Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Autohome Inc. |
Entity Central Index Key | 0001527636 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 483,398,100 |
Entity Voluntary Filers | No |
Document Annual Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Document Shell Company Report | false |
Entity File Number | 001-36222 |
Entity Incorporation, State or Country Code | E9 |
Document Registration Statement | false |
Entity Address, Address Line One | 18th Floor Tower B, CEC Plaza |
Entity Address, Address Line Two | 3 Dan Ling Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100080 |
Entity Address, Country | CN |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Beijing, the People’s Republic of China |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Tao Wu |
Entity Address, Address Line One | 18th Floor Tower B, CEC Plaza |
Entity Address, Address Line Two | 3 Dan Ling Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100080 |
Entity Address, Country | CN |
City Area Code | 86 (10) |
Local Phone Number | 5985-7001 |
ADS [Member] | |
Document Information [Line Items] | |
Trading Symbol | ATHM |
Security Exchange Name | NYSE |
Title of 12(b) Security | American depositary shares, each representing four ordinary shares |
Ordinary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | 2518 |
Title of 12(b) Security | Ordinary shares, par value US$0.0025 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 4,996,353 | $ 703,722 | ¥ 2,801,299 |
Restricted Cash | 126,794 | 17,859 | 9,175 |
Short-term investments | 18,552,354 | 2,613,044 | 19,279,592 |
Accounts receivable (net of allowance for doubtful accounts of RMB185,755 and RMB161,022 (US$22,679) as of December 31, 2022 and 2023, respectively) | 1,472,489 | 207,396 | 1,927,699 |
Prepaid expenses and other current assets | 360,559 | 50,784 | 357,522 |
Total current assets | 25,524,988 | 3,595,120 | 24,424,931 |
Non-current assets: | |||
Restricted cash, non-current | 5,000 | 704 | 5,000 |
Property and equipment, net | 200,860 | 28,291 | 255,298 |
Intangible assets, net | 202,148 | 28,472 | 278,485 |
Goodwill | 3,941,820 | 555,194 | 3,941,820 |
Long-term investments | 448,341 | 63,148 | 419,208 |
Deferred tax assets | 295,598 | 41,634 | 265,606 |
Other non-current assets | 200,928 | 28,300 | 116,052 |
Total non-current assets | 5,310,743 | 748,003 | 5,290,888 |
Total assets | 30,835,731 | 4,343,123 | 29,715,819 |
Current liabilities: | |||
Accrued expenses and other payables | 2,932,227 | 412,997 | 2,537,281 |
Advance from customers | 105,379 | 14,842 | 96,047 |
Deferred revenue | 801,581 | 112,900 | 1,147,131 |
Income tax payable | 227,260 | 32,009 | 251,121 |
Dividends payable | 984,332 | 138,640 | 0 |
Total current liabilities (including current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB354,930 and RMB425,416 (US$59,918) as of December 31, 2022 and 2023, respectively) | 5,075,351 | 714,849 | 4,058,676 |
Non-current liabilities | |||
Other liabilities | 89,187 | 12,562 | 50,591 |
Deferred tax liabilities | 497,955 | 70,135 | 517,926 |
Total non-current liabilities (including non-current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB48,461 and 5RMB43,966 (US$6,192) as of December 31, 2022 and 2023, respectively) | 587,142 | 82,697 | 568,517 |
Total liabilities (including total liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB403,391 and RMB469,382 (US$66,110) as of December 31, 2022 and 2023, respectively) | 5,662,493 | 797,546 | 4,627,193 |
Commitments and contingencies | |||
Mezzanine equity: | |||
Convertible redeemable noncontrolling interests | 1,758,933 | 247,741 | 1,605,639 |
Shareholders' equity: | |||
Ordinary shares (par value of US$0.0025 per share; 400,000,000,000 ordinary shares authorized; 492,742,468 and 483,398,100 ordinary shares issued and outstanding, as of December 31, 2022 and 2023, respectively) | 8,599 | 1,211 | 8,550 |
Additional paid-in capital | 8,211,583 | 1,156,577 | 8,064,283 |
Treasury Stock, Value | (1,336,097) | (188,185) | (750,337) |
Accumulated other comprehensive income | 442,634 | 62,344 | 369,643 |
Retained earnings | 16,601,468 | 2,338,268 | 16,196,703 |
Total Autohome Inc. shareholders' equity | 23,928,187 | 3,370,215 | 23,888,842 |
Noncontrolling interests | (513,882) | (72,379) | (405,855) |
Total equity | 23,414,305 | 3,297,836 | 23,482,987 |
Total liabilities, mezzanine equity and equity | 30,835,731 | 4,343,123 | 29,715,819 |
Related Party [Member] | |||
Current assets: | |||
Amounts due from related parties, current | 16,439 | 2,315 | 49,644 |
Non-current assets: | |||
Amounts due from related parties, non-current | 16,048 | 2,260 | 9,419 |
Current liabilities: | |||
Amounts due to related parties | ¥ 24,572 | $ 3,461 | ¥ 27,096 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares |
Allowance for doubtful accounts | ¥ 161,022 | $ 22,679 | ¥ 185,755 |
Total current liabilities | 5,075,351 | 714,849 | 4,058,676 |
Total non-current liabilities | 587,142 | 82,697 | 568,517 |
Total liabilities | ¥ 5,662,493 | $ 797,546 | ¥ 4,627,193 |
Ordinary shares, par value | $ / shares | $ 0.0025 | ||
Ordinary shares, shares authorized | 400,000,000,000 | 400,000,000,000 | 400,000,000,000 |
Ordinary shares, shares issued | 483,398,100 | 483,398,100 | 492,742,468 |
Ordinary shares, shares outstanding | 483,398,100 | 483,398,100 | 492,742,468 |
Consolidated VIEs [Member] | |||
Total current liabilities | ¥ 425,416 | $ 59,918 | ¥ 354,930 |
Total non-current liabilities | 43,967 | 6,192 | 48,461 |
Total liabilities | ¥ 469,383 | $ 66,110 | ¥ 403,391 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Net revenues: | ||||
Total net revenues | ¥ 7,184,135 | $ 1,011,864 | ¥ 6,940,828 | ¥ 7,237,004 |
Cost of revenues (including related party transactions of RMB68,639, RMB64,876 and RMB62,372 (US$8,785) for the years ended December 31, 2021, 2022 and 2023, respectively) | (1,411,881) | (198,859) | (1,235,173) | (1,047,892) |
Gross profit | 5,772,254 | 813,005 | 5,705,655 | 6,189,112 |
Operating expenses: | ||||
Sales and marketing expenses | (3,012,479) | (424,299) | (2,866,206) | (2,759,905) |
General and administrative expenses (including provision for doubtful accounts of RMB53,294, RMB8,828 and RMB24,359 (US$-3,431) for the years ended December 31, 2021, 2022 and 2023, respectively) | (537,979) | (75,773) | (502,340) | (543,799) |
Product development expenses | (1,348,472) | (189,928) | (1,417,094) | (1,398,037) |
Total Operating expenses (including related party transactions of RMB108,955, RMB126,812 and RMB128,155 (US$18,050) for the years ended December 31, 2021, 2022 and 2023, respectively) | (4,898,930) | (690,000) | (4,785,640) | (4,701,741) |
Other operating income, net | 264,101 | 37,198 | 327,507 | 294,241 |
Operating profit | 1,137,425 | 160,203 | 1,247,522 | 1,781,612 |
Interest and investment income, net (including related party transactions of RMB136,613, RMB143,848 and RMB202,304 (US$28,494) for the years ended December 31, 2021, 2022 and 2023, respectively) | 831,006 | 117,045 | 565,090 | 395,245 |
Earnings/(loss) from equity method investments | 29,133 | 4,103 | (49,766) | 301 |
Income before income taxes | 1,997,564 | 281,351 | 1,762,846 | 2,177,158 |
Income tax (expense)/benefit | (72,155) | (10,163) | 61,780 | (34,006) |
Net income | 1,925,409 | 271,188 | 1,824,626 | 2,143,152 |
Net loss attributable to noncontrolling interests | 9,901 | 1,395 | 30,548 | 105,633 |
Net income attributable to Autohome Inc. | 1,935,310 | 272,583 | 1,855,174 | 2,248,785 |
Accretion of mezzanine equity | (153,294) | (21,591) | (137,610) | (411,792) |
Accretion attributable to noncontrolling interests | 98,071 | 13,813 | 89,612 | 311,573 |
Net income attributable to ordinary shareholders | ¥ 1,880,087 | $ 264,805 | ¥ 1,807,176 | ¥ 2,148,566 |
Earnings per share attributable to ordinary shareholders: | ||||
Basic | (per share) | ¥ 3.84 | $ 0.54 | ¥ 3.62 | ¥ 4.3 |
Diluted | (per share) | ¥ 3.83 | $ 0.54 | ¥ 3.62 | ¥ 4.29 |
Weighted average number of shares used to compute earnings per share attributable to common stockholders: | ||||
Basic | 489,952,172 | 489,952,172 | 499,160,564 | 499,861,764 |
Diluted | 491,252,460 | 491,252,460 | 499,666,792 | 500,481,540 |
Net income | ¥ 1,925,409 | $ 271,188 | ¥ 1,824,626 | ¥ 2,143,152 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments | 72,936 | 10,273 | 418,931 | (106,893) |
Comprehensive income | 1,998,345 | 281,461 | 2,243,557 | 2,036,259 |
Comprehensive loss attributable to noncontrolling interests | 9,956 | 1,402 | 31,165 | 100,326 |
Comprehensive income attributable to Autohome Inc. | ¥ 2,008,301 | $ 282,863 | ¥ 2,274,722 | ¥ 2,136,585 |
ADR [Member] | ||||
Earnings per share attributable to ordinary shareholders: | ||||
Basic | (per share) | ¥ 15.35 | $ 2.16 | ¥ 14.48 | ¥ 17.19 |
Diluted | (per share) | ¥ 15.31 | $ 2.16 | ¥ 14.47 | ¥ 17.17 |
Media Services [Member] | ||||
Net revenues: | ||||
Total net revenues | ¥ 1,870,819 | $ 263,499 | ¥ 1,963,289 | ¥ 2,011,446 |
Leads Generation Services [Member] | ||||
Net revenues: | ||||
Total net revenues | 3,111,805 | 438,289 | 3,056,924 | 2,988,075 |
Online Marketplace And Other Service [Member] | ||||
Net revenues: | ||||
Total net revenues | ¥ 2,201,511 | $ 310,076 | ¥ 1,920,615 | ¥ 2,237,483 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) Customer | Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 CNY (¥) Customer | Dec. 31, 2021 CNY (¥) Customer | |
Net revenue from related party transactions | ¥ 134,378 | $ 18,927 | ¥ 226,539 | ¥ 417,051 |
Related parties amount in cost of revenue | 62,372 | 8,785 | 64,876 | 68,639 |
Provision (Reversal) for doubtful accounts | (24,359) | (3,431) | 8,828 | 53,294 |
Operating expenses, related party costs | 128,155 | 18,050 | 126,812 | 108,955 |
Interest and investment income related party | ¥ 202,304 | $ 28,494 | ¥ 143,848 | ¥ 136,613 |
No of ordinary shares per Ads after division | 4 | 4 | 4 | 4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | ¥ 1,925,409 | $ 271,188 | ¥ 1,824,626 | ¥ 2,143,152 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation of property and equipment | 167,780 | 23,631 | 226,086 | 225,310 |
Amortization of intangible assets | 76,688 | 10,801 | 79,104 | 83,710 |
Amortization of operating lease assets | 108,111 | 15,227 | 118,828 | 122,144 |
Loss/(gain) on disposal of property and equipment | (874) | (123) | (1,109) | (1,203) |
Provision for doubtful accounts | (24,359) | (3,431) | 8,828 | 53,294 |
(Earnings)/loss from equity method investments | (29,133) | (4,103) | 49,766 | (301) |
Impairment of long-term investments | 1,696 | |||
Fair value change of short-term investments | (29,699) | (4,183) | 116,510 | 107,526 |
Share-based compensation | 195,092 | 27,478 | 168,890 | 206,060 |
Deferred income taxes | (49,963) | (7,037) | (148,340) | (151,188) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 479,943 | 67,599 | 203,581 | 931,432 |
Amounts due from related parties, current | 33,205 | 4,677 | 33,732 | (36,073) |
Prepaid expenses and other current assets | (244,111) | (34,382) | (149,766) | 1,046 |
Amounts due from related parties, non-current | (6,629) | (934) | (1,890) | 10,634 |
Other non-current assets | (192,988) | (27,182) | (101,497) | 3,177 |
Accrued expenses and other payables | 366,969 | 51,686 | 534,285 | (432,192) |
Advance from customers | 9,332 | 1,314 | (27,323) | (3,865) |
Deferred revenue | (345,550) | (48,670) | (405,882) | 237,346 |
Income tax payable | (23,861) | (3,361) | 17,779 | 148,165 |
Amounts due to related parties | (2,524) | (355) | (4,801) | (47,998) |
Other liabilities | 38,596 | 5,436 | 21,972 | (76,242) |
Net cash generated from operating activities | 2,451,429 | 345,276 | 2,565,075 | 3,523,934 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property and equipment | (78,567) | (11,066) | (116,503) | (218,798) |
Proceeds from disposal of property and equipment | 921 | 130 | 1,721 | 1,030 |
Purchase of intangible assets | (329) | (46) | (1,039) | (810) |
Cash consideration paid for the TTP acquisition, net of cash acquired | (77,444) | |||
Acquisition of equity-method investment | (400,000) | |||
Purchase of short-term investments | (17,512,173) | (2,466,538) | (18,945,702) | (27,082,428) |
Maturity of short-term investments | 18,590,497 | 2,618,417 | 16,352,106 | 23,565,437 |
Net cash (used in)/generated from investing activities | 1,000,349 | 140,897 | (3,109,417) | (3,813,013) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from exercise of share options | 296 | 42 | 748 | 37,032 |
Payment of dividends | (490,990) | (69,154) | (421,680) | (673,375) |
Proceeds from issuance of ordinary shares | 3,565,843 | |||
Payments for repurchase of ordinary shares | (633,799) | (89,269) | (719,133) | (31,204) |
Net cash generated from/(used in) financing activities | (1,124,493) | (158,381) | (1,140,065) | 2,898,296 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (14,612) | (2,059) | 168,325 | (46,809) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 2,312,673 | 325,733 | (1,516,082) | 2,562,408 |
Cash and cash equivalents and restricted cash at beginning of year | 2,815,474 | 396,552 | 4,331,556 | 1,769,148 |
Cash and cash equivalents and restricted cash at end of year | 5,128,147 | 722,285 | 2,815,474 | 4,331,556 |
Supplemental disclosures of cash flow information: | ||||
Income taxes paid | 199,916 | 28,158 | 284,332 | 340,215 |
Purchase of fixed assets included in accrued expenses and other payables | 35,216 | 4,960 | 4,743 | 18,624 |
Dividends declared but not paid | 984,332 | 138,640 | ||
Cash paid for operating lease cost | 113,000 | 15,916 | 125,448 | 137,693 |
Right-of-use assets acquired under operating leases | ¥ 192,100 | $ 27,057 | ¥ 107,351 | ¥ 38,023 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Ordinary shares CNY (¥) shares | Ordinary shares USD ($) shares | Additional paid-in capital CNY (¥) | Additional paid-in capital USD ($) | Treasury Stock, Common [Member] CNY (¥) | Treasury Stock, Common [Member] USD ($) | Accumulated other comprehensive income CNY (¥) | Accumulated other comprehensive income USD ($) | Retained earnings CNY (¥) | Retained earnings USD ($) | Noncontrolling interests CNY (¥) | Noncontrolling interests USD ($) |
Beginning balance, Amount at Dec. 31, 2020 | ¥ 17,622,984 | ¥ 8,089 | ¥ 4,089,763 | ¥ 62,295 | ¥ 13,336,016 | ¥ 126,821 | ||||||||
Beginning balance, Shares at Dec. 31, 2020 | shares | 479,219,628 | 479,219,628 | ||||||||||||
Net income | 2,143,152 | 2,248,785 | (105,633) | |||||||||||
Other comprehensive income (loss) | (106,893) | (112,200) | 5,307 | |||||||||||
Dividends declared | (673,375) | (673,375) | ||||||||||||
Exercise and vesting of share-based awards | 36,579 | ¥ 32 | 36,547 | |||||||||||
Exercise and vesting of share-based awards, Shares | shares | 1,890,028 | 1,890,028 | ||||||||||||
Share-based compensation | 206,060 | 206,060 | ||||||||||||
Issuance of ordinary shares, net of issuance costs | 3,554,259 | ¥ 402 | 3,553,857 | |||||||||||
Issuance of ordinary shares, net of issuance costs, Shares | shares | 24,738,400 | 24,738,400 | ||||||||||||
Repurchase of ordinary shares, Shares | shares | (664,268) | (664,268) | ||||||||||||
Repurchase of ordinary shares | (31,204) | ¥ (31,204) | ||||||||||||
Accretion of redeemable noncontrolling interests | (411,792) | (100,219) | (311,573) | |||||||||||
Ending balance, Amount at Dec. 31, 2021 | 22,339,770 | ¥ 8,523 | 7,886,227 | (31,204) | (49,905) | 14,811,207 | (285,078) | |||||||
Ending balance, Shares at Dec. 31, 2021 | shares | 505,183,788 | 505,183,788 | ||||||||||||
Net income | 1,824,626 | 1,855,174 | (30,548) | |||||||||||
Other comprehensive income (loss) | 418,931 | 419,548 | (617) | |||||||||||
Dividends declared | (421,680) | (421,680) | ||||||||||||
Exercise and vesting of share-based awards | 744 | ¥ 27 | 717 | |||||||||||
Exercise and vesting of share-based awards, Shares | shares | 1,639,720 | 1,639,720 | ||||||||||||
Share-based compensation | 168,890 | 168,890 | ||||||||||||
Adjustment of issuance costs | 8,449 | 8,449 | ||||||||||||
Repurchase of ordinary shares, Shares | shares | (14,081,040) | (14,081,040) | ||||||||||||
Repurchase of ordinary shares | (719,133) | (719,133) | ||||||||||||
Accretion of redeemable noncontrolling interests | (137,610) | (47,998) | (89,612) | |||||||||||
Ending balance, Amount at Dec. 31, 2022 | ¥ 23,482,987 | ¥ 8,550 | 8,064,283 | (750,337) | 369,643 | 16,196,703 | (405,855) | |||||||
Ending balance, Shares at Dec. 31, 2022 | shares | 492,742,468 | 492,742,468 | 492,742,468 | 492,742,468 | ||||||||||
Net income | ¥ 1,925,409 | $ 271,188 | 1,935,310 | (9,901) | ||||||||||
Other comprehensive income (loss) | 72,936 | 10,273 | 72,991 | (55) | ||||||||||
Dividends declared | (1,475,322) | (1,475,322) | ||||||||||||
Exercise and vesting of share-based awards | 296 | ¥ 49 | 247 | |||||||||||
Exercise and vesting of share-based awards, Shares | shares | 2,817,856 | 2,817,856 | ||||||||||||
Share-based compensation | 195,092 | 195,092 | ||||||||||||
Repurchase of ordinary shares, Shares | shares | (12,162,224) | (12,162,224) | ||||||||||||
Repurchase of ordinary shares | (633,799) | (48,039) | (585,760) | |||||||||||
Accretion of redeemable noncontrolling interests | (153,294) | (21,591) | (55,223) | (98,071) | ||||||||||
Ending balance, Amount at Dec. 31, 2023 | ¥ 23,414,305 | $ 3,297,836 | ¥ 8,599 | $ 1,211 | ¥ 8,211,583 | $ 1,156,577 | ¥ (1,336,097) | $ (188,185) | ¥ 442,634 | $ 62,344 | ¥ 16,601,468 | $ 2,338,268 | ¥ (513,882) | $ (72,379) |
Ending balance, Shares at Dec. 31, 2023 | shares | 483,398,100 | 483,398,100 | 483,398,100 | 483,398,100 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock Dividends, Declared | $ 0.58 | $ 0.53 | $ 0.87 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION Autohome Inc., formerly known as Sequel Limited (together with its subsidiaries, VIEs and VIEs’ subsidiaries is defined as the “Company”), was incorporated under the laws of the Cayman Islands on June 23, 2008. Upon incorporation, the Company was 100 % owned by Telstra Holdings Pty Ltd. (“Telstra”). On June 27, 2008 (the “Acquisition date”), the Company acquired Cheerbright International Holdings Limited (“Cheerbright”), China Topside Co., Ltd. (“China Topside”), and Norstar Advertising Media Holdings Co., Ltd. (“Norstar”), and their respective wholly foreign-owned enterprises and variable interest entities (“VIEs”). Subsequent to the acquisition, the Company was owned 55 % by Telstra, and 45 % by the selling shareholders of Cheerbright, China Topside and Norstar. In May 2012, Telstra acquired additional ordinary shares of Autohome Inc. from other shareholders. In June 2016, Telstra completed the sale of approximately 47.4 % of the then total issued shares in Autohome Inc. to Yun Chen Capital Cayman (“Yun Chen”), a subsidiary of Ping An Insurance Company of China, Ltd. (“Ping An”) and on February 22, 2017, Yun Chen further acquired from Telstra approximately 6.5 % of the then total issued shares in Autohome Inc. After the consummation of the sale, Yun Chen has become the Company’s controlling shareholder since June 2016. Autohome Inc. successfully completed its IPO and listing of 8,993,000 American Depositary Shares (“ADSs”) on the New York Stock Exchange in December, 2013, and raised net proceeds of US$ 142.59 million from the offering. Each ADS represents four ordinary shares (previously 1 ADS represents 1 ordinary share before the ADS Ratio Change as detailed in Note 2(a)). Upon the completion of IPO in December 2013, Autohome Inc.’s dual-class ordinary share structure came into effect. Upon the completion of follow-on offering in November 2014, 2,424,801 ADSs were issued by Autohome Inc. and 6,964,612 Class B ordinary shares before the Share Subdivision as detailed in Note 2(a) were converted into Class A ordinary shares. The net proceeds from the follow-on offering amounted to US$ 97.34 million net of issuance cost. Upon the transfer of 47.4 % share ownership by Telstra to Yun Chen in June 2016, all the Class B ordinary shares were converted into Class A ordinary shares. On March 15, 2021, Autohome Inc. successfully completed its global offering and the Company’s ordinary shares have been listed on the Hong Kong Stock Exchange. Autohome Inc. issued 24,738,400 ordinary shares, including 4,544,000 ordinary shares under an over-allotment option. Net proceeds raised by the Autohome Inc. from the global offering after deducting underwriting discounts and commissions and other offering expenses amounted to Hong Kong Dollar (“HK$”) 4,294.85 million. As of December 31, 2023, Autohome Inc. had 483,398,100 issued and outstanding ordinary shares after considering the effects of the Share Subdivision as detailed in Note 2(a). Yun Chen is the Company’s controlling shareholder who held 46.5 % of the total equity interest and a significant percentage of the voting rights in the Company as of December 31, 2023, by which it has substantial influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations and the sale of all or substantially all of the Company’s assets, election of directors and other significant corporate actions. The Company, through its subsidiaries, VIEs and VIEs’ subsidiaries, is engaged in the provision of media services, leads generation services and online marketplace and others. As of December 31, 2023, the following table sets forth the Company’s principal subsidiaries, principal VIEs and VIEs’ subsidiaries: Entity Date of Place of Percentage of Principal Subsidiaries Cheerbright International Holdings Limited June 13, 2006 British Virgin Islands 100 % Autohome Link Inc. January 29, 2015 Cayman Islands 100 % Autohome (Hong Kong) Limited (“Autohome HK”) March 16, 2012 Hong Kong 100 % Autohome Link Hong Kong Limited February 16, 2015 Hong Kong 100 % Autohome Media Limited (“Autohome Media”) October 18, 2013 Hong Kong 100 % TTP Car Inc. (“TTP”) June 12, 2015 Cayman Islands 51 % (Note) Auto Pai Ltd. September 25, 2020 British Virgin Islands 51 % TTP Car (HK) Limited June 23, 2015 Hong Kong 51 % Beijing Cheerbright Technologies Co., Ltd. September 1, 2006 Mainland China 100 % Autohome Shanghai Advertising Co., Ltd. September 29, 2013 Mainland China 100 % Beijing Prbrownies Software Co., Ltd. November 12, 2013 Mainland China 100 % Beijing Autohome Technologies Co., Ltd. November 12, 2013 Mainland China 100 % Beijing Autohome Advertising Co., Ltd. November 13, 2013 Mainland China 100 % Beijing Chezhiying Technology Co., Ltd. May 26, 2015 Mainland China 100 % Guangzhou Chezhihuitong Advertising Co., Ltd. August 20, 2018 Mainland China 100 % Hainan Chezhiyitong Information Technology Co., Ltd. August 20, 2018 Mainland China 100 % Tianjin Autohome Software Co., Ltd. October 15, 2018 Mainland China 100 % Autohome Zhejiang Advertising Co., Ltd. December 19, 2018 Mainland China 100 % Shanghai Chezhitong Information Technology Co., Ltd. September 16, 2020 Mainland China 100 % Shanghai Jinpai E-commerce Co., Ltd. (“TTP WFOE”) July 31, 2015 Mainland China 51 % Principal VIEs and VIEs’ subsidiaries Date of Place of Percentage of indirect economic interest Beijing Autohome Information Technology Co., Ltd. August 28, 2006 Mainland China 100 % Beijing Shengtuo Hongyuan Information Technology November 8, 2010 Mainland China 100 % Shanghai Tianhe Insurance Brokerage Co., Ltd. September 21, 2017 Mainland China 100 % Shanghai Jinwu Auto Technology Consultant Co., Ltd. September 20, 2007 Mainland China 51 % Shanghai Jinyou Auto Technology Consultant Co., Ltd. December 3, 2021 Mainland China 51 % Note: Please refer to Note 19 for the disclosure of acquisition. The Company provides media services, leads generation services and online marketplace and others through its websites and mobile applications. These services are primarily offered to automakers and dealers, advertising agencies that represent automakers and dealers in the automobile industry, and financial institutions. The Company’s principal geographic market is in mainland China. Autohome Inc. does not conduct any substantive operations of its own but conducts its primary business operations through its principal subsidiaries, the VIEs and VIEs' subsidiaries. Mainland China laws and regulations prohibit or restrict foreign ownership of internet content businesses. To comply with these foreign ownership restrictions, the Company and its subsidiaries operate websites and mobile applications and conduct its business related to internet content services through VIEs. The paid-in capital of the VIEs was funded by the Company’s mainland China subsidiaries, Autohome WFOE, Chezhiying WFOE and TTP WFOE, through loans extended to the VIEs’ shareholders (“Nominee Shareholders”). The Company obtained a controlling financial interest in the VIEs and VIEs’ subsidiaries by entering into a series of contractual agreements (the “Contractual Agreements”) through the WFOEs. As a result of the Contractual Agreements, the WFOEs are entitled to substantially all of the economic benefits from the VIEs and VIEs’ subsidiaries and are obligated to absorb all of the VIEs and VIEs’ subsidiaries' expected losses and therefore the Company has determined that it is the primary beneficiary of the VIEs and VIEs’ subsidiaries. Accordingly, the Company has consolidated the VIEs and VIEs’ subsidiaries results of operations and assets and liabilities in the Company’s consolidated financial statements in accordance with US GAAP. Autohome WFOE entered into a series of contractual agreements with Autohome Information and each of its individual nominee shareholders. The currently effective contractual agreements were entered into in January 2024 by and between Autohome WFOE, Autohome Information, Mr. Quan Long, the Company’s chairman of the Board of Directors, and Mr. Youdong Wang, taking place of the previous contractual agreements entered into in February 2021 by and between Autohome WFOE, Autohome Information, Mr. Quan Long and Ms. Haiyun Lei (the previous individual nominee shareholder of Autohome Information). Chezhiying WFOE also entered into a series of contractual agreements with Shengtuo Hongyuan and each of its individual nominee shareholders. The currently effective contractual agreements were entered into in January 2024 by and between Chezhiying WFOE, Shengtuo Hongyuan, Mr. Quan Long, the Company’s chairman of the Board of Directors, and Mr. Youdong Wang, taking place of the previous contractual agreements entered into in February 2021 by and between Autohome WFOE, Autohome Information, Mr. Quan Long and Ms. Haiyun Lei (the previous individual nominee shareholder of Shengtuo Hongyuan). In the end of December 2020, the Company acquired TTP, its subsidiaries and VIEs, which also conduct its business related to internet content services through VIEs. In August 2015, the then individual nominee shareholders of Shanghai Jinwu, entered into Equity Interest Purchase Agreements and Debt Transfer and Offset Agreements with Weiwei Wang, pursuant to which the then individual nominee shareholders transferred all of its equity interest of Shanghai Jinwu to Weiwei Wang. In August 2015, TTP WFOE, Shanghai Jinwu and Weiwei Wang, as the individual nominee shareholder of VIE, entered into a series of contractual agreements. In March and May of 2022, Weiwei Wang and Lan Zhang, as the individual nominee shareholders of Shanghai Jinyou, entered into a series of contractual agreements with TTP WFOE. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and the VIEs through the irrevocable power of attorney agreement, whereby the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interest in the VIEs to the WFOEs. In addition, through the Contractual Agreements the Company demonstrates its ability and intention to continue to exercise the ability to absorb substantially all of the expected losses and majority of the profits of the VIEs through the WFOEs. The following is a summary of the Contractual Arrangements that the Company, through its WFOEs, entered with the VIEs and their Nominee Shareholders: Exclusive technology consulting and service agreements Pursuant to the exclusive technology consulting and service agreements that have been entered into by the WFOEs and the VIEs, the VIEs have engaged the WFOEs as th eir exclusive provider of technical support and management consulting services. In addition, the WFOEs shall provide the necessary financial support to the VIEs whether or not the VIEs incur any losses, and not request for repayment if the VIEs are unable to do so. The VIEs shall pay to the WFOEs service fees calculated based on such VIE’s revenues reduced by its value-added taxes and surcharges, operating expenses and an appropriate amount of retained profit that is determined pursuant to the Company’s tax planning strategies and relevant tax laws. The service fees can be adjusted by the WFOEs unilaterally. The WFOEs shall exclusively own any intellectual property arising from the performance of these agreements. This agreement has 30 -year term that can be automatically extended for another 10 years at the option of the WFOEs. The agreement can only be terminated mutually by the parties in writing. During the term of the agreement, the VIEs may not enter into any agreement with third parties for the provision of any technical or management consulting services without prior consent of the WFOEs. Loan agreements Pursuant to the loan agreements between the Nominee Shareholders of the VIEs and the WFOEs, the WFOEs granted interest-free loans for the Nominee Shareholders’ contributions to the VIEs. The term of the loan is indefinite until the WFOEs requests repayment. The manner and timing of the repayment shall be at the sole discretion of the WFOEs and at the WFOEs’ option may be in the form of transferring the VIEs’ equity interest to the WFOEs or their designated persons. Equity option agreements Pursuant to the equity option agreements entered into among the Nominee Shareholders of the VIEs, VIEs and the WFOEs, the Nominee Shareholders jointly and severally granted to the WFOEs an option to purchase their equity interests in the VIEs. The purchase price will be offset against the loan repayments under the loan agreements. If the transfer price of the equity interest is greater than the loan amount, the Nominee Shareholders are required to immediately return the received transfer price in excess of the loan amount to the WFOEs or any person designated by the WFOEs. The WFOEs may exercise such option at any time until it has acquired all equity interests of the VIEs or freely transfer the option to any third party and such third party may assume the right and obligations of the option agreement. In addition, dividends and distributions are not permitted without the prior consent of the WFOEs, to the extent there is a dividend or distribution, the Nominee Shareholders will remit the amounts in full to the WFOEs immediately. In the event of liquidation or dissolution of the VIEs, all assets shall be sold to the WFOEs at the lowest selling price permitted by applicable mainland China law, and any proceeds from the transfer and any residual interests in the VIEs shall be remitted to the WFOEs immediately. The equity option agreements have an indefinite term and will terminate at the earlier of i) the date on which all of the equity interests have been transferred to the WFOEs or any person designated by the WFOEs; or ii) the unilateral termination by the WFOEs. Equity interest pledge agreements Pursuant to the equity interest pledge agreements entered into between the Nominee Shareholders of the VIEs and the WFOEs, the Nominee Shareholders pledged all of their equity interests in the VIEs to the WFOEs as collateral for all of their payments due to the WFOEs and to secure their obligations under the above agreements. The Nominee Shareholders may not transfer or assign the shares, the rights and obligations in the share pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the VIEs without the WFOE’s preapproval. The WFOE is entitled to transfer or assign in full or in part the shares pledged. In the event of default, the WFOE as the pledgee will be entitled to request immediate repayment of the loan or to dispose of the pledged equity interests through transfer or assignment. There have been no dividends or distributions from inception to date. The equity interest pledge agreements have an indefinite term and will terminate after all the obligations under these agreements have been satisfied in full or the pledged equity interests have been transferred to the WFOEs or their designees. Power of attorney Pursuant to the power of attorney, shareholders of the VIEs have given the WFOEs an irrevocable proxy to act on their behalf on all matters pertaining to the VIEs and to exercise all of their rights as shareholders of the VIEs, including the right to attend shareholders’ meetings, to exercise voting rights and to transfer all or a part of his equity interests in the VIEs. Risk in relation to the VIE Structure Internet content related businesses are subject to significant restrictions under current mainland China laws and regulations. Specifically, foreign investors are not allowed to own more than 50% equity interest in any Internet Content Provider (“ICP”) business. The Company conducts its operations in China through Contractual Agreements entered into between the WFOEs and VIEs. If the Company or any of its current or future VIEs or subsidiaries are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant mainland China regulatory authorities would have certain discretion in dealing with such violations, including levying fines, confiscating the income of Autohome WFOE, Chezhiying WFOE, TTP WFOE and VIEs, revoking their business licenses or operating licenses, shutting down the Company’s servers or blocking the Company’s websites and mobile applications, discontinuing or placing restrictions or onerous conditions on the Company’s operations, requiring the Company to undergo a costly and disruptive restructuring, restricting the Company’s rights to use the proceeds from the offering to finance the Company’s business and operations in China, or enforcement actions that could be harmful to the Company’s business. Any of these actions could cause significant disruption to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business and results of operations. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of VIEs or the Company’s right to receive their economic benefits, the Company would no longer be able to consolidate the VIEs. In addition, if Autohome Information and its subsidiaries, Shengtuo Hongyuan and its subsidiaries, Shanghai Jinwu and Shanghai Jinyou or their shareholders fail to perform their obligations under the Contractual Agreements, the Company may have to incur substantial costs and expend resources to enforce the Company’s rights under the contracts. The Company may have to rely on legal remedies under mainland China law, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of these Contractual Agreements are governed by mainland China law and provide for the resolution of disputes through arbitration in mainland China. Accordingly, these contracts would be interpreted in accordance with mainland China law and any disputes would be resolved in accordance with mainland China legal procedures. As a result, uncertainties in the PRC legal system may limit the Company’s ability to enforce these Contractual Agreements. Under mainland China law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in mainland China courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Company is unable to enforce these Contractual Agreements, the Company may not be able to obtained a controlling financial interest in the VIEs and VIEs’ subsidiaries, and the Company’s ability to conduct its business may be negatively affected. Based on the advice of the Company’s mainland China legal counsel, the corporate structure and Contractual Agreements of the Company’s VIEs and WFOEs in China are in compliance with all existing mainland China laws and regulations. Therefore, in the opinion of management, (i) the ownership structure of the Company and the VIEs are in compliance with existing mainland China laws and regulations; (ii) the Contractual Agreements with VIEs and their nominee shareholders are valid and binding, and will not result in any violation of mainland China laws or regulations currently in effect; and (iii) the Company’s business operations are in compliance with existing mainland China law and regulations in all material respects. The VIEs contributed an aggregate of 13.1 %, 12.7 % and 13.5 % of the consolidated net revenues for the years ended December 31, 2021, 2022 and 2023, respectively, after elimination of inter-company transactions. As of December 31, 2022, and 2023, the VIEs accounted for an aggregate of 7.6 % and 7.3 %, respectively, of the consolidated total assets, and 8.7 % and 8.3 %, respectively, of the consolidated total liabilities after elimination of inter-company balances. Relevant mainland China laws and regulations restrict the VIEs from transferring a portion of its net assets to the Company in the form of loans and advances or cash dividends. Please refer to Note 16 for disclosure of restricted net assets. The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive income and consolidated statements of cash flows. As of December 31, 2022 2023 RMB RMB US$ (in thousands) Current assets 745,057 709,905 99,988 Non-current assets 1,837,711 1,789,401 252,032 Total assets 2,582,768 2,499,306 352,020 Accrued expenses and other payables 253,681 320,100 45,085 Advance from customers 65,150 68,543 9,654 Deferred revenue 36,099 36,773 5,179 Inter-company payables 569,034 389,566 54,870 Total current liabilities 923,964 814,982 114,788 Other liabilities 6,542 13,729 1,933 Deferred tax liabilities 41,919 30,238 4,259 Total non-current liabilities 48,461 43,967 6,192 Total liabilities 972,425 858,949 120,980 Net assets 1,610,343 1,640,357 231,040 Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Net revenues -Third-party revenues 948,520 882,276 968,869 136,462 -Inter-company revenues 131,524 160,272 179,587 25,294 Net loss ( 89,397 ) ( 85,283 ) ( 112,791 ) ( 15,886 ) Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Net cash generated from operating activities 411,966 19,289 24,582 3,462 Net cash used in investing activities ( 386,343 ) ( 812,606 ) ( 1,092,190 ) ( 153,832 ) Net cash generated from financing activities 163,424 666,853 1,115,463 157,110 The revenue-producing assets that are held by the VIEs comprise of customer relationship, trademarks, websites, domain names, operating license and servers. The current assets of the VIEs included amounts due from Group companies of RMB 333.17 million and RMB 244.65 million (US$ 34.46 million), as of December 31, 2022 and 2023, respectively, which were eliminated upon consolidation by the Company. The current liabilities of the VIEs included amounts due to Group companies of RMB 569.03 million and RMB 389.57 million (US$ 54.87 million), as of December 31, 2022 and 2023, respectively, which were eliminated upon consolidation by the Company. There was no pledge or collateralization of the VIEs’ assets that can only be used to settle obligations of the VIEs. Creditors of the VIEs have no recourse to the general credit of the WFOEs, which are the primary beneficiaries of the VIEs. The WFOEs did not provide or intend to provide financial or other supports not previously contractually required to the VIEs during the years presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of accounting The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). On February 2, 2021, the Company announced that the following proposed resolution submitted for shareholder approval has been adopted and approved as a special resolution at the Company’s extraordinary general meeting of shareholders: All authorized Class A ordinary shares and Class B ordinary shares are re-designated and combined into one single class of ordinary shares, and subsequently each ordinary share is subdivided into four shares, effective as of February 5, 2021 (the “Share Subdivision”). As a result of this variation of share capital, the authorized share capital of Autohome Inc. shall be US$ 1,000,000,000 divided into 400,000,000,000 ordinary shares of a par value of US$ 0.0025 each, effective as of February 5, 2021. The Company also announced that, concurrently with the effectiveness of the variation of share capital of Autohome Inc., the ratio of ADS to ordinary share will be adjusted to one ADS representing four ordinary shares , beginning on February 5, 2021 (the “ADS Ratio Change”). Accordingly, because the Share Subdivision and ADS Ratio Change are exactly proportionate, the ADS Ratio Change, in and of itself, is neutral in its impact on the per-ADS trading price of Autohome Inc.’s ADSs on the New York Stock Exchange (“NYSE”), as the percentage interest in the Company represented by each ADS will not be altered. The number of issued and unissued ordinary shares as disclosed in these consolidated financial statements are prepared on a basis after taking into account the effects of the Share Subdivision and the ADS Ratio Change and have been retrospectively adjusted accordingly. (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company or subsidiaries of the Company are the primary beneficiaries. All significant inter-company transactions and balances between the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries are eliminated upon consolidation. Results of acquired subsidiaries and VIEs are consolidated from the date on which control is transferred to the Company, or the Company obtains a controlling financial interest in the VIEs and VIEs’ subsidiaries. (c) Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Areas where management uses subjective judgment include, but are not limited to: estimation of variable consideration represented by sales rebates related to revenue transactions; initial valuation of the assets acquired and liabilities assumed in a business combination; fair value measurement of short-term investments; depreciation or amortization of long-lived assets and intangible assets; subsequent impairment assessment of long-lived assets, intangible assets, goodwill, other non-current assets and long-term investments; provision for expected credit loss for financial assets which are within the scope of ASC 326; accounting for deferred income taxes, assessment of fair value and estimate of forfeitures for share-based awards; and accretion of changes in the redemption value on the preferred shares owned by the noncontrolling shareholders. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (d) Foreign Currency The functional currency of Autohome Inc., its Cayman subsidiaries and Cheerbright, is the United States dollar (“US$”), whereas the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries with operations in mainland China, Hong Kong, and other jurisdictions generally use their respective local currencies as their functional currencies as determined based on the criteria of ASC 830 , Foreign Currency Matters . The Company uses the RMB as its reporting currency. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. Exchange gains and losses are included in other operating income, net in the consolidated statements of comprehensive income. Assets and liabilities of the Company and Company’s subsidiaries, other than the subsidiaries with the functional currency of RMB, are translated into RMB at fiscal year-end exchange rates. Income and expense items are translated at monthly average exchange rates prevailing during the fiscal year. (e) Convenience Translation Amounts in United States dollars (“US$”) are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB 7.0999 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. (f) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits, and time deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities of three months or less. (g) Short-term Investments Short-term investments represent bank deposits and adjustable-rate financial products with original maturities of less than 1 year that are measured at fair value. In accordance with ASC 825, Financial Instruments , for adjustable-rate financial products with the interest rate indexed to performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income as “interest and investment income, net”. As of December 31, 2023, the Company had an investment in an overdue financial product with fair value below its initial investment, and recognized the loss at “interest and investment income, net” of RMB 164.07 million, RMB 73.26 million and RMB 23.25 million (US$ 3.27 million) for the years ended December 31, 2021, 2022 and 2023, respectively. (h) Restricted Cash and Consolidated Statements of Cash Flows Restricted cash primarily represents cash deposits in a regulatory escrow account related to deposits or guarantees of third-parties, insurance brokerage services and litigation-related restricted balance. The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows: As of December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Amounts shown in Consolidated Balance Sheets: Cash and cash equivalents 4,236,501 2,801,299 4,996,353 703,722 Restricted cash 95,055 14,175 131,794 18,563 Total cash, cash equivalents and restricted cash as 4,331,556 2,815,474 5,128,147 — 722,285 (i) Fair Value Measurements of Financial Instruments Financial instruments of the Company primarily comprise of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from related parties, prepaid expenses and other current assets excluding prepayments, other non-current assets excluding operating lease right-of-use assets, accrued expenses and other payables, and amounts due to related parties. The carrying values of these financial instruments excluding other non-current assets approximated their fair values due to the short-term maturity of these instruments. ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures , establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 – Include other inputs that are directly or indirectly observable in the marketplace Level 3 – Unobservable inputs which are supported by little or no market activity ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (j) Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Electronic equipment 3 – 5 years Office equipment 3 – 5 years Motor vehicles 4 – 5 years Software 3 – 5 years Leasehold improvements Shorter of lease term or the estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of comprehensive income. (k) Intangible Assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets acquired in asset acquisitions are measured based on the cost to the acquiring entity, which generally includes transaction costs. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated useful life Technologies 5 years Trademarks 3 - 15 years Customer relationship 5 years Websites 4 years Domain names 4 - 10 years Database 5 years Licensing agreements 1.75 years Insurance brokerage license 4 years (l) Long-term Investments The Company’s long-term investments consist of equity method investments. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323 (“ASC 323”), Investments-Equity Method and Joint Ventures . Under the equity method, the Company initially records its investments at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investments. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. (m) Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company’s goodwill at December 31, 2022 and 2023 was related to its acquisition of Cheerbright, China Topside and Norstar in June 2008, and its acquisition of TTP in December 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets , recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. Also, the Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. Goodwill is tested for impairment at the reporting unit level at least annually in the fourth quarter and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Management has determined that the Company represents the lowest level within the entity at which goodwill is monitored for internal management purposes. The Company applied the quantitative assessment and performed the goodwill impairment test by quantitatively comparing the fair values of the reporting unit to it carrying amounts. The Company determines the fair value of the reporting unit based on its quoted stock price, and no impairment charge was recognized for the years ended December 31, 2021, 2022 and 2023. If the Company reorganizes its reporting structure in a manner that changes the composition of one or more of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units. (n) Impairment of Long-Lived Assets and Intangibles The Company evaluates its long-lived assets or asset group, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a Company of long-lived assets may not be recoverable. When these events occur, the Company evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. No impairment charge was recorded for any of the years presented. (o) Revenue Recognition and Accounts Receivable The Company’s revenues are derived from media services, leads generation services and online marketplace and others. Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The recognition of revenue involves certain management judgments including identification of performance obligations, standalone selling price for each performance obligation, estimation of variable consideration represented by sales rebates, etc. The Company provides rebates to agency companies based on cumulative annual advertising and service volume, and timeliness of their payments, which are accounted for as variable consideration. The Company estimate its obligations under such agreements by applying the most likely amount method, based on an evaluation of the likelihood of the agency companies’ achievement of the advertising and service volume targets, and the timeliness of their payments, after taking into account the agency companies’ purchase trends and history. A refund liability (included in accrued expenses and other payables) is recognized for expected sales rebates payable to agency companies in relation to advertising services provided. The Company recognizes revenue for the amount of fees it receives from its clients, after deducting these sales rebates, and net of VAT collected from customers. The Company believes that there will not be significant changes to its estimates of variable consideration and updates the estimate at each reporting period as actual utilization becomes available. The Company determines revenue recognition through the following steps • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation Media services Media services revenues mainly include revenues from automaker advertising services and regional marketing campaigns conducted by certain automobile brands’ regional offices. The majority of online advertising service contracts involve multiple deliverables or performance obligations presented on PC and mobile platforms and under different formats such as banner advertisements, links and logos, other media insertions and promotional activities that are delivered over different periods of time. Revenue is allocated among these different deliverables based on their relative standalone selling prices. The Company generally determines the standalone selling price as the observable price of a product or service charged to customers when sold on a standalone basis. Advertising services are primarily delivered based on cost per day (“CPD”) pricing model. For CPD advertising arrangements, revenue is recognized when the corresponding advertisements are published over the stated displaying period. For cost per thousand impressions (“CPM”) model, revenue is recognized when the advertisements are displayed and based on the number of times that the advertisement has been displayed. For cost-per-click (“CPC”) model, revenue is recognized when the user clicks on the customer-sponsored links and based on the number of clicks. For certain marketing campaigns and promotional activities services, revenue is recognized when the corresponding services have been rendered. Leads generation services Leads generation services primarily include revenues from (i) dealer subscription services, (ii) advertising services sold to individual dealer advertisers, and (iii) used car listing services. Under the dealer subscription services, the Company makes available throughout the subscription period a webpage linked to its websites and mobile applications where the dealers can publish information such as the pricing of their products, locations and addresses and other related information. Usually, advanced payment is made for the dealer subscription services and revenue is recognized over time on a straight-line basis as services are constantly provided over the subscription period. For the advertising services sold to individual dealers, revenue is recognized when the advertising is published over the stated displaying period. The used car listing services primarily include listing and displaying of used vehicles, generation of sales leads, etc. for sellers through the Company’s platform. The used car platform acts as a user interface that allows potential used car buyers to identify listings that meet their specific requirements and contact the sellers. The service fee is charged per the number of displayed days, or quantity of sales leads delivered. Revenue is recognized respectively over the stated displaying period or at a point in time upon the delivery of sales leads. Online marketplace and others Online marketplace and others revenue primarily consist of revenues related to (i) data products, (ii) new and used vehicle transaction platform, and (iii) auto financing services and others. For the data products, the Company provides data-driven products and solutions for the automakers and dealers, and recognizes revenue over the service period of data-driven products and solutions by the automakers and dealers. For the new and used vehicle transaction business, the Company provides platform-based services including facilitation of transactions, transaction-oriented marketing solutions, and generation of sales leads. For the new vehicle transaction, the Company acts as the platform for users to review automotive-related information and inquiry, and facilitates of transaction by delivering sales leads to the automakers. For the used vehicle transaction, the Company acts as a used car consumer-to-business-to-consumer transaction system that facilitates the used car transaction between the sellers and buyers and charge the service fee per each sale. The new and used vehicle transaction revenue is recognized at a point in time when the sales leads are delivered or upon the successful facilitation of transaction. For the auto-financing business, the Company provides a platform which serves as a bridge to match users and automobile sellers that have auto financing needs with the Company’s cooperative financial institutions that offer a variety of products covering merchant loans, consumer loans, leases and insurance services. The auto-financing service fee is charged on a per sale or lead basis, and the service fee is recognized at a point in time when the sales leads are delivered or upon the successful facilitation of transaction. The Company is not involved in providing the loans and has no further obligation once the revenue for the sales leads or transaction commissions has been recognized. Contract Balances and Accounts Receivable Payment terms and conditions vary by contract and service types. Generally, excluding dealer subscription and used car listing, the rest of service contracts usually require payment within several months of service delivery. The term between billings and when payment is due is not significant and the Company generally does not provide significant financing terms. Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Company has satisfied its performance obligations and has the unconditional right to payment. Payments in advance of revenue recognition are recorded as deferred revenue and recognized as revenue along with the fulfillment of performance obligations. Deferred revenue is primarily related to the advanced payment related to dealer subscription services and used car listings under leads generation services. Most of the beginning balance of deferred revenue of RMB 1,147.13 million (US$ 161.57 million) was recognized as revenue for the year ended December 31, 2023, and the unrecognized part was immaterial. On January 1, 2020, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) using the modified retrospective transition method. ASC 326 replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology. The Company estimated the allowance by segmenting accounts receivable into groups based on certain credit risk characteristics and estimated the allowance for credit losses on receivables not sharing similar risk characteristic on an individual basis. The key factors considered when determining the allowances for credit losses include the historical loss experience, lifetime for debt recovery, financial performance of the customers, current and future economic conditions. An accounts receivable balance is written off after all collection effort has ceased. Practical Expedients and Exemptions The Company has elected to use the practical expedient to not disclose the remaining performance obligations for contracts that have durations of one year or less. Performance obligations to be recognized over a period in excess of one year are immaterial as of December 31, 2022 and 2023. The revenue standard requires the Company to recognize an asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. The Company has determined that sales commission for sales personnel meet the requirements of capitalization. However, the Company applies a practical expedient to expense these costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. (p) Cost of Revenues Cost of revenues primarily consist of (i) operational costs, (ii) content costs, (iii) bandwidth and Internet Data Center (“IDC”) fees, (iv) tax surcharges and (v) depreciation & amortization expenses and others. Operational costs primarily include the transaction fees incurred on our platform, execution costs of service contracts, salaries and benefits, and share-based compensation expenses of related employees. Content costs are costs directly related to purchasing and producing the professionally-generated content displayed on our websites and mobile applications. (q) Advertising Expenditures Advertising expenditures which amounted to RMB 1,341.62 million, RMB 1,397.96 million and RMB 1,429.06 million (US$ 201.28 million) for the years ended December 31, 2021, 2022 and 2023, respectively, are expensed as incurred and are included in sales and marketing expenses. (r) Product Development Expenses Product development expenses consist primarily of employee costs related to personnel involved in the development and enhancement of the Company’s service offerings on its websites and mobile applications, and expenditure for research and development activities. The Company recognizes these costs as expenses when incurred, unless they qualify for capitalization as software development costs. Capitalized software development costs have not been material for the periods presented. (s) Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). Further, as a clarification of the new guidance, the FASB issued several amendments and updates. The Company adopted the new lease guidance beginning January 1, 2019 by applying the modified retrospective method to those contracts that are not completed as of January 1, 2019, with the comparative information not being adjusted and continues to be reported under historic accounting standards. There is no impact to retained earnings at adoption. The Company has elected to utilize the package of practical expedients at the time of adoption, which allows the Company to (1) not reassess whether any expired or existing contracts are or contain leases, (2) not reassess the lease classification of any expired or existing leases, and (3) not reassess initial direct costs for any existing leases. The Company also has elected to utilize the short-term lease recognition exemption and, for those leases that qualified, the Company did not recognize operating lease right-of-use (“ROU”) assets or operating lease liabilities. The Company determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. The Company has operating leases for office buildings and data centers and has no finance leases as of December 31, 2022 and 2023. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at commencement date, to determine the present value of lease payments. The incremental borrowing rates approximate the rate the Company would pay to borrow in the currency of the lease payments for the weighted-average life of the lease. The operating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company’s lease agreements contain both lease and non-lease components, which are accounted for separately based on their relative standalone price. As of December 31, 2022 and 2023, the Company recognized the following items related to operating lease in its consolidated balance sheets. As of December 31, 2022 2023 RMB RMB US$ (in thousands) Operating lease ROU assets 115,118 199,305 28,072 Operating lease liabilities, current portion 59,798 106,953 15,064 Operating lease liabilities, non-current portion 50,591 89,187 12,562 Lease cost recognized in the Company’s consolidated statements of comprehensive income is summarized as follows: Year ended December 31, 2021 2022 2023 Classification RMB RMB RMB US$ (in thousands) Operating lease cost 131,529 128,081 119,484 16,829 Cost of revenues 28,798 21,695 15,193 2,140 Operating expenses 102,731 106,386 104,291 14,689 Cost of other leases with terms less than one year 99,923 87,603 91,815 12,932 Cost of revenues 88,567 79,274 82,975 11,687 Operating expenses 11,356 8,329 8,840 1,245 Maturities of operating lease liabilities as of December 31, 2023 are as follows: Amounts RMB US$ (in thousands) 2024 111,367 15,686 2025 75,179 10,589 2026 20,556 2,895 2027 1,241 175 Total lease payments 208,343 29,345 Less imputed interest ( 12,203 ) ( 1,719 ) Total 196,140 27,626 As of December 31, 2022 and 2023, the Company’s weighted-average remaining lease term was 1.70 and 1.92 years, and weighted-average discount rate was 6.71 % and 5.75 %, respectively. As of December 31, 2022 and 2023, the Company does not have any significant operating or finance leases that have not yet commenced. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or material restrictive covenants. The Company leased office buildings and data centers from its related party, Ping An Company for a total amount of RMB 138.01 million, RMB 151.78 million and RMB 157.53 million (US$ 22.19 million) for the years ended December 31, 2021, 2022 and 2023, respectively. (t) Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. For reconciliation of tax computed by applying the respective statutory income tax rate to pre-tax income, please see “TAXATION” under Note 6 to our audited consolidated financial statements. The Company applies ASC 740, Accounting for Income Taxes , to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax expense”, in the consolidated statements of comprehensive income. (u) Earnings Per Share Earnings per share are calculated in accordance with ASC 260, Earnings per Share . Basic earnings per share are computed by dividing net income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. FAIR VALUE MEASUREMENT Assets measured at fair value on a recurring basis Fair Value Measurement at Quoted Prices Significant Unobservable Fair Value at RMB RMB RMB RMB US$ (in thousands) Cash equivalents Time deposits — 100,000 — 100,000 14,085 Short-term investments Time deposits — 16,005,923 — 16,005,923 2,254,387 Adjustable-rate financial products — 2,540,702 — 2,540,702 357,850 Equity investments with readily 5,729 — — 5,729 807 5,729 18,646,625 — 18,652,354 2,627,129 Fair Value Measurement at Quoted Prices Significant Unobservable Fair Value at RMB RMB RMB RMB (in thousands) Cash equivalents Time deposits — 796,460 — 796,460 Short-term investments Time deposits — 14,267,056 — 14,267,056 Adjustable-rate financial products — 5,003,746 — 5,003,746 Equity investments with readily 8,790 — — 8,790 8,790 20,067,262 — 20,076,052 Other financial instruments The followings are other financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. Financial assets, including accounts receivable, amounts due from related parties, prepaid expenses and other current assets excluding prepayments and staff advances, and other non-current assets excluding operating lease right-of-use assets, are not measured at fair value in the consolidated balance sheets, and the carrying values excluding other non-current assets approximated fair value due to their short-term maturity. Financial liabilities, including accrued expense and other payables, and amounts due to related parties, are also not measured at fair value in the consolidated balance sheets, and the carrying values approximated fair value due to their short-term maturity. Assets and liabilities measured at fair value on a non-recurring basis The Company measures certain assets, including long-term investments, goodwill and intangible assets, at fair value on a non-recurring basis when they are deemed to be impaired (Level 3). The fair values of these assets are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 4 . ACCOUNTS RECEIVABLE, NET Accounts receivable and allowance for credit losses consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Accounts receivable (Note) 2,113,454 1,633,511 230,075 Allowance for credit losses ( 185,755 ) ( 161,022 ) ( 22,679 ) 1,927,699 1,472,489 207,396 Note: It contains notes receivables of RMB 130.83 million, RMB 263.84 million (US$ 37.16 million) for the years ended December 31, 2022 and 2023, respectively. The movements in the allowance for credit losses were as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Beginning balance 128,199 177,563 185,755 26,163 Additions charged to current expected credit loss 53,294 20,602 20,557 2,895 Reversal — ( 12,303 ) ( 42,660 ) ( 6,009 ) Write off ( 3,930 ) ( 107 ) ( 2,630 ) ( 370 ) Ending balance 177,563 185,755 161,022 22,679 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Tax prepayments 275,979 281,662 39,671 Prepaid expenses 23,067 23,633 3,329 Rental and other deposits 20,634 13,843 1,950 Receivables from third-party payment platform 17,927 29,430 4,145 Interest receivable 2,431 5,827 821 Other receivables 17,484 6,164 868 357,522 360,559 50,784 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxation | 6. TAXATION Enterprise income tax (“EIT”) Cayman Islands Autohome Inc. and certain of its subsidiaries are incorporated in the Cayman Islands and conduct substantially all of its business through its mainland China subsidiaries, the VIEs and VIEs’ subsidiaries. Under the current laws of the Cayman Islands, Autohome Inc. and its subsidiaries are not subject to tax on income or capital gains. In addition, upon payments of dividends by these entities to their shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Cheerbright and Auto Pai Ltd. were incorporated in the British Virgin Islands and conducts substantially all the business through its mainland China subsidiaries and VIEs. Under the current laws of the British Virgin Islands, they are not subject to tax on income or capital gains. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed. Hong Kong Autohome (Hong Kong) Limited, Autohome Media, Autohome Link Hong Kong Limited, and TTP Car (HK) Limited were incorporated in Hong Kong. Subsidiaries in Hong Kong are subject to a two-tiered profits tax regime. The profits tax rate for the first HK$ 2 million of profits of corporations is 8.25 %, while profits above that amount continue are subject to a rate of 16.5 %. Under the Hong Kong tax law, the Company’s subsidiaries in Hong Kong are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. Mainland China Autohome WFOE, Chezhiying WFOE, Beijing Autohome Technologies Co., Ltd. (“Beijing Autohome Technologies”), Beijing Prbrownies, Hainan Chezhiyitong Information Technology Co., Ltd. (“Hainan Chezhiyitong”) and Tianjin Autohome are recognized as “High-New Technology Enterprise” (“HNTE”) and are eligible for a 15 % preferential tax rate until 2024, 2023, 2023, 2023, 2025 and 2025, respectively, upon the completion of their filings with the relevant tax authorities. The qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China. Chezhiying WFOE, Hainan Chezhiyitong and Tianjin Autohome are recognized as software enterprise (“SE”) and could be exempt from income tax for the tax year of 2019 and 2020 and enjoyed a 50 % reduction in the statutory income tax rate of 25 % for the tax year from 2021 to 2023. Chezhiying WFOE and Hainan Chezhiyitong enjoyed a 50 % reduction in the statutory income tax rate of 25 % for the tax years of 2021 and 2022.They can continue to enjoy the 12.5 % preferential tax rate for the tax year of 2023 provided that they maintain their status as a SE during each relevant tax year. Beijing Prbrownies, and Tianjin Autohome were accredited as key software enterprise (“KSE”) under the relevant mainland China laws and regulations as well in the tax filing of 2021 and 2022, which tax rate will continue to apply for so long as it maintains its KSE status during each relevant tax year. Beijing Prbrownies enjoyed a more preferential enterprise tax rate of 10 % for the tax years of 2021 and 2022. Tianjin Autohome has enjoyed a tax exemption for the tax years of 2021 and 2022. Except for the above-mentioned entities, the Company’s remaining mainland China subsidiaries and all the VIEs were subject to EIT at a rate of 25 % for 2021, 2022 and 2023. The management subsequently assessed and concluded that uncertain preferential tax rates for certain subsidiaries were able to be realized in the year of 2023 and a reversal of RMB 156.45 million (US$ 22.03 million) was recorded in the year of 2023, composed of current income tax expense of RMB 180.15 million (US$ 25.37 million) and deferred income tax benefit of RMB 23.70 million (US$ 3.34 million). A reversal of RMB 348.59 million and RMB 207.67 million was also recorded in the year of 2021 and 2022, which composed of current income tax expense of RMB 317.94 million and deferred income tax expense of RMB 30.65 million, and current income tax expense of RMB 196.54 million and deferred income tax expense of RMB 11.13 million, respectively. The basic earnings per share effects related to the preferential tax rate were RMB 1.11 , RMB 0.54 and RMB 0.56 (US$ 0.08 ) after considering the effects of the Share Subdivision as detailed in Note 2(a) for the years ended December 31, 2021, 2022 and 2023, respectively. The EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the mainland China are considered mainland China tax resident enterprises and subject to EIT at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, and other aspects of an enterprise. If the Company is deemed as a mainland China tax resident, it would be subject to mainland China tax under the EIT Law. The Company has analyzed the applicability of this law and believes that the chance of being recognized as a tax resident enterprise is remote for mainland China tax purposes. The Company's subsidiaries incorporated in other jurisdictions were subject to income tax charges calculated according to the tax laws enacted or substantially enacted in the countries where they operate and generate income. The Company had minimal operations in jurisdictions other than the mainland China. Income/(loss) before income tax expense consists of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Mainland China 2,328,917 1,724,835 1,813,055 255,364 Non-Mainland China ( 151,759 ) 38,011 184,509 25,987 2,177,158 1,762,846 1,997,564 281,351 The income tax expense/(benefit) is comprised of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Current 185,194 86,560 122,118 17,200 Deferred ( 151,188 ) ( 148,340 ) ( 49,963 ) ( 7,037 ) 34,006 ( 61,780 ) 72,155 10,163 The reconciliation of income tax expense/(benefit) for the years ended December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Income before income tax expense 2,177,158 1,762,846 1,997,564 281,351 Income tax expense computed at Mainland China statutory tax rates ( 25 %) 544,290 440,713 499,391 70,338 Non-deductible expenses 28,725 60,268 44,435 6,259 Research and development expenses super-deduction ( 185,801 ) ( 234,179 ) ( 220,773 ) ( 31,095 ) Change in valuation allowances 50,473 21,338 ( 3,674 ) ( 518 ) Outside basis difference ( 1,111 ) ( 5,652 ) 5,327 750 Effect of international tax rate difference 37,940 ( 16,835 ) ( 45,900 ) ( 6,465 ) Effect of preferential tax rate ( 552,567 ) ( 267,490 ) ( 276,110 ) ( 38,889 ) Effect of withholding tax on dividend 164,946 ( 1,667 ) 99,122 13,961 Other adjustments (Note) ( 52,889 ) ( 58,276 ) ( 29,663 ) ( 4,178 ) Income tax expense/(benefit) 34,006 ( 61,780 ) 72,155 10,163 Note: This amount mainly represents tax adjustments relating to share-based compensation exercised in 2020,2021 and 2022, which can be recognized in calculating income tax expense when realized at the completion of the Company’s tax returns, in 2021,2022 and 2023, respectively . Deferred tax The significant components of deferred taxes are as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Deferred tax assets Allowance for doubtful accounts 37,092 31,586 4,449 Accrued staff cost and expenses 134,799 108,733 15,315 Deferred revenue 11,570 12,525 1,764 Tax losses 497,871 446,091 62,831 VAT refund 4,840 8,308 1,170 Less: Valuation allowances ( 420,566 ) ( 311,645 ) ( 43,895 ) Total deferred tax assets 265,606 295,598 41,634 Deferred tax liabilities Identifiable intangible assets arising from acquisition 41,350 30,239 4,259 Intangible assets and internally-developed software 21,181 12,721 1,792 Outside basis difference and others 428,474 433,801 61,100 Withholding income tax 26,921 21,194 2,984 Total deferred tax liabilities 517,926 497,955 70,135 In assessing the realizability of deferred tax assets, the Company has considered whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company records a valuation allowance to reduce deferred tax assets to a net amount that management believes is more-likely-than-not of being realizable based on the weight of all available evidence. The Company recorded valuation allowances against the deferred tax assets of mainland China subsidiaries, the VIEs and VIEs’ subsidiaries as of December 31, 2022 and 2023, respectively, due to the cumulative tax loss positions and insufficient forecasted future taxable income. As of December 31, 2023, the Company had net operating losses of approximately RMB 2,296.24 million (US$ 323.42 m illion), which can be carried forward to offset taxable income. The accumulated tax losses of subsidiaries in Mainland China were RMB 2,264.37 million (US$ 318.93 million) as of December 31, 2023, which will expire, if unused, in the years ending December 31, 2024 through 2033. Valuation allowance is provided against deferred tax assets when the Company determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. Movement of valuation allowance is as follow: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Valuation allowance Balance at beginning of the year ( 402,197 ) ( 452,670 ) ( 420,566 ) ( 59,235 ) Additions ( 93,165 ) ( 48,944 ) ( 26,623 ) ( 3,750 ) Reversal and write off (Note) 42,692 81,048 135,544 19,090 Balance at ending of the year ( 452,670 ) ( 420,566 ) ( 311,645 ) ( 43,895 ) Note: It mainly represents valuation allowances written off due to the expiration of unused tax losses. Deferred tax liabilities arising from undistributed earnings The EIT Law also imposes a withholding income tax of 10 % on dividends distributed by a Foreign Invested Enterprises (“FIEs”) to its immediate holding company outside of China. A lower withholding income tax rate of 5 % is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China. As of December 31, 2023, the Company’s Hong Kong subsidiary, Autohome Media was identified as qualified subsidiary, and dividends are subject to a withholding tax rate of 5 %. On November 4, 2019, the Company's Board of Directors approved an annual cash dividend policy. Under the policy, starting from 2020, the Company will declare and distribute a recurring cash dividend at an amount equivalent to approximately 20 % of the Company's net income in the previous fiscal year. On February 16, 2023, the Company’s Board of Directors approved an amendment to change the annual cash dividend to a fixed amount of at least RMB 500.00 million between 2022 and 2026. On December 12, 2023, the Company's Board of Directors also approved an amendment to its dividend policy, pursuant to which the total yearly cash dividend is expected to be no less than RMB 1.5 billion from 2024 to 2026, with the exact amount to be determined by the board based on the then financial performance, cash position, and applicable foreign exchange laws and regulations in China, among other factors. In 2021, 2022 and 2023, the Company accrued RMB 53.84 million, RMB 26.92 million and RMB 21.19 million (US$ 2.99 million) of deferred income tax expenses associated with the expected cash dividend payment, respectively. As of December 31, 2022 and 2023, the total amount of undistributed earnings from the Company’s mainland China subsidiaries, the VIEs and VIEs’ subsidiaries is considered to be permanently reinvested was RMB 15,927.82 million and RMB 15,770.89 million (US$ 2,221.28 million), respectively. As of December 31, 2022 and 2023, determination of the amount of unrecognized deferred tax liability related to the earnings that are indefinitely reinvested is not practical . |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) At cost: Electronic equipment 678,753 721,976 101,688 Software 475,935 516,039 72,683 Leasehold improvements 86,826 87,817 12,369 Motor vehicles 8,318 8,702 1,226 Office equipment 2,372 2,401 338 1,252,204 1,336,935 188,304 Less: Accumulated depreciation ( 996,906 ) ( 1,136,075 ) ( 160,013 ) 255,298 200,860 28,291 Depreciation expense was RMB 225.31 million, RMB 226.09 million and RMB 167.78 million (US$ 23.63 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 8. INTANGIBLE ASSETS, NET The following tables present the Company’s intangible assets with definite lives as of the respective balance sheet dates: December 31, 2023 Gross Carrying Value Accumulated Net Carrying RMB RMB RMB US$ (in thousands) Technologies 202,100 ( 121,260 ) 80,840 11,386 Trademarks 175,308 ( 100,448 ) 74,860 10,544 Database 73,500 ( 44,100 ) 29,400 4,141 Customer relationship 46,900 ( 30,380 ) 16,520 2,327 Insurance brokerage license 28,133 ( 28,133 ) — — Websites 27,000 ( 27,000 ) — — Licensing agreements 3,086 ( 3,065 ) 21 3 Domain names 3,045 ( 2,538 ) 507 71 559,072 ( 356,924 ) 202,148 28,472 December 31, 2022 Gross Carrying Value Accumulated Net Carrying RMB RMB RMB (in thousands) Technologies 202,100 ( 80,840 ) 121,260 Trademarks 175,308 ( 87,480 ) 87,828 Database 73,500 ( 29,400 ) 44,100 Customer relationship 46,900 ( 22,120 ) 24,780 Insurance brokerage license 28,133 ( 28,133 ) — Websites 27,000 ( 27,000 ) — Domain names 3,101 ( 2,616 ) 485 Licensing agreements 3,024 ( 2,992 ) 32 559,066 ( 280,581 ) 278,485 The Company obtained insurance brokerage license in 2017 through acquisition of Shanghai Tianhe Insurance Brokerage Co., Ltd., which was accounted for as asset acquisition. The Company acquired TTP on December 31, 2020 and identified the intangible assets of technologies, trademarks, customer relationship and database (Note 19). The intangible assets are amortized using the straight-line method, which is the Company’s best estimate of how these assets will be economically consumed over their respective estimated useful lives ranging from approximately 2 to 15 years. Amortization expense was RMB 83.71 million, RMB 79.10 million and RMB 76.69 million (US$ 10.80 million) for the years ended December 31, 2021, 2022 and 2023, respectively. The annual estimated amortization expenses for the acquired intangible assets for each of the next five years are as follows: 2024 2025 2026 2027 2028 RMB RMB RMB RMB RMB (in thousands) Amortization expenses 74,362 74,121 10,739 10,733 10,729 |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Long-Term Investments | 9. LONG-TERM INVESTMENTS As of December 31, 2022 and 2023, the Company holds several equity investments through its subsidiaries or VIEs, all of which were accounted for under the equity method since the Company can exercise significant influence but does not own a majority equity interest in or control them. Guangzhou Ping An Consumer Equity Investment Partnership (L.P.) In January, 2022, the Company entered into a limited partner interest subscription agreement, a limited partnership agreement and certain other auxiliary documents with Ping An Capital Co., Ltd. (the “Fund Manager”), pursuant to which the Company subscribed for RMB 400 million worth of limited partner interests in an equity investment fund managed by the Fund Manager. Visionstar Information Technology (Shanghai) Co., Ltd. (“Shanghai Visionstar”) In July 2017, the Company acquired a 10 % interest in Shanghai Visionstar, which primarily engages in augmented reality technology and related operations in mainland China, with a total cash consideration of RMB 30 million. The investment was accounted for using equity method as the Company determined that it can exercise significant influence over Shanghai Visionstar. Hunan Mango Autohome Automobile Sales Co., Ltd. (“Mango JV”) In May 2015, the Company entered into a shareholder agreement with HappiGo Home Shopping Co. (“HappiGo”) to establish a strategic joint venture, Mango JV, with total capital contribution of RMB 100 million, of which the Company subscribed for RMB 49 million or 49 % of the ordinary shares. Other investments The Company also holds several other investments in equity investees. The carrying amount of all of the equity method investments was RMB 419.2 million and RMB 448.3 million (US$ 63.1 million) as of December 31, 2022 and 2023, respectively. The Company excluded the summarized information for these equity method investees as they were insignificant either individually or on an aggregated basis for all the years presented. The impairment associated with the equity method investments was immaterial during any of the years presented. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Other Non-current Assets | 1 0. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Operating lease right-of-use assets 115,118 199,305 28,072 Others 934 1,623 228 116,052 200,928 28,300 |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Payables | 11. ACCRUED EXPENSES AND OTHER PAYABLES The components of accrued expenses and other payables are as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Accrued expenses 1,250,946 1,591,299 224,130 Accrued rebates 580,989 461,722 65,032 Payroll and welfare payable 508,598 577,671 81,363 Operating lease liabilities - current portion 59,798 106,953 15,064 VAT and surcharges payable 47,908 54,800 7,718 Users’ and third parties’ deposits 35,553 43,487 6,125 Deposit from customers 13,129 10,606 1,494 Professional service fees 8,644 26,681 3,758 Payable for purchase of fixed assets 5,359 39,795 5,605 Payable for exercise of share-based awards 4,402 2,714 382 Others 21,955 16,499 2,326 2,537,281 2,932,227 412,997 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS Yun Chen became the Company’s controlling shareholder in June 2016 and Yun Chen is a subsidiary of Ping An. Therefore Ping An Group became the Company’s related party since then. During the years ended December 31, 2021, 2022 and 2023, related party transactions were as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Services provided to Ping An Group (a) 417,051 226,539 134,378 18,927 Services provided to other related parties — — — — Net revenues from related parties 417,051 226,539 134,378 18,927 Services provided by and assets purchased from 176,880 191,751 191,413 26,960 Services provided by and assets purchased from 714 2,378 94 13 Services provided by related parties 177,594 194,129 191,507 26,973 Interest income from Ping An Group 136,613 143,848 202,304 28,494 As of December 31, 2022 and 2023, balances with related parties were as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Amounts due from related parties, current Ping An Group (c) 49,644 16,439 2,315 Amounts due from related parties, non-current Ping An Group (c) 9,419 16,048 2,260 Amounts included in “Cash and cash equivalents” (d) 1,093,434 1,665,092 234,523 Amounts included in “Short-term investments” (d) 4,088,598 3,933,713 554,052 Amounts included in “Restricted cash” (d) 5,000 130,770 18,419 Amounts due to related parties Ping An Group (e) 26,042 24,558 3,459 Other related parties 1,054 14 2 27,096 24,572 3,461 (a) The amount represents (i) the commission fee for transaction facilitation service on financial product including loan and insurance products, (ii) advertising services and (iii) technical services provided to Ping An Group. (b) The amount represents rental and property management services, technical services, other miscellaneous services and assets provided by Ping An Group. (c) Receivable from Ping An Group primarily consists of deposit in relation to the operating lease and other agreements, service fee receivable, and interest receivable from cash and cash equivalents. (d) The Company has cash or time deposits in commercial banks associated with Ping An Group and purchased certain short-term cash management products managed by Ping An Group as a part of the Company’s cash management plan. (e) The outstanding payable to Ping An Group primarily consists of payable for provision of services related to business operation, IDC service fee and other miscellaneous services. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 3. COMMITMENTS AND CONTINGENCIES Legal proceedings From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The Company does not believe that any currently pending legal proceeding to which the Company is a party will have a material effect on its business, balance sheets, or results of operations or cash flows. |
Cost of Revenues
Cost of Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Revenue [Abstract] | |
Cost of Revenues | 14. COST OF REVENUES Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Operational costs 520,805 548,309 696,197 98,057 Content costs 204,614 359,404 396,502 55,846 Bandwidth and IDC costs 105,343 113,150 110,508 15,565 Tax surcharges 39,240 97,379 95,147 13,401 Depreciation & amortization expenses and others 177,890 116,931 113,527 15,990 1,047,892 1,235,173 1,411,881 198,859 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Ordinary Shares | 15. ORDINARY SHARES As of December 31, 2023, Autohome Inc. had 483,398,100 issued and outstanding ordinary shares after considering the effects of the Share Subdivision as detailed in Note 2(a). On November 18, 2021, the Company announced a share repurchase program under which the Company may repurchase up to US$ 200 million of its ADSs over the next twelve months 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. On November 3, 2022, the Board of Directors authorized an extension of the term of the share repurchase program for another twelve months to November 17, 2023. The Company repurchased 6,726,883 ADSs (equal to 26,907,532 ordinary shares) from the open market with an aggregate purchase price of RMB 1,384.14 million (US$ 200.00 million) till December 31, 2023. The repurchased shares have not been cancelled by the end of 2023 and are reflected as treasury stock. 2,000,000 ADSs of the treasury stock have been reserved for future issuance upon the exercise of share options and vesting of restricted shares during the year ended December 31, 2023, of which 229,508 ADSs had been reissued to employees and directors upon the exercise of share options and vesting of restricted shares. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Restricted Assets [Abstract] | |
Restricted Net Assets | 16. RESTRICTED NET ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant mainland China statutory laws and regulations permit payments of dividends by the Company’s mainland China subsidiaries only out of its retained earnings, if any, as determined in accordance with mainland China accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s mainland China subsidiaries. Under mainland China law, the Company’s mainland China subsidiaries are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The subsidiary is required to allocate at least 10 % of their after-tax profits on an individual company basis as determined under mainland China accounting standards to the general reserve and has the right to discontinue allocations to the general reserve if such reserve has reached 50 % of registered capital on an individual company basis. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiary. The Company’s VIEs in mainland China are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. As of December 31, 2021, 2022 and 2023, the Company’s mainland China subsidiaries, the VIEs and VIEs’ subsidiaries had appropriated RMB 91.34 million, RMB 93.59 million and RMB 132.53 million (US$ 18.67 million), respectively, of retained earnings for its statutory reserves. As a result of these mainland China laws and regulations subject to the limit discussed above that require annual appropriations of 10% of after-tax income to be set aside, prior to payment of dividends as general reserve fund, the Company’s mainland China subsidiaries, the VIEs and VIEs’ subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2022 and 2023, the amounts of net assets restricted including the paid-up capital, additional paid-in capital and the statutory reserve funds of the Company’s mainland China subsidiaries and the net assets of the VIEs in which the Company has no legal ownership, were RMB 5,162.55 million and RMB 5,073.21 million (US$ 714.55 million), respectively. Furthermore, cash transfers from the Company’s mainland China subsidiaries to their parent companies outside of China are subject to mainland China government control of currency conversion. Shortages in availability of foreign currency may temporarily restrict the ability of the mainland China subsidiaries, the VIEs and VIEs’ subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. |
Earnings Per Share_ADS
Earnings Per Share/ADS | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share/ADS | 1 7. EARNINGS PER SHARE/ADS Basic and diluted earnings per share for each of the years presented are calculated as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Basic earnings per share: Numerator: Net income attributable to ordinary shareholders 2,148,566 1,807,176 1,880,087 264,805 Denominator: Weighted average ordinary shares outstanding 499,861,764 499,160,564 489,952,172 489,952,172 Basic earnings per share 4.30 3.62 3.84 0.54 Diluted earnings per share: Numerator: Net income attributable to ordinary shareholders 2,148,566 1,807,176 1,880,087 264,805 Denominator: Weighted average ordinary shares outstanding 499,861,764 499,160,564 489,952,172 489,952,172 Dilutive effect of share-based awards 619,776 506,228 1,300,288 1,300,288 Weighted average number of shares outstanding-diluted 500,481,540 499,666,792 491,252,460 491,252,460 Diluted earnings per share 4.29 3.62 3.83 0.54 Earnings per ADS Net income per ADS – basic (RMB) 17.19 14.48 15.35 2.16 Net income per ADS – diluted (RMB) 17.17 14.47 15.31 2.16 The effects of 455,824 , 1,484,748 and 1,181,760 stock options were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive during the years ended December 31, 2021, 2022 and 2023, respectively. The effects of 1,407,232 , 4,161,652 and 2,051,810 restricted shares were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive during the years ended December 31, 2021, 2022 and 2023, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 18. SHARE-BASED COMPENSATION In order to provide additional incentives to employees and to promote the success of the Company’s business, the Company adopted a share incentive plan in 2011 (the “2011 Plan”), a share incentive plan in 2013 (the “2013 Plan”), Amended and Restated 2016 Share Incentive Plan (the “2016 Plan”) and 2016 Share Incentive Plan II (the “2016 Plan II”) in 2016, collectively the “Plans”. The Company may grant share-based awards to its employees, directors and consultants to purchase an aggregate of no more than 31,372,400 , 13,400,000 , 19,560,000 and 12,000,000 ordinary shares (previously 7,843,100 , 3,350,000 , 4,890,000 and 3,000,000 ordinary shares, respectively before the Share Subdivision as detailed in Note 2(a) of the Company under the 2011 Plan, 2013 Plan, 2016 Plan and 2016 Plan II, respectively.) 2011 Plan, 2013 Plan, 2016 Plan and 2016 Plan II were approved by the Board of Directors in May 2011, November 2013, March 2017 and December 2016, respectively. The Plans are administered by the Board of Directors or any of its committees as set forth in the Plans. For share options and restricted shares with service condition or performance condition granted under the Plans, majority are subject to vesting schedules of approximately four years with 25 % of the awards vesting each year and have a contractual term of ten years . As of December 31, 2023, 2011 Plan and 2013 Plan had expired. Following the Share Subdivision and the ADS Ratio Change that became effective on February 5, 2021 as detailed in Note 2(a), each ordinary share was subdivided into four ordinary shares and each ADS represents four ordinary shares. Pro-rata adjustments have been made to the number of ordinary shares underlying each share option and restricted share granted, so as to give the participants the same proportion of the equity that they would have been entitled to prior to the Share Subdivision. Prior to February 5, 2021 , one ordinary share was issuable upon the exercise of one outstanding share option or the vesting of one outstanding restricted share, respectively. Subsequent to the Share Subdivision, four ordinary shares are issuable upon the exercise of one outstanding share option or the vesting of one outstanding restricted share, respectively. The Share Subdivision has no impact on the number of share options, the number of restricted shares, the weighted average exercise price per share option and the weighted average grant date fair value per restricted share as stated below. Share options The following table summarizes the Company’s employee share option activity under the share option plans: Number of Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term Aggregate Outstanding, January 1, 2023 564,876 43.96 21.45 8.48 587 Granted 15,416 28.91 16.89 9.15 55 Exercised ( 1,536 ) 26.75 21.32 8.50 6 Forfeited/Cancelled ( 36,257 ) 74.43 24.79 Outstanding, December 31, 2023 542,499 41.55 19.33 7.59 258 Vested and expected to vest at December 31, 2023 528,958 41.56 19.54 7.58 254 Exercisable as of December 31, 2023 243,946 46.39 24.13 6.96 165 The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying awards and US$ 28.06 , the closing stock price of the Company’s ordinary shares on December 31, 2023. The weighted-average grant-date fair value of options granted during the years ended December 31, 2021, 2022 and 2023 was US$ 23.00 , US$ 19.82 and US$ 16.89 , respectively. The total grant date fair value of options vested during the years ended December 31, 2021, 2022 and 2023 was RMB 32.23 million, RMB 19.60 million and RMB 15.09 million (US$ 2.12 million), respectively. Total intrinsic value of options exercised during the years ended December 31, 2021, 2022 and 2023 was RMB 27.95 million, RMB 0.47 million and RMB 0.04 million (US$ 0.006 million), respectively. The aggregate fair value of the outstanding options at the grant dates were determined to be RMB 74.46 million (US$ 10.49 million) and such amount shall be recognized as compensation expenses using the straight-line method for all employee share options granted with graded vesting. As of December 31, 2023, there was RMB 22.42 million (US$ 3.16 million) of total unrecognized share-based compensation expenses, net of estimated forfeitures, related to unvested share-based awards, which are expected to be recognized over a weighted-average period of 2.00 years. Total unrecognized compensation expenses may be adjusted for future changes in estimated forfeitures. Restricted shares Restricted shares activity for the year ended December 31, 2023 was as follows: Number of Weighted Outstanding, January 1, 2023 2,289,260 34.22 Granted 1,123,342 29.29 Vested ( 702,928 ) 34.70 Forfeited/Cancelled ( 205,984 ) 31.74 Outstanding, December 31, 2023 2,503,690 29.98 Expected to vest, December 31, 2023 1,917,137 30.03 The weighted average grant-date fair value of restricted shares granted during the years ended December 31, 2021, 2022 and 2023 was US$ 50.79 , US$ 33.46 and US$ 29.29 , respectively, which was derived from the fair value of the underlying ordinary shares. The total grant date fair value of restricted shares vested during the years ended December 31, 2021, 2022 and 2023 was RMB 165.68 million, RMB 172.59 million and RMB 171.57 million (US$ 24.17 million). The aggregate fair value of the outstanding restricted shares at the grant dates were determined to be RMB 532.94 million (US$ 75.06 million) and such amount shall be recognized as compensation expense using the straight-line method for all restricted shares granted with graded vesting. As of December 31, 2023, there was RMB 312.50 million (US$ 44.01 million) of total unrecognized share-based compensation expenses, net of estimated forfeitures, related to unvested restricted shares which are expected to be recognized over a weighted-average period of 2.68 years. Total unrecognized compensation expenses may be adjusted for future changes in estimated forfeitures. The binomial option pricing model was applied in determining the estimated fair value of the options granted to employees. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and the exercise multiple for which employees are likely to exercise share options. For expected volatilities, the Company has referred to the historical price volatilities of the Company. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised and is based on a consideration of research study regarding exercise pattern based on historical statistical data. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury Bills yield curve in effect at the time of grant. The Company’s management is ultimately responsible for the determination of the estimated fair value of its options. Subsequent to the IPO, fair value of the ordinary shares was the price of the Company’s publicly traded shares. The Company calculated the estimated fair value of the share-based awards on the respective grant dates using the binomial option pricing model with the following assumptions: 2021 2022 2023 Fair value of ordinary share US$ 31.06 -US$ 119.82 US$ 28.76 -US$ 39.35 US$ 29.16 -US$ 35.87 Risk-free interest rates 1.09 %- 1.62 % 1.52 %- 3.91 % 3.50 %- 4.72 % Expected exercise multiple 2.2 - 2.8 2.2 - 2.8 2.2 - 2.8 Expected volatility 51 %- 52 % 52 %- 54 % 51 %- 54.19 % Expected dividend yield 1.00 % 1.00 % 1.00 % Weighted average fair value per option granted US$ 10.51 -US$ 60.83 US$ 3.83 -US$ 21.32 US$ 4.12 -US$ 18.91 Share-based compensation expenses relating to options and restricted shares granted to employees recognized for the years ended December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Cost of revenues 23,142 8,608 7,982 1,124 Sales and marketing expenses 46,823 38,317 49,305 6,945 General and administrative expenses 48,803 53,209 51,860 7,304 Product development expenses 87,292 68,756 85,945 12,105 206,060 168,890 195,092 27,478 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisition | 19. ACQUISITION In December 2020, the Company acquired TTP, an online auction platform for used cars in mainland China. The acquisition was accounted for as a business combination. The financial position and results of operation of TTP and its subsidiaries were included in the Company’s consolidated financial statements on December 31, 2020. The Company made estimates and judgments in determining the fair value of the assets acquired and liabilities assumed with the assistance from an independent valuation firm. The purchase price allocation as the date of the acquisition is as follows: Amount Amortization RMB (in thousands) Intangible assets - Technologies 202,100 5 years - Trademarks 106,900 10 years - Customer relationship 41,300 5 years - Database 73,500 5 years Goodwill 2,437,542 Net liabilities acquired, excluding intangible assets and the related ( 861,918 ) Deferred tax liabilities ( 63,570 ) Noncontrolling interests ( 147,639 ) Convertible redeemable noncontrolling interests (Note 1) ( 1,056,237 ) 731,978 Note 1: TTP had previously issued preferred shares in several series to certain shareholders, which could be redeemed by such shareholders upon the occurrence of certain events. The outcome of these events is not solely within the control of TTP and, therefore, these preferred shares have been accounted for as convertible redeemable noncontrolling interests. The excess of purchase price over net tangible assets and identifiable intangible assets acquired was recorded as goodwill. Goodwill primarily represents the expected synergies from combining the TTP’s resources and experiences in the used car auction industry with the Company’s current business. The goodwill is not expected to be deductible for tax purposes. |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity [Line Items] | |
Mezzanine Equity | 20. MEZZANINE EQUITY As of December 31, 2022 2023 2023 RMB RMB US$ (in thousands) Balance as of January 1 1,468,029 1,605,639 226,150 Accretion of mezzanine equity 137,610 153,294 21,591 Balance as of December 31 1,605,639 1,758,933 247,741 The Company held 51.00 % of TTP’s equity interest on as-converted basis. As of December 31, 2022 and 2023, TTP had issued 142,196,089 and 142,196,089 preferred shares, respectively, to certain shareholders (including 80,340,268 shares held by the Company and one of its subsidiaries and eliminated in the consolidated financial statements), which could be converted into ordinary shares or redeemed by such shareholders. In January 2024, TTP received redemption notices from certain Series C and D preferred shareholders with redemption dates of February 2024. As Series D preferred shareholders are the Company and one of its subsidiaries, the related amount is eliminated in the consolidated financial statements. The redemptions are currently outstanding with amount of US$ 20.59 million on a consolidated basis. And according to the share purchase agreements, prior to such redemption and payment, the preferred shareholders shall continue to have all the preferred shareholders’ rights (including conversion rights) as they had before. Accordingly, the Company continues to account for these preferred shares in the legal form, as convertible redeemable noncontrolling interests and continues to present these preferred shares in mezzanine equity after the redemption notices. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. SUBSEQUENT EVENTS Dividends On December 12, 2023 , the Board of Directors approved a dividend of US$ 1.15 per ADS (or US$ 0.2875 per ordinary share), which was paid in early April , 2024 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | (a) Basis of accounting The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). On February 2, 2021, the Company announced that the following proposed resolution submitted for shareholder approval has been adopted and approved as a special resolution at the Company’s extraordinary general meeting of shareholders: All authorized Class A ordinary shares and Class B ordinary shares are re-designated and combined into one single class of ordinary shares, and subsequently each ordinary share is subdivided into four shares, effective as of February 5, 2021 (the “Share Subdivision”). As a result of this variation of share capital, the authorized share capital of Autohome Inc. shall be US$ 1,000,000,000 divided into 400,000,000,000 ordinary shares of a par value of US$ 0.0025 each, effective as of February 5, 2021. The Company also announced that, concurrently with the effectiveness of the variation of share capital of Autohome Inc., the ratio of ADS to ordinary share will be adjusted to one ADS representing four ordinary shares , beginning on February 5, 2021 (the “ADS Ratio Change”). Accordingly, because the Share Subdivision and ADS Ratio Change are exactly proportionate, the ADS Ratio Change, in and of itself, is neutral in its impact on the per-ADS trading price of Autohome Inc.’s ADSs on the New York Stock Exchange (“NYSE”), as the percentage interest in the Company represented by each ADS will not be altered. The number of issued and unissued ordinary shares as disclosed in these consolidated financial statements are prepared on a basis after taking into account the effects of the Share Subdivision and the ADS Ratio Change and have been retrospectively adjusted accordingly. |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company or subsidiaries of the Company are the primary beneficiaries. All significant inter-company transactions and balances between the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries are eliminated upon consolidation. Results of acquired subsidiaries and VIEs are consolidated from the date on which control is transferred to the Company, or the Company obtains a controlling financial interest in the VIEs and VIEs’ subsidiaries. |
Use of Estimates | (c) Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Areas where management uses subjective judgment include, but are not limited to: estimation of variable consideration represented by sales rebates related to revenue transactions; initial valuation of the assets acquired and liabilities assumed in a business combination; fair value measurement of short-term investments; depreciation or amortization of long-lived assets and intangible assets; subsequent impairment assessment of long-lived assets, intangible assets, goodwill, other non-current assets and long-term investments; provision for expected credit loss for financial assets which are within the scope of ASC 326; accounting for deferred income taxes, assessment of fair value and estimate of forfeitures for share-based awards; and accretion of changes in the redemption value on the preferred shares owned by the noncontrolling shareholders. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
Foreign Currency | (d) Foreign Currency The functional currency of Autohome Inc., its Cayman subsidiaries and Cheerbright, is the United States dollar (“US$”), whereas the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries with operations in mainland China, Hong Kong, and other jurisdictions generally use their respective local currencies as their functional currencies as determined based on the criteria of ASC 830 , Foreign Currency Matters . The Company uses the RMB as its reporting currency. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. Exchange gains and losses are included in other operating income, net in the consolidated statements of comprehensive income. Assets and liabilities of the Company and Company’s subsidiaries, other than the subsidiaries with the functional currency of RMB, are translated into RMB at fiscal year-end exchange rates. Income and expense items are translated at monthly average exchange rates prevailing during the fiscal year. |
Convenience Translation | (e) Convenience Translation Amounts in United States dollars (“US$”) are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB 7.0999 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits, and time deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities of three months or less. |
Short-term Investments | (g) Short-term Investments Short-term investments represent bank deposits and adjustable-rate financial products with original maturities of less than 1 year that are measured at fair value. In accordance with ASC 825, Financial Instruments , for adjustable-rate financial products with the interest rate indexed to performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income as “interest and investment income, net”. As of December 31, 2023, the Company had an investment in an overdue financial product with fair value below its initial investment, and recognized the loss at “interest and investment income, net” of RMB 164.07 million, RMB 73.26 million and RMB 23.25 million (US$ 3.27 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Restricted Cash and Consolidated Statements of Cash Flows | (h) Restricted Cash and Consolidated Statements of Cash Flows Restricted cash primarily represents cash deposits in a regulatory escrow account related to deposits or guarantees of third-parties, insurance brokerage services and litigation-related restricted balance. The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows: As of December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Amounts shown in Consolidated Balance Sheets: Cash and cash equivalents 4,236,501 2,801,299 4,996,353 703,722 Restricted cash 95,055 14,175 131,794 18,563 Total cash, cash equivalents and restricted cash as 4,331,556 2,815,474 5,128,147 — 722,285 |
