Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results and US$200 Million Share Repurchase Program
Rhea-AI Summary
Autohome (NYSE: ATHM) reported unaudited Q4 and full-year 2025 results on March 5, 2026. Q4 revenue was RMB1,462.0M (US$209.1M); 2025 revenue was RMB6,452.0M (US$922.6M). The board authorized a US$200 million ADS repurchase program over 18 months. Cash, investments and financial products totaled RMB21.36B (US$3.05B) as of Dec 31, 2025.
Notable Y/Y moves: declines in media and leads generation revenues, lower operating profit and reduced adjusted net income versus 2024; online marketplace showed growth trends in 2025.
Positive
- Board authorized a US$200 million ADS share repurchase program
- Cash and investments of RMB21.36 billion (US$3.05 billion) as of Dec 31, 2025
Negative
- Media services revenue down 24% YoY to RMB1,153.4 million in 2025
- Leads generation revenue down 13.6% YoY to RMB2,709.2 million in 2025
- Adjusted net income (Non-GAAP) down 21.6% YoY to RMB1,607.0 million in 2025
- Operating profit down 23.3% YoY to RMB769.3 million in 2025
News Market Reaction – ATHM
In the Mar 5 session, ATHM gained 4.84%, reflecting a moderate positive market reaction. Argus tracked a peak move of +2.8% during that session. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Earnings date notice | Neutral | -3.4% | Set timing for Q4 and full-year 2025 earnings release and call. |
| Jan 15 | Macro housing data | Neutral | +0.7% | Mortgage rate update affecting broader housing and consumer backdrop. |
| Nov 06 | Q3 2025 earnings | Positive | +1.5% | Reported Q3 results with stable revenue, higher online marketplace growth and buyback. |
| Oct 24 | Earnings date notice | Neutral | -0.5% | Announced schedule for Q3 2025 earnings release and conference call. |
| Sep 30 | Cash dividend | Positive | -1.6% | Declared US$0.59 per ADS dividend totaling about RMB0.5 billion. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent Autohome corporate actions (dividends, buybacks, earnings) have often seen modest or negative next-day moves, even on seemingly shareholder-friendly news.
Over the last six months, Autohome has focused on capital returns and regular earnings cadence. A September 2025 cash dividend of about RMB 0.5 billion was followed by a -1.62% move. Q3 2025 earnings in November showed stable revenue but weaker adjusted profit and a substantial repurchase, with shares up 1.53%. Earnings-date notices in October 2025 and February 2026 saw small negative reactions. Today’s full-year 2025 results plus a new repurchase program extend this capital-return narrative amid softer topline and earnings.
Key Terms
non-gaap financial
eps financial
operating profit financial
income tax expense financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter 2025 Highlights[1]
- Net revenues in the fourth quarter of 2025 were
RMB1,462.0 million (US ), compared to$209.1 million RMB1,783.4 million in the corresponding period of 2024. - Net income attributable to Autohome in the fourth quarter of 2025 was
RMB233 .9 million (US ), compared to$33.4 million RMB320.5 million in the corresponding period of 2024, while net income attributable to ordinary shareholders in the fourth quarter of 2025 wasRMB226.4 million (US ), compared to$32.4 million RMB304 .4 million in the corresponding period of 2024. - Adjusted net income attributable to Autohome (Non-GAAP)[2] in the fourth quarter of 2025 was
RMB303.7 million (US ), compared to$43.4 million RMB486.5 million in the corresponding period of 2024. - Share repurchase:
Under the share repurchase program effective from September 4, 2024, the Company had repurchased 7,116,939 American depositary shares ("ADSs") for a total cost of approximatelyUS .$184.5 million
On March 5, 2026, Autohome's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to US$200 million of its American depositary shares over the next eighteen months.
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Company's Board of Directors will review the authorized share repurchase program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund repurchases from its existing cash balance.
