Thank you, Operator. Hello, everyone, and welcome to Autohome's fourth-quarter and full-year 2025 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 on today's call is our Chief Financial Officer, Mr.

Craig 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 your questions.

Before we continue, please know that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

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 doesn't undertake any obligation to update any forward-looking statements, except as required under applicable laws.

Please also note that Autohome's earnings press release and this 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 Chief Financial Officer, Mr. Craig Yan Zeng, for opening remarks.

Craig, please go ahead. 谢谢宋侃。大家好，我是曾岩。感谢大家参加我们今天的电话会议。

Thank you, Sterling. Hello, everyone.

This is Craig Zeng. Thank you for joining our earnings conference call today.

2025年是汽车之家从汽车资讯平台向一站式汽车生活生态服务平台转型的元年。面对汽车行业的深刻变革，我们聚焦两大核心举措。在内容层面，持续强化优质内容建设，完善创作者生态，提升新媒体能力。在服务层面，加速构建线上线下一体化的服务体系，为用户和行业伙伴打造更高效、更便捷的全链路车生态服务体验。在转型过程中，我们以人工智能为引擎，全面赋能产品创新与运营优化，且已在多项业务领域均取得扎实进展。

2025 was a pivotal year in our evolution, transforming from an automotive information platform into a comprehensive automotive service ecosystem. Facing a dynamic industry landscape, our focus was on driving two core initiatives.

On the content front, we continued to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities. On the service front, we accelerated the development of fully integrated online-to-offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners.

Throughout this transformation, we're applying AI as a core engine to drive product innovation and optimize operations, and have already achieved substantial progress across multiple business areas. 用户端，得益于平台工具的持续优化与迭代，我们有效降低了用户决策成本，整体用户体验显著提升。以新能源车为例，我们陆续推出选装配置、对比车单等功能，不断丰富选车场景下的核心工具，帮助用户更快做出购车决策。此外，通过构建流量联盟和拓展服务品类，之家覆盖的场景也更加多元，能够更好地满足用户的多样化需求。

On the user side, by continuously optimizing and iterating our platform tools, we've effectively reduced decision-making costs and significantly enhanced the overall user experience. Taking new energy vehicles as an example, we've launched features such as optional configuration selections and vehicle comparison lists, further enriching the car selection tool set to help users make faster purchasing decisions.

Moreover, by building a traffic alliance and expanding service categories, Autohome now covers a broader range of user scenarios, enabling us to better meet diverse user needs.

O2O线上线下融合实践是我们重构汽车消费场景的重要举措。2025年全年，我们在全国范围内共举办了超过5,000场线下车展团购活动，并跨界联动电竞、音乐节等年轻文化IP，打破传统购车边界，触达更广泛的消费群体，实现了看、选、试、买与沉浸式体验的深度融合。特别值得一提的是，在交易生态服务布局上，去年下半年我们上线了汽车之家商城，致力于为用户提供更加流畅的数字化购车体验。目前，这项尚在起步阶段的业务运营平稳，展现出良好的发展势头。这也让我们对该板块新一年的发展前景更加充满信心。

Our O2O integration initiatives are key to reshaping the automotive consumption process. Throughout 2025, we organized over 5,000 offline automotive exhibition and group purchase events nationwide, and collaborated across industries with youth-oriented culture IPs, such as e-sports and music festivals.

These efforts went beyond the traditional car purchasing model by reaching a broader consumer base and ultimately integrating car viewing, selection, test driving, and purchasing into an immersive experience. Notably, within the development of our transaction service ecosystem, we launched the Autohome Mall in the second half of last year, providing users with a smoother digital car purchasing experience.

Currently, this business, though still in its initial phase, has achieved stable operations and is demonstrating positive momentum, which make us even more confident in the growth prospects of our transaction segment in the coming year.