Fair Value Measurements of Financial Instruments | (i) Fair Value Measurements of Financial Instruments Financial instruments of the Company primarily comprise of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from related parties, prepaid expenses and other current assets excluding prepayments, other non-current assets excluding operating lease right-of-use assets, accrued expenses and other payables, and amounts due to related parties. The carrying values of these financial instruments excluding other non-current assets approximated their fair values due to the short-term maturity of these instruments. ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures , establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 – Include other inputs that are directly or indirectly observable in the marketplace Level 3 – Unobservable inputs which are supported by little or no market activity ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Property and Equipment | (j) Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Electronic equipment 3 – 5 years Office equipment 3 – 5 years Motor vehicles 4 – 5 years Software 3 – 5 years Leasehold improvements Shorter of lease term or the estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of comprehensive income. |
Intangible Assets | (k) Intangible Assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets acquired in asset acquisitions are measured based on the cost to the acquiring entity, which generally includes transaction costs. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated useful life Technologies 5 years Trademarks 3 - 15 years Customer relationship 5 years Websites 4 years Domain names 4 - 10 years Database 5 years Licensing agreements 1.75 years Insurance brokerage license 4 years |
Long-term Investments | (l) Long-term Investments The Company’s long-term investments consist of equity method investments. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323 (“ASC 323”), Investments-Equity Method and Joint Ventures . Under the equity method, the Company initially records its investments at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investments. The Company evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. |
Goodwill | (m) Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company’s goodwill at December 31, 2022 and 2023 was related to its acquisition of Cheerbright, China Topside and Norstar in June 2008, and its acquisition of TTP in December 2020. In accordance with ASC 350, Goodwill and Other Intangible Assets , recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. Also, the Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. Goodwill is tested for impairment at the reporting unit level at least annually in the fourth quarter and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. These events or circumstances include a significant change in stock prices, business environment, legal factors, financial performances, competition, or events affecting the reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Management has determined that the Company represents the lowest level within the entity at which goodwill is monitored for internal management purposes. The Company applied the quantitative assessment and performed the goodwill impairment test by quantitatively comparing the fair values of the reporting unit to it carrying amounts. The Company determines the fair value of the reporting unit based on its quoted stock price, and no impairment charge was recognized for the years ended December 31, 2021, 2022 and 2023. If the Company reorganizes its reporting structure in a manner that changes the composition of one or more of its reporting units, goodwill is reassigned based on the relative fair value of each of the affected reporting units. |
Impairment of Long-Lived Assets and Intangibles | (n) Impairment of Long-Lived Assets and Intangibles The Company evaluates its long-lived assets or asset group, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a Company of long-lived assets may not be recoverable. When these events occur, the Company evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. No impairment charge was recorded for any of the years presented. |
Revenue Recognition and Accounts Receivable | (o) Revenue Recognition and Accounts Receivable The Company’s revenues are derived from media services, leads generation services and online marketplace and others. Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The recognition of revenue involves certain management judgments including identification of performance obligations, standalone selling price for each performance obligation, estimation of variable consideration represented by sales rebates, etc. The Company provides rebates to agency companies based on cumulative annual advertising and service volume, and timeliness of their payments, which are accounted for as variable consideration. The Company estimate its obligations under such agreements by applying the most likely amount method, based on an evaluation of the likelihood of the agency companies’ achievement of the advertising and service volume targets, and the timeliness of their payments, after taking into account the agency companies’ purchase trends and history. A refund liability (included in accrued expenses and other payables) is recognized for expected sales rebates payable to agency companies in relation to advertising services provided. The Company recognizes revenue for the amount of fees it receives from its clients, after deducting these sales rebates, and net of VAT collected from customers. The Company believes that there will not be significant changes to its estimates of variable consideration and updates the estimate at each reporting period as actual utilization becomes available. The Company determines revenue recognition through the following steps • identification of the contract, or contracts, with a customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of revenue when, or as, the Company satisfies a performance obligation Media services Media services revenues mainly include revenues from automaker advertising services and regional marketing campaigns conducted by certain automobile brands’ regional offices. The majority of online advertising service contracts involve multiple deliverables or performance obligations presented on PC and mobile platforms and under different formats such as banner advertisements, links and logos, other media insertions and promotional activities that are delivered over different periods of time. Revenue is allocated among these different deliverables based on their relative standalone selling prices. The Company generally determines the standalone selling price as the observable price of a product or service charged to customers when sold on a standalone basis. Advertising services are primarily delivered based on cost per day (“CPD”) pricing model. For CPD advertising arrangements, revenue is recognized when the corresponding advertisements are published over the stated displaying period. For cost per thousand impressions (“CPM”) model, revenue is recognized when the advertisements are displayed and based on the number of times that the advertisement has been displayed. For cost-per-click (“CPC”) model, revenue is recognized when the user clicks on the customer-sponsored links and based on the number of clicks. For certain marketing campaigns and promotional activities services, revenue is recognized when the corresponding services have been rendered. Leads generation services Leads generation services primarily include revenues from (i) dealer subscription services, (ii) advertising services sold to individual dealer advertisers, and (iii) used car listing services. Under the dealer subscription services, the Company makes available throughout the subscription period a webpage linked to its websites and mobile applications where the dealers can publish information such as the pricing of their products, locations and addresses and other related information. Usually, advanced payment is made for the dealer subscription services and revenue is recognized over time on a straight-line basis as services are constantly provided over the subscription period. For the advertising services sold to individual dealers, revenue is recognized when the advertising is published over the stated displaying period. The used car listing services primarily include listing and displaying of used vehicles, generation of sales leads, etc. for sellers through the Company’s platform. The used car platform acts as a user interface that allows potential used car buyers to identify listings that meet their specific requirements and contact the sellers. The service fee is charged per the number of displayed days, or quantity of sales leads delivered. Revenue is recognized respectively over the stated displaying period or at a point in time upon the delivery of sales leads. Online marketplace and others Online marketplace and others revenue primarily consist of revenues related to (i) data products, (ii) new and used vehicle transaction platform, and (iii) auto financing services and others. For the data products, the Company provides data-driven products and solutions for the automakers and dealers, and recognizes revenue over the service period of data-driven products and solutions by the automakers and dealers. For the new and used vehicle transaction business, the Company provides platform-based services including facilitation of transactions, transaction-oriented marketing solutions, and generation of sales leads. For the new vehicle transaction, the Company acts as the platform for users to review automotive-related information and inquiry, and facilitates of transaction by delivering sales leads to the automakers. For the used vehicle transaction, the Company acts as a used car consumer-to-business-to-consumer transaction system that facilitates the used car transaction between the sellers and buyers and charge the service fee per each sale. The new and used vehicle transaction revenue is recognized at a point in time when the sales leads are delivered or upon the successful facilitation of transaction. For the auto-financing business, the Company provides a platform which serves as a bridge to match users and automobile sellers that have auto financing needs with the Company’s cooperative financial institutions that offer a variety of products covering merchant loans, consumer loans, leases and insurance services. The auto-financing service fee is charged on a per sale or lead basis, and the service fee is recognized at a point in time when the sales leads are delivered or upon the successful facilitation of transaction. The Company is not involved in providing the loans and has no further obligation once the revenue for the sales leads or transaction commissions has been recognized. Contract Balances and Accounts Receivable Payment terms and conditions vary by contract and service types. Generally, excluding dealer subscription and used car listing, the rest of service contracts usually require payment within several months of service delivery. The term between billings and when payment is due is not significant and the Company generally does not provide significant financing terms. Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Company has satisfied its performance obligations and has the unconditional right to payment. Payments in advance of revenue recognition are recorded as deferred revenue and recognized as revenue along with the fulfillment of performance obligations. Deferred revenue is primarily related to the advanced payment related to dealer subscription services and used car listings under leads generation services. Most of the beginning balance of deferred revenue of RMB 1,147.13 million (US$ 161.57 million) was recognized as revenue for the year ended December 31, 2023, and the unrecognized part was immaterial. On January 1, 2020, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) using the modified retrospective transition method. ASC 326 replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology. The Company estimated the allowance by segmenting accounts receivable into groups based on certain credit risk characteristics and estimated the allowance for credit losses on receivables not sharing similar risk characteristic on an individual basis. The key factors considered when determining the allowances for credit losses include the historical loss experience, lifetime for debt recovery, financial performance of the customers, current and future economic conditions. An accounts receivable balance is written off after all collection effort has ceased. Practical Expedients and Exemptions The Company has elected to use the practical expedient to not disclose the remaining performance obligations for contracts that have durations of one year or less. Performance obligations to be recognized over a period in excess of one year are immaterial as of December 31, 2022 and 2023. The revenue standard requires the Company to recognize an asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. The Company has determined that sales commission for sales personnel meet the requirements of capitalization. However, the Company applies a practical expedient to expense these costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. |
Cost of Revenues | (p) Cost of Revenues Cost of revenues primarily consist of (i) operational costs, (ii) content costs, (iii) bandwidth and Internet Data Center (“IDC”) fees, (iv) tax surcharges and (v) depreciation & amortization expenses and others. Operational costs primarily include the transaction fees incurred on our platform, execution costs of service contracts, salaries and benefits, and share-based compensation expenses of related employees. Content costs are costs directly related to purchasing and producing the professionally-generated content displayed on our websites and mobile applications. |
Advertising Expenditures | (q) Advertising Expenditures Advertising expenditures which amounted to RMB 1,341.62 million, RMB 1,397.96 million and RMB 1,429.06 million (US$ 201.28 million) for the years ended December 31, 2021, 2022 and 2023, respectively, are expensed as incurred and are included in sales and marketing expenses. |
Product Development Expenses | (r) Product Development Expenses Product development expenses consist primarily of employee costs related to personnel involved in the development and enhancement of the Company’s service offerings on its websites and mobile applications, and expenditure for research and development activities. The Company recognizes these costs as expenses when incurred, unless they qualify for capitalization as software development costs. Capitalized software development costs have not been material for the periods presented. |
Leases | (s) Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). Further, as a clarification of the new guidance, the FASB issued several amendments and updates. The Company adopted the new lease guidance beginning January 1, 2019 by applying the modified retrospective method to those contracts that are not completed as of January 1, 2019, with the comparative information not being adjusted and continues to be reported under historic accounting standards. There is no impact to retained earnings at adoption. The Company has elected to utilize the package of practical expedients at the time of adoption, which allows the Company to (1) not reassess whether any expired or existing contracts are or contain leases, (2) not reassess the lease classification of any expired or existing leases, and (3) not reassess initial direct costs for any existing leases. The Company also has elected to utilize the short-term lease recognition exemption and, for those leases that qualified, the Company did not recognize operating lease right-of-use (“ROU”) assets or operating lease liabilities. The Company determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. The Company has operating leases for office buildings and data centers and has no finance leases as of December 31, 2022 and 2023. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at commencement date, to determine the present value of lease payments. The incremental borrowing rates approximate the rate the Company would pay to borrow in the currency of the lease payments for the weighted-average life of the lease. The operating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company’s lease agreements contain both lease and non-lease components, which are accounted for separately based on their relative standalone price. As of December 31, 2022 and 2023, the Company recognized the following items related to operating lease in its consolidated balance sheets. As of December 31, 2022 2023 RMB RMB US$ (in thousands) Operating lease ROU assets 115,118 199,305 28,072 Operating lease liabilities, current portion 59,798 106,953 15,064 Operating lease liabilities, non-current portion 50,591 89,187 12,562 Lease cost recognized in the Company’s consolidated statements of comprehensive income is summarized as follows: Year ended December 31, 2021 2022 2023 Classification RMB RMB RMB US$ (in thousands) Operating lease cost 131,529 128,081 119,484 16,829 Cost of revenues 28,798 21,695 15,193 2,140 Operating expenses 102,731 106,386 104,291 14,689 Cost of other leases with terms less than one year 99,923 87,603 91,815 12,932 Cost of revenues 88,567 79,274 82,975 11,687 Operating expenses 11,356 8,329 8,840 1,245 Maturities of operating lease liabilities as of December 31, 2023 are as follows: Amounts RMB US$ (in thousands) 2024 111,367 15,686 2025 75,179 10,589 2026 20,556 2,895 2027 1,241 175 Total lease payments 208,343 29,345 Less imputed interest ( 12,203 ) ( 1,719 ) Total 196,140 27,626 As of December 31, 2022 and 2023, the Company’s weighted-average remaining lease term was 1.70 and 1.92 years, and weighted-average discount rate was 6.71 % and 5.75 %, respectively. As of December 31, 2022 and 2023, the Company does not have any significant operating or finance leases that have not yet commenced. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or material restrictive covenants. The Company leased office buildings and data centers from its related party, Ping An Company for a total amount of RMB 138.01 million, RMB 151.78 million and RMB 157.53 million (US$ 22.19 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Income Taxes | (t) Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. For reconciliation of tax computed by applying the respective statutory income tax rate to pre-tax income, please see “TAXATION” under Note 6 to our audited consolidated financial statements. The Company applies ASC 740, Accounting for Income Taxes , to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax expense”, in the consolidated statements of comprehensive income. |
Earnings Per Share | (u) Earnings Per Share Earnings per share are calculated in accordance with ASC 260, Earnings per Share . Basic earnings per share are computed by dividing net income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per ordinary share reflects the potential dilution that could occur if incremental ordinary shares were issued upon the exercise of nonvested share-based awards. The dilutive effect of outstanding share-based awards is reflected in the diluted earnings per share by application of the treasury stock method. |
Comprehensive Income | (v) Comprehensive Income Comprehensive income is defined to include all changes in shareholders’ equity except those resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive income includes foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income. There have been no reclassifications out of accumulated other comprehensive income to net income for the years presented. |
Noncontrolling Interests | (w) Noncontrolling interests Noncontrolling interests are recognized to reflect the portion of the equity of majority-owned subsidiary which is not attributable, directly or indirectly, to the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated statements of comprehensive income to distinguish the interests from that of the Company. |
Segment Reporting | (x) Segment Reporting In accordance with ASC 280, Segment Reporting , the Company’s chief operating decision maker has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Company as a whole; hence, the Company has only one operating segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company’s long-lived assets and revenue are substantially located in and derived from mainland China, no geographical segments are presented. |
Employee Benefits | (y) Employee Benefits The full-time employees of the Company’s mainland China subsidiaries, the VIEs and VIEs’ subsidiaries are entitled to staff welfare benefits including medical care, housing fund, pension benefits and unemployment insurance, which are governmental mandated defined contribution plans. These entities are required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant mainland China regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. The total expenses for the employee benefits plans were RMB 418.52 million, RMB 432.06 million and RMB 435.45 million (US$ 61.34 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Share-based Compensation | (z) Share-based Compensation Share-based awards granted to employees are accounted for under ASC 718, Compensation—Stock Compensation , which requires that share-based awards granted to employees be measured based on the grant date fair value and recognized as compensation expense over the requisite service period (which is generally the vesting period) in the consolidated statements of comprehensive income. 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 dates, if the performance conditions are all set at inception and independent for each year, each tranche is accounted for as a separate award with its own 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 ASC 718, an entity can make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to estimate the forfeiture rate at the time of grant and revise, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Company recognizes compensation cost for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates and are adjusted to reflect future changes in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. To the extent the Company revises these estimates in the future, the share-based payments could be materially impacted in the period of revision, as well as in following periods. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the stock options granted to employees. The binomial option pricing model was applied in determining the estimated fair value of the options granted to employees. Subsequent to the IPO, fair value of the ADS in the US market or ordinary shares in the HK market is the price of the Company’s publicly traded shares. The Company accounts for a change in any of the terms or conditions of share-based awards as a modification in accordance with ASC subtopic 718-20, Compensation-Stock Compensation: Awards Classified as Equity , whereby the incremental fair value, if any, of a modified award, is recorded as compensation cost on the date of modification for vested awards or over the remaining vesting period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. |
Other Operating Income, Net | (aa) Other operating income, net Value Added Tax (“VAT”) refunds are presented as a component of other operating income, net. For Beijing Prbrownies Software Co., Ltd. (“Beijing Prbrownies”) and Tianjin Autohome Software Co., Ltd. (“Tianjin Autohome”), they are subject to 13 % VAT for the dealer subscription services and other services, which were sold in the form of software products. Beijing Prbrownies and Tianjin Autohome are entitled to an immediate 10 % VAT refund, which is a refund in excess of 3 % VAT on the total VAT payable, after their registration of software products with relevant authorities and obtaining a refund approval from the local tax bureau. For the years ended December 31, 2021, 2022 and 2023, RMB 231.45 million, RMB 223.93 million and RMB 233.92 million (US$ 32.95 million) of VAT refunds were recorded as other operating income, net. Other operating income, net also includes government grants, which primarily represent subsidies and tax refunds for operating a business in certain jurisdictions and fulfilment of specified tax payment obligations. These grants are not subject to any specific requirements and are recorded when received. For the years ended December 31, 2021, 2022 and 2023, RMB 51.69 million, RMB 56.41 million and RMB 27.18 million (US$ 3.83 million) of government grants were recorded as other operating income, net. |
Commitment and Contingencies | (bb) Commitment and contingencies From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. Liabilities for such contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. |
Business Combinations | (cc) Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations . The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive loss. In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree when obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive income. For the Company’s majority-owned subsidiaries and consolidated VIEs, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interests are classified as mezzanine equity. Consolidated net income on the consolidated statements of comprehensive income includes the net income/loss attributable to noncontrolling interests and mezzanine equity holders when applicable. |
Mezzanine Equity | (dd) Mezzanine Equity The Company’s acquired subsidiary had issued preferred shares to the Company and other shareholders (Note 20), which could be converted into ordinary shares or redeemed by such shareholders. Therefore, these preferred shares were accounted for as convertible redeemable noncontrolling interests in the consolidated balance sheets. The Company accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480, Distinguishing Liabilities from Equity. The Company accounts for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the noncontrolling interest. According to different share purchase agreements, the accounting measurement varies among different rounds of issued preferred shares, which including (i) a percentage of the issue price, or (ii) the fair value of the underlying convertible redeemable noncontrolling interests or a percentage of the issue price, whichever is higher, and (iii) the fair value of the underlying convertible redeemable noncontrolling interests or the compound annual interests accrued on such convertible redeemable noncontrolling interests, whichever is higher. For the determination of fair value, option pricing model was used. The major unobservable input used in the option pricing model included equity value of underlying business, which was determined by management using valuation techniques under the combination of income approach and market approach. The significant assumptions used in valuation included revenue growth rate, operating margin, discount rate and selection of valuation multiples. |
