Autohome Inc. (ATHM): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Autohome Inc.'s strategy now, seeing if their aggressive shift toward O2O transactions and AI-driven services is actually working after the late 2025 changes. Honestly, the picture shows a company that's betting big on digital intelligence, moving beyond just media ads to capture transaction fees, which already contributed RMB 816 million in Online Marketplace revenue for Q3 2025. With 76.56 million average mobile daily active users, the traffic is definitely there, but the real test is how well they are converting those leads-which still brought in RMB 664 million-into closed deals through their new mall platform and network of 200+ franchised stores; check out the full Canvas below to see the key resources they are deploying to make this happen.

Autohome Inc. (ATHM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Autohome Inc. built to drive its platform in late 2025. These alliances are critical for traffic, transaction volume, and technology adoption. Here's the breakdown of the numbers we see from the latest reports.

Automakers and NEV brands for advertising and new retail

The shift toward new retail is clear in the revenue mix. The online marketplace and others segment, which captures this new retail momentum, hit RMB 816.4 million in the third quarter of 2025, a year-over-year surge of 32.1%. This growth is partly fueled by New Energy Vehicle (NEV) sales partners; NEV revenues specifically jumped 58.6% in Q3 2025 compared to the prior year. Autohome Inc. is embedding its technology deeply, having served 50 automotive brands with its integrated AI solutions as of Q2 2025. The platform's reach remains substantial, with average mobile Daily Active Users (DAUs) hitting 76.56 million in September 2025.

• Average mobile DAUs (September 2025): 76.56 million
• Online Marketplace & Others Revenue (Q3 2025): RMB 816.4 million
• NEV Revenue Growth (YoY Q3 2025): 58.6%
• Automotive brands served with AI (Q2 2025): 50

Alipay Auto Life for multi-platform traffic alliance (May 2025)

While the specific May 2025 data for an 'Alipay Auto Life' alliance isn't explicitly detailed, Autohome Inc. confirmed it continues to expand its partnership network, including a strategic collaboration with leading platforms referred to as 'ad pay' in Q2 2025. This type of alliance is designed to build a comprehensive user base through jointly developed channels and co-branded marketing initiatives.

TTP and used car dealers for O2O transaction ecosystem

The Online-to-Offline (O2O) push is formalized by the soft launch of Autohome Mall on September 20, 2025, aiming for a full digitalized closed loop for car purchases. The broader used car market, which this ecosystem supports, is projected to exceed 20.5 million units in transaction volume for 2025, marking a 4-5% year-over-year increase. However, the dealer-facing lead generation business shows strain; revenue for this segment fell to RMB 663.7 million in Q3 2025 from RMB 830.7 million in Q3 2024, largely due to fewer paying dealers. The physical footprint supporting this O2O strategy includes over 200 Autohome Space stores and satellite stores as of the end of June 2025.

Automotive associations for industry event endorsements

Autohome Inc. solidified its industry influence by hosting its first Global AI Technology Conference. This event secured authoritative endorsements from 5 major automotive associations and saw strong support from 14 key corporate partners. Seven top executives from leading industry companies delivered keynote speeches.

DeepSeek for AI technology integration

The integration of AI is central, with Autohome Inc. completing a comprehensive upgrade of its AI assistant in Q3 2025. The technology partner, DeepSeek AI, itself reported crossing 125 million active monthly users globally by May 2025. Autohome has introduced new features like the AI car selection system and AI vehicle diagnostics, enhancing user experience and operational efficiency across its platform.

Autohome Inc. (ATHM) - Canvas Business Model: Key Activities

Developing AI-native and data-driven intelligent products is a core activity, with Autohome Inc. advancing its 'AI-native and data-driven intelligent' paradigm.

