Autohome Inc. (ATHM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico del mercado digital automotriz de China, Autohome Inc. (ATHM) surge como una plataforma transformadora que revoluciona cómo interactúan los consumidores, los concesionarios y los fabricantes. Al combinar a la perfección la tecnología de vanguardia, los datos integrales del vehículo y los innovadores servicios digitales, Autohome ha creado un modelo de negocio único que trasciende las plataformas de información automotriz tradicionales. Esta exploración de su lienzo de modelo de negocio revela un ecosistema sofisticado que conecta a las partes interesadas automotrices a través de una infraestructura digital inteligente, contenido personalizado y conocimientos basados ​​en datos que están reformando la experiencia automotriz y la experiencia de transacción en uno de los mercados automotriz más grandes del mundo.

Autohome Inc. (ATHM) - Modelo de negocio: asociaciones clave

Alianza estratégica con los principales fabricantes de automóviles chinos

Autohome mantiene asociaciones estratégicas con fabricantes de automóviles chinos clave:

Fabricante	Detalles de la asociación	Año de colaboración
Grupo FAW	Plataforma de marketing digital y listado	2018
Motor saic	Integración de información del vehículo en línea	2019
Dongfeng Motor Corporation	Optimización del canal de ventas digitales	2020

Colaboración con los concesionarios de automóviles en China

Cobertura de la red de concesionarios de Autohome:

• Asociaciones totales de concesionario: 4,852
• Cobertura geográfica: 336 ciudades
• Listados promedio de vehículos mensuales: 287,000

Asociaciones con plataformas de publicidad digital

Plataforma	Participación en los ingresos publicitarios	Año de asociación
Publicidad de tencent	37.5%	2017
Marketing de Baidu	28.3%	2018
Anuncios de byte	22.7%	2020

Asociaciones tecnológicas con empresas de análisis de datos

• Socio de análisis de datos primarios: Alibaba Cloud
• Capacidad de procesamiento de datos: 12.4 petabytes/mes
• Seguimiento de comportamiento del usuario en tiempo real: 98.6% de precisión

Relación con creadores e influencers de contenido automotriz

Categoría de influencer	Total de asociaciones	Alcance de contenido mensual
YouTubers automotriz	127	3.2 millones de visitas
Bloggers automotrices de Weibo	214	5.7 millones de interacciones
Canales automotrices de WeChat	86	2.9 millones de suscriptores

Autohome Inc. (ATHM) - Modelo de negocio: actividades clave

Desarrollo de plataforma de mercado automotriz en línea

Métricas de desarrollo de la plataforma a partir de 2023:

Métrico	Valor
Total de usuarios registrados	93.2 millones
Usuarios activos mensuales	47.6 millones
Inversión de desarrollo de plataforma anual	$ 42.3 millones

Servicios de publicidad digital para la industria automotriz

Datos de rendimiento del servicio publicitario:

• Ingresos de publicidad digital total en 2023: $ 276.5 millones
• Número de clientes de concesionarios automotrices: 8,700
• Valor promedio del contrato publicitario: $ 31,700 anualmente

Recopilación y análisis de datos del usuario

Parámetro de recopilación de datos	Cantidad
Puntos de datos anuales recopilados	3.200 millones
Modelos de aprendizaje automático implementado	127
Inversión de infraestructura de análisis de datos	$ 18.6 millones

Creación y marketing de contenido

Métricas de producción de contenido:

• Piezas de contenido anual publicadas: 52,000
• Categorías de contenido: 12
• Presupuesto de marketing de contenido: $ 22.4 millones

Precios de vehículos e investigación de tendencias del mercado

Parámetro de investigación	Valor
Modelos de vehículos rastreados	1,200
Frecuencia de actualización de datos de precio	A diario
Tamaño del equipo de investigación	87 profesionales

Autohome Inc. (ATHM) - Modelo de negocio: recursos clave

Plataforma digital y infraestructura tecnológica patentada

A partir de 2024, la plataforma digital de Autohome admite 14.3 millones de usuarios registrados con una base de usuarios activa mensual de 8.2 millones de consumidores automotrices. La infraestructura tecnológica procesa más de 450 millones de vistas mensuales de página.