Recent Accounting Pronouncements | (ee) Recent Accounting Pronouncements In November, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures.” This standard provides guidance on incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The FASB issued the new guidance primarily to improve the disclosures about a public entity’s reportable segments and provide financial statement users with more disaggregated information about a public entity’s reportable segment’s expenses. The standard is effective for fiscal years beginning after December 31, 2023 and interim periods in fiscal years beginning December 31, 2024. Early adoption is permitted, and the disclosures in this standard are required to be applied on a retrospective basis. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated income tax disclosure of specific categories on the effective tax rate reconciliation income taxes paid. This standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures. In March, 2024, the SEC adopted its rules covering climate-related disclosures which require registrants to provide certain climate-related disclosures in registrants’ SEC filings. The rules require registrants to disclose strategy, governance, risk management, targets and goals, greenhouse gas emissions, and financial statement effects. The rules provide phased effective dates and transition provisions, with some entities required to adopt most elements of the new rules as early as 2025. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures. |
Concentration of Risk | (ff) Concentration of Risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable and other receivables, and amounts due from related parties . As of December 31, 2022, and 2023, cash and cash equivalents, restricted cash and short-term investments altogether amounting to RMB 22,095.07 million and RMB 23,680.50 million (US$ 3,335.33 million), respectively, were deposited with various major reputable financial institutions located in mainland China and international financial institutions outside of mainland China. Management believes that these financial institutions are of high credit quality and continually monitors the creditworthiness of these financial institutions. The Company’s total cash and cash equivalents, restricted cash, and short-term investments held at top three financial institutions in mainland China, representing 23.8 %, 20.3 % and 15.7 % of the Company’s total cash and cash equivalents, restricted cash, and short-term investments as of December 31, 2023, respectively. Historically, deposits in Chinese banks are secure due to the state policy on protecting depositors’ interests. However, China promulgated a new Bankruptcy Law in August 2006 that came into effect on June 1, 2007, which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the new Bankruptcy Law, a Chinese bank may go into bankruptcy. In the event of bankruptcy of one of the banks which holds the Company’s deposits, it is unlikely to claim its deposits back in full since it is unlikely to be classified as a secured creditor based on mainland China laws. The Company continues to monitor the financial strength of these financial institutions. Accounts receivable are typically unsecured and derived from revenue earned from customers, which are exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring process of outstanding balances. The Company maintains reserves for allowance of doubtful accounts and these allowances have generally been within expectations. There was nil and one customer that individually represented greater than 10 % of the total accounts receivable as of December 31, 2022 and 2023. Business, customer, political, social and economic risks The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations or cash flows; changes in the overall demand for services and products; changes in business offerings; epidemic outbreak that may cause disruption to business operation of the Company, its customers and suppliers; competitive pressures due to new entrants; acceptance of the Internet as an effective marketing platform by China’s automotive industry; changes in certain strategic relationships or customer relationships; growth in China’s automotive industry, regulatory considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its growth. There was no customer t hat individually represented greater than 10 % of the total net revenues for the years ended December 31, 2021, 2022 and 2023, respectively. Currency convertibility risk The Company transacts majority of its business in RMB, which is not freely convertible into foreign currencies. According to the relevant regulations in mainland China, all foreign exchange transactions are required to take place either through the People’s Bank of China (“PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Most of the cash and cash equivalents and short-term investments held by mainland China subsidiaries and the VIEs are denominated in RMB, while a portion of cash and cash equivalents and short-term investments held by mainland China subsidiaries and the VIEs are denominated in US$. Cash distributed outside of mainland China by onshore subsidiaries and the VIEs is subject to withholding tax upon dividend payable. Foreign Currency exchange rate risk The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, short-term investments, and dividend payable denominated in the U.S. dollars. There was appreciation of 2.4 %, depreciation of 7.6 %, and depreciation of 2.9 % of the RMB against the U.S. dollars for the years ended December 31, 2021, 2022 and 2023, respectively. Any significant appreciation or depreciation of the RMB may materially and adversely affect the Company’s earnings and financial position, and the value of, and any dividends payable on, the Company’s ADSs in U.S. dollars. For example, to the extent that the Company need to convert U.S. dollars it received from its initial public offering into RMB to pay its operating expenses, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount it would receive from the conversion. Conversely, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Company’s earnings, which in turn could adversely affect the price of ADSs. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Principal Subsidiaries of Company | As of December 31, 2023, the following table sets forth the Company’s principal subsidiaries, principal VIEs and VIEs’ subsidiaries: Entity Date of Place of Percentage of Principal Subsidiaries Cheerbright International Holdings Limited June 13, 2006 British Virgin Islands 100 % Autohome Link Inc. January 29, 2015 Cayman Islands 100 % Autohome (Hong Kong) Limited (“Autohome HK”) March 16, 2012 Hong Kong 100 % Autohome Link Hong Kong Limited February 16, 2015 Hong Kong 100 % Autohome Media Limited (“Autohome Media”) October 18, 2013 Hong Kong 100 % TTP Car Inc. (“TTP”) June 12, 2015 Cayman Islands 51 % (Note) Auto Pai Ltd. September 25, 2020 British Virgin Islands 51 % TTP Car (HK) Limited June 23, 2015 Hong Kong 51 % Beijing Cheerbright Technologies Co., Ltd. September 1, 2006 Mainland China 100 % Autohome Shanghai Advertising Co., Ltd. September 29, 2013 Mainland China 100 % Beijing Prbrownies Software Co., Ltd. November 12, 2013 Mainland China 100 % Beijing Autohome Technologies Co., Ltd. November 12, 2013 Mainland China 100 % Beijing Autohome Advertising Co., Ltd. November 13, 2013 Mainland China 100 % Beijing Chezhiying Technology Co., Ltd. May 26, 2015 Mainland China 100 % Guangzhou Chezhihuitong Advertising Co., Ltd. August 20, 2018 Mainland China 100 % Hainan Chezhiyitong Information Technology Co., Ltd. August 20, 2018 Mainland China 100 % Tianjin Autohome Software Co., Ltd. October 15, 2018 Mainland China 100 % Autohome Zhejiang Advertising Co., Ltd. December 19, 2018 Mainland China 100 % Shanghai Chezhitong Information Technology Co., Ltd. September 16, 2020 Mainland China 100 % Shanghai Jinpai E-commerce Co., Ltd. (“TTP WFOE”) July 31, 2015 Mainland China 51 % Principal VIEs and VIEs’ subsidiaries Date of Place of Percentage of indirect economic interest Beijing Autohome Information Technology Co., Ltd. August 28, 2006 Mainland China 100 % Beijing Shengtuo Hongyuan Information Technology November 8, 2010 Mainland China 100 % Shanghai Tianhe Insurance Brokerage Co., Ltd. September 21, 2017 Mainland China 100 % Shanghai Jinwu Auto Technology Consultant Co., Ltd. September 20, 2007 Mainland China 51 % Shanghai Jinyou Auto Technology Consultant Co., Ltd. December 3, 2021 Mainland China 51 % |
Schedule of Assets, Liabilities, and Cash Flows of VIEs | The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive income and consolidated statements of cash flows. As of December 31, 2022 2023 RMB RMB US$ (in thousands) Current assets 745,057 709,905 99,988 Non-current assets 1,837,711 1,789,401 252,032 Total assets 2,582,768 2,499,306 352,020 Accrued expenses and other payables 253,681 320,100 45,085 Advance from customers 65,150 68,543 9,654 Deferred revenue 36,099 36,773 5,179 Inter-company payables 569,034 389,566 54,870 Total current liabilities 923,964 814,982 114,788 Other liabilities 6,542 13,729 1,933 Deferred tax liabilities 41,919 30,238 4,259 Total non-current liabilities 48,461 43,967 6,192 Total liabilities 972,425 858,949 120,980 Net assets 1,610,343 1,640,357 231,040 Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Net revenues -Third-party revenues 948,520 882,276 968,869 136,462 -Inter-company revenues 131,524 160,272 179,587 25,294 Net loss ( 89,397 ) ( 85,283 ) ( 112,791 ) ( 15,886 ) Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Net cash generated from operating activities 411,966 19,289 24,582 3,462 Net cash used in investing activities ( 386,343 ) ( 812,606 ) ( 1,092,190 ) ( 153,832 ) Net cash generated from financing activities 163,424 666,853 1,115,463 157,110 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows: As of December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Amounts shown in Consolidated Balance Sheets: Cash and cash equivalents 4,236,501 2,801,299 4,996,353 703,722 Restricted cash 95,055 14,175 131,794 18,563 Total cash, cash equivalents and restricted cash as 4,331,556 2,815,474 5,128,147 — 722,285 |
Schedule of Estimated Useful Life of Property and Equipment | Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Electronic equipment 3 – 5 years Office equipment 3 – 5 years Motor vehicles 4 – 5 years Software 3 – 5 years Leasehold improvements Shorter of lease term or the estimated useful lives of the assets |
Schedule of Estimated Useful Life of Intangible Assets | The estimated useful life for the intangible assets is as follows: Category Estimated useful life Technologies 5 years Trademarks 3 - 15 years Customer relationship 5 years Websites 4 years Domain names 4 - 10 years Database 5 years Licensing agreements 1.75 years Insurance brokerage license 4 years |
Lease, Cost | Lease cost recognized in the Company’s consolidated statements of comprehensive income is summarized as follows: Year ended December 31, 2021 2022 2023 Classification RMB RMB RMB US$ (in thousands) Operating lease cost 131,529 128,081 119,484 16,829 Cost of revenues 28,798 21,695 15,193 2,140 Operating expenses 102,731 106,386 104,291 14,689 Cost of other leases with terms less than one year 99,923 87,603 91,815 12,932 Cost of revenues 88,567 79,274 82,975 11,687 Operating expenses 11,356 8,329 8,840 1,245 |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities as of December 31, 2023 are as follows: Amounts RMB US$ (in thousands) 2024 111,367 15,686 2025 75,179 10,589 2026 20,556 2,895 2027 1,241 175 Total lease payments 208,343 29,345 Less imputed interest ( 12,203 ) ( 1,719 ) Total 196,140 27,626 |
Schedule of Operating Lease in its Unaudited Consolidated Balance Sheet | As of December 31, 2022 2023 RMB RMB US$ (in thousands) Operating lease ROU assets 115,118 199,305 28,072 Operating lease liabilities, current portion 59,798 106,953 15,064 Operating lease liabilities, non-current portion 50,591 89,187 12,562 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis Fair Value Measurement at Quoted Prices Significant Unobservable Fair Value at RMB RMB RMB RMB US$ (in thousands) Cash equivalents Time deposits — 100,000 — 100,000 14,085 Short-term investments Time deposits — 16,005,923 — 16,005,923 2,254,387 Adjustable-rate financial products — 2,540,702 — 2,540,702 357,850 Equity investments with readily 5,729 — — 5,729 807 5,729 18,646,625 — 18,652,354 2,627,129 Fair Value Measurement at Quoted Prices Significant Unobservable Fair Value at RMB RMB RMB RMB (in thousands) Cash equivalents Time deposits — 796,460 — 796,460 Short-term investments Time deposits — 14,267,056 — 14,267,056 Adjustable-rate financial products — 5,003,746 — 5,003,746 Equity investments with readily 8,790 — — 8,790 8,790 20,067,262 — 20,076,052 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable and allowance for credit losses consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Accounts receivable (Note) 2,113,454 1,633,511 230,075 Allowance for credit losses ( 185,755 ) ( 161,022 ) ( 22,679 ) 1,927,699 1,472,489 207,396 |
Schedule of Analysis of Allowance for Doubtful Accounts | The movements in the allowance for credit losses were as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Beginning balance 128,199 177,563 185,755 26,163 Additions charged to current expected credit loss 53,294 20,602 20,557 2,895 Reversal — ( 12,303 ) ( 42,660 ) ( 6,009 ) Write off ( 3,930 ) ( 107 ) ( 2,630 ) ( 370 ) Ending balance 177,563 185,755 161,022 22,679 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Tax prepayments 275,979 281,662 39,671 Prepaid expenses 23,067 23,633 3,329 Rental and other deposits 20,634 13,843 1,950 Receivables from third-party payment platform 17,927 29,430 4,145 Interest receivable 2,431 5,827 821 Other receivables 17,484 6,164 868 357,522 360,559 50,784 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Before Income/(Loss) Tax Expenses | The Company had minimal operations in jurisdictions other than the mainland China. Income/(loss) before income tax expense consists of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Mainland China 2,328,917 1,724,835 1,813,055 255,364 Non-Mainland China ( 151,759 ) 38,011 184,509 25,987 2,177,158 1,762,846 1,997,564 281,351 |
Income Tax Expense | The income tax expense/(benefit) is comprised of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Current 185,194 86,560 122,118 17,200 Deferred ( 151,188 ) ( 148,340 ) ( 49,963 ) ( 7,037 ) 34,006 ( 61,780 ) 72,155 10,163 |
Reconciliation of Income Tax Expense | The reconciliation of income tax expense/(benefit) for the years ended December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Income before income tax expense 2,177,158 1,762,846 1,997,564 281,351 Income tax expense computed at Mainland China statutory tax rates ( 25 %) 544,290 440,713 499,391 70,338 Non-deductible expenses 28,725 60,268 44,435 6,259 Research and development expenses super-deduction ( 185,801 ) ( 234,179 ) ( 220,773 ) ( 31,095 ) Change in valuation allowances 50,473 21,338 ( 3,674 ) ( 518 ) Outside basis difference ( 1,111 ) ( 5,652 ) 5,327 750 Effect of international tax rate difference 37,940 ( 16,835 ) ( 45,900 ) ( 6,465 ) Effect of preferential tax rate ( 552,567 ) ( 267,490 ) ( 276,110 ) ( 38,889 ) Effect of withholding tax on dividend 164,946 ( 1,667 ) 99,122 13,961 Other adjustments (Note) ( 52,889 ) ( 58,276 ) ( 29,663 ) ( 4,178 ) Income tax expense/(benefit) 34,006 ( 61,780 ) 72,155 10,163 Note: This amount mainly represents tax adjustments relating to share-based compensation exercised in 2020,2021 and 2022, which can be recognized in calculating income tax expense when realized at the completion of the Company’s tax returns, in 2021,2022 and 2023, respectively . |
Components of Deferred Taxes | The significant components of deferred taxes are as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Deferred tax assets Allowance for doubtful accounts 37,092 31,586 4,449 Accrued staff cost and expenses 134,799 108,733 15,315 Deferred revenue 11,570 12,525 1,764 Tax losses 497,871 446,091 62,831 VAT refund 4,840 8,308 1,170 Less: Valuation allowances ( 420,566 ) ( 311,645 ) ( 43,895 ) Total deferred tax assets 265,606 295,598 41,634 Deferred tax liabilities Identifiable intangible assets arising from acquisition 41,350 30,239 4,259 Intangible assets and internally-developed software 21,181 12,721 1,792 Outside basis difference and others 428,474 433,801 61,100 Withholding income tax 26,921 21,194 2,984 Total deferred tax liabilities 517,926 497,955 70,135 |
Movement of Valuation Allowance | Movement of valuation allowance is as follow: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Valuation allowance Balance at beginning of the year ( 402,197 ) ( 452,670 ) ( 420,566 ) ( 59,235 ) Additions ( 93,165 ) ( 48,944 ) ( 26,623 ) ( 3,750 ) Reversal and write off (Note) 42,692 81,048 135,544 19,090 Balance at ending of the year ( 452,670 ) ( 420,566 ) ( 311,645 ) ( 43,895 ) Note: It mainly represents valuation allowances written off due to the expiration of unused tax losses. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) At cost: Electronic equipment 678,753 721,976 101,688 Software 475,935 516,039 72,683 Leasehold improvements 86,826 87,817 12,369 Motor vehicles 8,318 8,702 1,226 Office equipment 2,372 2,401 338 1,252,204 1,336,935 188,304 Less: Accumulated depreciation ( 996,906 ) ( 1,136,075 ) ( 160,013 ) 255,298 200,860 28,291 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets with Definite Lives | The following tables present the Company’s intangible assets with definite lives as of the respective balance sheet dates: December 31, 2023 Gross Carrying Value Accumulated Net Carrying RMB RMB RMB US$ (in thousands) Technologies 202,100 ( 121,260 ) 80,840 11,386 Trademarks 175,308 ( 100,448 ) 74,860 10,544 Database 73,500 ( 44,100 ) 29,400 4,141 Customer relationship 46,900 ( 30,380 ) 16,520 2,327 Insurance brokerage license 28,133 ( 28,133 ) — — Websites 27,000 ( 27,000 ) — — Licensing agreements 3,086 ( 3,065 ) 21 3 Domain names 3,045 ( 2,538 ) 507 71 559,072 ( 356,924 ) 202,148 28,472 December 31, 2022 Gross Carrying Value Accumulated Net Carrying RMB RMB RMB (in thousands) Technologies 202,100 ( 80,840 ) 121,260 Trademarks 175,308 ( 87,480 ) 87,828 Database 73,500 ( 29,400 ) 44,100 Customer relationship 46,900 ( 22,120 ) 24,780 Insurance brokerage license 28,133 ( 28,133 ) — Websites 27,000 ( 27,000 ) — Domain names 3,101 ( 2,616 ) 485 Licensing agreements 3,024 ( 2,992 ) 32 559,066 ( 280,581 ) 278,485 |
Schedule of Annual Estimated Amortization Expenses for Acquired Intangible Assets | The annual estimated amortization expenses for the acquired intangible assets for each of the next five years are as follows: 2024 2025 2026 2027 2028 RMB RMB RMB RMB RMB (in thousands) Amortization expenses 74,362 74,121 10,739 10,733 10,729 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets consist of the following: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Operating lease right-of-use assets 115,118 199,305 28,072 Others 934 1,623 228 116,052 200,928 28,300 |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses and Other Payables | The components of accrued expenses and other payables are as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Accrued expenses 1,250,946 1,591,299 224,130 Accrued rebates 580,989 461,722 65,032 Payroll and welfare payable 508,598 577,671 81,363 Operating lease liabilities - current portion 59,798 106,953 15,064 VAT and surcharges payable 47,908 54,800 7,718 Users’ and third parties’ deposits 35,553 43,487 6,125 Deposit from customers 13,129 10,606 1,494 Professional service fees 8,644 26,681 3,758 Payable for purchase of fixed assets 5,359 39,795 5,605 Payable for exercise of share-based awards 4,402 2,714 382 Others 21,955 16,499 2,326 2,537,281 2,932,227 412,997 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | During the years ended December 31, 2021, 2022 and 2023, related party transactions were as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Services provided to Ping An Group (a) 417,051 226,539 134,378 18,927 Services provided to other related parties — — — — Net revenues from related parties 417,051 226,539 134,378 18,927 Services provided by and assets purchased from 176,880 191,751 191,413 26,960 Services provided by and assets purchased from 714 2,378 94 13 Services provided by related parties 177,594 194,129 191,507 26,973 Interest income from Ping An Group 136,613 143,848 202,304 28,494 |
Balances with Related Parties | As of December 31, 2022 and 2023, balances with related parties were as follows: As of December 31, 2022 2023 RMB RMB US$ (in thousands) Amounts due from related parties, current Ping An Group (c) 49,644 16,439 2,315 Amounts due from related parties, non-current Ping An Group (c) 9,419 16,048 2,260 Amounts included in “Cash and cash equivalents” (d) 1,093,434 1,665,092 234,523 Amounts included in “Short-term investments” (d) 4,088,598 3,933,713 554,052 Amounts included in “Restricted cash” (d) 5,000 130,770 18,419 Amounts due to related parties Ping An Group (e) 26,042 24,558 3,459 Other related parties 1,054 14 2 27,096 24,572 3,461 (a) The amount represents (i) the commission fee for transaction facilitation service on financial product including loan and insurance products, (ii) advertising services and (iii) technical services provided to Ping An Group. (b) The amount represents rental and property management services, technical services, other miscellaneous services and assets provided by Ping An Group. (c) Receivable from Ping An Group primarily consists of deposit in relation to the operating lease and other agreements, service fee receivable, and interest receivable from cash and cash equivalents. (d) The Company has cash or time deposits in commercial banks associated with Ping An Group and purchased certain short-term cash management products managed by Ping An Group as a part of the Company’s cash management plan. (e) The outstanding payable to Ping An Group primarily consists of payable for provision of services related to business operation, IDC service fee and other miscellaneous services. |
Cost of Revenues (Tables)
Cost of Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Revenue [Abstract] | |
Schedule of Cost of Revenues | Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Operational costs 520,805 548,309 696,197 98,057 Content costs 204,614 359,404 396,502 55,846 Bandwidth and IDC costs 105,343 113,150 110,508 15,565 Tax surcharges 39,240 97,379 95,147 13,401 Depreciation & amortization expenses and others 177,890 116,931 113,527 15,990 1,047,892 1,235,173 1,411,881 198,859 |
Earnings Per Share_ADS (Tables)
Earnings Per Share/ADS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share for each of the years presented are calculated as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Basic earnings per share: Numerator: Net income attributable to ordinary shareholders 2,148,566 1,807,176 1,880,087 264,805 Denominator: Weighted average ordinary shares outstanding 499,861,764 499,160,564 489,952,172 489,952,172 Basic earnings per share 4.30 3.62 3.84 0.54 Diluted earnings per share: Numerator: Net income attributable to ordinary shareholders 2,148,566 1,807,176 1,880,087 264,805 Denominator: Weighted average ordinary shares outstanding 499,861,764 499,160,564 489,952,172 489,952,172 Dilutive effect of share-based awards 619,776 506,228 1,300,288 1,300,288 Weighted average number of shares outstanding-diluted 500,481,540 499,666,792 491,252,460 491,252,460 Diluted earnings per share 4.29 3.62 3.83 0.54 Earnings per ADS Net income per ADS – basic (RMB) 17.19 14.48 15.35 2.16 Net income per ADS – diluted (RMB) 17.17 14.47 15.31 2.16 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Company's Employee Share Option Activity | The following table summarizes the Company’s employee share option activity under the share option plans: Number of Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term Aggregate Outstanding, January 1, 2023 564,876 43.96 21.45 8.48 587 Granted 15,416 28.91 16.89 9.15 55 Exercised ( 1,536 ) 26.75 21.32 8.50 6 Forfeited/Cancelled ( 36,257 ) 74.43 24.79 Outstanding, December 31, 2023 542,499 41.55 19.33 7.59 258 Vested and expected to vest at December 31, 2023 528,958 41.56 19.54 7.58 254 Exercisable as of December 31, 2023 243,946 46.39 24.13 6.96 165 |
Schedule of Restricted Shares Activity | Restricted shares activity for the year ended December 31, 2023 was as follows: Number of Weighted Outstanding, January 1, 2023 2,289,260 34.22 Granted 1,123,342 29.29 Vested ( 702,928 ) 34.70 Forfeited/Cancelled ( 205,984 ) 31.74 Outstanding, December 31, 2023 2,503,690 29.98 Expected to vest, December 31, 2023 1,917,137 30.03 |
Schedule of Estimated Fair Value of Share-Based Awards on Respective Grant Dates using Binomial Option Pricing Model | The Company calculated the estimated fair value of the share-based awards on the respective grant dates using the binomial option pricing model with the following assumptions: 2021 2022 2023 Fair value of ordinary share US$ 31.06 -US$ 119.82 US$ 28.76 -US$ 39.35 US$ 29.16 -US$ 35.87 Risk-free interest rates 1.09 %- 1.62 % 1.52 %- 3.91 % 3.50 %- 4.72 % Expected exercise multiple 2.2 - 2.8 2.2 - 2.8 2.2 - 2.8 Expected volatility 51 %- 52 % 52 %- 54 % 51 %- 54.19 % Expected dividend yield 1.00 % 1.00 % 1.00 % Weighted average fair value per option granted US$ 10.51 -US$ 60.83 US$ 3.83 -US$ 21.32 US$ 4.12 -US$ 18.91 |
Schedule of Share-Based Compensation Expenses | Share-based compensation expenses relating to options and restricted shares granted to employees recognized for the years ended December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ (in thousands) Cost of revenues 23,142 8,608 7,982 1,124 Sales and marketing expenses 46,823 38,317 49,305 6,945 General and administrative expenses 48,803 53,209 51,860 7,304 Product development expenses 87,292 68,756 85,945 12,105 206,060 168,890 195,092 27,478 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Amount Amortization RMB (in thousands) Intangible assets - Technologies 202,100 5 years - Trademarks 106,900 10 years - Customer relationship 41,300 5 years - Database 73,500 5 years Goodwill 2,437,542 Net liabilities acquired, excluding intangible assets and the related ( 861,918 ) Deferred tax liabilities ( 63,570 ) Noncontrolling interests ( 147,639 ) Convertible redeemable noncontrolling interests (Note 1) ( 1,056,237 ) 731,978 |
Mezzanine Equity (Tables)
Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity [Line Items] | |
