Autohome Inc. reported third‑quarter 2025 results with net revenue of RMB1,778.1 million (US$249.8 million) and net income attributable to the company of RMB436.6 million (US$61.3 million). GAAP earnings per share were RMB0.89 (US$0.13), a beat of roughly $0.36 to $0.42 against consensus estimates of $0.53 or $0.47. Revenue was essentially flat year‑over‑year, rising only 0.2% from RMB1,774.5 million in Q3 2024, and slightly above the $246.42 million consensus but below the $251.99 million estimate, resulting in a modest revenue miss of about $2.2 million versus a beat of $3.4 million depending on the reference forecast.
The strong growth in the online marketplace segment—32.1% year‑over‑year—offset a decline in leads‑generation services, which fell as fewer dealers paid for listings. Cost of revenues climbed to RMB646.0 million, driven by higher transaction costs in lower‑tier cities, while operating expenses were trimmed to RMB1,024.5 million from RMB1,352.2 million a year earlier, reflecting tighter cost control. Gross margin contracted from 77% in Q3 2024 to 63.7% in Q3 2025, a 13.3‑percentage‑point drop largely attributable to the mix shift toward lower‑margin marketplace transactions and increased investment in AI‑enabled logistics.
Chief Executive Officer Chi Liu emphasized that the company’s AI and O2O initiatives are accelerating, noting that “the integration of AI technologies with our products is fostering business innovation while enhancing both user experience and customer operational efficiency.” Chief Financial Officer Craig Yan Zeng added that the firm will continue to deepen AI applications across multiple scenarios, underscoring a commitment to long‑term value creation.
Investor sentiment remained muted. A JPMorgan downgrade to “Neutral” on expected earnings cuts and the modest revenue miss tempered enthusiasm, even as the EPS beat signaled disciplined cost management. Analysts highlighted the company’s robust cash position—RMB21.89 billion (US$3.08 billion)—as a cushion for continued investment in AI and O2O strategies.
Looking ahead, Autohome’s dividend of US$1.20 per ADS (US$0.30 per ordinary share) reflects confidence in its cash flow. The company’s focus on expanding its Autohome Mall and deepening AI‑driven services positions it to capture additional market share, but margin compression and a weakening leads‑generation segment remain headwinds that management will need to address to sustain profitability.
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