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Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results and Shareholder Return Plan

NANJING, China, March 5, 2026 /PRNewswire/ — Tuniu Corporation (NASDAQ: TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Highlights for the Fourth Quarter of 2025

  • Net revenues in the fourth quarter of 2025 increased by 20.3% year-over-year to RMB123.5 million (US$17.7 million[1]).
  • Revenues from package tours in the fourth quarter of 2025 increased by 35.3% year-over-year to RMB102.1 million (US$14.6 million).
  • Net income in the fourth quarter of 2025 was RMB1.5 million (US$0.2 million), compared to a net loss of RMB25.1 million in the fourth quarter of 2024.

“We are pleased to report strong performance for the fourth quarter of 2025,” said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “Net revenues increased by 20.3% year-over-year, while revenues from packaged tours grew by 35.3% year-over-year. We achieved a year-over-year return to profitability in the fourth quarter and once again delivered full-year profitability, marking the third consecutive year of full-year non-GAAP profitability. In 2025, we adopted a proactive product strategy and an open sales channel approach, driving sustained business growth. In addition, supported by new technologies, we continuously optimized our internal operations and management, achieving ongoing cost reductions and efficiency improvements. Looking ahead to 2026, we will continue to enhance our performance and profitability, striving to create greater value for both our customers and shareholders.”

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.9931 on December 31, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm

Fourth Quarter 2025 Results

Net revenues were RMB123.5 million (US$17.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 20.3% from the corresponding period in 2024.

  • Revenues from packaged tours were RMB102.1 million (US$14.6 million) in the fourth quarter of 2025, representing a year-over-year increase of 35.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
  • Other revenues were RMB21.5 million (US$3.1 million) in the fourth quarter of 2025, representing a year-over-year decrease of 21.4% from the corresponding period in 2024. The decrease was primarily due to the decrease of merchandise sales.

Cost of revenues was RMB53.5 million (US$7.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 62.5% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 43.3% in the fourth quarter of 2025, compared to 32.1% in the corresponding period in 2024.

Gross profit was RMB70.0 million (US$10.0 million) in the fourth quarter of 2025, which was almost in line with gross profit in the fourth quarter of 2024.

Operating expenses were RMB69.0 million (US$9.9 million) in the fourth quarter of 2025, representing a year-over-year decrease of 16.4% from the corresponding period in 2024.

  • Research and product development expenses were RMB12.3 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 7.6%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.0% in the fourth quarter of 2025.
  • Sales and marketing expenses were RMB44.1 million (US$6.3 million) in the fourth quarter of 2025, representing a year-over-year increase of 3.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.7% in the fourth quarter of 2025.
  • General and administrative expenses were RMB12.8 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 52.2%. The decrease was primarily due to the impairment of property and equipment, net recorded in the fourth quarter of 2024. General and administrative expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2025.

Income from operations was RMB1.1 million (US$0.2 million) in the fourth quarter of 2025, compared to a loss from operations of RMB12.7 million in the fourth quarter of 2024. Non-GAAP[2] income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.1 million (US$0.4 million) in the fourth quarter of 2025.

Net income was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss of RMB25.1 million in the fourth quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025. 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB24.2 million in the fourth quarter of 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025.

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.1 billion (US$162.9 million). 

[2] The section below entitled “About Non-GAAP Financial Measures” provides information about the use of Non-GAAP financial measures in this press release, and the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release reconciles Non-GAAP financial information with the Company’s financial results under GAAP.

Fiscal Year 2025 Results

Net revenues were RMB578.0 million (US$82.6 million) in 2025, representing a year-over-year increase of 12.5% from 2024.

  • Revenues from packaged tours were RMB493.5 million (US$70.6 million) in 2025, representing a year-over-year increase of 21.1% from 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
  • Other revenues were RMB84.5 million (US$12.1 million) in 2025, representing a year-over-year decrease of 20.4% from 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products.

