Autohome Inc. (ATHM): Business Model Canvas

In der dynamischen Landschaft des digitalen Automobilmarktes Chinas entwickelt sich Autohome Inc. (ATHM) zu einer transformativen Plattform, die die Art und Weise, wie Verbraucher, Händler und Hersteller interagieren, revolutioniert. Durch die nahtlose Verbindung modernster Technologie, umfassender Fahrzeugdaten und innovativer digitaler Dienste hat Autohome ein einzigartiges Geschäftsmodell geschaffen, das über traditionelle Automobil-Informationsplattformen hinausgeht. Diese Untersuchung ihres Business Model Canvas offenbart ein hochentwickeltes Ökosystem, das Automobil-Stakeholder durch intelligente digitale Infrastruktur, personalisierte Inhalte und datengesteuerte Erkenntnisse verbindet, die das Automobil-Informations- und Transaktionserlebnis in einem der größten Automobilmärkte der Welt neu gestalten.

Autohome Inc. (ATHM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit großen chinesischen Automobilherstellern

Autohome unterhält strategische Partnerschaften mit wichtigen chinesischen Automobilherstellern:

Hersteller	Einzelheiten zur Partnerschaft	Jahr der Zusammenarbeit
FAW-Gruppe	Digitale Marketing- und Listungsplattform	2018
SAIC-Motor	Online-Integration von Fahrzeuginformationen	2019
Dongfeng Motor Corporation	Optimierung digitaler Vertriebskanäle	2020

Zusammenarbeit mit Autohäusern in ganz China

Abdeckung des Autohome-Händlernetzes:

• Gesamtzahl der Händlerpartnerschaften: 4.852
• Geografische Abdeckung: 336 Städte
• Durchschnittliche monatliche Fahrzeuginserate: 287.000

Partnerschaften mit digitalen Werbeplattformen

Plattform	Anteil der Werbeeinnahmen	Partnerschaftsjahr
Tencent-Werbung	37.5%	2017
Baidu-Marketing	28.3%	2018
ByteDance-Anzeigen	22.7%	2020

Technologiepartnerschaften mit Datenanalyseunternehmen

• Primärer Datenanalysepartner: Alibaba Cloud
• Datenverarbeitungskapazität: 12,4 Petabyte/Monat
• Echtzeit-Tracking des Benutzerverhaltens: 98,6 % Genauigkeit

Beziehung zu Erstellern und Influencern von Automobilinhalten

Influencer-Kategorie	Gesamtzahl der Partnerschaften	Monatliche Content-Reichweite
Automobil-YouTuber	127	3,2 Millionen Aufrufe
Weibo-Automobil-Blogger	214	5,7 Millionen Interaktionen
WeChat Automotive-Kanäle	86	2,9 Millionen Abonnenten

Autohome Inc. (ATHM) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Plattform für den Online-Automobilmarkt

Kennzahlen zur Plattformentwicklung ab 2023:

Metrisch	Wert
Gesamtzahl der registrierten Benutzer	93,2 Millionen
Monatlich aktive Benutzer	47,6 Millionen
Jährliche Investition in die Plattformentwicklung	42,3 Millionen US-Dollar

Digitale Werbedienstleistungen für die Automobilindustrie

Leistungsdaten des Werbedienstes:

• Gesamter Umsatz aus digitaler Werbung im Jahr 2023: 276,5 Millionen US-Dollar
• Anzahl der Autohauskunden: 8.700
• Durchschnittlicher Werbevertragswert: 31.700 $ pro Jahr

Erfassung und Analyse von Benutzerdaten

Datenerfassungsparameter	Menge
Jährliche Datenpunkte gesammelt	3,2 Milliarden
Modelle für maschinelles Lernen eingesetzt	127
Investition in die Datenanalyse-Infrastruktur	18,6 Millionen US-Dollar

Content-Erstellung und Marketing

Kennzahlen zur Inhaltsproduktion:

• Jährlich veröffentlichte Inhalte: 52.000
• Inhaltskategorien: 12
• Content-Marketing-Budget: 22,4 Millionen US-Dollar

Fahrzeugpreise und Markttrendforschung

Forschungsparameter	Wert
Fahrzeugmodelle verfolgt	1,200
Aktualisierungshäufigkeit der Preisdaten	Täglich
Größe des Forschungsteams	87 Profis

Autohome Inc. (ATHM) – Geschäftsmodell: Schlüsselressourcen

Proprietäre digitale Plattform und Technologieinfrastruktur

Ab 2024 unterstützt die digitale Plattform von Autohome 14,3 Millionen registrierte Benutzer mit einer monatlich aktiven Benutzerbasis von 8,2 Millionen Automobilkunden. Die Technologieinfrastruktur verarbeitet monatlich über 450 Millionen Seitenaufrufe.

