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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form
20-F
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
or
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021 or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
or
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
                    
For the transition period from
                    
to
                    
Commission file number:
001-36222
 
 
Autohome Inc.
(Exact name of Registrant as specified in its charter)
 
 
N/A
(Translation of Registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
18th Floor Tower B, CEC Plaza
3 Dan Ling Street
Haidian District, Beijing 100080
The People’s Republic of China
(Address of principal executive offices)
Quan Long
Chief Executive Officer 
Tel: +86 (10) 5985-7001
E-mail:
ir@autohome.com.cn
Fax: +86 (10) 5985-7400
18th Floor Tower B, CEC Plaza
3 Dan Ling Street
Haidian District, Beijing 100080
The People’s Republic of China
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the
Act:
 
Title of Each Class
 
Trading
Symbol
(
s
)
  
Name of Each Exchange on Which Registered
American depositary shares, each representing four ordinary shares
 
ATHM
  
The New York Stock Exchange
Ordinary shares, par value US$0.0025 per share
 
2518
  
The Stock Exchange of Hong Kong Limited
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
505,183,788 
ordinary shares (excluding 4,203,812 treasury shares and ordinary shares that had been issued and reserved for the purpose of our share incentive plans as of December 31, 2021), par value US$0.0025 per share, were outstanding as of December 31, 2021.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act. (Check one):
 
Large accelerated filer
 
  
Accelerated filer
 
       
Non-accelerated
filer
 
  
Emerging growth company
 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    Yes      No  ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☒
  
International Financial Reporting Standards as issued by the International Accounting Standards Board  ☐
  
Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    Item 17  ☐    Item 18  ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act)    Yes  ☐    No  
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  ☐    No  ☐
 
 
 

Table of Contents
 
     1  
     3  
     4  
ITEM 1
  IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS      4  
ITEM 2
  OFFER STATISTICS AND EXPECTED TIMETABLE      4  
ITEM 3
  KEY INFORMATION      4  
ITEM 4
  INFORMATION ON THE COMPANY      59  
ITEM 4A
  UNRESOLVED STAFF COMMENTS      92  
ITEM 5
  OPERATING AND FINANCIAL REVIEW AND PROSPECTS      92  
ITEM 6
  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES      114  
ITEM 7
  MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS      125  
ITEM 8
  FINANCIAL INFORMATION      130  
ITEM 9
  THE OFFER AND LISTING      131  
ITEM 10
  ADDITIONAL INFORMATION      131  
ITEM 11
  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      141  
ITEM 12
  DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES      141  
     145  
ITEM 13
  DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES      145  
ITEM 14
  MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS      146  
ITEM 15
  CONTROLS AND PROCEDURES      146  
ITEM 16A
  AUDIT COMMITTEE FINANCIAL EXPERT      147  
ITEM 16B
  CODE OF ETHICS      147  
ITEM 16C
  PRINCIPAL ACCOUNTANT FEES AND SERVICES      148  
ITEM 16D
  EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES      148  
ITEM 16E
  PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS      148  
ITEM 16F
  CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT      148  
ITEM 16G
  CORPORATE GOVERNANCE      149  
ITEM 16H
  MINE SAFETY DISCLOSURE      149  
ITEM 16I
  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS      149  
     149  
ITEM 17
  FINANCIAL STATEMENTS      149  
ITEM 18
  FINANCIAL STATEMENTS      149  
ITEM 19
  EXHIBITS      149  
 
 
i

INTRODUCTION
Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form
20-F
to:
 
   
“ADSs” are to our American depositary shares, each of which represents one Class A ordinary share, par value US$0.01 per share, before our variation of share capital in 2021, and four ordinary shares, par value US$0.0025 per share, after our variation of share capital in 2021;
 
   
“CAGR” refers to compound annual growth rate;
 
   
“CCASS” are to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchange and Clearing Limited;
 
   
“China” or the “PRC” are to the People’s Republic of China, excluding, for the purpose of this annual report only, Hong Kong, Macau and Taiwan;
 
   
“CSRC” are to the China Securities Regulatory Commission;
 
   
“HK$” or “Hong Kong dollars” or “HK dollars” are to Hong Kong dollars, the lawful currency of Hong Kong;
 
   
“Hong Kong” or “HK” or “Hong Kong S.A.R.” are to the Hong Kong Special Administrative Region of the PRC;
 
   
“Hong Kong Listing Rules” are to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;
 
   
“Hong Kong Share Registrar” are to Computershare Hong Kong Investor Services Limited;
 
   
“Hong Kong Stock Exchange” are to The Stock Exchange of Hong Kong Limited;
 
   
“Main Board” are to the stock market (excluding the option market) operated by the Hong Kong Stock Exchange which is independent from and operated in parallel with the Growth Enterprise Market of the Hong Kong Stock Exchange;
 
   
“Ping An Group” refers to Ping An Insurance (Group) Company of China, Ltd. (HKEX: 2318; SHA: 601318), a company organized under the laws of the PRC whose H shares and A shares are listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, respectively;
 
   
“RMB” and “Renminbi” are to the legal currency of China;
 
   
“SFC” are to the Securities and Futures Commission of Hong Kong;
 
   
“SFO” are to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time;
 
   
“shares” or “ordinary shares” are our Class A ordinary shares, par value US$0.01 per share, before our variation of share capital in 2021, and ordinary shares, par value US$0.0025 per share, after our variation of share capital in 2021;
 
