오토홈(ATHM) 2026년 2분기 실적 발표: 자동차 수요 둔화 속 마진 상승

핵심 요약

• 오토홈(ATHM)은 2026년 2분기 순매출이 12억 위안을 기록했다고 발표했습니다. 미디어 서비스 매출은 2억 8,000만 위안, 리드 생성 서비스 매출은 5억 6,000만 위안, 온라인 마켓플레이스 및 기타 사업 매출은 3억 5,700만 위안을 기록했습니다.
• 매출총이익률은 전년 동기의 71.4%에서 77.1%로 상승한 반면, 영업이익은 전년 동기 대비 56.2% 감소한 1억 3,000만 위안을 기록했습니다. 오토홈 귀속 조정 순이익은 41.8% 감소한 2억 7,700만 위안을 기록했습니다.
• 퀘스트모바일(QuestMobile)에 따르면 6월 일일 활성 사용자 수(DAU)는 7,650만 명에 달해 전년 동기 대비 성장세를 나타냈습니다.
• 온라인 자동차 구매 시범 사업은 70일 동안 1,000건 이상의 거래를 완료했으며, 400개 이상의 딜러사와 1,000개 이상의 모델이 참여했습니다. 오토홈 굿카(Autohome Good Car)는 100개 이상의 가맹점과 계약을 체결했습니다.
• 경영진은 하반기에도 중국 승용차 시장이 압박을 받을 가능성이 높다고 밝혔습니다. 승용차연석회의(CPCA)는 현재 2026년 전체 승용차 소매 판매가 16% 감소할 것으로 전망하고 있습니다.
• 오토홈은 2억 달러 규모의 자사주 매입 프로그램을 예정보다 일찍 완료하고 신규 4억 달러 규모의 프로그램을 시작했습니다. 또한 회사는 2026년에 최소 15억 위안의 현금 배당금을 지급하겠다는 계획을 재확인했습니다.

주요 재무 데이터

2026년 6월 30일 기준 현금, 현금성자산, 단기투자자산 및 기타 장기투자자산은 총 193억 6,000만 위안입니다.

사업 및 영업 실적

오토홈은 온라인과 오프라인을 연계한 신유통(New Retail) 모델을 지속적으로 확장했습니다. 공식 딜러 시범 사업은 선전과 시안에서 시작되어 쑤저우, 지난, 산둥으로 확대되었습니다. 소비자는 온라인에서 차량을 선택하고 보증금을 결제한 후, 오프라인에서 계약 및 인도를 완료할 수 있습니다.

또한 회사는 개발이 미진한 하위 성급(lower-tier) 시장에 집중하는 오프라인 가맹 체인인 오토홈 굿카(Autohome Good Car)를 출범했습니다. 100개 이상의 가맹점이 참여했습니다. 경영진의 목표는 오토홈 앱을 통한 고객 유치와 가맹점 및 공식 딜러를 통한 주문 이행을 연결하는 것입니다.

AI 분야에서 오토홈은 7월 초 '치즈 카 버틀러(Cheese Car Butler)'를 출시했습니다. 이 독립형 자동차 에이전트는 차량 비교, 구매 안내 및 정비 관련 서비스를 제공합니다. 현재 사용자 피드백을 수집 중이며, 경영진은 기반 모델, 사용자 경험 및 오프라인 서비스와의 연동을 개선할 계획입니다.

오토홈의 자율주행(지능형 주행) 채널은 현재 약 200개의 주류 차량 모델에 대한 프로필을 제공합니다. 회사의 '중국 지능형 제조 탐사 계획'은 여러 플랫폼에 걸쳐 7,000만 회 이상의 조회수를 기록했으며 20개 이상의 언론 매체에 보도되었습니다.

중고차 분야에서 오토홈은 점검 항목을 128개에서 265개로 확대했습니다. 회사는 2분기에 중고차 수출 자격을 획득하고 7월 초 첫 수출 거래를 완료했습니다. 다국어 플랫폼과 이행 네트워크를 통해 100개국 이상에서 비즈니스 리드를 창출했습니다.

