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olivLaw · US equity research

Autohome Inc. ATHM

Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)

22.49USD+12.68% · 1 dayClose 04 Nov 2026

Autohome Inc. is an online destination for automobile consumers in China, offering media services, leads generation for dealers, and an online marketplace for auto transactions. Net revenues fell 8.3% in fiscal 2025, while the online marketplace and data businesses grew as a share of revenue, making this transition relevant.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Autohome Inc. (ATHM) stock was 22.49 USD (+12.68% on the day), with market capitalisation 10.4 bn USD, P/E 53.5 on diluted EPS of 0.42 USD over the last 12 months, dividend yield 7.96%, beta 0.72, 52-week range 16.38–25.20 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.4 bn USD
shares as of 31 Dec 2025
P/E (TTM)
53.5
Diluted EPS TTM 0.42 · TTM to 31 Dec 2025
E/P (TTM)
1.87%
TTM to 31 Dec 2025
Dividend yield
7.96%
DPS 12m 1.79
Beta (2y)
0.72
Volatility (1y) 34%
52-week range
16.3825.20

Price history

Loading chart…

Technical reading

RSI (14)
70.3
overbought (≥ 70)
Bollinger (20, 2)
19.31 – 21.41
above the upper band · %B 1.52 · band width 10.3%
SMA 50 / 200
21.02 / 19.99
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.06 / -0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+9.1%−1.1%+10.2 pp—
3 months−2.1%−0.5%−1.7 pp—
6 months+16.1%+4.4%+11.7 pp—
Year to date+1.0%+12.3%−11.3 pp—
1 year−9.8%+13.5%−23.3 pp−24.8%
3 years−16.4%+76.4%−92.8 pp−26.9%
5 years−41.6%+63.7%−105.2 pp—
Max drawdown (1y)
−35.0%
06 Nov 2025 → 27 May 2026
Max drawdown (5y)
−58.8%
03 Aug 2022 → 27 May 2026
Compound annual growth (5y)
−10.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 9-quarter history (min 20.8, median 52.0, max 91.4; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.1 bn1.2 bn1.3 bn1.1 bn1.0 bn18.9 m41.9 m46.6 m
Revenue YoY−83.1%+15.0%+9.7%−14.4%−11.4%−98.1%+121.5%+11.1%
Net income417.6 m459.6 m521.9 m352.9 m269.0 m272.6 m230.3 m206.3 m
Net income YoY+35.7%+10.1%+13.5%−32.4%−23.8%+1.3%−15.5%−10.4%
Diluted EPS3.503.851.090.670.520.540.460.42
Diluted EPS YoY+34.1%+10.0%−71.7%−38.5%−22.4%+3.8%−14.8%−8.7%
net %39.7%38.0%39.3%31.1%26.7%1,440.2%549.5%443.2%
Free cash flow436.0 m385.7 m469.2 m518.6 m355.0 m334.2 m168.9 m110.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
311.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
3.2 bn USD
Total assets
4.0 bn USD
Debt / equity
unavailable
Current ratio
6.00x
ROE
6.5%
ROA
5.0%
FCF margin
236.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
18.9 m
2024
41.9 m
2025
46.6 m

