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Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results and US$200 Million Share Repurchase Program

By
Advertorial Desk
-

BEIJING, March 5, 2026 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights[1]

  • Net revenues in the fourth quarter of 2025 were RMB1,462.0 million (US$209.1 million), compared to RMB1,783.4 million in the corresponding period of 2024.
  • Net income attributable to Autohome in the fourth quarter of 2025 was RMB233.9 million (US$33.4 million), compared to RMB320.5 million in the corresponding period of 2024, while net income attributable to ordinary shareholders in the fourth quarter of 2025 was RMB226.4 million (US$32.4 million), compared to RMB304.4 million in the corresponding period of 2024.
  • Adjusted net income attributable to Autohome (Non-GAAP)[2] in the fourth quarter of 2025 was RMB303.7 million (US$43.4 million), compared to RMB486.5 million in the corresponding period of 2024.
  • Share repurchase:
    Under the share repurchase program effective from September 4, 2024, the Company had repurchased 7,116,939 American depositary shares (“ADSs”) for a total cost of approximately US$184.5 million.

    On March 5, 2026, Autohome’s Board of Directors authorized a new share repurchase program under which the Company may repurchase up to US$200 million of its American depositary shares over the next eighteen months.

    The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Company’s Board of Directors will review the authorized share repurchase program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund repurchases from its existing cash balance.

[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB6.9931 on December 31, 2025, in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

Full Year 2025 Highlights1

  • Net revenues in 2025 were RMB6,452.0 million (US$922.6 million), compared to RMB7,039.6 million in 2024.
  • Net income attributable to Autohome in 2025 was RMB1,442.8 million (US$206.3 million), compared to RMB1,681.1 million in 2024, while net income attributable to ordinary shareholders in 2025 was RMB1,385.1 million (US$198.1 million), compared to RMB1,619.6 million in 2024.
  • Adjusted net income attributable to Autohome (Non-GAAP)2 in 2025 was RMB1,607.0 million (US$229.8 million), compared to RMB2,050.0 million in 2024.

Mr. Chi Liu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “2025 was a pivotal year in our evolution, transforming from an automotive information platform into a comprehensive automotive service ecosystem. Facing a dynamic industry landscape, our focus was on driving two core initiatives. On the content front, we continued to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities. On the service front, we accelerated the development of fully integrated online-to-offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners. Throughout this transformation, we are leveraging AI as a core engine to drive product innovation and optimize operations. Moving forward, we remain committed to improving the user experience, continuously enhancing our service and transaction ecosystem, and driving high-quality and sustainable development of Autohome.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Over the past year, we continued to build our content ecosystem by expanding user reach through emerging media channels. Our Autohome Media MCN now includes over 500 top-tier creators across diverse fields, broadening our engagement across user groups. On the transaction service side, Autohome Mall, which launched in the second half of 2025, got off to a stable start, demonstrating a positive development trajectory. Driven by the robust performance of our new retail business, our online marketplace and others revenues increased by 8.8% year-over-year in 2025. Looking ahead, we will continue to innovate and explore new business models to deliver long-term value to our shareholders.”

Unaudited Fourth Quarter 2025 Financial Results 

Net Revenues

Net revenues in the fourth quarter of 2025 were RMB1,462.0 million (US$209.1 million), compared to RMB1,783.4 million in the corresponding period of 2024.                   

  • Media services revenues were RMB333.8 million (US$47.7 million) in the fourth quarter of 2025, compared to RMB436.8 million in the corresponding period of 2024, primarily due to reduced advertising spending by internal combustion engine (“ICE”) automakers amid shrinking sales volumes in the ICE segment.
  • Leads generation services revenues were RMB667.8 million (US$95.5 million) in the fourth quarter of 2025, compared to RMB758.4 million in the corresponding period of 2024.
  • Online marketplace and others revenues were RMB460.3 million (US$65.8 million) in the fourth quarter of 2025, compared to RMB588.2 million in the corresponding period of 2024.

Cost of Revenues

Cost of revenues was RMB318.9 million (US$45.6 million) in the fourth quarter of 2025, compared to RMB428.6 million in the corresponding period of 2024. Share-based compensation expense included in cost of revenues in the fourth quarter of 2025 was RMB3.8 million (US$0.5 million), compared to RMB2.2 million in the corresponding period of 2024.

Operating Expenses

Operating expenses were RMB1,111.5 million (US$158.9 million) in the fourth quarter of 2025, compared to RMB1,177.0 million in the corresponding period of 2024.

  • Sales and marketing expenses were RMB738.6 million (US$105.6 million) in the fourth quarter of 2025, compared to RMB717.8 million in the corresponding period of 2024. Share-based compensation expenses included in sales and marketing expenses in the fourth quarter of 2025 were RMB12.4 million (US$1.8 million), compared to RMB10.3 million in the corresponding period of 2024.
  • General and administrative expenses were RMB115.0 million (US$16.4 million) in the fourth quarter of 2025, compared to RMB131.2 million in the corresponding period of 2024. Share-based compensation expenses included in general and administrative expenses in the fourth quarter of 2025 were RMB12.2 million (US$1.7 million), compared to RMB13.6 million in the corresponding period of 2024.
  • Product development expenses were RMB258.0 million (US$36.9 million) in the fourth quarter of 2025, compared to RMB328.0 million in the corresponding period of 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in the fourth quarter of 2025 were RMB18.1 million (US$2.6 million), compared to RMB15.6 million in the corresponding period of 2024.

