Autohome (ATHM) Q1 FY26 earnings call

Autohome is pivoting from an auto-information media into a transaction-and-service ecosystem (new retail, used-car, overseas YesAuto) even as China's auto market posts its first-ever NEV retail decline and record-low industry margins pressure dealer demand. Management leaned on a stable dealer-membership base, AI-driven lead matching, and a firm capital-return stance to bridge a soft cycle, while framing new-car and used-car transactions as the future growth engine.