Ladies and gentlemen, thank you for standing by for Autohome's third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR director. Mr. Song, please go ahead. Thank you, operator. Hello, everyone. I'm Sterling Song, and welcome to Autohome's third quarter 2022 earnings conference call. Earlier today, Autohome distributed its earnings press release, and you may find a copy on the company's website at www.autohome.com.cn. On today's call, we have Chairman and Chief Executive Officer, Mr. Quan Long, and Chief Financial Officer, Mr. Craig Yan Zeng. After the prepared remarks, our management team will be available to answer questions. Before we continue, please know that the discussion today will contain forward-looking statements made under the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking 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 filings with the U.S. Securities and Exchange Commission and the Stock Exchange of Hong Kong Limited. Autohome doesn't undertake any obligation to update any forward-looking statements except as required under applicable law. Please also know that Autohome's earnings press release and this conference call include discussions of certain unaudited non-GAAP financial measures. Please refer to our press release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and is available on Autohome's IR website. Again, as a reminder, this conference is being recorded. In addition, a live and archived webcast of this earnings conference call will also be available on Autohome's IR website. Now, I will turn the call over to Autohome Chairman and CEO, Mr. Long, for opening remarks. Please go ahead, Mr. Long. Thank you, everyone. Thank you, Sterling. Hello, everyone. This is Quan Long, Chairman and CEO of Autohome. Thank you for joining us today in our third quarter of 2022 earnings conference call. We are pleased to report a strong operational performance in the third quarter, building on our vigorous recovery momentum from the first half of 2022. Our total revenues for the third quarter were RMB 1.843 billion, up 4.5% year-over-year. The media service revenue surged by 28% year-over-year. Adjusted net income attributable to Autohome was RMB 590 million, returning to positive growth with a year-over-year increase of 1%. Adjusted net margin was 32%. Since the beginning of this year, China's central government has introduced a series of economic stimulus policies targeting the auto industry in an effort to unleash relevant consumption potential. Also, the abolishment of used car circulation restrictions has helped to relieve the bottleneck hindering growth in the used car industry. With these policy changes, alongside effective measures to contain the spread of the COVID-19 pandemic, China's passenger vehicle sales recovered rapidly in the third quarter, with a total of 5.69 million units sold or 23% year-over-year growth.第三季度公司业绩触底回升，并实现微型反转，同比恢复良好的增长趋势，展现出较强盈利能力和较高利润率水平，向市场交出了一份令人满意的答卷。 Despite the impact of the pandemic, the auto industry remains a key pillar of the national economy. Auto is a basic necessity in people's lives, and given automotive typically long life cycle as well as prolonged support from the government, the auto industry still possesses tremendous growth potential as China's auto consumption level and the demand for upgrades continue to increase. To address challenges head on, Autohome visited customers, listened to their demands, and actively adjusted our business models to provide effective solutions to address their pain points. After a brief business adjustment in the past few quarters, we bottomed out and achieved a V-shaped rebound in the third quarter. We have now returned to a thriving year-over-year growth trend. We delivered solid results to the market. 接下来我们请CFO孙岩先生详细介绍公司三季度业务和财务情况。 With that, I will now turn the call over to our Chief Financial Officer, Craig Yan Zeng, for a closer look at our third quarter operating and financial results. 谢谢龙总。大家好，我是汽车之家的首席财务官孙岩。首先我们来回顾一下公司在传统业务领域的整体情况。 Thank you, Mr. Long. Hello, everyone. I'm Craig Yan Zeng, the CFO of Autohome. First, I'd like to give you an overview of our traditional business. 面向主机厂客户的媒体广告业务，三季度收入达人民币5.56亿元，在经历过去一年持续调整后，首次恢复同比正增长，再一次凸显了之家在汽车传媒领域的领导性地位和稳固的市场份额。探究其背后深层次的原因，无外乎以下两方面。 For the third quarter, our media service revenue reached RMB 556 million, returning to positive year-over-year growth for the first time after over a year of continuous adjustment. This asserts Autohome's leading position and stable market share in the auto media vertical sector. Our excellent performance is mainly attributable to two factors. 第一，汽车之家积极拥抱变化，主动追求创新，对传统业务板块进行升级改造。如在看车环节，利用VR等先进技术，克服疫情的影响，举办了智能在线车展，帮助客户有效获客，自身平台也获得了更多流量。今年前九个月共累计举办网上云车展305场，覆盖人数超过5亿，为用户随时随地看车、选车提供了极大的便利。常态化的线上车展帮助之家有效改变用户的认知，提升用户的体验，助力广大客户渡过疫情难关。