   
“VIEs” and “VIE Entities” are the variable interest entities;
 
   
“we,” “us,” “our,” “our company” or “the Company” are to Autohome Inc., its predecessors, subsidiaries and, in the context of describing our operations and consolidated financial information, the VIEs in China;
 
1

   
“U.S. GAAP” refers to generally accepted accounting principles in the United States; and
 
   
“$,” “dollars,” “US$” or “U.S. dollars” refers to the legal currency of the United States.
In February 2021 we effected a
4-for-1
share split and an
ADS-to-ordinary
share ratio adjustment from one ADS representing one Class A ordinary share to one ADS representing four ordinary shares upon the approval of our shareholders, which applies to all share numbers in this annual report retrospectively.
Substantially all of our operations are conducted in China and substantially all of our revenues are denominated in RMB. This annual report contains translations of RMB and Hong Kong dollar amounts into U.S. dollars at specific rates solely for the convenience of the readers. Unless otherwise noted, all translations from RMB and Hong Kong dollars to U.S. dollars and from U.S. dollars to RMB in this annual report were made at a rate of RMB6.3726 to US$1.00 and HK$7.7996 to US$1.00, the respective exchange rates set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 30, 2021. We make no representation that any RMB, Hong Kong dollar or U.S. dollar amounts could have been, or could be, converted into U.S. dollars, RMB or Hong Kong dollars, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade.
 
2

FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled “Item 3. Key
Information-D.
Risk Factors,” “Item 4. Information on the Company—B. Business Overview” and “Item 5. Operating and Financial Review and Prospects.” These forward-looking statements are made under the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Known and unknown risks, uncertainties and other factors, including those listed under “Item 3. Key
Information-D.
Risk Factors,” may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:
 
   
our ability to attract and retain users and customers;
 
   
our business strategies and initiatives as well as our new business plans;
 
   
our future business development, financial condition and results of operations;
 
   
our ability to further enhance our brand recognition;
 
   
our ability to attract, retain and motivate key personnel;
 
   
competition in our industry in China; and
 
   
relevant government policies and regulations relating to our industry.
These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. Other sections of this annual report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should read thoroughly this annual report and the documents that we refer to with the understanding that our actual future results may be materially different from, or worse than, what we expect. We qualify all of our forward-looking statements by these cautionary statements.
This annual report contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The online automotive advertising industry may not grow at the rate projected by market data, or at all. The failure of this market to grow at the projected rate may have a material adverse effect on our business and the market price of our ADSs and/or ordinary shares. In addition, the rapidly changing nature of the online automotive advertising industry and the online automobile transaction industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.
The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that we refer to in this annual report and exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect.
 
3

PART I.
 
ITEM 1
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
Not applicable.
 
ITEM 2
OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
 
ITEM 3
KEY INFORMATION
Our Holding Company Structure and VIE Contractual Arrangements
Autohome Inc. is not a Chinese operating company but a Cayman Islands holding company with no equity ownership in its VIEs. We conduct our operations primarily through our PRC subsidiaries and the VIEs. We conduct our business activities related to internet content services through the VIEs in order to comply with the PRC laws and regulations, which place certain restrictions on foreign ownership of companies that provide internet content services in China. Accordingly, we operate these businesses in China through the VIEs, and rely on contractual arrangements among our PRC subsidiaries, the VIEs and their shareholders to control the business operations of the VIEs. The VIEs are consolidated for accounting purposes, but are not entities in which our Cayman Islands holding company, or our investors, own equity. Revenues contributed by the VIEs accounted for 8.3%, 8.1% and 13.1% of our total net revenues for the fiscal years 2019, 2020 and 2021, respectively. As used in this annual report, “we,” “us,” “our,” “our company” or “the Company” refer to Autohome Inc., its predecessors, subsidiaries and, in the context of describing our operations and consolidated financial information, the VIEs in China, including, but not limited to, Beijing Autohome Information Technology Co., Ltd., or Autohome Information, Beijing Shengtuo Hongyuan Information Technology Co., Ltd., or Shengtuo Hongyuan, and Shanghai Jinwu Auto Technology Consultant Co., Ltd., or Shanghai Jinwu. Investors in our ordinary shares or ADSs are not purchasing equity interest in the VIEs in China but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.
A series of contractual agreements, including power of attorney, equity interest pledge agreements, exclusive technology consulting and service agreements, equity option agreements and loan agreements, have been entered into by and among our PRC subsidiaries, the VIEs and their respective shareholders. Terms contained in each set of contractual arrangements with the VIEs and their respective shareholders are substantially similar. As a result of the contractual arrangements, we have effective control over and are considered the primary beneficiary of these companies, and we have consolidated the financial results of these companies in our consolidated financial statements. For more details of these contractual arrangements, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Contractual Arrangements with the Variable Interest Entities.”
However, the contractual arrangements may not be as effective as direct ownership in providing us with control over the VIEs, and we may incur substantial costs to enforce the terms of the arrangements. In addition, these arrangements have not been tested in PRC courts. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—Our contractual arrangements with the VIEs may not be as effective in providing operational control as direct ownership” and “—The interests of the individual nominee shareholders of the VIEs may be different from our interests, which may materially and adversely affect our business.”
There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the VIEs and their shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or any of the VIEs is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—If the PRC government finds that the agreements that establish the structure for operating our services in China do not comply with PRC governmental restrictions on foreign investment in internet businesses, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations, and we may face significant disruption to our business operations” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Substantial uncertainties exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.”
 