The Company upgraded and launched five major digital intelligence product lines in the first half of 2025:

• AI Marketing Brain
• AI Customer Acquisition
• AI Leads Master
• AI Sales Champion
• AI Vehicle Inspector

Revenue from the Company's data products increased by over 5% year-on-year in the first quarter of 2025. By the third quarter of 2025, Autohome Inc. completed a comprehensive upgrade of its AI assistant and introduced the Cangjie LLM and Tianshu intelligence service platform.

Operating and expanding the Autohome Mall O2O platform supports the new retail business model, marked by the soft launch of Autohome Mall in September 2025.

The performance of the online marketplace segment shows significant growth:

New energy vehicle (NEV)-related revenues, which include the new retail business, grew 58.6% year-over-year in the third quarter of 2025.

Generating comprehensive content involves providing multiple formats to engage users across the entire car purchase and ownership cycle.

The content types Autohome Inc. provides include:

• Occupationally generated content (OGC)
• Professionally generated content (PGC)
• User-generated content (UGC)
• AI-generated content (AIGC)

This content strategy sustained steady growth in platform traffic, with average mobile daily active users (DAUs) reaching 76.92 million in March 2025, up 10.8% year-on-year, and 76.56 million in September 2025, up 5.1% year-on-year.

Providing high-quality sales leads to dealers is a key service, though this segment faces industry headwinds.

Leads generation services revenues for the first three quarters of 2025 are detailed below:

The third quarter 2025 report noted that over half of dealers were loss-making, pressuring the leads generation business.

Managing and expanding the 200+ franchised satellite stores is central to the O2O strategy, focusing on reaching consumers in lower-tier markets.

The offline network expansion milestones are:

• As of Q1 2025: 29 Autohome Space stores and 170 franchised satellite stores nationwide.
• By the end of June 2025: Total number of Autohome Space stores and satellite stores exceeded 200.
• As of Q2 2025: The franchised store network expanded to over 200 locations.

Autohome Inc. (ATHM) - Canvas Business Model: Key Resources

You're looking at the core assets Autohome Inc. (ATHM) uses to run its business as of late 2025. These aren't just line items; they are the engines driving the platform's market position in China's auto sector.

The sheer scale of the user base is a primary resource. As of September 2025, the average mobile Daily Active Users (DAUs) hit 76.56 million. That's a massive, engaged audience ready for content, leads, and transactions.

Financially, the balance sheet shows significant staying power. As of September 30, 2025, Autohome Inc. (ATHM) held cash, cash equivalents, and short-term investments totaling RMB 21.89 billion. This liquidity supports ongoing investment and shareholder returns, like the announced cash dividend fulfillment for 2025.

Technologically, the proprietary assets are key differentiators. Autohome Inc. (ATHM) is pushing hard on intelligence integration. They officially launched the Tianshu Intelligence Service Platform, which runs on the company's proprietary Cangjie Large Language Model. Furthermore, product upgrades are being powered by DeepSeek technology. This focus on data and AI underpins their transformation into an intelligent hub.

The physical footprint ties the digital experience to real-world transactions. This network includes various physical touchpoints that integrate the online ordering process with offline delivery and service.

Here's a quick look at the quantitative resources as of the third quarter of 2025:

The physical network is built on a combination of company-owned and partner locations, showing expansion across the O2O (online-to-offline) strategy:

• AI-driven digital intelligence product lines: Five major lines, including AI Marketing Brain and AI Vehicle Inspector.
• Proprietary LLM: Cangjie Large Language Model powering the Tianshu Intelligence Service Platform.
• Offline Network (Q1 2025): 29 Autohome Space stores and 170 franchised satellite stores nationwide.
• Offline Network (Q2 2025): Total number of Autohome Space stores and satellite stores exceeded 200 locations.

The data assets are extensive, covering the full vehicle ownership lifecycle, which feeds the AI models and targeted advertising services for automakers and dealers. This data advantage helps Autohome Inc. (ATHM) maintain its leading market share.

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:

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:

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:

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:

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:

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:

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:

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.