Cost of revenues was RMB243.0 million (US$34.7 million) in 2025, representing a year-over-year increase of 56.2% from 2024. As a percentage of net revenues, cost of revenues was 42.0% in 2025, compared to 30.3% in 2024.

Gross profit was RMB335.0 million (US$47.9 million) in 2025, representing a year-over-year decrease of 6.4% from 2024.

Operating expenses were RMB323.7 million (US$46.3 million) in 2025, representing a year-over-year increase of 9.8% from 2024.

  • Research and product development expenses were RMB59.0 million (US$8.4 million) in 2025, representing a year-over-year increase of 12.0%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.2% in 2025.
  • Sales and marketing expenses were RMB193.9 million (US$27.7 million) in 2025, representing a year-over-year increase of 7.5%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.5% in 2025.
  • General and administrative expenses were RMB71.8 million (US$10.3 million) in 2025, representing a year-over-year decrease of 18.0%. The decrease was primarily due to the decrease in general and administrative personnel related expenses and impairment of property and equipment, net. General and administrative expenses as a percentage of net revenues were 12.4% in 2025.

Income from operations was RMB11.2 million (US$1.6 million) in 2025, compared to an income from operations of RMB63.3 million in 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB22.7 million (US$3.2 million) in 2025.

Net income was RMB29.7 million (US$4.2 million) in 2025, compared to a net income of RMB83.7 million in 2024. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB41.1 million (US$5.9 million) in 2025.

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB31.1 million (US$4.5 million) in 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB77.2 million in 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB42.6 million (US$6.1 million) in 2025.

Business Outlook

For the first quarter of 2026, Tuniu expects to generate RMB125.7 million to RMB131.6 million of net revenues, which represents a 7% to 12% increase year-over-year compared with net revenues in the corresponding period in 2025. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Share Repurchase Update

In August 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares (“ADSs”) representing ordinary shares. As of February 28, 2026 the Company had repurchased an aggregate of approximately 4.5 million ADSs for approximately US$3.8 million from the open market under the share repurchase program.

Shareholder Return Plan

In March 2026, the Company’s Board of Director approved a three-year shareholder return plan, under which the Company may, during the three-year period from the date of approval, (i) declare and distribute cash dividends of no more than US$30 million and (ii) repurchase of its Class A Ordinary Shares and/or ADSs of no more than US$20 million. The shareholder return plan will run in addition to the Company’s existing share repurchase program adopted in August 2025. Under the shareholder return plan, the Board of Directors reserves the discretion to determine the form, timing, and amount of the capital return measures based on the Company’s financial condition, results of operations, capital requirements and other relevant factors.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 5, 2026, (9:00 pm, Beijing/Hong Kong Time, on March 5, 2026) to discuss the fourth quarter and fiscal year 2025 financial results.

To participate in the conference call, please dial the following numbers:

United States

1-888-346-8982

Hong Kong

852-301-84992

Chinese mainland

4001-201203

International

1-412-902-4272

Conference ID: Tuniu 4Q 2025 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 12, 2026. The dial-in details are as follows:

United States

1-855-669-9658

International

1-412-317-0088

Replay Access Code: 8431671

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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,” “confident” and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company has provided non-GAAP information related to income from operations, net income, net income attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP Results” set forth at the end of this press release.