4

Our corporate structure is subject to risks associated with our contractual arrangements with the VIEs. If the PRC government deems that our contractual arrangements with the VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries and VIEs, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure.”
We face various risks and uncertainties related to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchanges. On December 16, 2021, the PCAOB issued a report to notify the United States Securities and Exchange Commission (the “
SEC
”) its determinations that it is unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China, and identifies the registered public accounting firms in Mainland China that are subject to such determinations. Our auditor is identified by the PCAOB and is subject to the determination. Under the Holding Foreign Companies Accountable Act, or the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over the counter trading market in the U.S. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our securities, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China.”
The PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline or become worthless. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PRC government’s significant oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ADSs and/or ordinary shares.”
Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to the PRC legal system could adversely affect us” and “—We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet business and companies.”
Permissions Required from the PRC Authorities for Our Operations
We conduct our business primarily through our subsidiaries and the VIEs in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and the VIEs have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our holding company, the VIEs in China, including, among others, the ICP licenses, the Value-added Telecommunications License for Online Data Processing and Transaction Processing Business (for operational
e-commerce
only), the Surveying and Mapping Qualification Certificate for Internet Mapping (such certificate held by the Autohome Information is in the process of the renewal), an Operating License for the Production and Dissemination of Radio and Television Programs, an internet Audio/Video Program Transmission License, an Internet Culture Business Permit, which is in the process of the renewal. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet business and companies.”
 
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Furthermore, if we are deemed as a critical information infrastructure operator under the PRC cybersecurity laws and regulations, we must fulfill certain obligations as required under the PRC cybersecurity laws and regulations, including, among others, storing personal information and important data collected and produced within the PRC territory during our operations in China, and we may be subject to review when purchasing internet products and services. If we are not able to comply with the cybersecurity and data privacy requirements in a timely manner, or at all, we may be subject to government enforcement actions and investigations, fines, penalties, suspension of our
non-compliant
operations, or removal of our app from the relevant application stores, among other sanctions, which could materially and adversely affect our business and results of operations. In addition, we and the VIEs may be required to obtain permissions from CSRC, and may be required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, in case of any future issuance of securities to foreign investors. Any failure to obtain or delay in obtaining such approval or completing such procedures would subject us to sanctions by the CSRC, CAC or other PRC regulatory authorities. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our ADSs. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to our Business and Industry—Our business is subject to complex and evolving Chinese laws and regulations regarding data privacy and cybersecurity, many of which are subject to changes and uncertain interpretations. Any changes in these laws could cause changes to our business practices and increased cost of operations, and any security breaches or our actual or perceived failure to comply with such laws could result in claims, penalties, damages to our reputation and brand, declines in user growth or engagement, or otherwise harm our business, results of operations and financial condition,” and “—Risks Related to Doing Business in China—The approval of and filing with the CSRC or other PRC government authorities may be required if we were to conduct offshore offerings in the future, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.”
Cash Flows through Our Organization
Autohome Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries and the VIEs in China. As a result, although other means are available for us to obtain financing at the holding company level, Autohome Inc.’s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and service fees paid by the VIEs.
If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to Autohome Inc. In addition, our PRC subsidiaries are permitted to pay dividends to Autohome Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further, our PRC subsidiaries and the VIEs are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends and can only be used for specific purposes. Under PRC laws and regulations, our PRC subsidiaries and the VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by the State Administration of Foreign Exchange, or SAFE. The amounts restricted include the
paid-up
capital and the statutory reserve funds of our PRC subsidiaries and the net assets of the VIEs in which we have no legal ownership. For more details, see “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Holding Company Structure.” For risks relating to the fund flows of our operations in China, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We may rely to a significant extent on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have. Any limitation on the ability of our PRC subsidiaries to pay dividends to us could have a material adverse effect on our ability to conduct our business.” In the years ended December 31, 2019, 2020 and 2021, our PRC subsidiaries paid to Autohome Inc. and its offshore subsidiaries a total of nil, RMB649.6 million and RMB681.4 million (US$106.9 million), respectively, in the form of dividends.
 
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Under PRC law, Autohome Inc. and its offshore subsidiaries may provide funding to our PRC subsidiaries only through capital contributions or loans, and to the VIEs only through loans, subject to satisfaction of applicable government registration and approval requirements.
The VIEs may transfer cash to our PRC subsidiaries by paying service fees according to the exclusive technology consulting and service agreements. Pursuant to these agreements, the VIEs agree to pay the applicable subsidiaries technology consulting and service fees, subject to conditions therein.
Autohome Inc. has in place a regular dividend policy. For the fiscal years of 2019, 2020 and 2021, we paid cash dividends in the total amounts of nil, US$99.8 million and US$105.7 million, respectively, to our shareholders, pursuant to our dividend policy. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy.” For the United States federal income tax consequences of the dividends we make, see “Item 10. Additional Information—E. Taxation—United States Federal Income Tax Considerations—Dividends.” For PRC, Hong Kong and United States federal income tax considerations of an investment in our ADSs and/or ordinary shares, see “Item 10. Additional Information—E. Taxation.”
The cash transfer within the Company was summarized as below:
 
    
For the Year Ended December 31,
 
    
2019
    
2020
    
2021
 
                      
    