Métrica de plataforma	Valor cuantitativo
Usuarios registrados	14.3 millones
Usuarios activos mensuales	8.2 millones
Vistas mensuales de página	450 millones

Extensa base de datos automotriz e información del usuario

La base de datos de Autohome contiene información completa sobre:

• Más de 120,000 configuraciones de vehículos
• Más de 3,500 modelos de automóviles
• 850+ marcas automotrices

Fuerte reputación de la marca en el mercado automotriz chino

Posición del mercado: Plataforma de servicio automotriz en línea líder en China con 62.3% de participación de mercado en servicios de información automotriz digital.

Tecnología especializada y fuerza laboral de marketing

Categoría de fuerza laboral	Número de empleados
Total de empleados	2,340
Equipo de tecnología	780
Equipo de marketing	540

Capacidades de análisis de datos avanzados

Las capacidades de procesamiento incluyen:

• Procesamiento de datos en tiempo real: 25 terabytes por día
• Algoritmos de aprendizaje automático: 38 modelos predictivos distintos
• Seguimiento de comportamiento del usuario: 92% de precisión en la predicción de preferencias del consumidor

Autohome Inc. (ATHM) - Modelo de negocio: propuestas de valor

Mercado automotriz en línea integral

A partir del cuarto trimestre de 2023, Autohome Inc. opera una plataforma digital con 124.5 millones de usuarios registrados en China. La plataforma presenta 1.211 marcas y modelos de automóviles en su ecosistema digital.

Métrica de plataforma	Cantidad
Usuarios registrados	124.5 millones
Marcas/modelos de automóviles enumerados	1,211
Usuarios activos mensuales	57.3 millones

Información detallada del vehículo y ideas de precios

Autohome proporciona datos completos del vehículo que incluyen:

• Información de precios en tiempo real
• Especificaciones detalladas para el 98.7% de los segmentos de mercado automotriz chino
• Análisis de precios comparativos en 46 ciudades principales

Plataforma fácil de usar para compradores y vendedores de automóviles

Las características de la plataforma incluyen:

• Sala de exposición digital con una tasa de participación del concesionario del 98%
• Servicios de facilitación de transacciones
• Capacidades avanzadas de búsqueda y filtrado

Métrica de rendimiento de la plataforma	Valor
Tasa de participación del concesionario	98%
Valor de transacción anual	$ 3.2 mil millones
Tasa de conversión de usuario	12.4%

Contenido automotriz personalizado y recomendaciones

Autohome aprovecha los algoritmos de recomendación impulsados ​​por la IA procesamiento 2.7 petabytes de datos de interacción del usuario mensualmente.

Fuente de confianza para la inteligencia del mercado automotriz

Las capacidades de investigación de mercado incluyen:

• Cobertura del 92% de los segmentos de mercado automotriz chino
• Asociaciones con 763 fabricantes automotrices
• Análisis de tendencias del mercado en tiempo real

Métrica de inteligencia de mercado	Cantidad
Cobertura del mercado	92%
Asociaciones del fabricante	763
Capacidad de procesamiento de datos	2.7 petabytes/mes

Autohome Inc. (ATHM) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Autohome atiende a 68.3 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. La plataforma permite 4.2 millones de transacciones de vehículos por año a través de interfaces de autoservicio.

Métrica de plataforma	Valor
Usuarios activos mensuales	68.3 millones
Transacciones anuales de vehículos	4.2 millones
Tasa de registro de usuarios	23.7% de crecimiento año tras año

Interacciones de usuario impulsadas por la comunidad

Autohome mantiene 12.6 millones de miembros de la comunidad de usuarios registrados con 3.8 millones de participantes diarios de foro activo.