리스크 및 주시해야 할 영역

경영진은 내수 자동차 수요가 약세라고 설명했습니다. 2026년 첫 7개월 동안 승용차 소매 판매는 전년 동기 대비 20% 감소했으며, 2분기 내수 신차 판매는 22% 감소했습니다. 해당 분기 동안 신에너지차 판매는 8% 감소했고, 내연기관차 판매는 38% 감소했습니다.

업계 수익성도 악화되었습니다. 경영진은 상반기 자동차 제조업 이익이 20% 감소했으며, 해당 업계의 이익률이 사상 최저치인 3.8%로 떨어졌다고 언급했습니다.

딜러점이 받는 압박은 오토홈의 리드 생성 사업에 직접적인 우려 사항으로 남아 있습니다. 경영진이 인용한 데이터에 따르면 딜러점의 77%가 상반기 판매 목표의 90% 미만을 달성한 반면, 재고와 손실은 높은 수준을 유지했습니다.

소비자 수요의 양극화가 심화되고 있습니다. 상반기 5만 위안 미만 차량의 판매는 전년 동기 대비 55% 감소한 반면, 40만 위안 이상의 고가 신에너지차 판매는 46% 증가했습니다.

애널리스트 Q&A 하이라이트

경영진은 중국 자동차 시장이 내수 수요 약세, 구조적 차별화, 수출에 의한 지지라는 특징을 계속 보일 것으로 전망하고 있습니다. 2026년 첫 7개월 동안 승용차 수출은 74% 증가했으며, 신에너지차가 수출 물량의 절반 이상을 차지했습니다.

미디어 서비스와 관련해 경영진은 '금구은십(Golden September and Silver October)' 성수기 수요와 다수의 신차 출시가 하반기 일부 회복을 뒷받침할 수 있다고 밝혔습니다. 또한 지속적인 업계 회복은 거시경제 환경과 소비자 심리 회복에 달려 있다고 강조했습니다.

오토홈은 중고차 수출 분야의 강점으로 브랜드 인지도, 안정적인 차량 공급, 표준화된 점검, 디지털 원스톱 서비스를 꼽았습니다. 단기적인 최우선 과제로는 고품질 공급 확대, 해외 고객 유치 확장, 플랫폼 효율성 개선 등이 포함됩니다.

리드 생성 부문에서 회사는 운영 비용을 절감하고 효율성을 높이며 전환율을 끌어올리기 위해 스마트 딜러 매장에서 AI 라이브 스트리밍과 AI 생성 음성 해설을 활용하고 있습니다. 경영진은 이러한 제품 업그레이드가 하반기 및 내년 딜러 계약 연장을 지원하기 위한 목적이라고 설명했습니다.

주주 환원과 관련해 오토홈은 약 1,063만 개의 ADS를 매입하여 2억 달러 규모의 자사주 매입을 완료했습니다. 신규 4억 달러 프로그램에 따라 2026년 8월 14일 기준 4,360만 달러에 약 190만 개의 ADS를 매입했습니다. 상반기 5억 위안 규모의 현금 배당금은 7월 말에 지급되었습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Ladies and gentlemen, thank you for standing by for Autohome's Second Quarter and Interim 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. A live webcast of today's call will be available on Autohome's IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

Sterling Song

Thank you, operator. Hello, everyone, and welcome to Autohome's Second Quarter and Interim 2026 Earnings Conference Call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cn. Joining me on today's call is our Chief Financial Officer, Mr. Craig Yan Zeng. Management will go through the prepared remarks first, which will be followed by a Q&A session where they will be available to answer your questions.

Before we begin, please note that today's discussion contains forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These 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 Hong Kong Stock Exchange. Autohome undertakes no obligation to update any forward-looking statements, except as required under applicable laws.