Summary of Mezzanine Equity | As of December 31, 2022 2023 2023 RMB RMB US$ (in thousands) Balance as of January 1 1,468,029 1,605,639 226,150 Accretion of mezzanine equity 137,610 153,294 21,591 Balance as of December 31 1,605,639 1,758,933 247,741 |
Organization - Additional Infor
Organization - Additional Information (Detail) ¥ in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 15, 2021 HKD ($) shares | Feb. 19, 2021 | Dec. 31, 2013 USD ($) shares | Nov. 30, 2014 USD ($) shares | Dec. 31, 2023 CNY (¥) Customer shares | Dec. 31, 2022 CNY (¥) Customer shares | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2023 USD ($) shares | Jun. 27, 2022 | Feb. 22, 2017 | Jun. 30, 2016 | Jun. 23, 2008 | |
Summary of Investment Holdings [Line Items] | ||||||||||||
Proceeds from issuance of shares | ¥ | ¥ 3,565,843 | |||||||||||
Ordinary shares, shares issued | 483,398,100 | 492,742,468 | 483,398,100 | |||||||||
Ordinary shares, shares outstanding | 483,398,100 | 492,742,468 | 483,398,100 | |||||||||
No of ordinary shares per Ads after division | Customer | 4 | 4 | 4 | |||||||||
No of ordinary shares per Ads before division | Customer | 1 | 1 | ||||||||||
Global Offering Including Over Allotment Option [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Newly issued shares through offering | 24,738,400 | |||||||||||
Global Offering Over Allotment Option [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Newly issued shares through offering | 4,544,000 | |||||||||||
Global Offering [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Net proceeds from Global offering | $ | $ 4,294,850 | |||||||||||
American Depositary Shares [Member] | IPO [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Newly issued shares through offering | 8,993,000 | |||||||||||
Proceeds from issuance of shares | $ | $ 142,590 | |||||||||||
American Depositary Shares [Member] | Follow-on offering [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Newly issued shares through offering | 2,424,801 | |||||||||||
Proceeds from issuance of shares | $ | $ 97,340 | |||||||||||
Class A Ordinary Shares [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Shares converted into Class A ordinary shares from Class B ordinary shares during the period | 6,964,612 | |||||||||||
VIE Structure Concentration Risk [Member] | Net Revenues [Member] | Customer [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Concentration percentage | 13.50% | 12.70% | 13.10% | |||||||||
VIE Structure Concentration Risk [Member] | Assets, Total [Member] | Customer [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Concentration percentage | 7.30% | 7.60% | ||||||||||
VIE Structure Concentration Risk [Member] | Liabilities, Total [Member] | Customer [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Concentration percentage | 8.30% | 8.70% | ||||||||||
Exclusive technical consulting and service agreements [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Extension option in agreement term | 10 years | |||||||||||
Exclusive technical consulting and service agreements [Member] | Maximum [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Term of agreement | 30 years | |||||||||||
Telstra Holdings Pty Ltd. [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Percentage of the company owned by parent | 55% | 100% | ||||||||||
Selling Shareholders of Cheerbright, China Topside and Norstar [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Percentage of the Company owned by selling shareholders | 45% | |||||||||||
Ping An Insurance (Group) Company of China Ltd. [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Percentage of the company owned by parent | 46.50% | 46.50% | 6.50% | 47.40% | ||||||||
Affiliated Entity [Member] | Consolidated VIEs [Member] | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Amounts due from related parties, current | ¥ 244,650 | ¥ 333,170 | $ 34,460 | |||||||||
Inter-company payables | ¥ 389,570 | ¥ 569,030 | $ 54,870 |
Organization - Schedule of Prin
Organization - Schedule of Principal Subsidiaries of Company (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Cheerbright International Holdings, Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Jun. 13, 2006 |
Place of incorporation | British Virgin Islands |
Percentage of direct ownership by the Company | 100% |
Autohome Link Inc. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Jan. 29, 2015 |
Place of incorporation | Cayman Islands |
Percentage of direct ownership by the Company | 100% |
Autohome (Hong Kong) Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Mar. 16, 2012 |
Place of incorporation | Hong Kong |
Percentage of direct ownership by the Company | 100% |
Autohome Link Hong Kong Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Feb. 16, 2015 |
Place of incorporation | Hong Kong |
Percentage of direct ownership by the Company | 100% |
Autohome Media Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Oct. 18, 2013 |
Place of incorporation | Hong Kong |
Percentage of direct ownership by the Company | 100% |
TTP Car Inc. ("TTP") [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Jun. 12, 2015 |
Place of incorporation | Cayman Islands |
Percentage of direct ownership by the Company | 51% |
Auto Pai Ltd [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Sep. 25, 2020 |
Place of incorporation | British Virgin Islands |
Percentage of direct ownership by the Company | 51% |
TTP Car (HK) Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Jun. 23, 2015 |
Place of incorporation | Hong Kong |
Percentage of direct ownership by the Company | 51% |
Beijing Cheerbright Technologies Co., Ltd. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Sep. 01, 2006 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Autohome Shanghai Advertising Co., Ltd. ("Shanghai Advertising") [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Sep. 29, 2013 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Beijing Prbrownies Software Co., Ltd. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Nov. 12, 2013 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Beijing Autohome Technologies Co., Ltd. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Nov. 12, 2013 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Beijing Autohome Advertising Co., Ltd. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Nov. 13, 2013 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Beijing Chezhiying Technology Co., Ltd. ("Chezhiying WFOE") [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | May 26, 2015 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Guangzhou Chezhihuitong Advertising Co Ltd [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Aug. 20, 2018 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Hainan Chezhi Yitong Information Technology Company Limited [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Aug. 20, 2018 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Tianjin Autohome Software Co Ltd [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Oct. 15, 2018 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Autohome Zhejiang Advertising Co Ltd [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Dec. 19, 2018 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Shanghai Chezhitong Information Technology Co., Ltd. [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Sep. 16, 2020 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 100% |
Shanghai Jinpai Ecommerce Co Ltd [Member] | |
Organization [Line Items] | |
Date of incorporation or acquisition | Jul. 31, 2015 |
Place of incorporation | Mainland China |
Percentage of direct ownership by the Company | 51% |
Organization - Schedule of VIEs
Organization - Schedule of VIEs (Detail) - Consolidated VIEs [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Beijing Autohome Information Technology Co., Ltd. [Member] | |
Variable Interest Entity [Line Items] | |
Date of incorporation or acquisition | Aug. 28, 2006 |
Place of incorporation | Mainland China |
Percentage of indirect economic interest | 100% |
Beijing Shengtuo Hongyuan Information Technology Co., Ltd. [Member] | |
Variable Interest Entity [Line Items] | |
Date of incorporation or acquisition | Nov. 08, 2010 |
Place of incorporation | Mainland China |
Percentage of indirect economic interest | 100% |
Shanghai Tianhe Insurance Brokerage Co., Ltd. [Member] | |
Variable Interest Entity [Line Items] | |
Date of incorporation or acquisition | Sep. 21, 2017 |
Place of incorporation | Mainland China |
Percentage of indirect economic interest | 100% |
Shanghai Jinwu Auto Technology Consultant Co Ltd [Member] | |
Variable Interest Entity [Line Items] | |
Date of incorporation or acquisition | Sep. 20, 2007 |
Place of incorporation | Mainland China |
Percentage of indirect economic interest | 51% |
Shanghai Jinyou Auto Technology Consultant Co., Ltd. [Member] | |
Variable Interest Entity [Line Items] | |
Date of incorporation or acquisition | Dec. 03, 2021 |
Place of incorporation | Mainland China |
Percentage of indirect economic interest | 51% |
Organization - Schedule of Asse
Organization - Schedule of Assets, Liabilities, and Cash Flows of VIEs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Current assets | ¥ 25,524,988 | ¥ 24,424,931 | $ 3,595,120 | ||
Non-current assets | 5,310,743 | 5,290,888 | 748,003 | ||
Total assets | 30,835,731 | 29,715,819 | 4,343,123 | ||
Accrued expenses and other payables | 2,932,227 | 2,537,281 | 412,997 | ||
Advance from customers | 105,379 | 96,047 | 14,842 | ||
Total current liabilities (including current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB354,930 and RMB425,416 (US$59,918) as of December 31, 2022 and 2023, respectively) | 5,075,351 | 4,058,676 | 714,849 | ||
Other liabilities | 89,187 | 50,591 | 12,562 | ||
Deferred tax liabilities | 497,955 | 517,926 | 70,135 | ||
Total non-current liabilities (including non-current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB48,461 and 5RMB43,966 (US$6,192) as of December 31, 2022 and 2023, respectively) | 587,142 | 568,517 | 82,697 | ||
Total liabilities (including total liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB403,391 and RMB469,382 (US$66,110) as of December 31, 2022 and 2023, respectively) | 5,662,493 | 4,627,193 | 797,546 | ||
Net revenues | 7,184,135 | $ 1,011,864 | 6,940,828 | ¥ 7,237,004 | |
Net loss | 1,935,310 | 272,583 | 1,855,174 | 2,248,785 | |
VIEs [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Current assets | 709,905 | 745,057 | 99,988 | ||
Non-current assets | 1,789,401 | 1,837,711 | 252,032 | ||
Total assets | 2,499,306 | 2,582,768 | 352,020 | ||
Accrued expenses and other payables | 320,100 | 253,681 | 45,085 | ||
Advance from customers | 68,543 | 65,150 | 9,654 | ||
Deferred revenue | 36,773 | 36,099 | 5,179 | ||
Total current liabilities (including current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB354,930 and RMB425,416 (US$59,918) as of December 31, 2022 and 2023, respectively) | 814,982 | 923,964 | 114,788 | ||
Other liabilities | 13,729 | 6,542 | 1,933 | ||
Deferred tax liabilities | 30,238 | 41,919 | 4,259 | ||
Total non-current liabilities (including non-current liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB48,461 and 5RMB43,966 (US$6,192) as of December 31, 2022 and 2023, respectively) | 43,967 | 48,461 | 6,192 | ||
Total liabilities (including total liabilities of consolidated VIEs without recourse to Autohome WFOE, Chezhiying WFOE or TTP WFOE of RMB403,391 and RMB469,382 (US$66,110) as of December 31, 2022 and 2023, respectively) | 858,949 | 972,425 | 120,980 | ||
Net Assets, Total | 1,640,357 | 1,610,343 | 231,040 | ||
Net loss | (112,791) | (15,886) | (85,283) | (89,397) | |
Net cash generated from operating activities | 24,582 | 3,462 | 19,289 | 411,966 | |
Net cash used in investing activities | (1,092,190) | (153,832) | (812,606) | (386,343) | |
Net cash generated from financing activities | 1,115,463 | 157,110 | 666,853 | 163,424 | |
VIEs [Member] | Inter Company Revenues [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Net revenues | 179,587 | 25,294 | 160,272 | 131,524 | |
VIEs [Member] | Third Party Revenues [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Net revenues | 968,869 | $ 136,462 | 882,276 | ¥ 948,520 | |
Affiliated Entity [Member] | VIEs [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Inter-company payables | ¥ 389,566 | ¥ 569,034 | $ 54,870 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||||||
Feb. 05, 2021 USD ($) $ / shares shares | Apr. 01, 2019 | May 01, 2018 | Dec. 31, 2023 CNY (¥) Customer Segment shares | Dec. 31, 2023 USD ($) Customer Segment | Dec. 31, 2022 CNY (¥) Customer shares | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 29, 2023 Rate | |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Exchange rate of one US$ to RMB | Rate | 709.99% | ||||||||
Goodwill | ¥ 3,941,820,000 | ¥ 3,941,820,000 | $ 555,194,000 | ||||||
Goodwill, impairment loss | ¥ | 0 | 0 | ¥ 0 | ||||||
Deferred revenue, revenue recognized | ¥ 1,147,130,000 | $ 161,570,000 | |||||||
Revenue, practical expedient, incremental cost of obtaining contract | true | true | |||||||
Advertising expenditures | ¥ 1,429,060,000 | $ 201,280,000 | 1,397,960,000 | 1,341,620,000 | |||||
Number of operating segment | Segment | 1 | 1 | |||||||
Total expenses for employee benefits | ¥ 435,450,000 | $ 61,340,000 | ¥ 432,060,000 | ¥ 418,520,000 | |||||
Foreign currency exchange rate appreciation (depreciation) | (2.90%) | (2.90%) | (7.60%) | 2.40% | |||||
Weighted Average Remaining Lease Term | 1 year 11 months 1 day | 1 year 8 months 12 days | 1 year 11 months 1 day | ||||||
Weighted average discount rate | 5.75% | 6.71% | 5.75% | ||||||
Operating leases, rental expenses | ¥ 157,530,000 | $ 22,190,000 | ¥ 151,780,000 | ¥ 138,010,000 | |||||
Common stock shares value | ¥ 8,599,000 | ¥ 8,550,000 | $ 1,211,000 | ||||||
Common stock shares authorised | shares | 400,000,000,000 | 400,000,000,000 | 400,000,000,000 | ||||||
Common stock shares par value per share | $ / shares | $ 0.0025 | ||||||||
Gain loss on short term investment | ¥ 23,250,000 | 3,270,000 | ¥ 73,260,000 | 164,070,000 | |||||
Finance lease liability | ¥ | 0 | 0 | |||||||
ADR [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock shares value | $ | $ 1,000,000,000 | ||||||||
Common stock shares authorised | shares | 400,000,000,000 | ||||||||
Common stock shares par value per share | $ / shares | $ 0.0025 | ||||||||
Stock holders equity note stock split | one ADS representing four ordinary shares | ||||||||
Other income, net | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Government grants | 27,180,000 | 3,830,000 | 56,410,000 | 51,690,000 | |||||
Vat Refunds | 233,920,000 | $ 32,950,000 | 223,930,000 | ¥ 231,450,000 | |||||
Credit Concentration Risk [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cash and cash equivalents, restricted cash and term deposits | ¥ 23,680,500,000 | ¥ 22,095,070,000 | $ 3,335,330,000 | ||||||
Credit Concentration Risk [Member] | Financial Institution One [Member] | Onshore China [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 23.80% | 23.80% | |||||||
Credit Concentration Risk [Member] | Financial Institution Two [Member] | Onshore China [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 20.30% | 20.30% | |||||||
Credit Concentration Risk [Member] | Financial Institution Three [Member] | Onshore China [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 15.70% | 15.70% | |||||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of customers represented greater than 10% | Customer | 1 | 1 | 0 | ||||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 10% | 10% | 10% | ||||||
Customer Concentration Risk [Member] | Net Revenues [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of customers represented greater than 10% | Customer | 0 | 0 | 0 | 0 | |||||
Customer Concentration Risk [Member] | Net Revenues [Member] | Customer [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 10% | 10% | 10% | 10% | |||||
Tianjin Autohome Software Co., Ltd. [Member] | Other income, net | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Value added tax refund rate | 10% | 10% | |||||||
Leads Generation Services [Member] | Beijing Prbrownies Software Co., Ltd. | Other income, net | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Value added tax rate | 13% | 13% | |||||||
Leads Generation Services [Member] | Beijing Prbrownies Software Co., Ltd. | Other income, net | Maximum [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Value added tax rate after refund | 3% | 3% | |||||||
Leads Generation Services [Member] | Tianjin Autohome Software Co., Ltd. [Member] | Other income, net | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Value added tax rate | 13% | ||||||||
Leads Generation Services [Member] | Tianjin Autohome Software Co., Ltd. [Member] | Other income, net | Maximum [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Value added tax rate after refund | 3% | 3% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | ¥ 4,996,353 | $ 703,722 | ¥ 2,801,299 | ¥ 4,236,501 | ||
Restricted cash | 131,794 | 18,563 | 14,175 | 95,055 | ||
Total cash, cash equivalents and restricted cash as shown in Consolidated Statements of Cash Flows | ¥ 5,128,147 | $ 722,285 | ¥ 2,815,474 | $ 396,552 | ¥ 4,331,556 | ¥ 1,769,148 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Detail) | Dec. 31, 2023 |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Minimum [Member] | Electric Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 3 years |
Minimum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 4 years |
Minimum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 3 years |
Maximum [Member] | Electric Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 5 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 5 years |
Maximum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 5 years |
Maximum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Intangible Assets (Detail) | Dec. 31, 2023 |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 15 years |
Technologies [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 5 years |
Trademarks [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 3 years |
Trademarks [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 15 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 5 years |
Websites [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 4 years |
Domain Names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 4 years |
Domain Names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 10 years |
Database [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 5 years |
Licensing Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 1 year 9 months |
Insurance Brokerage License [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, Estimated useful life | 4 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule Of Operating Lease In Its Unaudited Consolidated Balance Sheet (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Accounting Policies [Abstract] | |||
Operating lease ROU assets | ¥ 199,305 | $ 28,072 | ¥ 115,118 |
Operating lease liabilities, current portion | 106,953 | 15,064 | 59,798 |
Operating lease liabilities, non-current portion | ¥ 89,187 | $ 12,562 | ¥ 50,591 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Lease Cost (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cost of revenues and operating expenses [Member] | ||||
Operating lease cost | ¥ 119,484 | $ 16,829 | ¥ 128,081 | ¥ 131,529 |
Cost of other leases with terms less than one year | 91,815 | 12,932 | 87,603 | 99,923 |
Cost of Revenues [Member] | ||||
Operating lease cost | 15,193 | 2,140 | 21,695 | 28,798 |
Cost of other leases with terms less than one year | 82,975 | 11,687 | 79,274 | 88,567 |
Operating Expenses [Member] | ||||
Operating lease cost | 104,291 | 14,689 | 106,386 | 102,731 |
Cost of other leases with terms less than one year | ¥ 8,840 | $ 1,245 | ¥ 8,329 | ¥ 11,356 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary Of Maturities Of Lease Liabilities Under Operating Leases (Detail) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
2024 | ¥ 111,367 | $ 15,686 |
2025 | 75,179 | 10,589 |
2026 | 20,556 | 2,895 |
2027 | 1,241 | 175 |
Total lease payments | 208,343 | 29,345 |
Less imputed interest | (12,203) | (1,719) |
Total | ¥ 196,140 | $ 27,626 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on recurring basis | ¥ 18,652,354 | $ 2,627,129 | ¥ 20,076,052 |
Time Deposits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 100,000 | 14,085 | 796,460 |
Short-term investments | 16,005,923 | 2,254,387 | 14,267,056 |
Adjustable-Rate Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 2,540,702 | 357,850 | 5,003,746 |
Equity investments with readily determinable fair value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 5,729 | $ 807 | 8,790 |
Fair Value Measurement Using Inputs Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on recurring basis | 5,729 | 8,790 | |
Fair Value Measurement Using Inputs Level 1 [Member] | Equity investments with readily determinable fair value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 5,729 | 8,790 | |
Fair Value Measurement Using Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on recurring basis | 18,646,625 | 20,067,262 | |
Fair Value Measurement Using Inputs Level 2 [Member] | Time Deposits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 100,000 | 796,460 | |
Short-term investments | 16,005,923 | 14,267,056 | |
Fair Value Measurement Using Inputs Level 2 [Member] | Adjustable-Rate Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | ¥ 2,540,702 | 5,003,746 | |
Fair Value Measurement Using Inputs Level 2 [Member] | Equity investments with readily determinable fair value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | ¥ 0 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Receivables [Abstract] | ||||||
Accounts receivable (Note) | ¥ 1,633,511 | $ 230,075 | ¥ 2,113,454 | |||
Allowance for credit losses | (161,022) | (22,679) | (185,755) | $ (26,163) | ¥ (177,563) | ¥ (128,199) |
Total | ¥ 1,472,489 | $ 207,396 | ¥ 1,927,699 |
Accounts Receivable, Net - Sc_2
Accounts Receivable, Net - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Receivables [Abstract] | |||
Notes receivable | ¥ 263,840 | $ 37,160 | ¥ 130,830 |
Accounts Receivable, Net - Sc_3
Accounts Receivable, Net - Schedule of Analysis of Allowance for Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Receivables [Abstract] | ||||
Beginning balance | ¥ 185,755 | $ 26,163 | ¥ 177,563 | ¥ 128,199 |
Additions charged to current expected credit loss | 20,557 | 2,895 | 20,602 | 53,294 |
Reversal | (42,660) | (6,009) | (12,303) | 0 |
Write off | (2,630) | (370) | (107) | (3,930) |
Ending balance | ¥ 161,022 | $ 22,679 | ¥ 185,755 | ¥ 177,563 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Tax prepayments | ¥ 281,662 | $ 39,671 | ¥ 275,979 |
Prepaid expenses | 23,633 | 3,329 | 23,067 |
Rental and other deposits | 13,843 | 1,950 | 20,634 |
Receivables from third-party payment platform | 29,430 | 4,145 | 17,927 |
Interest receivable | 5,827 | 821 | 2,431 |
Other receivables | 6,164 | 868 | 17,484 |
Prepaid expenses and other current assets | ¥ 360,559 | $ 50,784 | ¥ 357,522 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Millions | 12 Months Ended | ||||||||
Nov. 04, 2019 | Apr. 01, 2018 HKD ($) | Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) | Dec. 12, 2023 CNY (¥) | Feb. 16, 2023 CNY (¥) | |
Income Tax Contingency [Line Items] | |||||||||
Income tax expense | ¥ 72,155 | $ 10,163,000 | ¥ (61,780) | ¥ 34,006 | |||||
Current income tax expense | 122,118 | 17,200,000 | 86,560 | 185,194 | |||||
Deferred income tax expense | ¥ (49,963) | $ (7,037,000) | ¥ (148,340) | ¥ (151,188) | |||||
Effect of preferential tax rate, basic earning per ADS | (per share) | ¥ 0.56 | $ 0.08 | ¥ 0.54 | ¥ 1.11 | |||||
Net tax operating losses | ¥ 2,296,240 | $ 323,420,000 | |||||||
Withholding tax on dividend payment | 99,122 | $ 13,961,000 | ¥ (1,667) | ¥ 164,946 | |||||
Undistributed earnings from PRC Subsidiaries | 15,770,890 | 15,927,820 | $ 2,221,280,000 | ||||||
Dividend declared percent on net income | 20% | ||||||||
Statutory Income Tax Rate, Amount | ¥ 499,391 | $ 70,338,000 | 440,713 | 544,290 | |||||
Income tax dividend rate | 5% | 5% | |||||||
Dividend Declared [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Withholding tax on dividend payment | ¥ 21,190 | $ 2,990,000 | ¥ 26,920 | ¥ 53,840 | |||||
Deferred tax liabilities cash dividend amount | ¥ | ¥ 500,000 | ||||||||
Dividend Declared [Member] | Minimum [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Deferred tax liabilities cash dividend amount | ¥ | ¥ 1,500,000 | ||||||||
VIEs [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Enterprise income tax rate | 25% | 25% | 25% | 25% | |||||
Hong Kong [Member] | Maximum [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 16.50% | ||||||||
Hong Kong [Member] | Minimum [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 8.25% | ||||||||
Hong Kong [Member] | Subsidiaries [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax expense | $ | $ 0 | ||||||||
Hong Kong [Member] | Two Tired Profits Tax Regime [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory Income Tax Rate, Amount | $ | $ 2 | ||||||||
China [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | 25% | 25% | |||||
Effect of change in enacted tax rate | ¥ 156,450 | $ 22,030,000 | ¥ 207,670 | ¥ 348,590 | |||||
Current income tax expense | 180,150 | 25,370,000 | 196,540 | 317,940 | |||||
Deferred income tax expense | 23,700 | 3,340,000 | ¥ 11,130 | ¥ 30,650 | |||||
Accumulated tax losses. | ¥ 2,264,370 | $ 318,930,000 | |||||||
Withholding income tax rate on dividends distributed by FIEs | 10% | 10% | |||||||
China [Member] | Chezhiying WFOE [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | |||||||
Reduction in statutory income tax rate | 50% | 50% | |||||||
China [Member] | Hainan Chezhiyitong Information Technology Co., Ltd. [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | |||||||
Reduction in statutory income tax rate | 50% | 50% | |||||||
China [Member] | High-New Technology Enterprise [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Preferential statutory tax rate | 15% | 15% | |||||||
China [Member] | Key Software Enterprise [Member] | Beijing Prbrownies Software Co., Ltd. [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Preferential statutory tax rate | 10% | 10% | |||||||
China [Member] | Software Enterprise [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Preferential relevant year statutory tax rate | 12.50% | 12.50% | |||||||
China [Member] | Software Enterprise [Member] | Chezhiying WFOE [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | 25% | 25% | |||||
Reduction in statutory income tax rate | 50% | 50% | 50% | 50% | |||||
China [Member] | Software Enterprise [Member] | Hainan Chezhiyitong Information Technology Co., Ltd. [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | 25% | 25% | |||||
Reduction in statutory income tax rate | 50% | 50% | 50% | 50% | |||||
China [Member] | Software Enterprise [Member] | Tianjin Autohome Software Co., Ltd. [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Statutory EIT rate | 25% | 25% | 25% | 25% | |||||
Reduction in statutory income tax rate | 50% | 50% | 50% | 50% | |||||