Operating Profit

Operating profit was RMB92.3 million (US$13.2 million) in the fourth quarter of 2025, compared to RMB232.4 million in the corresponding period of 2024. 

Income Tax Expense

Income tax expense was RMB6.4 million (US$0.9 million) in the fourth quarter of 2025, compared to income tax expense of RMB31.4 million in the corresponding period of 2024.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB233.9 million (US$33.4 million) in the fourth quarter of 2025, compared to RMB320.5 million in the corresponding period of 2024.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB226.4 million (US$32.4 million) in the fourth quarter of 2025, compared to RMB304.4 million in the corresponding period of 2024. Basic and diluted earnings per share (“EPS”) were RMB0.48 (US$0.07) and RMB0.48 (US$0.07), respectively, in the fourth quarter of 2025, compared to basic and diluted EPS of RMB0.63 and RMB0.62, respectively, in the corresponding period of 2024. Basic and diluted earnings per ADS were RMB1.94 (US$0.28) and RMB1.93 (US$0.28), respectively, in the fourth quarter of 2025, compared to basic and diluted earnings per ADS of RMB2.51 and RMB2.50, respectively, in the corresponding period of 2024.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB303.7 million (US$43.4 million) in the fourth quarter of 2025, compared to RMB486.5 million in the corresponding period of 2024. Non-GAAP basic and diluted EPS were RMB0.65 (US$0.09) and RMB0.65 (US$0.09), respectively, in the fourth quarter of 2025, compared to non-GAAP basic and diluted EPS of RMB1.00 and RMB1.00, respectively, in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS were RMB2.60 (US$0.37) and RMB2.59 (US$0.37), respectively, in the fourth quarter of 2025, compared to non-GAAP basic and diluted earnings per ADS of RMB4.02 and RMB3.99, respectively, in the corresponding period of 2024.

Unaudited Full Year 2025 Financial Results

Net Revenues

Net revenues in 2025 were RMB6,452.0 million (US$922.6 million), compared to RMB7,039.6 million in 2024.                               

  • Media services revenues were RMB1,153.4 million (US$164.9 million) in 2025, compared to RMB1,523.1 million in 2024, primarily due to reduced advertising spending by ICE automakers amid shrinking sales volumes in the ICE segment.
  • Leads generation services revenues were RMB2,709.2 million (US$387.4 million) in 2025, compared to RMB3,135.9 million in 2024. The decline was primarily attributable to a reduction in the number of paying dealers and a lower average revenue per dealer as we expanded our footprint across lower-tier cities.
  • Online marketplace and others revenues were RMB2,589.4 million (US$370.3 million) in 2025, compared to RMB2,380.6 million in 2024.

Cost of Revenues

Cost of revenues was RMB1,783.8 million (US$255.1 million) in 2025, compared to RMB1,483.2 million in 2024, primarily due to higher transaction costs associated with the Company’s new retail business in lower-tier cities. Share-based compensation expense included in cost of revenues was RMB14.8 million (US$2.1 million) in 2025, compared to RMB8.1 million in 2024.

Operating Expenses

Operating expenses were RMB4,100.4 million (US$586.4 million) in 2025, compared to RMB4,841.4 million in 2024.

  • Sales and marketing expenses were RMB2,532.7 million (US$362.2 million) in 2025, compared to RMB2,988.2 million in 2024, primarily due to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in 2025 were RMB56.9 million (US$8.1 million), compared to RMB48.4 million in 2024.
  • General and administrative expenses were RMB504.0 million (US$72.1 million) in 2025, compared to RMB534.8 million in 2024. Share-based compensation expenses included in general and administrative expenses in 2025 were RMB60.1 million (US$8.6 million), compared to RMB51.1 million in 2024.
  • Product development expenses were RMB1,063.7 million (US$152.1 million) in 2025, compared to RMB1,318.4 million in 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in 2025 were RMB87.1 million (US$12.5 million), compared to RMB84.3 million in 2024.

Operating Profit

Operating profit was RMB769.3 million (US$110.0 million) in 2025, compared to RMB1,003.5 million in 2024.

Income Tax Expense

Income tax expense was RMB141.7 million (US$20.3 million) in 2025, compared to an income tax expense of RMB63.0 million in 2024. The increase was primarily attributable to the prior-year tax filing adjustments, and less benefits from preferential income tax rates and tax holidays for certain subsidiaries in the PRC.

Net Income attributable to Autohome

Net income attributable to Autohome was RMB1,442.8 million (US$206.3 million) in 2025, compared to RMB1,681.1 million in 2024.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB1,385.1 million (US$198.1 million) in 2025, compared to RMB1,619.6 million in 2024. Basic and diluted EPS were RMB2.95 (US$0.42) and RMB2.93 (US$0.42), respectively, in 2025 as compared to basic and diluted EPS of RMB3.34 and RMB3.33, respectively, in 2024. Basic and diluted earnings per ADS were RMB11.78 (US$1.69) and RMB11.74 (US$1.68), respectively, in 2025 as compared to basic and diluted earnings per ADS of RMB13.36 and RMB13.31, respectively, in 2024.

Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP Earnings per Share/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB1,607.0 million (US$229.8 million) in 2025, compared to RMB2,050.0 million in 2024. Non-GAAP basic and diluted EPS were RMB3.42 (US$0.49) and RMB3.40 (US$0.49), respectively, in 2025 as compared to non-GAAP basic and diluted EPS of RMB4.23 and RMB4.21, respectively, in 2024. Non-GAAP basic and diluted earnings per ADS were RMB13.67 (US$1.95) and RMB13.62 (US$1.95), respectively, in 2025 as compared to non-GAAP basic and diluted earnings per ADS of RMB16.91 and RMB16.85, respectively, in 2024.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents, short-term investments and long-term financial products of RMB21.36 billion (US$3.05 billion). Net cash provided by operating activities in 2025 was RMB889.5 million (US$127.2 million).

Employees 

The Company had 4,242 employees as of December 31, 2025, including 1,197 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on Thursday, March 5, 2026 (8:00 p.m. Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link:

https://register-conf.media-server.com/register/BIdfc55c5793964417869b4d3b671bd935

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

Safe Harbor Statement 

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures 

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, share of results of equity method investments, and non-recurring employee severance costs, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set fourth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.
Sterling Song
Investor Relations Director  
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn

Christensen China Limited Suri Cheng
Tel: +86-185-0060-8364
E-mail:  suri.cheng@christensencomms.com

 

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except share and per share / per ADS data) 

 For three months ended December 31, 

For year ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues: 

Media services

436,819

333,817

47,735

1,523,075

1,153,419

164,937

Leads generation services 

758,443

667,839

95,500

3,135,885

2,709,235

387,415

Online marketplace and others

588,174

460,342

65,828

2,380,627

2,589,376

370,276

Total net revenues 

1,783,436

1,461,998

209,063

7,039,587

6,452,030

922,628

Cost of revenues

(428,559)

(318,927)

(45,606)

(1,483,220)

(1,783,831)

(255,084)

Gross profit 

1,354,877

1,143,071

163,457

5,556,367

4,668,199

667,544

Operating expenses: 

Sales and marketing expenses 

(717,812)

(738,569)

(105,614)

(2,988,169)

(2,532,667)

(362,167)

General and administrative
   expenses 

(131,168)

(114,964)

(16,440)

(534,809)

(504,013)

(72,072)

Product development expenses 

(327,987)

(257,969)

(36,889)

(1,318,443)

(1,063,746)

(152,114)

Total operating expenses

(1,176,967)

(1,111,502)

(158,943)

(4,841,421)

(4,100,426)

(586,353)

Other operating income, net

54,498

60,690

8,679

288,551

201,514

28,816

Operating profit

232,408

92,259

13,193

1,003,497

769,287

110,007

Interest and investment income,
   net

189,062

155,802

22,279

791,905

659,810

94,352

Share of results of equity
   method investments

(77,389)

(17,957)

(2,568)

(109,094)

102,770

14,695

Income before income taxes 

344,081

230,104

32,904

1,686,308

1,531,867

219,054

Income tax expense

(31,375)

(6,430)

(919)

(62,959)

(141,745)

(20,269)

Net income 

312,706

223,674

31,985

1,623,349

1,390,122

198,785

Net loss attributable to
   noncontrolling interests

7,817

10,219

1,461

57,774

52,708

7,537

Net income attributable to
   Autohome

320,523

233,893

33,446

1,681,123

1,442,830

206,322

Accretion of mezzanine equity

(44,006)

(48,057)

(6,872)

(172,596)

(189,661)

(27,121)

Accretion attributable to
   noncontrolling interests

27,895

40,573

5,802

111,035

131,964

18,870

Net income attributable to
   ordinary shareholders

304,412

226,409

32,376

1,619,562

1,385,133

198,071

Earnings per share
   attributable to ordinary
   shareholders 

Basic 

0.63

0.48

0.07

3.34

2.95

0.42

Diluted 

0.62

0.48

0.07

3.33

2.93

0.42

Earnings per ADS attributable
    to ordinary shareholders
    (one ADS equals for four ordinary shares)

Basic 

2.51

1.94

0.28

13.36

11.78

1.69

Diluted 

2.50

1.93

0.28

13.31

11.74

1.68

Weighted average shares used to compute
    earnings per share attributable to ordinary
     shareholders:

 Basic 

484,428,433

467,419,423

467,419,423

484,945,912

470,186,664

470,186,664

 Diluted

487,443,601

469,612,367

469,612,367

486,552,724

472,096,864

472,096,864

 


AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share / per ADS data)

 

For three months ended December 31,

For year ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net income attributable to Autohome

320,523

233,893

33,446

1,681,123

1,442,830

206,322

Plus: income tax expense

32,716

7,770

1,111

68,321

147,105

21,036

Plus: depreciation of property and
   equipment

27,019

28,091

4,017

120,830

108,107

15,459

Plus: amortization of intangible assets

9,645

9,595

1,372

38,595

38,406

5,492

EBITDA

389,903

279,349

39,946

1,908,869

1,736,448

248,309

Plus: share-based compensation
   expenses

41,743

46,435

6,640

192,024

218,974

31,313

Adjusted EBITDA

431,646

325,784

46,586

2,100,893

1,955,422

279,622

Net income attributable to Autohome

320,523

233,893

33,446

1,681,123

1,442,830

206,322

Plus: amortization of intangible assets
   resulting from business acquisition

9,583

9,583

1,370

38,332

38,332

5,481

Plus: share-based compensation
   expenses

41,743

46,435

6,640

192,024

218,974

31,313

Plus: investment loss arising from one of
   financial products[3]