从客户和用户两端都收到了明显的效果，公司自身的媒体业务也得到很好的提高。 First, we embrace changes and proactively pursue innovation to upgrade our traditional business. For example, to overcome the pandemic's impact, we applied VR and other advanced technologies to our car searching tool and held online auto shows for customers to reach potential buyers more effectively. It also generated additional traffic for Autohome's platform. In the first nine months of this year, we have held 305 online auto shows, covering over 500 million people nationwide, and offering users a seamless experience of searching and choosing cars anytime and anywhere. Normalizing online auto shows has effectively altered users' perception, improved their experience, and helped customers to navigate the tough business environment. Our online auto shows have received high praise from both users and our OEM customers, resulting in great improvement in our media business. 第二，集中资源，强化竞争优势，提升行业影响力。例如，之家首创全球最知名汽车垂媒IP，818超级汽车节至今已连续四年举办，今年之家倾注更多资源投入，集中优势力量，通过与央视权威媒体纵深合作，达到了增大主机厂曝光，助力车企品牌向上的诉求，加速了汽车行业数字化升级转型。活动全域曝光量破164亿，全域短视频播放量破10亿，凸显了之家重要的媒体影响力。 Second, we concentrated our resources on fortifying our competitive advantages and enhancing our industry presence. For example, Autohome initiated the 818 Super Auto Show, the world's most popular IP in the auto media sector, and has held the auto show annually for four consecutive years. This year, we not only devoted more resources to the show, but also collaborated with China Central Television (CCTV) media platform to more effectively promote OEM's brands and products, accelerating the pace of digital transformation across the auto industry. This year's 818 Super Auto Show generated over 16.4 billion exposure across the entire network and over 1 billion short video views, exemplifying the unprecedented level of Autohome brand influence in the auto media vertical industry. 媒体广告曝光效果提升，离不开知家长期以来一直深耕用户内容的努力，离不开知家持续不断地打造核心IP，从点及面，从平面化到粒子化，全方位地构建有用加有趣的视频内容生态。知家持续创新，签约了行业中第一个超写实虚拟人宫九羽，其一系列视频全网传播过亿，在用户中引起了强烈的反响。另外，知家的四大原创爆款IP，如典型笔记等，前三季度站内播放量累计达2.36亿，全网播放量累计达3.72亿，影响力持续扩大。未来，知家将继续在用户内容端融入更多元宇宙、数字藏品等新鲜有趣的玩儿法，有效提升视频内容质量，持续打造核心内容生态，吸引更多年轻用户深层次的关注和参与。 Increased media exposure goes hand in hand with our continuous advancement in content creation, as well as our ongoing efforts to build our core IP. Through which we have constructed a useful and fun video-based content ecosystem. For instance, in our pursuit of content innovation, we signed a contract for the industry's first hyper-realistic meta-human, Gong Jiuyu. Thus far, her videos have garnered over 100 million views across the entire network, and her debut generated enthusiastic responses among our users. Additionally, in the first three quarters of 2022, our four original IP series, including the Travel Journal, among others, have accumulated over 236 million views on Autohome platform and over 372 million on the entire network, demonstrating our growing influence. In the future, Autohome will introduce additional metaverse features, virtual assets, and other interesting elements to our portfolio to further upgrade the quality of our video-based content ecosystem, encouraging greater participation and deeper engagement, especially among young users. 基于上述一系列用户内容方面的努力，知家平台流量保持了长期稳定增长。QuestMobile九月全景生态日均用户量达4,956万，同比增长13.4%，连续五个月实现急速增长，其中手机APP端DAU 1,283万，远超行业水平，继续牢牢保持汽车垂类行业第一的领先地位。 The series of efforts to strengthen our user content bolsters our ability to deliver long-term steady traffic growth. According to QuestMobile, Autohome aggregated average daily active users achieved its sixth consecutive month of accelerating growth in September, soaring by 13.4% year-over-year to 49.56 million. Furthermore, our mobile APP DAU was over 12.83 million, greatly exceeding the industry level and affirming our industry-leading position. 在线索业务方面，三季度收入呈加速增长态势，同比增速超5%，高于今年前两个季度的水平，环比增长超过7%。从三季度车商会合作商家数来看，尊享版突破一万三千家，科技版超过七千家，高端版本商家总数超越两万家大关，环比增加逾一千两百客户，提升幅度6.5%。线索产品营收和客户数量稳步攀升，再次印证了知家产品对客户的深度赋能能力和坚实的客户基础。凭借卓越的产品力，我们将继续加大新产品研发，不断完善升级，全方位满足客户的各类需求。 Now let's look at our lead generation business, where revenue witnessed an accelerated growth trend in the third quarter, with year-over-year growth of over 5%, surpassing the growth rate for the first two quarters of 2022. Moreover, the quarter-over-quarter growth rate was over 7%. In terms of the number of our customers in the third quarter, over 13,000 dealers purchased our premium version and over 7,000 dealers purchased the tech version, for a combined total of over 20,000 dealers purchasing the high-end versions of our lead subscription packages. This represents an increase of over 1,200 dealer clients or 6.5% growth compared to the second quarter. The steady increases in both revenue and the number of customers once again illustrate our ability to deeply empower our client business. Moving forward, building on our excellent product abilities, we will continually expand our product pipeline and increase R&D input as we endeavor to holistically fulfill our customers' needs with upgraded products and services. 