Please also note that Autohome's earnings press release and today's conference call include discussions of certain unaudited non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

I will now turn the call over to Autohome's CFO, Mr. Craig Yan Zeng for opening remarks. Mr. Zeng, please go ahead.

Yan Zeng

[Interpreted] Hello, everyone. This is Craig Zeng, Chief Financial Officer of Autohome. Thank you for joining our earnings conference call today. In the second quarter, our innovative business continues to make steady progress driving Autohome's upgrade towards a comprehensive automotive service ecosystem for our new retail business with the authorized dealer model in pilot operation and expanding into more cities. We launched the off-line franchise chain brand, Autohome Good Car, further extending our off-line service network. In addition, our global expansion into used car trading is advancing strategy. Our cross-border export platform completed its first transaction in July, providing valuable experience to further expand our service capabilities.

We also made major strides in AI, particularly in cutting-edge AI agent technology. In early July, we unveiled our proprietary intelligent agent product Cheese Car Butler and open it for public data as the automotive industry's first stand-alone agent product, it represents not only a pioneering exploration of intelligent applications but also a key milestone in enriching our product portfolio and establishing a differentiated competitive edge for us. Specifically, in the second quarter, we made solid progress across content offerings, product capabilities and traffic alliances. On account of that, in May, we launched our annual IP China Intelligent Manufacturing Exploration Plan jointly created with the News and Publicity Center of the Ministry of Industry and Information Technology. Six episodes will be released throughout the year, covering exciting technological trends including the low-altitude industry intelligence cockpits, intelligence driving and embodied AI, the premier episode focused on flying cars combining immersive visits to the front line of intelligence manufacturing with a fresh, innovative use our story-telling perspective to make cutting-edge technologies more relatable and engaging for younger users.

This series also marks our first major content initiative following Autohome's brand refresh. Since launch, the program sparked lively discussion on social media, was covered by our 20 leading media outlets and generated over 70 million views across various platforms. On the product side, we launched our intelligent driving channel, which systematically profiled the intelligence driving capabilities of nearly 200 mainstream models and provide easy comparisons to help users understand differences across models and those cars efficiently. In addition, we continue to advance collaboration across our multi-platform, multi-scenario traffic ecosystem. A notable example was our partnership with Alipay in June and which our mini program became the true provider of comprehensive automotive services for Alipay's auto live channel, offering differentiated content to match the varied needs of first-time buyers, repeat buyers and those upgrading their vehicles.

According to Questmobile, in June, our daily active users steadily increased year-over-year. reaching $76.5 million. In the new energy vehicle sector, in late April, we launched a pilot online car purchase model in Shenzhen and Xi'an in partnership with authorized dealers. Under this model, local partners, dealerships posted competitive pricing on the mall enabling consumers to select the vehicle and place a deposit online and then complete the contract signing and delivery off-line. During this pilot period, over 400 dealers gone across these two cities, offering more than 1,000 models and over 1,000 transactions were completed within 70 days receiving positive feedback from both our dealer partners and users.

Based on the experience gained from the pilot cities in the second quarter, we replicated this model to three additional cities, Suzhou, Jinan and Shandong, steadily broadening our network coverage in Northern and Eastern China. At the same time, to address the service gap in low-tier cities we launched our off-line franchise chain brand, Autohome good car at the end of June with a focus on the underserved low-tier cities to precise traffic redirection and the standardized operating under management systems and streamlined resource support system will help dealerships in low-tier cities achieve scalable growth.

At present, over 100 franchise stores joined Autohome Good Car. Going forward, the Autohome APP will remain the core of our online customer acquisition efforts while offline Autohome Good Car franchisees and authorized dealer stores will handle vehicle delivery. Through standardized services, we aim to support users throughout the entire vehicle life cycle from vehicle discovery, selection to purchase and ownership. AI and the models powered by Autohome's proprietary large language model, we launched Cheese Car Butler, our intelligent agent product for the automotive vertical. The agent leverages our core assets accumulated in the automotive field, including our professional content, product database, MCN ecosystem and offline service network to provide users with a broad range of services, including multidimensional vehicle comparisons, vehicle purchase guidance and maintenance services, et cetera, establishing a unique, differentiated, competitive advantage.

