Autohome Inc.

for our home second quarter and interim 2025 earnings call. At this time, all participants are on alert and lonely mode. The question and answer session will follow management's prepared remarks. I remind that this call since call is being recorded. If you have any objections, you may disconnect at this time. The live and ARCA's webcast of this earnings call from SCA will also be available on our home's iOS website. It is now my pleasure to introduce your host, Mr. Scaling Song, our home's IR director. Mr. Song, please go ahead.

Thank you, operator. Good morning, everyone, and welcome to our home second quarter and interim 2025 earnings conference call. Earlier today, all the home distributed its earnings release, which can be found on the company's iOS site as .com.ch. So many of today's call are chief executive officer, the chief financial officer, Ms. Cray Yanjun. Management will go through their prepared remarks first, which will be followed by a Q&A session where they will be available for answer questions. Before we continue, please note that the discussions today will contain revolution statements made under the safe harbor provisions of the US private security in the Haitian Reform Act of 1995. Revolution 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 filing with the US Securities Exchange Commission and the Hong Kong tax change. Other home doesn't undertake any obligation to update any for a revolution statement except as required under applicable law. We also know that Other home's early practice and this conference call includes discussions of certain unordered non-gap financial matters. The reconciliation of the non-gap matter to the most directly comparable gap matter can be found in our early T.E. I will now turn the call over to Other home CEO, Ms. Yang for opening remarks. Please go ahead, Ms. Yang. Yang, please. Thank you, Song Kai. Hello, everyone. I am Yang Song. Thank you for joining us for today's conversation. Thank you, sir. Hello, everyone. This is Song Yang. Thank you for joining our early conference call today. In the first half of the year, we made steady progress in advancing our auto strategy by effectively optimizing the facilities between our online and offline resources. We improved both user experience and service quality. At the same time, we accelerated AI-driven product innovation and upgrade, leveraging intelligent technology as a core enabler to empower user decision-making and help customers reduce costs while improving efficiency. On a new reach of branch, we are redefining the automotive consumer experience. Through technology, online, our Bifone live stream enables multi-vehicle comparison and a fixed-wire drive inquiry. Offline, we deliver differentiated experience through three e-services, immersive and multi-vehicle comparison. AI-services has joined with car owner guidance and AI power purchasing assistance. This innovation significantly reduced transaction costs for both end users and customers, creating a complete online to offline service ecosystem. As of the second quarter, the number of new retro-branded stores has surpassed 200, continuously expanding our service coverage and reaching a broader consumer base. In terms of AI technology, we have created smart solution to improve the user experience. Our AI smart assistant has achieved a full-time sense of speed in the new car and second-hand car, and a high-quality user experience. Our customer service has been through marketing, marketing, transformation, and service in the entire sector, creating a complete digital marketing platform that will enable customers to achieve full-time efficiency. In terms of AI technology application, we have created -to-end intelligent solutions. For consumers, our AI smart assistant now covers all scenarios for both new and new cars, with industry-leading performance in person and on-site. For dealerships, we have integrated AI technology into the entire customer journey, from marketing to customer acquisition, to transaction to retail, to conversion and to access to services, creating a comprehensive and slow digital marketing loop that enhances operational efficiency. Today, we are ready to serve our safety automotive brand. In addition, we have also established a wide range of ecological programs, which continue to expand our own comment circle, including the multi-faceted brand Shisobao, to achieve strategic cooperation. Through channel construction and joint brand marketing, we have built a network for all users, and expanded the brand's influence. What is worth mentioning is that at the end of June, we officially launched an automotive brand overseas website, which has received a total of 52 1,900 car models from Chinese overseas car brands. We have been providing a lot of support to the global development of Chinese car industry. We have also marked our brand overseas, which has been a key part of our sales. Additionally, we have established an extensive ecosystem of alliances and continuous and partnership networks through strategic collaboration with leading platforms, including AdBank. Through jointly developed channels and for brand marketing initiatives, we have built a comprehensive user engagement network to amplify our brand's influence. Not only in late June, we officially launched the international version of AutoHome website, which has received over 1,900 car models from 52 Chinese automobile brands going global. This not only provides the best of support for the globalization of China's auto industry, but also marks a crucial step forward in our international business expansion. In the future, we will continue to expand the application of AIJ products and services. The deepening of AutoHome's car development structure, and the continuous development of car sales. Looking forward, we will continue to expand AIJ applications across our products and services and deepen the deployment of our automotive ecosystem by capitalizing on the industry trends of electrification, impotence and globalization will further guide the confirmation of the automotive consumer experience. With that, I now turn the call over to our two financial officer, Greg Lung, for a closer look at the 25th of October, operating and financial results.