RMB
    
RMB
    
RMB
    
US$
 
                             
    
(in thousands)
 
Intercompany due from/(to) amounts
           
Amounts from parent to offshore subsidiaries
(1)
     55,208        101,785        3,523,478        552,911  
Capital contributions from offshore subsidiaries to onshore subsidiaries
     —          —          163,755        25,697  
Amounts transferred among onshore subsidiaries
(2)
     —          —          1,060,098        166,352  
Amounts transferred among VIEs and onshore subsidiaries
(3)
     —          —          538,794        84,549  
Dividend (paid) by onshore subsidiaries to offshore subsidiaries/parent company
           
Dividend paid by onshore subsidiaries to offshore subsidiaries
     —          (649,551      (681,427      (106,931
Dividend paid by offshore subsidiaries to parent company
     —          (634,078      (682,188      (107,050
Amounts paid / (received) by subsidiaries to / (from) VIEs
           
Cash paid by onshore subsidiaries to the VIEs
(4)
     245,693        121,156        251,369        39,445  
Cash paid by VIEs to onshore subsidiaries
(5)
     601,458        231,420        587,771        92,234  
 
Notes:
(1)
It represented temporary operating cash support and the proceeds in connection with our Hong Kong Offering in March, 2021, which was transferred from parent company to offshore subsidiaries.
(2)
It represented temporary operating cash support, which was transferred among onshore subsidiaries.
(3)
It represented temporary operating cash support, which was transferred among VIEs and onshore subsidiaries.
(4)
It mainly represented service fees paid by the WFOEs and other subsidiaries to the VIEs for information services.
(5)
It mainly represented service fees paid by VIEs to the WFOEs and other subsidiaries for technological development and promotion service.
In the years ended December 31, 2019, 2020 and 2021, no assets other than cash were transferred through our organization.
 
A.
Selected Financial Data
The following tables present the selected consolidated financial information for our company. Our selected consolidated statements of operations data presented below for the years ended December 31, 2019, 2020 and 2021 and our selected consolidated balance sheet data as of December 31, 2020 and 2021 have been derived from our consolidated financial statements, which are included in this annual report beginning on page
F-1.
Our selected consolidated balance sheet data as of December 31, 2017, 2018 and 2019 and the selected consolidated statements of operations data for 2017 and 2018 presented below have been derived from our consolidated financial statements not included in this annual report. Our historical results for any period are not necessarily indicative of results to be expected for any future period. You should read the following selected financial data in conjunction with the consolidated financial statements and related notes and the information under “Item 5. Operating and Financial Review and Prospects” in this annual report. Our audited consolidated financial statements are prepared and presented in accordance with U.S. GAAP.
 
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For the Year Ended December 31,
 
    
2017
   
2018
   
2019
   
2020
   
2021
 
                                      
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
                                      
    
(in thousands, except for number of shares and per share data)
 
Selected Consolidated Statements of Operations Data:
            
Net revenues
(1)
  
 
6,210,181
 
 
 
7,233,151
 
 
 
8,420,751
 
 
 
8,658,559
 
 
 
7,237,004
 
 
 
1,135,644
 
Cost of revenues
(2)
     (1,358,685     (820,288     (960,292     (961,170     (1,047,892     (164,437
Gross profit
  
 
4,851,496
 
 
 
6,412,863
 
 
 
7,460,459
 
 
 
7,697,389
 
 
 
6,189,112
 
 
 
971,207
 
Operating expenses
            
Sales and marketing expenses
(2)
     (1,647,519     (2,435,236     (3,093,345     (3,246,507     (2,759,905     (433,089
General and administrative expenses
(2)
     (281,951     (314,846     (317,967     (381,843     (543,799     (85,334
Product development expenses
(2)
     (878,773     (1,135,247     (1,291,054     (1,364,227     (1,398,037     (219,383
Total operating expenses
  
 
(2,808,243
 
 
(3,885,329
 
 
(4,702,366
 
 
(4,992,577
 
 
(4,701,741
 
 
(737,806
Other operating income, net
     8,577       341,391       477,699       443,215       294,241       46,173  
Operating profit
  
 
2,051,830
 
 
 
2,868,925
 
 
 
3,235,792
 
 
 
3,148,027
 
 
 
1,781,612
 
 
 
279,574
 
Interest and investment income, net
     220,282       347,794       464,529       521,731       395,245       62,022  
Earnings/(loss) from equity method investments
     (10,571     24,702       685       (1,246     301       47  
Income before income taxes
  
 
2,261,541
 
 
 
3,241,421
 
 
 
3,701,006
 
 
 
3,668,512
 
 
 
2,177,158
 
 
 
341,643
 
Income tax expense
     (267,082     (377,890     (500,361     (260,945     (34,006     (5,336
Net income
  
 
1,994,459
 
 
 
2,863,531
 
 
 
3,200,645
 
 
 
3,407,567
 
 
 
2,143,152
 
 
 
336,307
 
Net (income)/loss attributable to noncontrolling interests
     7,160       7,484       (679     (2,338     105,633       16,576  
Net income attributable to Autohome Inc.
  