[1] The reporting currency of the Company is Renminbi ("RMB"). For readers' convenience, certain amounts throughout the release are presented in US dollars ("US$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of |
[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. |
Full Year 2025 Highlights1
- Net revenues in 2025 were
RMB6,452.0 million (US ), compared to$922.6 million RMB7,039.6 million in 2024. - Net income attributable to Autohome in 2025 was
RMB1,442.8 million (US ), compared to$206.3 million RMB1,681.1 million in 2024, while net income attributable to ordinary shareholders in 2025 wasRMB1,385 .1 million (US ), compared to$198.1 million RMB1,619.6 million in 2024. - Adjusted net income attributable to Autohome (Non-GAAP)2 in 2025 was
RMB1,607 .0 million (US ), compared to$229.8 million RMB2,050.0 million in 2024.
Mr. Chi Liu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "2025 was a pivotal year in our evolution, transforming from an automotive information platform into a comprehensive automotive service ecosystem. Facing a dynamic industry landscape, our focus was on driving two core initiatives. On the content front, we continued to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities. On the service front, we accelerated the development of fully integrated online-to-offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners. Throughout this transformation, we are leveraging AI as a core engine to drive product innovation and optimize operations. Moving forward, we remain committed to improving the user experience, continuously enhancing our service and transaction ecosystem, and driving high-quality and sustainable development of Autohome."
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "Over the past year, we continued to build our content ecosystem by expanding user reach through emerging media channels. Our Autohome Media MCN now includes over 500 top-tier creators across diverse fields, broadening our engagement across user groups. On the transaction service side, Autohome Mall, which launched in the second half of 2025, got off to a stable start, demonstrating a positive development trajectory. Driven by the robust performance of our new retail business, our online marketplace and others revenues increased by
Unaudited Fourth Quarter 2025 Financial Results
Net Revenues
Net revenues in the fourth quarter of 2025 were
- Media services revenues were
RMB333.8 million (US ) in the fourth quarter of 2025, compared to$47.7 million RMB436.8 million in the corresponding period of 2024, primarily due to reduced advertising spending by internal combustion engine ("ICE") automakers amid shrinking sales volumes in the ICE segment. - Leads generation services revenues were
RMB667.8 million (US ) in the fourth quarter of 2025, compared to$95.5 million RMB758.4 million in the corresponding period of 2024. - Online marketplace and others revenues were RMB460.3 million (
US million) in the fourth quarter of 2025, compared to$65.8 RMB588.2 million in the corresponding period of 2024.
Cost of Revenues
Cost of revenues was
Operating Expenses
Operating expenses were
- Sales and marketing expenses were
RMB738.6 million (US ) in the fourth quarter of 2025, compared to$105.6 million RMB717.8 million in the corresponding period of 2024. Share-based compensation expenses included in sales and marketing expenses in the fourth quarter of 2025 wereRMB12.4 million (US .8 million), compared to$1 RMB10.3 million in the corresponding period of 2024. - General and administrative expenses were
RMB115.0 million (US ) in the fourth quarter of 2025, compared to$16.4 million RMB131.2 million in the corresponding period of 2024. Share-based compensation expenses included in general and administrative expenses in the fourth quarter of 2025 wereRMB12.2 million (US ), compared to$1.7 million RMB13.6 million in the corresponding period of 2024. - Product development expenses were
RMB258.0 million (US .9 million) in the fourth quarter of 2025, compared to$36 RMB328.0 million in the corresponding period of 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in the fourth quarter of 2025 wereRMB18.1 million (US ), compared to$2.6 million RMB15.6 million in the corresponding period of 2024.
Operating Profit
Operating profit was
Income Tax Expense
Income tax expense was
Net Income Attributable to Autohome
Net income attributable to Autohome was
Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was
Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was
Unaudited Full Year 2025 Financial Results
Net Revenues
Net revenues in 2025 were
- Media services revenues were
RMB1,153.4 million (US ) in 2025, compared to$164.9 million RMB1,523 .1 million in 2024, primarily due to reduced advertising spending by ICE automakers amid shrinking sales volumes in the ICE segment. - Leads generation services revenues were
RMB2,709.2 million (US ) in 2025, compared to$387.4 million RMB3,135.9 million in 2024. The decline was primarily attributable to a reduction in the number of paying dealers and a lower average revenue per dealer as we expanded our footprint across lower-tier cities. - Online marketplace and others revenues were RMB2,589.4 million (
US .3 million) in 2025, compared to$370 RMB2,380.6 million in 2024.