–

–

–

620

–

–

Plus: share of results of equity method
   investments

77,389

17,957

2,568

109,094

(102,770)

(14,696)

Plus: non-recurring employee severance
   costs[4]

60,847

–

–

60,847

–

–

Plus: tax effects of the adjustments

(23,565)

(4,217)

(603)

(31,992)

9,683

1,385

Adjusted net income attributable to
   Autohome

486,520

303,651

43,421

2,050,048

1,607,049

229,805

Net income attributable to Autohome

320,523

233,893

33,446

1,681,123

1,442,830

206,322

Net margin

18.0 %

16.0 %

16.0 %

23.9 %

22.4 %

22.4 %

Adjusted net income attributable to
   Autohome

486,520

303,651

43,421

2,050,048

1,607,049

229,805

Adjusted net margin

27.3 %

20.8 %

20.8 %

29.1 %

24.9 %

24.9 %

Non-GAAP earnings per share

Basic

1.00

0.65

0.09

4.23

3.42

0.49

Diluted

1.00

0.65

0.09

4.21

3.40

0.49

Non-GAAP earnings per ADS (one
   ADS equals for four ordinary shares)

Basic

4.02

2.60

0.37

16.91

13.67

1.95

Diluted

3.99

2.59

0.37

16.85

13.62

1.95

Weighted average shares used to
   compute non-GAAP earnings per share:

Basic

484,428,433

467,419,423

467,419,423

484,945,912

470,186,664

470,186,664

Diluted

487,443,601

469,612,367

469,612,367

486,552,724

472,096,864

472,096,864

[3] It represents the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment
income, net”. The impact was considered to be not directly related to the Company’s operating activities.

[4] It represents the non-recurring employee severance costs associated with the optimization to the Company’s organizational structure in
the fourth quarter of 2024.

 

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

As of December 31,

As of December 31,

2024

2025

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

1,693,597

2,175,493

311,091

Restricted cash

88,515

74,424

10,642

Short-term investments

21,621,992

17,063,633

2,440,067

Accounts receivable, net

1,358,849

1,521,347

217,550

Amounts due from related parties, current

63,957

43,599

6,235

Prepaid expenses and other current assets

336,941

308,733

44,148

Total current assets

25,163,851

21,187,229

3,029,733

Non-current assets

Restricted cash, non-current

5,000

5,000

715

Property and equipment, net

204,049

191,063

27,322

Goodwill and intangible assets, net

4,069,637

3,995,489

571,347

Long-term equity investments

339,247

442,017

63,208

Other long-term investments

–

2,124,783

303,840

Deferred tax assets

308,246

262,622

37,554

Amounts due from related parties, non-current

3,521

9,709

1,388

Other non-current assets

128,074

90,612

12,957

Total non-current assets

5,057,774

7,121,295

1,018,331

Total assets

30,221,625

28,308,524

4,048,064

LIABILITIES AND EQUITY

Current liabilities

Accrued expenses and other payables

2,931,869

2,192,496

313,523

Advance from customers

106,276

98,083

14,026

Deferred revenue

276,894

170,836

24,429

Income tax payable

185,976

82,000

11,726

Amounts due to related parties

38,250

13,739

1,965

Dividends payable

990,529

976,382

139,621

Total current liabilities

4,529,794

3,533,536

505,290

Non-current liabilities

Other liabilities

23,103

21,544

3,079

Deferred tax liabilities

468,078

458,266

65,531

Total non-current liabilities

491,181

479,810

68,610

Total liabilities

5,020,975

4,013,346

573,900

MEZZANINE EQUITY

Convertible redeemable noncontrolling interests

1,931,529

2,121,191

303,326

EQUITY

Total Autohome shareholders’ equity

23,951,737

23,041,328

3,294,866

Noncontrolling interests

(682,616)

(867,341)

(124,028)

Total equity

23,269,121

22,173,987

3,170,838

Total liabilities, mezzanine equity and equity

30,221,625

28,308,524

4,048,064

 

 

Ampace Is Advancing AI Continuity Infrastructure at DCW London 2026

By
Advertorial Desk
-

LONDON, March 5, 2026 /PRNewswire/ — AI workloads are driving unprecedented volatility in data center power systems. Higher rack densities, rapid GPU load swings, and escalating thermal stress are challenging power continuity and operational stability. Ensuring uninterrupted energy supply is becoming foundational to AI-driven facilities.

At DCW London 2026 (Excel London, Booth C145), Ampace is demonstrating how AI Continuity Infrastructure is responding to these accelerating demands. Across the exhibition floor, visitors are engaging with the PU Series, engineered for frequent load fluctuations, and exploring how semi-solid LFP cell technology is stabilizing power spikes while sustaining performance.


PU Series Designed for Volatile AI Workloads

AI data centers are operating under increasingly demanding conditions. High-density racks are concentrating power demand into smaller footprints, requiring compact systems capable of delivering consistent output without sacrificing reliability.

