AutoHome posted fifth straight quarter of top and bottom-line growth year-on-year during the third quarter of 2023, keeping up a high net profit margin, with online marketplace and other business showing rapid acceleration.

While media services faltered to contribute less revenue in Q3 2023 than that in Q3 2022, leads generation services and online marketplace compensated the downsides, fetching RMB830 million as against RMB809 million and raking in RMB599 million compared to RMB479 million a year earlier, respectively.

Overall, the company’s net revenue in the third quarter of 2023 increased to RMB1.9 billion ($261 million U.S.) from RMB1.8 billion in the corresponding period of 2022.

A rise in content and operational costs as well as escalating operating expenses brought operating profit down to RMB166 million ($22.8 million) from RMB192 million. However, net income remained unhurt, expanding to RMB578 million from RMB508 million, according to a news release.

“Net revenues for the third quarter were RMB1.91 billion, with revenues from online marketplace and others business in particular growing at a rapid clip, increasing 25.2% year-over-year and accounting for 31.4% of total revenue. Revenues from both data products and NEV [new energy vehicle) brands continued to maintain momentum with growth rates in the double digit for both when compared to the same period last year,” said Craig Yan Zeng, chief financial officer of AutoHome.

“Our new retail business is developing rapidly, with 13 AutoHome Energy Space stores now under construction in different cities across China. Looking ahead, we will continue to advance our ecosystem approach by creating new business model that connects online and offline channels to help automakers transform and adapt to NEV trends. We are confident that our diversified businesses will drive AutoHome’s growth to the next level.”

AutoHome (NYSE: ATHM; HKEX: 2518), founded in 2008 and based in China, deals in both new and used cars, ahead of the likes of Yiche.com and Dongchedi.com. It is the world’s leading automotive group by classified revenue.

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