 
2,001,619
 
 
 
2,871,015
 
 
 
3,199,966
 
 
 
3,405,229
 
 
 
2,248,785
 
 
 
352,883
 
Accretion of mezzanine equity.
     —         —         —         —         (411,792     (64,619
Accretion attributable to noncontrolling interests.
     —         —         —         —         311,573       48,893  
Net income attributable to ordinary shareholders
  
 
2,001,619
 
 
 
2,871,015
 
 
 
3,199,966
 
 
 
3,405,229
 
 
 
2,148,566
 
 
 
337,157
 
Earnings per share for ordinary shares
(3)
            
Basic
     4.30       6.10       6.75       7.13       4.30       0.67  
Diluted
     4.24       6.02       6.69       7.10       4.29       0.67  
Earnings per ADS attributable to ordinary shareholders (one ADS equals four ordinary shares)
            
Basic
     17.20       24.40       26.99       28.53       17.19       2.70  
Diluted
     16.95       24.08       26.77       28.40       17.17       2.69  
Weighted average number of shares used to compute earnings per share
(4)
            
Ordinary shares:
            
Basic
     465,519,384       470,687,884       474,328,384       477,467,268       499,861,764       499,861,764  
Diluted
     472,235,424       476,941,516       478,060,988       479,686,380       500,481,540       500,481,540  
Dividend per share
(5)
     —         —         —         —         —         —    
 
Notes:
(1)
In May 2014, the Financial Accounting Standards Board issued ASC 606, Revenue from Contracts with Customers, a new standard related to revenue recognition. The most significant impact on our company is the change of the presentation of value-added tax from gross basis to net basis. We adopted this guidance effective from January 1, 2018 using the modified retrospective method. The comparative information has not been restated and continues to be reported under the accounting standards in effect for the relevant periods. As a result, the operating results for the years ended December 31, 2017 have not been restated and are presented on a gross basis with value-added tax being included in the net revenues and cost of revenues in such years, while the operating results for the years ended December 31, 2018, 2019, 2020 and 2021 are presented on net basis, with the value-added tax being excluded from the net revenues and cost of revenues in such year, and value-added tax refunds being presented as a component of other operating income, net.
 
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(2)
Including share-based compensation expenses as follows:
 
    
For the Year Ended December 31,
 
    
2017
    
2018
    
2019
    
2020
    
2021
 
                                           
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
 
                                           
    
(in thousands)
 
Allocation of share-based compensation expenses
                 
Cost of revenues
     15,166        16,112        15,508        21,372        23,142        3,631  
Sales and marketing expenses
     53,064        61,599        46,081        40,103        46,823        7,348  
General and administrative expenses
     59,954        55,992        62,884        55,868        48,803        7,658  
Product development expenses
     49,602        68,622        79,535        93,863        87,292        13,698  
Total share-based compensation expenses
  
 
177,786
 
  
 
202,325
 
  
 
204,008
 
  
 
211,206
 
  
 
206,060
 
  
 
32,335
 
 
(3)
Par value per share and the number of shares have been retrospectively adjusted for the share split and the ADS ratio change that were effective on February 5, 2021 as detailed in Note 2(a) of “Item 18. Financial Statements.”
 
(4)
Earnings per share for ordinary shares (diluted) for each year from 2017 to 2021 were computed after taking into account the dilutive effect of the shares underlying our employees’ share-based awards.
 
(5)
The special cash dividends declared in November 2017 to the holders of our ordinary shares of record as of the close of business on January 4, 2018 were paid in the amount of US$0.76 per share (inclusive of applicable fees payable to our depositary bank) on or about January 15, 2018. The cash dividends declared in February 2020 to the holders of our ordinary shares of record as of the close of business on April 15, 2020 were paid in the amount of US$0.77 per share (inclusive of applicable fees payable to our depositary bank) on or about April 22, 2020. The cash dividends declared in February 2021 to the holders of our ordinary shares of record as of the close of business on February 25, 2021 were paid in the amount of US$0.87 per ADS (inclusive of applicable fees payable to our depositary bank) on or about March 5, 2021. The cash dividends declared in February 2022 to holders of our ordinary shares of record as of the close of business on March 21, 2022 were paid in an amount of US$0.1325 per share (or US$0.53 per ADS) on March 31, 2022. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy.”
 
    
For the Year Ended December 31,
 
    
2017
    
2018
    
2019
    
2020
    
2021
 
                                           
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
 
                                           
    
(in thousands)
 
Selected Consolidated Balance Sheet Data:
                 
Cash and cash equivalents, restricted cash, current and short-term investments
     8,154,224        10,061,458        12,795,110        14,629,398        20,822,623        3,267,523  
Accounts receivable, net
     1,893,737        2,795,835        3,231,486        3,124,197        2,139,471        335,730  
Total current assets
     10,258,586        13,141,317        16,358,382        18,364,080        23,325,718        3,660,314  
Total assets
(1)
  
 
12,294,975
 
  
 
15,756,201
 
  
 
19,155,865
 
  
 
23,730,845
 
  
 
28,529,006
 
  
 
4,476,824
 
Deferred revenue
     1,409,485        1,510,726        1,370,953        1,315,667        1,553,013        243,702  
Total current liabilities
     3,889,316        4,164,769        3,965,903        4,185,683        3,986,219        625,524  
Total
non-current
liabilities
     470,373        479,989        584,021        736,370        605,417        95,004  
Total liabilities
(1)
  
 
4,359,689
 
  
 
4,644,758
 
  
 
4,549,924
 
  
 
4,922,053
 
  
 
4,591,636
 
  
 
720,528
 
Mezzanine equity
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
1,056,237
 
  
 
1,468,029
 
  
 