Plattformmetrik	Quantitativer Wert
Registrierte Benutzer	14,3 Millionen
Monatlich aktive Benutzer	8,2 Millionen
Monatliche Seitenaufrufe	450 Millionen

Umfangreiche Automobildatenbank und Benutzerinformationen

Die Datenbank von Autohome enthält umfassende Informationen zu:

• Über 120.000 Fahrzeugkonfigurationen
• Über 3.500 Automodelle
• Über 850 Automobilmarken

Starker Markenruf im chinesischen Automobilmarkt

Marktposition: Führende Online-Automobil-Serviceplattform in China mit 62,3 % Marktanteil bei digitalen Automobil-Informationsdiensten.

Qualifizierte Mitarbeiter im Bereich Technologie und Marketing

Personalkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	2,340
Technologieteam	780
Marketing-Team	540

Erweiterte Datenanalysefunktionen

Zu den Verarbeitungsmöglichkeiten gehören:

• Echtzeit-Datenverarbeitung: 25 Terabyte pro Tag
• Algorithmen für maschinelles Lernen: 38 verschiedene Vorhersagemodelle
• Verfolgung des Benutzerverhaltens: 92 % Genauigkeit bei der Vorhersage der Verbraucherpräferenzen

Autohome Inc. (ATHM) – Geschäftsmodell: Wertversprechen

Umfassender Online-Automobilmarktplatz

Im vierten Quartal 2023 betreibt Autohome Inc. eine digitale Plattform mit 124,5 Millionen registrierten Nutzern in China. Die Plattform bietet 1.211 Automarken und -modelle in ihrem digitalen Ökosystem.

Plattformmetrik	Menge
Registrierte Benutzer	124,5 Millionen
Aufgeführte Automarken/Modelle	1,211
Monatlich aktive Benutzer	57,3 Millionen

Detaillierte Fahrzeuginformationen und Preiseinblicke

Autohome bietet umfassende Fahrzeugdaten, darunter:

• Preisinformationen in Echtzeit
• Detaillierte Spezifikationen für 98,7 % der chinesischen Automobilmarktsegmente
• Vergleichende Preisanalyse in 46 Großstädten

Benutzerfreundliche Plattform für Autokäufer und -verkäufer

Zu den Plattformfunktionen gehören:

• Digitaler Showroom mit einer Händlerbeteiligungsquote von 98 %
• Dienstleistungen zur Transaktionserleichterung
• Erweiterte Such- und Filterfunktionen

Plattformleistungsmetrik	Wert
Beteiligungsquote der Händler	98%
Jährlicher Transaktionswert	3,2 Milliarden US-Dollar
Benutzer-Conversion-Rate	12.4%

Personalisierte Automobilinhalte und Empfehlungen

Autohome nutzt KI-gesteuerte Empfehlungsalgorithmen, die monatlich 2,7 Petabyte an Benutzerinteraktionsdaten verarbeiten.

Vertrauenswürdige Quelle für Informationen zum Automobilmarkt

Zu den Marktforschungsfunktionen gehören:

• Abdeckung von 92 % der chinesischen Automobilmarktsegmente
• Partnerschaften mit 763 Automobilherstellern
• Markttrendanalyse in Echtzeit

Market-Intelligence-Metrik	Menge
Marktabdeckung	92%
Herstellerpartnerschaften	763
Datenverarbeitungskapazität	2,7 Petabyte/Monat

Autohome Inc. (ATHM) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Die digitale Plattform von Autohome bedient ab dem dritten Quartal 2023 68,3 Millionen monatlich aktive Nutzer. Die Plattform ermöglicht 4,2 Millionen Fahrzeugtransaktionen pro Jahr über Self-Service-Schnittstellen.

Plattformmetrik	Wert
Monatlich aktive Benutzer	68,3 Millionen
Jährliche Fahrzeugtransaktionen	4,2 Millionen
Benutzerregistrierungsrate	23,7 % Wachstum im Jahresvergleich

Community-gesteuerte Benutzerinteraktionen

Autohome hat 12,6 Millionen registrierte Benutzer-Community-Mitglieder mit 3,8 Millionen täglich aktiven Forumsteilnehmern.