在所有产品服务升级迭代和落地实践的背后，是数据与AI技术构建的坚实底座。25年，我们发布了自研的沧颉大模型和天枢智能服务平台，把之家20年积累的丰富数据和行业服务经验与前沿算法相融合，赋能生态伙伴加速向智能化转型。同时，之家旗下产品矩阵也已全面实现AI化升级。从贯穿用户选买全程的AI智能助手，到基于AIGC技术的营销内容极速生成与跨平台分发，再到覆盖广告全链路的AI智能投放等等，我们正推动之家从线上流量入口进化成为驱动全域效益提升的智能引擎。

Behind every product and service upgrade, integration, and real-world deployment is a strong foundation powered by data and AI technology. In 2025, we introduced our proprietary Cangjie large language model and Tianshu intelligent service platform, integrating Autohome's two decades of industry data and service experience with cutting-edge algorithms.

This integration helps our ecosystem partners accelerate their smart transformation. Meanwhile, Autohome's full product portfolio has been comprehensively upgraded with AI-powered capabilities, from AI smart assistants that support users throughout the entire car selection and purchase process, to AIGC technology that generates and distributes marketing content across platforms, and further to AI-driven intelligent advertising placement covering the entire advertising chain, and more.

We are advancing Autohome's shift from a traffic gateway into an intelligent engine that improves efficiency across the entire ecosystem. 具体来看，在过去的一年中，我们在内容生态领域持续取得进展，不断巩固专业影响力，并拓宽新媒体触达。例如，在去年11月的广州车展中，我们把车展报道和创作者大会相结合，围绕“有用的车展报道”主题，打造长达2天23小时的超长直播。车展相关内容紧密结合用户实际使用场景，相关报道内容同步覆盖六大主流新媒体平台，实现了多维度和场景化的内容传播。

Specifically, over the past year, we continued to make progress in our content ecosystem, strengthening our professional influence and expanding our reach across new media channels. For instance, during the Guangzhou Auto Show last November, we integrated our event coverage with a creator conference centered on the theme of utility-driven coverage.

We produced a marathon livestream spanning 2 days and 23 hours. Content was closely tied to real-world user scenarios, and reports were distributed simultaneously across six major new media platforms, achieving a multidimensional scenario-based content broadcast.

此外，我们在四季度推出了汽车行业一站式内容营销平台之家万象，围绕行业专家、科技、赛车、户外及海外五大领域，构建创作者矩阵，为主机厂提供覆盖图文、视频、直播等多形态的一站式汽车内容服务，能够全面匹配主机厂的多元化场景营销需求。截至2025年末，平台已吸引超过2,500位汽车之家及新媒体优质创作者入驻。 In addition, in the fourth quarter, we launched Autohome Wanxiang, a comprehensive, one-stop content marketing platform for the automotive industry.

By building a creator matrix centered on five key pillars: industry experts, technology, racing, outdoor lifestyle, and global markets, we provide automakers with a one-stop automotive content service covering articles, videos, livestreams, and more. This allows us to meet the diverse scenario marketing needs of automakers.

As of the end of 2025, the platform have attracted over 2,500 premier creators from Autohome and various new media channels.

我们在MCN体系建设方面也成果显著。旗下之家传媒MCN汇聚超500位跨领域优质创作者，新媒体端累计触达用户规模突破1亿。根据QuestMobile的数据，汽车之家12月移动端日均用户量达到7,751万，同比保持稳定。

At the same time, we achieved significant results in building our MCN system. Autohome Media MCN now covers over 500 high-quality KOLs and KOCs across diverse fields, and our new media platforms have cumulatively reached over 100 million users.

According to QuestMobile, Autohome's average mobile DAUs in December 2025 were 77.51 million, remaining stable year

over year. 新能源领域，继25年9月下旬成功试运行后，汽车之家商城于四季度正式落地，持续推进交易服务升级。线上，我们打通产业链资源，丰富车源供给，优化用户购车体验；线下，聚焦低线城市，布局加盟网络，填补了主机厂的渠道覆盖空白。目前，商城一站式服务运营体系还处在探索和完善阶段，已经吸引了23家主流汽车品牌入驻。未来，我们将持续完善汽车交易生态，携手全产业链伙伴共同推动汽车行业的数字化变革。2025年全年看，之家包含新零售在内的新能源相关总收入持续保持稳步增长，全年同比增幅达30.2%。

In the new energy vehicle sector, following a successful pilot in late September 2025, Autohome Mall was officially launched in the fourth quarter, continuously advancing our transaction service upgrades. Online, we integrate resources across the industry chain to expand vehicle offerings and optimize the car purchasing experience for users.

