BEIJING, Aug. 20, 2026 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and six months ended June 30, 2026.
Second Quarter 2026 Highlights([1])
-- Net revenues in the second quarter of 2026 were RMB1,198.0 million
(US$176.6 million), compared to RMB1,758.1 million in the corresponding
period of 2025.
-- Net income attributable to Autohome in the second quarter of 2026 was
RMB247.8 million (US$36.5 million), compared to RMB415.7 million in the
corresponding period of 2025, while net income attributable to ordinary
shareholders in the second quarter of 2026 was RMB247.8 million (US$36.5
million), compared to RMB398.9 million in the corresponding period of
2025.
-- Adjusted net income attributable to Autohome (Non-GAAP)[2] in the second
quarter of 2026 was RMB277.3 million (US$40.9 million), compared to
RMB475.7 million in the corresponding period of 2025.
-- Share repurchase:
The US$200 million share repurchase program effective from March 5, 2026 was completed as of July 30, 2026, with a total of 10,627,269 American depositary shares ("ADSs") repurchased.
On July 28, 2026, Autohome's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to US$400 million of its ADSs over the next 12 months. As of August 14, 2026, the Company had repurchased 1,895,093 ADSs for a total cost of approximately US$43.6 million.
[1] The reporting currency of the Company is Renminbi ("RMB"). For readers'
convenience, certain amounts throughout the release are presented in US
dollars ("US$"). Unless otherwise noted, all conversions from RMB to US$ are
translated at the noon buying rate of US$1.00 to RMB6.7851 on June 30, 2026,
in the City of New York for cable transfers of RMB as certified for customs
purposes by the Federal Reserve Bank of New York. No representation is made
that the RMB amounts could have been, or could be, converted into US$ at such
rate.
[2] For more information on this and other non-GAAP financial measures, please
see the section captioned "Use of Non-GAAP Financial Measures" and the tables
captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" set forth
at the end of this release.
Mr. Chi Liu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "During the quarter, our innovative business continued to make steady progress, driving Autohome's upgrade towards a comprehensive automotive service ecosystem. For our new retail business, with the authorized dealer model now in pilot operation and expanding to more cities, we launched the offline franchised chain brand, Autohome Good Car, further extending our offline service network. In addition, our used-car-trading global expansion is advancing steadily ---- our cross-border export platform completed its first transaction in July, providing valuable experience for further expanding our service capabilities."
"We also made major strides in AI, particularly in cutting-edge AI agent technologies. In early July, we unveiled our proprietary intelligent agent product, Cheese Car Butler, and opened it for public beta. As the first standalone agent product in the automotive industry, it represents both a pioneering exploration of intelligent applications and a key milestone in enriching our product portfolio and establishing a differentiated competitive edge."
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "We made significant progress during the quarter and maintain our unwavering commitment to delivering sustainable shareholder returns. The US$200 million buyback program announced in early March 2026 was completed ahead of schedule, in less than six months. In late July, we announced a new US$400 million buyback plan, demonstrating our strong confidence in the Company's long-term value and deep commitment to shareholder interests."
Unaudited Second Quarter 2026 Financial Results
Net Revenues
Net revenues in the second quarter of 2026 were RMB1,198.0 million (US$176.6 million), compared to RMB1,758.1 million in the corresponding period of 2025.
-- Media services revenues were RMB280.4 million (US$41.3 million) in the
second quarter of 2026, compared to RMB279.4 million in the corresponding
period of 2025.
-- Leads generation services revenues were RMB560.4 million (US$82.6
million) in the second quarter of 2026, compared to RMB732.6 million in
the corresponding period of 2025. The decline was primarily driven by
reduced spending from dealers amid shrinking sales volumes, along with a
decrease in the number of paying dealers.
-- Online marketplace and others revenues were RMB357.3 million (US$52.7
million) in the second quarter of 2026, compared to RMB746.1 million in
the corresponding period of 2025. The decline was primarily driven by
reduced revenue associated with the Company's vehicle sales business.