其次，在创新业务领域，知家按既定发展规划加速推进第二增长曲线的成长，无论是代表本来方向的新能源业务、未来方向的新能源业务，还是空间广阔的二手车业务，或是赋能客户的数字化产品业务等，都取得了长足的进步，实现了质的突破。 Turning to our new initiatives, we continue to execute our development plans and accelerate the realization of our second growth curve. Whether we look at our EV business representing the direction of the future, our used car business with the fast growth potential, or our digital product business empowering our customers, we have made significant progress and achieved substantial advancement. 面对新能源汽车渗透率的不断提升和行业结构性变化，这家主动引领行业变革，全球首创了能源空间站这一人无我有的全新零售模式。通过多品牌一站式3D全息虚拟看车加无缝衔接试驾服务方式，协助用户完成看、选、试驾和购车，彻底颠覆了传统耗时费力的购车体验，解决广大用户购车痛点。这不但领先于市场，也受到新能源产业链各个公司的普遍关注。九月，位于上海的首家线下体验店正式开业，在行业内引起了巨大反响。未来，汽车之家能源空间站将站在行业制高点上，从高线城市快速下沉，提升低线城市的渗透率，稳步扩张，覆盖更多新能源品牌和车型，加速建立多方共赢的生态，为中国新能源汽车行业的快速健康发展贡献自己的力量。 First, let's look at NEV. Facing the continuing evolution of the NEV market structure and the increase in NEV penetration rates, Autohome adapted proactively and led the market transformation by pioneering a unique multi-brand retail model, Energy Space. Offering 3D holographic virtual car viewing followed by test driving services across a broad swath of China's new NEV brand makers and models, Energy Space provides a one-stop service for selecting, test driving and purchasing cars, which completely subverts the traditional time-consuming car purchasing experience and solves users' pain points. Energy Space has not only helped us stay ahead of the market, also drew attention from other NEV automakers who look at Autohome in a whole new light. In September, we unveiled our first offline experience store in Shanghai, attracting great attention across the industry. In the future, Autohome Energy Space will increase its presence in top-tier cities and steadily expand into lower-tier cities, covering more NEV brands and models. By building ecosystems that benefit all parties, Autohome will continue to contribute to the fast-growing and prosperous Chinese NEV industry. 此外，本季度之家与北理新源签署了独家战略合作协议，未来双方将在各类新能源数据应用等方面展开深度合作，之家将研发打造更多新能源汽车营销数据产品和服务，更准确提升新能源二手车的估值水平，为新能源业务拓展更多的发展空间。 Lastly, during the quarter, we signed an exclusive strategic partnership with the Beijing Institute of Technology Xinyuan Information Science & Technology Co, Ltd. Going forward, the two parties will conduct in-depth cooperation in various areas such as NEV data application. This cooperation will empower Autohome with valuable data sources to develop more digital products and services supporting NEV sales and marketing, improve regulation mechanisms for used NEV and broaden our NEV business growth prospects. 总体来看，2022年三季度来自新能源品牌的收入同比增长140.7%，继续保持高速增长，持续跑赢行业销量增速。 Therefore, in Q3, revenue generated from NEV brands continued to grow vigorously and increased by 140.7% year-over-year, once again outperforming the industry sales growth overall. 今年国内二手车政策面出现了一系列积极变化，行业迎来新的发展机遇期。借助利好政策的东风，之家继续整合与天天拍车、平安集团三合一的优势资源，加速推进二手车一体化交易服务平台的建设。在用户卖车端，我们深挖二手车置换人群的新车需求，精准匹配其新车意向，高效连接主机厂和用户需求。通过置换购产品撬动主机厂投保，目前已与二十二家品牌达成合作，效果很好。在用户卖车端、买车端，我们提供标准化看、买、用一站式服务，实现了买车一站式上门试驾服务的首单成交，用户购车体验更便捷。同时，之家诚信车平台上的认证车源数量也逐季快速提升，极大丰富了二手车车源，为二手车买车和车商提供更多线索和交易机会，扩大之家二手车收入来源。未来，之家将加速推进创新业务落地，建立覆盖上中下游的二手车用车生态，加深竞争中的护城河深度，为推动行业的整合升级做出贡献。 Next, the used car market. With this year's positive changes in governmental policies, China is undoubtedly the world's fastest growing and highest potential used car market. To make the most of this opportunity, we continue to consolidate resources across TTP, Ping An Group, and Autohome to gain a competitive edge and propel development of our one-stop used car transaction platform. For used car sellers, our trade-in growth product, which targets users looking to trade in their used cars and purchase new ones, has proven attractive for OEMs seeking ways to reach potential new car buyers. We have already established collaborations with 22 brands and received positive feedback. For used car buyers, we provide a standardized one-stop service for searching, buying and using cars, realizing the industry's first iteration of one-stop car processing plus test driving services and delivering a smooth and convenient user experience. In addition, we continue to make progress with our certified used car system and have rapidly increased the number of certified used car sources on our platform, creating more needs and transaction opportunities for both used car dealers and the buyers. Going forward, Autohome will accelerate implementation of business innovations to establish a full used car ecosystem covering upstream, midstream and downstream players, augmenting our competitive advantage while contributing to overall industry development. 