Autohome is China's leading online automotive platform, operating autohome.com.cn (new cars), che168.com, and ttpai.cn (used cars), along with mobile apps. The platform serves two customer groups: consumers researching and purchasing vehicles, and industry customers (automakers and dealers) looking to reach in-market buyers. Autohome reports three revenue lines: Leads Generation (~42% of revenue), where dealers pay fixed annual subscription fees to list inventory and manage leads; Media Services (~18%), where automakers buy advertising for brand promotion and model launches; and Online Marketplace and Others (~40%), a newer set of businesses covering data analytics, transaction facilitation, auto financing, and direct vehicle sales. The advertising and subscription businesses carry high gross margins given their digital nature, while the transaction businesses carry lower margins due to physical inventory and offline operations. Autohome's two core growth initiatives are AI product development — including a proprietary automotive large language model called Cangjie embedded across consumer and dealer-facing tools — and an online-to-offline transaction network of physical "Autohome Space" retail stores targeting lower-tier cities with limited NEV dealer coverage. The O2O strategy is intended to shift Autohome from a lead-generation intermediary to a full transaction platform. Haier Group acquired a ~43% controlling stake in Autohome in August 2025, with management indicating no change in strategic direction.