At the same time, GPU clusters are generating rapid and unpredictable load swings. Power systems need to absorb sudden spikes while maintaining a steady backup supply. The PU Series responds with high-rate capability and stable cabinet-level output, supporting continuity under dynamic AI workloads.

Thermal pressure is also intensifying. Elevated ambient temperatures and sustained computational loads are testing system resilience. The PU architecture enables module natural cooling, helping facilities maintain consistent performance without interruption.

Together, these capabilities are reinforcing one essential objective: continuous, stable power in AI-driven environments where downtime is no longer acceptable.

Semi-Solid LFP Cells Power Resilience in AI Environments

As rack power levels rise, intrinsic battery safety is becoming a primary engineering concern.

Ampace’s semi-solid LFP cell technology is eliminating free electrolyte within the cell structure, effectively removing leakage pathways over the product lifespan. This design significantly lowers the probability of insulation-related failure mechanisms.

In controlled testing environments, the semi-solid design is demonstrating approximately 58% lower thermal runaway gas release compared with conventional LFP architectures under similar conditions. By minimizing combustible gas generation and improving thermal stability, the technology is reducing the potential for fire propagation in high-density rack systems.

The system has obtained UL 9540A certification, validating fire propagation resistance through standardized large-scale testing.

Beyond safety, the semi-solid structure is also contributing to longer service life and enhanced operational reliability — essential for AI data centers operating under continuous, high-load conditions.

What’s Next: Advancing AI Continuity Infrastructure Worldwide

At DCW London 2026, AI Continuity Infrastructure is being positioned as a long-term framework rather than a single product release. Stable dynamic response, thermal resilience, and intrinsic safety are forming the foundation of Ampace’s approach to AI data center energy.

Ampace solutions are already supporting large-scale and AI-focused data centers across multiple regions worldwide, including projects in India, China, Korea, Japan, and Indonesia. These deployments are operating in environments defined by high computational density, elevated thermal conditions, and strict power continuity requirements, demonstrating the adaptability and reliability of Ampace systems under real-world operating pressures.

Looking ahead, Ampace is continuing to expand AI Continuity Infrastructure globally — delivering more advanced, resilient, and scalable power solutions to meet the evolving demands of AI-driven data centers worldwide.

COL and NASDAQ-Listed BeLive Holdings Unveil World’s First “Microdrama in a Box” in Headline Hong Kong FILMART 2026 Launch

By
Advertorial Desk
-

HONG KONG and SINGAPORE, March 5, 2026 /PRNewswire/ — COL Group has partnered with US-listed BeLive Holdings to launch the world’s first fully integrated “Microdrama in a Box” solution at Hong Kong International Film & TV Market (FILMART 2026). The offering combines enterprise-grade SaaS infrastructure with access to the largest curated microdrama catalogue globally, positioning the partnership as one of the event’s defining commercial announcements.

Latif Sim, BeLive * Timothy Oh, COL Group International
Latif Sim, BeLive * Timothy Oh, COL Group International

The partnership brings together Yeon Studios, BeLive’s enterprise microdrama delivery platform, and COL’s extensive premium microdrama IP pipeline to create a seamless, end-to-end solution for companies looking to enter or scale within the rapidly accelerating microdrama economy. For the first time, technology and content are bundled as a unified commercial offering, enabling regional players to deploy fully branded, market-ready microdrama platforms within 30 days.

As vertical short-form storytelling cements its position as one of the most commercially viable mobile-first formats, demand is growing far beyond the established powerhouses of the US and China. Yet many regional markets lack the infrastructure, content depth and operational playbook to launch credible, scalable platforms. The new COL-BeLive offering is designed to address precisely that gap.

Under the model, partners gain access to a complete microdrama ecosystem, including a vertical episodic playback engine optimised for series-based consumption, built-in gamification and reward systems to drive retention, advertising and hybrid subscription monetisation frameworks, multi-language AI subtitling, and optional commerce integration. Combined with COL’s continuously refreshed catalogue of premium microdrama titles and monthly top-performing releases, the platform deploys ready-to-use from day one, significantly lowering entry barriers for telcos, OTT services, super apps, broadcasters and digital publishers.

“This is a powerful combination of technology and content at exactly the right time,” said Timothy Oh, General Manager of COL Group International. “Microdrama has already proven its engagement and monetisation strength in the US and China. By packaging enterprise-grade SaaS with the world’s largest microdrama catalogue as one integrated solution, we’re removing operational complexity for our partners. They can focus on brand positioning and go-to-market execution, while we handle the content curation, platform optimisation and infrastructure behind the scenes.”

Latif Sim, Executive Director of BeLive Holdings, said the collaboration signals a broader ambition to accelerate the new Story Economy. “This partnership with COL Group is more than about launching a product. It’s about launching a new model for the Story Economy. Together, we are turning microdrama from platform-dependent content into owned, scalable infrastructure.”

The partnership and solution will take centre stage at FILMART 2026, where COL and BeLive will exhibit at Booth 1B-A17 at the Hong Kong Convention & Exhibition Centre from 17–20 March. The companies will also host a featured masterclass on 18 March at 3.40pm in Room N106–N108 titled “How to Launch a Successful Microdrama Platform in 30 Days.” Led by Timothy Oh and BeLive’s Executive Director, the session will present the latest global market data, a practical 30-day launch blueprint, monetisation frameworks, and strategic considerations for scaling microdrama platforms in emerging regions. Attendees who pre-register will receive the full masterclass presentation and accompanying industry report.