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 December 31, 2024 

 December 31, 2025 

 December 31, 2025 

 RMB 

 RMB 

 US$ 

ASSETS

Current assets

Cash and cash equivalents

465,004

207,228

29,633

Restricted cash 

26,061

10,222

1,462

Short-term investments

432,823

853,704

122,078

Accounts receivable, net

43,313

66,834

9,557

Amounts due from related parties

752

1,293

185

Prepayments and other current assets  

235,443

157,558

22,530

Total current assets

1,203,396

1,296,839

185,445

Non-current assets

Long-term investments

534,041

227,012

32,462

Property and equipment, net

32,849

18,860

2,697

Intangible assets, net

22,210

19,645

2,809

Land use right, net

88,467

Operating lease right-of-use assets, net

9,266

6,873

983

Other non-current assets

19,208

30,754

4,398

Total non-current assets

706,041

303,144

43,349

Total assets

1,909,437

1,599,983

228,794

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings

36

35

5

Accounts and notes payable 

290,112

219,440

31,380

Amounts due to related parties

3,121

980

140

Salary and welfare payable

23,148

19,594

2,802

Taxes payable

5,060

4,077

583

Advances from customers

247,151

184,461

26,378

Operating lease liabilities, current

2,994

3,340

478

Accrued expenses and other current liabilities

322,034

204,388

29,226

Total current liabilities

893,656

636,315

90,992

Non-current liabilities

Operating lease liabilities, non-current

1,680

1,023

146

Deferred tax liabilities

5,151

4,534

648

Total non-current liabilities

6,831

5,557

794

Total liabilities

900,487

641,872

91,786

Equity

Ordinary shares

249

249

36

Less: Treasury stock

(329,668)

(380,260)

(54,376)

Additional paid-in capital

9,146,928

9,122,119

1,304,446

Accumulated other comprehensive income

313,460

307,446

43,964

Accumulated deficit

(8,050,378)

(8,019,253)

(1,146,739)

Total Tuniu Corporation shareholders’ equity

1,080,591

1,030,301

147,331

Noncontrolling interests

(71,641)

(72,190)

(10,323)

Total equity

1,008,950

958,111

137,008

Total liabilities and equity

1,909,437

1,599,983

228,794

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income

(All amounts in thousands, except per share information)

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 December 31, 2024 

 September 30, 2025 

 December 31, 2025 

 December 31, 2025 

 RMB 

 RMB 

 RMB 

 US$ 

Revenues

Packaged tours

75,440

179,018

102,090

14,599

Others

27,292

23,042

21,454

3,068

Net revenues

102,732

202,060

123,544

17,667

Cost of revenues

(32,935)

(92,455)

(53,503)

(7,651)

Gross profit

69,797

109,605

70,041

10,016

Operating expenses

Research and product development

(13,325)

(15,734)

(12,314)

(1,761)

Sales and marketing

(42,697)

(61,533)

(44,144)

(6,313)

General and administrative

(26,841)

(18,497)

(12,836)

(1,836)

Other operating income/(loss)

369

(2)

328

47

Total operating expenses

(82,494)

(95,766)

(68,966)

(9,863)

(Loss)/income from operations

(12,697)

13,839

1,075

153

Other (expenses)/income

Interest and investment (loss)/income, net

(5,609)

8,912

1,749

250

Interest expense

(612)

(576)

(312)

(45)

Foreign exchange losses, net

(6,102)

(858)

(644)

(92)

Other income/(loss), net

49

(480)

247

35

(Loss)/income before income tax expense

(24,971)

20,837

2,115

301

Income tax expense

(283)

(625)

(474)

(68)

Equity in income/(loss) of affiliates

188

(844)

(105)

(15)

Net (loss)/income

(25,066)

19,368

1,536

218

Net loss attributable to noncontrolling interests

(859)

(383)

(10)

(1)

Net (loss)/income attributable to ordinary shareholders of
Tuniu Corporation

(24,207)

19,751

1,546

219

Net (loss)/income

(25,066)

19,368

1,536

218

Other comprehensive (loss)/income:

Foreign currency translation adjustment, net of nil tax

8,568

(1,314)

(2,213)

(316)

Comprehensive (loss)/income

(16,498)

18,054

(677)

(98)

Net (loss)/income per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.07)

0.06

0.00

Net (loss)/income per ADS – basic and diluted*

(0.21)

0.18

0.00

Weighted average number of ordinary shares used in computing
basic (loss)/income per share

354,106,851

339,255,345

331,409,074

331,409,074

Weighted average number of ordinary shares used in computing
diluted (loss)/income per share

354,106,851

341,395,417

333,434,286

333,434,286

Share-based compensation expenses included are as follows:

Cost of revenues

66

65

65

9

Research and product development

66

65

65

9

Sales and marketing

32

32

32

5

General and administrative

1,253

1,247

1,237

177

Total

1,417

1,409

1,399

200

*Each ADS represents three of the Company’s ordinary shares.

