According to the Zhitong Finance App, Auto Home-S (02518) announced the results for the first quarter of 2024. The group achieved total net revenue of 1,609 billion yuan (RMB, same below) during the period, up 4.92% year on year; gross profit of 1,308 billion yuan, up 9.62% year on year; net profit attributable to Auto Home of 394 million yuan, net profit attributable to common shareholders of 380 million yuan; basic net profit per share.
Mr. Wu Tao, CEO of Auto Home, said, “We are happy to report that Auto Home had a solid start at the beginning of the year, continued to grow in revenue, steady expansion of the user base, and successful exploration of new business areas. On the user side, according to QuestMobile's data, in March 2024, the average number of daily users of Auto Home Mobile increased 8.1% year-on-year to 69.39 million, highlighting the effectiveness of our content-centered user growth strategy. In terms of innovative business, with the opening of new member stores on the Auto Home Space Station, our influence will gradually penetrate the wider regional consumer market. Furthermore, we have responded positively to the national 'trade-in' policy and launched a series of events such as the '100 City Renovation Auto Shopping Festival' to join forces with Ping An Group so that consumers can enjoy more discounts. Looking ahead, we will continue to strengthen our business foundation and use Ping An Group's unique resource advantages to further enhance our long-term competitiveness in the industry.”
Mr. Zeng Yan, Chief Financial Officer of Autohome, added, “Autohome's solid financial performance in the first quarter of 2024 reflects the effective growth strategies we have adopted in key business areas. Our data product revenue continues to maintain a strong upward trend, and revenue from NEV companies continues to show a strong growth trend. The year-on-year growth rate of quarterly revenue continues to exceed the industry's sales growth rate. At the same time, the contribution of the new retail business has further strengthened the overall revenue structure. Looking ahead, we will continue to be committed to providing a diverse range of best-in-class products and services to create sustainable long-term returns for shareholders.”