• Tasa de participación del foro comunitario: 65.4%
• Tiempo promedio de interacción del usuario: 24.6 minutos por sesión
• Volumen de contenido generado por el usuario: 2.1 millones de publicaciones mensualmente

Algoritmos de recomendación personalizados

Los algoritmos de aprendizaje automático procesan 92.4 millones de puntos de datos del usuario para generar recomendaciones personalizadas de vehículos con una tasa de precisión del 78.3%.

Atención al cliente a través de canales digitales

Canal de soporte	Tiempo de respuesta	Tasa de resolución
Chat en vivo	3.2 minutos	86.5%
Soporte por correo electrónico	8.7 horas	72.3%
Soporte de aplicaciones móviles	5.6 minutos	91.2%

Compromiso continuo a través de contenido y servicios

Autohome genera 14.3 millones de visitas al contenido semanalmente en revisiones automotrices, guías de compra y plataformas de contenido generadas por el usuario.

• Categorías de contenido: 42 segmentos automotrices distintos
• Vistas de contenido semanales: 14.3 millones
• Contribución del contenido del usuario: 36.7% del contenido total de la plataforma

Autohome Inc. (ATHM) - Modelo de negocio: canales

Sitio web oficial

Autohome.com.cn sirve como la plataforma digital principal con 458.1 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. El tráfico del sitio web alcanza aproximadamente 67.3 millones de visitantes únicos por mes.

Métrico del sitio web	Valor
Usuarios activos mensuales	458.1 millones
Visitantes mensuales únicos	67.3 millones
Dominio del sitio web	Autohome.com.cn

Aplicaciones móviles

AutoHome mantiene múltiples aplicaciones móviles con 81.2 millones de usuarios móviles activos mensuales en 2023.

• Aplicación Autohome
• Aplicación de coche usado
• Aplicación de noticias automotriz

Plataformas de redes sociales

Autohome aprovecha múltiples canales de redes sociales con más de 12.5 millones de seguidores combinados en las plataformas.

Plataforma	Recuento de seguidores
Weibo	7.3 millones
Cuenta oficial de WeChat	3.9 millones
Douyin	1.3 millones

Marketing de motores de búsqueda

Autohome genera el 24.6% del tráfico a través de los canales de comercialización de motores de búsqueda en 2023.

Socios de sitios web automotrices

Autohome colabora con 876 redes de distribuidores automotrices y 42 sitios web de socios de fabricantes.

Tipo de socio	Número de socios
Redes de distribuidores automotrices	876
Sitios web de socios del fabricante	42

Autohome Inc. (ATHM) - Modelo de negocio: segmentos de clientes

Compradores y vendedores de autos chinos

A partir del cuarto trimestre de 2023, Autohome atiende a aproximadamente 47.3 millones de usuarios mensuales activos en el mercado automotriz chino.

Demográfico del usuario	Porcentaje
Usuarios masculinos	62.5%
Usuarios femeninos	37.5%
Edad 25-34	41.2%
Edad 35-44	33.6%

Entusiastas de los automóviles

La plataforma de Autohome alberga más de 450,000 foros de discusión automotriz con 18.7 millones de miembros de la comunidad registrados.

• Interacciones diarias promedio del foro: 215,000
• Volumen de contenido generado por el usuario: 3.2 millones de publicaciones mensuales

Concesionarios de autos

En 2023, Autohome se conectó con 12,500 concesionarios autorizados en 286 ciudades de China.

Tipo de concesionario	Número
Concesionarios de franquicias	8,750
Concesionarios independientes	3,750

Fabricantes de automóviles

Autohome mantiene asociaciones con 58 marcas de automóviles en China.

• Marcas nacionales: 42
• Marcas internacionales: 16

Consumidores expertos en digital

El uso de la plataforma móvil alcanzó el 72.4% del tráfico total de la plataforma en 2023.