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Income

(All amounts in thousands, except per share information)

 Year Ended 

 Year Ended 

 Year Ended 

 December 31, 2024 

 December 31, 2025 

 December 31, 2025 

 RMB 

 RMB 

 US$ 

Revenues

Packaged tours

407,462

493,481

70,567

Others

106,160

84,493

12,082

Net revenues

513,622

577,974

82,649

Cost of revenues

(155,590)

(242,992)

(34,747)

Gross profit

358,032

334,982

47,902

Operating expenses

Research and product development

(52,682)

(58,979)

(8,434)

Sales and marketing

(180,321)

(193,884)

(27,725)

General and administrative

(87,657)

(71,848)

(10,274)

Other operating income

25,888

964

138

Total operating expenses

(294,772)

(323,747)

(46,295)

Income from operations

63,260

11,235

1,607

Other income/(expenses)

Interest and investment income

19,866

25,769

3,685

Interest expense

(3,320)

(2,022)

(289)

Foreign exchange losses, net

(6,837)

(3,827)

(547)

Other income/(loss), net

10,081

(652)

(93)

Income before income tax expense

83,050

30,503

4,363

Income tax expense

(837)

(1,425)

(204)

Equity in income of affiliates

1,486

579

83

Net income

83,699

29,657

4,242

Net income/(loss) attributable to noncontrolling interests

6,525

(1,468)

(210)

Net income attributable to ordinary shareholders of Tuniu
Corporation

77,174

31,125

4,452

Net income

83,699

29,657

4,242

Other comprehensive income:

Foreign currency translation adjustment, net of nil tax

8,044

(6,013)

(860)

Comprehensive income

91,743

23,644

3,382

Net income per ordinary share attributable to ordinary
shareholders – basic and diluted

0.21

0.09

0.01

Net income per ADS – basic and diluted*

0.63

0.27

0.03

Weighted average number of ordinary shares used in computing
basic income per share

361,482,355

340,747,065

340,747,065

Weighted average number of ordinary shares used in computing
diluted income per share

363,718,947

342,960,072

342,960,072

Share-based compensation expenses included are as follows:

Cost of revenues

261

260

37

Research and product development

261

260

37

Sales and marketing

126

127

18

General and administrative

8,758

4,958

709

Total

9,406

5,605

801

*Each ADS represents three of the Company’s ordinary shares.

 

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 Quarter Ended December 31, 2025

 GAAP Result 

 Share-based 

Amortization of acquired 

Impairment

 Non-GAAP 

 Compensation 

  intangible assets 

 of property and equipment, net 

 Result 

Income from operations

1,075

1,399

591

3,065

Net income

1,536

1,399

591

3,526

Net income attributable to ordinary shareholders

1,546

1,399

591

3,536

 Quarter Ended September 30, 2025

 GAAP Result 

 Share-based 

Amortization of acquired 

Impairment

 Non-GAAP 

 Compensation 

  intangible assets 

 of property and equipment, net 

 Result 

Income from operations

13,839

1,409

591

15,839

Net income

19,368

1,409

591

21,368

Net income attributable to ordinary shareholders

19,751

1,409

591

21,751

 Quarter Ended December 31, 2024

 GAAP Result 

 Share-based 

Amortization of acquired 

Impairment

 Non-GAAP 

 Compensation 

  intangible assets 

 of property and equipment, net 

 Result 

(Loss)/income from operations

(12,697)

1,417

764

15,641

5,125

Net loss

(25,066)

1,417

764

15,641

(7,244)

Net loss attributable to ordinary shareholders

(24,207)

1,417

764

15,641

(6,385)

 

