Ladies and gentlemen, thank you for standing by. Autohome's second quarter and interim 2022 earnings conference call. At this time, all participants are in listen-only mode. A question-and-answer will follow the formal presentations. As a reminder, this conference call is being recorded. If you have any objection, you may disconnect at this time. It's 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. Welcome to Autohome's second quarter and interim 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 will be able to answer all your questions.
Before we begin, please know that the discussion today will contain forward-looking statements made under the safe harbor provisions of the 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 not limited to, those outlined in our public filings with the Securities and Exchange Commission.
Autohome doesn't undertake any obligation to update any forward-looking statements except as required under applicable law. The earnings press release in this call also includes discussions of certain unaudited non-GAAP financial measures. Our press release contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and is available on Autohome's IR website.
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. I'll now turn the call over to Autohome's Chairman and CEO, Mr. Quan Long, for opening remarks. Please go ahead, Mr. Quan Long.
Thank you, Sterling. Hello, everyone. This is Quan Long, Chairman and CEO of Autohome. Thank you for joining us today for our second quarter 2022 earnings conference call.
[Foreign Language] 汽车之家业务经营稳健，基本面扎实，上半年跑赢了市场大盘。预计2022年下半年，伴随中国经济的迅速复苏和回暖，加之国家各项优惠政策的落地执行，自家的业务经营业绩会持续改善，交出一份令市场满意的答卷。
COVID-19 resurgence repeatedly affected the Chinese auto market during the quarter. Despite this, the automotive industry remains a key pillar of the national economy, with cars a daily necessity in people's lives. The industry typically has a long life cycle, and there is tremendous potential as China's automotive consumption continues to upgrade. Autohome has also constantly adjusted its business model, expanded its business boundaries, and launched more new products and services during the pandemic to address customers' pain points and meet their demands.
We have continued to empower customers, keeping close commercial contact with them, and have gained their trust and appreciation. Bolstered by steady operations and a solid business fundamentals, Autohome outperformed the wider market in the first half of this year.
In the second half, as China's automotive market quickly rebounds, aided by the implementation of various favorable policies, Autohome will continue to enhance its performance and deliver satisfactory results to the market.
[Foreign Language] 接下来请CFO甄岩总详细介绍公司二季度业务和财务情况。
With that, I will now turn the call over to our CFO, Craig Yan Zeng, for a closer look at our second quarter operating and financial results.
[Foreign Language] 谢谢龙总。大家好，首先我们来回顾一下公司整体的业务情况。
Thank you, Mr. Long. Now I'd like to give you an overview of our second quarter highlights.
[Foreign Language] 第二季度，通过打造流量联盟的新的体系，我们持续拓展、拓宽流量入口，获得更多场景下的用户覆盖，实现流量增长提速。QuestMobile六月数据显示，汽车之家全景生态日均用户量再创新高，达到4,763万，较去年同期增长8.1%。用户构成方面，使用RMB 5,000以上高端手机活跃用户占比保持在37%，持续超越竞对，领跑全行业，流量价值凸显。
During the second quarter, we continued to augment our traffic entrances by building our online traffic alliance, covering more users across various scenarios to accelerate traffic growth. According to QuestMobile, Autohome's aggregated average daily users grew by 8.1% year-over-year to 47.63 million in June. User composition-wise, the proportion of our high-value users utilizing smartphones worth over RMB 5,000 hit 37%, surpassing that of all our competitors, which demonstrates the value of our user traffic.
[Foreign Language] 此外，围绕打造多元内容生态，我们不断推进视频化布局，推出常态化云车展，上线全新新能源车型库，以不断延展的产品服务体系，为客户带来价值上的延伸，为用户提供更多选择和更优的体验。上半年，应对疫情突发的状况，我们先后举办了超过300场全国和地方性的线上车展，覆盖人数超过7000万，同时举办安心到店购活动，为用户疫情期间的看车、买车打造全新模式，有效提升用户体验，帮助经销商客户提升销量。
Furthermore, we continue to diversify our content ecosystem and executed our video-based strategy. To this end, we launched regular cloud auto shows and our brand new NEV car model database to expand our product service and offerings, providing a wider range of choices and a better experience for our customers. During the first half year, in response to the pandemic's resurgence, we proactively hosted more than 300 national and local online auto shows, covering over 70 million people throughout China.
Meanwhile, we also initiated our Safety to Store campaign, a new promotional model empowering users to safely review and buy cars during the pandemic, while also helping dealers, clients increase sales and upgrade the experience they offer users.
[Foreign Language] 新业务方面，主机厂数科新产品自推出以来，迅速打开市场，已与国内一半的主流汽车品牌建立了合作。经销商数据产品各项关键指标均有双位数的同比增幅，新能源业务持续向好，营收增长提速，大幅跑赢新能源市场的销量增速。之家与平安生态的协同也在按计划推进并逐项落地，持续打造人无我有的优势，为汽车之家的车主提供更优质的服务体验。
With respect to new business, our digital products have rapidly penetrated the market since their launch, covering over a half of all mainstream automakers in China. Furthermore, we achieved double digits year-over-year growth in all of our dealer digital products key indicators. Our NEV business also continue to improve, with revenue growth rate accelerating and sales outperforming the average market level.
The ecosystem synergies we are building between Autohome and Ping An Group are progressing according to the plan, and we continue to leverage our unique advantages to bring better services and experiences to Autohome's users.
[Foreign Language] 具体来看，内容上，之家以IP为核心，加速资讯内容视频化的策略稳步推进。超级测试从豪车测试跨界到摩托车的横评，实现了IP内容由乘用车向泛出行工具品类的重要突破。上半年，之家四大原创系列IP的站内播放量累计达1.48亿，全网播放量累计达2.07亿。六月，我们上线了全新的新能源车型库，同时新能源平台持续在进行升级改造，将大幅缩短触达用户的路径，内容工具的分类入口也会更加明确，并通过独家打造的新能源车真实续航、能耗、充电效率查询等多个实用工具，助力用户购车消费决策。Moving on to content development.