Hello, I am the CFO of -F-O,

Zhang Jingxiang. Hello everyone, I am Greg Lung, the CFO of AutoHome. In the second quarter, we reinspired our grand position as a global platform for discovering new car launches with the position of the new car launching coming to AutoHome. We did this by developing a comprehensive new vehicle content matrix centered around live streaming. This initiative focuses on four key dimensions, the research, innovation, professional testing and technical intelligence, effectively driving the content growth around new vehicle consumption. For example, in June, we launched the AutoHome EU Car First Test Program and created a special feature title, the Ultimate New Energy APH Sodan. This intensive testing miracle delivered more than 50 hours of intensive testing, live streaming across five vehicles in five days, generating over 160 million views across areas, platforms. The program of only-drenched consumer and selling of newly-owned vehicles, but also significantly on AutoHome industry influence as a positive authority in professional vehicle assessment. In June, at the National Automotive and Propeller Chain Exposition Hangang, we took Chinese brand globalization as our core theme. Through a continuous six-hour series of events, live streaming in both Chinese and English, we showcased the exhibition highlights while establishing a dedicated interactive technology zone to demonstrate AutoHome's car-tunned AI technology and VR innovation to global audiences. This year, we've scheduled the launch of the international version of AutoHome website, mentioned by Ms. Yang, underscores our strong progress in supporting Chinese auto brands in their global expansion and promoting our global care delivery. We also set up car-tunned car-tunned zone, serving the elderly, the elderly and the elderly. According to the data, the car's daily usage of the car was 7,574 in June. It increased .5% in comparison, and the user scale and platform influence continued to rise. Additionally, we continue to expand our traffic alliance network by promoting multi-collaboration and multi-scenarios collaboration to create images across the entire value chain, further enhancing AutoHome's brand popularity and industry influence. A prime example is our strategic partnership with AutoK, Autolife service sector in May. Together, we launched a dedicated car-reading and selection service for other pay users and certified car owners, including a special subsidy section to serve trade-in and potential car buyers. According to CAC Mobile, our average mobile DAU reached 75.74 million in June 2025, up by .25% from September last year, reflecting our sustained growth in user scale and expanding platform influence. We have also launched a new live streaming technology to extend our online service to offline experience. AutoHome's mid-line station is the latest release of VR mid-line movies as a -to-door service. Through real car owners, we accompany consumers to drive more cars and drive more cars, increasing user trust and increasing order transfer rate. At the same time, AI buyers provide customer-oriented reading services to further enhance the -to-door service. As of the second quarter, we have exceeded 200 new sales in the mid-line and -computer-connected stores. The total revenue of the new energy brand is also continuing to rise. The second quarter's revenue is 27% higher than before. Turning to NED, our new retail business is committed to building a one-stop auto-automotive ecosystem empowering customer service through emerging technology. Online, we use holographic live streaming technology and extend digital services into offline experiences. The AutoHome Face Door leverage emerges via movie as a new driver of door traffic and performs multi-vehicle testing driving with real car owners to increase trust and improve conversion rates. Meanwhile, our AI-powered car-partisan assistance provides objective and neutral vehicle recommendations for the improving in-store service efficiency. As of the second quarter, the total number of AutoHome Face and Federal Exports has reached more than 200. Total revenues from NED in the second quarter including sales from the new retail business continues to grow, increasing by 27% from last year. In terms of software, we use data as the core development drive to integrate unique data resources and industry analysis models to upgrade and promote five major car products including AI marketing code, AI customer-oriented wind, AI -in-chief, AI and AI car experts. From the development of the new sales role, to the automation of the car's interior and the distribution of the smart, to the improvement of customer efficiency and delivery capacity, and to the strengthening of the online sales department, and to the provision of the vehicle frame and chassis detection system, we only rely on AI technology to rebuild the sales front line and provide a comprehensive smart solution from the inspection to conversion for our partners. It effectively promotes customer service performance improvement.