Currently, Cheese Car Butler is available to users and has entered the feedback collection phase with the initial market response being positive. In the future, we will continue to enhance the underlying model capabilities, optimize the product's interactive experience and gradually integrate more offline service resources to steadily improve the product value and service quality.

In the used car business, we continue to develop both our core domestic and overseas platforms for our full process used car sales service platform. We continue to improve service quality through greater standardization. Recently, we completed an upgrade and in duration of our vehicle inspection system, expanding the number of inspection items from 128 to 265 including 82 newly added assessments specifically designed for new and used vehicles, further improving the accuracy and the reliability of our inspection reports. For our cross-border used car export service platform, we formally obtained the official export qualifications during the second quarter. We also established an online multilingual international website and an offline fulfillment network with business leads spanning over 100 countries.

In early July, we successfully completed the first used car export order on our platform, making a breakthrough from zero to one for our business. In the next phase, we will focus on three key areas: high-quality vehicle supplies upstream; expanding overseas customer acquisition downstream; and improving platform operational efficiency. All of this supports our all-out efforts to create a new one-stop channel for used car exports.

In summary, since the beginning of the year, we achieved meaningful progress across all businesses. While steadily managing our businesses, we've consistently delivered on our commitment to shareholder returns, the USD 200 million stock buyback program announced in March 2026 was completed ahead of schedule in less than 6 months. In late July, we announced a new 12 months USD 400 million repurchase plan, demonstrating our strong confidence in the company's long-term value. In addition, the RMB 500 million cash dividend for the first half of the year was distributed at the end of July.

Looking ahead, we will continue to deepen our new business development, provide high-quality services to users and partners and deliver sustainable returns to our shareholders.

With that, let me briefly walk you through the key financials for the second quarter of 2026. Please note that I will reference RMB only in my discussion today, unless otherwise stated. Net revenues for the second quarter were CNY 1.2 billion. To break it down further, Media Services revenues were CNY 280 million. Lease generation services revenue were CNY 560 million, and the online marketplace and others revenues were CNY 357 million. With respect to costs, cost of revenue in the second quarter was CNY 274 million, compared with CNY 503 million in the second quarter of 2025. Gross margin in the second quarter was 77.1% compared with 71.4% in the same period last year.

Turning to operating expenses. Sales and marketing expenses in the second quarter were CNY 552 million, compared with CNY 630 million in the second quarter of 2025. Product and development expenses were CNY 223 million compared with CNY 263 million in the second quarter of 2025. General and administrative expenses were CNY 96 million compared with CNY 133 million in the same period last year.

Overall, we recorded an operating profit of CNY 130 million in the second quarter compared with CNY 297 million in the same period of 2025. Adjusted net income attributable to Autohome was CNY 277 million in the second quarter compared with CNY 476 million in the corresponding period last year. Non-GAAP basic and diluted earnings per share in the second quarter were CNY 0.62 and CNY 0.61, respectively, compared with CNY 1.01 for both in the corresponding period of 2025. Non-GAAP basic and diluted earnings per ADS in the second quarter were both CNY 2.46 compared with CNY 4.06 and CNY 4.04, respectively, in the corresponding period of 2025.

As of June 30, 2026, our balance sheet remains robust. Cash, cash equivalents, short-term investments and other long-term investments totaled CNY 19.36 billion. We generated net operating cash flow of CNY 261 million in the second quarter of 2026. On March 5, 2026, our Board of Directors authorized a share repurchase program, under which we are committed to purchase up to USD 200 million of Autohome's ADS over a period not to exceed it as of July 30, 2026. We have completed this share repurchase program ahead of schedule with a total approximately [ USD ] 10.63 million ADS repurchased.