By leveraging our big IP brands, we've steadily advanced our strategy of promoting a video-based content transformation. For example, we augmented the content on our show Super Test. We've crossed over luxury automobile content to its motorcycle reviews, enabling us to achieve a breakthrough in our efforts to expand our IP content from passenger vehicles only to other transportation methods. In the first half of this year, our four original IP series accumulated over 148 million views on Autohome's platform and over 207 million on the entire network.
We also launched our brand new NEV car model database in June.
Meanwhile, we'll continue to upgrade our NEV platform, greatly shortening our path to reach users and helping users make better decisions with more refined content categories and search tools, as well as real data on NEV's driving range, energy consumption, charging efficiency, and other NEV specific statistics.
[Foreign Language] 汽车之家重视公司品牌的发展，长驱，持续深耕品牌建设，持续进行品牌的升级换新。今年以来，结合用户群体看车买，看，看买用车的具体需求和整体车市的最新发展，签约了北京2022冬奥会冠军谷爱凌作为汽车之家最新的代言人，将其数字形象通过VR等尖端技术，充分应用于之家的线上车展和用户互动中，并得到了广泛的有效传播。谷爱凌是中国年轻人的优秀代表，我们相信未来汽车之家的客户群体中将会出现更多年轻一代及女性用户的面孔。
Autohome attaches great importance to developing the company's brand and is committed to the sustained building and upgrading of the brand in the long term.
This year, driven by the targeted needs of our users for car search, purchase and use, as well as the overall condition of the automobile market, we've signed Eileen Gu, the 2022 Beijing Winter Olympics champion, as our brand ambassador. We'll use her digital image widely in our online auto shows and user interactions through cutting-edge technologies such as VR. Eileen Gu is an excellent representative of China's younger generation. With her as our brand ambassador, we believe Autohome will attract more younger and female users going forward.
[Foreign Language] 传统业务领域，面对疫情和市场的变化，我们及时推出并完善了业务运营的新模式，主动助力客户群体共渡难关。针对疫情导致的部分车展和线下活动取消，主机厂营销节奏被打乱，线下店经营受阻及用户出行不便的痛点，汽车之家积极应对，率先推出常态化的线上车展和安心到店购服务。前者为用户随时随地看车选车，主机厂发布本地化促销信息提供了平台，后者为用户到店提供打车券，解决用户买车最后一公里问题。线索业务端，车商会继续致力于以多重工具和服务帮助经销商与潜客建立联系，助力客户提质增效。
[Foreign Language] 第二季度，车商会尊享版合作商家超过一万两千家，科技版合作商户数超过六千家，高端版本商户数持续保持在高位。Now turning to our traditional business segment.
Given the pandemic and the market-wide changes, we promptly launched a new operational model while proactively helping our clients to overcome their difficulties. In response to the cancellation of local offline auto shows and events, travel inconveniences and disruptions to automaker sales activities and offline store operations, Autohome reacted by launching regular online auto shows and safe to store services.
The former enabled users to search and select cars anywhere at any time and allowed automakers to release localized promo, promotional messages through our platform. The latter offered ride vouchers to help users to get to 4S stores, solving their last mile problem during the car buying process. For our lead generation business, our dealers membership products include various tools and services to help dealers connect with potential customers.
In the second quarter, over 12,000 clients purchased our premium version and over 6,000 clients purchased our tech version, with the number of clients purchasing high-end versions remaining high.
[Foreign Language] 数据产品方面，汽车之家以数据和技术为基石，以持续创新为动力，不断强化核心竞争力，扩大产品版图，通过数字化产品和VR代看车等项目组合，帮助经销商实现非接触式经营销售，动态赋能经销商数字战役。第二季度，经销商数据产品营收同比增长超过40%。
[Foreign Language] 客户数超过一万八千家。上半年单商家购买产品数和店均收入均实现大幅提升，较上年同期分别有32%和20%的增速。此外，数科业务以汽车行业数字化转型为发展契机，围绕主机厂的关键痛点和核心诉求，构建车领域R2F智能化解决方案，快速协助传统车企进行数字化改造，并取得良好进展。自2021年末，创新型数科产品上市以来，之家坚持升级完善各类产品，已与超过三十家主机厂建立合作，成为汽车之家突破传统汽车垂媒的又一成功举措。我们预计未来数科业务将带来新的业务增量，持续贡献收入，助力汽车之家第二增长曲线的加速成长。
On the data product front, we rely on our data and tech as our best draw and continue to push forward on innovation to enhance our core competitiveness. We expanded our product lineups with digital products and VR car search products, helping dealers achieve touchless operation and conduct sales safely during the pandemic. In the second quarter, revenue generated by dealers' digital products surged by over 40% year-over-year with more than 18,000 clients.
During the first half of 2022, number of products purchased per store and average revenue per store increased vastly, achieving 32% and 20% year-over-year growth respectively. In addition, riding on the development opportunities arising from the digital transformation within the auto industry, our R2F intelligence solutions tackled pain points and the core demands from automakers, aiding traditional auto companies throughout the digitalization process.
Since we launched our first digital and technology product in late 2021, we have continuously upgraded them and have now collaborated with over 30 automakers, representing an enormous step forward in our efforts to expand our business beyond the vertical media industry. We believe our digital business will continue to grow and generate future revenues, as well as help us achieve our second growth curve.