第三季度，天天拍车与之家协同交易进一步取得突破，通过其搜索和拍卖服务影响了全国二手车乘用车交易量约21%，同比提升约3个百分点，未来经营情况会持续向好。 We continue to deepen business synergies with TTP in the third quarter through our matching and auction services. Our platform accounted for around 21% of all used car transactions in China in the third quarter, with three percentage points year-over-year growth. We expect its operating conditions will continue to improve going forward. 最后我们来看一下数据产品。第三季度经销商数据产品持续保持良好发展态势，营收同比增长达37%，客户数超过19,800家，较上季度提升5%，同比增长16%。2022年前三季度，单商家购买产品数和店均收入均持续呈现快速增长态势，较上年同期分别有31%和20%的提升。此外，面向主机厂客户的数科业务，通过不断升级产品，借助行业数字化转型的发展契机，大力协助传统车企的数字化改造，目前已与市场上48个主流汽车品牌建立合作深度赋能，未来将持续助力公司第二增长曲线的加速成长。 Lastly, on the data product front, dealer data product continues their healthy growth trend in the third quarter, with revenue rising by 37% year-over-year and the number of clients up by 5% quarter-over-quarter and 6% year-over-year to over 19,800. During the first nine months of 2022, the average number of data products adopted by each dealer store and the average revenue per dealer store increased vastly by 31% and 20% year-over-year, respectively. On top of that, we successfully capitalized on opportunities brought by the auto industry's digital transformation as part of our continuous efforts to upgrade our product. Presently, Autohome has established in-depth collaboration with 48 mainstream automakers, which will continue to support and accelerate Autohome's second growth curve. 综上，尽管面临较复杂的宏观环境，三季度我们在各业务板块均取得了亮眼的成绩，延续了上半年业绩持续回升的良好势头。作为中国汽车行业的领导者，过去一年多来，汽车之家重点聚焦两大领域，一方面在快速布局生态化战略，联合平安资源建设一站式全链路车生态平台，为汽车用户打造贯穿全生命周期的服务。另一方面，之家着眼于行业未来，引领行业创新，持续深耕各创新业务板块。未来之家将继续凭借稳健的运营业绩，助推全行业数字化转型，以穿越行业发展周期的优秀表现，不断为用户、客户和股东创造更多长期价值。 To summarize, despite an uncertain macroeconomic environment, we are pleased to have achieved extraordinary results in all three of our business segments, expanding our recovery momentum since the first half of 2022. As one of the leaders in China's auto industry, Autohome has focused on two main strategies over the past year. First, we are actively advancing our ecosystem approach, consolidating resources with Ping An Group to build a one-stop full-chain Autohome platform that provides comprehensive services for auto users. In the meantime, we are deeply invested in the industry's future and committed to leading industry-wide innovation by continuously cultivating our innovative business segments. Backed by a strong business foundation and brilliant financial performance, Autohome will foster digital transformation in the industry, creating lasting value for all our stakeholders with outstanding performance that navigates market cycles. 接下来我来向大家简述一下汽车之家2022年第三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。 Next, let me walk you through the key financials for the third quarter 2022. Please note that as with prior quotes, I will reference RMB only in my discussion today unless otherwise stated. 三季度收入总额为18.4亿元，同比增长4.5%。具体来讲，媒体服务收入为5.56亿元，同比增长28%。线索服务收入为8.09亿元，同比增长5.3%。在线营销及其他收入为4.78亿元。 Net revenues for the third quarter were CNY 1.84 billion, up 4.5% year-over-year. For detailed breakdown, media services revenue came in at CNY 556 million, an increase of 28% year-over-year. Lead generation services revenue increased 5.3% year-over-year to CNY 809 million, and online marketplace and others revenues were CNY 478 million. 成本方面，第三季度营业成本为3.31亿元，上年同期为2.81亿元。营业成本同比增长，主要由于我们对内容的持续投入。第三季度毛利率为82.1%，上年同期为84.1%。 Moving on to cost. Cost of revenues in the third quarter was CNY 331 million compared to CNY 281 million in Q3 last year. The increase was primarily attributable to our continued investment in content. Gross margin in the third quarter was 82.1% compared to 84.1% in Q3 2021. 营业费用方面，第三季度销售及市场费用为8.63亿元，上年同期为7.12亿元。同比增长主要是由于市场推广费用的增加。研发费用为3.87亿元，上年同期为3.64亿元。同比增长主要是由于数字化产品相关的研发活动投入的增加。最后，一般及管理费用为1.36亿元，上年同期为1.1亿元。 Turning to operating expenses. Sales and marketing expenses in the third quarter was CNY 863 million compared to CNY 712 million in Q3 2021. The increase was primarily attributable to the escalation of marketing and promotional spending. Product and development expenses were CNY 387 million compared to CNY 364 million in Q3 2021. The increase was primarily attributable to greater investment in research and development activities for digital products. Finally, general and administrative expenses were CNY 136 million compared to CNY 111 million in Q3 2021. 总体来讲，汽车之家第三季度营业利润为1.92亿元，上年同期为3.65亿元。归属于汽车之家的经调整净利润为5.9亿元，上年同期为5.83亿元。 Overall, we delivered operating profit of RMB 192 million in the third quarter compared to RMB 365 million in the corresponding period of 2021. Adjusted net income attributable to Autohome Inc was RMB 590 million in the third quarter compared to RMB 583 million in the corresponding period of 2021. 