Cost of Revenues
Cost of revenues was RMB274.0 million (US$40.4 million) in the second quarter of 2026, compared to RMB503.4 million in the corresponding period of 2025, primarily due to a decline in revenue, which correspondingly reduced the associated costs. Share-based compensation expenses included in cost of revenues in the second quarter of 2026 were RMB3.0 million (US$0.4 million), compared to RMB3.4 million in the corresponding period of 2025.
Operating Expenses
Operating expenses were RMB870.8 million (US$128.3 million) in the second quarter of 2026, compared to RMB1,015.7 million in the corresponding period of 2025.
-- Sales and marketing expenses were RMB552.2 million (US$81.4 million) in
the second quarter of 2026, compared to RMB630.0 million in the
corresponding period of 2025, primarily due to a decrease in marketing
and promotional expenses. Share-based compensation expenses
included in sales and marketing expenses in the second quarter of
2026 were RMB7.1 million (US$1.0 million), compared to RMB13.3 million in
the corresponding period of 2025.
-- General and administrative expenses were RMB95.5 million (US$14.1
million) in the second quarter of 2026, compared to RMB132.7 million in
the corresponding period of 2025. Share-based compensation expenses
included in general and administrative expenses in the second quarter of
2026 were RMB3.9 million (US$0.6 million), compared to RMB15.8 million in
the corresponding period of 2025.
-- Product development expenses were RMB223.1 million (US$32.9 million) in
the second quarter of 2026, compared to RMB253.0 million in the
corresponding period of 2025. Share-based compensation
expenses included in product development expenses in the second quarter
of 2026 were RMB15.2 million (US$2.2 million), compared to RMB19.9
million in the corresponding period of 2025.
Operating Profit
Operating profit was RMB130.0 million (US$19.2 million) in the second quarter of 2026, compared to RMB296.6 million in the corresponding period of 2025.
Income Tax Expense
Income tax expense was RMB33.6 million (US$4.9 million) in the second quarter of 2026, compared to RMB60.6 million in the corresponding period of 2025.
Net Income Attributable to Autohome
Net income attributable to Autohome was RMB247.8 million (US$36.5 million) in the second quarter of 2026, compared to RMB415.7 million in the corresponding period of 2025.
Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was RMB247.8 million (US$36.5 million) in the second quarter of 2026, compared to RMB398.9 million in the corresponding period of 2025. Basic and diluted earnings per share ("EPS") were RMB0.55 (US$0.08) and RMB0.55 (US$0.08), respectively, in the second quarter of 2026, compared to basic and diluted EPS of RMB0.85 and RMB0.85, respectively, in the corresponding period of 2025. Basic and diluted earnings per ADS were RMB2.20 (US$0.32) and RMB2.19 (US$0.32), respectively, in the second quarter of 2026, compared to basic and diluted earnings per ADS of RMB3.40 and RMB3.38, respectively, in the corresponding period of 2025.
Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was RMB277.3 million (US$40.9 million) in the second quarter of 2026, compared to RMB475.7 million in the corresponding period of 2025. Non-GAAP basic and diluted EPS were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), respectively, in the second quarter of 2026, compared to non-GAAP basic and diluted EPS of RMB1.01 and RMB1.01, respectively, in the corresponding period of 2025. Non-GAAP basic and diluted earnings per ADS were RMB2.46 (US$0.36) and RMB2.46 (US$0.36), respectively, in the second quarter of 2026, compared to non-GAAP basic and diluted earnings per ADS of RMB4.06 and RMB4.04, respectively, in the corresponding period of 2025.
Balance Sheet and Cash Flow
As of June 30, 2026, the Company had cash and cash equivalents, short-term investments and other long-term investments of RMB19.36 billion (US$2.85 billion). Net cash provided by operating activities in the second quarter of 2026 was RMB261.2 million (US$38.5 million).
