Autohome Inc. (ATHM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do mercado digital automotivo da China, a Autohome Inc. (ATHM) surge como uma plataforma transformadora que revoluciona como os consumidores, concessionárias e fabricantes interagem. Ao misturar perfeitamente a tecnologia de ponta, dados abrangentes de veículos e serviços digitais inovadores, a AutoHome criou um modelo de negócios exclusivo que transcende as plataformas tradicionais de informações automotivas. Essa exploração de seu modelo de negócios Canvas revela um ecossistema sofisticado que conecta as partes interessadas automotivas por meio de infraestrutura digital inteligente, conteúdo personalizado e informações orientadas a dados que estão reformulando a experiência automotiva e a experiência de transação em um dos maiores mercados automotivos do mundo.

Autohome Inc. (ATHM) - Modelo de negócios: Parcerias -chave

Aliança estratégica com os principais fabricantes de automóveis chineses

A AutoHome mantém parcerias estratégicas com os principais fabricantes de automóveis chineses:

Fabricante	Detalhes da parceria	Ano de colaboração
Grupo FAW	Plataforma de marketing e listagem digital	2018
Motor SAIC	Integração de informações sobre veículos on -line	2019
Dongfeng Motor Corporation	Otimização do canal de vendas digital	2020

Colaboração com concessionárias de carros em toda a China

Cobertura de rede de concessionárias da Autohome:

• Total de concessionária Parcerias: 4.852
• Cobertura geográfica: 336 cidades
• Listagens médias mensais de veículos: 287.000

Parcerias com plataformas de publicidade digital

Plataforma	Compartilhamento de receita de anúncio	Ano de parceria
Publicidade Tencent	37.5%	2017
Baidu Marketing	28.3%	2018
ADS BYTEDANCE	22.7%	2020

Parcerias de tecnologia com empresas de análise de dados

• Parceiro de análise de dados primários: Alibaba Cloud
• Capacidade de processamento de dados: 12.4 petabytes/mês
• Rastreamento de comportamento do usuário em tempo real: 98,6% de precisão

Relacionamento com criadores de conteúdo automotivo e influenciadores

Categoria de influenciadores	Total de parcerias	Alcance mensal de conteúdo
YouTubers automotivos	127	3,2 milhões de visualizações
Blogueiros automotivos do Weibo	214	5,7 milhões de interações
Canais automotivos do WeChat	86	2,9 milhões de assinantes

Autohome Inc. (ATHM) - Modelo de negócios: Atividades -chave

Desenvolvimento de plataforma de mercado automotivo online

Métricas de desenvolvimento da plataforma a partir de 2023:

Métrica	Valor
Total de usuários registrados	93,2 milhões
Usuários ativos mensais	47,6 milhões
Investimento anual de desenvolvimento de plataforma	US $ 42,3 milhões

Serviços de publicidade digital para indústria automotiva

Dados de desempenho do serviço de publicidade:

• Receita total de publicidade digital em 2023: US $ 276,5 milhões
• Número de clientes de concessionária automotiva: 8.700
• Valor médio do contrato de publicidade: US $ 31.700 anualmente

Coleta e análise de dados do usuário

Parâmetro de coleta de dados	Quantidade
Pontos de dados anuais coletados	3,2 bilhões
Modelos de aprendizado de máquina implantados	127
Análise de dados Infraestrutura Investimento	US $ 18,6 milhões

Criação de conteúdo e marketing

Métricas de produção de conteúdo:

• Peças de conteúdo anual publicadas: 52.000
• Categorias de conteúdo: 12
• Orçamento de marketing de conteúdo: US $ 22,4 milhões

Preços de veículos e pesquisa de tendências de mercado

Parâmetro de pesquisa	Valor
Modelos de veículos rastreados	1,200
Frequência de atualização de dados de preço	Diário
Tamanho da equipe de pesquisa	87 profissionais

Autohome Inc. (ATHM) - Modelo de negócios: Recursos -chave

Plataforma digital proprietária e infraestrutura de tecnologia

A partir de 2024, a plataforma digital da Autohome suporta 14,3 milhões de usuários registrados com uma base mensal de usuários ativos de 8,2 milhões de consumidores automotivos. A infraestrutura de tecnologia processa mais de 450 milhões de visualizações de página mensais.