第三季度基本和摊薄经调整每股净利润均为1.18元，上年同期均为1.15元。第三季度基本和摊薄经调整每股美国存托股净利润分别为4.73元和4.72元，上年同期均为4.60元。 Non-GAAP basic and diluted earnings per share in the third quarter were both RMB 1.18 compared to both RMB 1.15 in the corresponding period of 2021. Non-GAAP basic and diluted earnings per ADS in the third quarter were RMB 4.73 and 4.72, respectively, compared to RMB 4.61 for both in the corresponding period of 2021. 截止2022年9月30日，我们的资产负债表持续表现强劲，现金、现金等价物及短期投资合计为RMB 213.4亿元。第三季度来自经营活动的现金流净额为RMB 5.41亿元。 As of September 30th, 2022, our balance sheet remained very strong with cash equivalents and short-term investments of RMB 21.34 billion. We generated net operating cash flow of RMB 541 million in the third quarter of 2022. 汽车之家董事会在2021年11月18日授权批准了一项为期十二个月，金额上限为两亿美元的股票回购计划。截止2022年10月31日，我们已经回购了大约351万股美国存托股份，总成本约为1.06亿美元。2022年11月3日，公司董事会授权将此项股票回购计划的期限延长十二个月，到2023年11月17日止。公司经营长期保持稳健，现金储备充足，现金流健康，持续在公开市场上积极回购股票，体现了公司提高资本配置效率的决心，也向市场表明了公司长期以来一直重视广大投资者的利益，持续主动做好市值管理。 On November 18th, 2021, our board of directors authorized a share repurchase program under which we may repurchase up to $200 million of Autohome ADS for a period not to exceed 12 months thereafter. As of October 31st, 2022, we have repurchased approximately 3.61 million ADS for a total cost of approximately $106 million. On November 3rd, 2022, our board of directors authorized an extension of the share repurchase program for another 12 months, expiring on November 17th, 2023. Autohome stable long-term operation, healthy cash flow and ample cash reserves, as well as our active stock repurchase program, demonstrate our intention to improve the company's capital structure efficiency and reflect our long-standing dedication to our investors' interest. We will maintain our efforts to proactively manage market value. 以上是公司的财务数据汇总，下面我们开始回答问题。 With that, we are ready to answer your questions. Operator. Thank you. Thank you. Ladies and gentlemen, to ask a question, you will need to press star one one on your telephone. Please stand by while we compile the question-and-answer roster. Our first question comes from the line of Thomas Chong from Jefferies. Please ask your question, Thomas. 晚上好，谢谢管理层接受我的提问。我有两个问题，第一个问题是关于汽车行业三季度发展的情况，还有我们应该怎么看四季度，还有明年的一个展望。第二个问题是关于当前二手车发展，还有市场的情况，包括TTP。然后我们应该怎么看明年的一个战略的方向呢？Thanks management for taking my questions. My first question is about the auto industry, Q3 development, as well as how we should think about Q4 and 2023 outlook. My second question is about the used car market. How the sector is developing so far as well as the market landscape, including TTP, as well as how we should think about next year strategies. Thank you. 好的，感谢你的提问。你问的这两个问题，第一个是关于行业的发展问题，那么这个问题我来进行回答。那么第二个，是关于二手车这一块，等下我们这个CFO振彦来进行回答。那么汽车行业作为国民经济的支柱行业，它的相关政策和发展一直是受到各方的关注。 Thank you for your questions. The first question is related to the industry, and I will answer that. Your second question is related to the used car business. Our CFO, Craig Yan Zeng, will answer you. First of all, the auto industry is the pillar industry for our national economy, and it has been receiving attention from all parties concerning its policies and development. 首先，我认为这个汽车行业今年的至暗时刻，我认为已经是过去了，因为我们三季度已经看到了车企这个盈利能力修复是非常显著的。那么我来和大家分享两组数据。那么根据乘联会的统计数据，今年中国乘用车销量一季度同比是下跌4.5%的，那么二季度同比下跌是9.8%。但是我们现在可以看到，三季度是同比增加了23%。那么国家统计局的相关数据也在显示的话，是今年一至九月份，我们国家的汽车制造业的营收同步是增加了，增长了6.7%，那么利润是超过了3,700亿元，同比只下降了1.9%。那么降幅相较这个一至八月收窄了5.4个百分点。所以我们可以看到乘用车销量已经走出了低谷，拐点已经到来。那么在三季度的话，汽车月度呈现产销两旺的态势，那么整个行业的这种企稳回升的现象是比较明显的。那么随着国家相应政策的细化和深化，那么九月份以来，实施细则也是应出尽出，那么进一步扩大了有效的需求，巩固了经济恢复的基础。那么我们来看汽车业的发展环境，是持续向好。 First of all, I believe that the darkest moment of this year for our industry has already passed. Q3 sees a significant recovery of the profitability of car manufacturers. Two sets of data for all of you. According to the CPCA, this year, China's passenger vehicle sales Q1 year-on-year decrease of 4.5% and Q2 year-on-year decrease of 9.8% and Q3 year-on-year growth of 23.7%. According to National Bureau of Statistics, in the first nine months this year, China's automobile manufacturing revenue has a synchronized growth of 6.7% and a profit over CNY 370 billion, year-on-year decrease of 1.9%, and the sequential margin compared to January to August has narrowed by 5.4 percentage points. We could see that the passenger vehicle sales is out of the bottom period, and the turning point might have already arrived. In Q3, the monthly sales and the production are both very optimistic, leading the industry for a stabilization and recovery. We see the follow-up policies getting more and more specific and consolidated. Since September, we see implementation of a series of necessary details. That effectively boosted the effective demand and consolidated the foundation for economic recovery. We believe that the automobile industry is having a more and more positive environment for our development. 