5, allowing the company to buy back up to $200 million of ADSs over a period of up to 18 months. As of May 22, the company had repurchased approximately 3.47 million ADSs for about $62.3 million.
The board also approved an interim cash dividend for the first half of 2026 with an aggregate amount of approximately RMB 0.5 billion. The dividend is expected to be paid to holders of ordinary shares and ADSs around July 24 and July 31, respectively.
Responding to a question from CICC analyst Jing Yuan, Zeng said Autohome remains committed to a full-year cash dividend of no less than RMB 1.5 billion and will continue to use a shareholder return framework that includes both dividends and share buybacks.
“Regardless of the fluctuations in the auto industry, we will consistently place strong emphasis on the shareholder returns,” Zeng said.
About Autohome NYSE: ATHM
Autohome Inc NYSE: ATHM operates one of China’s leading online destinations for automobile consumers, offering a comprehensive suite of digital platforms and services throughout the vehicle ownership lifecycle. Headquartered in Beijing, the company’s core website and mobile applications deliver news, reviews, pricing information, photos, videos and interactive tools to help prospective buyers evaluate new and used vehicles. By aggregating rich editorial content with user-generated ratings and expert analyses, Autohome seeks to guide consumers through research, purchase and after-sales decision-making.
In addition to its consumer-facing properties, Autohome provides automakers, dealers and service providers with integrated digital marketing and e-commerce solutions.
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