In visualization,

we've adopted a development strategy centered on data plus technology as the core development driver, integrate our proprietary data resources and industry analysis models to upgrade and launch five major digital intelligence product lines, including AI marketing brain, AI customer acquisition, AI lead master, AI sales tension and AI VE cogent factor. These two empower a comprehensive range of marketing needs, including enabling accurate marketing decision making, automating content creation with intelligent distribution, improving user engagement efficiency and store visit conversion, strengthening front line sales consultant capabilities, as well as providing VE cogent decision and pricing in a wireless system. Powered by AI, we've redefined the entire marketing value chain, delivering a comprehensive set of intelligent solutions from inside to conversion for partners, which effectively drive improvement in customer business efficiency. The second car is fast again. We've been upgrading the online and offline service system. In the summer of June, we've officially pushed for the second car to be selected to be tested in the Qijian branch. We've selected the industry's leading IUD to strictly control the car's quality. The construction of the car is now complete. The inspection report ensures the safety of the car and provides reliable service security. The real implementation of the online construction is achieved via online. Currently, the first batch of customers has been completed. In the future, we will continue to work with the core of confidence and standards, expand cooperation with the head car, and expand the quality of car parts, so that consumers can safely buy the car. In our used car business, we continue to develop integration of our online and offline services system. In this soon, we'll officially launch our flagship certified used car section, featuring carefully selected -to-date plans for operation and strictly controlling used car dealer qualifications. Each used vehicle in the store comes with comprehensive inspection reports to ensure the safety and transparency of dealer conditions. Additionally, we also provide reliable after-sale support, ensuring that what consumers see online is what they get offline. At present, we have already onboarded our first group of dealers to our platform. In the future, we'll continue to prioritize integrity and standardize processes as our principal, expand our business, leading auto dealers, increase the coverage of high-quality vehicle sources, and enable consumers to purchase the greatest piece of money in their purchasing journey. 通告合束 We are accelerating the development of our overall budget, and continue to expand our business, and try to turn our branch into a powerful information platform and a convenient trading platform. We will continue to expand our business boundaries and provide a higher quality car ecosystem, and encourage companies to act steadily and sustainably. In summary, we are accelerating the implementation of our overall development strategy, while continuously incubating new growth drivers, and are fully committed to building auto homes into an authoritative professional information platform and a timely transaction platform. We will focus on the long-term, continue to broaden our business horizon with new technology, and create a more efficient automotive service ecosystem to promote our steady development. 接下来,我来向大家显示一下 汽车之家2025年第二季度的主要财务情况。 请注意,我将在今天的讨论中 仅以人民币作为货币单位, 除非另有说明。 因此,现在让我简单地 将您看过二季二十五年第二季金融的数据。 请注意,我将只认为 今天是第四季, 而不然,我将宣布 第二季的收入总共为17.6亿元。 ,每季服务收入为2.79亿元, 线索服务收入为7.33亿元, 在线营销及其他收入为7.46亿元, .5%。 最后一季的收入为176亿元, 将其分成 中央企业收入为279亿元, 中央企业收入为733亿元, 其他收入为746亿元, .5%。 ,第二季的营业成本为5.03亿元, 上年同期为3.46亿元, 第二季的毛利率为71.4%, .5%。 上述,上年同期的收入 中央企业收入为503亿元, 总比增长306亿元, 上年同期的收入为244亿元, 增长中央企业收入为71.4%, .5%。 营业费用方面, 第二季的销售及市场费用为6.3亿元, 上年同期为7.53亿元, 研发费用为2.53亿元, The above is 3.15 billion yuan. The general management fee is 1.33 billion yuan. The above is 1.18 billion yuan. Turning to operating expenses, sales and marketing expenses in the second quarter were 630 million compared to 753 million in the second quarter of 2024. Product and development expenses were 253 million compared to 315 million in the second quarter of last year. The general and administrative expenses were 133 million compared to 118 million during the same period last year. Overall, the second quarter of the Car Home's sales and marketing expenses were 2.97 billion yuan. The Young People's Time was 4.12 billion yuan. The new standard of the Car Home's sales and marketing expenses were 4.76 billion yuan. The Young People's Time was 5.72 billion yuan. Overall, we delivered an operating profit of 297 million in the second quarter compared to 412 million by the same period of 2024. The estimated net income at the level of the Auto Home was 476 million in the second quarter compared to 570 million in the second quarter of 2024. The Young People's Time was 4.12 billion yuan and 4.14 billion yuan. The Young People's Time was 4.72 billion yuan and 4.71 billion yuan. The NAND GAF's basis and diluted earnings per share in the second quarter were both 1.01 compared to 1.18 in the corresponding period of 2024. NAND GAF's basis and diluted earnings per ADS in the second quarter were 4.06 and 4.04 respectively compared to 4.33 and 4.31 respectively in the corresponding period of 2024. Our asset representatives continued to show strength until June 30, 2025. The cash and cash value of the current period of investment are 22.5 billion yuan. The cash flow of the current period of business activities in the second quarter is 4.95 billion yuan. As of June 30, 2025, our balance sheet remains robust with cash, cash equivalents and short-term investments of 22.05 billion. We generated net operating cash flow of 495 million in the second quarter. On September 4, 2024, the company's board approved a new stock exchange plan with a total margin of less than 200 million US dollars in December. We have returned about 5.35 million shares in the second quarter. The total amount of the US stock exchange is about 1.12 billion US dollars. On September 4, 2024, our board of directors authorized a new share replacement program under which we are permitted to replace up to 200 million US dollars of auto home ADS for a period not exceed 12 months in the option. As of July 25, 2025, we have repressed approximately 5.35 million ADS for a total of approximately US dollars by 142 million. With that, now we are ready to open up the Q&A session. Operator, please open the line for Q&A.