Cost of Revenues
Cost of revenues was
Operating Expenses
Operating expenses were
- Sales and marketing expenses were
RMB2,532 .7 million (US .2 million) in 2025, compared to$362 RMB2,988 .2 million in 2024, primarily due to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in 2025 were RMB56.9 million (US ), compared to$8.1 million RMB48 .4 million in 2024. - General and administrative expenses were
RMB504.0 million (US ) in 2025, compared to$72.1 million RMB534.8 million in 2024. Share-based compensation expenses included in general and administrative expenses in 2025 wereRMB60.1 million (US ), compared to$8.6 million RMB51.1 million in 2024. - Product development expenses were
RMB1,063 .7 million (US .1 million) in 2025, compared to$152 RMB1,318 .4 million in 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in 2025 wereRMB87.1 million (US .5 million), compared to$12 RMB84 .3 million in 2024.
Operating Profit
Operating profit was
Income Tax Expense
Income tax expense was
Net Income attributable to Autohome
Net income attributable to Autohome was
Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was
Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP Earnings per Share/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was
Balance Sheet and Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents, short-term investments and long-term financial products of
Employees
The Company had 4,242 employees as of December 31, 2025, including 1,197 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 7:00 a.m.
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/BIdfc55c5793964417869b4d3b671bd935
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
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with
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
Tel: +86-185-0060-8364
E-mail: suri.cheng@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 December 31, | For year ended December 31, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
Net revenues: | ||||||||||||||||
Media services | 436,819 | 333,817 | 47,735 | 1,523,075 | 1,153,419 | 164,937 | ||||||||||
Leads generation services | 758,443 | 667,839 | 95,500 | 3,135,885 | 2,709,235 | 387,415 | ||||||||||
Online marketplace and others | 588,174 | 460,342 | 65,828 | 2,380,627 | 2,589,376 | 370,276 | ||||||||||
Total net revenues | 1,783,436 | 1,461,998 | 209,063 | 7,039,587 | 6,452,030 | 922,628 | ||||||||||
Cost of revenues | (428,559) | (318,927) | (45,606) | (1,483,220) | (1,783,831) | (255,084) | ||||||||||
Gross profit | 1,354,877 | 1,143,071 | 163,457 | 5,556,367 | 4,668,199 | 667,544 | ||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing expenses | (717,812) | (738,569) | (105,614) | (2,988,169) | (2,532,667) | (362,167) | ||||||||||
General and administrative | (131,168) | (114,964) | (16,440) | (534,809) | (504,013) | (72,072) | ||||||||||
Product development expenses | (327,987) | (257,969) | (36,889) | (1,318,443) | (1,063,746) | (152,114) | ||||||||||
Total operating expenses | (1,176,967) | (1,111,502) | (158,943) | (4,841,421) | (4,100,426) | (586,353) | ||||||||||
Other operating income, net | 54,498 | 60,690 | 8,679 | 288,551 | 201,514 | 28,816 | ||||||||||
Operating profit | 232,408 | 92,259 | 13,193 | 1,003,497 | 769,287 | 110,007 | ||||||||||
Interest and investment income, | 189,062 | 155,802 | 22,279 | 791,905 | 659,810 | 94,352 | ||||||||||