SEC (XBRL)· 15 Apr 2026verified

Cost of revenue
2023
198.9 m
2024
203.2 m
2025
255.1 m

SEC (XBRL)· 15 Apr 2026verified

Gross profit
2023
813.0 m
2024
761.2 m
2025
667.5 m

SEC (XBRL)· 15 Apr 2026verified

Research & development
2023
189.9 m
2024
180.6 m
2025
152.1 m

SEC (XBRL)· 15 Apr 2026verified

Operating income
2023
160.2 m
2024
137.5 m
2025
110.0 m

SEC (XBRL)· 15 Apr 2026verified

Pre-tax income
2023
281.4 m
2024
231.0 m
2025
219.1 m

SEC (XBRL)· 15 Apr 2026verified

Income tax
2023
10.2 m
2024
8.6 m
2025
20.3 m

SEC (XBRL)· 15 Apr 2026verified

Net income
2023
272.6 m
2024
230.3 m
2025
206.3 m

SEC (XBRL)· 15 Apr 2026verified

Diluted EPS
2023
0.54
2024
0.46
2025
0.42

SEC (XBRL)· 15 Apr 2026verified

Weighted average diluted shares
2023
491.3 m
2024
486.6 m
2025
472.1 m

SEC (XBRL)· 15 Apr 2026verified

Dividend per share
2023
1.73
2024
1.72
2025
1.79

SEC (XBRL)· 15 Apr 2026verified

Balance sheet · USD

Cash
2023
703.7 m
2024
232.0 m
2025
311.1 m

SEC (XBRL)· 15 Apr 2026verified

Receivables
2023
207.4 m
2024
186.2 m
2025
217.6 m

SEC (XBRL)· 15 Apr 2026verified

Current assets
2023
3.6 bn
2024
3.4 bn
2025
3.0 bn

SEC (XBRL)· 15 Apr 2026verified

Property, plant & equipment, net
2023
28.3 m
2024
28.0 m
2025
27.3 m

SEC (XBRL)· 15 Apr 2026verified

Goodwill
2023
555.2 m
2024
540.0 m
2025
563.7 m

SEC (XBRL)· 15 Apr 2026verified

Intangibles (excl. goodwill)
2023
28.5 m
2024
17.5 m
2025
7.7 m

SEC (XBRL)· 15 Apr 2026verified

Total assets
2023
4.3 bn
2024
4.1 bn
2025
4.0 bn

SEC (XBRL)· 15 Apr 2026verified

Accounts payable
2023
413.0 m
2024
401.7 m
2025
313.5 m

SEC (XBRL)· 15 Apr 2026verified

Current liabilities
2023
714.8 m
2024
620.6 m
2025
505.3 m

SEC (XBRL)· 15 Apr 2026verified

Total liabilities
2023
797.5 m
2024
687.9 m
2025
573.9 m

SEC (XBRL)· 15 Apr 2026verified

Equity
2023
3.3 bn
2024
3.2 bn
2025
3.2 bn

SEC (XBRL)· 15 Apr 2026verified

Shares outstanding at year end
2023
483.4 m
2024
479.3 m
2025
463.0 m

SEC (XBRL)· 15 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
345.3 m
2024
188.1 m
2025
127.2 m

SEC (XBRL)· 15 Apr 2026verified

Capex
2023
11.1 m
2024
19.2 m
2025
16.9 m

SEC (XBRL)· 15 Apr 2026verified

Free cash flow
2023
334.2 m ≈
2024
168.9 m ≈
2025
110.3 m ≈

SEC (XBRL)· 15 Apr 2026derived

Investing cash flow
2023
140.9 m
2024
-418.1 m
2025
307.7 m

SEC (XBRL)· 15 Apr 2026verified

Financing cash flow
2023
-158.4 m
2024
-233.1 m
2025
-362.2 m

SEC (XBRL)· 15 Apr 2026verified

Dividends paid
2023
69.2 m
2024
202.9 m
2025
211.8 m

SEC (XBRL)· 15 Apr 2026verified

Share repurchases
2023
89.3 m
2024
30.6 m
2025
150.4 m

SEC (XBRL)· 15 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
11.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-64.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-48.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-20.0%
computed by olivLawFY 2025
Net income growth (YoY)
-10.4%
computed by olivLawFY 2025
Net income CAGR 3Y
-8.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-16.9%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-8.7%
computed by olivLawFY 2025
EPS CAGR 3Y
-6.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-17.4%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-34.7%
computed by olivLawFY 2025

Profitability

Gross margin
1,433.9%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
236.3%
computed by olivLawFY 2025
Net margin
443.2%
computed by olivLawFY 2025
FCF margin
236.9%
computed by olivLawFY 2025

Returns

ROE
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
5.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
3.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
426.2%
computed by olivLawFY 2025
Payout ratio (FCF)
192.0%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
6.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
127.2 m USD
computed by olivLawFY 2025
Capital expenditure
16.9 m USD
computed by olivLawFY 2025
Free cash flow
110.3 m USD
computed by olivLawFY 2025
FCF conversion
53.5%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
1,583 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
512 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
10.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
50.5x
computed by olivLawFY 2025
P/E (TTM)
53.5x
computed by olivLawFY 2025
Earnings yield
1.9%
computed by olivLawFY 2025
P/B
3.2x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
223.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
94.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
1.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
8.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

22.49 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 10.4 bn USD

Key indicators

Market capitalisation
10.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
53.5x
computed by olivLawFY 2025
P/B
3.2x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
443.2%
computed by olivLawFY 2025
Revenue growth (YoY)
11.1%
computed by olivLawFY 2025
Dividend yield
8.0%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 15 Apr 2026
verified 389

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Processing & Data Preparation (SIC 7374)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality1,433.9%100 (on a fixed band)14%
EBIT margin · Quality236.3%100 (vs peers)11%
FCF margin · Quality236.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth-64.1%0 (on a fixed band)22%
Revenue growth (YoY) · Growth11.1%61 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet6.0x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation1.1%21 (on a fixed band)17%
Shareholder yield (distributions) · Returns3.5%91 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth20/100 · 2/2 factors with a value
  • Quality100/100 · 3/3 factors with a value
  • Returns91/100 · 1/1 factors with a value
  • Valuation· partial21/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Autohome Inc. (ATHM). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 46.6 m USD in 2025; YoY growth 11.1%; net margin 443.2%; ROE 6.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 1,433.9%
  • EBIT margin: 236.3%
  • FCF margin: 236.9%
  • Current ratio: 6.0x
  • Shareholder yield (distributions): 3.5%

