UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

Commission File Number: 001-36222

 

 

Autohome Inc.

 

 

18th Floor Tower B, CEC Plaza

3 Dan Ling Street

Haidian District, Beijing 100080

The People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

 

 

 


Exhibit Index

 

Exhibit 99.1 –   Press Release


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Autohome Inc.
By :   /s/ Tao Wu
Name:   Tao Wu
Title :   Director and Chief Executive Officer

Date: July 31, 2024

Exhibit 99.1

 

LOGO

 

Autohome Inc. Announces Unaudited Second Quarter and Interim 2024 Financial Results

BEIJING, July 31, 2024 – 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, 2024.

Second Quarter 2024 Highlights1

 

   

Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.

 

   

Net income attributable to Autohome in the second quarter of 2024 was RMB524.8 million (US$72.2 million), compared to RMB504.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the second quarter of 2024 was RMB509.7 million (US$70.1 million), compared to RMB491.2 million in the corresponding period of 2023.

 

   

Adjusted net income attributable to Autohome (Non-GAAP)2 in the second quarter of 2024 was RMB572.4 million (US$78.8 million), compared to RMB569.5 million in the corresponding period of 2023.

Mr. Tao Wu, Chief Executive Officer of Autohome, stated, “We are pleased to deliver another solid quarter, highlighted by sustained growth in net revenues, a substantial increase in user traffic, and remarkable progress made in our innovative business initiatives. On content, our diverse and high-quality offerings, bolstered by our strong IP content matrix, has worked to consistently expand our user base and enhance user engagement. According to QuestMobile, our number of average mobile daily active users grew by 8.3% year-over-year, reaching 67.91 million in June, underscoring our leading position in the automotive media vertical. For our innovative businesses, we launched our Satellite Plan in May, a strategic initiative to establish satellite stores in lower-tier cities adjacent to flagship Autohome Space stores. This initiative will accelerate our network expansion, facilitating deeper penetration into broader geographical markets. Looking ahead, we remain committed to exploring new business areas and leveraging Ping An’s resources to enhance our long-term industry competitiveness.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Our focus on innovative businesses has led to robust growth in our data products and new energy vehicle (“NEV”) business, with double-digit year-over-year increases in quarterly revenues. We have maintained a healthy balance sheet while driving the development of our businesses and fulfilling our commitment to provide stable shareholder returns. Moving forward, we will continue to focus on areas of emerging growth while maintaining stringent cost controls to ensure long-term shareholder value.”

 

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$1.00 to RMB7.2672 on June 28, 2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ 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.

 

1


Unaudited Second Quarter 2024 Financial Results

Net Revenues

Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.

 

   

Media services revenues were RMB432.9 million (US$59.6 million) in the second quarter of 2024, compared to RMB532.0 million in the corresponding period of 2023.

 

   

Leads generation services revenues were RMB820.3 million (US$112.9 million) in the second quarter of 2024, compared to RMB759.6 million in the corresponding period of 2023.

 

   

Online marketplace and others revenues were RMB619.4 million (US$85.2 million) in the second quarter of 2024, compared to RMB541.4 million in the corresponding period of 2023.

Cost of Revenues

Cost of revenues was RMB346.1 million (US$47.6 million) in the second quarter of 2024, compared to RMB330.2 million in the corresponding period of 2023. Share-based compensation expense included in cost of revenues in the second quarter of 2024 was RMB1.9 million (US$0.3 million), compared to RMB1.8 million in the corresponding period of 2023.

Operating Expenses

Operating expenses were RMB1,185.3 million (US$163.1 million) in the second quarter of 2024, compared to RMB1,228.1 million in the corresponding period of 2023.

 

   

Sales and marketing expenses were RMB752.5 million (US$103.6 million) in the second quarter of 2024, compared to RMB824.1 million in the corresponding period of 2023, due primarily to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the second quarter of 2024 were RMB10.1 million (US$1.4 million), compared to RMB12.3 million in the corresponding period of 2023.

 

   

General and administrative expenses were RMB117.6 million (US$16.2 million) in the second quarter of 2024, compared to RMB91.0 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2024 were RMB10.4 million (US$1.4 million), compared to RMB8.9 million in the corresponding period of 2023.

