Autohome Inc. (ATHM) experienced a significant pre-market decline of 8.79% following the release of its first-quarter 2026 financial results, which showed substantial deterioration across key metrics.

The Chinese online auto platform reported a 27.88% year-over-year decline in net revenues to RMB 1.05 billion, while net income attributable to ordinary shareholders plummeted 86.99% to RMB 44.25 million. The company's operating performance turned negative, with an operating loss of RMB 34.41 million compared to a profit in the same period last year.

Management attributed the weak results to reduced advertising spending from automakers amid shrinking sales volumes, along with a decrease in the number of paying dealers. These factors adversely affected the company's media services, leads generation services, and online marketplace business lines, despite the company reporting record mobile daily active users exceeding 80 million in March.