Employees
The Company had 3,839 employees as of June 30, 2026, including 1,163 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Thursday, August 20, 2026 (8:00 p.m. Beijing Time on the same day).
Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of dial-in numbers and a personal PIN, which will be used to join the conference call.
Registration Link:
https://register-conf.media-server.com/register/BI296b7d951b7846ef99ed79972fbe1931
Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Among other things, Autohome's business outlook, Autohome's strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome's goals and strategies; Autohome's future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome's ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome's expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, share of results of equity method investments, and non-recurring employee severance costs, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of non-GAAP and GAAP Results" set fourth at the end of this press release.
For investor and media inquiries, please contact:
Autohome Inc.
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn
Christensen China Limited
Suri Cheng
Tel: +86-10-5900-1548
E-mail: autohome@christensencomms.com
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except share and per share / per ADS data)
For three months ended June 30, For six months ended June 30,
------------------------------------- -------------------------------------
2025 2026 2025 2026
----------- ------------------------ ----------- ------------------------
RMB RMB US$ RMB RMB US$
Net revenues:
Media services 279,399 280,386 41,324 521,578 443,069 65,300
Leads generation
services 732,581 560,357 82,586 1,377,724 1,063,812 156,786
Online
marketplace and
others 746,140 357,267 52,655 1,312,636 739,568 108,999
----------- ----------- ----------- ----------- ----------- -----------
Total net
revenues 1,758,120 1,198,010 176,565 3,211,938 2,246,449 331,085
Cost of revenues (503,424) (273,997) (40,382) (818,944) (531,025) (78,263)
----------- ----------- ----------- ----------- ----------- -----------
Gross profit 1,254,696 924,013 136,183 2,392,994 1,715,424 252,822
----------- ----------- ----------- ----------- ----------- -----------
Operating
expenses:
Sales and
marketing
expenses (629,982) (552,168) (81,379) (1,173,621) (1,058,517) (156,006)
General and
administrative
expenses (132,665) (95,518) (14,078) (263,688) (215,377) (31,743)
Product
development
expenses (253,017) (223,112) (32,883) (527,158) (496,972) (73,245)
----------- ----------- ----------- ----------- ----------- -----------
Total operating
expenses (1,015,664) (870,798) (128,340) (1,964,467) (1,770,866) (260,994)
----------- ----------- ----------- ----------- ----------- -----------
Other operating
income, net 57,611 76,765 11,314 101,471 151,015 22,257
Operating profit 296,643 129,980 19,157 529,998 95,573 14,085
----------- ----------- ----------- ----------- ----------- -----------
Interest and
investment
income, net 165,123 132,868 19,582 342,194 275,005 40,531
Share of results
of equity
method
investments (322) 42 6 (11,958) (55,506) (8,181)
----------- ----------- ----------- ----------- ----------- -----------
Income before
income taxes 461,444 262,890 38,745 860,234 315,072 46,435
Income tax
expense (60,596) (33,567) (4,947) (116,925) (58,786) (8,664)
----------- ----------- ----------- ----------- ----------- -----------
Net income 400,848 229,323 33,798 743,309 256,286 37,771
Net loss
attributable to
noncontrolling
interest 14,810 18,487 2,725 28,984 35,775 5,273