230,366
 
Total Autohome Inc. shareholders’ equity
  
 
7,951,637
 
  
 
11,135,278
 
  
 
14,629,097
 
  
 
17,625,734
 
  
 
22,754,419
 
  
 
3,570,665
 
Total equity
  
 
7,935,286
 
  
 
11,111,443
 
  
 
14,605,941
 
  
 
17,752,555
 
  
 
22,469,341
 
  
 
3,525,930
 
Total liabilities, mezzanine equity and equity
  
 
12,294,975
 
  
 
15,756,201
 
  
 
19,155,865
 
  
 
23,730,845
 
  
 
28,529,006
 
  
 
4,476,824
 
 
Note:
(1)
In February 2016, the Financial Accounting Standards Board issued ASU
No. 2016-02,
Leases, or ASU
2016-02.
Under the new provisions, all lessees will report a
right-of-use
asset and a liability for the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. We adopted this guidance effective January 1, 2019 using the modified retrospective method, with the comparative information not being restated and continues to be reported under the accounting standards in effect for those periods. The most significant impact upon adoption was the recognition of
right-of-use
assets and lease liabilities for operating leases related to our office buildings and internet data center facilities. As of December 31, 2021, operating lease
right-of-use
assets (included in other
non-current
assets) of RMB133.4 million (US$20.9 million), operating lease liabilities, current (included in accrued expenses and other payables) of RMB96.2 million (US$15.1 million) and operating lease liabilities,
non-current
(included in other liabilities) of RMB28.6 million (US$4.5 million) were recognized on our consolidated balance sheet.
 
9

Financial Information Related to the VIEs
The following table presents the condensed consolidating schedule of financial position for the VIEs and other entities as of the dates presented.
Selected Condensed Consolidated Statements of Income Information
 
    
For the Year Ended December 31, 2021
 
    
Autohome
Inc.
   
Other

Subsidiaries
   
Primary
Beneficiary
of VIEs
   
VIEs and
VIEs’
subsidiaries
   
Eliminations
   
Consolidated
Total
 
                                      
    
(RMB in thousands)
 
Net revenues:
            
-Third-party revenues
     —         6,081,662       206,822       948,520       —         7,237,004  
-Inter-company revenues
(1)
     —         18,446       1,085,139       131,524       (1,235,109     —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Revenue
        
 
6,100,108
 
 
 
1,291,961
 
 
 
1,080,044
 
 
 
(1,235,109
 
 
7,237,004
 
Total Cost and expense
  
 
(36,007
 
 
(4,671,667
 
 
(1,100,250
 
 
(1,176,818
 
 
1,235,109
 
 
 
(5,749,633
Share of income of subsidiaries and VIEs
(2)
:
            
-Share of income of subsidiaries
     2,326,018       130,868       26,825       —         (2,483,711     —    
-Share of income of VIEs
     —         —         (89,397     —         89,397       —    
Others, Income/(loss)
     (41,226     725,283       3,869       1,861       —         689,787  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
  
 
2,248,785
 
 
 
2,284,592
 
 
 
133,008
 
 
 
(94,913
 
 
(2,394,314
 
 
2,177,158
 
Income tax expense
     —         (64,207     24,685       5,516             (34,006
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss)
  
 
2,248,785
 
 
 
2,220,385
 
 
 
157,693
 
 
 
(89,397
 
 
(2,394,314
 
 
2,143,152
 
Net loss/(income) attributable to noncontrolling interests
     —         105,633       —         —         —         105,633  
Net income attributable to Autohome Inc.
  
 
2,248,785
 
 
 
2,326,018
 
 
 
157,693
 
 
 
(89,397
 
 
(2,394,314
 
 
2,248,785
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Note:
(1)
It represents the elimination of the intercompany service charge at the consolidation level.
(2)
It represents the elimination of incurrence of losses by parent company and its subsidiaries for, or the receipt of economic benefits by parent company and its subsidiaries from, their respective subsidiaries and the VIEs.
 
    
For the Year Ended December 31, 2020
 
    
      Autohome
Inc.
   
Other

Subsidiaries
   
Primary
Beneficiary
of VIEs
   
VIEs and
VIEs’
subsidiaries
   
Eliminations
   
Consolidated
Total
 
                                      
    
(RMB in thousands)
 
Net revenues:
            
-Third-party revenues
     —         7,642,110       315,841       700,608       —         8,658,559  
-Inter-company revenues
(1)
     —         10,623       900,900       173,299       (1,084,822     —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Revenue
     —      
 
7,652,733
 
 
 
1,216,741
 
 
 
873,907
 
 
 
(1,084,822
 
 
8,658,559
 
Total Cost and expense
  
 
(21,109
 
 
(5,252,144
 
 
(887,750
 
 
(877,566
 
 
1,084,822
 
 
 
(5,953,747
Share of income of subsidiaries and VIEs
(2)
:
            
-Share of income of subsidiaries
     3,361,422       482,106       9,172       —         (3,852,700     —    
-Share of income of VIEs
     —         —         23,342       —         (23,342     —    
Others, Income/(loss)
     64,916       752,063       131,438       15,283       —         963,700  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
  
 
3,405,229
 
 
 
3,634,758
 
 
 
492,943
 
 
 
11,624
 
 
 
(3,876,042
 
 
3,668,512
 
Income tax expense
     —         (270,998     (1,665     11,718             (260,945
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss)
  
 
3,405,229
 
 
 
3,363,760
 
 
 
491,278
 
 
 
23,342
 
 
 
(3,876,042
 
 
3,407,567
 
Net loss/(income) attributable to noncontrolling interests
     —         (2,338     —         —         —         (2,338
Net income attributable to Autohome Inc.
  
