AutoHome Announces Revenue Decline, Ownership Change, and New CEO in Q4 2024

China-based auto marketplace AutoHome reported a decline in revenue for Q4 2024, with figures dropping by 6.7% year-on-year to RMB1.8 billion ($244 million USD). The company's operating profit fell by 36.6% to RMB232 million, with adjusted net income decreasing by 3.2% to RMB487 million. Despite these declines, the company's online marketplace revenue saw a slight increase of 3.2%. Concurrently, AutoHome's ownership structure is set for change, as controlling shareholder Yun Chen Capital Cayman has agreed to sell a 42% stake to Haier Group subsidiary CarTech Holdings for US $1.8 billion. If approved, this transaction would position Haier as the largest stakeholder. In leadership developments, Song Yang has succeeded Tao Wu as CEO. AutoHome closed the year with RMB7 billion in total revenue, a 2% year-on-year decrease, alongside a 5.1% drop in adjusted net income, totaling RMB2.1 billion. Share-based compensation increased marginally, paralleling a 5% rise in operational costs. Additional key metrics showed a significant uptick in mobile daily active users, increasing by 13.6% to 77.5 million. AutoHome also embarked on a share buyback, acquiring American Depositary Shares at a cost of approximately $88.5 million as of February 2024.