----------- ----------- ----------- ----------- ----------- -----------
Net income
attributable to
Autohome 415,658 247,810 36,523 772,293 292,061 43,044
Accretion of
mezzanine
equity (47,355) (49,446) (7,287) (93,009) (98,879) (14,573)
Accretion
attributable to
noncontrolling
interests 30,563 49,446 7,287 60,032 98,879 14,573
----------- ----------- ----------- ----------- ----------- -----------
Net income
attributable to
ordinary
shareholders 398,866 247,810 36,523 739,316 292,061 43,044
=========== =========== =========== =========== =========== ===========
Earnings per
share
attributable to
ordinary
shareholders
Basic 0.85 0.55 0.08 1.57 0.64 0.09
Diluted 0.85 0.55 0.08 1.56 0.64 0.09
Earnings per ADS
attributable to
ordinary
shareholders
(one ADS equals
four ordinary
shares)
Basic 3.40 2.20 0.32 6.26 2.56 0.38
Diluted 3.38 2.19 0.32 6.23 2.55 0.38
Weighted average shares used
to compute earnings per
share attributable to
ordinary shareholders:
Basic 469,269,006 450,522,052 450,522,052 472,358,950 456,714,843 456,714,843
Diluted 471,358,186 451,619,208 451,619,208 474,595,274 457,973,579 457,973,579
AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except share and per share / per ADS data)
For three months ended June 30, For six months ended June 30,
------------------------------------- -------------------------------------
2025 2026 2025 2026
----------- ------------------------
RMB RMB US$ RMB RMB US$
Net income
attributable to
Autohome 415,658 247,810 36,523 772,293 292,061 43,044
Plus: income tax
expense 61,936 33,903 4,997 119,605 59,459 8,763
Plus:
depreciation of
property and
equipment 25,846 31,202 4,599 53,216 59,002 8,696
Plus:
amortization of
intangible
assets 9,595 444 65 19,216 888 131
----------- ----------- ----------- ----------- ----------- -----------
EBITDA 513,035 313,359 46,184 964,330 411,410 60,634
----------- ----------- ----------- ----------- ----------- -----------
Plus: share-based
compensation
expenses 52,311 29,104 4,289 97,801 65,133 9,599
----------- ----------- ----------- ----------- ----------- -----------
Adjusted EBITDA 565,346 342,463 50,473 1,062,131 476,543 70,233
----------- ----------- ----------- ----------- ----------- -----------
Net income
attributable to
Autohome 415,658 247,810 36,523 772,293 292,061 43,044
Plus:
amortization of
intangible
assets
resulting from
business
acquisition 9,583 432 64 19,166 864 127
Plus: share-based
compensation
expenses 52,311 29,104 4,289 97,801 65,133 9,599
Plus: share of
results of
equity method
investments 322 (42) (6) 11,958 55,506 8,181
Plus:
Non-recurring
employee
severance
costs - - - - 61,794 9,107
Plus: tax effects
of the
adjustments (2,147) (39) (6) (4,721) (18,880) (2,783)
----------- ----------- ----------- ----------- ----------- -----------
Adjusted net
income
attributable to
Autohome 475,727 277,265 40,864 896,497 456,478 67,275
----------- ----------- ----------- ----------- ----------- -----------
Net income
attributable to
Autohome 415,658 247,810 36,523 772,293 292,061 43,044
Net margin 23.6 % 20.7 % 20.7 % 24.0 % 13.0 % 13.0 %
Adjusted net
income
attributable to
Autohome 475,727 277,265 40,864 896,497 456,478 67,275
Adjusted net
margin 27.1 % 23.1 % 23.1 % 27.9 % 20.3 % 20.3 %
Non-GAAP earnings
per share
Basic 1.01 0.62 0.09 1.90 1.00 0.15
Diluted 1.01 0.61 0.09 1.89 1.00 0.15
Non-GAAP earnings
per ADS (one ADS
equals four
ordinary shares)
Basic 4.06 2.46 0.36 7.59 4.00 0.59
Diluted 4.04 2.46 0.36 7.56 3.99 0.59
Weighted average
shares used to
compute non-GAAP
earnings per
share:
Basic 469,269,006 450,522,052 450,522,052 472,358,950 456,714,843 456,714,843
