<p><em>这家在线汽车先锋仍然通过连接汽车买家和卖家来赚钱，但需求疲软、广告预算下降和新竞争正在侵蚀其旧有优势</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/06/02032937/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-6-2026_112857_thebambooworks.com_-1024x683.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/06/02032937/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-6-2026_112857_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点</strong></h4>
<ul>
<li>汽车之家第一季度收入下降近 28%，因为汽车制造商削减广告支出，支付其服务费用的经销商减少，导致中国汽车市场急剧收缩</li>
<li>该公司比持有库存的汽车交易商更具保护性，但其业绩显示中国汽车市场的低迷正在伤害在线商业、广告和交易服务</li>
</ul>
<p>中国汽车行业的持续价格战已经对汽车制造商、经销商和二手车交易商造成了影响。现在，这种痛苦在一个实际上并不生产或囤积汽车的地方变得更加严重。</p>
<p>这个地方就是 <strong>汽车之家</strong> (NYSE: ATHM) (2518.HK)，中国最知名的在线汽车服务平台之一。该公司由汽车爱好者李想于 2005 年创立，李想后来创办了电动车制造商理想汽车，汽车之家成为中国汽车买家的首选目的地，提供车型数据库、评论、价格比较和论坛。</p>
<p>这一遗产使得公司的 最新财务结果 显得不仅仅是单一公司的又一个疲软季度。汽车之家是中国汽车市场和在线商业的有用指标。它大部分收入不是通过直接销售汽车，而是通过帮助汽车制造商和经销商接触买家、生成线索和完成交易。这使得它比库存较重的新车和二手车卖家更不容易受到汽车价格下跌的影响。但这也意味着公司依赖于交易和信心。而现在，这两者都很稀缺。</p>
<h4><strong>广告引擎停滞</strong></h4>
<p>汽车之家第一季度收入同比下降 27.9%，从去年同期的 14.5 亿元降至 10.5 亿元（约合 1.52 亿美元）。其净收入更是大幅下降 87.6%，从 3.566 亿元降至 4430 万元。而且，令人担忧的是，该公司在运营层面也出现了亏损，报告运营亏损 3440 万元，结束了多年的盈利运营。</p>
<p>这种压力在公司的所有主要业务中都有所体现。媒体服务收入下降 32.8%，降至 1.627 亿元，因为汽车制造商收紧了广告预算。线索生成收入下降 22%，降至 5.035 亿元，反映出支付费用的经销商减少。在线市场和其他收入下降 32.5%，降至 3.823 亿元。管理层将下降归因于汽车制造商和经销商在销售量减少和许多公司亏损加剧的情况下减少支出。</p>
<p>中国汽车行业在 2026 年开局不利，国内销售在过去七个月中每个月都在下降，包括最新数据可用的四月份的 21.6% 的急剧下降。随着这种情况的发展，公司大幅削减了广告和其他服务的支出，给基于可信内容和用户流量的老平台带来了痛苦的转型。</p>
<h4><strong>新竞争者崛起</strong></h4>
<p>汽车之家的困境也是互联网习惯变化的一个故事。在去年的 一次采访 中，李想表示，他创办汽车之家并不是因为他热爱汽车，而是因为他看到了市场机会。他选择汽车是因为汽车是标准化产品，2005 年 6 月创办汽车之家，并迅速将其建设成为中国顶尖的汽车垂直平台。</p>
<p>他最引人注目的反思是，汽车之家在 2009 年左右变得过于简单，因为它几乎没有真正的竞争。该公司是为搜索、论坛和专业评论的时代而建立的，吸引了那些已经认真考虑购买汽车的消费者。新的世界看起来不同。</p>
<p><strong>懂车帝</strong>，由抖音母公司字节跳动创办的汽车信息和交易平台，成长于短视频和算法驱动的生态系统中。它通过推荐信息流推送汽车内容，早期接触用户的决策过程。据报道，它正在考虑进行香港 IPO，可能筹集 10 亿至 15 亿美元，这表明投资者可能对能够更直接将流量连接到交易的平台更感兴趣。</p>
<p>懂车帝推广了一种合作模式，其中一些经销商根据完成的销售支付费用，而不仅仅是线索，这对传统的仅向经销商和汽车制造商出售流量的模式构成了挑战。它的崛起提出了一个问题，即在面对更新和更高效的商业模式时，汽车之家对汽车买家的实用性是否仍然能够以相同的方式实现盈利。</p>
<p>汽车之家在深入交易时也面临信任挑战。今年 1 月，中国互联网监管机构批评了该公司和其他汽车垂直平台，发起了一场针对不规范汽车测试内容的运动，称一些评论可能会误导消费者。</p>
<h4><strong>海尔接管</strong></h4>
<p>汽车之家对周围变化世界的回应是，成为一个不仅仅是媒体和线索平台的公司。管理层表示，它正在从一个汽车信息网站转型为一个综合汽车服务生态系统。在第一季度，它强调了一系列新举措，包括应用程序升级、扩展优质内容、人工智能和大型语言模型（LLM）工具、在深圳和西安的在线购车试点、在泰国推出的服务以及跨境二手车出口平台的启动。</p>
<p>这些举措旨在将汽车之家推向实际交易发生的地方。特别是，进入泰国和出口的举动表明，海外扩张为中国汽车制造商进入外国市场提供了一条前进的道路。同时，二手车可能为平台通过检验、定价、匹配和建立信任来增加价值提供空间，因为越来越谨慎的中国消费者选择更便宜的二手车。</p>
<p>这也有助于解释为什么海尔去年收购了汽车之家的控股权。这家中国家电巨头通过其 Cartech 部门，以约 18 亿美元的价格从长期拥有者平安手中购买了约 43% 的汽车之家。海尔并不仅仅是在收购一个老旧的汽车网站，而是在购买流量、数据以及进入更广泛汽车服务生态系统的消费者入口。</p>
<p>但时机却显得尴尬。海尔正试图帮助汽车之家建立一个新引擎，而旧引擎正逐渐耗尽燃料。根据 QuestMobile 的数据，汽车之家在 3 月份仍有超过 8000 万的移动日活跃用户，并在该月末拥有约 200 亿元的现金和投资。它还同意支付上半年的股息，并积极回购公司股票以支持其股价。</p>
<p>但这些努力并没有缓解投资者的担忧。汽车之家的股价在过去一年中下跌了约 30%，尽管在最新报告发布后的三个交易日内，股价反弹了近 10%，这表明投资者预期情况会更糟。</p>