 

   

Product development expenses were RMB315.2 million (US$43.4 million) in the second quarter of 2024, compared to RMB313.0 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the second quarter of 2024 were RMB18.8 million (US$2.6 million), compared to RMB18.7 million in the corresponding period of 2023.

Operating Profit

Operating profit was RMB412.4 million (US$56.7 million) in the second quarter of 2024, compared to RMB341.5 million in the corresponding period of 2023.

 

2


Income Tax Expense

Income tax expense was RMB102.2 million (US$14.1 million) in the second quarter of 2024, compared to RMB35.8 million in the corresponding period of 2023. The increase in income tax expense was primarily attributable to a withholding tax related to the declared cash dividend plan for 2024 and beyond, and the tax filing adjustments of the previous year.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB524.8 million (US$72.2 million) in the second quarter of 2024, compared to RMB504.7 million in the corresponding period of 2023.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB509.7 million (US$70.1 million) in the second quarter of 2024, compared to RMB491.2 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB1.05 (US$0.14) and RMB1.05 (US$0.14), respectively, in the second quarter of 2024, compared to basic and diluted EPS of RMB1.00 and RMB1.00, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB4.20 (US$0.58) and RMB4.19 (US$0.58), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.99 and RMB3.98, respectively, in the corresponding period of 2023.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB572.4 million (US$78.8 million) in the second quarter of 2024, compared to RMB569.5 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.18 (US$0.16) and RMB1.18 (US$0.16), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.16 and RMB1.15, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.72 (US$0.65) and RMB4.71 (US$0.65), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4.62 and RMB4.61, respectively, in the corresponding period of 2023.

Balance Sheet and Cash Flow

As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.47 billion (US$3.23 billion). Net cash provided by operating activities in the second quarter of 2024 was RMB452.0 million (US$62.2 million).

Employees

The Company had 5,078 employees as of June 30, 2024, including 1,755 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 Wednesday, July 31, 2024 (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 participant dial-in numbers and a personal PIN, which will be used to join the conference call.

 

3


Registration Link: https://register.vevent.com/register/BIfd7c475745884d119c4c12c24ed8f0f5

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.

 

4


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, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method investments, 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 forth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.

Investor Relations

Sterling Song

Investor Relations Director

Tel: +86-10-5985-7483

E-mail: ir@autohome.com.cn

Christensen China Limited

Suri Cheng

Tel: +86-185-0060-8364

E-mail: suri.cheng@christensencomms.com

 

5


AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except per share / per ADS data)

 

     For three months ended June 30,     For six months ended June 30,  
     2023     2024     2023     2024  
     RMB     RMB     US$     RMB     RMB     US$  

Net revenues:

            

Media services

     532,005       432,858       59,563       893,473       760,289       104,619  

Leads generation services

     759,635       820,271       112,873       1,440,269       1,546,694       212,832  

Online marketplace and others

     541,394       619,425       85,236       1,032,921       1,174,636       161,635  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     1,833,034       1,872,554       257,672       3,366,663       3,481,619       479,086  

Cost of revenues

     (330,227     (346,102     (47,625     (670,441     (646,994     (89,029
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     1,502,807       1,526,452       210,047       2,696,222       2,834,625       390,057  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

Sales and marketing expenses

     (824,081     (752,543     (103,553     (1,347,197     (1,393,819     (191,796

General and administrative expenses

     (90,979     (117,564     (16,177     (240,135     (267,109     (36,755

Product development expenses

     (313,010     (315,230     (43,377     (637,376     (651,297     (89,621
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,228,070     (1,185,337     (163,107     (2,224,708     (2,312,225     (318,172
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other operating income, net

     66,772       71,279       9,808       133,160       166,072       22,852  

Operating profit

     341,509       412,394       56,748       604,674       688,472       94,737  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest and investment income, net

     202,813       189,053       26,015       427,828       409,027       56,284  

(Loss)/income from equity method investments

     (1,690     4,640       638       (33,125     (44,493     (6,122
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     542,632       606,087       83,401       999,377       1,053,006       144,899  

Income tax expense

     (35,796     (102,165     (14,058     (90,477     (170,566     (23,471
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     506,836       503,922       69,343       908,900       882,440       121,428  

Net (income)/loss attributable to noncontrolling interests

     (2,102     20,839       2,868       1,336       36,820       5,067  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     504,734       524,761       72,211       910,236       919,260       126,495  