• Beteiligungsrate im Community-Forum: 65,4 %
• Durchschnittliche Benutzerinteraktionszeit: 24,6 Minuten pro Sitzung
• Volumen benutzergenerierter Inhalte: 2,1 Millionen Beiträge monatlich

Personalisierte Empfehlungsalgorithmen

Algorithmen für maschinelles Lernen verarbeiten 92,4 Millionen Benutzerdatenpunkte, um personalisierte Fahrzeugempfehlungen mit einer Genauigkeitsrate von 78,3 % zu generieren.

Kundensupport über digitale Kanäle

Support-Kanal	Reaktionszeit	Auflösungsrate
Live-Chat	3,2 Minuten	86.5%
E-Mail-Support	8,7 Stunden	72.3%
Unterstützung für mobile Apps	5,6 Minuten	91.2%

Kontinuierliches Engagement durch Inhalte und Dienste

Autohome generiert wöchentlich 14,3 Millionen Content-Aufrufe in Automobilbewertungen, Kaufratgebern und benutzergenerierten Content-Plattformen.

• Inhaltskategorien: 42 verschiedene Automobilsegmente
• Wöchentliche Inhaltsaufrufe: 14,3 Millionen
• Beitrag des Benutzerinhalts: 36,7 % des gesamten Plattforminhalts

Autohome Inc. (ATHM) – Geschäftsmodell: Kanäle

Offizielle Website

Autohome.com.cn fungiert als primäre digitale Plattform mit 458,1 Millionen monatlich aktiven Nutzern im dritten Quartal 2023. Der Website-Verkehr erreicht etwa 67,3 Millionen einzelne Besucher pro Monat.

Website-Metrik	Wert
Monatlich aktive Benutzer	458,1 Millionen
Einzigartige monatliche Besucher	67,3 Millionen
Website-Domain	Autohome.com.cn

Mobile Anwendungen

Autohome unterhält mehrere mobile Anwendungen mit 81,2 Millionen monatlich aktiven mobilen Nutzern im Jahr 2023.

• Autohome-App
• Gebrauchtwagen-App
• Automobil-News-App

Social-Media-Plattformen

Autohome nutzt mehrere Social-Media-Kanäle mit insgesamt über 12,5 Millionen Followern auf allen Plattformen.

Plattform	Anzahl der Follower
Weibo	7,3 Millionen
Offizielles WeChat-Konto	3,9 Millionen
Douyin	1,3 Millionen

Suchmaschinenmarketing

Autohome generiert im Jahr 2023 24,6 % des Traffics über Suchmaschinenmarketingkanäle.

Partner-Automotive-Websites

Autohome arbeitet mit 876 Autohändlernetzwerken und 42 Herstellerpartner-Websites zusammen.

Partnertyp	Anzahl der Partner
Kfz-Händlernetzwerke	876
Hersteller-Partner-Websites	42

Autohome Inc. (ATHM) – Geschäftsmodell: Kundensegmente

Chinesische Autokäufer und -verkäufer

Im vierten Quartal 2023 bedient Autohome etwa 47,3 Millionen aktive monatliche Nutzer auf dem chinesischen Automobilmarkt.

Benutzerdemografie	Prozentsatz
Männliche Benutzer	62.5%
Weibliche Benutzer	37.5%
Alter 25-34	41.2%
Alter 35-44	33.6%

Automobil-Enthusiasten

Die Plattform von Autohome beherbergt über 450.000 Automobil-Diskussionsforen mit 18,7 Millionen registrierten Community-Mitgliedern.

• Durchschnittliche tägliche Forum-Interaktionen: 215.000
• Volumen benutzergenerierter Inhalte: 3,2 Millionen monatliche Beiträge

Autohäuser

Im Jahr 2023 verband sich Autohome mit 12.500 autorisierten Händlern in 286 Städten in China.

Händlertyp	Nummer
Franchise-Händler	8,750
Unabhängige Händler	3,750

Automobilhersteller

Autohome unterhält Partnerschaften mit 58 Automobilmarken in China.

• Inländische Marken: 42
• Internationale Marken: 16

Digitalaffine Verbraucher

Die Nutzung mobiler Plattformen erreichte im Jahr 2023 72,4 % des gesamten Plattformverkehrs.

