Thank you, operator. Hello everyone, and welcome to Autohome's third quarter 2026 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 is our Chief Financial Officer, Mr.

Craig Yan Zeng. Management will go through the prepared remarks first, which will be followed by a Q&A session where they will be available to answer all your questions.

Before we begin, please note that today's discussion contains forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the U.S.

Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome undertakes no obligation to update any forward-looking statements, except as required under applicable laws.

Please also note that Autohome's earnings press release and today's conference call include discussions of certain unaudited non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

I'll now turn the call over to Autohome's CFO, Mr. Craig Yan Zeng, for opening remarks.

Craig, please go ahead. 谢谢宋恺。大家好，我是汽车之家的首席财务官曾岩。感谢大家参加我们今天的电话会议。

Thank you, Sterling. Hello everyone, this is Craig Zeng, CFO of Autohome.

Thank you for joining our earnings conference call today.

第三季度，我们向一站式汽车生态服务平台升级取得了扎实进展，创新业务稳步推进。用户端，我们着力系统性构建内容与工具矩阵，用户规模同比平稳攀升，进一步筑牢平台护城河。创新业务端，新零售持续打磨升级业务模式，拓展服务网络，城市覆盖范围不断扩大。二手车稳步推进国内与海外双平台建设，全流程卖车服务平台持续完善标准化服务体系，跨境出口服务平台的优质车源供给与出口成交量也实现了同步提升。9月初，我们正式发布了自研汽车服务智能体应用“芝士车管家”，通过将AI能力与用户服务和商户服务双生态深度融合，我们将大力推动汽车服务由信息匹配向可信决策与可靠履约升级，这也是之家在AI加汽车服务领域的重要战略布局。

In the third quarter, we made solid progress in upgrading towards a comprehensive automotive service ecosystem, with our innovative businesses developing steadily. On the user side, we stepped up our efforts to systematically develop our content and tool matrix.

Our user base maintained stable year-over-year growth, further strengthening our platform moat. On the innovative business side, our new retail business refined its model and scaled up its service network, further broadening its city coverage.

Our used car business advanced the development of both domestic and overseas platforms. Our full-process used car sales service platform continued to improve its standardized service system, while our cross-border used car export service platform achieved growth in both the supply of quality vehicles and export transaction volumes.

In early September, we officially launched our proprietary automotive service AI agent application, Cheesecar Butler, by deeply integrating AI capabilities with our dual-service ecosystem of users and merchants. We are driving the shift in automotive services from pure information matching towards trusted decision-making and reliable fulfillment.

This also represents a key strategic initiative for Autohome in the AI-plus-automotive services sector.

具体来看，在内容上，我们持续推进品牌年轻化建设。在818全球汽车节期间，之家携手芒果超媒打造综艺娱乐晚会，通过台网联动、明星达人挑战竞猜等多种玩法，带动流量增长与品牌声量提升，直播活动反响积极，全域曝光量突破18亿。产品层面，车型库上线了一图看懂功能，将分散的车型信息提炼整合，一张图集中呈现车型的八大亮点与五大场景化工具，帮助用户更快、更直观地读懂车型核心要点。同时，针对新能源车选配复杂、复杂度高的问题，我们还推出了选装配器工具，将选配流程化繁为简，有效降低用户决策门槛。QuestMobile数据显示，汽车之家9月移动端日均用户量同比增长3.4%，达到7914万。其报告进一步显示，6至8月，汽车之家的汽车信源引用率已连续三个月位居六大AI平台榜首。这也意味着，之家长期积累的专业内容正在新的信息服务场景中持续释放价值。

On content, we continue to advance our brand rejuvenation. In partnership with Mango Excellent Media, Autohome produced a variety entertainment gala, August 18th Global Automobile Festival, which was broadcast across platforms.

The gala featured celebrity and influencer challenge quizzes and other interactive formats, driving traffic growth and raising brand awareness. The live broadcast event was received positively, with total impressions across all channels exceeding 1.8 billion.

On the product side, our vehicle model library launched the At-a-Glance feature, which helps users understand the vehicle in a single glance by extracting and integrating scattered vehicle information into a single image covering eight major highlights and five scenario-based tools for each vehicle. This allows users to understand the key selling points of a vehicle more quickly and intuitively.