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

Year Ended December 31, 2025

 GAAP Result 

 Share-based 

Amortization of acquired 

Net gain on

Impairment

 Non-GAAP 

 Compensation 

  intangible assets 

 disposals of subsidiaries 

 of property and equipment, net 

 Result 

Income from operations

11,235

5,605

2,536

3,316

22,692

Net income

29,657

5,605

2,536

3,316

41,114

Net income attributable to ordinary shareholders

31,125

5,605

2,536

3,316

42,582

Year Ended December 31, 2024

 GAAP Result 

 Share-based 

Amortization of acquired 

Net gain on

Impairment

 Non-GAAP 

 Compensation 

  intangible assets 

 disposals of subsidiaries 

 of property and equipment, net 

 Result 

Income from operations

63,260

9,406

3,184

(24,618)

15,641

66,873

Net income

83,699

9,406

3,184

(24,618)

15,641

87,312

Net income attributable to ordinary shareholders

77,174

9,406

3,184

(24,618)

15,641

80,787

 

Huawei Launches HiSecEngine USG6000G Series Firewalls to Safeguard Enterprises on Their Journey Toward Full Intelligence

BARCELONA, Spain, March 5, 2026 /PRNewswire/ — During MWC Barcelona 2026, Huawei unveiled its new flagship product — the HiSecEngine USG6000G series firewalls, a next-generation high-performance converged gateway lineup. The products unveiled include three 2U fixed-configuration models and four desktop G-series firewalls, marking another major milestone in Huawei’s network security portfolio following the E and F series firewalls.

Attendees at the launch ceremony included: Richard Wu, President of Security Domain, Data Communication Product Line, Huawei, Adriano da Rocha Lima, Secretary-General of the Government of Goiás State, Brazil, Jason He, President of Enterprise Data Communication Marketing & Solution Sales Dept, Huawei
Attendees at the launch ceremony included: Richard Wu, President of Security Domain, Data Communication Product Line, Huawei, Adriano da Rocha Lima, Secretary-General of the Government of Goiás State, Brazil, Jason He, President of Enterprise Data Communication Marketing & Solution Sales Dept, Huawei

High Performance: Dedicated Security Engines Ensure Smooth Services

The new G-series firewalls are built on Huawei’s dedicated security engines, delivering industry-leading performance and threat detection rates. Huawei’s USG6800G series fixed-configuration firewalls are designed for enterprise headquarters with large traffic volumes and complex services. Among them, the USG6885G achieves 135 Gbps threat protection performance, the highest among 2U fixed-configuration firewalls, offering 2× the performance and 1.5× the SSL decryption capability compared to similar products. These high-performance firewalls can serve as hub gateways at headquarters, ensuring that critical services run smoothly even with all security functions enabled, meeting the demands of high-volume traffic protection. For multi-branch scenarios, Huawei USG6500G series desktop firewalls integrate firewall, router, and switch functions, and support 5G and PoE power supply.

High Detection Rate: Intelligent Analysis for Precise Identification of Unknown Threats

The HiSecEngine USG6000G series incorporates intelligent security computing power, enabling advanced inline security algorithms and real-time local model inference. In addition to existing file detection, the series adds phishing webpage detection, capable of blocking unknown phishing attacks within milliseconds. With an unknown threat detection rate of 95%, 15% higher than the industry average, it helps enterprises defend against network security risks and ensures uninterrupted service continuity.

Adriano da Rocha Lima, Secretary-General of the Government of Goiás State, Brazil, said that we are continuously improving the development of education, and digital services across the country. By introducing Huawei network security products, our regional government departments have built efficient, secure, and efficient connections to better serve and improve the quality of life of the people.

Huawei’s HiSecEngine USG6000G series firewalls are widely applicable across enterprise branches, campuses, and data centers. They enable secure interconnection between headquarters and branches, as well as secure local internet breakout, providing enterprises with comprehensive, industry-leading protection.