Digitale Plattform	Benutzerprozentsatz
Mobile App	62.3%
Mobiles Web	10.1%
Desktop-Web	27.6%

Autohome Inc. (ATHM) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 gab Autohome Inc. etwa 42,6 Millionen US-Dollar für die Wartung der Technologieinfrastruktur aus, was 15,3 % der gesamten Betriebskosten entspricht.

Infrastrukturkomponente	Jährliche Kosten	Prozentsatz der gesamten Technologiekosten
Cloud-Dienste	18,3 Millionen US-Dollar	43%
Rechenzentrumsbetrieb	12,7 Millionen US-Dollar	30%
Netzwerksicherheit	7,2 Millionen US-Dollar	17%
System-Upgrades	4,4 Millionen US-Dollar	10%

Ausgaben für digitale Werbung

Die Kosten für digitale Werbung für Autohome Inc. erreichten im Jahr 2023 67,5 Millionen US-Dollar, mit folgender Aufteilung:

• Suchmaschinenmarketing: 24,3 Millionen US-Dollar
• Social-Media-Werbung: 19,8 Millionen US-Dollar
• Display-Netzwerk-Anzeigen: 14,6 Millionen US-Dollar
• Programmatische Werbung: 8,8 Millionen US-Dollar

Forschung und Entwicklung

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 89,2 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes entspricht.

F&E-Schwerpunktbereich	Investition	Prozentsatz des F&E-Budgets
KI und maschinelles Lernen	37,5 Millionen US-Dollar	42%
Plattformverbesserung	28,6 Millionen US-Dollar	32%
Mobile Technologie	15,3 Millionen US-Dollar	17%
Benutzererfahrungsforschung	7,8 Millionen US-Dollar	9%

Mitarbeitergehälter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 156,4 Millionen US-Dollar.

• Technisches Personal: 82,3 Millionen US-Dollar
• Vertrieb und Marketing: 39,7 Millionen US-Dollar
• Verwaltungspersonal: 21,5 Millionen US-Dollar
• Management: 12,9 Millionen US-Dollar

Kosten für Marketing und Inhaltserstellung

Die Ausgaben für Marketing und Inhaltserstellung beliefen sich im Jahr 2023 auf insgesamt 54,3 Millionen US-Dollar.

Inhaltstyp	Jährliche Kosten	Prozentsatz des Marketingbudgets
Videoinhalte	22,1 Millionen US-Dollar	40.7%
Geschriebener Inhalt	15,6 Millionen US-Dollar	28.7%
Infografiken und visuelle Inhalte	9,8 Millionen US-Dollar	18.0%
Interaktiver Inhalt	6,8 Millionen US-Dollar	12.5%

Autohome Inc. (ATHM) – Geschäftsmodell: Einnahmequellen

Einnahmen aus digitaler Werbung

Im Jahr 2022 beliefen sich die digitalen Werbeeinnahmen von Autohome auf 3,46 Milliarden Yuan (ca. 503 Millionen US-Dollar). Das Unternehmen erzielte Online-Werbeeinnahmen vor allem von Automobilherstellern und -händlern.

Jahr	Einnahmen aus digitaler Werbung (Yuan)	Prozentsatz des Gesamtumsatzes
2022	3,460,000,000	52.3%
2021	3,280,000,000	50.7%

Plattform-Transaktionsgebühren

Die Transaktionsgebühren aus Automobilverkäufen und damit verbundenen Dienstleistungen generierten im Jahr 2022 680 Millionen Yuan.

Daten- und Markteinblicke im Vertrieb

• Jahresumsatz aus Datenverkäufen: 210 Millionen Yuan
• Zu den wichtigsten Kunden zählen Automobilhersteller und Marktforschungsunternehmen
• Die Preise liegen zwischen 50.000 und 500.000 Yuan pro umfassendem Marktbericht

Premium-Abonnementdienste

Der Abonnementumsatz erreichte im Jahr 2022 420 Millionen Yuan, mit 1,2 Millionen aktiven zahlenden Abonnenten.

Abonnementstufe	Monatlicher Preis (Yuan)	Anzahl der Abonnenten
Basic	19.9	800,000
Premium	49.9	400,000

Lead-Generierung für Automobilunternehmen

Dienstleistungen zur Lead-Generierung erwirtschafteten im Jahr 2022 350 Millionen Yuan, mit durchschnittlichen Lead-Kosten von 180 Yuan pro qualifiziertem Vertriebs-Lead im Automobilbereich.