Offline, we are focused on low-tier cities by establishing a franchise network, fitting gaps in OEMs' channel coverage. Currently, Autohome Mall's one-stop trading and service ecosystem is still in the exploratory and refinement phase, and has already secured partners with 23 mainstream automotive brands.

Looking ahead, we'll continue to refine the automotive transaction ecosystem and work with partners across the entire industry value chain to advance the automotive industry's digital and online transformation. For the full year 2025, Autohome's NEV-related revenues, including the new retail business, maintained steady growth, increasing by 30.2% year

over year. 数字化方面，我们在2025年完成了一系列产品的AI化升级。年初，之家App率先上线了基于DeepSeek打造的之家AI智能助手，大大改善了汽车垂直领域的问答体验。4月，我们进一步推出二手车智能买手，有效破解了非标品二手车在交易匹配和选车决策中的痛点。至此，我们已在用户端实现了新车、二手车双场景的AI助手全覆盖，用户问答优质率保持行业领先。面向合作伙伴，我们利用独有的数据资源和行业分析模型，全面升级数字化产品线，重构从营销触达、潜客获取、销售转化到售后服务的全链路，助力客户实现全流程效能提升。截至目前，已累计服务超过50个汽车品牌。

On digitalization, we completed a series of AI-driven upgrades to our products in 2025. Early in the year, the Autohome app launched an AI-powered intelligent assistant built on DeepSeek and Autohome's proprietary data, significantly enhancing the Q&A experience in the automotive vertical.

In April, we introduced an intelligent used car purchasing assistant that addresses pain points in transaction matching and purchase decision-making for non-standard used cars. As a result, we now have achieved full AI assistant coverage across both new car and used user scenarios, maintaining industry-leading quality response rates for user Q&A.

For partners, we used our unique data resources and industry analytics models to upgrade our digital product line across the entire value chain, from marketing outreach to potential customer acquisition, to sales conversion, and to after-sales services. This has enabled end-to-end efficiency improvements across the process for clients.

To date, we have served over 50 automotive brands.

二手车业务板块，我们持续深化服务标准化体系建设。车价评估方面，AI拆车查车专家已成功在多个第三方平台上线应用，为用户提供涵盖拍摄车牌、行驶证等多重方式的车辆估价服务，并支持递进式查看车价行情的精细化分析。查得精准度和用户使用率均位居行业前列。车源方面，我们联合9家权威检测机构建立车源认证联盟，全年累计完成超过50万台车辆的标准化检测，为平台交易提供专业可靠的质量背书，有效降低了交易过程中的信任成本。

In our used car business, we continue to advance the development of a standardized service system. For vehicle pricing, our AI vehicle inspector has been successfully deployed across multiple third-party platforms.

It allows users to obtain valuation services through various inputs, including license plate images and vehicle registrations, while also providing in-depth and analysis of marketing pricing trends. Its pricing accuracy and user adoption rates both rank among the highest in the industry.

On the vehicle supply side, we partnered with nine authoritative inspection agencies to establish the vehicle certification alliance. Over the year, we completed standardized inspections for more than 500,000 vehicles, offering professional and reliable quality assurance for transactions on our platform and effectively reducing trust-related costs during the transaction process.

总体而言，2025年我们坚持以用户为核心，持续通过丰富优质内容和智能工具提升用户体验，并在AI应用落地以及线上线下一体化交易闭环建设上实现了关键突破。未来，我们将持续深耕用户体验，不断深化服务与交易生态，为汽车之家的高质量可持续发展注入强劲动能。

Overall, in 2025, we remain committed to a user-centric approach, continuously improving the user experience through rich, diverse, and high-quality content, as well as intelligent tools. We also achieved key breakthroughs in the practical application of AI and in building an integrated online-to-offline transaction ecosystem.

Moving forward, we remain committed to improving the user experience, continuously enhancing our service and transaction ecosystem, and driving the high-quality and sustainable development of Autohome.