In parallel, to address the complexity of configuring new energy vehicles, we also launched the Configuration Selector tool, which simplifies the configuration selection process and lowers the barrier to decision-making for users. According to QuestMobile data, Autohome's average mobile DAUs grew 3.4% year-over-year to 79.14 million in September.

Its report also showed that Autohome ranked first by citation rate as an automotive information source across six major AI platforms for three consecutive months from June to August. This demonstrates that the professional content accumulated by Autohome over the years continues to be valued now in new information service scenarios.

在新能源车领域，我们加速构建覆盖全渠道、全地域的经销商生态网络。截至三季度末，之家商城在线购车模式已覆盖全国38座城市，累计入驻经销商超过1700家，上架在售车系突破600个。通过规模化授权经销商网络，这一模式有效丰富了车源供给，打破了地域购车限制，进一步完善了线上汽车电商的交易链路。同时，家家好车的线下渠道也在稳步扩张，门店规模持续提升。截至三季度末，家家好车加盟门店已超过170家，累计成交超700台次。随着新零售线下渠道的逐步建立，高低线城市布局逐步成型，之家的交易服务体系也日益完善。线上资产和线下渠道协同发力，O2O生态网络效应初步显现。

In the new energy vehicle sector, we accelerated the buildout of our dealer ecosystem across all channels and regions. By the end of the third quarter, Autohome Mall's online car purchasing model had reached 38 cities nationwide, with more than 1,700 authorized dealers and over 600 vehicle series listed on the platform.

This large-scale authorized dealer network has broadened vehicle supply, removed regional barriers to car purchases, and strengthened the online automotive e-commerce transaction chain. Meanwhile, Autohome Good Car steadily expanded its offline footprint and store count.

At the end of the third quarter, Autohome Good Car had over 170 franchise stores, with cumulative transactions of over 700 vehicles. As new retail offline channels take shape and our footprint across higher- and lower-tier cities develops, Autohome's transaction service system is becoming increasingly complete.

With our online assets and offline channels working synergistically, the network effects of our O2O ecosystem are beginning to emerge.

在AI和大模型方面，9月5日，之家旗下AI原生应用“芝士车管家”正式上线。产品基于之家自研的汽车行业“沧颉”大模型，功能上覆盖用户看、选、买、用全链路，连接线上智能咨询与线下实体门店服务。用户端，“芝士车管家”汇聚海量真实车主的评价与口碑信息，为购车决策提供可信参考，并整合优惠查询、试驾预约、一口价交易、估值比价、上门检测、充电、养护履约等一站式服务，全程陪伴用户的用车周期。商户端，产品已覆盖全行业主流4S店、二手车商及用车服务资源，赋能经销商与车后服务商的数字化经营。“芝士车管家”是之家将长期积累的汽车内容、数据、行业资源和用户服务经验与AI技术能力相结合的创新产品。未来，我们将继续迭代产品使用体验，提升服务品质，让用户能够更便捷地获取真实信息，找到所需的线下服务资源。

On AI and large language models, we officially launched our AI-native application, Cheesecar Butler, on September 5th. The product is built on our proprietary Cangjie automotive large model.

It covers the entire user journey of browsing, selecting, buying, and using vehicles, linking intelligent online consultations with offline store services. For users, Cheesecar Butler aggregates extensive reviews and word-of-mouth data from real car owners to offer credible references for car purchase decisions.

It also integrates one-stop services, including incentives and discounts, test drive appointments, fixed-price transactions, valuations and price comparisons, on-site inspections, charging, and maintenance fulfillment to support users throughout the entire vehicle lifecycle. For merchants, the product covers mainstream 4S dealerships, used car dealers, and automobile service providers across the industry, empowering dealers and aftermarket service providers in their digital operations.

Cheesecar Butler is an innovative product that combines Autohome's long-accumulated automotive content, data, industry resources, and user service experience with AI capabilities. Going forward, we'll continue to refine the user experience and improve service quality, making it easier for users to access authentic information and find the offline service resources they need.