Share of results of equity | (77,389) | (17,957) | (2,568) | (109,094) | 102,770 | 14,695 | ||||||||||
Income before income taxes | 344,081 | 230,104 | 32,904 | 1,686,308 | 1,531,867 | 219,054 | ||||||||||
Income tax expense | (31,375) | (6,430) | (919) | (62,959) | (141,745) | (20,269) | ||||||||||
Net income | 312,706 | 223,674 | 31,985 | 1,623,349 | 1,390,122 | 198,785 | ||||||||||
Net loss attributable to | 7,817 | 10,219 | 1,461 | 57,774 | 52,708 | 7,537 | ||||||||||
Net income attributable to | 320,523 | 233,893 | 33,446 | 1,681,123 | 1,442,830 | 206,322 | ||||||||||
Accretion of mezzanine equity | (44,006) | (48,057) | (6,872) | (172,596) | (189,661) | (27,121) | ||||||||||
Accretion attributable to | 27,895 | 40,573 | 5,802 | 111,035 | 131,964 | 18,870 | ||||||||||
Net income attributable to | 304,412 | 226,409 | 32,376 | 1,619,562 | 1,385,133 | 198,071 | ||||||||||
Earnings per share | ||||||||||||||||
Basic | 0.63 | 0.48 | 0.07 | 3.34 | 2.95 | 0.42 | ||||||||||
Diluted | 0.62 | 0.48 | 0.07 | 3.33 | 2.93 | 0.42 | ||||||||||
Earnings per ADS attributable | ||||||||||||||||
Basic | 2.51 | 1.94 | 0.28 | 13.36 | 11.78 | 1.69 | ||||||||||
Diluted | 2.50 | 1.93 | 0.28 | 13.31 | 11.74 | 1.68 | ||||||||||
Weighted average shares used to compute | ||||||||||||||||
Basic | 484,428,433 | 467,419,423 | 467,419,423 | 484,945,912 | 470,186,664 | 470,186,664 | ||||||||||
Diluted | 487,443,601 | 469,612,367 | 469,612,367 | 486,552,724 | 472,096,864 | 472,096,864 | ||||||||||
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 December 31, | For year ended December 31, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
Net income attributable to Autohome | 320,523 | 233,893 | 33,446 | 1,681,123 | 1,442,830 | 206,322 | |||||
Plus: income tax expense | 32,716 | 7,770 | 1,111 | 68,321 | 147,105 | 21,036 | |||||
Plus: depreciation of property and | 27,019 | 28,091 | 4,017 | 120,830 | 108,107 | 15,459 | |||||
Plus: amortization of intangible assets | 9,645 | 9,595 | 1,372 | 38,595 | 38,406 | 5,492 | |||||
EBITDA | 389,903 | 279,349 | 39,946 | 1,908,869 | 1,736,448 | 248,309 | |||||
Plus: share-based compensation | 41,743 | 46,435 | 6,640 | 192,024 | 218,974 | 31,313 | |||||
Adjusted EBITDA | 431,646 | 325,784 | 46,586 | 2,100,893 | 1,955,422 | 279,622 | |||||
Net income attributable to Autohome | 320,523 | 233,893 | 33,446 | 1,681,123 | 1,442,830 | 206,322 | |||||
Plus: amortization of intangible assets | 9,583 | 9,583 | 1,370 | 38,332 | 38,332 | 5,481 | |||||
Plus: share-based compensation | 41,743 | 46,435 | 6,640 | 192,024 | 218,974 | 31,313 | |||||
Plus: investment loss arising from one of | - | - | - | 620 | - | - | |||||
Plus: share of results of equity method | 77,389 | 17,957 | 2,568 | 109,094 | (102,770) | (14,696) | |||||
Plus: non-recurring employee severance | 60,847 | - | - | 60,847 | - | - | |||||
Plus: tax effects of the adjustments | (23,565) | (4,217) | (603) | (31,992) | 9,683 | 1,385 | |||||
Adjusted net income attributable to | 486,520 | 303,651 | 43,421 | 2,050,048 | 1,607,049 | 229,805 | |||||
Net income attributable to Autohome | 320,523 | 233,893 | 33,446 | 1,681,123 | 1,442,830 | 206,322 | |||||
Net margin | 18.0 % | 16.0 % | 16.0 % | 23.9 % | 22.4 % | 22.4 % | |||||
Adjusted net income attributable to | 486,520 | 303,651 | 43,421 | 2,050,048 | 1,607,049 | 229,805 | |||||
Adjusted net margin | 27.3 % | 20.8 % | 20.8 % | 29.1 % | 24.9 % | 24.9 % | |||||