接下来，我来向大家简述一下汽车之家2025年第四季度及全年的主要财务情况。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 fourth quarter and full year of 2025. Please note that I will reference RMB only in my discussion today, unless otherwise stated.

第四季度收入总额为14.6亿元。具体来讲，媒体服务收入为3.34亿元，线索服务收入为6.68亿元，在线营销及其他收入为4.6亿元。 Net revenues for the fourth quarter were 1.46 billion.

To break it down further, media services revenues were 334 million, leads generation services revenues were 668 million, and online marketplace and others revenues contributed 460 million.

成本方面，第四季度营业成本为3.19亿元，24年同期为4.29亿元。第四季度毛利率为78.2%，24年同期为76%。 With respect to cost,

cost of revenues in the fourth quarter was 319 million, compared to 429 million in the fourth quarter of 2024. Gross margin in the fourth quarter was 78.2%, compared to 76% in the same period of 2024.

营业费用方面，第四季度销售及市场费用为7.39亿元，24年同期为7.18亿元。研发费用为2.58亿元，24年同期为3.28亿元。一般及管理费用为1.15亿元，24年同期为1.31亿元。

Turning to operating expenses, sales and marketing expenses in the fourth quarter were 739 million, compared to 718 million in the fourth quarter of 2024. Product and development expenses were 258 million, compared to 328 million in the same period of 2024.

General and administrative expenses were 115 million, compared to 131 million during the same period of 2024.

总体来讲，汽车之家四季度营业利润为0.92亿元，24年同期为2.32亿元。归属于汽车之家的经调整净利润为3.04亿元，24年同期为4.87亿元。

Overall, we delivered an operating profit of 92 million in the fourth quarter, compared to 232 million for the same period of 2024. Adjusted net income attributable to Autohome was 304 million in the fourth quarter, compared to 487 million in the corresponding period of 2024.

第四季度经调整基本和摊薄每股净利润均为0.65元，24年同期均为1元。第四季度经调整基本和摊薄每股美国存托股净利润分别为2.6元和2.59元，24年同期分别为4.02元和3.99元。

Non-GAAP basic and diluted earnings per share in the fourth quarter were both 0.65, compared to 1 for both in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS in the fourth quarter were 2.60 and 2.59, respectively, compared to the 4.02 and 3.99, respectively, in the corresponding period of 1994.

下面，我来简要总结一下我们25年全年的业绩情况。总收入为64.5亿元，其中媒体服务收入为11.5亿元，线索服务收入为27.1亿元，在线营销及其他收入为25.9亿元，同比增长8.8%。全年归属于汽车之家的经调整净利润为16.1亿元，全年的经调整净利润率为24.9%。

Next, I'll briefly summarize our full-year 2025 results. Total revenues were 6.45 billion, of which media services revenues were 1.15 billion, leads generation services revenues were 2.71 billion, and online marketplace and others revenues were 2.59 billion, representing an increase of 8.8% year over year.

In addition, we delivered an adjusted net income attributable to Autohome of 1.61 billion, with an adjusted net margin of 24.9%.

截至2025年12月31日，我们的资产负债表持续表现强劲，现金、现金等价物、短期投资及长期理财产品合计为213.6亿元。2025年来经营活动的现金流量净额为8.9亿元。

As of December 31st, 2025, our balance sheet remained robust. Cash, cash equivalents, short-term investments, and long-term financial products totaled 21.36 billion.

We generated net operating cash flow of 0.89 billion in 2025.

2024年9月4日，公司董事会批准了一项12个月内总额度不超过2亿美元的股票回购计划。2025年8月14日，董事会批准将该股票回购计划期限延长至2025年12月31日。在该股票回购计划期间，我们累计回购了约712万股美国存托股份，总金额约为1.85亿美元。

On September 4th, 2024, our Board of Directors authorized a share repurchase program under which we are permitted to repurchase up to US$200 million of Autohome's ADSs for a period not to exceed 12 months thereafter. On August 14th, 2025, the Board approved an extension of the program through December 31st, 2025.