<p>汽车之家远未被击倒。它拥有充足的财务资源，并且仍然盈利，且在中国的价格战中暴露有限。但公司显然缺乏动力。对于汽车之家来说，问题不在于中国消费者是否仍然需要帮助选择汽车。他们确实需要。相反，更棘手的问题是，汽车之家是否是他们在做出决策时寻求帮助的地方。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

汽车之家

汽车之家-S

<p>汽车之家报告第一季度收入下降 27.9%，降至 10.5 亿元，净收入暴跌 87.6%，标志着其首次经营亏损。下降的原因源于中国汽车市场的低迷、汽车制造商广告预算的减少，以及来自字节跳动的东车地等竞争对手的激烈竞争。这一表现突显了疲弱的消费者需求对在线商业和广告平台的更广泛影响</p>

<p><em>The online auto pioneer still makes money by connecting car buyers and sellers, but weak demand, falling ad budgets and new competition are eroding its old advantages</em></p>
<div class="lb-trans"><p><em>这家在线汽车先锋仍然通过连接汽车买家和卖家来赚钱，但需求疲软、广告预算下降和新竞争正在侵蚀其旧有优势</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/06/02032937/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-6-2026_112857_thebambooworks.com_-1024x683.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/06/02032937/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-6-2026_112857_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways</strong></h4>
<div class="lb-trans"><h4><strong>关键要点</strong></h4>
</div><ul>
<li>Autohome's first quarter revenue fell nearly 28%, as automakers cut advertising and fewer dealers paid for its services in a sharply contracting China car market</li>
<li>The company is more protected than car traders that hold inventory, but its results show how China's auto slump is hurting online commerce, advertising and transaction services</li>
</ul>
<div class="lb-trans"><ul>
<li>汽车之家第一季度收入下降近 28%，因为汽车制造商削减广告支出，支付其服务费用的经销商减少，导致中国汽车市场急剧收缩</li>
<li>该公司比持有库存的汽车交易商更具保护性，但其业绩显示中国汽车市场的低迷正在伤害在线商业、广告和交易服务</li>
</ul>
</div><p>An extended price war in China's auto sector has already taken a toll on carmakers, dealers and used car traders. Now, the pain is growing more acute in a place that doesn't actually build or stockpile cars.</p>
<div class="lb-trans"><p>中国汽车行业的持续价格战已经对汽车制造商、经销商和二手车交易商造成了影响。现在，这种痛苦在一个实际上并不生产或囤积汽车的地方变得更加严重。</p>
</div><p>That place is <strong>Autohome Inc.</strong> (NYSE: ATHM) (2518.HK), one of China's best known online auto service platforms. Founded in 2005 by car enthusiast Li Xiang, who later built electric vehicle maker Li Auto, Autohome became a go-to destination for Chinese car buyers, offering model databases, reviews, price comparisons and forums.</p>
<div class="lb-trans"><p>这个地方就是 <strong>汽车之家</strong> (NYSE: ATHM) (2518.HK)，中国最知名的在线汽车服务平台之一。该公司由汽车爱好者李想于 2005 年创立，李想后来创办了电动车制造商理想汽车，汽车之家成为中国汽车买家的首选目的地，提供车型数据库、评论、价格比较和论坛。</p>
</div><p>That legacy makes the company's latest financial results feel bigger than just another soft quarter for a single company. Autohome is a useful gauge for both China's auto market and online commerce. It earns most of its money not by directly selling cars, but by helping automakers and dealers reach buyers, generate leads and complete transactions. That keeps it less exposed to falling car prices than inventory-heavy new and used car sellers. But it also means the company relies on transactions for its business, as well as confidence. And right now, both of those are scarce.</p>
