Xiaodan Zhang • CICC

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Management responded that the auto market is seeing price stabilization due to government intervention, intensifying differentiation among automakers, and strong export performance. Autohome's strategy focuses on leveraging AI, expanding its O2O ecosystem, and capitalizing on the 'going global' trend of Chinese brands. Regarding shareholder returns, management confirmed the plan for a full-year 2025 cash dividend payout of no less than 1.5 billion RMB remains unchanged.

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CFO Yan Zeng detailed the evolution of the new retail strategy to version 3.0, which enhances the car-buying experience with technology like VR and an AI smart purchase assistant. She reiterated the expansion goal of over 500 total stores by year-end 2025 and 1,000 satellite stores in the next three years. On shareholder returns, she confirmed the dividend payout will be no less than RMB 1.5 billion and that the company has executed approximately $128 million of its $200 million share repurchase program, delivering an annual return rate exceeding 10%.

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CEO Song Yang emphasized that the NEV new retail business is a key strategic priority focused on an online-to-offline (O2O) model. He highlighted its rapid expansion from one store in 2022 to over 150 franchised space and satellite stores, with a continued focus on penetrating lower-tier cities. Mr. Yang stated that the business is not a 'cash burning' venture and that the company expects its franchisees to achieve financial balance in the short term, projecting continued business growth in 2025.

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CEO Tao Wu reported that the combined Autohome Space and Satellite stores now exceed 50, utilizing a '1+N' model to penetrate lower-tier cities and support OEMs. He noted the model is cost-effective for OEMs and generates new revenue for Autohome, with plans to grow the store count and enhance business models with services like in-store financing. Regarding Ping An synergy, Mr. Wu detailed collaborations across traditional business (offline auto shows), new retail (in-store financial services), data products (outbound call platforms), and the used car business (vehicle sourcing for TTP), aiming to leverage Ping An's online and offline strengths.

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CFO Tao Xu explained that the company will continue to grow its agency network with a greater emphasis on cost-effectiveness and efficiency. He highlighted that in Q1, active stores and agents grew by nearly 30% and 23% YoY respectively, outperforming the market. The strategy involves refining internal management with digital tools, using incentive programs to develop more high-performing stores, and leveraging AI to drive transformative productivity gains over the next 2-3 years.

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Tao Xu, Executive Director and CFO, reported 36.1% YoY revenue growth, driven by strong synergies with the core housing transaction business and enhanced delivery capabilities, which reduced average construction time by over 10 days. For 2025, the strategy is to improve product strength and delivery quality. Key initiatives include upgrading showrooms, professionalizing project managers, and creating a clear end-to-end management loop to enhance operational efficiency and customer experience.

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CFO Tao Xu expressed cautious optimism for the existing home market, citing stable volumes and supportive policies, while noting the new home market remains sluggish but should improve. Xu detailed that a key online strategy is shifting to a service-provider-centric model, leveraging new media like short videos. He highlighted the 'Galaxy' initiative, which has cultivated over 12,000 influencers, driving over 2,000 transactions in Q1, a 103% year-over-year increase.

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Executive Long Chen described the partnership as highly complementary. He noted that Taobao Tmall has a massive base of SME customers who prefer e-commerce, while ZKH possesses the essential warehousing and delivery capabilities that a platform model lacks. The collaboration enables suppliers to cost-effectively reach long-tail SME customers, helps combat counterfeit products, and creates a significant win-win growth opportunity for both ZKH and Taobao Tmall.

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Long Chen, Founder, Chairman, and CEO, stated that the company will focus on its 32 existing product lines, with an emphasis on industrial-grade MRO products like spare parts, chemicals, and manufacturing components. He highlighted a strategic push to strengthen private labels, including direct involvement in R&D, to enhance competitiveness in China and support overseas expansion. Mr. Chen also noted a particular focus on developing the chemicals and processing/manufacturing categories in 2025.

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Founder, Chairman, and CEO Long Chen stated that the company will focus on its 32 existing product lines while expanding SKUs, with a particular emphasis on industrial-grade MRO products like spare parts and chemicals. He highlighted a significant focus on strengthening private label brands, where ZKH is involved in R&D and design to enhance competitiveness and support overseas expansion. Mr. Chen also noted that chemicals, a traditional strength, will see further development.

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