What contradicts it

  • Revenue CAGR 3Y: -64.1%
  • FCF yield: 1.1%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
53.5x
vertical median 21.6x
above median (+148.1%)
EV/EBITDA
—
vertical median 7.5x
P/S
223.7x
vertical median 1.2x
above median (+18,779.6%)
P/B
3.2x
vertical median 2.3x
above median (+36.5%)
ROE
6.3%
vertical median 11.4%
below median (−45.1%)
Net margin
443.2%
vertical median 4.4%
above median (+9,950.6%)
EBIT margin
236.3%
vertical median 4.7%
above median (+4,951.9%)
Revenue YoY
11.1%
vertical median 7.9%
above median (+39.9%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
8.0%
vertical median 1.2%
above median (+545.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ADPAutomatic Data Processing, Inc.119.8 bn27.777.0%20.1%+6.7%+19% / +32%
WDAYWorkday, Inc.44.4 bn40.916.0%12.3%+13.1%−6% / −25%
VRSKVerisk Analytics, Inc.25.9 bn30.1—29.3%+6.6%−12% / −18%
ATHMAutohome Inc.10.4 bn53.56.3%443.2%+11.1%−10% / −16%
FIRYFiry Inc.4.3 bn—-63.0%-60.2%+12.5%+107% / +94%
FAFirst Advantage Corp3.9 bn160.51.9%1.5%+83.0%+62% / +45%
FIVNFive9, Inc.2.7 bn52.77.9%4.9%+10.3%+86% / −52%
RAMPLiveRamp Holdings, Inc.2.3 bn15.816.2%18.7%+9.0%+41% / +39%
INFQInfleqtion, Inc.1.9 bn—-70.8%—unavailableunavailable / unavailable
INODInnodata Inc1.5 bn32.837.7%14.7%+47.6%−25% / +541%
CLVTClarivate PLC1.4 bn—-8.2%-15.1%−4.0%−44% / −73%
UPWKUpwork Inc.1.3 bn12.916.3%13.5%+2.4%−48% / −27%
LZLegalZoom.com, Inc.1.1 bn56.012.1%2.6%+10.9%−26% / −40%
PLTKPlaytika Holding Corp.808.6 m——-9.9%+8.1%−48% / −76%
NRDSNerdWallet, Inc.754.4 m13.318.2%7.6%+21.7%−21% / +1%
NXTTNext Technology Holding Inc.736.5 m—-59.4%-2,356.0%+545.3%−99% / −100%
CARSCars.com Inc.682.5 m22.47.4%4.7%+0.6%+10% / −32%
IBEXIBEX Limited593.6 m14.330.4%7.2%+15.4%+27% / +152%
OOMAOoma, Inc.524.7 m49.811.7%3.6%+6.5%+69% / +64%
GRVYGravity Co., Ltd.475.7 m0.016.5%17.0%−31.0%+19% / −6%
EGHT8x8, Inc.326.4 m55.53.5%0.6%+2.9%+16% / −27%
TCXTucows Inc140.3 m——-21.2%+7.7%−42% / −41%
TRAKRepositrak, Inc.132.7 m18.714.9%32.5%+3.0%−46% / −29%
BIRDSmartbird, Inc.92.1 m—-164.0%-72.8%−19.7%−68% / −91%
VERIVeritone, Inc.56.7 m—-517.7%-117.5%−0.5%−87% / −73%

1- and 3-year price returns: for ATHM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
12.76
Total return -42% · Per year -42%
22.67
Total return 3% · Per year 3%
34.30
Total return 55% · Per year 55%
3 years
10.13
Total return -51% · Per year -21%
20.46
Total return -4% · Per year -1%
34.30
Total return 59% · Per year 17%
5 years
8.04
Total return -59% · Per year -16%
18.46
Total return -9% · Per year -2%
34.30
Total return 64% · Per year 10%
What moves the 3-year price the most
  • Exit P/E± 5.11
  • Net margin± 3.58
  • Annual revenue growth± 3.23
  • Annual dilution± 0.30

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (20 Aug 2026), 6-K (31 Jul 2026), 6-K (28 Jul 2026).

In brief

Autohome Inc. is an online destination for automobile consumers in China, offering media services, leads generation for dealers, and an online marketplace for auto transactions. Net revenues fell 8.3% in fiscal 2025 1, while the online marketplace and data businesses grew as a share of revenue, making this transition relevant.

SWOT

Strengths

  • The platform holds a leading position among Chinese car consumers and an extensive library of vehicle models 1.
  • A large user base and user-generated content support attracting advertising and dealers 1.
  • The company has built data and artificial intelligence capabilities for products aimed at automakers and dealers 1.