[Foreign Language] 新能源领域，在为车企提供品牌整体解决方案的基础上，我们以车、车生活为着眼点，定制契合品牌调性的车主活动，通过线上和线下相结合的运营方式，帮助车企扩大声量，提升用户活跃度，增强粉丝粘性，多样化收入来源。第二季度，来自新能源品牌的收入同比大幅提升，继续保持超越市场销量的增速。另一方面，随着新能源渗透率的持续加深，我们在这一领域的布局也在加速。
[Foreign Language] 疫情缓解后，我们新能源模式体验店的建设也迅速复工，预计第三季度将在北京和上海两个城市率先落地。探索虚拟技术和实体场景相结合的汽车零售新业态，通过模式和渠道双重创新，发掘更多新能源业务空间。预计今年开始为公司提供贡献销售收入。
For our NEV business, we focus on providing comprehensive branding solutions for automakers, organizing activities and events for car owners, reflecting each manufacturer's brand image to promote their brand's unique car lifestyle. Combining online and offline operating methods, we help automakers to promote their messages, increase user interactions and user stickiness, and diversify our income streams. In the second quarter, revenue generated from NEV brands greatly increased year-over-year and continued to outperform the sales growth rate of the market.
Furthermore, as the penetration rate of NEV increases, we have also expedited our development in this sector, resuming construction works on our new sales model stores as the pandemic eased. We expect to launch these stores in Beijing and Shanghai within the third quarter, exploring an unprecedented auto sales model by using high tech in a physical store setting.
Our goal is to help new NEV automakers expand their exposure through our unique cutting-edge sales model and channels. We expect this operation to generate revenues for the company within 2022.
[Foreign Language] 二手车方面，我们升级二手车全链路服务生态，通过整合汽车之家、天天拍车和平安三合一的优势资源，打造用户和客户两端一站式的诚信服务云平台，实现从提供线索服务向提供增量化数字化服务方向升级，突破现有单一变现模式。通过站内站外多元化的内容传播矩阵以及平安线下渠道流量拓展，扩大卖车服务用户规模。第二季度，我们持续深化与天天拍车的业务协同，通过撮合和拍卖服务影响了全国二手车、二手乘用车交易量的约23%，环比提升约3个百分点，同比提升约6个百分点。
[Foreign Language] 此外，我们大力推进诚信车体系的全面建设，目前已在全国47个城市落地，诚信车源数量也实现了跨越式增长，预计未来诚信车车源量可持续保持稳定的增加。
On the used car front, we upgraded our full chain used car service ecosystem by consolidating resources from Autohome, TTP, and Ping An Group. Leveraging their resources, we built a one-stop, cloud-based platform for trusted used car services, which seamlessly connects users and clients and provide value-added and digital services in addition to lead generation services. With the support of diversified content on our platform and Ping An's offline channel resources, we will continuously expand the platform scale to cover more car sellers.
Furthermore, we continued to deepen business synergies with TTP through consolidation and auction services. In the second quarter, our platform accounted for around 23% of all used car trading volume in China, an increase of 3 percentage points quarter-over-quarter and 6 percentage points year-over-year. We also made building our certified used car system, which has been launched in 47 cities in the country.
The number of our certified car sources has grown by leaps and bounds, and we expect it will continue to grow steadily in the future.
[Foreign Language] 二季度，国务院在全国范围取消对符合国五排放标准小型非营运二手车的迁入限制，并完善二手车市场主体登记注册备案和车辆交易登记管理规定。这将加快二手车售卖，并有利于新车置换提速，加速汽车消费潜力释放。二手车整体流动环节将会更加流畅。一揽子利好政策会促进二手车全国范围的交易活跃度，并对拉动二手车消费起到积极作用。
In the second quarter, China's State Council removed relocation restrictions for all small-sized, non-operating used cars that meet the National V emission standards and refined certain used car management regulations, including vehicle re-registration, trading registration and filings. This will boost used car sales and accelerate car replacement, leading to a smoother circulation of used cars overall. The series of new policies will benefit the development of the used car market in China by encouraging more trading activities, which will positively impact used car consumption and the used car market.
[Foreign Language] 总的来看，在面临挑战的环境下，我们二季度在各条业务线均取得了进步。六月以来，随着疫情的缓解，及中央和地方政府一系列提振经济、促进车市消费的优惠政策接连出台，汽车消费潜力逐步得到释放，对国内车市复苏起到了积极的促进作用。乘用车市场拐点出现。六月，乘用车销量同比上涨超22%，多项产销指标回暖，回升态势显著。车市供应链逐渐修复。四、五月因疫情迟滞的产能和市场需求在六月开始释放。车市终端人气和成交量均有明显提升。汽车产业作为国民经济战略支柱型产业，正在恢复正常发展节奏。
[Foreign Language] 汽车之家作为汽车营销行业的领导者，始终站在汽车行业数字化创新的最前沿。凭借扎实的业务基础、稳健的财务表现，不断在各个领域积极开拓尝试新的业务模式，研发新的产品。我们坚信，汽车之家将继续引领汽车营销行业的高质量发展，助力行业行稳致远，以穿越行业周期的表现，持续为用户和客户创造长期价值。
To summarize, we are pleased to have made progress in all of our business segments during a challenging quarter. Since June, with the pandemic slowly easing and the government announcing a series of economic stimulus policies to boost the economy and promote auto sales, delayed car consumption demand has gradually been released. We anticipate that these factors will positively affect the auto market and promote its recovery.
Passenger vehicle sales increased by over 22% year-over-year in June, and the multiple sales and manufacturer indicators are exhibiting significant signs of recovery. As most factories suspended production in April and May, market demands in June led to a significantly higher trading volume. The auto industry, as one of the most important pillars in China's economy, is recovering at a steady pace.
With Autohome's edge intact, strong business foundation, and a brilliant financial performance, we have been proactively seeking new development opportunities in various sectors. We believe Autohome will continue to lead the development of China's auto industry and propel a steady long-term growth while creating lasting value for all of our stakeholders with outstanding performance that navigates market cycles.
[Foreign Language] 接下来我向大家简述一下汽车之家二零二二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。
Next, let me walk you through the key financials for the second quarter of 2022. Please note that as with prior calls, I'll reference RMB only in my discussion today unless otherwise stated.