Accretion of mezzanine equity

     (38,686     (42,687     (5,874     (75,185     (84,358     (11,608

Accretion attributable to noncontrolling interests

     25,164       27,599       3,798       48,913       54,547       7,506  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to ordinary shareholders

     491,212       509,673       70,135       883,964       889,449       122,393  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to ordinary shareholders

            

Basic

     1.00       1.05       0.14       1.79       1.84       0.25  

Diluted

     1.00       1.05       0.14       1.79       1.83       0.25  

Earnings per ADS attributable to ordinary shareholders (one ADS equals for four ordinary shares)

            

Basic

     3.99       4.20       0.58       7.17       7.34       1.01  

Diluted

     3.98       4.19       0.58       7.15       7.32       1.01  

Weighted average shares used to compute earnings per share attributable to ordinary shareholders:

            

Basic

     492,534,428       484,860,625       484,860,625       492,927,049       484,569,763       484,569,763  

Diluted

     493,624,704       486,591,693       486,591,693       494,261,429       486,029,303       486,029,303  

 

6


AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share / per ADS data)

 

     For three months ended June 30,     For six months ended June 30,  
     2023     2024     2023     2024  
     RMB     RMB     US$     RMB     RMB     US$  

Net income attributable to Autohome

     504,734       524,761       72,211       910,236       919,260       126,495  

Plus: income tax expense

     37,136       103,505       14,243       93,157       173,247       23,840  

Plus: depreciation of property and equipment

     42,259       31,750       4,369       90,197       65,284       8,983  

Plus: amortization of intangible assets

     10,798       9,650       1,328       21,638       19,300       2,656  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     594,927       669,666       92,151       1,115,228       1,177,091       161,974  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Plus: share-based compensation expenses

     41,628       41,188       5,668       87,813       89,495       12,315  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     636,555       710,854       97,819       1,203,041       1,266,586       174,289  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     504,734       524,761       72,211       910,236       919,260       126,495  

Plus: amortization of intangible assets resulting from business acquisition

     10,722       9,583       1,319       21,444       19,166       2,637  

Plus: share-based compensation expenses

     41,628       41,188       5,668       87,813       89,495       12,315  

Plus: investment loss arising from one of financial products3

     14,532       2,906       400       8,719       2,906       400  

Plus: loss/(gain) on equity method investments, net

     1,690       (4,640     (638     33,125       44,493       6,122  

Plus: tax effects of the adjustments

     (3,840     (1,360     (187     (8,360     (8,954     (1,232
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income attributable to Autohome

     569,466       572,438       78,773       1,052,977       1,066,366       146,737  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     504,734       524,761       72,211       910,236       919,260       126,495  

Net margin

     27.5     28.0     28.0     27.0     26.4     26.4

Adjusted net income attributable to Autohome

     569,466       572,438       78,773       1,052,977       1,066,366       146,737  

Adjusted net margin

     31.1     30.6     30.6     31.3     30.6     30.6

Non-GAAP earnings per share

            

Basic

     1.16       1.18       0.16       2.14       2.20       0.30  

Diluted

     1.15       1.18       0.16       2.13       2.19       0.30  

Non-GAAP earnings per ADS

(one ADS equals for four ordinary shares)

            

Basic

     4.62       4.72       0.65       8.54       8.80       1.21  

Diluted

     4.61       4.71       0.65       8.52       8.78       1.21  

Weighted average shares used to compute non-GAAP earnings per share:

            

Basic

     492,534,428       484,860,625       484,860,625       492,927,049       484,569,763       484,569,763  

Diluted

     493,624,704       486,591,693       486,591,693       494,261,429       486,029,303       486,029,303  

 

 

3 

It represented the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

 

7


AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

     As of
December 31,
    As of June 30,  
     2023     2024  
     RMB     RMB     US$  

ASSETS

      

Current assets

      

Cash and cash equivalents

     4,996,353       3,881,952       534,174  

Restricted cash

     126,794       107,964       14,856  

Short-term investments

     18,552,354       19,593,011       2,696,088  

Accounts receivable, net

     1,472,489       1,350,567       185,844  

Amounts due from related parties, current

     16,439       30,233       4,160  

Prepaid expenses and other current assets

     360,559       423,411       58,263  
  

 

 

   

 

 

   

 

 

 

Total current assets

     25,524,988       25,387,138       3,493,385  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Restricted cash, non-current