• Insgesamt generierte Leads: 1,94 Millionen
• Conversion-Rate: 6,2 %
• Durchschnittliche Provision pro erfolgreichem Lead: 250 Yuan

Autohome Inc. (ATHM) - Canvas Business Model: Value Propositions

You're looking at the core value Autohome Inc. (ATHM) delivers to its users and clients as of late 2025. It's about covering the entire automotive journey, from initial browsing to after-sales service, all in one place.

One-stop, full-cycle car purchase and ownership experience

Autohome Inc. provides a comprehensive platform that covers everything an auto consumer needs. This spans the entire car purchase and ownership cycle, which is a big deal in a market as large as China's. You see this commitment in their expanding physical footprint supporting their online presence. As of the third quarter of 2025, the company had established 29 Autohome Space stores and 170 franchised satellite stores nationwide, building out that crucial online-to-offline (O2O) network. This integration supports their new retail business model, which saw its online marketplace and other revenues jump by 32.1% year-over-year in Q3 2025, reaching RMB 816 million. The platform's reach is massive; in March 2025, the average mobile daily active users (DAUs) hit 76.92 million. Even by September 2025, mobile DAUs were at 76.56 million, showing sustained traffic growth.

High-quality, targeted sales leads for dealer clients

For dealers and automakers, the value proposition centers on getting in front of serious buyers. Autohome Inc. offers dealer subscription and advertising services to extend the reach of physical showrooms to millions of internet users, directly generating sales leads. This is a core revenue driver for the platform. Looking at the Q3 2025 numbers, leads generation services revenues were RMB 664 million. This service helps automakers and dealers improve efficiency and facilitate transactions by connecting them with in-market shoppers. The platform's ability to reach an engaged user base makes it a preferred advertising spot for the industry.

Comprehensive and authoritative auto information and reviews

You get information from various sources on the platform, which builds trust. Autohome Inc. delivers occupationally generated content, professionally generated content, user-generated content, and now, AI-generated content, alongside an extensive auto library. This content richness is what keeps users engaged. The company sustained steady growth in platform traffic by enriching its content portfolio, which helped the average mobile DAUs reach 76.92 million in March 2025. The platform's AI smart assistant, powered by DeepSeek and proprietary data, is designed to mimic seasoned salespeople by delivering personalized recommendations and comparisons in real time. This focus on content and AI is central to keeping the user base active, as seen by the 10.8% year-over-year increase in mobile DAUs in March 2025.

Digital intelligence products (SaaS) for dealer operational efficiency

The shift toward an 'AI-native and data-driven intelligent' paradigm means Autohome Inc. is selling efficiency tools, not just ads. These digital intelligence products, which include SaaS-like offerings, are designed to streamline partner operations. The company explicitly noted that revenue from its data products increased by over 5% year-on-year in the first quarter of 2025. Furthermore, the AI Marketing Brain, AI Customer Acquisition, and AI Sales Champion tools are cited as driving the strong performance in the online marketplace segment. The financial results back this up, showing strong growth in the segment that includes these services.

Here's a quick look at how the revenue streams supporting these value propositions stacked up in Q3 2025:

Revenue Stream	Q3 2025 Amount (RMB)	Year-over-Year Change
Leads Generation Services Revenues	664 million	Not specified
Online Marketplace and Others Revenues	816 million	32.1% increase
Media Services Revenues	298 million	Declined (due to OEM price war)

The overall net revenues for Autohome Inc. in Q3 2025 were RMB 1,778.1 million.

Global platform for Chinese auto brands (international website)

Autohome Inc. is actively advancing its global presence to support Chinese auto brands looking to expand internationally. Management emphasized the focus on globalization as a key driver for transformation. While specific revenue figures tied directly to the international website for 2025 aren't broken out in the latest reports, the strategic intent is clear. The company is leveraging its technological edge to support this expansion, which is part of its broader strategy alongside electrification and intelligence. The commitment to shareholder value, demonstrated by the approved cash dividend of US$1.20 per ADS for the record date of December 31, 2025, suggests management is confident in its long-term strategic direction, including global efforts.

Autohome Inc. (ATHM) - Canvas Business Model: Customer Relationships

You're looking at how Autohome Inc. manages its connections with automakers, dealers, and the end user as of late 2025. It's a mix of high-tech automation and physical presence.