[Foreign Language] 第二季度收入总额为17.3亿元。具体来讲，媒体服务收入为5.3亿元，线索服务收入为7.53亿元，在线营销及其他收入为4.50亿元。
Net revenues for the second quarter were CNY 1.73 billion. For detailed breakdown, Media services revenue came in at CNY 531 million. Lead generation services revenues were CNY 753 million. Online marketplace and others revenues were CNY 450 million.
[Foreign Language] 成本方面，第二季度营业成本为2.79亿元，上年同期为2.62亿元。营业成本同比增长，主要由于我们对内容的持续投入。第二季度毛利率为83.9%，上年同期为86.5%。
Moving on to cost. Cost of revenue in the second quarter was CNY 279 million compared to CNY 262 million in Q2 2021. The increase was primarily attributable to our continuous investment in content. Gross margin in the second quarter was 83.9% compared to 86.5% in Q2 2021.
[Foreign Language] 运营费用方面，第二季度销售及市场费用为7.39亿元，上年同期为5.62亿元。同比增长主要是由于市场推广费用的增加。研发费用为3.62亿元，上年同期为3.35亿元。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1.27亿元，上年同期为1.77亿元。同比下降主要是由于预期信用损失的减少。
Turning to operating expenses. Sales and marketing expenses in the second quarter were CNY 739 million compared to CNY 562 million in Q2 2021. The increase was primarily attributable to the escalation of marketing and promotional spending. Product development expenses were CNY 362 million compared to CNY 335 million in Q2 2021. The increase was primarily attributable to greater investment in research and development activities for digital products.
Finally, general and administrative expenses were CNY 127 million compared to CNY 177 million in Q2 2021. The decrease was primarily attributable to the reduction of expected credit losses.
[Foreign Language] 总体来讲，汽车之家第二季度经营利润为3.01亿元，上年同期为6.73亿元。归属于汽车之家的经调整净利润为4.72亿元，上年同期为7.95亿元。
Overall, we delivered operating profit of CNY 301 million in the second quarter compared to CNY 673 million in the corresponding period of 2021. Adjusted net income attributable to Autohome Inc. was CNY 472 million in the second quarter compared to CNY 795 million in the corresponding period of 2021.
[Foreign Language] 第二季度基本和摊薄经调整每股净利润为0.94元，上年同期分别为1.58元、1.58元和1.57元。第二季度基本和摊薄经调整每股美国存托净利润均为3.77元，上年同期分别为6.3亿元和6.30元。
Non-GAAP basic and diluted earnings per share in the second quarter were both CNY 0.94 compared to CNY 1.58 and CNY 1.57 respectively in the corresponding period of 2021. Non-GAAP basic and diluted earnings per ADS in the second quarter were both CNY 3.77 compared to CNY 6.31 and CNY 6.30 respectively in the corresponding period of 2021.
[Foreign Language] 截止2022年6月30日，我们的资产负债表表现持续强劲。现金、现金等价物及短期投资合计为209.4亿元。第二季度来自经营活动的现金流量净额为4.88亿元。
As of June 30, 2022, our balance sheet remained very strong with cash equivalents and short-term investments of CNY 20.94 billion. We generated net operating cash flow of CNY 488 million in the second quarter of 2022.
[Foreign Language] 汽车之家董事会在2021年11月18日授权了一项为期十二个月，金额上限为两亿美元的美国存托股份回购计划。截至2022年7月31日，我们已经回购了大约188万股美国存托股份，金额总计约为5,420万美元。
On November 18, 2021, our board of directors authorized a share repurchase program under which we may repurchase up to $200 million of Autohome's ADS for a period not to exceed 12 months thereafter. As of July 31, 2022, we have repurchased approximately 1.88 million ADSs for a total cost of approximately $54.2 million.
[Foreign Language] 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 take your questions. Operator, please open the line for the Q&A session.
Thank you, management. If you have any questions, please press zero one on your telephone keypad. You'll enter a queue. After you're announced, please ask your question. If you find that your question has been answered before it's your turn to speak, please press zero two to cancel questions. Once again, zero one on your telephone keypad now to ask questions. Our first question is [Ritchie Sun] from Daiwa. Please go ahead.
Hi. Thanks, management, for taking my question and congratulations on a solid set of results. Could management give us some color on the auto market trend in second half?
...of this year and how the impact from the government's stimulus policy and chipset supply situation affects auto supplier willingness to allocate their marketing budgets. Thank you.
[Foreign Language] 谢谢管理层接受我的提问，公司这么长的业绩，可以跟我们分享一下汽车市场下半年的一些看法，还有政策还有这个芯片的供应怎么去影响供应商下广告的一些意愿。谢谢。
[Foreign Language] 好的，这个
[Foreign Language] 先给您问——
[Foreign Language] 这个问题我……好。
[Foreign Language] 第一个问题——
[Foreign Language] 这个问题我来。
[Foreign Language] 董事长。对。
[Foreign Language] 我是汽车之家的董事长龙泉。那么实际上你刚刚问的是两个问题，一个呢，是关于这个车市的问题，一个是关于这个芯片的问题。
Let me take this question. I'm the president of Autohome, my name is Quan Long. Actually your question covers two parts, the first part is about the auto market, the second is about the chip supply.
[Foreign Language] 对于这个车市的情况来看，确实我们都看得到，今年实际上从三月份以来，受到疫情的影响，尤其是上海、长春，这个我们国家汽车主机厂重点的城市，受到了严格的封控。所以这样导致了四月和五月的话，整个乘用车的零售销售量下降是非常厉害的。我们也看到了相应的数据。四月份是下降了35%，五月份是下降了16.9%，这就导致了整个中国汽车市场的消费下滑是非常明显的。
Why is this the case? Actually starting from March, we can see that Shanghai and Changchun, they were under very serious lockdown. Shanghai and Changchun both are very important car OEM cities. That's why in April you can see the car retail data dropped by 35% out of the whole sales. In May, the number dropped by 16.9%. Roughly speaking, in the second quarter, the retail market for the passenger car really declined a lot.