Diluted 471,358,186 451,619,208 451,619,208 474,595,274 457,973,579 457,973,579
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)
As of
December 31, As of June 30,
------------- ----------------------
2025 2026
------------- ----------------------
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 2,175,493 2,495,814 367,837
Restricted cash 74,424 76,276 11,242
Short-term investments 17,063,633 15,659,096 2,307,865
Accounts receivables, net 1,521,347 1,399,181 206,214
Amounts due from related parties,
current 43,599 32,411 4,777
Prepaid expenses and other current
assets 308,733 666,788 98,272
------------- -----------
Total current assets 21,187,229 20,329,566 2,996,207
------------- ----------- ---------
Non-current assets
Restricted cash, non-current 5,000 5,000 737
Property and equipment, net 191,063 210,542 31,030
Goodwill and intangible assets, net 3,995,489 3,990,117 588,070
Long-term equity investments 442,017 386,511 56,965
Other long-term investments 2,124,783 1,209,698 178,287
Deferred tax assets 262,622 270,872 39,922
Amounts due from related parties,
non-current 9,709 9,709 1,431
Other non-current assets 90,612 154,528 22,775
------------- -----------
Total non-current assets 7,121,295 6,236,977 919,217
------------- ----------- ---------
Total assets 28,308,524 26,566,543 3,915,424
============= =========== =========
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables 2,192,496 1,589,658 234,286
Advance from customers 98,083 107,332 15,819
Deferred revenue 170,836 698,629 102,965
Income tax payable 82,000 119,770 17,652
Amounts due to related parties 13,739 4,383 646
Dividends payable 976,382 489,821 72,191
Total current liabilities 3,533,536 3,009,593 443,559
------------- ----------- ---------
Non-current liabilities
Other liabilities 21,544 45,710 6,738
Deferred tax liabilities 458,266 457,224 67,386
------------- -----------
Total non-current liabilities 479,810 502,934 74,124
------------- ----------- ---------
Total liabilities 4,013,346 3,512,527 517,683
------------- ----------- ---------
MEZZANINE EQUITY
Convertible redeemable
noncontrolling interests 2,121,191 2,220,070 327,198
------------- ----------- ---------
EQUITY
Total Autohome shareholders' equity 23,041,328 21,836,008 3,218,229
Noncontrolling interests (867,341) (1,002,062) (147,686)
------------- ----------- ---------
Total equity 22,173,987 20,833,946 3,070,543
------------- ----------- ---------
Total liabilities, mezzanine equity
and equity 28,308,524 26,566,543 3,915,424
============= =========== =========
UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS Accounting Standards
The unaudited condensed consolidated statements of income for the six months ended June 30, 2026 and the unaudited condensed consolidated balance sheets as of June 30, 2026 (collectively, the "Unaudited Interim Financial Statements") of Autohome Inc., its subsidiaries, the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the "Company") are prepared in accordance with the accounting principles generally accepted in the United States of America (the "U.S. GAAP"), and the differences between U.S. GAAP and IFRS Accounting Standards issued by the International Accounting Standards Board (together, the "Reconciliation Statement") have been disclosed in the Appendix -- Unaudited Reconciliation Between U.S. GAAP and IFRS Accounting Standards attached herein.
PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standards on Assurance Engagements 3000 (Revised) "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information" issued by the International Auditing and Assurance Standards Board.