In addition, on July 28, 2026, our Board of Directors authorized a new share repurchase program under which we may repurchase up to USD 400 million of Autohome ADS over the next 12 months as of August 14, 2026. We had repurchased approximately USD 1.9 million ADS for a total cost of approximately USD 43.6 million.

That concludes our financial summary. Now we are ready to open up the Q&A session. Operator, please.

Operator

[Operator Instructions] Your first question comes from the line of Thomas Chong of Jefferies.

질의응답

Thomas Chong

[Interpreted] I have two questions. The first one is about the auto industry, which is softer than market expectations. Can management comment about the second half industry outlook? And my second question is about the export of used car business. Can management comment about our competitive edge and the latest business progress?

Yan Zeng

[Interpreted] Thank you for your question. I will answer your question. Since the beginning of this year, the overall retail sales in the auto market has remained under pressure. In the first 7 months, domestic retail sales of passenger vehicles declined by 20% year-over-year, while the domestic new vehicle sales fell by 22% year-over-year in Q2. Even the new energy vehicle, EV, which has previously been the primary growth driver, it already see a sales decline of 8% in Q2 year-over-year for consecutive periods. And the traditional ICE that is internal combustion engine vehicles performed even worse. The sales declining 38% year-over-year in Q2. At the same time, the industry -- the auto industry profitability has been deteriorated in the first half of the year. The profit for the auto manufacturing industry declined by 20% year-over-year, with the profit margin at just 3.8%, which is a historical low.

The market expectations for the overall industry sales at the beginning of the year was optimistic. But now this expectation has been revised downward. The China Passenger Car Association, CPCA, now forecast that the full year for 2026 passenger vehicle retail sales will decline by 16% year-over-year. So it brings the overall total annual sales to fill them 20 million units. So this means that the overall China auto market will continue to face quite a lot of pressure in the second half this year. And we expect the auto industry to be characterized by a combination of weak domestic demand, structural differentiation and exports providing support.

From the industry level, we can see the new energy transition is accelerating and auto export is becoming a new growth driver. So for the China auto market, now it has entered into an existing market stage with a weak domestic demand are becoming a major problem -- major constraint on growth. And at the same time, you can see the penetration rate for EV continue to pick up.

So in April, it is -- the penetration rate is 60%. And now in July, it climbed further to a new high of 65%. So in contrast to the weak domestic demand, the auto export has maintained a strong growth momentum. During the first 7 months of 2026 passenger vehicle exports increased by 74% year-over-year with EV accounting for more than half of the total export volumes. And with the weak domestic demand and strong overseas growth simultaneously, auto exports has become a key engine for automakers to offset the weak domestic demand and drive profit growth. From the market level, we can see there's an increasing structure differentiation and the consumers are increasingly in a mode -- they are in a mode of wait and see.

So currently, the market is experiencing clear structural differentiation across segments by price range, you can see the old market is diverging at both ends. The entry-level market for vehicles priced below RMB 50,000 has contracted sharply declining 55% year-over-year in the first half. On the other side, sales of high-end EV priced above RMB 400,000 surged 46%, demonstrating greater market readiness. So overall, the sales of traditional ICE and low-end EVs continue to decline, while the middle to high-end EVs have emerged as a growth segment.

So in summary, the auto market in the first half of this year can be characterized as cold domestically, hot overseas. Domestic demand weakened year-over-year, while EV penetration continued to increase, and auto exports became the primary growth driver for the overall industry as China's auto market enters an existing market competition stage. Currently, only those companies who can capture consumers' needs throughout their entire life cycle and provide value-added services across the entire customer journey will be best positioned for the future developments in the transforming period in the market. So this is also one of the key areas we will continue to focus on and explore going forward.

The second question about the used car export, the used car export market is sufficiently fragmented with a sufficiently large and diverse supply of used car vehicles. So this is favorable for us to build our long-term competitive advantage and sustainable barriers for entry. And if the market was more highly concentrated, it would be more difficult for platform companies.