在二手车业务方面，我们以全流程卖车服务平台为核心，年初在南通、常州两地开展试点运营。试点期间，成交效率与用户满意度实现双提升，初步验证了业务模式的可行性。三季度，我们将试点城市扩大到六城，通过更贴近区域市场的精细化运营，持续打磨标准化服务体系，为后续业务在全国范围内复制推广夯实基础。跨境出口服务平台方面，我们加强线上多语言国际站和线下履约网络的协同融合，通过打通线上车源展示、询盘转化与线下车况检验、通关、物流等关键环节，提升跨境交易全链路的协同效率。同时，我们不断丰富优质车源供给。三季度，平台线上日均在售车源超过3000台。自7月完成首单出口交易来，成交台次也逐月提升，业务呈现良好的发展态势。整体来看，全流程卖车服务平台与跨境出口服务平台协同推进，模式验证、区域拓维与链路提效并进，为后续规模化拓展和全国布局积蓄势能。

In our used car business, we focused on the full-process car sales service platform and launched pilot operations in Nantong and Changzhou at the beginning of the year. During the pilot period, both transaction efficiency and user satisfaction saw improvements, preliminarily proving the feasibility of our business model.

In the third quarter, we extended the pilot to six cities. Through refined operations tailored to regional markets, we continued to hone our standardized service system, laying a solid foundation for replicating the model nationwide.

For our cross-border export service platform, we strengthened the integration of our online multilingual international sites and our offline fulfillment network. By connecting online vehicle supply displays and inquiry conversion with offline vehicle condition verification, customs clearance, and logistics, we improved the collaborative efficiency of the entire cross-border transaction process.

We also continued to expand our supply of high-quality vehicles. In the third quarter, the platform averaged more than 3,000 vehicles listed for sale online each day.

Since the platform completed its first export order in July, monthly transaction volume has continued to rise, demonstrating very sound business momentum. Overall, the full-process car sales and cross-border export service platforms are developing steadily, with model validation, regional expansion, and operational chain efficiency improvements progressing in parallel, building momentum for further expansion and a nationwide deployment.

综上所述，我们一方面继续夯实传统资讯平台建设，强化用户心智与流量基础；另一方面全力推进交易业务发展，加速布局AI智能体应用，打造独特的差异化竞争优势。同时，秉承持续为股东创造最大价值的长期承诺，董事会通过了2026年下半年的现金分红计划，并持续在公开市场积极进行股票回购。展望未来，我们将继续投资于能够强化长期竞争力的战略重点方向，同时保持精简的成本结构，以更高效的汽车生态服务体系，为用户、客户和股东创造可持续的价值。

In summary, we further solidified our traditional information platform, reinforcing user mindshare and our traffic base, while actively developing our transaction business and accelerating the deployment of AI agent applications to build a differentiated competitive advantage. At the same time, in keeping up with our long-standing commitment to maximizing shareholder value, our board approved a cash dividend plan for the second half of the year, and we continue to actively repurchase shares in the open market.

Looking ahead, we'll continue to invest in key strategic priorities that can strengthen our long-term competitiveness while maintaining a streamlined cost structure, creating sustainable value for users, customers, and shareholders through a more efficient automotive service ecosystem.

接下来，我来向大家简述一下汽车之家2026年第三季度的主要财务情况。请注意，我将在今天的讨论中仅以人民币作为货币单位，除非另有说明。

With that, let me briefly walk you through the key financials for the third quarter of 2026. Please note that all amounts discussed today are in RMB, unless otherwise stated.

三季度收入总额为13.1亿元。具体来讲，媒体服务收入为2.41亿元，线索服务收入为5.26亿元，在线营销及其他收入为5.47亿元。

Net revenues for the third quarter were 1.31 billion. Specifically, media services revenues were 241 million, leads generation services revenues were 526 million, and online marketplace and others revenues were 547 million.

成本方面，三季度营业成本为4.31亿元，上年同期为6.46亿元。三季度毛利率为67.2%，上年同期为63.7%。

With respect to costs, cost of revenues in the third quarter was 431 million, compared with 646 million in the third quarter of 2025. Gross margin in the third quarter was 67.2%, compared with 63.7% in the same period last year.

营业费用方面，三季度销售及市场费用为5.75亿元，上年同期为6.2亿元。研发费用为1.95亿元，上年同期为2.79亿元。一般及管理费用为0.91亿元，上年同期为1.25亿元。

Turning to operating expenses, sales and marketing expenses in the third quarter were 575 million, compared with 620 million in the third quarter of 2025. Product and development expenses were 195 million, compared with 279 million in the third quarter of 2025.

General and administrative expenses were 91 million, compared with 125 million in the same period last year.