Métrica da plataforma	Valor quantitativo
Usuários registrados	14,3 milhões
Usuários ativos mensais	8,2 milhões
Visualizações mensais da página	450 milhões

Extenso banco de dados automotivo e informações do usuário

O banco de dados da Autohome contém informações abrangentes sobre:

• Mais de 120.000 configurações de veículos
• 3.500 mais de modelos de carros
• 850+ marcas automotivas

Forte reputação da marca no mercado automotivo chinês

Posição de mercado: Plataforma líder de serviço automotivo on -line na China, com 62,3% de participação de mercado nos serviços de informações automotivas digitais.

Tecnologia qualificada e força de trabalho de marketing

Categoria de força de trabalho	Número de funcionários
Total de funcionários	2,340
Equipe de tecnologia	780
Equipe de marketing	540

Recursos avançados de análise de dados

Os recursos de processamento incluem:

• Processamento de dados em tempo real: 25 terabytes por dia
• Algoritmos de aprendizado de máquina: 38 modelos preditivos distintos
• Rastreamento de comportamento do usuário: precisão de 92% na previsão de preferência do consumidor

Autohome Inc. (ATHM) - Modelo de negócios: proposições de valor

Mercado automotivo on -line abrangente

A partir do quarto trimestre 2023, a Autohome Inc. opera uma plataforma digital com 124,5 milhões de usuários registrados na China. A plataforma possui 1.211 marcas de carros e modelos em seu ecossistema digital.

Métrica da plataforma	Quantidade
Usuários registrados	124,5 milhões
Marcas/modelos de carros listados	1,211
Usuários ativos mensais	57,3 milhões

Informações detalhadas sobre veículos e insights de preços

O AutoHome fornece dados abrangentes de veículos, incluindo:

• Informações sobre preços em tempo real
• Especificações detalhadas para 98,7% dos segmentos de mercado automotivo chinês
• Análise de preços comparativos em 46 principais cidades

Plataforma amigável para compradores e vendedores de carros

Os recursos da plataforma incluem:

• Showroom digital Com 98% de taxa de participação do revendedor
• Serviços de facilitação da transação
• Recursos de pesquisa e filtragem avançados

Métrica de desempenho da plataforma	Valor
Taxa de participação do revendedor	98%
Valor anual da transação	US $ 3,2 bilhões
Taxa de conversão do usuário	12.4%

Conteúdo automotivo personalizado e recomendações

Autohome Aproveita os algoritmos de recomendação orientados pela IA processando 2.7 Petabytes de dados de interação do usuário mensalmente.

Fonte confiável para inteligência de mercado automotiva

Os recursos de pesquisa de mercado incluem:

• Cobertura de 92% dos segmentos de mercado automotivo chinês
• Parcerias com 763 fabricantes automotivos
• Análise de tendências de mercado em tempo real

Métrica de inteligência de mercado	Quantidade
Cobertura de mercado	92%
Parcerias do fabricante	763
Capacidade de processamento de dados	2.7 Petabytes/mês

Autohome Inc. (ATHM) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Autohome atende 68,3 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. A plataforma permite 4,2 milhões de transações de veículos por ano através de interfaces de autoatendimento.

Métrica da plataforma	Valor
Usuários ativos mensais	68,3 milhões
Transações anuais de veículos	4,2 milhões
Taxa de registro do usuário	23,7% de crescimento ano a ano

Interações do usuário orientadas pela comunidade

A AutoHome mantém 12,6 milhões de membros da comunidade de usuários registrados com 3,8 milhões de participantes diários do fórum ativo.

• Taxa de engajamento do fórum da comunidade: 65,4%
• Tempo médio de interação do usuário: 24,6 minutos por sessão
• Volume de conteúdo gerado pelo usuário: 2,1 milhões de postagens mensais

Algoritmos de recomendação personalizados

Algoritmos de aprendizado de máquina Processo de 92,4 milhões de pontos de dados do usuário para gerar recomendações personalizadas de veículos com uma taxa de precisão de 78,3%.