Under this program, we have repurchased approximately 7.12 million ADSs for a total cost of approximately US$185 million. 此外，我很高兴地宣布，2026年3月5日，汽车之家董事会授权批准了一项新的股票回购计划。根据该计划，公司可在未来18个月内回购至多2亿美元的美国存托股。这也充分体现了公司对业务前景及长期发展的坚定信心，以及我们持续为股东创造价值、回报股东的一贯承诺。

I'm also pleased to announce that on March 5th, 2026, our Board of Directors authorized a new share repurchase program under which we may repurchase up to US$200 million of Autohome's ADSs over the next 18 months. This reflects our strong confidence in our business prospects and a long-term development, as well as our consistent commitment to continuously creating and delivering value to our shareholders.

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 financials summary.

We are now ready to open up the Q&A session. Operator, please open the line for the Q&A.

晚上好，谢谢管理层接受我的提问。我有两个问题。第一个是想问公司管理层对中国车市未来的展望。第二个问题是关于股东回报方面，很开心看到这一期回购方案有所更新，想问一下分红会有什么消息吗？谢谢。Good evening. Thanks, management, for taking my question.

My first question is about can management provide more color about your thoughts about the auto industry outlook? My second question is about capital returns.

We note there are updates on buyback.

How should we think about the dividends? Thank you.

好，谢谢你的提问。我……

Thank you for your question. 我先分享一下近期的市场情况和未来的趋势。

First, let me share with you some recent market developments and future trends.

总的来看吧，我们觉得26年的车市呢，可能是平或者微微的有些增长吧，但是呢，整体的行业的利润依然是比较承压的。

First, we believe the total vehicle sales in 2026 expected to increase slightly or moderately, with the overall industry profitability still remain under pressure. 政策方面呢，我们觉得也是在减弱吧。就新能源汽车的这个购置税的这个优惠呢在退坡。以旧换新的补贴由以往的固定金额呢变成以新车价格的比例来补贴，并明确了一个补贴的这么个上限。

On the policy side, the purchase tax incentives for NEVs are gradually being phased out. At the same time, the trade-in subsidy policy has shifted from a fixed subsidy to a variable subsidy.

在市场方面呢，乘联会和中汽协的预测吧，今年的总销量就是只是增长了1%，这可能也是这些年最低的一个预测了，在年初的时候。那后面呢，我们认为车企的竞争呢也将从价格战向价值战转化。

On the market side, both the China Passenger Car Association, that is CPCA, and the China Association of Automobile Manufacturers, CAAM, both of them projected that this year China's total auto sales will only increase slightly by 1% year over year, which is the lowest in the past few years. We believe the competition in the auto market will shift from the price war to value war.

另外，整体的这个利润情况依然是不乐观的。25年的话，根据统计的数字的话，汽车行业的销售利润率只有4.1%。那经过这几年的价格战呢，汽车行业已经确实是在微利的这么一个阶段。

Meanwhile, the overall auto sector profitability still remains under pressure. The profit margin last year is for the auto sector is only 4.1%, down from 4.3% compared with the previous year.

The overall sector is entered into an era of very low margin. 所以下一步的我们认为技术创新、智能化是车企竞争的这个关键词吧。

Next step, we believe the technological innovation and intelligentization should be the key themes for the competition for auto sector in the next stage. 对于汽车之家来说呢，我们这面临也是一个难得的机遇吧。利用我们线上线下融合的这个业务模式优势，打通用户在购车的全链路上的服务，同时也帮助主机厂获得增量客户，撬动他们的销量。在这个存量竞争的市场环境下呢，也能够去获得一些优势。

For Autohome, we believe this represents a rare opportunity to leverage our integrated O2O business model to connect the entire vehicle purchasing lifestyle for users. At the same time, we can also help OEMs to acquire more incremental customers and drive additional sales, to help them to capture greater market shares in an increasingly competitive and more mature market environment.

在刚才提到我们刚刚宣布了一个新的股票回购计划。那在分红方面呢，董事会之前也做过承诺，就是全年的分红不低于15亿元人民币，这个分红的承诺依然是有效的。

Just now we announced the Board of Directors authorized a new share repurchase program. Also on the cash dividends, we firmly remain committed to distributing no less than 1.5 billion in total in the cash dividends for the full year.