总体来讲，汽车之家三季度营业利润为0.96亿元，上年同期为1.47亿元。归属于汽车之家的经调整净利润为2.53亿元，上年同期为4.07亿元。

Overall, operating profit was 96 million in the third quarter, compared with 147 million in the same period of 2025. Adjusted net income attributable to Autohome was 253 million in the third quarter, compared with 407 million in the corresponding period of last year.

三季度经调整基本和摊薄每股净利润分别为0.61元和0.60元，上年同期分别为0.87元和0.86元。三季度经调整基本和摊薄每股美国存托股净利润分别为2.43元和2.42元，上年同期分别为3.47元和3.45元。

Non-GAAP basic and diluted earnings per share in the third quarter were 0.61 and 0.60, respectively, compared with 0.87 and 0.86 in the corresponding period of 2025. Non-GAAP basic and diluted earnings per ADS in the third quarter were 2.43 and 2.42, respectively, compared with 3.47 and 3.45, respectively, in the corresponding period of 2025.

截至2026年9月30日，我们的资产负债表持续得很强劲。现金、现金等价物、短期投资及其他长期投资合计为176.5亿元。三季度来自经营活动的现金流量净额为3.6亿元。

As of September 30th, 2026, our balance sheet remained robust. Cash, cash equivalents, short-term investments, and other long-term investments totaled 17.65 billion.

Net cash provided by operating activities for the third quarter was 360 million.

2026年7月28日，公司董事会批准了一项12个月内总额度不超过4亿美元的股票回购计划。截至2026年10月30日，我们已经回购了约706万股美国存托股份，总金额约为1.55亿美元。

On July 28th, 2026, our board of directors authorized a share repurchase program under which we may repurchase up to US$400 million of Autohome's ADSs over the next 12 months. As of October 30th, 2026, we had repurchased approximately 7.06 million ADSs for a total cost of approximately US$155 million.

此外，根据公司的股息政策，董事会已批准派发每股美国存托股1.58美元或每股普通股0.3950美元的现金分红，将以美元支付给于2027年1月5日休市后登记在册的普通股持有者及美国存托股持有者。分红总金额将为约人民币10亿元，预计将于2027年3月15日前后及2027年3月22日前后分别支付给公司的普通股及美国存托股持有者。

In addition, in accordance with our dividend policy, our board has approved a cash dividend of US$1.58 per ADS, or US$0.395 per ordinary share, payable in U.S. dollars, to holders of ordinary shares and ADSs of record as of the close of business on January the 5th, 2027.

The aggregate amount of the dividends will be approximately RMB1 billion, and is expected to be paid to holders of ordinary shares and ADSs of the company on or around March the 15th, 2027, and March 22nd, 2027, respectively. 以上是公司的财务数据汇总。下面我们开始问答环节。

That concludes our financial summaries. Now we are ready to open up the Q&A session.

Operator, please open up the line for the Q&A session. Thank you.

好的，谢谢管理层给我这机会提问。我有两个问题，就是第一个我们现在对车市的后续有什么看法？然后整个行业咱们觉得明年能否有一定的复苏，以及行业上面有什么样的一个新的变化？然后第二个问题是我们的线下店的目前进展是怎么样的，以及能否分享一下短期、中期和长期的一个规划？谢谢管理层。I will translate it myself. Thanks management for taking my question.

I have two questions. First is what's our view on the auto sales industry right now, and do you expect a recovery for the industry for next year, and is there any change for the industry trend?

Secondly, what is the progress on our offline store currently? Could you share your plan over short term and medium term?

Thank you. 谢谢你的提问。首先呢，我们预计就是这个车市啊短期内还会继续承压，但目前呢看也基本在底部区域了吧。明年我们预计在一定程度上呢是会回暖和修复的。

Thank you for your question. First, we do expect the domestic auto market remain under pressure in the short term, and but we believe it is already at the bottom for the moment.

For next year, we believe there is likely to be some kind of recovery and stabilization.

今年三季度呢，车市销量没有像以往出现这种金九银十的这个强旺季啊，部分主要原因还是去年补贴政策呢带来的比较高的基数，补贴造成的这个销量的这个透支呢，以及这个消费意愿下降的这些这些原因。今年呢，全年乘用车的这个销量预计是1850万辆，就同比下降22%。这意味着呢四季度的整体销量还是会下降20%到25%。

This year, in the third quarter, we didn't see the usual strength from the traditional golden September or silver October, a strong sales season. This is partly because, first, the high base of last year's subsidy policies, and the subsidy-induced demand pull forward, as well as the consumer sentiment decrease, such factors, et cetera.