<div class="lb-trans"><p>这一遗产使得公司的 最新财务结果 显得不仅仅是单一公司的又一个疲软季度。汽车之家是中国汽车市场和在线商业的有用指标。它大部分收入不是通过直接销售汽车，而是通过帮助汽车制造商和经销商接触买家、生成线索和完成交易。这使得它比库存较重的新车和二手车卖家更不容易受到汽车价格下跌的影响。但这也意味着公司依赖于交易和信心。而现在，这两者都很稀缺。</p>
</div><h4><strong>Ad engine stalls</strong></h4>
<div class="lb-trans"><h4><strong>广告引擎停滞</strong></h4>
</div><p>Autohome's first quarter revenue skidded 27.9% year-on-year to 1.05 billion yuan ($152 million) from 1.45 billion yuan a year earlier. Its net income dropped by an even bigger 87.6% to 44.3 million yuan from 356.6 million yuan. And ominously, the company also slipped into the red on an operating basis, reporting an operating loss of 34.4 million yuan, ending years of profitable operations on that basis.</p>
<div class="lb-trans"><p>汽车之家第一季度收入同比下降 27.9%，从去年同期的 14.5 亿元降至 10.5 亿元（约合 1.52 亿美元）。其净收入更是大幅下降 87.6%，从 3.566 亿元降至 4430 万元。而且，令人担忧的是，该公司在运营层面也出现了亏损，报告运营亏损 3440 万元，结束了多年的盈利运营。</p>
</div><p>The pressure showed up across all of the company's main businesses. Media services revenue fell 32.8% to 162.7 million yuan, as automakers tightened advertising budgets. Leads generation revenue fell 22% to 503.5 million yuan, reflecting fewer paying dealers. And online marketplace and other revenue slid 32.5% to 382.3 million yuan. Management blamed the declines on reduced spending from automakers and dealers amid shrinking sales volumes and growing losses for many.</p>
<div class="lb-trans"><p>这种压力在公司的所有主要业务中都有所体现。媒体服务收入下降 32.8%，降至 1.627 亿元，因为汽车制造商收紧了广告预算。线索生成收入下降 22%，降至 5.035 亿元，反映出支付费用的经销商减少。在线市场和其他收入下降 32.5%，降至 3.823 亿元。管理层将下降归因于汽车制造商和经销商在销售量减少和许多公司亏损加剧的情况下减少支出。</p>
</div><p>China's auto industry is off to one of its worst starts in years in 2026. Domestic sales have dropped in each of the last seven months, including an especially sharp 21.6% drop in April, the latest month with available data. Companies have sharply reined in their spending on advertising and other services as that happens, creating a painful transition for older platforms built on trusted content and user traffic.</p>
<div class="lb-trans"><p>中国汽车行业在 2026 年开局不利，国内销售在过去七个月中每个月都在下降，包括最新数据可用的四月份的 21.6% 的急剧下降。随着这种情况的发展，公司大幅削减了广告和其他服务的支出，给基于可信内容和用户流量的老平台带来了痛苦的转型。</p>
</div><h4><strong>Rising new rivals</strong></h4>
<div class="lb-trans"><h4><strong>新竞争者崛起</strong></h4>
</div><p>Autohome's squeeze is also a story about changing internet habits. In an interview last year, Li Xiang said he did not start Autohome because he simply loved cars, but rather because he saw a market opportunity. He chose autos because cars were standardized products, founded Autohome in June 2005, and quickly built it into China's top auto vertical platform.</p>
<div class="lb-trans"><p>汽车之家的困境也是互联网习惯变化的一个故事。在去年的 一次采访 中，李想表示，他创办汽车之家并不是因为他热爱汽车，而是因为他看到了市场机会。他选择汽车是因为汽车是标准化产品，2005 年 6 月创办汽车之家，并迅速将其建设成为中国顶尖的汽车垂直平台。</p>
