Autohome Inc. (ATHM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique du marché numérique automobile chinois, Autohome Inc. (ATHM) apparaît comme une plate-forme transformatrice révolutionnant la façon dont les consommateurs, les concessionnaires et les fabricants interagissent. En mélangeant de manière transparente la technologie de pointe, des données complètes sur les véhicules et des services numériques innovants, Autohome a conçu un modèle commercial unique qui transcende les plateformes d'information automobile traditionnelles. Cette exploration de leur toile de modèle commercial révèle un écosystème sophistiqué qui relie les parties prenantes automobiles grâce à une infrastructure numérique intelligente, un contenu personnalisé et des informations axées sur les données qui remodèlent les informations automobiles et l'expérience de transaction sur l'un des plus grands marchés automobiles au monde.

Autohome Inc. (ATHM) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les principaux constructeurs automobiles chinois

Autohome maintient des partenariats stratégiques avec les principaux constructeurs automobiles chinois:

Fabricant	Détails du partenariat	Année de collaboration
Groupe FAW	Plateforme de marketing et d'inscription numérique	2018
Moteur de saic	Intégration d'informations sur les véhicules en ligne	2019
Dongfeng Motor Corporation	Optimisation du canal de vente numérique	2020

Collaboration avec les concessionnaires automobiles à travers la Chine

Couverture du réseau de concessionnaires d'Autohome:

• Partenariats totaux de concessionnaires: 4 852
• Couverture géographique: 336 villes
• Listes de véhicules mensuels moyens: 287 000

Partenariats avec les plateformes de publicité numérique

Plate-forme	Part des revenus de publicité	Année de partenariat
Publicité Tencent	37.5%	2017
Marketing baidu	28.3%	2018
Publicités de bydance	22.7%	2020

Partenariats technologiques avec les sociétés d'analyse de données

• Partenaire d'analyse des données primaires: Cloud Alibaba
• Capacité de traitement des données: 12,4 pétaoctets / mois
• Suivi du comportement des utilisateurs en temps réel: précision de 98,6%

Relation avec les créateurs et les influenceurs de contenu automobile

Catégorie d'influenceur	Partenariats totaux	Contenu mensuel Reach
Youtubers automobiles	127	3,2 millions de vues
Blogueurs automobiles de Weibo	214	5,7 millions d'interactions
Canaux automobiles WeChat	86	2,9 millions d'abonnés

Autohome Inc. (ATHM) - Modèle d'entreprise: activités clés

Développement de la plate-forme de marché automobile en ligne

Métriques de développement de la plate-forme à partir de 2023:

Métrique	Valeur
Total des utilisateurs enregistrés	93,2 millions
Utilisateurs actifs mensuels	47,6 millions
Investissement annuel sur le développement de la plate-forme	42,3 millions de dollars

Services de publicité numérique pour l'industrie automobile

Données de performance du service publicitaire:

• Revenus publicitaires numériques totaux en 2023: 276,5 millions de dollars
• Nombre de clients de concessionnaires automobiles: 8 700
• Valeur du contrat publicitaire moyen: 31 700 $ par an

Collecte et analyse des données des utilisateurs

Paramètre de collecte de données	Quantité
Points de données annuels collectés	3,2 milliards
Modèles d'apprentissage automatique déployés	127
Investissement d'infrastructure d'analyse des données	18,6 millions de dollars

Création et marketing de contenu

Métriques de production de contenu:

• Contenu annuel Publié: 52 000
• Catégories de contenu: 12
• Budget marketing de contenu: 22,4 millions de dollars

Tarification des véhicules et recherche sur les tendances du marché

Paramètre de recherche	Valeur
Modèles de véhicules suivis	1,200
Fréquence de mise à jour des données des prix	Tous les jours
Taille de l'équipe de recherche	87 professionnels

Autohome Inc. (ATHM) - Modèle d'entreprise: Ressources clés

Infrastructure de plate-forme numérique et technologique propriétaire

En 2024, la plate-forme numérique d'Autohome prend en charge 14,3 millions d'utilisateurs enregistrés avec une base d'utilisateurs active mensuelle de 8,2 millions de consommateurs automobiles. L'infrastructure technologique traite plus de 450 millions de pages vues mensuelles.