[Foreign Language] 汽车消费是我们国家消费市场的重要支柱。汽车消费占国内社会消费品零售总额差不多是10%左右。所以实际上，从四月份开始，国家的相关政府部门已经多次宣布了一些大规模的相应的汽车消费刺激措施，来推动汽车产业的大力发展。
As you know, the auto consumption accounts for a very important pillar industry for the consumption market in China. It accounts for about 10% out of the national total retail consumption. That's why the government starting from April, adopted a lot of stimulus policies to boost the auto market. That's why we can see a lot of large scale consumption policies has been released.
[Foreign Language] 比如说这个国务院四月份发布了《关于进一步释放消费潜力促进消费持续恢复的意见》，那么五月份呢，又提出了减征部分乘用车辆购置税的这种措施。那么七月份呢，是商务部等十七个部门又进一步发布了《关于搞活汽车流通扩大汽车消费若干措施的通知》。那么这中间呢，实际上是有十二项的这个刺激措施。那么现在我们实际上也看得到，那么六月份的话，那么汽车这种消费已经开始好转了，市场在逐步回暖。那么相应的数据是呢，六月份这个乘用车的这种销售量呢，是正增长22.6%。那么七月份呢，现在初步统计呢，是正增长17%。
Luckily in April, the State Council released opinions on the policies to boost and release the consumption power in auto market. Actually in May, the government has cut a lot of tax, especially the purchasing tax for the cars. We in April, and actually starting from April, we do see a lot of government associated with other agencies. In July, the Ministry of Commerce, starting with 17 departments, have released cohesive consumption boosting policies to further boost the market.
As a result, we can see in June, the market consumption had already increased by 22.6%, and in July the data increased by 17%, which means the auto market retail has really turned around.
[Foreign Language] 那么中国的这种汽车市场的话，应该是有巨大的这种发展空间的。那么相关部门这个展望了中国的汽车消费应该是在今年的下半年有望实现较快的增长。那么按照中汽协的这个最新的预测呢，这个2022年汽车的销量呢，有望达到2700万辆，那么同比增长是3%左右。那么其中乘用车的销量呢，会达到2300万辆，同比增长会7%左右。新能源汽车的销售量呢有望达到550万辆，同比增长呢是56%以上。
[Foreign Language] 那么作为我们汽车之家呢，也一直看好这个中国汽车行业的长远发展，那么未来汽车行业潜力应该是巨大的，那么向上的这种空间也是广泛的，后劲是足的。我们对汽车行业未来的发展是具备高度的信心。
We are very confident that China's auto market has a huge market potential to be further released. Actually, we do see that in the second half of this year, we would expect the consumption market would be very strong for the auto market. According to the latest forecast made by the CAAM. In 2022, the total car sales in China can reach 27 million units, which would be 3% up over the same period of last year. Also the passenger car, the total sales can be expected to reach to 23 million, which is 7% up. For the NEV, it will grow very robustly.
The total sales can reach to 5.5 million units, and the growth rate can be 56%. You can see that we are very optimistic about the future of the Chinese auto association and auto industry. We believe the market potential would be huge. We are very confident that we would enjoy a bright future in the Chinese auto market.
[Foreign Language] 那么这个问题的第二个方面的话呢，实际上就是关于这个芯片方面的这种问题。实际上呢，在乘联会今年一月份就发出过预警，那么中国今年将会出现一百万辆汽车的这种芯片的这种缺口。我们也看到呢，这个日本的丰田汽车呢，六月份的话就因这个芯片的供应不足呢，是被迫减产。那么全球的芯片荒呢，应该是会拖慢车商的整车的这种生产速度。
Now let me take the second part of your question, which is about the chips. Actually, according to the early warning made by the China Passenger Car Association in January, in this year, there will be about 1 million cars which would enjoy the lack of chip supply. Actually, if you look at Toyota, the Toyota from Japan, they already cut production due to the lack of supply of chips, so this would affect the production speed of the car makers.
[Foreign Language] 就我们国家的国内汽车生产情况来看的话，芯片问题相对于2021年的下半年，今年已经很大程度地得到了缓解。所以我们预判全行业再次遭遇芯片荒的可能性，并不是很大。也就是说，我们认为没有年初预期的那么悲观。
Now let's look at the domestic OEMs in China. Actually compared with the second half of 2021, we believe the situation has been eased and it already been improved in terms of the supply of the chips. We do not think we would encounter the massive scale lack of chip supply, so which means we are more optimistic than the beginning of the year's forecast.
[Foreign Language] 作为国家的一些相关部门，比方说这个工信部的相关负责人，在七月初的会议上面，实际上也表示了对于这个行业的运行的监测，要进行监测，那么做好这个汽车芯片和上游原材料这种供应的稳定工作，那么要全力保障这个产业链供应链的畅通和稳定。也就是说，从国家政策层面，为这个芯片供应的恢复，实际上提供了坚实的保障。所以说我们预计在下半年，那么新车上市会保持稳定的增长，并且下半年一系列重要的车展和活动的话，也会为更多的主机厂商提供更多的平台和机会。那么芯片问题，它将不再是主机厂生产的瓶颈。
Actually, according to the MIIT, which they made a speech in early July, they said they will keep a close eye on monitoring the whole industry and ensure that the chip supply and the raw material supply can be very smooth for the auto industry. They would try their best to protect the smooth of the supply chain management for the whole industry. This laid a solid foundation to help the chip supply to be better improved.
We believe that for the latter half of this year, the new car would gradually launch to the market in a steady way, and especially for the second half of the year, there will be a series of very important auto shows and events will be held. In this way, this provide more opportunities for the OEMs to showcase their latest models. We believe that the chip supply would no longer be the bottleneck for the OEMs.
[Foreign Language] 好的，谢谢。
That's all, thank you.