We can ensure consistent, reliable cash dividends to our shareholders. 长期以来呢，公司始终致力于构建以持续分红加上股票回购吧为核心的一揽子的股东回报，全力为股东创造可持续、可预期的收益保障。未来我们将继续坚持长期稳定、积极的股东回馈政策。感谢广大股东一直以来的支持。

Over the long run, we have committed to building a comprehensive shareholder return framework centered on sustained dividend plus share repurchase, striving to deliver predictable and sustainable returns to all our shareholders. In the future, we'll continue to uphold the long-term, stable, and proactive shareholder return policy.

We sincerely appreciate all our shareholders for their long-term, strong, and continued support to the company. Operator?

曾总、宋总晚上好，感谢接受我的提问。这边有两个问题。第一个问题是关于海尔成为我们公司的大股东之后呢，对于公司业务规划有没有什么更新？以及未来的协同空间如何？第二个问题是想问一下公司关于线下门店的拓展计划。然后我简单翻译一下。After Haier became the major shareholder, how has the company's business plan been updated, and what's the potential for future collaboration? My second question is what are the expansion plan for offline stores?

Thanks. 好，谢谢。那我先来回答一下，就是海尔成为控股股东呢，我们大的方向是没有什么变化的。

Thank you. After Haier becoming our new controlling shareholder, we don't have material change in our overall strategic direction.

首先呢，还是强化这个还是强化以用户为先吧。我们也要强化这个优质内容的建设和传播。 First, we are strengthening the development of user-first and we are more focused on the user experience as our top priority.

其次呢，我们就是要刚才也提到我们要从一个媒体平台向交易去转化，所以我们也就是有了一个新的一个板块，像现在汽车之家的车商城。 Second, as we just mentioned, we will transform from an information platform to a transaction platform.

We set up the Autohome Mall, which was established last year.

随着近期吧这个AI的这个提升，AI的这个技术的发展，将对我们今天产品的创新和运营能力都会带来一些新的帮助。

Third, with the continuous upgrade of AI capabilities, which will bring us more help us more in our future operations. 所以长期的看呢，我们还是希望我们战略还是希望我们能够从信息平台呢升级为一站式的汽车交易服务平台。

In the long run, we will transform from an information platform into a one-stop transaction ecosystem platform. 协同方面呢，我们将依托海尔在渠道、供应链和服务网络方面的优势，持续优化线上线下融合的新零售模式，探索低成本、高效率、高体验的线上线下融合的销售模式，推动业务从撮合交易向全链路服务的升级，以便更便捷、更透明、更可信赖的购车体验，覆盖用户看车、选车、买车、用车、换车的全生命周期。

In terms of synergies with Haier, we'll leverage Haier's strength in channels, supply chain management, and service networks to further optimize our integrated O2O new retail model. We will explore a low-cost, high-efficiency, and experience-driven channel sales approach to drive our business upgrade from a matchmaking model to a full-chain service model.

Ultimately, our goal is to provide more convenient, more transparent, and trustworthy car purchasing experience covering the entire life from the vehicle searching, selecting, to purchasing, using, and replacing. 线下门店呢，我们配合这个线上的商城吧，我们的也会持续拓展我们的线下门店，主要还是加盟的模式。重点呢是覆盖三到五线的多、低线城市开始吧，帮助主机厂去进行一些渠道的补强，发掘增量用户，解决汽车厂商在低线渠道的覆盖不足的这么一个特点。

For the offline stores, we will continue to expand primarily through franchise model. Our focus will be covering more cities from tier 3 to tier 5, low-tier cities, to help OEMs to strengthen their channel networks, and try to help them to find more incremental users, and addressing the OEMs' pain points, for example, insufficient channel coverage in low-tier markets, etc.

Thank you, Operator. The next question.