And for our advantages in this area, first is the brand, strong brand from Autohome, we are the leading auto vertical media platform. So we have a strong brand recognition and credibility and also, we are newly listed. This also help us in our brand. Second is the stable supply, used car vehicle supply and a standardized system. We have access to a stable and compliant supply of used cars supported by a standardized industry-led vehicle inspection system, which can enable comprehensive assessments of the vehicle condition. So overseas buyers value accurate and complete and comprehensive vehicle inspection report as well as those maintaining and insurance claims record.

So Autohome can provide a base. So this gives overseas buyers greater confidence in their purchase process. Third is the digital one-stop service. This is our advantage. We leverage our online digital tools to improve the operational efficiency, including the 24/7 customer support, those matching of the vehicle supply and those multilingual website services, et cetera. So all these capabilities facilitate more effective communication between buyers and sellers. For our business program update on the used car in the second quarter, we just mentioned we officially obtained the government qualification for the used car exports. And we successfully completed the first used car export transaction on our platform.

So this represents an important zero to one breakthrough for this business segment. And for the work ahead of us, on one hand, we'll expand our high-quality used car vehicle sourcing. On the other hand, we will focus on expanding our overseas customer base. And also at the same time, we will continue to optimize our used car export service platform and improve the overall operation efficiency with the goal to build a one-stop new channel for the used car exports..

Operator

The next question comes from the line of Zhang Xiaodan of CICC.

Xiaodan Zhang

[Interpreted] First of all, the company has recently taken proactive steps on shareholder returns. How do you view the sustainability of the shareholder return program going forward? And over the medium to the long term, how will you balance the cash reserves as well as the shareholder returns? And secondly, regarding the new retail business, what is the company's current strategic positioning for this segment?

Yan Zeng

[Interpreted] Thank you for your question. Autohome has always placed a strong emphasis on the shareholder return and the long-term market value management. To further enhance our shareholder return mechanism and improve investment value we have established a dual track return framework, combining a regular cash dividend policy with share repurchases, making our shareholder return policy more transparent and predictable.

For the share repurchase, as we just mentioned, the USD 200 million share buyback program, we completed ahead of schedule at the end of July. And also on July 28, we -- the company announced a new USD 400 million share repurchase program. And as of last week, approximately 10% of this buyback program has been completed. So going forward, in the future, we will continue to actively execute this buyback program in the open market in accordance with our established strategy.

For the cash dividend in March, the company announced the RMB 500 million cash dividend for the first half of this year, and this was successfully distributed to all our shareholders by the end of July. And also this year, we will continue to to execute our commitment to pay at least RMB 1.5 billion in cash dividends for the full year. For our long-term capabilities, Autohome has a healthy balance sheet, and we have ample cash reserves and a stable business operations, so this gives us capacity to deliver sustainable -- stable and long-term returns to all shareholders. So in the future, we will continue to improve operational efficiency and strengthen the relevance of our business, ensuring we can fulfill our commitment to all the shareholders.

For the new retail business, it is an important strategic initiative for Autohome as we build our transaction ecosystem and address gaps in our offline service capabilities. For online, we are leveraging the Autohome APP to build an automotive transaction service platform also hold more. For off-line, we leverage offline car purchase and Autohome Good Car to expand off-line service network, connecting online demand with off-line service fulfillment.

So on the online to offline scenarios, we are leveraging our AI technologies to provide end-to-end support, including the vehicle selection through our AI car selection system and purchase support through AI price inquiry, et cetera. So going forward, we are planning to expand AI-able services into the vehicle ownership stage.