As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, simply press star 11 again. One moment for our first question. Our first question coming from the line of Thomas Chow, with Jeffrey, here on his now open.

Good evening. Thank you for accepting my question. My question is about our future plans for the next half year in the media business. Thanks, management, for taking my question. My question is about the media services revenue. Can management share your thoughts about the trend in the second half and also the expectations? Thank you.

Thank you.

As for the overall media business, the main focus is on the main base. The main base is more important. From the current overall situation, the price war is still going on. The price increase question may still take some time. We can see that there are some interventions from the state and from all aspects. We hope that there will be no such unreasonable price war. In the second half of the year, the traditional car sales will be forgotten. There will be a charge at the end of the year. So the main base should be able to invest more in the second half of the year. We are actively fighting for more revenue. In addition, through online and offline services, we can meet the needs of different companies. We can also make channels to get revenue. In general, we will invest in the second half of the year. In the second half of the year, we will invest more.

We believe that with the government's intervention and the policy being released, we will expect that the OEMs will gradually recover and the OEMs will invest more in advertising budgets during the traditional peak season of Golden September and Silver October in the second half of the year. At the same time, auto homes can also meet the needs of different manufacturers through online and offline integrated services and obtain automakers' budgets through multiple channels. As a result, we think that in the second half of the year, we are more bullish about the new business than the first half of the year.

We also see that the company's 2 billion dollar return plan has already exceeded 1.4 billion dollars. I would like to share with you that the company's share return plan has been updated. I will translate it quickly.

Thank you for your question. I am Yang Feng. I will answer the first question first. I will ask you to answer it later.

First, I would

like to share with you the recent market situation and our future market decisions.

First of all, let me share some of the recent market dynamics and the future trends. First of all, we think that in order to cope with the price wall of the auto industry, recently we can see that the most government authorities have been releasing all kinds of policies for the guidance to fight against the decline of the bread-raising trend. So since July, we have seen that the price has been gradually going stable. And even as long as we think that the price wall will come to be eased, this will be very positive for the high-industry as well as auto home. And the second thing, we see that the auto market differentiation is intensifying. On the first hand, we can see sales volume and profits of the automakers are concentrating on the top players, with the share of independent brands continuing to rise. However, at the same time, due to trading price for volume, the overall profits of the auto industry is still under a lot of pressure. And thirdly, we can see that the AED continues to grow, but its growth rate has slowed down, comparing with the second half of this year. And the third point I want to talk about is that the auto exports have performed just rightly. And according to the data from the China Car Carpenter Association, in the first half of 2025, the China Carpenter vehicle exports increased by .8% year-long year, among which year-end vehicle exports increased by 48% worldwide. So you can see that the Chinese automakers are accelerating their overseas expansion, and this will be very positive for auto home. And based on the above mentioned three understanding and forecast about the market trend, actually in auto home, we will also have the following strategy.