Thank you, very helpful. Thanks.
Next question is Liping Zhao, CICC.
[Foreign Language] 龙总、曾总、宋总晚上好。我这边有两个问题。首先第一个问题是关于这个Online Marketplace这个产品，我们看到这个环比一Q来看的话，这部分收入有一定的下滑，那是否是因为二Q的时候新车上市趋缓，对于数据产品的收入造成了一定的拖拽，那我们怎么看下半年数据产品的增长趋势？然后第二个问题呢，是关于我们这个营销投入的。因为也看到三Q开始线下的这个活动陆续出嘛，比如我们也会有818的这个车展，那不知道管理层能否给一下这个，下半年，三Q四Q我们整个营销投入规模的一个预期。
[Foreign Language] 然后我自己快速翻译一下。Good evening, 龙总、宋总、曾总。Thanks for taking my questions. I have two questions here. First, could you please give more color on the data products growth momentum in the second half of this year?
Second, because there will be more offline campaign in the second half such as your 818 Auto Festival. How should we expect the sales and marketing expenses in third and fourth quarter of this year? Thank you.
[Foreign Language] 好的，我来回答你这个问题。首先，二季度的数据产品确实受到了新车发布推迟的影响，我们特别是主机厂这一块，我们的智能新车发布这一块，是我们也是一个比较重要的一块产品。那从车的发布来讲，可能很多本地品牌因为车展的延期和一些活动基本上取消，那都推迟了。那在二季度，这些车陆陆续续都会出来，这个也要根据各地疫情的情况和各地主机厂的一些自己的市场营销的节奏。但总体上来讲，从我们现在来看，我们预计在下半年这是一个有上升的机会。
[Foreign Language] 关于第二个问题，就是说整个汽车营销的收入这一块，我们确实有818的汽车节，同时还会有这种常态化的云车展，还有为车企提供北大化的营销平台，线上的4S店，这一系列的。所以我们预计，从三季度开始，广告收入同比就会转正。四季度，可能还要看一下刚才我们讲到的几个因素的情况，三季度我们可能会看得更清楚一点，所以这个是会转正的。
Well, thank you very much for the question. As for the second question or first question, which is the data product, that's true, because in Q1 there was some postponing of the new car launch. Also, some of the events has been canceled.
That's why this has delayed and actually has created a headwind for our data product revenue, especially some of the smart new car launch has been postponed. We believe that in second quarter, if the COVID pandemic can be better controlled, the OEMs would quicken their steps in launching the new car models. That's why for the second half of the year, we would expect the data product revenue to increase and climb up. Now the second question, which is about the sales and marketing expenditure.
That's true for the second half of the year we would have the eight one eight August eighteenth auto show. We also have the online auto show and online 4S store, etc. We believe that in third quarter, our revenue from advertising would turn positive. Which would be very clear for Q3. For Q4, we have to look at some other factors. For Q3, which is very clear that the revenue from the media and the advertising would turn positive.
[Foreign Language] 下一个问题吧。Operator, operator.
Next question is Ritchie Sun, HSBC.
Thank you management for taking my questions. I got two questions. First of all, we've seen WeChat Channels, Weibo and Bilibili are getting more auto ad budgets than before. How do we feel the competition from these other non-vertical platforms? And what is our strategy to tackle that? Second part is can you share the progress made in our traffic and content investments such as short video and live streaming?
[Foreign Language] 我自己翻译一下。龙总、曾总、宋总晚上好，谢谢你们接受我的提问。我有两个问题，第一个问题就想请教一下，就是我们看到视频号、微博、B站等的汽车广告的数量好像开始增长得很快，管理层怎么看这些竞争对我们的影响，而我们会有什么对策？第二个问题就想请教是，公司在流量和内容方面的投资，例如短视频和直播方面有什么进展？谢谢。
[Foreign Language] 好，谢谢你的问题。其实这两个问题基本上是连在一起的。首先就是视频号、微博、B站，包括抖音吧，这个你会看到汽车广告的增长得也很快，我们觉得这也是正常的，因为现在整个信息获取渠道就是多样化的，也是媒体也是多样化的这么一个情况，和过去会有一些不同。所以这些地方呢，它都会吸引这些汽车的广告的出现，这个呢是跟我们的预期是一致的。但实际上今天一方面呢，在这里面呢，我们也依然占据了一个比较主要的一个份额，这是第一个。
[Foreign Language] 第二个呢，其实我们的收入也不仅仅是在这个单一的媒体这块，其实我们有很大的一块收入，比如说跟线索有关的，比如说我们的数字化产品，包括我们一些新的业务的方向。那针对这一块，我们其实也是有几个策略的，一个就是说我们的这个会。要不你先翻译一下。
Well, thank you for the question. Yeah, that's true. You mention that Weibo, Bilibili also include TikTok, Douyin. They all have more and more car advertising business. That's very normal because you know the media has been diversified and that naturally attracted a lot of car advertising, which falls in our expectations. However, I have a few statements to make. First, for Autohome, we are still the major stakeholder in this vertical auto, you know, industry, media industry.
Second, our business is not only limited to the vertical media, but we also launch diversified business, including the digital product, the lead generation business, etc. That's why we are more diversified in terms of our revenue rather than a single media company.