谢谢管理层给我提问的机会。我有几个问题啊，可能一个一个问了。首先就是新能源业务在2026年能够给合作伙伴带来什么样的好处呢？我们应该观察什么样的指标去判断这个发展的进度？第二个问题就是关于AI的。然后这个Agent在加速发展嘛，然后未来也会影响一些行业还有平台。然后管理层如何评估这些AI Agent对汽车垂媒的这个影响？然后之家有什么策略去应对这些风险？然后公司在AI应用方面有什么进展？然后最后就想问一下经销商收入这边，公司觉得下跌的这个情况会什么时候会停止呢？Thank

you, management, for taking my questions. Firstly, regarding the NEV business, can you share what will we bring to the partners in 2026 and what are the key indicators we should look for to assess the development progress?

Secondly, in terms of the rapid development for AI agents, we are seeing there's some impact to some industry and platforms. How does management assess the impact of AI agent towards auto verticals, and what would Autohome do to address this risk, and what are the progress made in the AI applications?

Finally, in terms of the dealer side, the dealers' related revenue has been falling. When do management think this decline will actually stop?

Thank you. 好，谢谢。首先回答一下关于新能源交易业务的给合作合作伙伴带来的益处。我们从去年下半年呢开始了商城这个业务，今年还会继续探索这个业务模式。我们向这个交易的这个服务的转化的，是我们那个既定战略。那我们提供那对于这些新新能源的车呢，我们提供的就不仅仅是广告和线索了，而是更多的是服务，所以它是一个交易转化后全链路的这么一个解决方案。这个呢就会把我们从过去的一个简单的垂媒平台进行一个升级。

Thank you for your question. First, let me answer your question about what value can our NEV transaction business bring to our partners.

As I just mentioned, the transaction business was launched in the second half of last year, and this year we'll continue to further explore this business model. For NEVs, what we provide is far beyond the advertising and leads generation businesses.

We are now delivering a complete end-to-end solution that covers from car searching to transaction conversion process. This approach differentiates Autohome from other platforms in the market.

那至于说关注的指标其实还是比较简单的。一方面呢是多少厂商愿意和我们进行这种模式的合作，就O2O嘛，还是从O2O来看。线下呢关注这个网络能够覆盖多少门店的这个情况，还有就是这个交易的这个规模。当然我们也很重视这个模式能够被客户接受呢，然后整个交易的规模能够起来。

In terms of metrics to monitor for this progress is quite simple. First is the number of brands, how many brands want to cooperate with us, want to join the platform.

For offline, the metrics should focus more on the coverage of the channel networks. In addition, transaction volume is another key metric.

What we are doing is try to validate this business model, and we target to increase the scale of this model gradually.

关于AI Agent对整个的这个行业的影响呢，我觉得是这样的。首先呢，对汽车行业广告的影响呢，我觉得首先是这种交互的这个范式的层面。AI Agent成为就是连接用户和服务的这么一个新的这么一种方式，对话式的这个替代了单纯的一个单向的一个搜索。所以这个汽车垂媒的传统的流量入口的这个方式呢，可能就会需要有些改变。那AI Agent第二步呢，除了交互之外就是服务、分发，这是更更进一步了。那垂媒这种单纯的说到从内容的这个模式呢，就不够了，这也是我们要向这个整个的交易的这个方向去转化的这个一个也是跟这个AI这个方向应该是一致。

How to assess the AI agents' impact on the auto media vertical, first from the interaction model level. AI agents more and more becoming the new hub connecting users and services with conversational interaction replacing the traditional models.

Second is more from the service level. This is just what we just mentioned, we are transitioning to more the transaction platform.

那之家的这个应对策略呢，刚才我也提到了一些了。首先就是打造汽车行业的之家的这个AI Agent，来驱动这个C端的体验的这么个提升，实现从选车、买车到用车全周期的这个一站式的这个个性化的管家式的服务，让AI成为用户买车、用车的全流程的这么一个可信赖的智能伙伴。那第二个呢，就是构建这个Agent的智能体，AI Agent就是个的个人智能体的这么一个服务网络，连接车企、经销商、金融机构等多方面呢，实实现这个服务的直达与生态价值的共创，兼顾兼顾这个C端的体验和B端的这个转化的这么个效率。

For Autohome, our response has two points. First is we try to build an Autohome AI agent for the auto industry, and we try to enhance the 2C user experience.