Métrique de la plate-forme	Valeur quantitative
Utilisateurs enregistrés	14,3 millions
Utilisateurs actifs mensuels	8,2 millions
Page de vue mensuelle	450 millions

Base de données automobile approfondie et informations utilisateur

La base de données d'Autohome contient des informations complètes sur:

• 120 000+ configurations de véhicules
• Modèles de 3 500+ voitures
• 850+ marques automobiles

Grande réputation de marque sur le marché automobile chinois

Position du marché: Plateforme de services automobiles en ligne en ligne en Chine avec une part de marché de 62,3% dans les services d'information sur l'automobile numérique.

Technologie qualifiée et travail marketing

Catégorie de main-d'œuvre	Nombre d'employés
Total des employés	2,340
Équipe technologique	780
Équipe marketing	540

Capacités avancées d'analyse des données

Les capacités de traitement comprennent:

• Traitement des données en temps réel: 25 téraoctets par jour
• Algorithmes d'apprentissage automatique: 38 modèles prédictifs distincts
• Suivi du comportement des utilisateurs: précision de 92% dans la prédiction des préférences des consommateurs

Autohome Inc. (ATHM) - Modèle d'entreprise: propositions de valeur

Marché automobile en ligne complet

Au quatrième trimestre 2023, Autohome Inc. exploite une plate-forme numérique avec 124,5 millions d'utilisateurs enregistrés en Chine. La plate-forme dispose de 1 211 marques de voitures et modèles à travers son écosystème numérique.

Métrique de la plate-forme	Quantité
Utilisateurs enregistrés	124,5 millions
Marques / modèles automobiles répertoriés	1,211
Utilisateurs actifs mensuels	57,3 millions

Informations détaillées sur les véhicules et informations sur les prix

AutoHome fournit des données complètes sur les véhicules, notamment:

• Informations sur les prix en temps réel
• Spécifications détaillées pour 98,7% des segments de marché automobile chinois
• Analyse comparative des prix dans 46 grandes villes

Plate-forme conviviale pour les acheteurs de voitures et les vendeurs

Les fonctionnalités de la plate-forme comprennent:

• Salle d'exposition numérique Avec un taux de participation de 98%
• Services de facilitation des transactions
• Capacités avancées de recherche et de filtrage

Métrique de performance de la plate-forme	Valeur
Taux de participation du concessionnaire	98%
Valeur de transaction annuelle	3,2 milliards de dollars
Taux de conversion des utilisateurs	12.4%

Contenu automobile personnalisé et recommandations

Autohome exploite les algorithmes de recommandation dirigés par l'IA Traitement 2.7 Petaoctets de données d'interaction utilisateur mensuellement.

Source de confiance pour l'intelligence du marché automobile

Les capacités d'étude de marché comprennent:

• Couverture de 92% des segments du marché automobile chinois
• Partenariats avec 763 constructeurs automobiles
• Analyse des tendances du marché en temps réel

Métrique de l'intelligence du marché	Quantité
Couverture du marché	92%
Partenariats du fabricant	763
Capacité de traitement des données	2,7 pétaoctets / mois

Autohome Inc. (ATHM) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique d'Autohome dessert 68,3 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. La plate-forme permet 4,2 millions de transactions de véhicules par an via des interfaces en libre-service.

Métrique de la plate-forme	Valeur
Utilisateurs actifs mensuels	68,3 millions
Transactions de véhicules annuelles	4,2 millions
Taux d'enregistrement des utilisateurs	Croissance de 23,7% en glissement annuel

Interactions utilisateur axées sur la communauté

Autohome maintient 12,6 millions de membres de la communauté des utilisateurs enregistrés avec 3,8 millions de participants au forum actif quotidien.