Non-GAAP earnings per share | |||||||||||
Basic | 1.00 | 0.65 | 0.09 | 4.23 | 3.42 | 0.49 | |||||
Diluted | 1.00 | 0.65 | 0.09 | 4.21 | 3.40 | 0.49 | |||||
Non-GAAP earnings per ADS (one | |||||||||||
Basic | 4.02 | 2.60 | 0.37 | 16.91 | 13.67 | 1.95 | |||||
Diluted | 3.99 | 2.59 | 0.37 | 16.85 | 13.62 | 1.95 | |||||
Weighted average shares used to | |||||||||||
Basic | 484,428,433 | 467,419,423 | 467,419,423 | 484,945,912 | 470,186,664 | 470,186,664 | |||||
Diluted | 487,443,601 | 469,612,367 | 469,612,367 | 486,552,724 | 472,096,864 | 472,096,864 | |||||
[3] It represents the loss of an investment with fair value below its initial investment, which was recognized at "interest and investment | |||||||||||
[4] It represents the non-recurring employee severance costs associated with the optimization to the Company's organizational structure in | |||||||||||
AUTOHOME INC. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | |||||
(Amount in thousands, except as noted)
| |||||
As of December 31, | As of December 31, | ||||
2024 | 2025 | ||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 1,693,597 | 2,175,493 | 311,091 | ||
Restricted cash | 88,515 | 74,424 | 10,642 | ||
Short-term investments | 21,621,992 | 17,063,633 | 2,440,067 | ||
Accounts receivable, net | 1,358,849 | 1,521,347 | 217,550 | ||
Amounts due from related parties, current | 63,957 | 43,599 | 6,235 | ||
Prepaid expenses and other current assets | 336,941 | 308,733 | 44,148 | ||
Total current assets | 25,163,851 | 21,187,229 | 3,029,733 | ||
Non-current assets | |||||
Restricted cash, non-current | 5,000 | 5,000 | 715 | ||
Property and equipment, net | 204,049 | 191,063 | 27,322 | ||
Goodwill and intangible assets, net | 4,069,637 | 3,995,489 | 571,347 | ||
Long-term equity investments | 339,247 | 442,017 | 63,208 | ||
Other long-term investments | - | 2,124,783 | 303,840 | ||
Deferred tax assets | 308,246 | 262,622 | 37,554 | ||
Amounts due from related parties, non-current | 3,521 | 9,709 | 1,388 | ||
Other non-current assets | 128,074 | 90,612 | 12,957 | ||
Total non-current assets | 5,057,774 | 7,121,295 | 1,018,331 | ||
Total assets | 30,221,625 | 28,308,524 | 4,048,064 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Accrued expenses and other payables | 2,931,869 | 2,192,496 | 313,523 | ||
Advance from customers | 106,276 | 98,083 | 14,026 | ||
Deferred revenue | 276,894 | 170,836 | 24,429 | ||
Income tax payable | 185,976 | 82,000 | 11,726 | ||
Amounts due to related parties | 38,250 | 13,739 | 1,965 | ||
Dividends payable | 990,529 | 976,382 | 139,621 | ||
Total current liabilities | 4,529,794 | 3,533,536 | 505,290 | ||
Non-current liabilities | |||||
Other liabilities | 23,103 | 21,544 | 3,079 | ||
Deferred tax liabilities | 468,078 | 458,266 | 65,531 | ||
Total non-current liabilities | 491,181 | 479,810 | 68,610 | ||
Total liabilities | 5,020,975 | 4,013,346 | 573,900 | ||
MEZZANINE EQUITY | |||||
Convertible redeemable noncontrolling interests | 1,931,529 | 2,121,191 | 303,326 | ||
EQUITY | |||||
Total Autohome shareholders' equity | 23,951,737 | 23,041,328 | 3,294,866 | ||
Noncontrolling interests | (682,616) | (867,341) | (124,028) | ||
Total equity | 23,269,121 | 22,173,987 | 3,170,838 | ||
Total liabilities, mezzanine equity and equity | 30,221,625 | 28,308,524 | 4,048,064 | ||
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SOURCE Autohome Inc.