For this year, the full-year retail sales of passenger vehicles is projected to be 18.5 million units, which is a decrease 22% year-over-year. This means that the overall retail sales in the fourth quarter is still to decline by 20% to 25% year-over-year.

乘联会呢对明年的这个乘用车的零售数量的预测是增长0%到5%吧，均值在2%。这个判断呢和我们过去一直和投资者沟通的说中国的车市呢应该是一个低得个位数的增长的这么一个方式呢是一致的。就我们的对于明年行业有几个主要的一个判断：一个是总体的销量呢应该是平稳向上的；结构上呢依然还是新能源车的这个拉动。新能源车的渗透率在9月达到67%。后续头部自主品牌的表现还是会更强的，尾部的品牌呢可能会被出清整合。成本上看呢，国际油价高企呢对燃油车的消费呢也起到了一定的这个抑制的这个作用。

The China Passenger Car Association, which is CPCA, it forecasts that the domestic passenger vehicle retail sales will grow between 0% to 5% next year. The middle point is approximately 2%.

This is in line with our judgment, as we communicate with the market or investors in the past. Our forecast is a low single-digit increase for the China auto market.

This is in line with our judgment and forecast. For the auto industry next year, we have several key judgments or observations.

First is that the overall sales are expected to remain relatively stable, and the growth will continue to be driven primarily by the NEV, new energy vehicles. The NEV penetration rate in September has reached a record high of 67%.

Going forward, the leading domestic automakers are likely to strengthen their market positions, market shares, while the weaker brands or weak players may face more accelerated wave of market consolidations and market exits. On the cost side, there's a high international oil price, it may also weigh on consumer demand for the traditional ICE cars.

行业的这个另一方面，行业盈利的压力还是比较大的。今年1到9月的行业利润率已被压缩到3.3%了。单纯靠这个降价来换销量的这个路呢，基本上已经走到头了吧。那就还是最后还是这些头部有技术有出海能力的车企呢，应该有更多的机会去修复这个利润。尾部呢也是会比较困难。渠道呢从卖车赚钱转向呢靠周转和返利保持经营。压力主要集中在合资的燃油品牌、较弱的二线品牌，以及资金链较弱的渠道。

Profitability across the auto industry will still remain under considerable pressure. For the first nine months this year, the auto industry profit margins has been compressed to 3.3%.

The strategy of simply relying on price reductions to drive sales is becoming more and more difficult. Those leading automakers or leading brands with strong technological capabilities and strong overseas operations, they are likely to be the first to return to better profitability, while those weaker brands or weak players in the industry will continue to exit the market.

The channels are also shifting away from selling cars making money to relying on turnover and rebate for continuous operations. We believe the pressure is mostly concentrated on those joint venture brands, especially ICE vehicles, and some weaker second-tier brands, as well as dealers with more fragile financial condition.

从行业增长动力呢也会由国内的这个首次购车呢转向置换更新，加上海外出口的这个驱动。海外出口呢预计将延续今年的一些增长势头。出海模式呢已将纯粹的整车出口呢逐步向海外建厂、本地搭建供应链、品牌运营等多重形态的升级。 For industry growth drivers, they are shifting from the domestic purchase towards replacement demand and overseas exports.

Overseas exports are expected to maintain a strong growth momentum this year. At the same time, automakers' international expansion strategy will gradually evolve beyond simple exporting finished complete vehicles to include overseas manufacturing facilities or localized supply chains and more comprehensive brand operations in international markets, et

cetera. 总体来看呢，未来车市挑战呢和机遇是并存的。内需呢持续承压，行业已进入以存量竞争为主的这个深度的这个调整期。市场份额主要会向那些核心具有核心技术、完整生态布局和较强品牌力的这个头部企业集中。

In summary, we believe in the future the auto market will face both challenges and opportunities. Domestic demand will remain under pressure, and the industry has entered a period of deep structural adjustment characterized primarily by the competition for existing market shares.

Market share is expected to concentrate among those leading brands or leading companies with core technological capabilities or comprehensive ecosystem deployments and strong brand equity.