 
3,405,229
 
 
 
3,361,422
 
 
 
491,278
 
 
 
23,342
 
 
 
(3,876,042
 
 
3,405,229
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Notes:
(1)
It represents the elimination of the intercompany service charge at the consolidation level.
(2)
It represents the elimination of incurrence of losses by parent company and its subsidiaries for, or the receipt of economic benefits by parent company and its subsidiaries from, their respective subsidiaries and the VIEs.
 
10

    
For the Year Ended December 31, 2019
 
    
Autohome
Inc.
   
Other

Subsidiaries
   
Primary
Beneficiary
of VIEs
   
VIEs and
VIEs’
subsidiaries
   
Eliminations
   
Consolidated
Total
 
                                      
    
(RMB in thousands)
 
Net revenues:
            
-Third-party revenues
     —         7,385,579       333,132       702,040       —         8,420,751  
-Inter-company revenues
(1)
     —         22,113       1,055,078       113,430       (1,190,621     —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Revenue
     —      
 
7,407,692
 
 
 
1,388,210
 
 
 
815,470
 
 
 
(1,190,621
 
 
8,420,751
 
Total Cost and expense
  
 
(14,757
 
 
(4,996,916
 
 
(1,016,710
 
 
(824,896
 
 
1,190,621
 
 
 
(5,662,658
Share of income of subsidiaries and VIEs
(2)
:
            
-Share of income of subsidiaries
     3,140,537       462,075       15,057       —         (3,617,669     —    
-Share of income of VIEs
     —         —         (848     —         848       —    
Others, Income/(loss)
     74,186       752,344       102,141       14,242       —         942,913  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
  
 
3,199,966
 
 
 
3,625,195
 
 
 
487,850
 
 
 
4,816
 
 
 
(3,616,821
 
 
3,701,006
 
Income tax expense
     —         (483,979     (10,718     (5,664     —         (500,361
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss)
  
 
3,199,966
 
 
 
3,141,216
 
 
 
477,132
 
 
 
(848
 
 
(3,616,821
 
 
3,200,645
 
Net loss/(income) attributable to noncontrolling interests
     —         (679     —         —         —         (679
Net income attributable to Autohome Inc.
  
 
3,199,966
 
 
 
3,140,537
 
 
 
477,132
 
 
 
(848
 
 
(3,616,821
 
 
3,199,966
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Notes:
(1)
It represents the elimination of the intercompany service charge at the consolidation level.
(2)
It represents the elimination of incurrence of losses by parent company and its subsidiaries for, or the receipt of economic benefits by parent company and its subsidiaries from, their respective subsidiaries and the VIEs.
Selected Condensed Consolidated Balance Sheets Information
 
    
As of December 31, 2021
 
    
Autohome
Inc.
    
Other

Subsidiaries
   
Primary
Beneficiary
of VIEs
    
VIEs and
VIEs’
subsidiaries
    
Eliminations
   
Consolidated
Total
 
                                         
    
(RMB in thousands)
 
Cash and cash equivalents, restricted cash and short-term investments
     320,639        16,968,899       3,074,976        458,109        —         20,822,623  
Amounts due from Group companies
     3,862,063        2,295,176       1,156,827        183,335        (7,497,401     —    
Other current assets
     7,117        2,342,777       58,677        94,524        —         2,503,095  
Total current assets
  
 
4,189,819
 
  
 
21,606,852
 
 
 
4,290,480
 
  
 
735,968
 
  
 
(7,497,401
 
 
23,325,718
 
Investment in subsidiaries and VIEs
               
-Investment in subsidiaries
(1)
     18,606,902        3,009,373       395,800        —          (22,012,075     —    
-Investment in VIE
(1)
     —          —         1,697,324        —          (1,687,324     —    
             
 
 
   
Other
non-current
assets
     —          3,135,986       144,454        1,922,848        —         5,203,288  
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total
non-current
assets
  
 
18,606,902
 
  
 
6,145,359
 
 
 
2,237,578
 
  
 
1,922,848
 
  
 
(23,709,399
 
 
5,203,288
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total assets
  
 
22,796,721
 
  
 
27,752,211
 
 
 
6,528,058
 
  
 
2,658,816
 
  
 
(31,206,800
 
 
28,529,006
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Amounts due to Group companies
     22,740        4,713,764       2,235,914        524,983        (7,497,401     —    
Accrued expenses and other payables
     19,562        1,529,808       271,463        255,661        —         2,076,494  
Advance from customers
     —          34,610       61        88,699        —         123,370  
Deferred revenue
     —          1,495,984       25,544        31,485        —         1,553,013  
Income tax payable
     —          115,154       118,188        —          —         233,342  
Total current liabilities
  
 
42,302
 
  
 
7,889,320
 
 
 
2,651,170
 
  
 
900,828
 
  
 
(7,497,401
 
 
3,986,219
 
             
 
 
   
Total
non-current
liabilities
     —       
 
73,038
 
 
 
471,715
 
  
 
60,664
 
  
 
—  
 
 
 
605,417
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities
  
 
42,302
 
  
 
7,962,358
 
 
 
3,122,885
 
  
 