Weaknesses

  • Revenue depends almost entirely on the Chinese auto market, which makes the company sensitive to industry cycles 1.
  • A limited number of automaker customers generates a large part of revenue 1.
  • Net revenues and net income declined in fiscal 2025 1.

Opportunities

  • Growth in new energy vehicles and online commerce could open new revenue lines 1.
  • Integrating online services with offline stores and used vehicle services could raise revenue 1.
  • Data and artificial intelligence products could be extended to more automakers and dealers 1.

Threats

  • Intense competition from auto platforms and large internet companies could reduce market share 1.
  • A price war in the auto industry could affect customers' marketing budgets 1.
  • Regulatory changes on internet content, data and corporate structure could affect operations 1.

Risks

  • Dependence on China's auto markethigh

    The company relies almost entirely on China's automotive industry, and economic and policy factors could affect demand 1.

  • Customer concentrationhigh

    A limited number of automakers generates a large part of revenue, and losing some of them could affect results 1.

  • VIE structurehigh

    Investors hold shares in a Cayman holding company rather than the VIEs in China, and regulatory changes could affect control over operations 1.

  • Competitionmedium

    Competitors with greater resources could attract users and customers, reducing the company's market share 1.

  • Artificial intelligence and datamedium

    Growing use of artificial intelligence could create operational, reputational and regulatory risks 1.

Investment thesis

What would need to be true (bull case)

  • If the shift to online sales and integrated services succeeds, the platform could diversify revenue beyond traditional advertising 1.
  • A leading position among mobile users and a large content base could support attracting customers in difficult periods 1.
  • Expanding data and artificial intelligence products could raise revenue per dealer and per automaker 1.

What would break the thesis

  • Net revenues and net income declined in fiscal 2025, and if this trend continues, profitability could be affected 1.
  • Dependence on China's auto industry and a few large customers could amplify the impact of any slowdown 1.
  • Regulatory risks on corporate structure and data could limit operations and the value of the investment 1.

What to watch

  • Trend in leads generation and online marketplace revenueQ1 2027
  • Number of dealers served and average revenue per dealer2027
  • Share of advertising from automakers selling internal combustion vehiclesnext 10-K
  • Effects of VIE structure and data regulation on operations2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (20 Aug 2026), 6-K (31 Jul 2026), 6-K (28 Jul 2026).

The business

The company operates autohome.com.cn, che168.com and ttpai.cn and describes itself as a data and technology-driven automotive platform connecting consumers, automakers and dealers across the value chain 1. Its model has extended from content media to leads generation, transactions and auto financing, with an emphasis on integrating online and offline services 1. Revenue comes from media services, leads generation and online marketplace and others 1.

Segments

Leads generation

This segment, which includes dealer subscriptions and used car listing services, accounted for 42.0% of net revenues in fiscal 2025 1. The number of dealers served declined slightly from the prior year 1.

Online marketplace and others

This segment, covering data products, new and used vehicle transactions, auto financing and franchised offline stores, rose to 40.1% of net revenues in fiscal 2025 1. The company intends to expand its commerce platform 1.

Media services

Media services offer automakers targeted marketing solutions and draw on a large user base, but their share fell to 17.9% of net revenues in fiscal 2025 1.

Market context

The business depends almost entirely on China's automotive industry, which has seen fluctuations, with internal combustion vehicle sales declining while new energy vehicles grew 1. The company describes itself as the leading platform by mobile daily active users, at 77.5 million in December 2025 1.

Advertising demand depends on automaker and dealer budgets, and industry pricing and volumes can directly affect platform revenue 1. Whether Chinese consumers widely adopt buying cars online remains an open question 1.

Trends

  • Shift to new energy vehiclesmixed

    Growth in new energy vehicles could offset weaker internal combustion sales if the platform adapts its content and customers 1.

  • Price competition in the industryheadwind

    An intense price war could boost volumes but could squeeze automaker and dealer profitability, affecting their marketing budgets 1.

  • Online automobile commercetailwind

    Growth in e-commerce and acceptance of online car purchases could open new revenue sources for the marketplace 1.

  • Regulation of content and dataheadwind

    Changes in rules on advertising, content and data protection could raise compliance costs for the platform 1.

Competitive position

The company competes with China's automotive vertical websites, the auto channels of major internet portals and social media, news and video apps 1. In auto transactions it faces specialised platforms, and in auto finance dedicated companies 1.

Larger competitors may have more financial, technological and marketing resources, while traditional media and automakers building their own apps add further pressure 1.

  • BitAuto

    Chinese automotive vertical platform competing in media and data products 1.

  • Dongchedi

    Chinese automotive platform competing in media and data products 1.

  • Uxin

    Chinese used car transaction platform competing in the online marketplace 1.

  • Guazi

    Chinese used car transaction platform competing in the online marketplace 1.

News & filings

In the press

The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Autohome Inc. · 15 Apr 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.