China-based AutoHome posted a flat growth in revenue during the fourth quarter of 2023, but it ended the year with solid momentum on the back of new initiatives.

In Q4 2023, net revenue modestly rose to RMB1.9 billion ($269 million U.S.) from RMB1.8 billion in the corresponding period of 2022.

Revenues from both lead generation services and online marketplace grew year over year. However, media services contributed less revenue during the fourth quarter than that in Q4 2022, according to a news release.

As operating expenses widened, the company’s operating profit contracted to RMB366 million ($51.7 million) from RMB513 million. Net income scaled back to RMB446 million from RMB594 million.

Media services couldn’t fare well throughout the year as their full-year revenue dropped year over year, as opposed to growth in revenues from lead generation services and online marketplace.

In 2023, AutoHome generated RMB7.1 billion ($1.0 billion) compared to RMB6.9 billion in the year prior. Net income amounted to RMB1.9 billion compared to RMB1.8 billion. The full-year operating profit stood at RMB1.1 billion ($160 million) compared to RMB1.2 billion in 2022.

“AutoHome closed out the year with solid growth in total revenues, substantial increase in user traffic and significant progress in the new retail business. Our net revenues for the year totaled RMB7.18 billion, with our online marketplace and others business growing 14.6% year-over-year and contributing significantly to our total revenue,” said AutoHome CEO Tao Wu.

“Moving ahead, we will maintain our leading position in key areas in the industry while exploring further synergies with Ping An Group [fintech group] to create a unique value proposition and establish a diverse and dynamic ecosystem that supports our long-term growth.”

AutoHome (NYSE: ATHM; HKEX: 2518), founded in 2008, deals in both new and used cars. It has mobile daily active users of 68.1 million. It is the world’s leading automotive group by classified revenue.

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