The company is definitely pushing hard on the digital front to manage customer interactions. They officially rolled out the Tianshu Intelligent Service Platform in the third quarter of 2025, which runs on their proprietary Cangjie Large Language Model. This platform is designed to redefine collaboration using an open toolkit, applying AI across content and intelligent customer services. Furthermore, Autohome completed a comprehensive upgrade to its AI assistant in Q3 2025, focusing on better model capabilities and integrating user inquiries directly with specific vehicle models.

For the automaker side, the relationship is heavily monetized through media services, though this area faces market pressure. Still, the company has dedicated resources to this, as evidenced by the revenue stream. The focus on digital intelligence product lines, leveraging full life cycle data tracking, is meant to help clients improve targeting accuracy and service efficiency.

Dealer relationships are cemented through self-service digital platforms that are crucial for lead generation. This is a significant revenue driver for Autohome Inc. (ATHM). The integration of online and offline resources aims to build a closed loop for auto transactions, serving both users and clients better.

Offline interaction is a key part of the strategy, especially for the New Energy Vehicle (NEV) business, targeting lower-tier cities. The physical footprint is expanding rapidly to support the online-to-offline (O2O) ecosystem. The company stated a goal to operate 500 stores nationwide by the end of 2025.

Here's a quick look at the revenue generated from the digital customer interaction channels through the first three quarters of 2025:

Relationship Channel/Service	Q1 2025 Revenue (RMB)	Q3 2025 Revenue (RMB)
Media Services Revenue (Automaker/Advertising)	242.2 million	298 million
Leads Generation Services Revenue (Dealer Self-Service)	645.1 million	664 million

The platform maintains a massive, engaged user base, which is the foundation for these relationships. According to QuestMobile data, the average mobile Daily Active Users (DAUs) reached 76.56 million in September 2025, an increase of 5.1% year-over-year.

The customer relationship structure involves several distinct interaction points:

• Automated, AI-driven intelligent customer service tools, including the new Tian Shu platform.
• Dedicated account managers supporting automaker media services contracts.
• Self-service digital platforms for dealer inventory marketing and sales lead delivery.
• Offline interaction via the expanding network of new retail franchise stores.

By the end of Q1 2025, the offline network consisted of 29 Autohome Space stores and 170 franchised satellite stores, totaling 200 locations nationwide, which supports the 'over 200' figure cited for the new retail footprint.

The company is also building out its content influence to engage users pre-purchase. The newly established Autohome Media MCN has gathered over 200 high-quality creators across multiple platforms, focusing on automotive vertical content.

Autohome Inc. (ATHM) - Canvas Business Model: Channels

You're looking at how Autohome Inc. gets its value proposition to the customer base as of late 2025, which is a mix of digital dominance and expanding physical integration.

Autohome website and mobile applications

The core digital channels remain the website and mobile applications, which serve as the primary engagement points for consumers across the entire car purchase and ownership cycle. User engagement metrics show consistent, though moderating, growth in the mobile segment.

• Average mobile Daily Active Users (DAUs) reached 76.92 million in March 2025, an increase of 10.8% year-over-year.
• Average mobile DAUs were 75.74 million in June 2025, representing an 11.5% year-over-year increase.
• Average mobile DAUs settled at 76.56 million in September 2025, up by 5.1% from the same period last year.
• The platform had 223 million registered users as of the June 2025 report.

Autohome Mall (online transaction platform soft-launched Sept 2025)

The Autohome Mall soft-launch in late September 2025 marks a significant step in closing the online-to-offline purchase loop, moving the channel beyond just information and leads into direct transaction services. This new retail focus is clearly impacting revenue composition.

The Online Marketplace and Others revenue stream showed strong acceleration following the initial integration and soft launch:

Period Ending	Online Marketplace and Others Revenue (RMB)	Year-over-Year Growth
March 31, 2025 (Q1)	Data not explicitly isolated	Data not explicitly isolated
June 30, 2025 (Q2)	RMB 746.1 million	20.5%
September 30, 2025 (Q3)	RMB 816.4 million	32.1%

The company planned a rollout of the Autohome Mall during the Double Eleven shopping festival to fully establish the online-to-offline purchase integration.

Dealer subscription services and data product APIs

This channel focuses on providing value-added services directly to automakers and dealers, including sales leads, data analysis, and marketing support. While the online marketplace is surging, the traditional leads generation segment faced pressure in the third quarter.