We have invested a lot in AI technology. We are confident that in China's whole system, our AI skills are very advanced, mainly based on our experience in the past 20 years, in data and content storage, and in the years of our research and development in AI.

And there are lots of AI related technologies as well as deliverables. Many of them are suitable to our access over the past 20 years, in particular in terms of the database, content creation, as well as AI related research and development. So we have been quickly taking advantage of our AI strength in the above mentioned area and turn it into the actual productivity. And specifically, this will be showcasing online, offline, as well as the product that will deliver to our OEMs as well as delivery. And second, we will continue to have a little work on the O2O ecosystem, which is featuring online platform. We are actually the only internet company with very large scale of social media deployment in the O2O sector. We understand that for the O2O industry, it can only rely on the closed loop with both online plus offline. As a result, you cannot only rely on online service delivery to result all the consumers demand.

So we are able to see more of these models of innovation and contribute better to the company. The third target is to promote the Chinese brand to the world.

And the third strategy is to actually closely go in line with the going global trend of the Chinese market. As a result, O2O is also very good way to point our overseas of the culture. For example, in June of this year in the Hong Kong Auto Expo, we actually stood as the only official auto media partner of this Auto Expo and we have been introducing the Chinese branded auto to the rest of the world.

This is the first time that Chinese auto brand has been able to spread and spread

to the world. Well, in the same time, during the 30s, we also launched the overseas version of the Ultraman Form website. This is for the very first time we actually introduced the Chinese auto brand to the global consumers.

So far

we have been covering six countries and the region including Hong Kong, Thailand, Saudi Arabia, United Kingdom, Australia and Brazil. It also covers more than 1,900 models.

So you can

see that actually this is the first time ever that we have been doing this kind of media introduction in this way. And we also hope that through this international website, we can actually reach Chinese auto brands with the global consumers.

This year, the Chinese auto brand is expected to be released in 700 countries. We believe that in the next one or two years, it will reach nearly 30 million models. So we are not afraid to hope that the entire overseas market can become a new true-line

for the Chinese auto brand. So that's the answer for the first question. Now I would like to hand over to Mr. Zhang.

Thank you. Regarding the company's stock return plan, we are currently implementing it. I have just communicated with you about the specific numbers. As for the share price policy, the board of directors has made the most common promise. The 25-year plan is to share the share price of the year, not only the original RMB, but also the original RMB. In the future, we will continue to pay attention to how to repay the share price. We will not make any changes

to this policy.

Thank you. Our next question coming from the line of Ryan Gungwood, your line is now open.

We are looking at the situation of the car sales in the second half of the year. Another question is that if the sales of new cars can be slowed down, we think there will be more opportunities for the second-hand car industry to recover. Thank you, Mr. Zhang. I will just take myself as a mention of a particular expression. Mr. Zhang, as you mentioned, after the government's intervention, you have seen some improvements on the OEMs competition. How does the management think about the industrial competition in the second half of this year? And if the competition for new car sales can ease, when could we see the new car industry recover? Thank you.

Thank you. Let me answer a few questions. First of all, we have seen that the government has been making some calls through the urban policy, and the car industry has been increasing the number of internal inspection and the continuous price increase. We have also seen some positive responses from the car industry, such as the increase in the price of cars, and the stability of the car sales. But at the same time, the reason for the increase in the price of cars is still the over-efficiency

of the production capacity. So let me take those two questions. We have been seeing that since May to now, we have been witnessing that the government has been releasing the policies for several times and calling for the stop of the evolution-related growth, and asked the OEM to stop this kind of immodulate price war. Well, at the same time, we also see some of the brands, for example, EYD and China Automobile, etc., abolished their one-price policy and only returned the trading policy, or announced that reducing volume to maintain the price, etc. So you can see that the fundamental reason for this is because of the over-efficiency.