• Taux d'engagement du forum communautaire: 65,4%
• Temps moyen d'interaction utilisateur: 24,6 minutes par session
• Volume de contenu généré par les utilisateurs: 2,1 millions de messages par mois

Algorithmes de recommandation personnalisés

Algorithmes d'apprentissage automatique Processus 92,4 millions de points de données utilisateur pour générer des recommandations de véhicules personnalisées avec un taux de précision de 78,3%.

Support client via les canaux numériques

Canal de support	Temps de réponse	Taux de résolution
Chat en direct	3,2 minutes	86.5%
Assistance par e-mail	8,7 heures	72.3%
Prise en charge de l'application mobile	5,6 minutes	91.2%

Engagement continu grâce au contenu et aux services

Autohome génère 14,3 millions de vues de contenu chaque semaine sur les avis automobiles, les guides d'achat et les plateformes de contenu générées par les utilisateurs.

• Catégories de contenu: 42 segments automobiles distincts
• Vues de contenu hebdomadaire: 14,3 millions
• Contribution de contenu utilisateur: 36,7% du contenu total de la plate-forme

Autohome Inc. (ATHM) - Modèle d'entreprise: canaux

Site officiel

Autohome.com.cn sert de plate-forme numérique principale avec 458,1 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. Le trafic du site Web atteint environ 67,3 millions de visiteurs uniques par mois.

Métrique du site Web	Valeur
Utilisateurs actifs mensuels	458,1 millions
Visiteurs mensuels uniques	67,3 millions
Domaine du site Web	Autohome.com.cn

Applications mobiles

AutoHome maintient plusieurs applications mobiles avec 81,2 millions d'utilisateurs mobiles actifs mensuels en 2023.

• Application AutoHome
• Application de voiture d'occasion
• Application d'actualités automobiles

Plateformes de médias sociaux

Autohome tire parti de plusieurs canaux de médias sociaux avec plus de 12,5 millions d'abonnés combinés sur les plateformes.

Plate-forme	Nombre de suiveurs
Weibo	7,3 millions
Compte officiel de WeChat	3,9 millions
Douyin	1,3 million

Marketing des moteurs de recherche

AutoHome génère 24,6% du trafic via des canaux de commercialisation des moteurs de recherche en 2023.

Sites Web automobiles partenaires

Autohome collabore avec 876 réseaux de concessionnaires automobiles et 42 sites Web de partenaires du fabricant.

Type de partenaire	Nombre de partenaires
Réseaux de concessionnaires automobiles	876
Sites Web des partenaires du fabricant	42

Autohome Inc. (ATHM) - Modèle d'entreprise: segments de clientèle

Acheteurs et vendeurs de voitures chinoises

Au quatrième trimestre 2023, Autohome dessert environ 47,3 millions d'utilisateurs mensuels actifs sur le marché automobile chinois.

Utilisateur démographique	Pourcentage
Utilisateurs masculins	62.5%
Utilisateurs	37.5%
25-34 ans	41.2%
35 à 44 ans	33.6%

Passionnés de l'automobile

La plate-forme d'Autohome accueille plus de 450 000 forums de discussion automobile avec 18,7 millions de membres de la communauté enregistrés.

• Interactions moyennes du forum quotidien: 215 000
• Volume de contenu généré par l'utilisateur: 3,2 millions de messages mensuels

Concessionnaires automobiles

En 2023, Autohome a été lié à 12 500 concessionnaires autorisés dans 286 villes en Chine.

Type de concessionnaire	Nombre
Concessionnaires de franchise	8,750
Concessionnaires indépendants	3,750

Constructeurs automobiles

Autohome maintient des partenariats avec 58 marques automobiles en Chine.

• Marques domestiques: 42
• Marques internationales: 16

Consommateurs avertis du numérique

L'utilisation de la plate-forme mobile a atteint 72,4% du trafic total de la plate-forme en 2023.