对于之家来说呢，我们接下来会继续在内容、AI智能体、全流程买车、卖车服务平台和跨境出口服务平台建设等多个领域发力，为我们的用户提供更便捷、高效的看、选、买、用、换全周期服务，也帮助我们的客户在行业变革中促进成交转化，提升销量，降低成本。这也将是我们未来持续深耕和探索的核心方向。

For Autohome, we will continue to invest in several key areas, which include content, AI agents, end-to-end platform for vehicle purchasing and selling services, and a cross-border service platform, et cetera. Our goal is to provide users with more convenient and efficient services throughout the entire vehicle ownership lifecycle covering the car browsing, selecting, buying, and using, and we'll also help our business customers navigate changes in the industry by improving transaction conversion, driving the sales growth, and reducing their costs.

This will be the core direction we will explore and develop in the future.

关于我们的线下进线下店的进展呢，过去几个季度呢，我们一直在进行网络布局。在高线城市呢，我们通过授权经销商扩大城市覆盖，丰富车源供给，目前入驻的经销商有1700多家。在低线城市呢，我们是通过家家好车的加盟店来补齐下沉市场的这个服务能力，目前有170多家加盟店。

In the past several quarters, we have been focusing on expanding our offline retail network. In high-tier cities, we are expanding our city coverage and diversifying the supply of vehicles through the authorized dealerships.

We currently have more than 1,700 participating dealerships. In those low-tier cities, we are strengthening our service capabilities in low-tier markets through the Autohome Good Car franchise stores, with more than 170 franchise locations currently in operation.

店面数量只是一方面，我们也更关注渠道质量和业务协同能力。核心是围绕汽车之家商城完成线下履约，逐步形成线上商城加上授权经销商，加上家家好车加盟，加上卡泰驰协同的服务网络。线上流量和车源供给的不断加强，线下渠道逐步建立，O2O的交易生态协同发展，也让我们能够更好地满足合作伙伴和用户的需求。

While the number of our stores is one important metric, but we place even greater emphasis on the channel quality and on the ability to achieve business synergies. Our core objective is to build an offline fulfillment network centered on Autohome Mall, gradually establishing an integrated service network comprising of Autohome Mall plus authorized dealers plus Autohome Good Car franchise stores plus CarTech synergies.

As online traffic and vehicle supply continues to grow, and our offline distribution network becomes increasingly established, the coordinated development of our online-to-offline transaction ecosystem will enable us to better meet the needs of both our business partners and our users. 下一个问题。

Thank you. The next question, please.

感谢管理层接受我的提问，晚上好。我这边有两个问题，第一个是想请教一下，近几年来越来越公司的股东回报非常积极，我们是否可以预期未来的股东回报计划仍旧可以维持目前的规模和节奏？第二个问题是想再想请教一下，在行业整体承压的情况之下，新能源品牌的整体表现如何？I will translate myself. Good evening management, thanks for taking my question.

I have two questions. The first one is about over the past few years the company has been very proactive in shareholder returns.

Could we expect the company to maintain a similar pace and scale of shareholder returns going forward? The second one is given the challenging industry environment, how have new energy vehicle brands has been performing?

Thanks.

好，谢谢。长期以来呢，之家始终高度重视股东回报和市值的这个管理，我们也搭建了常态化的股息政策加上股份回购的双重回报体系。回购方面呢，今年7月份呢我们提前完成了3月初宣布的2亿美元的回购。7月份的董事会再次授权了为期12个月、额度4亿美元的新一轮股票回购。截至10月底呢，已经完成了约1.55亿美元，接近40%的回购额度。未来我们将按照既定战略呢，持续在公开市场上积极执行这个回购的操作。

Thank you for your question. Autohome has always placed great importance on the shareholder return and market cap management for long time.

We have established a dual shareholder return framework combining a regular dividend policy with share repurchases. On the shares repurchase or share buyback, at the end of July this year, we completed our US$200 million share repurchase program, which was announced in early March, quite ahead of schedule.

In July, the company's board of directors authorized a new share repurchase program with a duration of 12 months and a total value of US$400 million. As of the end of October last month, approximately US$155 million, or nearly 40% of the authorized amount, has already been executed.

Going forward, we will continue to actively execute the share buyback program in the open market in accordance with our established strategy.