In addition, because of the expansion of the market capacity, the increase in the number of car companies, the increase in the number of car companies, and the increase in the number of small and medium-sized companies may face a lot of pressure. We also noticed that the number of luxury car companies is decreasing. The number of luxury car companies has been decreasing from less than 50% half a year ago to more than 60% today. So we think there is a good chance. So we hope that through the outflow of car companies, we can digest certain production capacity. In addition, from the scale advantage, we also want to develop to the quality advantage. So we hope that the market can be faster, as fast as possible, and return to a new level.

As a result, the small and medium-sized OEMs will face a bigger pressure. And in the segmented area, we can see that the luxury as well as joint venture brands have been losing shares. And the startup-owned brand sales have been increasing from less than 50% to more than 60% in the first half of this year. Well, at the same time, this kind of pressure on the market also calls the OEMs to shift from size first, of scale first, to quality first. We also expect that through all of the policy guidance, the market will quickly go back to a reasonable competition.

As for the increase in the amount of car insurance, our car First, we think that from the policy perspective, although the eight departments, such as the fire department, have already started some reforming tests, some optimization, some registration processes, and some promotion of policies, but the core point is about the history of second-hand cars, the history of second-hand cars maintenance, maintenance, and insurance. The data of the three departments is still not clear enough, so customers are still not at ease to buy second

-hand cars. As for the car ownership, as well as the car age, as you can see that in China, the car ownership is increasing, while the average car age is at 6.8 years. While at the same time, a lot of clients are interested in the second-hand vehicle, but there are few hazards to purchase the second-hand vehicle. The reasons can be attributable to the following several aspects. The first thing is because of the policy, even though eight government authorities, including MOSCOM, have initiated the car circulation consumption reform pilot, and also optimized the car registration mechanism, however you can see there's still a lot of interest in terms of the car maintenance, repair, as well as the other historical data.

The current experience, from the standard of the industry and the transparency, we will work harder. On June 27th, we mentioned that we have launched a special area for the second-hand car official selection period. First of all, we signed a contract with some industries, and we helped them to find the brand, and then we posted the product on the site. The consumers can find the car owners and directly enter the second-hand car area, and the second-hand car area interface. These car owners are guaranteed by the inspection. We are also working closely with other industries to help consumers find more reliable cars.

The first deal signed was with Li Xinhang, and we helped Li Xinhang to build a brand and promote online-offline integration of the services. And consumers who want to find a source of the vehicle can directly come to the flagship store in the auto-com second-hand vehicle column, and all of the sources are validated pretty much in terms of the quality.

In addition,

we also developed our own AI tools, such as the user-car AI smart assistant, photo-card recognition, vehicle condition tracking, and clock-wise tracking tools. As we all know, user-cars are second-hand vehicles, and they are also used by the second-hand car owners. The second-hand vehicles are non-standard products, which require our AI smart assistant to have higher accuracy in resize, and the size of each of the cars of the users is very different. These products are constantly being polished and upgraded.

Of course, if the price range can be reduced, and the price of the second-hand vehicles can be more reliable, it will definitely encourage consumers to choose the second-hand vehicles

more.

That's the

question, please.

One more important question. Our next question coming from the line of Richie Sunwich, HSBC. Your line is open.

Hi, I'm from the Qwik. Thank you for giving me the opportunity to ask two questions. The first question is about the new energy industry, including our public transportation stations and micro-channels. How is the progress going? Do you have any expectations or thoughts for the next half of the year and the development of the private sector? The second question is about the new products. Is there any new progress in this industry? Can you update us on what different products we have now, and what new plans will there be in the future? Thank you, Mr. Meisman, for taking my questions. Thank you. First of all, regarding the energy business, including different high source, what are the progress over there, and what is our thoughts on the second half and next year's development plan and expectations? And secondly, for the data products, what is the progress? Can you update us on the product weeks that we have, and any new product headlines? Thank you.

Okay,

thank you.

