Autohome (NYSE: ATHM) outlines IFRS vs U.S. GAAP profit and equity gaps

Rhea-AI Filing Summary

Autohome Inc. is providing investors with a detailed reconciliation between its consolidated financial statements under U.S. GAAP and International Financial Reporting Standards (IFRS) for 2024 and 2025. This explains how different accounting rules affect reported profit and equity.

Net income under U.S. GAAP was RMB1,623,349 thousand in 2024 and RMB1,390,122 thousand in 2025, while IFRS net income was higher at RMB1,909,576 thousand and RMB1,576,387 thousand. The main driver is treating preferred shares as a fair‑value financial liability under IFRS, adding RMB301.70 million and RMB168.93 million of profit in 2024 and 2025. Lease accounting and share-based compensation timing also create smaller differences.

Total equity under U.S. GAAP was RMB23,269,121 thousand at December 31, 2024 and RMB22,173,987 thousand at December 31, 2025, compared with IFRS equity of RMB24,954,170 thousand and RMB24,236,215 thousand, largely due to the different classification of preferred shares.

Key Figures

Net income U.S. GAAP 2024: RMB1,623,349 thousand Net income IFRS 2024: RMB1,909,576 thousand Net income U.S. GAAP 2025: RMB1,390,122 thousand +5 more

8 metrics

Net income U.S. GAAP 2024 RMB1,623,349 thousand Consolidated statements of comprehensive income for the year ended December 31, 2024

Net income IFRS 2024 RMB1,909,576 thousand Reconciled net income for the year ended December 31, 2024

Net income U.S. GAAP 2025 RMB1,390,122 thousand Consolidated statements of comprehensive income for the year ended December 31, 2025

Net income IFRS 2025 RMB1,576,387 thousand Reconciled net income for the year ended December 31, 2025

Total equity U.S. GAAP 2024 RMB23,269,121 thousand Consolidated balance sheet as of December 31, 2024

Total equity IFRS 2024 RMB24,954,170 thousand Reconciled total equity as of December 31, 2024

Preferred shares fair value profit 2024 RMB301.70 million IFRS adjustment to consolidated statements of comprehensive income for 2024

Preferred shares fair value profit 2025 RMB168.93 million IFRS adjustment to consolidated statements of comprehensive income for 2025

Key Terms

U.S. GAAP, International Financial Reporting Standards, mezzanine equity, financial liability, +2 more

6 terms

U.S. GAAP financial

"The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards"

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

International Financial Reporting Standards financial

"The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards"

International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.

mezzanine equity financial

"Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted"

Mezzanine equity is a layer of financing that sits between bank loans and full ownership, combining elements of borrowed money and equity. It often gives lenders higher potential returns in exchange for taking more risk, sometimes with the option to convert into ownership or receive extra payments; think of it as a middle seat that pays more because it’s less secure than front-row debt. Investors watch it because it affects a company’s debt risk, potential dilution of ownership, and expected returns.

financial liability financial

"Under IFRS, the preferred shares, which are redeemable at the option of the holder, represent a financial liability"

right-of-use asset financial

"the right-of-use asset is remeasured at the amount of the lease liability, adjusted for the remaining balance"

A right-of-use asset is the value a company records on its balance sheet for the practical use of something it leases — like the benefit of living in a rented office or using leased equipment for a set period. Investors care because it turns many leases into on-balance-sheet assets and matching liabilities, which can change reported leverage, asset base and performance metrics much like taking on a loan would.

graded vesting financial

"Under IFRS, the accelerated method is required to recognize compensation expense for all employee equity awards granted with graded vesting"

Form 6-K: How Foreign Companies Report to the SEC →

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 April 2026

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 ☐

Explanatory Note

Autohome Inc. (the “Company”) filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the United States Securities and Exchange Commission on April 15, 2026, U.S. Eastern Time. On April 15, 2026, Hong Kong Time, the Company also published its annual report for the fiscal year ended December 31, 2025 (the “HK Annual Report”) pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEX Listing Rules”). Pursuant to the HKEX Listing Rules, the HK Annual Report contains supplemental disclosure of reconciliation of the material differences between the consolidated financial statements of the Company prepared under the U.S. GAAP and International Financial Reporting Standards, which has been attached hereto as Exhibit 99.1.