China [Member] | Reduction in Taxes [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Withholding income tax rate on dividends distributed by FIEs | 5% | 5% |
Taxation - Income before Income
Taxation - Income before Income/(Loss) Tax Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income/(Loss) from Domestic and Foreign Components Before Income Tax Expenses [Abstract] | ||||
Mainland China | ¥ 1,813,055 | $ 255,364 | ¥ 1,724,835 | ¥ 2,328,917 |
Non-Mainland China | 184,509 | 25,987 | 38,011 | (151,759) |
Income before income taxes | ¥ 1,997,564 | $ 281,351 | ¥ 1,762,846 | ¥ 2,177,158 |
Taxation - Income Tax Expense (
Taxation - Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current | ¥ 122,118 | $ 17,200 | ¥ 86,560 | ¥ 185,194 |
Deferred | (49,963) | (7,037) | (148,340) | (151,188) |
Income tax expense | ¥ 72,155 | $ 10,163 | ¥ (61,780) | ¥ 34,006 |
Taxation - Reconciliation of In
Taxation - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Income Tax Disclosure [Abstract] | |||||
Income before income tax expense | ¥ 1,997,564 | $ 281,351 | ¥ 1,762,846 | ¥ 2,177,158 | |
Income tax expense computed at Mainland China statutory tax rates (25%) | 499,391 | 70,338 | 440,713 | 544,290 | |
Non-deductible expenses | 44,435 | 6,259 | 60,268 | 28,725 | |
Research and development expenses super - deduction | (220,773) | (31,095) | (234,179) | (185,801) | |
Change in valuation allowances | (3,674) | (518) | 21,338 | 50,473 | |
Outside basis difference | 5,327 | 750 | (5,652) | (1,111) | |
Effect of international tax rate difference | (45,900) | (6,465) | (16,835) | 37,940 | |
Effect of preferential tax rate | (276,110) | (38,889) | (267,490) | (552,567) | |
Effect of withholding tax on dividend | 99,122 | 13,961 | (1,667) | 164,946 | |
Other adjustments | [1] | (29,663) | (4,178) | (58,276) | (52,889) |
Income tax expense | ¥ 72,155 | $ 10,163 | ¥ (61,780) | ¥ 34,006 | |
[1] This amount mainly represents tax adjustments relating to share-based compensation exercised in 2020,2021 and 2022, which can be recognized in calculating income tax expense when realized at the completion of the Company’s tax returns, in 2021,2022 and 2023, respectively |
Taxation - Reconciliation of _2
Taxation - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
China [Member] | |||
Income Tax Contingency [Line Items] | |||
Percentage of PRC income tax | 25% | 25% | 25% |
Taxation - Components of Deferr
Taxation - Components of Deferred Taxes (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Deferred tax assets | |||
Allowance for doubtful accounts | ¥ 31,586 | $ 4,449 | ¥ 37,092 |
Accrued staff cost and expenses | 108,733 | 15,315 | 134,799 |
Deferred revenue | 12,525 | 1,764 | 11,570 |
Tax losses | 446,091 | 62,831 | 497,871 |
VAT refund | 8,308 | 1,170 | 4,840 |
Less: Valuation allowances | (311,645) | (43,895) | (420,566) |
Total deferred tax assets | 295,598 | 41,634 | 265,606 |
Deferred tax liabilities | |||
Identifiable intangible assets arising from acquisition | 30,239 | 4,259 | 41,350 |
Intangible assets and internally-developed software | 12,721 | 1,792 | 21,181 |
Outside basis difference and others | 433,801 | 61,100 | 428,474 |
Withholding income tax | 21,194 | 2,984 | 26,921 |
Total deferred tax liabilities | ¥ 497,955 | $ 70,135 | ¥ 517,926 |
Taxation - Movement of valuatio
Taxation - Movement of valuation allowance (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Balance at beginning of the year | ¥ (420,566) | $ (59,235) | ¥ (452,670) | ¥ (402,197) |
Additions | (26,623) | (3,750) | (48,944) | (93,165) |
Reversal and write off | 135,544 | 19,090 | 81,048 | 42,692 |
Balance at ending of the year | ¥ (311,645) | $ (43,895) | ¥ (420,566) | ¥ (452,670) |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
At cost: | |||
Property and equipment, gross | ¥ 1,336,935 | $ 188,304 | ¥ 1,252,204 |
Less: Accumulated depreciation | (1,136,075) | (160,013) | (996,906) |
Property and equipment, net | 200,860 | 28,291 | 255,298 |
Electronic Equipment [Member] | |||
At cost: | |||
Property and equipment, gross | 721,976 | 101,688 | 678,753 |
Software [Member] | |||
At cost: | |||
Property and equipment, gross | 516,039 | 72,683 | 475,935 |
Leasehold Improvements [Member] | |||
At cost: | |||
Property and equipment, gross | 87,817 | 12,369 | 86,826 |
Motor Vehicles [Member] | |||
At cost: | |||
Property and equipment, gross | 8,702 | 1,226 | 8,318 |
Office Equipment [Member] | |||
At cost: | |||
Property and equipment, gross | ¥ 2,401 | $ 338 | ¥ 2,372 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 167,780 | $ 23,631 | ¥ 226,086 | ¥ 225,310 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets with Definite Lives (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | ¥ 559,072 | ¥ 559,066 | |
Accumulated Amortization | (356,924) | (280,581) | |
Net Carrying Value | 202,148 | $ 28,472 | 278,485 |
Technologies [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 202,100 | 202,100 | |
Accumulated Amortization | (121,260) | (80,840) | |
Net Carrying Value | 80,840 | 11,386 | 121,260 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 175,308 | 175,308 | |
Accumulated Amortization | (100,448) | (87,480) | |
Net Carrying Value | 74,860 | 10,544 | 87,828 |
Database [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 73,500 | 73,500 | |
Accumulated Amortization | (44,100) | (29,400) | |
Net Carrying Value | 29,400 | 4,141 | 44,100 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 46,900 | 46,900 | |
Accumulated Amortization | (30,380) | (22,120) | |
Net Carrying Value | 16,520 | 2,327 | 24,780 |
Insurance Brokerage License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 28,133 | 28,133 | |
Accumulated Amortization | (28,133) | (28,133) | |
Net Carrying Value | 0 | 0 | 0 |
Websites [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 27,000 | 27,000 | |
Accumulated Amortization | (27,000) | (27,000) | |
Net Carrying Value | 0 | 0 | 0 |
Licensing Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 3,086 | 3,024 | |
Accumulated Amortization | (3,065) | (2,992) | |
Net Carrying Value | 21 | 3 | 32 |
Domain Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 3,045 | 3,101 | |
Accumulated Amortization | (2,538) | (2,616) | |
Net Carrying Value | ¥ 507 | $ 71 | ¥ 485 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | ¥ 76,688 | $ 10,801 | ¥ 79,104 | ¥ 83,710 |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 2 years | 2 years | ||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 15 years | 15 years | ||
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | ¥ 76,690 | $ 10,800 | ¥ 79,100 | ¥ 83,710 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Annual Estimated Amortization Expenses for Acquired Intangible Assets (Detail) - Finite Lived Intangible Assets Future Amortization Expense [Member] ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |
2024 | ¥ 74,362 |
2025 | 74,121 |
2026 | 10,739 |
2027 | 10,733 |
2028 | ¥ 10,729 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | |||||
May 31, 2015 CNY (¥) | Jul. 31, 2017 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Jan. 31, 2022 CNY (¥) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Subscription of limited partner interests | ¥ 448.3 | $ 63.1 | ¥ 419.2 | |||
Carrying amount of equity method investments | ¥ 448.3 | $ 63.1 | ¥ 419.2 | |||
Visionstar Information Technology (Shanghai) Co., Ltd. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business acquisition percentage of interests acquired | 10% | |||||
Business acquisition cash consideration | ¥ 30 | |||||
Hunan Mango Autohome Automobile Sales Co Ltd [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total capital contribution | ¥ 100 | |||||
Cash consideration paid to joint venture | ¥ 49 | |||||
Ownership percentage | 49% | |||||
Fund Manager [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Subscription of limited partner interests | ¥ 400 | |||||
Carrying amount of equity method investments | ¥ 400 |
Other Non-current Assets - Sche
Other Non-current Assets - Schedule of Other Non-Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Other Assets, Noncurrent [Abstract] | |||
Operating lease right-of-use assets | ¥ 199,305 | $ 28,072 | ¥ 115,118 |
Others | 1,623 | 228 | 934 |
Other non-current assets | ¥ 200,928 | $ 28,300 | ¥ 116,052 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables - Components of Accrued Expenses and Other Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued expenses | ¥ 1,591,299 | $ 224,130 | ¥ 1,250,946 |
Accrued rebates | 461,722 | 65,032 | 580,989 |
Payroll and welfare payable | 577,671 | 81,363 | 508,598 |
Operating lease liabilities - current portion | 106,953 | 15,064 | 59,798 |
VAT and surcharges payable | 54,800 | 7,718 | 47,908 |
Users' and third parties' deposits | 43,487 | 6,125 | 35,553 |
Deposit from customers | 10,606 | 1,494 | 13,129 |
Professional service fees | 26,681 | 3,758 | 8,644 |
Payable for purchase of fixed assets | 39,795 | 5,605 | 5,359 |
Payable for exercise of share-based awards | 2,714 | 382 | 4,402 |
Others | 16,499 | 2,326 | 21,955 |
Accrued expenses and other payables | ¥ 2,932,227 | $ 412,997 | ¥ 2,537,281 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Related Party Transaction [Line Items] | |||||
Related party transactions, sales | ¥ 134,378 | $ 18,927 | ¥ 226,539 | ¥ 417,051 | |
Related party transactions, service provided | 191,507 | 26,973 | 194,129 | 177,594 | |
Ping An Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, interest income | 202,304 | 28,494 | 143,848 | 136,613 | |
Ping An Group [Member] | Commission Fee And Advertising Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, sales | [1] | 134,378 | 18,927 | 226,539 | 417,051 |
Ping An Group [Member] | Rental Property Management And Other Miscellaneous Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, service provided | [2] | 191,413 | 26,960 | 191,751 | 176,880 |
Other Related Parties [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions, service provided | ¥ 94 | $ 13 | ¥ 2,378 | ¥ 714 | |
[1] The amount represents (i) the commission fee for transaction facilitation service on financial product including loan and insurance products, (ii) advertising services and (iii) technical services provided to Ping An Group. The amount represents rental and property management services, technical services, other miscellaneous services and assets provided by Ping An Group. |
Related Party Transactions - Ba
Related Party Transactions - Balances with Related Parties (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amounts included in "Cash and cash equivalents" | [1] | ¥ 1,665,092 | $ 234,523 | ¥ 1,093,434 |
Amounts included in "Short-term investments" | [1] | 3,933,713 | 554,052 | 4,088,598 |
Amounts included in "Restricted cash" | [1] | 130,770 | 18,419 | 5,000 |
Amounts due to related parties | 24,572 | 3,461 | 27,096 | |
Ping An Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amounts due from related parties, current | [2] | 16,439 | 2,315 | 49,644 |
Amounts due from related parties, non-current | [2] | 16,048 | 2,260 | 9,419 |
Amounts due to related parties | [3] | 24,558 | 3,459 | 26,042 |
Other Related Parties [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amounts due to related parties | ¥ 14 | $ 2 | ¥ 1,054 | |
[1] The Company has cash or time deposits in commercial banks associated with Ping An Group and purchased certain short-term cash management products managed by Ping An Group as a part of the Company’s cash management plan. Receivable from Ping An Group primarily consists of deposit in relation to the operating lease and other agreements, service fee receivable, and interest receivable from cash and cash equivalents. The outstanding payable to Ping An Group primarily consists of payable for provision of services related to business operation, IDC service fee and other miscellaneous services. |
Cost of Revenues - Schedule of
Cost of Revenues - Schedule of Cost of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cost of Revenue [Abstract] | ||||
Operational Costs | ¥ 696,197 | $ 98,057 | ¥ 548,309 | ¥ 520,805 |
Content costs | 396,502 | 55,846 | 359,404 | 204,614 |
Bandwidth and IDC costs | 110,508 | 15,565 | 113,150 | 105,343 |
Tax surcharges | 95,147 | 13,401 | 97,379 | 39,240 |
Depreciation & amortization expenses and others | 113,527 | 15,990 | 116,931 | 177,890 |
Cost of revenues | ¥ 1,411,881 | $ 198,859 | ¥ 1,235,173 | ¥ 1,047,892 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) | Nov. 18, 2021 USD ($) | |
Class of Stock [Line Items] | |||||
Ordinary shares, shares issued | 483,398,100 | 483,398,100 | 492,742,468 | ||
Ordinary shares, shares outstanding | 483,398,100 | 483,398,100 | 492,742,468 | ||
Stock repurchased during period value | ¥ | ¥ 633,799 | ¥ 719,133 | ¥ 31,204 | ||
Class A Ordinary Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchased during period shares | 26,907,532 | 26,907,532 | |||
Stock repurchased during period value | ¥ 1,384,140 | $ 200,000 | |||
American Depositary Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchased during period shares | 6,726,883 | 6,726,883 | |||
Treasury stock reserved for future issuance | 2,000,000 | 2,000,000 | |||
Treasury stock reissued | 229,508 | 229,508 | |||
American Depositary Shares [Member] | Share Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Amount of stock repurchase plan authorized | $ | $ 200,000 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Restricted Net Assets [Abstract] | ||||
Percentage of after tax profits allocated to general reserve | 10% | |||
Percentage of maximum limit of registered capital to discontinue general reserve | 50% | |||
Appropriated retained earnings | ¥ 132,530 | $ 18,670 | ¥ 93,590 | ¥ 91,340 |
Restricted net assets | ¥ 5,073,210 | $ 714,550 | ¥ 5,162,550 |
Earnings Per Share_ADS - Schedu
Earnings Per Share/ADS - Schedule of Basic and Diluted Earnings Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net income attributable to ordinary shareholders | ¥ 1,880,087 | $ 264,805 | ¥ 1,807,176 | ¥ 2,148,566 |
Denominator: | ||||
Weighted average ordinary shares outstanding | 489,952,172 | 489,952,172 | 499,160,564 | 499,861,764 |
Basic earnings per share | (per share) | ¥ 3.84 | $ 0.54 | ¥ 3.62 | ¥ 4.3 |
Numerator: | ||||
Net income attributable to ordinary shareholders | ¥ 1,880,087 | $ 264,805 | ¥ 1,807,176 | ¥ 2,148,566 |
Denominator: | ||||
Weighted average ordinary shares outstanding | 489,952,172 | 489,952,172 | 499,160,564 | 499,861,764 |
Dilutive effect of share-based awards | 1,300,288 | 1,300,288 | 506,228 | 619,776 |
Weighted average number of shares outstanding-diluted | 491,252,460 | 491,252,460 | 499,666,792 | 500,481,540 |
Diluted earnings per share | (per share) | ¥ 3.83 | $ 0.54 | ¥ 3.62 | ¥ 4.29 |
Earnings Per Share Attributable To Ordinary Shareholders [Abstract] | ||||
Net income per ADS - basic | (per share) | 3.84 | 0.54 | 3.62 | 4.3 |
Net income per ADS - diluted | (per share) | 3.83 | 0.54 | 3.62 | 4.29 |
ADR [Member] | ||||
Denominator: | ||||
Basic earnings per share | (per share) | 15.35 | 2.16 | 14.48 | 17.19 |
Denominator: | ||||
Diluted earnings per share | (per share) | 15.31 | 2.16 | 14.47 | 17.17 |
Earnings Per Share Attributable To Ordinary Shareholders [Abstract] | ||||
Net income per ADS - basic | (per share) | 15.35 | 2.16 | 14.48 | 17.19 |
Net income per ADS - diluted | (per share) | ¥ 15.31 | $ 2.16 | ¥ 14.47 | ¥ 17.17 |
Earnings Per Share_ADS - Additi
Earnings Per Share/ADS - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from calculation of diluted earnings per share | 1,181,760 | 1,484,748 | 455,824 |
Restricted Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from calculation of diluted earnings per share | 2,051,810 | 4,161,652 | 1,407,232 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) Customer $ / shares shares | Dec. 31, 2023 CNY (¥) Customer | Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 CNY (¥) Customer shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2023 CNY (¥) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Closing stock price | $ / shares | $ 28.06 | ||||||
Aggregate intrinsic value of options, Exercised | $ 6 | ¥ 40 | ¥ 470 | ¥ 27,950 | |||
Weighted average fair value per option granted | $ / shares | $ 16.89 | $ 19.82 | $ 23 | ||||
The total grant date fair value of options vested | $ 2,120 | ¥ 15,090 | ¥ 19,600 | ¥ 32,230 | |||
Aggregate fair value of outstanding options at the grant date | $ 10,490 | ¥ 74,460 | |||||
No of ordinary shares per Ads before division | Customer | 1 | 1 | 1 | ||||
No of ordinary shares per Ads after division | Customer | 4 | 4 | 4 | 4 | |||
Unrecognized share-based compensation expenses | $ 3,160 | ¥ 22,420 | |||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average fair value per option granted | $ / shares | $ 18.91 | $ 21.32 | 60.83 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested options/restricted shares expected to be recognized over a weighted-average period | 2 years | 2 years | |||||
Stock Options [Member] | 2011 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based awards grant to employees, directors and consultants to purchase aggregate ordinary shares | shares | 31,372,400 | 7,843,100 | 7,843,100 | 31,372,400 | |||
Stock Options [Member] | 2016 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based awards grant to employees, directors and consultants to purchase aggregate ordinary shares | shares | 19,560,000 | 4,890,000 | 4,890,000 | 19,560,000 | |||
Options and Restricted Shares [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | For share options and restricted shares with service condition or performance condition granted under the Plans, majority are subject to vesting schedules of approximately four years with 25% of the awards vesting each year and have a contractual term of ten years. | For share options and restricted shares with service condition or performance condition granted under the Plans, majority are subject to vesting schedules of approximately four years with 25% of the awards vesting each year and have a contractual term of ten years. | |||||
Vesting period | 4 years | 4 years | |||||
Original contractual term | 10 years | 10 years | |||||
Options and Restricted Shares [Member] | Maximum [Member] | Awards Vesting Percentage Each Year [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of awards vesting | 25% | 25% | |||||
Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested options/restricted shares expected to be recognized over a weighted-average period | 2 years 8 months 4 days | 2 years 8 months 4 days | |||||
Aggregate fair value of the outstanding restricted shares | $ 75,060 | ¥ 532,940 | |||||
Unrecognized compensation expense | $ 44,010 | ¥ 312,500 | |||||
Weighted average grant date fair value, Granted | $ / shares | $ 29.29 | $ 33.46 | $ 50.79 | ||||
Grant date fair value of restricted shares vested | $ 24,170 | ¥ 171,570 | ¥ 172,590 | ¥ 165,680 | |||
Restricted Shares [Member] | 2013 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based awards grant to employees, directors and consultants to purchase aggregate ordinary shares | shares | 13,400,000 | 3,350,000 | 3,350,000 | 13,400,000 | |||
Restricted Shares [Member] | 2016 Plan II [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based awards grant to employees, directors and consultants to purchase aggregate ordinary shares | shares | 12,000,000 | 3,000,000 | 3,000,000 | 12,000,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Company's Employee Share Option Activity (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) | |
Share-Based Payment Arrangement [Abstract] | ||||||
Number of options, Outstanding, Beginning balance | shares | 564,876 | 564,876 | ||||
Number of options, Granted | shares | 15,416 | 15,416 | ||||
Number of options, Exercised | shares | (1,536) | (1,536) | ||||
Number of options, Forfeited/Cancelled | shares | (36,257) | (36,257) | ||||
Number of options, Outstanding, Ending balance | shares | 542,499 | 542,499 | 564,876 | |||
Number of options, Vested and expected to vest, Ending balance | shares | 528,958 | |||||
Number of options, Exercisable, Ending balance | shares | 243,946 | |||||
Weighted average exercise price, Outstanding, Beginning balance | $ 43.96 | |||||
Weighted average exercise price, Granted | 28.91 | |||||
Weighted average exercise price, Exercised | 26.75 | |||||
Weighted average exercise price, Forfeited | 74.43 | |||||
Weighted average exercise price, Outstanding, Ending balance | 41.55 | $ 43.96 | ||||
Weighted average exercise price, Vested and expected to vest | 41.56 | |||||
Weighted average exercise price, Exercisable | 46.39 | |||||
Weighted average grant date fair value, Outstanding, Beginning balance | 21.45 | |||||
Weighted average grant date fair value, Outstanding, Granted | 16.89 | 19.82 | $ 23 | |||
Weighted average fair value per option exercised | 21.32 | |||||
Weighted average grant date fair value, Outstanding, Forfeited/Cancelled | 24.79 | |||||
Weighted average grant date fair value, Outstanding, Ending balance | 19.33 | $ 21.45 | ||||
Weighted average grant date fair value, Vested or expected to vest | 19.54 | |||||
Weighted average grant date fair value, Exercisable | $ 24.13 | |||||
Weighted average remaining contractual term | 7 years 7 months 2 days | 7 years 7 months 2 days | 8 years 5 months 23 days | |||
Weighted average remaining contractual term , Granted | 9 years 1 month 24 days | 9 years 1 month 24 days | ||||
Weighted average remaining contractual term, Exercised | 8 years 6 months | 8 years 6 months | ||||
Weighted average remaining contractual term, Vested and expected to vest | 7 years 6 months 29 days | 7 years 6 months 29 days | ||||
Weighted average remaining contractual term, Exercisable | 6 years 11 months 15 days | 6 years 11 months 15 days | ||||
Aggregate intrinsic value of share options, Outstanding | $ | $ 258 | $ 587 | ||||
Aggregate intrinsic value of share options, Granted | $ 55 | |||||
Aggregate intrinsic value of options, Exercised | $ 6 | ¥ 40 | ¥ 470 | ¥ 27,950 | ||
Aggregate intrinsic value of share options, Vested and expected to vest | $ | 254 | |||||
Aggregate intrinsic value of share options, Exercisable | $ | $ 165 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Restricted Shares Activity (Detail) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted shares, Outstanding, Beginning balance | 2,289,260 | ||
Number of restricted shares, Granted | 1,123,342 | ||
Number of restricted shares, Vested | (702,928) | ||
Number of restricted shares, Forfeited/Cancelled | (205,984) | ||
Number of restricted shares, Outstanding, Ending balance | 2,503,690 | 2,289,260 | |
Number of restricted shares, Expected to vest | 1,917,137 | ||
Weighted average grant date fair value, Outstanding, Beginning balance | $ 34.22 | ||
Weighted average grant date fair value, Granted | 29.29 | $ 33.46 | $ 50.79 |
Weighted average grant date fair value, Vested | 34.7 | ||
Weighted average grant date fair value, Forfeited | 31.74 | ||
Weighted average grant date fair value, Outstanding, Ending balance | 29.98 | $ 34.22 | |
Weighted average grant date fair value, Expected to vest | $ 30.03 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Estimated Fair Value of Share-Based Awards on Respective Grant Dates using Binomial Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1% | 100% | 1% |
Weighted average fair value per option granted | $ 16.89 | $ 19.82 | $ 23 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of ordinary share | $ 29.16 | $ 28.76 | $ 31.06 |
Risk-free interest rates, Minimum | 3.50% | 1.52% | 1.09% |
Expected exercise multiple | 2.2 | 2.2 | 2.2 |
Expected volatility, Minimum | 51% | 52% | 51% |
Weighted average fair value per option granted | $ 4.12 | $ 3.83 | $ 10.51 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of ordinary share | $ 35.87 | $ 39.35 | $ 119.82 |
Risk-free interest rates, Maximum | 4.72% | 3.91% | 1.62% |
Expected exercise multiple | 2.8 | 2.8 | 2.8 |
Expected volatility, Maximum | 54.19% | 54% | 52% |
Weighted average fair value per option granted | $ 18.91 | $ 21.32 | $ 60.83 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Share-Based Compensation Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 195,092 | $ 27,478 | ¥ 168,890 | ¥ 206,060 |
Cost of Revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 7,982 | 1,124 | 8,608 | 23,142 |
Sales and Marketing Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 49,305 | 6,945 | 38,317 | 46,823 |
General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 51,860 | 7,304 | 53,209 | 48,803 |
Product Development Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 85,945 | $ 12,105 | ¥ 68,756 | ¥ 87,292 |
Acquisition - Schedule Of Recog
Acquisition - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Goodwill | ¥ 3,941,820 | $ 555,194 | ¥ 3,941,820 | |
Customer relationships [Member] | ||||
Intangible assets, Estimated useful life | 5 years | 5 years | ||
TTP Car Inc. ("TTP") [Member] | ||||
Goodwill | ¥ 2,437,542 | |||
Net liabilities acquired, excluding intangible assets and the related deferred tax liabilities | (861,918) | |||
Deferred tax liabilities | (63,570) | |||
Noncontrolling interests | (147,639) | |||
Convertible redeemable noncontrolling interests (Note 1) | (1,056,237) | |||
Recognized Identifiable Assets Acquired and Liabilities Assumed | 731,978 | |||
TTP Car Inc. ("TTP") [Member] | Technologies [Member] | ||||
Intangible assets | ¥ 202,100 | |||
Intangible assets, Estimated useful life | 5 years | |||
TTP Car Inc. ("TTP") [Member] | Trademarks [Member] | ||||
Intangible assets | ¥ 106,900 | |||
Intangible assets, Estimated useful life | 10 years | |||
TTP Car Inc. ("TTP") [Member] | Customer relationships [Member] | ||||
Intangible assets | ¥ 41,300 | |||
Intangible assets, Estimated useful life | 5 years | |||
TTP Car Inc. ("TTP") [Member] | Database [Member] | ||||
Intangible assets | ¥ 73,500 | |||
Intangible assets, Estimated useful life | 5 years |
Mezzanine Equity - Additional I
Mezzanine Equity - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Subsidiaries [Member] | |||
Temporary Equity [Line Items] | |||
Temporary equity shares issued | 142,196,089 | 142,196,089 | |
Subsidiaries [Member] | Consolidation, Eliminations [Member] | |||
Temporary Equity [Line Items] | |||
Temporary equity shares issued | 80,340,268 | 80,340,268 | |
TTP Member [Member] | |||
Temporary Equity [Line Items] | |||
Percentage of voting interests acquired | 51% | ||
Subsequent Event [Member] | |||
Temporary Equity [Line Items] | |||
Preferred stock, redemption amount | $ 20,590 |
Mezzanine Equity - Summary of M
Mezzanine Equity - Summary of Mezzanine Equity (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Temporary Equity [Line Items] | |||
Balance as of January 1 | ¥ 1,605,639 | $ 226,150 | ¥ 1,468,029 |
Accretion of mezzanine equity | 153,294 | 21,591 | 137,610 |
Balance as of December 31 | ¥ 1,758,933 | $ 247,741 | ¥ 1,605,639 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Dec. 12, 2023 | ¥ / shares | $ / shares |
Subsequent Event [Line Items] | ||
Dividend payable | $ / shares | $ 0.2875 | |
Dividend ,Payable date | Apr. 30, 2024 | |
Dividends Payable, Date Declared | Dec. 12, 2023 | |
ADR [Member] | ||
Subsequent Event [Line Items] | ||
Dividend payable | ¥ / shares | ¥ 1.15 |