The revenue breakdown for the third quarter of 2025 illustrates the shift in channel reliance:

Revenue Segment (Q3 2025)	Amount (RMB)
Leads Generation Services Revenues	RMB 663.7 million
Media Services Revenues	RMB 298 million

The leads generation services revenue of RMB 663.7 million in Q3 2025 was down from RMB 830.7 million in the same period last year, primarily due to a decrease in paying dealers. In 2024, the Leads & Dealer SaaS pillar plugged into over 28,000+ franchised dealerships.

Offline Autohome Space and franchised satellite stores

The offline network is designated to integrate with the online experience, facilitating the entire process from online ordering to offline delivery and service. This O2O (Online-to-Offline) network has seen steady expansion.

• As of Q1 2025, the network comprised 29 Autohome Space stores and 170 franchised satellite stores nationwide, totaling 199 locations.
• By Q2 2025, the total number of Autohome Space and satellite stores reached more than 200.
• By Q1 2025, Autohome Space stores were noted to be nearly 200 in operation.

International version of Autohome website

To support domestic manufacturers expanding globally, Autohome launched an international version of its website in late June 2025. This specific channel covers more than 1,900 models from 52 Chinese auto brands.

Autohome Inc. (ATHM) - Canvas Business Model: Customer Segments

You're analyzing the customer base for Autohome Inc. (ATHM) as of late 2025. The platform serves a diverse set of stakeholders across the entire automotive lifecycle, from initial consumer research to final transaction and after-sales support. This segmentation is key to understanding their revenue mix.

The primary customer groups are:

• Chinese Automobile Consumers (new, used, NEV buyers)
• Automakers (OEMs) for brand advertising
• Auto Dealers (4S stores and used car dealers)
• New Energy Vehicle (NEV) brands, a 58.6% YoY growth driver

The consumer segment shows consistent engagement. According to QuestMobile data, the Company's average mobile Daily Active Users (DAUs) reached 76.92 million in March 2025, marking an increase of 10.8% year-over-year. By September 2025, mobile DAUs were reported at 76.56 million, reflecting a 5.1% increase. For the used car market, a segment Autohome Inc. is actively building an O2O ecosystem around, the used car transaction volume for 2025 is projected to exceed 20.5 million units.

The business-to-business side is segmented by the type of service provided, which directly correlates to automakers and dealers. Media services revenue targets automakers for brand advertising, while lead generation services target dealers for sales leads. The shift in focus toward new retail and NEVs is evident in the revenue composition.

Here is a look at the revenue breakdown for the third quarter of 2025, which shows the financial scale of interactions with these business segments:

Revenue Stream (Customer Interaction)	Q3 2025 Revenue (RMB)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Leads Generation Services Revenues (Auto Dealers)	RMB 663.7 million	Decrease from RMB 830.7 million
Media Services Revenues (Automakers/OEMs)	RMB 298 million	Decline (Media services revenue declined year-over-year)
Online Marketplace and Others Revenues (NEV New Retail/Consumers)	RMB 816.4 million	Increased by 32.1%

The growth driver you noted, New Energy Vehicle (NEV) brands, is captured within the Online Marketplace and Others segment. Revenues from NEVs, which includes the new retail business, showed significant acceleration, growing by 58.6% year-over-year in the third quarter of 2025. This strong performance in the NEV space helped offset the pressure seen in the traditional dealer lead generation business, which saw a drop in revenue due to a decrease in paying dealers.

For the automakers segment, the traditional media services revenue continues to face pressure, with expectations of a slight year-over-year decline due to ongoing OEM price wars. Still, customer penetration in the traditional business is expected to stabilize.

The dealer segment, represented by leads generation services, saw revenues fall to RMB 663.7 million in Q3 2025 from RMB 830.7 million in Q3 2024. This indicates that while the platform remains a key touchpoint, the immediate demand for traditional lead generation from dealers softened in the period.

Autohome Inc. (ATHM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Autohome Inc.'s operations as of late 2025, specifically focusing on the third quarter results. The cost structure clearly shows where the company is directing its capital, especially with the push into O2O (online-to-offline) and AI integration.

The Cost of Revenues for Q3 2025 hit RMB 646 million. That's a noticeable jump from RMB 408 million in the same quarter last year. Honestly, this increase directly reflects the scaling up of the O2O business, which naturally carries higher direct costs as it moves from pure digital services to transaction facilitation. This investment pressure is also why your gross margin compressed to 63.7% in the quarter, down from 77% a year prior.