     5,000       5,000       688  

Property and equipment, net

     200,860       194,067       26,705  

Goodwill and intangible assets, net

     4,143,968       4,106,799       565,114  

Long-term investments

     448,341       403,848       55,571  

Deferred tax assets

     295,598       295,598       40,676  

Amounts due from related parties, non-current

     16,048       13,839       1,904  

Other non-current assets

     200,928       157,102       21,619  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     5,310,743       5,176,253       712,277  
  

 

 

   

 

 

   

 

 

 

Total assets

     30,835,731       30,563,391       4,205,662  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

Current liabilities

      

Accrued expenses and other payables

     2,932,227       2,227,929       306,573  

Advance from customers

     105,379       102,623       14,121  

Deferred revenue

     801,581       1,156,160       159,093  

Income tax payable

     227,260       338,306       46,552  

Amounts due to related parties

     24,572       31,878       4,387  

Dividends payable

     984,332       493,881       67,960  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     5,075,351       4,350,777       598,686  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Other liabilities

     89,187       58,622       8,067  

Deferred tax liabilities

     497,955       472,481       65,016  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     587,142       531,103       73,083  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     5,662,493       4,881,880       671,769  
  

 

 

   

 

 

   

 

 

 

MEZZANINE EQUITY

      

Convertible redeemable noncontrolling interests

     1,758,933       1,843,291       253,645  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Total Autohome shareholders’ equity

     23,928,187       24,443,437       3,363,529  

Noncontrolling interests

     (513,882     (605,217     (83,281
  

 

 

   

 

 

   

 

 

 

Total equity

     23,414,305       23,838,220       3,280,248  
  

 

 

   

 

 

   

 

 

 

Total liabilities, mezzanine equity and equity

     30,835,731       30,563,391       4,205,662  
  

 

 

   

 

 

   

 

 

 

 

8


UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS

The unaudited condensed consolidated statements of income for the six month ended June 30, 2024 and the unaudited condensed consolidated balance sheets as of June 30, 2024 (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 the International Financial Reporting Standards (the “IFRS”) 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 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. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS are as follows:

Reconciliation of unaudited condensed consolidated statements of income:

 

     For six months ended June 30,  
     2023     2024  
     RMB     RMB  

Reconciliation of net income in the consolidated statements of income

     (in thousands)  

Net income as reported under U.S. GAAP

     908,900       882,440  

IFRS adjustments:

    

Preferred shares (Note a)

     (64,555     126,264  

Leases (Note b)

     (521     (285

Share-based compensations (Note c)

     (36,304     (16,419
  

 

 

   

 

 

 

Net income as reported under IFRS

     807,520       992,000  
  

 

 

   

 

 

 

Reconciliation of unaudited condensed consolidated balance sheets:

 

     As of
December 31,
2023
    As of
June 30,
2024
 
     RMB     RMB  

Reconciliation of total equity in the consolidated balance sheets

     (in thousands)  

Total equity as reported under U.S. GAAP

     23,414,305       23,838,220  

IFRS adjustments:

    

Preferred shares (Note a)

     1,182,018       1,409,285  

Leases (Note b)

     (9,536     (9,821
  

 

 

   

 

 

 

Total equity as reported under IFRS

     24,586,787       25,237,684  
  

 

 

   

 

 

 

 

9


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, 2024 prepared under U.S. GAAP, with adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRS. The adjustments reflect the differences between the Company’s accounting policies under U.S. GAAP and IFRS.

 

(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, 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 presented in the consolidated balance sheets as accumulated other comprehensive income; the remaining amount of change in the fair value of the liability shall be presented in the consolidated statements of comprehensive income.

Accordingly, the reconciliation includes a fair value profit change of RMB64.56 million (negative) and RMB126.26 million recognized in the consolidated statements of comprehensive income for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAP and financial liabilities under IFRS of RMB1,182.02 million and RMB1,409.29 million as at December 31, 2023 and June 30, 2024, 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 remeasured 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 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 RMB0.52 million and RMB0.29 million for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes a difference in total equity of RMB9.54 million and RMB9.82 million as at December 31, 2023 and June 30, 2024, 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 condition 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, 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 RMB36.30 million and RMB16.42 million for each of the six months ended June 30, 2023 and 2024, respectively.

 

10


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