Huawei Unveils the Upgraded Xinghe AI Fabric 2.0 Solution for the AI Era

BARCELONA, Spain, March 5, 2026 /PRNewswire/ — At MWC Barcelona 2026, Huawei unveiled the upgraded Xinghe AI Fabric 2.0 Solution and the industry’s first commercial 51.2T (128 × 400GE) liquid-cooled fixed switch—CloudEngine XH9230-128DQ-LC. These all-new offerings inject new momentum into the digital and intelligent transformation of enterprises worldwide.

Arthur Wang delivering a keynote speech
Arthur Wang delivering a keynote speech

Arthur Wang, President of the Data Center Network Domain, Huawei’s Data Communication Product Line, stated that data center networks have rapidly advanced from predominantly virtualization and cloud to a new stage of AI. The newly released Xinghe AI Fabric 2.0 Solution builds on a three-layer network architecture of AI Brain, AI Connectivity, and AI Network Elements, and integrates four core capabilities:

  • Rock-Solid Architecture 2.0 that ensures three levels of high reliability with the AI Eagle-Eye Engine
  • StarryWing Digital Map 2.0 that delivers three levels of automation with NetMaster
  • Xinghuan AI Turbo 2.0 that offers Network Packet Load Balancing (NPLB) and Network Stream Load Balancing (NSLB) capabilities
  • iFlashboot 2.0 that enables ultra-fast reboots within 5 seconds

Together, these innovations empower enterprises to build always-on AI agentic data center networks with full computing power.

Huawei also launched the industry’s first commercial 51.2T (128 × 400GE) liquid-cooled fixed switch—CloudEngine XH9230-128DQ-LC. This product provides 100% liquid cooling for optical modules, delivering twice the industry average heat dissipation efficiency. It supports the deployment of eight switches per cabinet, doubling the cabinet utilization efficiency.

Moreover, Huawei unveiled the full series of 800GE/400GE StarryLink optical modules, which stand out due to their reliability that is twice the industry average and ultra-long transmission capabilities.

Huawei’s data center network booth showcased the complete portfolio of 800GE products: CloudEngine XH16800 series modular switches with up to 768 × 800GE ports, CloudEngine XH9330 fixed switch with 128 × 800GE ports, CloudEngine XH9320 fixed switch with 64 × 800GE ports, and the full series of 800GE StarryLink optical modules. Other featured exhibitions included flagship products like CloudEngine XH9230-128DQ-LC, the industry’s first 51.2T high-density liquid-cooled switch.

Looking ahead, Huawei will remain committed to open collaboration, continuously deepening data center network technology innovation and advancing intelligent upgrades. Together with global customers and partners, Huawei will also drive joint innovation to create greater value for industries and customers alike.

 

Hong Kong Institute of Landscape Architects in collaboration with WWF-HK Proposed Four Recommendations to transform Ngam Tam Mei into an iconic rural ecotourism township in the Northern Metropolis


HONG KONG SAR – Media OutReach Newswire – 5 March 2026 – The Town Planning Board (TPB) will hold a hearing tomorrow for public representations on the new Ngau Tam Mei (NTM) Outline Zoning Plan. The traditional farming landscape in NTM has existed for over a hundred years. This rural township has also preserved the industry of ornamental fish aquaculture (particularly koi), an industry that has almost disappeared in Hong Kong. In terms of ecology, NTM is closely linked with the Deep Bay wetlands and the future Sam Po Shue Wetland Conservation Park, and supports Eurasian Otter and many wetland birds. In view of these, the Hong Kong Institute of Landscape Architects (HKILA) and World Wide Fund for Nature Hong Kong (WWF) are proposing four enhancement recommendations, which aims to conserve traditional cultural and historic heritage, build public spaces that can be used by both human and wildlife under the “single site, multiple use” model, and transform NTM into an iconic town of rural ecotourism in the Northern Metropolis.