[Foreign Language] 第二个呢，就是具体到这个内容上，其实我们在内容上也像刚才你提到，我们也做了很多的投入，我们也取得了比较好的效果。像我们有几个核心的IP，刚才我也讲了，对吧？我们这个四大原创IP累计播放量也是超过两亿的，我们也是在整个的VR、在3D建模的这些地方我们是领先的，特别是在内容上的工具相关的属性，就是买车的时候，他们很多用我们实际上是用作一种工具，车型库在这些方面，其实这些方面我们和刚才你讲到的这些以娱乐流量为主的流量还是有不同的。
[Foreign Language] 第二呢，我们其实现在还有一个刚才也介绍了一个策略，就是我们做流量的联盟，其实作为一个广泛性的媒体，他们的专业性，他们对某一个领域的这种把控力度和对于它的变现的这些方面，其实他们都是相对来说是弱的。那我们其实也会和这市面上刚才你讲到的这些，可能除了抖音和腾讯之外吧，其他的这些媒体其实我们都在寻求广泛的合作，通过这些合作，我们依然能够在这里面占据我们一个比较优势的地位。
Well, actually, as you know, for those media, they are more entertainment based content. For us, we also invested heavily into the content. For example, special effect and our core IP. We have four major original IPs, which generated about 200 million view clicks. We are also in the leading position in a lot of our content. For example, the 3D modeling, we are in the leading position and we also provide the tools which would be practical tools for people to purchase a car. For example, we have the car model database, which our traffic would be very different from those media or entertainment based content.
We are more professional, you know, car purchasing tools provider. We also established the traffic alliance with a lot of partners except TikTok, 抖音 and Tencent. In this way, by collaborating with those traffic providers, we would continue to be in the leading position, especially when providing the professional content and providing the effective tools for people to purchase a car.
[Foreign Language] 所以我们在二季度，刚才我也提到，在QuestMobile的数字上，其实我们的客均用户的量实际上也有一个比较好的提升，比去年同期增长了8.1%，所以这个也是我们所有这些努力的一些结果。
For example, in the second quarter if you check the QuestMobile's data released, you can see our user have grown by 8.1% over last year, which is a very significant result.
[Foreign Language] 好了，那下一个问题。
Okay, thank you. Next question please.
Next question is Dapeng Gong, Citigroup.
[Foreign Language] 谢谢管理层接受我的提问。那我的问题是关于这个二手车业务的，就是不知道管理层能否分享一下天天拍车这个业务的收入规模在二季度大概有多大。然后鉴于政府的刺激政策，我们对二手车业务下半年有什么样的预期。I'll translate myself. Management, could you share the rough revenue scale for TTP in the second quarter, and with the government's stimulus policy, what's our expectation on TTP for the second half this year? Thank you.
[Foreign Language] 二手车这块呢，一...
[Foreign Language] 在年初疫情爆发之前，22年1月份的时候，汽车流通协会预测，全国二手车交易量差不多是1900万辆，同比增长8%。二季度由于上海疫情的影响，全国二手车行业都受到一定程度的影响，二季度其实是同比负增长。六月份疫情控制之后，二手车也在恢复的过程中。
Thank you for the question. Talking about the used car. Actually, according to the forecast made in January of 2022, the year-round used car transaction can be 19 million units, which would be 8% growth rate. However, starting from second quarter, especially the lockdown of Shanghai that has been greatly impacted the used car transaction, so that's why the real transaction volume in second quarter is negative growth. In starting from June with the better management of the COVID-19, we can see the used car market is gradually picking up.
[Foreign Language] 从我们的角度来讲，现在整体来讲的话，二手车占整体的收入相对还是没有那么大。我们现在基本上能够影响到，像我前面讲的，整个的这个二手车车交易量的渗透率是23%，这个数字我们预期在下半年的时候呢，还是能够有一定程度的提高。
Now tell me about the used car business? Currently the used car transaction volume and the total revenue still accounts for very small portion out of our total revenue. We believe that for the second half of the year, the used car business would continue to grow. The growth can be 23%, so it will continue to grow, especially on the second half of this year.
[Foreign Language] 大家也看到了，就是国务院也在全国范围内发布了这个新的措施，能够加强二手车的流动。那从之家、天天拍车、平安，其实在整个二手车，今天我们看到，除了我们之外，其实大家都是只能服务于整个这个链条的一个片段，并没有这个全部的能力。而之家、天天拍车和平安三合一的这种优势资源，我们在更致力于打造能够把这三方面资源融合起来，能够为这个客户提供这个一站式的服务，这个会是我们下半年的一个重要的目标。
According to the State Council of the People's Republic of China. They issued a policy which would boost the circulation of the used car market in China. Actually, each of the vendor can only work for a portion of the value chain. Leveraging on Autohome, TTP and Ping An, if we combine the three together, we can consolidate all the merit resources which we can provide a one-stop solution for the car users and the car purchasers. In this way, we can better provide value-added services and digitalized services for the used car business.
[Foreign Language] 所以我们预计随着政策的逐步落地和我们优势资源的融合，我们预计未来在特别是在明年，二手车可能会为我们的整个的业绩提供更有力的支持。
We would expect that with the implementation of those supportive policies and the consolidation of the three players. Next year, the used car business would generate a higher portion out of the total revenue.
[Foreign Language] 好的，下一个问题。
Okay, thank you.
Next question is Thomas Chong. Please go ahead.
[Foreign Language] 晚上好，谢谢管理层接受我的提问。我的问题是关于新能源车的。我们看到了在第二季度呢，我们的收入是一个非常高速的增长。想问一下呢，就是现在这个市场的竞争格局，还有就是我们在未来几年的话呢，我们觉得这个板块的话可以占到我们收入，会不会有什么预期呢？谢谢。 Congratulations on a very strong set of results. For new energy vehicle, we are seeing very fast revenue growth during the second quarter. May I ask about the competitive landscape at the moment?
In the next couple of years, how should we think about the revenue contribution from this segment in the future? Thank you.
[Foreign Language] 好，谢谢。从竞争的角度来讲，我们之家一直是在行业处于一个领先的地位。在过去的这一段时间，可能大家会看到，单纯的从媒体的角度来讲，现在呈现一个多样化的媒体的方式，这个不是哪一家企业的作用，这是整个的媒体发展的一个趋势。所以之家也从单一依靠媒体的广告收入，发展到能够依靠通过线索，通过数字化产品，未来更多的是会要通过包括车生态、车生活、客户的车生活，甚至是我们能够重塑整个汽车营销产业链的数字化水平，让更多的事情是通过线上来完成。
[Foreign Language] 然后我们为客户提供的数字化产品，实际上它是一个CRM plus的产品，它是把客户的线索、客户的点击和客户的管理，包括4S店管理融为一体的产品。所以在这一块，我们实际上一直是在领先的位置，而且这个领先还是比较稳固的。其他的竞争对手，可能在某一个单一方面可能还比较强，会上升。但在综合的方面，我们看到我们的领先还是比较稳固的。新能源这一块，你先回答这个。
Well, thank you for the question. Talking about the competition.