In terms of our new retail business update and progress as you can see that the implementation has been moving at a relatively rapid speed. For online car purchase it began its pilot program in late April, and now it's expanded to five cities, Xi'an, Shenzhen, Suzhou, Jinan and Shandong, primarily targeting at high-tier cities. For Autohome Good Car, it opened up a franchise program in late June and has now more than 100 franchise stores with a primary focus on low-tier markets. So ultimately, our goal is to become a comprehensive automotive service ecosystem that deliver value throughout the entire auto life cycle from car discovering to car selection to purchasing, owning and eventually replacing.

Operator

Our next question comes from Ritchie Sun of HSBC.

Ritchie Sun

[Interpreted] I want to ask management about how do you feel the recovery timing as well as the drivers behind the auto market and especially for the media services, how would you view the trend in the second half of this year?

Yan Zeng

[Interpreted] Regarding the drivers for the auto industry recovery, as we just mentioned, the auto market sales for the whole year expected to decline about 16% year-over-year. This has been a downside. However, it doesn't mean there is not any growth opportunities in the market. For example, the vehicles prepaid and replacement will will still contribute more for more new vehicle purchasing demand. And we just mentioned that sales of the high-end NAV price over RMB 400,000, it's increased 46% year-over-year.

So the -- so in our opinion, a sustainable stabilization and recovery of the auto market still depend on improvement in the broader macroeconomic environment and the strengthening of the consumer confidence. And export -- auto export is another important growth opportunity. In the first half of this year, the passenger vehicle, PV, exports increased by more than 70% year-over-year. And the EV exports surging 124%. And for EVs, it accounted for over 50% of the total passenger vehicle exports. So it represents new opportunities in the auto market.

For the -- regarding the media business in the second half of this year, as you know, there is always saying that Golden September and Silver October. And besides, there will be a multiple of new car new vehicle and a new car launching in the market. So in our opinion, we believe the market will show kind of a recovery in second half of this year.

Operator

Next question comes from the line of Brian Gong of Citi.

Brian Gong

[Interpreted] Given the pressure over auto dealers, how does management think about outlook for our sales lease business?

Yan Zeng

[Interpreted] For the lease, the lease generation performance is highly related with the overall sales volume in the market. In Q2, the market and the sales of the autos decreased. So that is the main reason for the lease generation segment. So on 1 hand, for dealer continue to face significant operating pressures in the market as many of them failed to meet their sales targets for the first half this year.

And according to the statistics data from the China automobile dealer association, CAPA, 77% of the dealerships achieved less than 90% of their half -- first half year sales target. And so many of those dealers, they respond with more losses and with high volumes of inventory. So that's why we believe -- as we just mentioned, the sales volumes for the new cars still face pressure and a decrease for second half of this year.

So we still see some opportunities in the market. On one hand, we are increasing our traffic and upgrading our products to improve the quality and the content quality of the leads and lay solid foundation for the renewal of our dealership product, for example, the [ Trishan ] fleet for the second half of this year and the next year as well.

I'll give you some examples. For example, we take -- we're using our AI technology. We use the AI live streaming. We are leveraging the AI technology to empower dealers new media live streaming operations, so we can help them to reduce costs and improve their efficiency, and increase their operational efficiency and help them to enhance their conversion capabilities. And also, we have smart stores, so we can upgrade the intelligent driving tour function.

So when users browse a dealer's online store AI-generated voice commentary can match the content on the screen, and it can be played automatically. So it can help to create an immersive watch and listen experience, helping to increase the number of users who will submit and leave their contact information. So respect through those products and service upgrades and technologies, we can help -- we can build a solid foundation for the renewal of our products next year.

Operator

No further questions at this time. I will turn the call back over to management for closing remarks.

Yan Zeng

[Interpreted] Thank you very much, everyone, for joining us today. We look forward to speaking with you all again on our next quarter's conference call and to sharing the latest updates on the company's corporate strategy and business development. Should you have any further questions or suggestions, please feel free to contact us at any time. Thank you, everyone. Goodbye. Thank you, operator.

Operator

That does conclude today's conference call. Thank you for your participation. You may now disconnect.

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]