961,492
 
  
 
(7,497,401
 
 
4,591,636
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Mezzanine equity
     —          1,468,029       —          —          —         1,468,029  
             
 
 
   
Total Autohome Inc. shareholders’ equity
  
 
22,754,419
 
  
 
18,606,902
 
 
 
3,405,173
 
  
 
1,697,324
 
  
 
(23,709,399
 
 
22,754,419
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Noncontrolling interests
     —          (285,078     —          —          —         (285,078
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total shareholders’ equity
  
 
22,754,419
 
  
 
18,321,824
 
 
 
3,405,173
 
  
 
1,697,324
 
  
 
(23,709,399
 
 
22,469,341
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities, mezzanine equity and equity
  
 
22,796,721
 
  
 
27,752,211
 
 
 
6,528,058
 
  
 
2,658,816
 
  
 
(31,206,800
 
 
28,529,006
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
 
Notes:
(1)
It represents the elimination of the equity investment in subsidiaries and VIEs by parent company, other subsidiaries, and primary beneficiary of VIEs.
 
11

    
As of December 31, 2020
 
    
Autohome
Inc.
    
Other

Subsidiaries
    
Primary
Beneficiary
of VIEs
    
VIEs and
VIEs’
subsidiaries
    
Eliminations
   
Consolidated
Total
 
                                          
    
(RMB in thousands)
 
Cash and cash equivalents, restricted cash and short-term investments
     281,379        10,313,540        3,776,289        258,190        —         14,629,398  
Amounts due from Group companies
     —          2,482,058        1,440,420        129,223        (4,051,701     —    
Other current assets
     815,934        3,316,548        228,311        171,028        (797,139     3,734,682  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total current assets
  
 
1,097,313
 
  
 
16,112,146
 
  
 
5,445,020
 
  
 
558,441
 
  
 
(4,848,840
 
 
18,364,080
 
Investment in subsidiaries and VIEs
                
-Investment in subsidiaries
(1)
     16,540,687        4,097,465        368,975        —          (21,007,127     —    
-Investment in VIE
(1)
     —          —          1,854,526        —          (1,854,526     —    
Other
non-current
assets
     —          3,153,357        135,639        2,077,769        —         5,366,765  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total
non-current
assets
  
 
16,540,687
 
  
 
7,250,822
 
  
 
2,359,140
 
  
 
2,077,769
 
  
 
(22,861,653
 
 
5,366,765
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total assets
  
 
17,638,000
 
  
 
23,362,968
 
  
 
7,804,160
 
  
 
2,636,210
 
  
 
(27,710,493
 
 
23,730,845
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Accrued expenses and other payables
     12,266        2,596,144        348,591        497,742        (797,139     2,657,604  
Advance from customers
     —          39,464        167        87,604        —         127,235  
Deferred revenue
     —          1,287,351        10,672        17,644        —         1,315,667  
Income tax payable
     —          85,177        —          —          —         85,177  
Amounts due to Group companies
     —          1,464,087        2,484,221        103,393        (4,051,701     —    
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total current liabilities
  
 
12,266
 
  
 
5,472,223
 
  
 
2,843,651
 
  
 
706,383
 
  
 
(4,848,840
 
 
4,185,683
 
Total
non-current
liabilities
     —       
 
167,000
 
  
 
494,069
 
  
 
75,301
 
     —      
 
736,370
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities
  
 
12,266
 
  
 
5,639,223
 
  
 
3,337,720
 
  
 
781,684
 
  
 
(4,848,840
 
 
4,922,053
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Mezzanine equity:
     —          1,056,237        —          —          —         1,056,237  
Total Autohome Inc. shareholders’ equity
  
 
17,625,734
 
  
 
16,540,687
 
  
 
4,466,440
 
  
 
1,854,526
 
  
 
(22,861,653
 
 
17,625,734
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Noncontrolling interests
     —          126,821        —          —          —         126,821  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total shareholders’ equity
  
 
17,625,734
 
  
 
16,667,508
 
  
 
4,466,440
 
  
 
1,854,526
 
  
 
(22,861,653
 
 
17,752,555
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities, mezzanine equity and equity
  
 
17,638,000
 
  
 
23,362,968
 
  
 
7,804,160
 
  
 
2,636,210
 
  
 
(27,710,493
 
 
23,730,845
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
 
Notes:
(1)
It represents the elimination of the equity investment in subsidiaries and VIEs by parent company, other subsidiaries, and primary beneficiary of VIEs.
 
12

Selected Condensed Consolidated Cash Flows Information
 
    
For the Year Ended December 31, 2021
 
    
Parent

Only
   
Other Equity

Subsidiaries
   
Primary
Beneficiary
of VIEs
   
VIEs and
VIEs’
subsidiaries
   
Eliminations
   
Consolidated Total
 
                                      
    
(RMB in thousands)
 
Net cash (used in)/provided by operating activities
     (10,770     2,852,900       269,838       411,966       —         3,523,934  
Net cash (used in)/provided by investing activities
     (2,841,291     (4,681,424     173,535       (386,343     3,922,510       (3,813,013
Net cash (used in)/provided by financing activities
     2,898,296       3,886,326       (127,240     163,424       (3,922,510     2,898,296  
 
    
For the Year Ended December 31, 2020
 
    
Parent

Only
   
Other Equity

Subsidiaries
   
Primary
Beneficiary
of VIEs