其次，我们看到了受益于促进汽车消费的政策，那么供应链和芯片短缺的问题也得到了缓解。所以我们对四季度汽车行业的预期，我们持谨慎乐观态度。那么汽车行业受到国家和政府的长期重视。那么今年以来，各级政府是连续出台鼓励政策，明确稳定增加汽车等大众消费。那么五月份我们可以看到，国务院提出了全面取消二手车限迁。九月，财政部、税务总局和工信部也联合发布了延续新能源汽车免征车辆购置税的政策，那么实际上在鼓励这个新能源汽车行业的发展。汽车消费升级未来存在着巨大的上升空间。虽然年初以来疫情反复多点爆发，给宏观经济走势带来了一定的挑战和不确定性，一定程度上是影响了国内车市。那么短期来看，车市仍存在一些不确定性，但随着年底销售旺季的到来，车企冲击销量，加大折扣力度，那么这些都有望推动终端消费需求抬升，开启行业景气向上周期。 Secondly, we benefit from the policies that encourage automobile consumption, and we also see an alleviation regarding the problem of the supply chain as well as the chip shortage. Therefore, we are cautiously optimistic about the expectations for Q4 automobile industry development. Automobile industry is highly valued by the country and the government, and this year has witnessed a series of favorable policies from all levels of government to specifically stabilize and boost the major consumptions like automobiles. In May this year, the State Council removed comprehensively the circulation restriction for used cars. In this September, the Ministry of Finance, the Taxation Administration, and MIIT jointly launched the policy to exempt NEVs from auto purchase tax to encourage the NEV industry growth. We see a huge potential for the upgrading in auto consumption in future. Since the beginning of this year, we have seen recurrence of the COVID-19 pandemic in multiple locations in China, which brought some challenges and uncertainties to the macroeconomic growth and to some extent brought negative impacts for our automobile market in China. The consumers' confidence as well as their actions of car buying has been impacted by the periodical pandemic control measures. In a short-term perspective, there is to some extent uncertainty in the market. We are embracing the silly season in sales at the end of this year. The OEMs and the car enterprises, they try to give greater discount to boost the sales. I think that it is likely to boost the pent-up consumption need and to initiate an upward cycle of our industry. 另外，从汽车市场销售结构来看，新能源车一直延续了快速增长的态势。政策的推动，供给的改善，又叠加上油价上涨带来新能源车的市场火爆。九月新能源车国内零售渗透率达到了31.8%，较2021年九月21.1%的渗透率提升了11个百分点。一至九月，今年一至九月，新能源车国内零售的渗透率为26%。按照新能源汽车产业发展规划，就是2021至2035年这个中间所述的，2025年新能源汽车渗透率达到20%的目标，现在看来会提前三年实现。 On the other hand, from the perspective of the sales structure of the auto market, NEV has been growing rapidly because of a very upward market due to the favorable policies, due to the improvement of the supply side as well as the higher gas prices. In September, the NEV domestic retail penetration rate reaches 31.8% and the year-on-year growth compared to last September, the penetration rate was 21.1%, and you can see there is an increase of 11 percentage points. In the first nine months this year, the NEV domestic retail penetration rate is 26%. In the 2021 to 2035 NEV industry development plan, it mentioned that the goal of 2025 NEV penetration rate is 20%. Now we can see that the goal could be achieved three years in advance. 那么根据中汽协的预计呢，在稳经济促消费政策的持续作用下，那么四季度汽车产销将继续保持稳定态势。那么全年汽车市场预计将实现稳增长目标。当然，汽车市场还需要政策持续提振，那么希望购置税减半等中央和地方的促消费等相关政策呢，明年能够继续延续，助力汽车行业的平稳发展。 According to the estimation by CAAM or China Association of Automobile Manufacturers, the Q4 manufacturing and sales of automobile will continue to be stabilized under the positive influence of policies that aim to stabilize economy and boost consumption. It also estimates that the overall auto market this year would achieve the stable growth target. Of course, the auto market still needs favorable policies, and we hope that the related policies could continue next year so as to contribute to a stable growth of auto sector. 好，第二个问题呢，你提到的数据产品和二手车。数据产品呢，年初以来，我们数字化经销商的业务已持续向好，无论是营收、客户数，店均收入还是店均合作产品数均保持了双位数的增长，证明了我们的技术能力和产品的有效性。 The second question, I see that you are quite interested in our data products, as well as the used cars business. Well, about our digital products, since the beginning of this year, we see a constant positive trend in our digital dealer business in terms of, so we have a double-digit growth in terms of revenue, client quantity, the per dealer revenue, the per store revenue, as well as the product collaboration, collaborated product amount per store. It has proved our efficacy of our tech capability as well as our products. 然后在主机厂的数据产品方面，我们持续与新的产品的持续发展，已经与中国市场超过一半的主流汽车品牌建立了合作关系。刚才我也讲到，大概是48个品牌。当然今年呢，由于受到客户投放的这个方向，我们其实稍有收缩吧，但是整体的这个服务的深度其实是在增加的。 Talking about the digital products for OEM, we have already established collaboration partnership with over 60% of the mainstream auto brands in Chinese market, specifically 48 brands. However, there is a very slight contraction because of the decrease of client of the client appointment. We see a increasing depth of our collaboration. 我们也进一步地在新能源的方向上，探索我们的新数据产品。近期我们和北汽新能源签署了独家的战略合作，数据维度将更加丰富。未来对于新能源的新车的评测和二手车的估值相关的数据产品发展空间极大，这是我们，这也是我们具备独特发展优势的擅长的领域。 