When you look at operating expenses, you see a mixed bag. Sales and Marketing Expenses were RMB 620 million in Q3 2025. Interestingly, that's actually down from RMB 877 million in Q3 2024, suggesting some cost-cutting or efficiency gains in that specific area, despite the overall strategic shift. Product and Development Expenses, which fuel the tech side, were RMB 279 million for the quarter, compared to RMB 339 million the year before.

The strategic push involves significant upfront investment in new retail and AI technology. While we don't have a single line item for the total upfront spend, the impact is visible in the margin pressure from the new retail segment, which is part of the Online Marketplace and Others revenue stream that grew 32.1% year-over-year. The integration of AI technologies is a key driver for business innovation, but it requires sustained investment in R&D, which is captured in the Product and Development spend.

Here's a quick look at the key reported operating costs for the period:

Cost Category	Q3 2025 Amount (RMB)	Q3 2024 Amount (RMB)
Cost of Revenues	646 million	408 million
Sales and Marketing Expenses	620 million	877 million
Product and Development Expenses	279 million	339 million
General and Administrative Expenses	125 million	137 million

The company is clearly prioritizing the build-out of its O2O ecosystem, which is a capital-intensive move away from its traditional, higher-margin media and leads business. You can see the trade-off happening right here in the numbers. The costs associated with scaling the Autohome Mall, soft-launched in late September, are starting to hit the Cost of Revenues line. Also, remember that the company generated net operating cash flow of RMB 670 million in the third quarter, which helps fund these ongoing investments.

The cost structure also includes commitments to shareholders, which are an outflow of capital, though not an operating expense. Autohome's board approved a cash dividend of an aggregate amount totaling approximately RMB 1 billion for the second half of the year, fulfilling its commitment to a total annual cash dividend of no less than RMB 1.5 billion. Plus, they were actively repurchasing shares, having bought back approximately 5.48 million ADS for about $145.9 million as of October 31, 2025.

The key cost drivers you need to watch going into 2026 involve:

• Sustained investment in AI product offerings to maintain tech leadership.
• The variable costs associated with the lower-margin transaction business scaling up.
• Managing the fixed costs of the platform while traditional lead generation faces pressure.
• The ongoing capital allocation between growth investments and shareholder returns.

Finance: draft 13-week cash view by Friday.

Autohome Inc. (ATHM) - Canvas Business Model: Revenue Streams

You're looking at how Autohome Inc. is bringing in cash as of late 2025. It's all about breaking down the revenue streams that make up their total net revenue, which hit RMB 1.78 billion in the third quarter of 2025. The mix is shifting, which is key for you to track.

Here is the breakdown of the major components for the third quarter of 2025:

Revenue Stream Category	Q3 2025 Revenue (RMB)	Year-over-Year Change
Leads Generation Services	RMB 664 million	Decline (from RMB 830.7 million in Q3 2024)
Online Marketplace and Others	RMB 816.4 million	Up 32.1%
Media Services (Advertising)	RMB 298 million	Decline (from RMB 326.0 million in Q3 2024)
Data Products and SaaS solutions for business clients	Not specified in reported segment breakdown	N/A

The shift in focus is defintely visible here. The Online Marketplace and Others segment is clearly the growth engine, surging by 32.1% year-over-year to reach RMB 816.4 million. This momentum is tied to their O2O (online-to-offline) strategy and the launch of Autohome Mall in September.

Still, the traditional revenue pillars are seeing some pressure. Leads generation services, which you might think of as their core dealer service, saw a drop. That segment brought in RMB 664 million in Q3 2025, down from RMB 830.7 million in the same period last year, largely due to fewer paying dealers. Similarly, Media Services revenue was RMB 298 million, also lower than the prior year's RMB 326.0 million.

You should also note the following points about Autohome Inc.'s revenue-related activities:

• Total Net Revenues for Q3 2025 were RMB 1,778.1 million.
• The company is exploring synergies with CARtech to support future growth.
• Autohome Inc. was the largest online automotive advertising and lead generation service provider with a 30% market share, according to iResearch data.
• The company approved a total cash dividend of approximately RMB 1.5 billion for the year 2025.

The Data Products and SaaS solutions for business clients is a segment management is pushing, aiming to reduce auto industry decision-making and transaction costs through advanced technology. While we don't have the specific Q3 2025 revenue figure for this line item, its inclusion in the business model points to a strategic move toward higher-margin, recurring software-based revenue.