As you know, Autohome had continued to be a market leader in this market. Actually, we are not only limited to media business. If you look at the overall trend, the media providers had always been more diversified. That's a market trend. That's why Autohome had already been diversifying our revenue rather than only relying on the media and advertising. We diversified our revenue by providing leads generation business, digitized products, the auto ecosystem and auto lifestyle or car lifestyle products. In this way, we are trying to reshape the value chain for the whole industry and to digitize the whole value chain.
We provide a CRM plus business model, which we provide the leads generation, the clicks management, the 4S store management and CRM system. Maybe some of the competitors they are very strong in a certain area. However, if you look at the combined strength, we are definitely a very solid market leading position.
[Foreign Language] 新能源呢是这样，我们的新能源的增速还是超过了整个市场的增速，我们在新能源方面也有很好的一个市场的位置。不过新能源呢，还面临着最大的一个挑战，是整个新能源车的营销方式是一个革命性的，可能会突破原来4S店的这么一个模式。那这一点上其实我们也有应对，特别是我们有一个新零售的模式，将虚拟的技术和实际的场景相结合，做一种像混合现实一样的这种模式来做汽车的这样的营销。那刚才我们也提到，三季度我们就会有这种体验店落地，我们也欢迎大家去参观我们的体验店，去感受一下在新的技术和新的这种模式下的汽车营销的一个新的方向。
Now talking about the NEV market, we are continue in a very strong position and the NEV has become a very strong, you know, power in the auto market. However, the NEV sales is a brand new marketing and sales model, which they do not adopt the traditional 4S store model. That's why we are already prepared to mostly suitable for the NEV sales, which we call it a new retail sales model. We provide virtual reality technology or hybrid virtual reality technology to boost the car sales for the NEV OEMs.
In the third quarter, we are going to launch some of the experience stores and we welcome you to visit the experience stores and to feel by yourself.
[Foreign Language] 好，那我们因时间原因吧，我们再最后一个问题。
Okay, due to time limit, let's allow the last question. Thank you.
Operator, please.
This is our last question, Steven Chen, Morgan Stanley.
[Foreign Language] 龙总、曾总、宋总，你们好，谢谢接受我提问。那我有一个关于Media Service的收入的跟进问题啊。那二季度与一季度相比，受到了疫情啊、供应链啊等等的影响，但我们的这块的收入却实现了接近100%的一个环比增长。
[Foreign Language] 想了解说背后主要的驱动因素是我们做了和其他的媒体或是汽车垂直平台不一样的事吗？那另外展望下半年，你也提到说全年的乘用车的销量估计能达到近四年的新高吧，那请问我们该怎么去想这个三季度跟四季度这个Media Service这个收入的增长曲线，有没有机会回到19年、20年这种较高的一个收入的水平呢？
[Foreign Language] 那我自己翻译一下吧 。 Thank you management for taking my questions. My question is about your Media Service segment. This segment revenue saw around 100% quarter-on-quarter growth despite some city lockdown and supply chain impact. Could you kindly share with us the underlying drivers behind such growth?
What did you do differently than other media, entertainment, and other vertical platforms? Also, looking into the second half, how should we think about the Media services revenue growth trajectory? As you mentioned that it expected that PV sales is likely to reach a 4-year high level. Any structural reason that the revenue line cannot go back to the previous high levels that we saw in 2019 and 2020? Thank you.
[Foreign Language] 好，谢谢。首先回答一下这个driver，二季度为什么能比一季度的环比会增长这么多。主要一个是一季度呢，历史上也是就是一个seasonality的问题，就是一个时间，因为一季度你知道大家都是有春节嘛，那今年的一季度呢也有一些特殊的情况，就是疫情的这种影响，所以呢，很多的这个市场的一些营销费用就向后推了。在二季度呢，虽然也有疫情的影响，但是随着像上海啊、吉林的这个放开啊，整个的这个疫情的减缓吧，特别像大家也看到了六月份的这个增长，所以呢，这些投放就开始逐步的都出来了。所以这个呢是我们能够去看到这样一个增长的一个主要的原因。
Well, thank you for the question. What are the major drivers? Actually, if you look at it Q1, we believe there are some seasonality factors because there was Spring Festival, which is the biggest festival in China and also, the COVID pandemic. That's why the media expenditure has been postponed due to those factors. However, after Q2, Shanghai and Jilin, they gradually have completed the city lockdown. They gradually reopened.
That's why the expenditure improved. Now, looking into the future, whether we will be as good as what happened between 2019 and 2020. We have to say the current situation is very different from what happened in 2019 to 2020, because we are not only providing a single service, rather we are providing a more comprehensive and more, you know, combined services.
Because our services to OEMs and the dealers all have been improved to a comprehensive service. We may revise some of our accounting in the financial reports and the financial statement to better reflect our business model change, which we provide combined and comprehensive services, including the NEV, the car lifestyle, the OEMs, plus used car business. Which we are not only providing a single service, but rather we are providing comprehensive service. Our service has been deepened and broadened.
Operator, this is the end of the Q&A. Please go ahead.
Thank you. This is the end of Q&A session. I'll turn the conference back to the management for closing remark.
Thank you everyone, for joining us today for the earnings conference call. We appreciate your support and look forward to updating you on our next quarter's conference call in a few months' time. In the meantime, please feel free, to contact us if you have any further questions or comments. Thank you very much. Thank you. Bye.