Autohome Inc. (NYSE:ATHM) Q3 2020 Earnings Conference Call - Final Transcript

Nov 30, 2020 • 09:00 pm ET


Autohome Inc. (NYSE:ATHM) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by for the Autohome's Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time.

It is now my pleasure to introduce your host, Anita Chen, Autohome's IR Director. Ms. Chen, you may begin.

Anita Chen

Thank you, operator. Hello, everyone, and welcome to Autohome's third quarter 2020 earnings conference call. Earlier today, Autohome distributed its earnings press release, and you may find a copy on the Company's website at

On today's call, we have Chairman and CEO, Mr. Min Lu; Co-President, Mr. Haifeng Shao; Co-President, Mr. Jingyu Zhang; and CFO, Mr. Jun Zou. After the prepared remarks, Mr. Lu, Mr. Shao, Mr. Zhang and Mr. Zou will be available to answer your questions.

Before we begin, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the Securities and Exchange Commission. Autohome does not undertake any obligation to update any forward-looking statements, except as required under applicable law. The earnings press release in this call also includes discussions of current unaudited non-GAAP financial measures. Our press release contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and is available on Autohome's IR website.

As a reminder, this conference is being recorded. In addition, a live and archived webcast of this earnings conference call will also be available on Autohome's IR website.

I will now turn the call over to Autohome's Chairman and CEO, Mr. Lu.

Min Lu

Thank you, Anita. Hello, everyone, and thank you for joining us today. I'm pleased to report a quiet quarter, with revenues exceeding the high end of our original guidance by RMB35.6 million. Revenues for our new initiatives increased by 31% year-over-year and contributed to 24% of the total revenues. Data products delivered robust growth with 51% year-over-year increase, notably, and adjusted net margin increased by 6.6 percentage points year-over-year to 38.9%.

In this third quarter, to meet the increasing group digital demand from customers and as we continue building upon our shares, we are offering more differentiated higher-value online services to support and the -- complement customers offline operations with a high efficiency. In September this year, the number of average DAUs who accessed our mobile websites, primary app and the mini-apps, further increased to 39 million [Phonetic], an improvement compared with the prior-year period ended June 2020.

Regarding content, in the third quarter, we made a series of moves to optimize our product and content in order to enhance user experience. For example, we launched a light