</div><p>His most striking reflection was that Autohome became too easy after around 2009 because it faced little real competition. The company was built for the era of search, forums and professional reviews, attracting consumers who were already seriously thinking about buying a car. The new world looks different.</p>
<div class="lb-trans"><p>他最引人注目的反思是，汽车之家在 2009 年左右变得过于简单，因为它几乎没有真正的竞争。该公司是为搜索、论坛和专业评论的时代而建立的，吸引了那些已经认真考虑购买汽车的消费者。新的世界看起来不同。</p>
</div><p><strong>Dongchedi</strong>, the auto information and trading platform started by TikTok owner ByteDance, grew up inside a short video and algorithm driven ecosystem. It pushes automotive content through recommendation feeds, reaching users earlier in the decision process. It is reportedly considering a Hong Kong IPO that could raise $1 billion to $1.5 billion, suggesting investors may be more interested in platforms that can connect traffic more directly to transactions.</p>
<div class="lb-trans"><p><strong>懂车帝</strong>，由抖音母公司字节跳动创办的汽车信息和交易平台，成长于短视频和算法驱动的生态系统中。它通过推荐信息流推送汽车内容，早期接触用户的决策过程。据报道，它正在考虑进行香港 IPO，可能筹集 10 亿至 15 亿美元，这表明投资者可能对能够更直接将流量连接到交易的平台更感兴趣。</p>
</div><p>Dongchedi has promoted cooperation models where some dealers pay based on completed sales rather than only leads, challenging the older model of simply selling traffic to dealers and automakers. Its rise poses the question of whether Autohome's usefulness to car buyers can still be monetized the same way in the face of newer and more efficient business models.</p>
<div class="lb-trans"><p>懂车帝推广了一种合作模式，其中一些经销商根据完成的销售支付费用，而不仅仅是线索，这对传统的仅向经销商和汽车制造商出售流量的模式构成了挑战。它的崛起提出了一个问题，即在面对更新和更高效的商业模式时，汽车之家对汽车买家的实用性是否仍然能够以相同的方式实现盈利。</p>
</div><p>Autohome also faces a trust challenge as it moves deeper into transactions. In January, China's internet regulator criticized the company and other auto vertical platforms in a campaign against irregular auto testing content, saying some reviews could mislead consumers.</p>
<div class="lb-trans"><p>汽车之家在深入交易时也面临信任挑战。今年 1 月，中国互联网监管机构批评了该公司和其他汽车垂直平台，发起了一场针对不规范汽车测试内容的运动，称一些评论可能会误导消费者。</p>
</div><h4><strong>Haier takes over</strong></h4>
<div class="lb-trans"><h4><strong>海尔接管</strong></h4>
</div><p>Autohome's answer to the changing world around it is to become more than a media and leads platform. Management says it is transforming from an automotive information site into a comprehensive auto service ecosystem. In the first quarter, it highlighted a wide range of new initiatives, including an app upgrade, expanded premium content, AI and large language model (LLM) tools, an online car purchase pilot in Shenzhen and Xi'an, the launch of a service in Thailand and a cross-border used car export platform.</p>
<div class="lb-trans"><p>汽车之家对周围变化世界的回应是，成为一个不仅仅是媒体和线索平台的公司。管理层表示，它正在从一个汽车信息网站转型为一个综合汽车服务生态系统。在第一季度，它强调了一系列新举措，包括应用程序升级、扩展优质内容、人工智能和大型语言模型（LLM）工具、在深圳和西安的在线购车试点、在泰国推出的服务以及跨境二手车出口平台的启动。</p>