When proposing these enhancement recommendations, HKILA and WWF aim to:

  1. Create a people-oriented livable city
  2. Achieve a future in which people live in harmony with nature
  3. Promote urban-rural integration
  4. Enhance biodiversity
  5. Adopt Nature-based Solutions (NbS) in the development

Details of the four enhancement recommendations are as follows:

  1. Retain the existing koi fish farming ponds (approximately 7 hectares) east of the NTM UniTown, and transform them into a thematic Koi Park, creating public open space while conserving wetland habitats for various wildlife, preserving Hong Kong’s ornamental fish aquaculture industry, and also promoting innovative themed rural tourism.
  2. Preserve the existing agricultural land and fishponds located within the proposed station plaza and riverside park areas as far as possible, and redevelop them into a Lotus Pond Park (approximately 12 hectares) featuring the characteristic Jiangnan waterscape style. This would provide an open wetland landscape for the city centre, enhance ecological functions, and create a distinctive attraction of local thematic immersive tourism.
  3. Taking the opportunity to revitalise the main NTM river channel and construct a multifunctional blue-green corridor, the artificial channel should be ecologically restored. The existing fishponds and agricultural land within the proposed blue-green corridor (approximately 6 ha) should be preserved to enhance ecological value but also increase landscape diversity. These fishponds and agricultural land could further serve purposes such as flood storage and leisure farming.
  4. At Yau Pok Road, the NTM river channel should be modified to divert part of the river flow into the wetland area between Fairview Park and Palm Springs, which falls under the future Sam Po Shue Wetland Conservation Park. Additionally, the associated “Recreation” zone along Yau Pok Road and the river channel should be rezoned to “Open Space” to serve as an extension of the NTM blue-green corridor to improve ecological connectivity. Furthermore, the permitted building heights for the “Residential (Group A) 2” sites in Areas 4A and 4B should be reduced, adopting a stepped building profile on the side facing the river channel to minimise impacts on birds.

Mr. Paul Chan, President of HKILA, pointed out that: “Through close collaboration between HKILA and WWF, our joint recommendations for Ngau Tam Mei bring together landscape and ecological considerations, aligning with Greater Bay Area strategies such as ecological priority and green development. Transforming existing koi farms and other habitats into thematic parks and blue-green corridors will foster urban-rural integration, promote innovative ecotourism, and build a high-quality, healthy, and biodiverse community that balances growth with diversified landscape.”

Dr. Bosco Chan, Director, Conservation of WWF, shared that “The rural landscapes and traditional cultural heritage of Ngau Tam Mei represent a unique opportunity to integrate nature-based solutions into the Northern Metropolis. Our joint recommendations leverage the existing wildlife habitats and thematic local industries to preserve biodiversity, enhance climate resilience, and develop innovative rural tourism. Ultimately, our aim is to create shared spaces where people and wildlife can thrive together, not just in Ngau Tam Mei but also across the Northern Metropolis.”

HKILA and WWF will attend the public hearing held by the TPB on 6 March to brief the TPB members on our recommendations. HKILA and WWF hope that the TPB and the relevant government departments would consider and adopt our proposal, creating a quality, healthy and green Northern Metropolis. HKILA and WWF also hope that the Government will maintain the dialogue with relevant stakeholders on the development and planning of the Northern Metropolis to achieve a win-win situation.
Hashtag: #WWFHK #HKILA #Townplanningboard #NbS



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

About Hong Kong Institute of Landscape Architects

Established in 1988, The Hong Kong Institute of Landscape Architects is a body incorporated by The Hong Kong Institute of Landscape Architects Incorporation Ordinance (Cap. 1162), with the objects, among others, to promote the advancement of landscape architecture, raise the standard and maintain the integrity of the landscape architectural profession, and to facilitate the exchange of information and ideas in relation to all aspects of landscape architecture and matters in connection with the landscape architectural profession.

About WWF – Hong Kong

WWF is a leading global conservation organization, with a network active in more than 100 countries. WWF’s mission is to build a future in which humans live in harmony with nature. WWFHong Kong has been working since 1981 to deliver solutions for a living planet through conservation, footprint and education programmes, with the aim of transforming Hong Kong into asia’s most sustainable city.

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

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)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

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

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

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