As the microdrama sector continues to move from experimental to institutional, the “Microdrama in a Box” model is expected to become one of the standout commercial talking points of FILMART 2026, offering the industry a clear pathway from concept to platform in under a month.

COL x BELIVE MEDIA

COL Group is a publicly listed Chinese media and entertainment powerhouse with more than two decades of experience in content development, production, and IP management. As the first company to pioneer and launch the microdrama format in China, COL helped define a new category of short form storytelling before successfully bringing the model to the United States through the incubation of ReelShort, and subsequently launching FlareFlow to further scale its global ecosystem.

Combining creative excellence with industrial scale production capabilities and a rapidly expanding international distribution network, COL has built one of the most comprehensive microdrama catalogues in the world. From IP creation to platform incubation and cross border monetisation, the company continues to redefine how vertical stories are produced, localised, distributed and commercialised, driving the next phase of growth for the global microdrama industry.

BeLive Holdings is a NASDAQ listed technology company specialising in scalable digital and video infrastructure. The company develops and deploys solutions spanning live and video commerce, AI driven video technologies, gamified rewards ecosystems, and data intelligence platforms. These systems are designed to help brands convert audience attention into measurable revenue, stronger customer retention, and long term loyalty.

China Cycle 2026: Building a Global Platform to Advance Global Cooperation and Innovation

By
Advertorial Desk
-

SHANGHAI, March 5, 2026 /PRNewswire/ — China International Bicycle Fair 2026  (China Cycle 2026) is expected to open May 5–8, 2026 at the Shanghai New International Expo Centre (SNIEC). Leveraging China’s strategic position as a global hub for the bicycle industry, this year’s trade show will set up an efficient business matching platform for domestic and international enterprises, fostering collaboration and development in the green mobility sector.

China Cycle 2026
China Cycle 2026

Building on three decades of expertise and innovation, China Cycle has evolved into a pivotal hub shaping global trends in the two‑wheeler industry. This year’s event will span 13 exhibition halls, presenting a full lineup of bicycles, components, and related technologies. Upgraded trade matching sessions and cross‑border procurement services will further provide exhibitors and global buyers with streamlined, high‑impact networking opportunities.

In 2025, China Cycle attracted a total of 156,350 visitors, including nearly 17,000 international attendees from 144 countries and regions. Buyers from 33 countries engaged with exhibitors through cross‑border procurement meetings, resulting in nearly 100 preliminary cooperation agreements. Initial discussions alone generated cooperation intentions valued at more than $20 million, which underscored the scale, strong appeal and potential of the Chinese market to the global bicycle industry. China is the world’s largest manufacturing and consumer market for bicycles and e‑bikes, accounting for more than 60% of global industry trade volume. Supported by a mature industrial ecosystem and the advantages of large‑scale production, Chinese companies are capable of delivering products and solutions that balance strong performance with cost efficiency, offering global buyers compelling, high‑value partnership opportunities.

The growing demand among Chinese consumers for high‑quality, innovative bicycles and electric mobility solutions is also creating significant opportunities for global brands.

China Cycle 2026 is bringing together leading global brands and industry players including big names like Giant, Merida, and Shimano, as well as renowned Chinese companies like Phoenix and Forever, showcasing innovative products, cutting‑edge technological achievements and emerging industry trends.

China Cycle 2026 will continue to serve as the bridge for fostering global industry cooperation and advancing technological exchange in the two‑wheeler sector. Industry partners, buyers, and professional visitors are warmly invited to participate in this dynamic event—whether to explore new business opportunities, exchange insights on emerging trends, or experience the latest innovations shaping the future of bicycles and e-bikes worldwide.

For more information, please visit: https://www.e-chinacycle.com/.

Register now: https://tg6.ltd/dnjpyb.

Contact:
info@e-chinacycle.com 

 

Hikvision Awarded the DMCC Global Enterprise ESG Leader Award

By
Advertorial Desk
-

DUBAI, UAE, March 5, 2026 /PRNewswire/ — Hikvision has been honored with the inaugural DMCC Global Enterprise ESG Leader Award. This award highlights the company’s continuous dedication to responsible growth and environmental, social, and governance (ESG) excellence, including its impactful localized contributions in the Middle East.

Hikvision Awarded the DMCC Global Enterprise ESG Leader Award
Hikvision Awarded the DMCC Global Enterprise ESG Leader Award

Home to over 26,000 companies, the Dubai Multi Commodities Centre (DMCC) is recognized as the No. 1 Global Free Zone by the Financial Times’ fDi Intelligence. As a newly launched initiative, the Pioneers of Sustainability Awards honor DMCC member companies that demonstrate measurable ESG progress, aligning with both UAE national priorities and international standards.

“As a global AIoT leader, Hikvision has successfully integrated sustainability into the core of its business, driven by continuous innovation,” stated Evgeny Garanin, DMCC’s Associate Director for Corporate Sustainability. “This award recognizes their commitment to creating lasting value for customers, advancing social well-being, and fulfilling their global responsibilities.”

