Autohome's Q1 2025 Earnings Call: Unpacking Contradictions in Retail Strategy, Trade Impact, and NEV Growth

New Retail Model Expansion Strategy and Pace, Impact of Trade Tensions on the Automotive Market, Dealer challenges and Autohome's new retail strategy, NEV Sales and Revenue Growth, NEV Market Growth and Autohome's Strategy are the key contradictions discussed in Autohome's latest 2025Q1 earnings call.



Automotive Market Trends and Autohome's Positioning:
- The overall new car sales in Q1 grew by 6% year-on-year, with a notable increase in NEV sales by 36% year-on-year, although growth rates have slowed.
- Autohome is positioning itself as a comprehensive auto lifestyle ecosystem, focusing on user needs and enhancing its online-to-offline integration strategy to drive growth.

New Retail Business Expansion:
- Autohome has opened 29 space stores and 170 franchise satellite stores nationwide, with plans to expand to 500 total locations by the end of 2025.
- This expansion aims to cover lower-tier and rural markets, enabling more users to experience Autohome's professional and convenient services.

AI and Technology Integration:
- Autohome is continuously deepening the application of AI across its business, with AI technology now integrated into advertising, lease membership products, and new media.
- This integration aims to enhance user experience, improve efficiency, and drive innovation, with a focus on AI smart assistants and new retail business expansion.

Nevs and New Retail Model:
- Revenues from NEVs, including Autohome's new retail business, increased by 72.6% year-over-year in Q1.
- The new retail model adopts the Bui service model, focusing on user-centric experiences and integrating online and offline services to create a seamless car purchasing journey.