Plataforma digital	Porcentaje de usuario
Aplicación móvil	62.3%
Web móvil	10.1%
Web de escritorio	27.6%

Autohome Inc. (ATHM) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, Autohome Inc. gastó aproximadamente $ 42.6 millones en mantenimiento de la infraestructura tecnológica, lo que representa el 15.3% de los gastos operativos totales.

Componente de infraestructura	Costo anual	Porcentaje de costos tecnológicos totales
Servicios en la nube	$ 18.3 millones	43%
Operaciones del centro de datos	$ 12.7 millones	30%
Seguridad de la red	$ 7.2 millones	17%
Actualizaciones del sistema	$ 4.4 millones	10%

Gastos de publicidad digital

Los costos de publicidad digital para Autohome Inc. alcanzaron $ 67.5 millones en 2023, con el siguiente desglose:

• Marketing de motores de búsqueda: $ 24.3 millones
• Publicidad en las redes sociales: $ 19.8 millones
• Mostrar anuncios de red: $ 14.6 millones
• Publicidad programática: $ 8.8 millones

Investigación y desarrollo

El gasto de I + D para 2023 fue de $ 89.2 millones, lo que representa el 12.4% de los ingresos totales.

Área de enfoque de I + D	Inversión	Porcentaje del presupuesto de I + D
AI y aprendizaje automático	$ 37.5 millones	42%
Mejora de la plataforma	$ 28.6 millones	32%
Tecnología móvil	$ 15.3 millones	17%
Investigación de experiencia del usuario	$ 7.8 millones	9%

Salarios de los empleados

La compensación total de los empleados para 2023 fue de $ 156.4 millones.

• Personal técnico: $ 82.3 millones
• Ventas y marketing: $ 39.7 millones
• Personal administrativo: $ 21.5 millones
• Gestión: $ 12.9 millones

Costos de creación de marketing y contenido

Los gastos de creación de marketing y contenido totalizaron $ 54.3 millones en 2023.

Tipo de contenido	Costo anual	Porcentaje del presupuesto de marketing
Contenido de video	$ 22.1 millones	40.7%
Contenido escrito	$ 15.6 millones	28.7%
Infografías y contenido visual	$ 9.8 millones	18.0%
Contenido interactivo	$ 6.8 millones	12.5%

Autohome Inc. (ATHM) - Modelo de negocio: flujos de ingresos

Ingresos publicitarios digitales

En 2022, los ingresos por publicidad digital de Autohome fueron de 3.46 mil millones de yuanes (aproximadamente $ 503 millones de dólares). La compañía generó ingresos publicitarios en línea principalmente de fabricantes de automóviles y concesionarios.

Año	Ingresos publicitarios digitales (yuan)	Porcentaje de ingresos totales
2022	3,460,000,000	52.3%
2021	3,280,000,000	50.7%

Tarifas de transacción de plataforma

Las tarifas de transacción de ventas automotrices y servicios relacionados generaron 680 millones de yuanes en 2022.

Ventas de información y información del mercado

• Ingresos anuales de las ventas de datos: 210 millones de yuanes
• Los clientes clave incluyen fabricantes de automóviles y firmas de investigación de mercado
• Los precios varían de 50,000 a 500,000 yuanes por informe de mercado integral

Servicios de suscripción premium

Los ingresos por suscripción en 2022 llegaron a 420 millones de yuanes, con 1.2 millones de suscriptores de pago activos.

Nivel de suscripción	Precio mensual (yuan)	Número de suscriptores
Basic	19.9	800,000
De primera calidad	49.9	400,000

Generación de leads para negocios automotrices

Los servicios de generación de leads generaron 350 millones de yuanes en 2022, con un costo promedio de plomo de 180 yuanes por ventaja de ventas automotrices calificadas.

• Total de clientes potenciales generados: 1.94 millones
• Tasa de conversión: 6.2%
• Comisión promedio por líder exitoso: 250 yuanes

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.