Talking about our digital products, in terms of new energy. Recently, we signed an exclusive strategic cooperation agreement with the Beijing Institute of Technology Xinyuan Information Science & Technology Co, Ltd, which further diversifies our dimension of the data product. In future, there will be in-depth cooperation between the two parties. We believe there is huge potential in terms of the digital products. For NEV new car as well as used cars which is an area that we are advantageous and good at. 二手车方面，刚才也讲到了政策的支持。从潜力上来看，中国二手车市场是世界上增速最快、最具发展潜力的市场。 Talking about used cars, first perspective is the policy perspective. The used cars in China is the fastest growing car market. 从布局上看，汽车之家、天天拍车和平安上中下游覆盖，二手车发展的全链路是之家独特的竞争优势，也是行业内其他公司不具备的护城河。 Talking about the business landscape, Autohome, TTP as well as Ping An, cover the upstream and midstream and downstream of the used car development, which is our unique advantage in competition and which is lacking by other counterparts in the sector. 从模式上看，之家的诚信车平台致力于解决业内的痛点。服务上我们也正从提供线索服务向提供增值化数字化的服务，服务方向升级，突破现有单一的变现模式。 In terms of business pattern, our certified used car platform is committed to solve the pain points in the sector, and we are upgrading from a lead generation service to value added and digitalized service, and is growing beyond our solo monetization pattern. 总体上我们看好二手车行业的发展，未来会不断推进用户和客户的服务，保持轻资产的业务模式，建设二手车一体化交易的服务平台。 Generally speaking, we are very confident in used car sector and we will maintain our light asset service model and to build a platform of integrated trading service for used cars. 好，这就是啊这两个问题的回答。 Above all, are our answers to your two questions, Thomas. Right. Thank you. Next question comes from Brian Gong from Citi. Please ask your question, Brian. 龙总，钟总，晚上好，谢谢接受我提问。我第一个问题就是接着Thomas问一下，就是这个汽车行业广告的预算和广告市场，管理层对四季度和明年有怎么样的预期。然后第二个问题就是想问一下我们的车商会当前的情况如何，未来是否会继续推出更高的版本。Uh, I will translate myself. Uh, thanks management for taking my question. Can management share your view on auto ad budget and ad market ahead in the fourth quarter this year and next year? And also for our lease products 车商会, will we continue to roll out more premium version ahead? Thank you. 总体上讲，我们是比较看好，还是比较看好，也保持着谨慎的乐观。对于四季度和对于明年的整体的这样的一个广告的一个市场，这也是基于我们对整体的这个新车市场的一个发展，做出的一个判断。当然，在今年可能让大家比较纠结的是新车型的广告，车展，几个车展都不同程度受到了疫情的影响，所以今年的车展基本上都没有如期按照预定的规模能够推出。当然这种情况也其实催生了一个新的新车发布模式，线上的模式，元宇宙等更多的因素也被加入到新车的这个推广中。但总体上我们看就是车厂的这个总体广告预算还是会跟整个新车的销售量是挂钩的。所以对于今年的四季度和对于明年，我们还是保持一个谨慎的乐观。 Generally speaking, we still hold a favorable attitude, and we are cautiously optimistic. Our estimation is based on the new car market. However, talking about the advertisement budget for new model of cars, this year, the auto shows or auto exhibitions all suffered from the impact of the COVID-19 pandemic, and almost none of them were held according to the schedule or according to the scheduled time or sale. However, that has led to new forms of auto shows, for example, virtually and for example, integrating with metaverse. Generally speaking, the advertisement budget of OEM is still linked to the sales. That is why our attitudes for Q4 as well as for next year is cautiously optimistic. 关于车商会，我们会持续致力于提供更多的服务给经销商。我们在过去的一年多的时间内，我们提供的高版本更多的服务受到了经销商们的普遍的欢迎，所以在未来我们持续会提供新的一些帮助经销商降本增效的这样的一些功能，为我们客户提供更好的服务。 Speaking of 车商会. We have been providing a more diverse service to our dealers. For example, our higher version, the premium version is a very popular among our dealers. We will continue to provide new features to help our dealers to cut costs and boost efficiency. 好，这是关于您这两个问题的回答。 That is the answer for your questions, Brian. Thank you. Our next question comes from Ritchie Sun from HSBC. Please ask your question, Ritchie. 谢谢管理层接受我的提问。两个问题。首先就是，看到公司跟网易云音乐还有华为签了合作，可以讲一下背后的逻辑，还有背后的机遇吗？公司还会跟其他互联网公司有什么合作的计划？然后第二个问题就想问一下，在降本增效方面，我们还有什么其他的空间可以做得更多，在这个宏观不是很好的情况之下。Thank you management for taking questions up to you. First of all, we notice that you have signed some collaboration with NetEase Music as well as Huawei. Can you elaborate on the rationale and also opportunities behind this? What are the other collaboration opportunities that we've seen with other internet companies? Secondly, in terms of cost cut or efficiency initiatives, what are the other rooms for us to do more given the tough macro environment? Thank you. 好的，谢谢。这家与网易云音乐跨界合作是在用车环节上所做的吸引活跃用户和新用户的新尝试。通过共同打造车友音乐季，上线一些互动活动，为用户提供更好的用车和音乐体验，开启了汽车场景结合内容消费的想象空间。 Thank you for your question, Richie. The first question is about our collaboration with NetEase Music. This is a new initiative that we make in the scenario of driving a car user scenario, we try to attract active users and to acquire new users. We collaborate with NetEase Music to launch a campaign called Car Owners Music Season, and we launched some interactive activities to provide better experiences of driving and music, and I think it gave us more room for imagination of how this content consumption could be integrated with the driving scenario. 