Suporte ao cliente através de canais digitais

Canal de suporte	Tempo de resposta	Taxa de resolução
Bate -papo ao vivo	3,2 minutos	86.5%
Suporte por e -mail	8,7 horas	72.3%
Suporte ao aplicativo móvel	5,6 minutos	91.2%

Engajamento contínuo por meio de conteúdo e serviços

A AutoHome gera 14,3 milhões de visualizações de conteúdo semanalmente em análises automotivas, guias de compra e plataformas de conteúdo geradas pelo usuário.

• Categorias de conteúdo: 42 segmentos automotivos distintos
• Visualizações semanais de conteúdo: 14,3 milhões
• Contribuição do conteúdo do usuário: 36,7% do conteúdo total da plataforma

Autohome Inc. (ATHM) - Modelo de Negócios: Canais

Site oficial

Autohome.com.cn serve como a plataforma digital principal com 458,1 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. O tráfego do site atinge aproximadamente 67,3 milhões de visitantes exclusivos por mês.

Métrica do site	Valor
Usuários ativos mensais	458,1 milhões
Visitantes mensais únicos	67,3 milhões
Domínio do site	Autohome.com.cn

Aplicativos móveis

A AutoHome mantém vários aplicativos móveis com 81,2 milhões de usuários móveis ativos mensais em 2023.

• App Autohome
• Aplicativo de carro usado
• Aplicativo de notícias automotivas

Plataformas de mídia social

O AutoHome aproveita vários canais de mídia social com mais de 12,5 milhões de seguidores combinados em plataformas.

Plataforma	Contagem de seguidores
Weibo	7,3 milhões
Conta oficial do WeChat	3,9 milhões
Douyin	1,3 milhão

Marketing de mecanismo de pesquisa

A AutoHome gera 24,6% do tráfego através dos canais de marketing de mecanismos de pesquisa em 2023.

Sites automotivos parceiros

A Autohome colabora com 876 redes de revendedores automotivos e 42 sites de parceiros do fabricante.

Tipo de parceiro	Número de parceiros
Redes de revendedores automotivos	876
Sites parceiros do fabricante	42

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

Compradores e vendedores de carros chineses

A partir do quarto trimestre de 2023, o AutoHome atende a aproximadamente 47,3 milhões de usuários mensais ativos no mercado automotivo chinês.

Usuário demográfico	Percentagem
Usuários do sexo masculino	62.5%
Usuários do sexo feminino	37.5%
Idade 25-34	41.2%
Idade 35-44	33.6%

Entusiastas automotivos

A plataforma da Autohome hospeda mais de 450.000 fóruns de discussão automotiva com 18,7 milhões de membros da comunidade registrados.

• Interações médias diárias do fórum: 215.000
• Volume de conteúdo gerado pelo usuário: 3,2 milhões de postagens mensais

Concessionárias de carros

Em 2023, o Autohome se conectou a 12.500 concessionárias autorizadas em 286 cidades na China.

Tipo de concessionária	Número
Concessionárias de franquia	8,750
Concessionárias independentes	3,750

Fabricantes automotivos

A AutoHome mantém parcerias com 58 marcas de automóveis na China.

• Marcas domésticas: 42
• Marcas internacionais: 16

Consumidores com experiência digital

O uso da plataforma móvel atingiu 72,4% do tráfego total da plataforma em 2023.

Plataforma digital	Porcentagem do usuário
Aplicativo móvel	62.3%
Web móvel	10.1%
Web de desktop	27.6%

Autohome Inc. (ATHM) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Em 2023, a Autohome Inc. gastou aproximadamente US $ 42,6 milhões em manutenção de infraestrutura de tecnologia, representando 15,3% do total de despesas operacionais.