</div><p>Those moves are meant to push Autohome closer to where actual money is changing hands. In particular, the moves into Thailand and exports show overseas expansion offers one path forward as Chinese automakers push into foreign markets. At the same time, used cars may offer room for platforms to add value through inspection, pricing, matching and trust building as increasingly cautious consumers in China opt for cheaper second-hand cars.</p>
<div class="lb-trans"><p>这些举措旨在将汽车之家推向实际交易发生的地方。特别是，进入泰国和出口的举动表明，海外扩张为中国汽车制造商进入外国市场提供了一条前进的道路。同时，二手车可能为平台通过检验、定价、匹配和建立信任来增加价值提供空间，因为越来越谨慎的中国消费者选择更便宜的二手车。</p>
</div><p>That also helps explain why Haier bought control of Autohome last year. The Chinese home appliance giant, through its Cartech unit, paid about $1.8 billion for about 43% of Autohome from longtime owner Ping An. Haier was not simply buying an aging car website. It was buying traffic, data and a consumer entry point into a broader auto service ecosystem.</p>
<div class="lb-trans"><p>这也有助于解释为什么海尔去年收购了汽车之家的控股权。这家中国家电巨头通过其 Cartech 部门，以约 18 亿美元的价格从长期拥有者平安手中购买了约 43% 的汽车之家。海尔并不仅仅是在收购一个老旧的汽车网站，而是在购买流量、数据以及进入更广泛汽车服务生态系统的消费者入口。</p>
</div><p>But the timing is awkward. Haier is trying to help Autohome build a new engine just as the old one is running low on fuel. Autohome still had more than 80 million mobile daily active users in March, according to QuestMobile, and had about 20 billion yuan in cash and investments at the end of that month. It also agreed to pay a first-half dividend and is actively repurchasing company shares to support its stock price.</p>
<div class="lb-trans"><p>但时机却显得尴尬。海尔正试图帮助汽车之家建立一个新引擎，而旧引擎正逐渐耗尽燃料。根据 QuestMobile 的数据，汽车之家在 3 月份仍有超过 8000 万的移动日活跃用户，并在该月末拥有约 200 亿元的现金和投资。它还同意支付上半年的股息，并积极回购公司股票以支持其股价。</p>
</div><p>But those efforts haven't done much to soothe worried investors. Autohome's stock is down about 30% over the last year, though the shares rallied nearly 10% in the three trading days after the latest report, suggesting investors were expecting even worse.</p>
<div class="lb-trans"><p>但这些努力并没有缓解投资者的担忧。汽车之家的股价在过去一年中下跌了约 30%，尽管在最新报告发布后的三个交易日内，股价反弹了近 10%，这表明投资者预期情况会更糟。</p>
</div><p>Autohome is far from down for the count. It has plenty of financial resources and is still profitable, with limited exposure to China's price war. But the company is clearly lacking momentum. For Autohome, the question isn't whether Chinese consumers still need help choosing cars. They do. Rather, the tougher question is whether Autohome is the place they go for help in making their decision.</p>
<div class="lb-trans"><p>汽车之家远未被击倒。它拥有充足的财务资源，并且仍然盈利，且在中国的价格战中暴露有限。但公司显然缺乏动力。对于汽车之家来说，问题不在于中国消费者是否仍然需要帮助选择汽车。他们确实需要。相反，更棘手的问题是，汽车之家是否是他们在做出决策时寻求帮助的地方。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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在中国汽车市场低迷的背景下，汽车之家表现不佳