Regarding the new energy industry, the network is still expanding. Our second quarter has more than 200 buildings, and several cities and cities are in the market. In terms of functions, we are improving our 3G naked vision car, the car-driving team, and the car-building function of the car-building team. We are also using the AI capabilities to create the AI car. The car-driving team can drive the AI car, and we have also made a central electric current to help the car-driving team to experience and improve their driving experience.

And actually, thank you for raising this question. In terms of the scale, by the end of the second quarter, we can see that the total number of stores already exceeds 200, covering both major cities and one of the lower tier cities. In terms of the functionality innovation, our state stores have already integrated a lot of these functions, such as 3G naked eye, washing the cars, and the multiple -things-gain comparison, and multiple brand one-stop pressures, etc. And also rely on our AI technologies. We also indiscriminately created a lot of AI function-related experiences, such as AI buyers and co-owners of the company AI comparison test-trials, as well as the VR state, blockbuster movie, etc. that should reshape the car consumption experience.

In terms of future development, we still need to improve our business model. Our core goal is to combine online and offline, especially online, to improve the quality of products and services, and to improve the customer's reputation. But in terms of business, we will also improve the ability to make the model more profitable and profitable. In terms of technology, we will definitely improve the AI model to the point where it can be used to make a -thousand-miles, which can serve the middle-class consumers, and also the technology-wise, and the future, and also the future, to make some positive changes.

In terms of the future development plan, actually we will continue to deepen our business model, and focusing on product and services, we find the operation as well as the user and upgrading, and to enhance the single-store operation efficiency, as well as the customer reputation. And while at the same time, the revenue generation capacity of the new retail model will also be gradually enhanced. While at the same time, we will also continue to strengthen technology integration, to integrate with AI's big model, not only serving the terminal and consumer experience upgrading, but also to deliver more products and services based on this technology. And at the same time, we will also continue to deepen our market insights, such as to serve our customers when they do have going global retest.

Regarding data products, there are some summary of the current products, such as some data products from our C-class. For the new second-hand car, we have launched an AI smart assistant. Based on the self-proclaimed Cang Jie big model, and the professional support of our industry for the past 20 years, professional answers about the business, which is the user's question of car related. And then offline, there is this AI assistant. This industry is a smart assistant with the same technology as the car, and the AI big model with the same technology as the car. Supporting the plan of natural language development, helping users customize the car, and helping the car to be the best car for the future.

And in terms of our product metrics, as well as business progress from the C-end, we have launched the AI smart assistant for those new cars and the second-hand cars. Based on the self-developed Cang Jie large model, integrating almost 20 years of industrial simulation of auto form and professional knowledge base, actually we professionally answer users' car related questions. While at the same time, for offline, we also have AI buyers. The industry is facing a challenge in the voice assistant, integrating AI large model and ultra-high definition 3D interaction technology, supporting natural language dialogue, and helping users customize car purchase plans, and to compare car sources and improve car selectivity.

We have already mentioned the B-end product. We have also added the solution of five major AI products in the Cang Jie large model. We have covered the whole route from marketing to car delivery, to delivery of documents and to replacement. We have already mentioned this Cang Jie large model.

We have covered marketing, customer acquisition, and customer repos, as well as the store services. I have already mentioned all of the concepts in our opening remarks.

In terms of

the future development trend of our data product, I believe that auto form strength is attributable to our more than 20 years professional content accumulation. We have both data users as well as the industrial and industrial models. And we have all kinds of solutions. In the future, we will continue to combine all of these strengths together so as to further accelerate our professional capabilities. On the one hand, we will continue to think about how to assist our customers to do refined operations to satisfy their invigorous life as well as personal demand. While on the other hand, we will continue to build auto form knowledge base to build the most of the large language model era and continue to better serve our users and clients. Thank you.

Okay, our question.

Thank you. There are no further questions at this time. I will now turn the conference back to management for closing comments.

Thank you for attending the conference. I look forward to the next performance conference where we can communicate with you about the company's latest developments. If you have any questions or suggestions, you are welcome to contact us anytime. Thank you. Thank you everyone. Thank you for joining us today. We appreciate your support and look forward to taking you on our next quarter conference. In the meantime, please feel free to contact us if you have any questions or comments. Thank you. Bye bye.

This concludes today's conference. Thank you for your participation. You may now disconnect.