分红方面呢，今年7月底顺利完成了2026年上半年约5亿元人民币的这个股息的派发。今天公布的下半年11亿元人民币的股息派发呢，也在2027年的一季度之内呢会执行落地。未来呢有新的分红政策呢，我们也会及时和大家沟通。

On the cash dividends, at the end of July this year, we successfully completed the distribution of approximately RMB500 million dividends to shareholders. The RMB1 billion dividends program announced today will be completed in the first quarter of next year.

Of course we will be sure to keep shareholders informed in a timely manner of any future progress or update in our dividend policy.

之家的现金储备充足，资产负债表健康，新零售、二手车交易、AI智能体等业务上也取得了阶段性的进展。未来我们也将持续优化经营效率，在业务上投入保持审慎的原则。

Autohome has ample cash reserves and we keep a healthy balance sheet. We have also made notable progress in the new retail business, used car transactions, as well as the AI agents.

Going forward, we'll continue to optimize our operating efficiency while maintaining a disciplined and a prudent approach to our business investments.

下一道问题是关于新能源的品牌的整体表现怎么一个情况。那从销量和渗透率上来看呢，9月份新能源的这个渗透率呢已经达到了67%了，这意味着达到了2/3这个这个级别。今年前9个月呢，虽然这个新能源的零售的销量呢同比还是下降了，下降了13%，但也好好于整体新车的整体销售的表现。今年前9个月呢，新能源零售的Top 10的品牌的销量呢占领了总销量的72%，而这其中呢有一半呢是传统的这个车企。

For the NEVs, in terms of sales volume and penetration of NEV brands, in this September, the NEV penetration rate has already reached as high as 67%, which is 2/3. In the first nine months of the year, although the NEV retail sales fell 13% year-over-year, but it still outperformed the overall new vehicle market.

It demonstrates a lot of resilience. During the first nine months of the year, the top 10 NEV brands accounted for 72% of total NEV retail sales volume.

Half of that are from the traditional automakers.

从行业格局来看呢，品牌分化还是比较明显的。虽然新能源整体销量在下降，但一些新势力品牌今年前9个月的销量同比仍然是有比较好的增长。这与这些品牌的产品线布局、渠道积累都有关系。

From an industry landscape perspective, the brand differentiation remains quite clear, very evident. Although the overall NEV sales declined, some brands, they still delivered a strong year-over-year growth in the first nine months.

This is attributable to those brands' early product lineup planning and their channel buildout. 下一题。

Thank you. Next question, please.

感谢公司接受我的提问，我的问题是公司目前二手车的业务进展如何？Thank you for taking my questions. Can management share an update on the progress of the company's used car business?

Thanks.

好的，谢谢。目前公司的二手车的业务呢就是国内和海外吧在同步地推进。国内二手车呢就是一站式的这个卖车服务平台，从信息撮合呢走向一个标准化的交易。从获客、邀约、检测、匹配、交付等多个环节，我们提供这个全链路的服务。获客上呢就是站内、站外两类场景呢同时的覆盖。邀约上呢我们有一对一的专属管家。检测上，我们有265项行业最高标准的专业检测项目，提供车况的这个保障系统。匹配上呢，我们通过我们的这个沧颉大模型，把车源和经销商的经营偏好进行智能匹配，以及通过天天拍进行全国竞拍。最后呢进行线上签约、代办过户等一站式交付。三季度呢我们在全国范围内的六个城市进行标准化全流程卖车服务模式的这个试点。目前来看呢，成交转化和用户满意度都还不错。未来我们会进一步升级打磨这个模式，然后在全国进行这个推广。

Thank you for your question. For our used car business, it is currently making progress along the two parallel tracks.

One is the domestic market, the other is the overseas market. Our domestic full-process used car sales service platform is upgrading from an information matching platform to a standardized transaction platform.

From customer acquisition, we cover the entire chain of services from appointment scheduling, vehicle inspections, buyer and seller matching, and then to final delivery. On customer acquisition, we cover both on-platform and off-platform customer acquisition channels.

On the appointment scheduling, we can provide dedicated one-on-one customer service representatives. On the vehicle inspections, we can offer 265 professional inspection items benchmarked against the industry standards, providing a comprehensive vehicle condition assurance system.