What we are doing is we try to enable the agent to deliver a complete, one-stop, personalized, concierge-style service across the entire auto lifecycle. What we are doing is we try to make AI a trusted intelligent companion throughout the car purchasing to ownership lifecycle.

The second point is we try to establish an AI-based intelligent service network which can connect the automakers, dealers, financial institutions, and others stakeholders, etc., to enable the direct service delivery and collaborate ecosystem value creation, and we try to balance the 2C experience and the 2B conversion efficiency.

之家从AI一开始就非常重视，所以我们已经不仅不仅停留在计划上，我们已经有了 一些显著的进展。一方面是我们自研的这个垂垂媒的这个沧颉这个大模型吧，在中文大模型汽车知识评测中呢是位居榜首啊。同时呢在面向C端用户的看、选、买、用的这个全场景呢，也创建了这个首创了这个对话式的AI智能助手。效果评测呢也是在行业里头也是比较领先的，提升了这个用户的极大提升了用户的体验，也缩短了这个用户的决策的这么个路程。其他的呢在包括在B端的一些内容创作啊等各方面呢也是用AI生成呢来运营和赋能了全行业。

From the very beginning, Autohome focus on the AI, and we have made a lot of progress. For example, we developed a proprietary auto-vertical large language model which is called Cangjie.

It ranks first in the auto knowledge evaluation among Chinese large models. For the C-end users, we pioneered conversational assistant covering the full lifecycle of car searching, selection, purchasing, and using, we can achieve a industry-leading performance evaluation and significantly enhance the user experience, and in this way we can shorten the user decision-making cycles.

For the B-end customers, we also leverage AI to make more new contents, provide a one-stop AIGC capabilities and intelligent operational services. 最后就是关于经销商的这个收入这块呢，主要还是

整体的经销商的经营情况是一个比较值得我们重视的。经销商整体的这个渠道是比较严峻的。新车甚至出现倒挂。根据我们的统计呢，2025年全国汽车经销商呢大概有超过70%呢都是处于亏损的这么一个状态。

We focus on the dealers' business conditions. Last year dealerships suffered severe losses, their survival conditions worsened, and even we find new vehicle prices fell below the prices for used cars.

From our data, statistics, it showed over 70% of the dealers nationwide in China were in loss-making.

因为经营比较困难呢，经销商退网的情况也是比较在过去几年中也是最严重了。根据之家的统计呢，到去年底呢，经销商大盘的这个商家总数，同比下降可能也是5%左右吧。

Because of the tough environment, some dealers have exited the dealership network last year, which is the most difficult in the last few years. Based on our own data and statistics, at the end of last year, the total number of dealers declined by approximately 5% year over year.

就在这个背景下呢，经销商集团的这个预算的缩水呢也是在我们的这个预料中。那今年呢我们根据经销商的整体的续约呢，覆盖率还是不错的。那我想要我们后面会 和经销商一起吧，大家能够想到更好的办法来取得共赢。 Under such environment, the decrease in dealer group's budget was anticipated by us already.

This year, our renewal for our dealership member product has been completed, the coverage still remains at a solid level. This year, next for the next step, we'll work with our dealer customers together to try to find solutions, and we want to get a win-win situation for both sides.

所以无论后面是通过数字产品帮助经销商提升他们的效率，加强流量的转化，都是我们会和经销商一起去探索在这个新环境下的这个方式，甚至包括我们新的这个O2O的交易模式，帮助经销商呢去提升他们的销售效率。所以呢，通过这些呢，我们希望能够减少对经销商相关收入的一个影响。

As we just mentioned, we will work with dealer clients together. For example, work on more digital products, increase their conversion rates, and other O2O business as well, try to help them to increase their efficiencies to help the dealers' operations, and we try to decrease any negative impact on their operations.

好，我回答完了。 That be above is my answer to questions.

Thank you.

Thank you, everyone. Thank you very much for joining us today.

We appreciate your continued support. I look forward to updating you on next quarter's conference call in a few months' time.

In the meantime, please feel free to contact us if you have any further questions or comments. Thank you.

Goodbye.