Autohome Inc. and BitAuto Holdings Ltd., operators of two leading Chinese automotive websites, announced their unaudited financial results for the second quarter of 2015 at the beginning of August.
Beating estimates, Autohome had a total net revenue of RMB 86.01 million or $138,874 (U.S.) for the three months ending on June 30, which represented a 69.9 percent increase on the second quarter of 2014.
Net income was RMB 304,930 ($49,184 million), up by 47.8 percent on the same quarter of 2014.
Ad services revenue rose by 63.1 percent to $96.3 million, with automaker ads rising by 64.2 percent to $73 million and dealer ads by 59.8 percent to $23.4 million. Dealer subscription services revenue rose by 87.6 percent to $42.5M, driven by a 37.1 percent increase in paying dealers and a 36.9 percent increase in average revenue per subscriber. Subscriptions were sold to 18,768 dealers.
Spending on sales and marketing rose to $39.4 million.
Autohome is guiding for net revenue in the range of RMB 850 million ($137.1 million) to RMB 884 million ($142.6 million) in the third quarter of fiscal year 2015, representing a 55.9 percent to 62.2 percent year-over-year increase.
Meanwhile, archrival BitAuto’s revenue in the same period was RMB 1.01 billion ($162.2 million U.S.), a 92.5 percent increase from the corresponding period in 2014. Net revenue was RMB 86.1 million, up by 69.9 percent on the figure for the second quarter of 2014.
Revenue from the advertising business was RMB 413.3 million ($66.7 million US), representing a 37.5 percent increase from the corresponding period in 2014.
Non-GAAP operating profit was RMB 128.3 million ($20.7 million), compared to a non-GAAP operating profit of RMB 140.3 million ($22.6 million) in the corresponding period in 2014.
The company currently expects to generate revenue in the range of RMB1.00 billion ($161.3 million) to RMB1.05 billion ($169.4 million) in the third quarter of 2015, representing a 64.5 percent to 72.7 percent year-over-year increase. It expects non-GAAP profit attributable to ordinary shareholders of the parent in the range of RMB 95.0 million ($15.3 million) to RMB105.0 million ($16.9 million) in the third quarter of 2015, representing a 24.9 percent to 32.1 percent year-over-year decrease.