Hikvision’s ESG performances align closely with the three pillars evaluated by the DMCC:

Advancing Green Development through AIoT

Hikvision places green development at the core of its sustainability strategy, integrating eco-friendly measures throughout the entire product lifecycle. By continuously optimizing energy efficiency and driving low-carbon manufacturing, the company actively minimizes its footprint while delivering greener AIoT solutions. A testament to this commitment, in September 2025, Hikvision WonderHub earned the distinction of being the world’s first large-format display to achieve TCO Certified Generation 10, underscoring the company’s ongoing efforts to deliver low-carbon and efficient solutions to its global customers.

Fostering Social Good and Community Care

Hikvision leverages its technology to enhance social well-being guided by its “Tech for Good” principle. A strong example is its global STAR Program for Social Good, which empowers non-profits to preserve natural and cultural heritage through AIoT technology. To date, the company has collaborated with over 30 non-profits in 14 countries and regions. Beyond global reach, Hikvision remains deeply committed to local welfare, exemplified by its flagship Ramadan care campaign in Dubai. Now in its third consecutive year, the initiative ensures the nutritional well-being of frontline workers during Ramadan, showcasing Hikvision’s genuine and enduring care for the community it serves.

Upholding Transparency and Robust Integrity

Robust, transparent, and ethical governance forms the cornerstone of Hikvision’s operations, consistently embedding international compliance standards and best practices — spanning cybersecurity, data privacy, and human rights — into its full lifecycle of R&D, manufacturing, sales, and operations. In recognition of its integrity practices, Hikvision was awarded the ISO 37301 certification in December 2025 for its compliance management system, reflecting the company’s unwavering commitment to trust and accountability.

The DMCC Global Enterprise ESG Leader Award marks a significant step in Hikvision’s sustainability journey, echoing the company’s active practices of the UNGC Ten Principles following its participation in 2024. Moving forward, Hikvision will continue to champion sustainable development, ensuring that every innovation contributes to a more secure and better world.

For more information about Hikvision’s sustainability efforts, please visit the Sustainability Webpage.

Thahao Reservoir Irrigation Project Set to Benefit Over 2,100 Families in Savannakhet

By
Phoudasack Vongsay
-
Savannakhet inspection of construction of Thahao Reservoir irrigation project supporting farmers in Nakhum village, Outhoumphone district, Savannakhet Laos. (Photo by Savanhphathana News)

The Thahao reservoir and irrigation project currently under construction in Savannakhet Province is expected to benefit 2,174 families once completed.

Located in Nakhum village, Outhoumphone district, the project is designed to improve irrigation capacity and support farming and livestock activities across nearby communities.

Once operational, the reservoir is expected to supply water to around 1,700 hectares of farmland, benefiting residents in 15 villages across the district. Officials say the project will help farmers maintain agricultural production throughout the year, particularly during dry periods.

On 2 March, provincial authorities visited the construction site to inspect progress and review ongoing work on the irrigation system and reservoir infrastructure. They foresee operation teams to complete the reservoir in time to store water before the upcoming rainy season.

During the visit, officials urged contractors and relevant agencies must follow technical standards closely while accelerating construction to meet the planned timeline.They also stressed the importance of maintaining construction safety and protecting the surrounding environment.

The Thahao reservoir project is part of broader efforts to strengthen irrigation systems in Savannakhet and support agricultural productivity and rural livelihoods in Outhoumphone district.

PolyU research unveils mechanoelectrical perception in sea urchin spines, empowering next-generation biomimetic sensors

By
Advertorial Desk
-

HONG KONG SAR – Media OutReach Newswire – 5 March 2026 – Sea urchin spines are not only for defence—they also act as natural sensors. A research team led by Prof. WANG Zuankai, Associate Vice President (Research and Innovation), Dean of Graduate School, Kuok Group Professor in Nature-Inspired Engineering and Chair Professor of the Department of Mechanical Engineering of The Hong Kong Polytechnic University (PolyU), together with scholars from City University of Hong Kong (CityU) and Huazhong University of Science and Technology (HUST), has discovered the mechanoelectrical perception in sea urchin spines, originating in their gradient porous structure, that allows the spines to instantly detect water flow. Using 3D printing, the team has replicated this structure and developed a bionic metamaterial sensor, which holds promise for breakthroughs in sensing technology. This innovation will drive the advancement of deep-sea technology such as marine monitoring and underwater infrastructure management, and can be extended to other emerging fields like brain-computer interfacing and aerospace.

A research team led by Prof. Wang Zuankai, Associate Vice President (Research and Innovation), Dean of Graduate School, Kuok Group Professor in Nature-Inspired Engineering and Chair Professor of the Department of Mechanical Engineering of PolyU, has discovered the mechanoelectrical perception in sea urchin spines. It originates in the spines’ gradient porous structure that generates electrical signals when water flows through it. The team used 3D printing technology to replicate the structure and develop a novel bionic metamaterial sensor.
A research team led by Prof. Wang Zuankai, Associate Vice President (Research and Innovation), Dean of Graduate School, Kuok Group Professor in Nature-Inspired Engineering and Chair Professor of the Department of Mechanical Engineering of PolyU, has discovered the mechanoelectrical perception in sea urchin spines. It originates in the spines’ gradient porous structure that generates electrical signals when water flows through it. The team used 3D printing technology to replicate the structure and develop a novel bionic metamaterial sensor.

