Autohome Inc. (NYSE: ATHM | HKEX: 2518)

Cash‑Rich Data Powerhouse Riding China’s NEV Boom

1 | Executive Summary

Autohome is China’s dominant online automotive platform. With 223 million registered users and 77 million mobile DAUs, it sits at the cross‑roads of OEM marketing budgets, dealer CRM systems, and a swelling New‑Energy‑Vehicle (NEV) data trove. The shares trade at 0.08 × EV/Sales and 11 × 2024 P/E, while the balance sheet is stuffed with RMB 23.4 bn (US $3.2 bn) in cash and short‑term investments—97 % of market cap. We see an attractive risk‑reward skew as NEV data products scale, offline “Autohome Space” stores feed leads, and a fresh US $200 m buy‑back soaks up liquidity.

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2 | Business & Structure Snapshot

Autohome generates revenue from three pillars:

1. Leads & Dealer SaaS (≈40 %)—subscription CRM, Smart DCC and Compass tools that plug into 28 000+ franchised dealerships.

2. Data Marketplace & Transactions (≈34 %)—VIN‑level analytics, used‑car auctions via TTP, and the growing “Autohome Space” offline network.

3. Advertising & Media (≈26 %)—targeted campaigns for 101 OEMs, underpinned by a vast library of 32 484 professional contributors and user forums with 223 m registered users.

Because foreign ownership of internet content is restricted, Autohome operates key assets through VIEs. Revenues from VIE entities contributed 11.5 % of 2024 net revenues. While legally tested only sparingly in China, the structure has survived 15 years and could unwind under Beijing’s pilot schemes—an upside catalyst.

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3 | Why Buy Now? Five Pillars