Appendix
The Unaudited Interim Financial Statements of the Company are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS Accounting Standards. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS Accounting Standards are as follows:
Reconciliation of unaudited condensed consolidated statements of income:
For six months ended June 30,
----------------------------------
2025 2026
---------------- ----------------
RMB RMB
Reconciliation of net income in the
consolidated statements of income (in thousands)
Net income as reported under U.S. GAAP 743,309 256,286
IFRS Accounting Standards adjustments:
Preferred shares (Note a) 64,042 12,411
Leases (Note b) 1,253 (134)
Share-based compensation (Note c) (8,625) 11,011
---------------- ----------------
Net income as reported under IFRS
Accounting Standards 799,979 279,574
================ ================
Reconciliation of unaudited condensed consolidated balance sheets:
As of As of
December 31, June 30,
---------------- -----------
2025 2026
---------------- -----------
RMB RMB
Reconciliation of total equity in the
consolidated balance sheets (in thousands)
Total equity as reported under U.S. GAAP 22,173,987 20,833,946
IFRS Accounting Standards adjustments:
Preferred shares (Note a) 2,067,762 2,193,156
Leases (Note b) (5,534) (5,668)
---------------- -----------
Total equity as reported under IFRS
Accounting Standards 24,236,215 23,021,434
================ ===========
Notes:
Basis of Preparation
The Directors of the Company are responsible for preparation of the
Reconciliation Statement in accordance with the relevant requirements of the
Hong Kong Listing Rules. The Reconciliation Statement was prepared based on
the Company's unaudited interim condensed consolidated financial information
for the six months ended June 30, 2026 prepared under U.S. GAAP, with
adjustments made (if any) thereto in arriving at the unaudited financial
information of the Company prepared under IFRS Accounting Standards. The
adjustments reflect the differences between the Company's accounting policies
under U.S. GAAP and IFRS Accounting Standards.
(a) Preferred Shares
Under U.S. GAAP, the preferred shares of the Company are accounted for as
mezzanine equity, which is subsequently accreted to the amount which
equals to redemption value of each series of preferred shares.
Under IFRS Accounting Standards, the preferred shares, which are redeemable
at the option of the holder, represent a financial liability. And the
financial liability is measured at fair value and changes in the fair value
are reflected in the consolidated statements of comprehensive income.
The amount of change in the fair value of the financial liability that is
attributable to changes in the credit risk of the liability shall be
recognized in other comprehensive income/(loss); the remaining amount of
change in the fair value of the liability shall be recognized in profit or
loss.
Accordingly, the reconciliation includes a fair value profit change of
RMB64.04 million and RMB12.41 million recognized in the consolidated
statements of comprehensive income for each of the six months ended June
30, 2025 and 2026, respectively. The reconciliation also includes the
difference between mezzanine equity under U.S. GAAP and financial
liabilities under IFRS Accounting Standards of RMB2,067.76 million and
RMB2,193.16 million as at December 31, 2025 and June 30, 2026,
respectively.
(b) Leases
For operating leases under U.S. GAAP, the subsequent measurement of the
lease liability is based on the present value of the remaining lease
payments using the discount rate determined at lease commencement, while
the right- of-use asset is measured at the amount of the lease
liability, adjusted for the remaining balance of any lease incentives
received, cumulative prepaid or accrued rents, unamortized initial
direct costs and any impairment. This treatment under U.S. GAAP results
in straight-line expense being incurred over the lease term, as opposed to
IFRS Accounting Standards which generally yields a "front-loaded"
expense with more expense recognized in earlier years of the lease.
Accordingly, the reconciliation includes an expenses difference recognized
in the consolidated statements of comprehensive income of RMB1.25
million and RMB0.13 million (negative) for each of the six months ended
June 30, 2025 and 2026, respectively. The reconciliation also includes a
difference in total equity of RMB5.53 million (negative) and RMB5.67
million (negative) as at December 31, 2025 and June 30, 2026,
respectively.
(c) Share-based Compensation
Under U.S. GAAP, the Company has elected to recognize compensation expense
using the straight-line method for all share-based awards granted with
service conditions that have a graded vesting schedule. For awards with
performance conditions and multiple service dates, if the performance
conditions are all set at inception and independent for each year, each
tranche is accounted for as a separate award with its own requisite service
period. Compensation cost is recognized over the respective requisite
service period separately for each separately-vesting tranche as though
each tranche of the award is, in substance, a separate award.
Under IFRS Accounting Standards, the accelerated method is required to
recognize compensation expense for all employee equity awards granted
with graded vesting.
Accordingly, the reconciliation includes an expense recognition difference
in the consolidated statements of comprehensive income of RMB8.63
million (negative) and RMB11.01 million for each of the six months ended
June 30, 2025 and 2026, respectively.
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SOURCE Autohome Inc.