汽车之家跨界联动马蜂窝，以多元的形式既丰富了我们的内容产品，又通过线上线下联动的活动形式增加了用户粘性，带来流量。 We also collaborate with 马蜂窝 and we use this diverse form to bring diversity to our content product, and we also try to boost user adhesiveness and bring traffic by this online and offline, which is virtual and in person interaction activity. 此外，汽车之家与高德地图、华为的合作，也都是围绕不同场景探索业务发展，打造流量联盟新体系。 Besides, we also collaborate with Amap and Huawei, and we try to explore business development based on different scenarios and try to build an alliance and a new system for traffic. 另外，我们还会有一些其他的合作，例如我们刚才提到过的北汽新能源，和一些其他的。之家打造一个围绕汽车用户、汽车整个营销用、看买用环节的生态体系。所以未来你可能会看到之家和越来越多的互联网或者传统行业的平台结合在一起。 Besides that, we also have some other collaborations. For example, the Beijing Institute of Technology Xinyuan Information Science & Technology Co, Ltd, which was mentioned a moment earlier. Autohome in the future will have more collaboration with not only Internet enterprises, but also traditional enterprises to build an ecosystem of, for example, of auto shopping, auto purchase as well as auto application. 你的第二个问题是说在降本增效方面我们有什么空间做得更多。这里头我要分成内部和外部的两个方向。其实在内部呢，当然有很多传统的做法，人员的调整、人员的绩效考核这些呢，我们都是在持续地进行。那另一块呢，我们是通过技术的方式来产生更高的效率。 Your second question is about our cost efficiency initiative. It consists of internal and external initiatives. Internally speaking, there are some quite traditional measures. For example, in terms of human resource, we have been doing and we will continue to do to take measures such as the performance evaluation. Another measure is technical measures. 对，我们用技术来提升我们的效率。我举几个例子，比如说在我们内容中很重要的车型库上，我们整个利用新的技术能够让我们车型库的自动生成的形成的车型库的资料的采集啊效率大幅提升，同时用新的技术能够形成自动的视频介绍。 I'll give you an example of how we boost our cost efficiency via technical measures. For example, in our content generation, we use technological measures to boost the efficiency of content generation in terms of our inventory of car models, and we could even automatically generate explanations in video format. 类似的例子还有很多，下面我们要是有机会的话可以更多的交流。 There are more cases like this if you are interested. You could feel free to reach out to me for more. 从外部我们致力于更推动汽车之家的生态服务。 Talking about the external measures of cost efficiency initiative. We try to facilitate the building of our ecosystem. 过去我们获客之后，可能更多地集中于客户的看嘛的服务上，将来我们会把它延伸到用。这样的话呢，对一个客户更深入的一个服务，也是我们降本增效的一个重要的一个措施。 For example, currently our customer acquisition stage focus on car shopping and car purchase. In the future we will extend this chain to car driving. In this way we could further improve our ecosystem and we could deeper our cost efficiency initiative. 那下一个问题吧。 How about, are there any further questions? Thank you. Our next question comes from Xiaodan Zhang from CICC. Please ask your question. 感谢管理层接受我的提问，也祝贺公司取得了不错的业绩。那我这边有两个问题，第一个问题是关于我们的数据产品，那我们可以看到三季度经销商的数据产品增长还是持续得非常亮眼，但是因为主机厂的预算受限呢，也给这几个季度相关的这个数科产品的增长带来了一定的压力。那想请管理层分享一下如何看后续的这个主机厂和经销商的需求的趋势，那近期是否有推出新产品的计划？然后第二个问题是关于我们现金的使用，那公司的现金流一直都非常的充沛，那我们是否有进一步提高派息比例或者是加大回购力度的计划？My first question is regarding the data product, as we could accept the COVID resurgence may continue to weigh on our OEM budget. How should we think of the OEM and dealers demand entering into Q4 and 2023? Also, are there any recent plans for new product launch? My second question is about our cash usage since we have sufficient cash balance. Do we have any plans to raise our dividend payout ratio or step up our share buyback? Thank you. 好的，关于数据产品的问题，刚才我们也已经涉及过了，那我们会持续不断地根据我们客户的需求推出新的数据产品。对于主机厂，可能更多的是在他们的营销和发布这个领域；对于经销商，更多的是他们的降本增效这么一个方向上，和对市场的一个判断上。 Thank you for your question. The first question regarding the data product. Actually, I have already talked about it earlier, and I will just recap it briefly. We will continue to launch new data products for our customers. For OEMs, we will help them mainly with their marketing and launching of cars. For dealers, we will help them mainly with cost efficiency initiatives as well as market analysis. 关于现金的问题，看到我们前面也已经讲了，我们会继续我们的回购计划，那公司一直也是在稳定的派息，我觉得就是公司将来也一定会用各种手段，去最符合股东利益的手段去回馈股东。 Talking about our cash flow, we will continue our buy back plan. We have been paying dividends in a stable manner. We will of course pay returns to our shareholders in a manner that is best compatible with their best interest. 好的，感谢大家参加今天的会议，那我们期待下次业绩的电话会上能够再与大家交流公司的最新进展。那么如果你有任何问题或建议的话呢，我们也欢迎随时与我们联系。谢谢。Okay, that's the end of the Q&A session. Thank you everyone. Thank you for joining us today in the earnings conference call. Appreciate your support and we look forward to updating you on our next quarter's conference call in a few months time. In the meantime, feel free to contact us if you have- 公司将来也一定。Thank you everyone, thank you all for it. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.