Plate-forme numérique	Pourcentage d'utilisateur
Application mobile	62.3%
Web mobile	10.1%
Web de bureau	27.6%

Autohome Inc. (ATHM) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, Autohome Inc. a dépensé environ 42,6 millions de dollars pour la maintenance des infrastructures technologiques, représentant 15,3% du total des dépenses d'exploitation.

Composant d'infrastructure	Coût annuel	Pourcentage du total des coûts technologiques
Services cloud	18,3 millions de dollars	43%
Opérations du centre de données	12,7 millions de dollars	30%
Sécurité du réseau	7,2 millions de dollars	17%
Mises à niveau du système	4,4 millions de dollars	10%

Dépenses publicitaires numériques

Les coûts de publicité numérique pour Autohome Inc. ont atteint 67,5 millions de dollars en 2023, avec la ventilation suivante:

• Marketing des moteurs de recherche: 24,3 millions de dollars
• Publicité des médias sociaux: 19,8 millions de dollars
• Afficher les annonces du réseau: 14,6 millions de dollars
• Publicité programmatique: 8,8 millions de dollars

Recherche et développement

Les dépenses de R&D pour 2023 étaient de 89,2 millions de dollars, ce qui représente 12,4% des revenus totaux.

Zone de focus R&D	Investissement	Pourcentage du budget de la R&D
IA et apprentissage automatique	37,5 millions de dollars	42%
Amélioration de la plate-forme	28,6 millions de dollars	32%
Technologie mobile	15,3 millions de dollars	17%
Recherche d'expérience utilisateur	7,8 millions de dollars	9%

Salaires des employés

La rémunération totale des employés pour 2023 était de 156,4 millions de dollars.

• Personnel technique: 82,3 millions de dollars
• Ventes et marketing: 39,7 millions de dollars
• Personnel administratif: 21,5 millions de dollars
• Gestion: 12,9 millions de dollars

Coûts de marketing et de création de contenu

Les dépenses de marketing et de création de contenu ont totalisé 54,3 millions de dollars en 2023.

Type de contenu	Coût annuel	Pourcentage du budget marketing
Contenu vidéo	22,1 millions de dollars	40.7%
Contenu écrit	15,6 millions de dollars	28.7%
Infographie et contenu visuel	9,8 millions de dollars	18.0%
Contenu interactif	6,8 millions de dollars	12.5%

Autohome Inc. (ATHM) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires numériques

En 2022, les revenus publicitaires numériques d'Autohome étaient de 3,46 milliards de yuans (environ 503 millions USD). La société a généré des revenus publicitaires en ligne principalement auprès des constructeurs automobiles et des concessionnaires.

Année	Revenus publicitaires numériques (yuan)	Pourcentage du total des revenus
2022	3,460,000,000	52.3%
2021	3,280,000,000	50.7%

Frais de transaction de plate-forme

Les frais de transaction provenant des ventes automobiles et des services connexes ont généré 680 millions de yuans en 2022.

Ventes de données et d'informations sur le marché

• Revenus annuels des ventes de données: 210 millions de yuans
• Les clients clés comprennent les constructeurs automobiles et les sociétés d'études de marché
• Les prix varient de 50 000 à 500 000 yuans par rapport de marché complet

Services d'abonnement premium

Les revenus d'abonnement en 2022 ont atteint 420 millions de yuans, avec 1,2 million d'abonnés actifs payés.

Niveau d'abonnement	Prix ​​mensuel (yuan)	Nombre d'abonnés
Basic	19.9	800,000
Prime	49.9	400,000

Génération de leads pour les entreprises automobiles

Les services de génération de leads ont généré 350 millions de yuans en 2022, avec un coût de plomb moyen de 180 yuans par lead de ventes automobiles qualifiés.

• Total des pistes générées: 1,94 million
• Taux de conversion: 6,2%
• Commission moyenne par lead réussi: 250 yuans

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.