The research team found that, in the long-spined sea urchin (Diadema setosum), when a seawater droplet strikes the tip of a spine, the spine rotates rapidly within a second. Electrical measurements revealed that the droplet simulation produced a voltage of about 100 millivolts inside the spine; when the spine is immersed in water, water flow stimulation triggers a voltage of several tens of millivolts. This mechanoelectrical perception was observed even in dead spines, indicating that the mechanism is unrelated to biological cells.

This response originates from the stereom structure of the spine—the porous internal skeleton composed of pores with varying sizes and distributions. These pores exhibit a gradual gradient along the spine from the base to the tip: larger pores and lower solid density at the base, and smaller pores and higher solid density at the tip, forming a bicontinuous gradient porous structure. As water flows through the porous structure, solid-liquid interfacial interaction occurs and the flow exerts shear force on the electric double layer, inducing the separation and redistribution of interfacial charge, which generates a voltage difference. The gradient structure intensifies the interaction between water flow and pore surfaces, resulting in a stronger voltage difference and enhancing the spine’s sensing capabilities.

Inspired by these findings, the researchers used vat photopolymerisation 3D printing to create artificial samples from polymer and ceramic materials that resemble the spine’s stereom. Experiments showed that the spine-mimicking design produce a voltage output about three times higher and an amplitude about eight times greater than non-gradient designs under water flow stimulation, demonstrating that the key to the mechanoelectrical perception lies in the structure rather than the material. They also constructed a bionic 3D metamaterial mechanoreceptor that is designed in a 3 × 3 array with each unit made of gradient porous material. This mechanoreceptor can record electrical signals in real time underwater and precisely locate the position of water flow impact, without the need for additional electricity.

The research team points out that the gradient porous structure in sea urchin spines enhances signal transmission, thereby improving the precision and sensitivity of the mechanoreceptor. By replicating this structure in different materials, it is possible to extend its application beyond water flow sensing to various types of signals, including those measuring pressure, vibration and electromagnetic waves. This will inspire sensing technologies in multiple fields, such as in relation to its use in brain-computer interfaces to enhance the sensing of brainwaves and neural signals, with tremendous application potential.

Prof. Wang Zuankai said, “Compared to traditional mechanoreceptors, our design excels in manufacturability, structural design flexibility, material versatility, geometric and performance control, and real-time underwater self-sensing. Leveraging gradients of porous materials and 3D printing technologies, we aspire to produce more nature-inspired metamaterial sensors with a range of materials, pore sizes and surface features that support potential applications in many fields.”

At the forefront of nature-inspired science and engineering research, Prof. Wang’s team has also invented various new materials, including lotus leaf-inspired self-cleaning surfaces capable of rapid water repellency, Araucaria leaves-inspired surfaces that enable self-propelled liquid transport, and anti-icing structures that achieve spontaneous ejection of freezing droplets by replicating the biological mechanism of spore shooting in fungi. He envisions that their research will open up new avenues for the development of nature-inspired materials.

“For natural porous materials, mechanical properties such as strength may not be the primary function, but rather a by-product of complex biomineralisation. Uncovering previously unknown mechanisms that lie beyond a material’s traditionally recognised function helps us to more comprehensively understand and fully utilise these natural resources. This is crucial for advancing biomimetic research,” he added.

This joint research was co-led by Prof. LU Jian from CityU, and Prof. YAN Chunze and Prof. SU Bin from HUST. The study findings have been published in the international journal Nature.
Hashtag: #PolyU #MarineEnvironment #NatureInspiredEngineering #SensingTechnology #DeepSeaTechnology #Brain-ComputerInterface #Nature #HongKong

The issuer is solely responsible for the content of this announcement.

CCTV+: China’s national legislature starts annual session

By
Advertorial Desk
-

BEIJING, March 5, 2026 /PRNewswire/ — The 14th National People’s Congress (NPC), China’s national legislature, opened its fourth session at the Great Hall of the People in Beijing on Thursday morning.

Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, and other Chinese leaders were present at the opening meeting which was attended by 2,765 NPC deputies.

Chinese Premier Li Qiang delivered a government work report on behalf of the State Council for deliberation.

During the session, which is scheduled to run from March 5 to 12, NPC deputies will deliberate the report on the work of the government; examine the draft outline of the 15th Five-Year Plan (2026-2030) for national economic and social development; examine the report on the implementation of the 2025 plan for national economic and social development and on the 2026 draft plan, and the draft plan for national economic and social development in 2026; and examine the report on the execution of the central and local budgets for 2025 and on the draft central and local budgets for 2026, and the draft central and local budgets for 2026.

They will also deliberate bills put forward by the NPC Standing Committee on reviewing the draft environmental code; reviewing the draft law on promoting ethnic unity and progress; and reviewing the draft law on national development planning.

Additionally, NPC deputies will deliberate the work report of the NPC Standing Committee; deliberate the work report of the Supreme People’s Court; deliberate the work report of the Supreme People’s Procuratorate; and deliberate the report of the NPC Standing Committee on the work of the overhaul of laws and the proposed handling of certain laws and decisions.

Link: https://www.youtube.com/watch?v=Ej7ZEPdPsGQ 

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