Exhibit Index

Exhibit 99.1 – Supplemental Disclosure – Reconciliation Between U.S. GAAP and International Financial Reporting Standards

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/ Chi Liu
Name:		Chi Liu
Title:		Chairman of the Board and Chief Executive Officer

Date: April 15, 2026

Exhibit 99.1

RECONCILIATION BETWEEN U.S. GAAP AND INTERNATIONAL FINANCIAL REPORTING STANDARDS

The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards (“IFRS”). The effects of material differences between the consolidated financial statements of the Company prepared under U.S. GAAP and IFRS are as follows:

Reconciliation of audited consolidated statements of comprehensive income:

		For the year ended December 31,
		2024				2025
		RMB				RMB
		(in thousands)
Reconciliation of net income in the consolidated statements of comprehensive income
Net income as reported under U.S. GAAP			1,623,349				1,390,122
IFRS adjustments:
Preferred shares (Note a)			301,695				168,930
Leases (Note b)			1,517				2,485
Share-based compensations (Note c)			(16,985	)			14,850
Net income as reported under IFRS			1,909,576				1,576,387

Reconciliation of audited consolidated balance sheets:

		As of December 31,
		2024				2025
		RMB				RMB
		(in thousands)
Reconciliation of total equity in the consolidated balance sheets
Total equity as reported under U.S. GAAP			23,269,121				22,173,987
IFRS adjustments:
Preferred shares (Note a)			1,693,068				2,067,762
Leases (Note b)			(8,019	)			(5,534	)
Total equity as reported under IFRS			24,954,170				24,236,215

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 consolidated financial information for the year ended December 31, 2025 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 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 RMB301.70 million and RMB168.93 million recognized in the consolidated statements of comprehensive income for each of the years ended December 31, 2024 and 2025, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAP and financial liabilities under IFRS of RMB1,693.07 million and RMB2,067.76 million as at December 31, 2024 and 2025, 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 RMB1.52 million and RMB2.49 million for each of the years ended December 31, 2024 and 2025. The reconciliation also includes a difference in total equity of RMB8.02 million (negative)and RMB5.53 million (negative) as at December 31, 2024 and 2025, 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 periods, if the performance conditions are independent for each year, each tranche is accounted for as a separate award with its own service inception date, grant-date fair value and 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 RMB16.99 million (negative) and RMB14.85 million (positive) for the years ended December 31, 2024 and 2025, respectively.

FAQ

What does Autohome (ATHM) disclose in this Form 6-K filing?

Autohome discloses a reconciliation between its U.S. GAAP and IFRS financial results for 2024 and 2025. It explains how different accounting treatments for preferred shares, leases, and share-based compensation change reported net income and total equity figures across the two standards.

How do Autohome’s U.S. GAAP and IFRS net income figures differ?

Autohome’s IFRS net income is higher than its U.S. GAAP net income in both 2024 and 2025. The reconciliation shows U.S. GAAP net income adjusted mainly for preferred share fair value changes, lease accounting and share-based compensation timing to arrive at the IFRS net income figures.

Why do Autohome’s preferred shares impact IFRS results differently from U.S. GAAP?

Under U.S. GAAP, Autohome classifies preferred shares as mezzanine equity with accretion to redemption value. Under IFRS, the same preferred shares are treated as a financial liability measured at fair value, with changes in that fair value recognized in profit or loss and other comprehensive income.

How does lease accounting create differences between U.S. GAAP and IFRS for Autohome?

For operating leases, U.S. GAAP yields straight-line expense over the lease term, while IFRS generally front-loads expense. This different expense pattern leads to small adjustments in Autohome’s consolidated statements of comprehensive income and related differences in total equity under the two frameworks.

What role does share-based compensation play in Autohome’s GAAP–IFRS reconciliation?

Autohome uses straight-line recognition for certain graded-vesting awards under U.S. GAAP, while IFRS requires an accelerated method. This timing difference in expense recognition results in adjustments to net income under IFRS for 2024 and 2025 in the reconciliation statement.

How do Autohome’s total equity figures compare under U.S. GAAP and IFRS?

Total equity is higher under IFRS than under U.S. GAAP at December 31, 2024 and 2025. The main reason is that IFRS treats preferred shares as a financial liability, and the reconciliation quantifies the resulting differences in total equity at each year-end.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 22.1 KB