Autohome: Profit expected to decline by approximately 14% in 2025, approves $200 million new buyback plan

Autohome (2518.HK) recently released its financial results for Q4 and the full year of 2025. Data shows that amid profound changes in the automotive industry, this established auto internet platform is facing growth challenges but also demonstrates a commitment to transformation and maintains a relatively solid financial foundation.

For the full year of 2025, Autohome’s net revenue was RMB 6.452 billion, down approximately 8.3% year-over-year; net profit attributable to the company was RMB 1.443 billion, down about 14% year-over-year. The core revenue sources—media services and lead services—declined due to pressure from the fuel vehicle market and a decrease in paid dealerships. 2025 marks the first year of Autohome’s transition to a “one-stop automotive ecosystem service platform,” focusing on content ecology and the development of online and offline service systems.

Despite short-term performance pressures, the company’s financial condition remains robust, with a total of RMB 21.36 billion in cash and cash equivalents, short-term investments, and long-term financial products as of the end of 2025. The board of directors approved a new share repurchase plan on March 5, 2026, authorizing the repurchase of up to $200 million in American depositary shares over the next 18 months.

2025 Net Profit of RMB 1.443 billion, down about 14%

The announcement shows that Autohome’s net revenue in Q4 2025 was RMB 1,462 million, compared to RMB 1,783.4 million in the same period of 2024; net profit attributable to Autohome in Q4 2025 was RMB 233.9 million, compared to RMB 320.5 million in the same period of 2024; net profit attributable to common shareholders was RMB 226.4 million, compared to RMB 304.4 million in the same period of 2024.

Looking at the full year, Autohome’s total net revenue in 2025 was RMB 6.452 billion, down from RMB 7.0396 billion in 2024; net profit attributable to Autohome was RMB 1.443 billion, compared to RMB 1.6811 billion in 2024, a decrease of about 14%; net profit attributable to common shareholders was RMB 1.385 billion, compared to RMB 1.6196 billion in 2024.

The announcement states that during the stock repurchase period effective from September 4, 2024, the company repurchased 7,116,939 ADSs, totaling approximately $184.5 million.

On March 5, 2026, Autohome’s board authorized a new share repurchase plan, allowing the company to buy back up to $200 million in ADSs over the next 18 months.

Some core business revenues declined, but financial health remains stable

Chairman and CEO Liu Xi stated in the earnings report: 2025 is the first year of Autohome’s transformation from an auto information platform to a one-stop automotive ecosystem service platform. Facing profound changes in the auto industry, the company focuses on two core initiatives: on content, continuously strengthening high-quality content, improving the creator ecosystem, and enhancing new media communication; on services, accelerating the development of an integrated online and offline service system to provide users and industry partners with a more efficient and convenient full-chain vehicle ecosystem service experience.

Autohome’s revenue mainly comes from media services, lead services, online marketing, and other businesses.

In 2025, media service revenue was RMB 1,153.4 million, down from RMB 1,523.1 million in 2024. The company stated that the decline was mainly due to reduced advertising spending by fuel vehicle manufacturers as fuel vehicle sales decreased.

Lead service revenue in 2025 was RMB 2,709.2 million, compared to RMB 3,135.9 million in 2024. The decline was mainly due to a decrease in the number of paid dealerships and lower per-dealer revenue from expansion into lower-tier cities; online marketing and other revenue in 2025 was RMB 2,589.4 million, up from RMB 2,380.6 million in 2024.

According to data from Dodo Data, a global mobile app and game data monitoring service, in recent years, Autohome’s downloads on China’s mainland iOS platform have remained relatively stable. Compared to similar platforms, Autohome’s downloads from mainland China iOS are higher than Yiche but lower than Dache.

As of December 31, 2025, Autohome’s total cash, cash equivalents, short-term investments, and long-term financial products amounted to RMB 21.36 billion, indicating a relatively stable financial position.

(Article serial number: 2030833630670098432/CJT)