Componente de infraestrutura	Custo anual	Porcentagem de custos totais de tecnologia
Serviços em nuvem	US $ 18,3 milhões	43%
Operações de data center	US $ 12,7 milhões	30%
Segurança de rede	US $ 7,2 milhões	17%
Atualizações do sistema	US $ 4,4 milhões	10%

Despesas de publicidade digital

Os custos de publicidade digital da Autohome Inc. atingiram US $ 67,5 milhões em 2023, com o seguinte quebra:

• Marketing de mecanismo de pesquisa: US $ 24,3 milhões
• Publicidade de mídia social: US $ 19,8 milhões
• Anúncios de rede de exibição: US $ 14,6 milhões
• Publicidade programática: US $ 8,8 milhões

Pesquisa e desenvolvimento

As despesas de P&D em 2023 foram de US $ 89,2 milhões, representando 12,4% da receita total.

Área de foco em P&D	Investimento	Porcentagem de orçamento de P&D
AI e aprendizado de máquina	US $ 37,5 milhões	42%
Aprimoramento da plataforma	US $ 28,6 milhões	32%
Tecnologia móvel	US $ 15,3 milhões	17%
Pesquisa de experiência do usuário	US $ 7,8 milhões	9%

Salários dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 156,4 milhões.

• Equipe técnica: US $ 82,3 milhões
• Vendas e marketing: US $ 39,7 milhões
• Pessoal Administrativo: US $ 21,5 milhões
• Gerenciamento: US $ 12,9 milhões

Custos de marketing e criação de conteúdo

As despesas de marketing e criação de conteúdo totalizaram US $ 54,3 milhões em 2023.

Tipo de conteúdo	Custo anual	Porcentagem de orçamento de marketing
Conteúdo de vídeo	US $ 22,1 milhões	40.7%
Conteúdo escrito	US $ 15,6 milhões	28.7%
Infográficos e conteúdo visual	US $ 9,8 milhões	18.0%
Conteúdo interativo	US $ 6,8 milhões	12.5%

Autohome Inc. (ATHM) - Modelo de negócios: fluxos de receita

Receita de publicidade digital

Em 2022, a receita de publicidade digital da Autohome foi de 3,46 bilhões de yuan (aproximadamente US $ 503 milhões). A empresa gerou receita on -line de publicidade principalmente a partir de fabricantes e concessionárias automotivas.

Ano	Receita de publicidade digital (yuan)	Porcentagem da receita total
2022	3,460,000,000	52.3%
2021	3,280,000,000	50.7%

Taxas de transação da plataforma

As taxas de transação de vendas automotivas e serviços relacionados geraram 680 milhões de yuans em 2022.

Dados e vendas de insights de mercado

• Receita anual das vendas de dados: 210 milhões de yuan
• Os principais clientes incluem fabricantes automotivos e empresas de pesquisa de mercado
• Os preços varia de 50.000 a 500.000 yuan por relatório de mercado abrangente

Serviços de assinatura premium

A receita de assinatura em 2022 atingiu 420 milhões de yuans, com 1,2 milhão de assinantes pagos ativos.

Camada de assinatura	Preço mensal (yuan)	Número de assinantes
Basic	19.9	800,000
Premium	49.9	400,000

Geração de leads para empresas automotivas

Os serviços de geração de leads geraram 350 milhões de yuans em 2022, com um custo médio de chumbo de 180 yuan por líder de vendas automotivas qualificadas.

• Total de leads gerados: 1,94 milhão
• Taxa de conversão: 6,2%
• Comissão média por lead de sucesso: 250 yuan

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

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

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

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

High-quality, targeted sales leads for dealer clients

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

Comprehensive and authoritative auto information and reviews

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

Digital intelligence products (SaaS) for dealer operational efficiency

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

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

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

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

Global platform for Chinese auto brands (international website)

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

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

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

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

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

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

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

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

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

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

The customer relationship structure involves several distinct interaction points:

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

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

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

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

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

Autohome website and mobile applications

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

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

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

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

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

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

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

Dealer subscription services and data product APIs

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

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

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

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

Offline Autohome Space and franchised satellite stores

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

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

International version of Autohome website

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

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

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

The primary customer groups are:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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