Aug 20, 2026 earnings call — New retail expansion and used car export launch
Company completed USD 200 million buyback and announced a new USD 400 million repurchase plan.
Revenue $0.2B (est $0.2B) · EPS $0.36 (est $0.28)
Key quotes
"For our new retail business with the authorized dealer model in pilot operation and expanding into more cities, we launched the offline franchised chain brand, Autohome Good Car, further expanding our offline service network."
"For our cross-border used car export service platform, we formally obtained the official export qualifications during the second quarter."
"In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler and opened it for public beta as the automotive industry's first stand-alone agent product."
Analyst Q&A 4
China auto outlook and used car exports
Q (Thomas Chong · Jefferies): Analyst asked for the second half industry outlook given softer auto demand, and about Autohome's competitive edge and progress in the used car export business.
A: Management said domestic demand is weak and the auto market will face pressure in the second half, with NEV penetration rising and exports strong. They described advantages for used car export: brand, stable and compliant supply with inspection reports, and digital one-stop services. They also said they obtained government qualification and completed their first used car export transaction in Q2 and will expand sourcing and overseas customers.
"So this means that the overall China auto market will continue to face quite a lot of pressure in the second half this year." — Yan Zeng (CFO)
Shareholder returns and new retail strategy
Q (Xiaodan Zhang · CICC): Analyst asked whether the shareholder return program is sustainable and how cash will be balanced with returns, and asked the strategic positioning for the new retail business.
A: Management said they set a dual-track return: regular cash dividends plus share repurchases, and they will actively execute buybacks. They noted they completed the USD 200 million buyback, announced a new USD 400 million program with approximately 10% completed, paid a RMB 500 million dividend, and committed to at least RMB 1.5 billion for the full year. For new retail, they said it links online Autohome mall and offline Autohome Good Car, using AI and pilots in 5 cities and more than 100 franchise stores to build an end-to-end auto service ecosystem.
"To further enhance our shareholder return mechanism and improve investment value, we have established a dual track return framework, combining a regular cash dividend policy with share repurchases, making our shareholder return policy more transparent and predictable." — Yan Zeng (CFO)
Recovery drivers and media business outlook
Q (Ritchie Sun · HSBC): Analyst asked about timing and drivers for market recovery and the media services trend in the second half.
A: Management said full-year sales are expected to decline about 16% year-over-year, but some segments still grow such as high-end EVs and exports. They highlighted high-end EV sales over RMB 400,000 rose 46% year-over-year, key passenger vehicle exports increased by more than 70% and NEV exports surged 124% with NEVs over 50% of exports. For media, they expect some recovery in the second half thanks to seasonal effects and new vehicle launches.
"So in our opinion, a sustainable stabilization and recovery of the auto market still depend on improvement in the broader macroeconomic environment and the strengthening of the consumer confidence." — Yan Zeng (CFO)
Sales leads outlook for dealers
Q (Brian Gong · Citi): Analyst asked how dealer pressure affects Autohome's sales leads business outlook.
A: Management said leads generation is closely tied to overall market sales, which fell in Q2, and many dealers missed targets and carry high inventory. They plan to increase traffic and upgrade products using AI, including AI live streaming and smart store features like intelligent guided tours and AI-generated voice to boost conversions and prepare for product renewal next year.
"For the leads, the leads generation performance is highly related with the overall sales volume in the market." — Yan Zeng (CFO)