On the matching buyers with sellers, we can leverage our Cangjie large language model to intelligently match vehicles based on dealers' operational preferences, as well as TTP to conduct nationwide auction. Finally, we provide other services for online agreement signing and ownership transfer, et cetera.

In the third quarter, we piloted this standardized end-to-end vehicle selling service model in six cities across China. Initial results in terms of transaction conversion and user satisfaction has been quite encouraging.

We will further refine this model and replicate nationwide in the future.

跨境出口服务平台方面呢，车源供给和效益提升是我们的关注点。7月完成了出口首单的全流程这个闭环后呢，近几个月的成交台次是逐月上升的，当然这块的量还是非常小。线上国际站和线下履约网络的协同还在磨合的阶段，未来呢希望在效率上呢能有所提高。公司原有的信息服务、拍卖服务、数据平台都是传统存量业务，都在继续发展。海外这部分呢对我们是新的机会。

For our cross-border export services platform, we are focused on improving the vehicle supply and operational efficiency. Following the successful completion of our first end-to-end export transaction in July, the number of transactions has increased month by month in the past few months.

Of course, the total volumes are still relatively smaller amount. We are still working to optimize coordination between our online international platform and our offline fulfillment network, and hopefully we can improve the operational efficiency in the future.

For our existing information services, auction services, and data services, they are all established business lines and they still continue to develop, and the overseas business represents additional growth opportunities for us.

OK，下一个问题。

Thank you. Next question, operator.

哎，管理层晚上好，谢谢你们接受我的提问。我想了解一下管理层你们如何思考AI agent对咱们传统业务发展的挑战还有机会？那有哪些的点是已经体现在收入和成本上面呢？Good

evening management. Thank you for taking my question.

I would like to ask how does management assess the challenges and opportunities brought by AI agent to the traditional business? Also, what are the actual impacts that have already been felt or realized in our revenue and costs?

Thank you.

好，谢谢。AI agent呢对整个汽车行业的传统业务都都是有很大的影响的。比如说在交互的这个范式层面呢，AI agent成为连接用户与服务的一种新的方式。对话式的交互呢替代传统这种入口模式。服务模式层面呢，AI agent实现了这种智能服务的分发，而垂媒传统的这种投内容、铺覆盖的模式呢，去具备更精确的这个触达能力。

Thank you for your question. On the impact of AI agents on our traditional automotive industry business, from two levels.

Level one is from the user interaction level. AI agent is becoming a new central hub connecting the users with services, with conversational interactions increasingly replacing traditional platform entry points.

The second, from the service delivery level, AI agents enables intelligent service distribution. Traditional service models used by vertical automotive media platforms, which have historically focused on content placement and broad market coverage, must evolve towards more precise targeting.

汽车之家呢在AI上也有一些成果。这个“芝士车管家”呢9月份呢官宣发布，帮助用户找需要的服务商，帮助线下资源上也找到用户。“沧颉”大模型呢作为底座呢，将AI能力贯穿到内部员工的提效、B端的这个经营和C端服务的这个全链路里头。

For Autohome, we have made some achievements of progress in the AI. Here I can give you several examples.

One example is the Cheesecar Butler, which was officially launched September this year. It enables users to find service providers they need, and also enables offline service providers to find online users.

Another example is our Cangjie large language model, which serves as our underlying technology foundation. It enables us to establish a comprehensive AI empowerment framework, which can improve internal staff efficiency and empower business partners and enhance services for users.

就这些技术啊和产品上的投入呢，它的成果呢已经体现在之家的这个报表的这些成本的里边。但目前呢，在规模化的营收方面呢，AI还没有能够提供这样的贡献。这个而且呢更多地作为之家各类产品的底层技术能力呢，持续地帮助优化产品、提高效率，使用直接的还是用间接的方式呢在支撑我们的帮助我们的营收。 This

investments in technology and products are already reflected in our financial results. However, AI are not already began to generate revenues in scale.

Instead, they serve as the underlying technological capabilities across our various products, helping us optimize the product offerings and improve operational efficiency. In this way, AI can support and strengthen our existing revenue, generating more business.

Thank you.

Thank you very much everyone for joining us today. We look forward to speaking with you again on our next quarter's conference call and to sharing the latest updates on Autohome's corporate strategy and business development.

Should you have any questions or suggestions, please feel free to contact us at any time. Thank you very much.

Goodbye.