Autohome Inc ATHM 2026年第二季度财报电话会议纪要

00:00:00 A sustainable, stable and long term returns for all shareholders. So in the future we'llcontinue to improve operational efficiency and strengthening of the resilience of ourbusiness, ensuring we can fulfill our commitments to all the shareholders. 00:00:20 关于这个线下的新零售业务呢？呃，这是一个之间之家在构建的一个交易水平生态，补齐线下服务的短板的一个重要的一个战略布局。 00:00:32 线上呢，我们是依托之家的APP呢，搭建这么一个线上交易平台，汽车之家的商城。 00:00:38 线下呢，我们通过在线购车，家家好车呢拓展这个线下服务的这个网络，承接线上用户需求。 00:00:46 从线上到线下的场景中呢，我们用AI提供全流程赋能，包括选车的这个交付，呃购车的赋能，这个叫AI询价，询价了后面还会有用车上的一些规划。 00:01:01 For the new retail business. You know it is an important strategic initiative for autohome aswe build our transaction ecosystem and address gaps in our offline service capabilities foronline you know, we are leveraging the autohome APP to build an automotive transactionservice platform autohome mall for offline, you know we leverage offline car purchase andthe auto home good card to expand offline service network connecting online demands withoffline service fulfillment so on the. 00:01:41 Online to offline scenar iOS,we are leveraging our AI technologies to provide end to endsupport,ah,you know,including the vehicle selection through our AI car selectionassistant.And purchase support through AI,price inquiry,ET cetera,so going forward,weare.Planning to expand AI enabled services into the vehicle ownership stage? 00:02:11 业务的进展上呢，刚才也讲到我们的推进速度也是比较快的。在线购车呢是4月下旬的启动的一个试点，现在已经覆盖了5个城市啊，西安、深圳、苏州、济南、石家庄。而且主要还是一些高线城市。 00:02:26 家家好车呢6月底开放加盟，目前落地100多家加盟店，主要关注中低线下沉市场。 00:02:33 最终呢，我们需要形成一个用户提供看选买用换，全周期的价值的这样的一个服务平台。 00:02:42 In terms of our new retail business update and progress, you know, as you can see that theimplementation has been moving at a relatively rapid speed for online car purchase. Youknow, it began its pilot program in late April and now it's expanded to five cities Xi'an,Shenzhen, Suzhou, Jinan and shijzu, primarily targeting at high ter cities. 00:03:12 For auto home good car. It opened up its franchise program in late June and has now morethan 100 franchise stores with a primary focus on low tier markets. So ultimately our goal isto become a comprehensive automotive service ecosystem that delivers value.Throughoutthe entire auto life cycle, from car discovery to car selection to purchasing only andeventually replacing. 00:03:45 好，下一个问题，Thank you. Next question? Operator our next question comes fromRichardson of HSBC. Please go ahead. 00:03:57 呃，管理层晚上好，呃，感谢你们给我提问的机会啊。那想请教一下就是呃，你们如何看啊，现在是呃，这个车是整个的恢复的时间点，还有有什么特别的因素可以驱动这个恢复，特别是啊，下半年啊，如何看媒体业务发呃的这个，呃，这个增长的这个趋势啊，谢谢，Thank you management for taking my questions. Um, I want to ask management abouthow do you feel the recovery timing as well as the drivers behind the auto market andespecially for the media services, how would you feel the trend in the second half of thisyear? Thank you. 00:04:47 嗯，关于这个车市恢复的这个驱动因素啊，刚才我们也提到了说。国内车市呢，全年的销 量已经下调了，所以预计啊，预计是一个负的16。嗯，这个也是。按照这个预计呢，下半年的表现就要好于上半年。呃，其实这个呢，在这种整体这个下降呢，可能还是和之前的这个补贴啊，把这个。销量这个需求预知的有一定的关系，但即使这样呢，在细分赛道也是有增长的机会的啊。比如说这个更新啊，报废更新啊，消费升级啊，也有新的这个需求。 00:05:29 刚才我们也提到了，就是40万元以上的这个高端新能源车的销量，同比增长是46%。在这样的一个市场中呢，是一个非常亮眼的表现。我我们觉得国内汽车真正要想回稳的话，还是有赖于整体宏观经济的改善吧，和消费信心的提升。 00:05:49 Regarding the, the drivers for the auto industry recovery, you know, as we just mentionedthe auto market sales for the whole year expected ah, to to decline, ah, about 16% year overyear. This has been a, you know, a.Ah, downside and uh, and however, you know, it doesn'tmean, uh. 00:06:15 There, there is not any growth opportunities in the market ah for example, ah you know thethe vehicles prepa and replacement ah will ah will still you know ah contribute more formore ah new vehicle purchasing demand, and we just mentioned that ah sales of the high end nevs price over ah RMB 400,000。 00:06:47 Its increased 46% a year over year, so the ah the so in our opinion, a sustainablestabilization and recovery of the auto market still depend on improvements in the broadermicrocroeconomic environment and the strength a strengthening of the consumerconfidence. 00:07:12 啊，当然出口也是另外一个机会啊，今年上半年呢，乘用车出口增长超过70%，新能源呢同比增长超过124%。这个占比也达到52，这些都是一些新的机会。嗯。 00:07:27 And the exports, auto exports is another, you know, important growth opportunity in thefirst half of this year the key passenger vehicle PV exports increased by more than 70% yearover year, and the NEV exports are surging 124% and for nevs it accounted for ah over 50%of the total passenger vehicle exports. So it it represents new opportunities in the auto market. 00:08:00 呃，关于下半年的这个媒体业务呢，呃，我我们我们讲就是下半年因为有一个金九银十嘛，当然。另一个很重要的因素就是新车的发布啊，我们预计呢车市还是会有一定程度的修复。 00:08:16 For the regarding the media business in the second half of this year, as you know, uh, thereis always a saying that golden September and silver October and besides there will be amultiple of a new car, ah, you know, ah. 00:08:36 New vehicle and a new car launching in the market, so in our opinion we believe that themarket will show kind of a recovery our second half of this year. 00:08:51 Operator,the next question