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6-K 1 d95376d6k.htm FORM 6-K Form 6-K
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-36222

 

 

Autohome Inc.

 

 

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)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒    Form 40-F  ☐

 

 
 


Exhibit Index

Exhibit 99.1 – Press Release


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Autohome Inc.
By :  

/s/ Chi Liu

Name:   Chi Liu
Title :   Chairman of the Board and Chief Executive Officer

Date: November 6, 2025

EX-99.1 2 d95376dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Autohome Inc. Announces Unaudited Third Quarter 2025 Financial Results

BEIJING, November 6, 2025 – Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months ended September 30, 2025.

Third Quarter 2025 Highlights1

 

   

Net revenues in the third quarter of 2025 were RMB1,778.1 million (US$249.8 million), compared to RMB1,774.5 million in the corresponding period of 2024.

 

   

Net income attributable to Autohome in the third quarter of 2025 was RMB436.6 million (US$61.3 million), compared to RMB441.3 million in the corresponding period of 2024, while net income attributable to ordinary shareholders in the third quarter of 2025 was RMB419.4 million (US$58.9 million), compared to RMB425.7 million in the corresponding period of 2024.

 

   

Adjusted net income attributable to Autohome (Non-GAAP)2 in the third quarter of 2025 was RMB406.9 million (US$57.2 million), compared to RMB497.2 million in the corresponding period of 2024.

 

   

Share repurchase: As of October 31, 2025, the Company had repurchased 5,483,238 American depositary shares (“ADSs”) for a total cost of approximately US$145.9 million.

 

   

Cash dividend: The Company’s board of directors has approved a cash dividend of US$1.20 per ADS (or US$0.30 per ordinary share) payable in U.S. dollars (the “Dividend”) to holders of ADSs and ordinary shares of record as of the close of business on December 31, 2025. The aggregate amount of the Dividend will be approximately RMB1 billion and is expected to be paid to holders of ordinary shares and ADSs of the Company on or around February 12, 2026 and February 19, 2026, respectively. Including this Dividend, together with the previously approved cash dividend of RMB0.5 billion declared on September 30, 2025, the Company has declared a total cash dividends of approximately RMB1.5 billion for the year 2025.

Mr. Chi Liu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “In the third quarter, we continued to advance our AI and O2O strategies. We significantly strengthened the integration of AI technologies with our products, fostering business innovation while enhancing both user experience and customer operational efficiency. Furthermore, we steadily improved our O2O platform by integrating online and offline resources, optimizing the end-to-end user experience, and building a comprehensive ecosystem spanning from traffic acquisition to transaction completion and after-sales service. A notable milestone was the soft launch of Autohome Mall in September, which marked significant progress in our O2O strategy and further improves our new retail business model. Looking ahead, we will continue exploring synergies between Autohome and CARtech to propel Autohome’s development to the next level.”

 

The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.1190 on September 30, 2025 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

 

1


Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “We achieved positive results in content diversification, supported by our professional coverage of international auto shows and an enriched interactive ecosystem featuring a diverse creator matrix centered on the automotive vertical. These efforts contributed to our continued user growth, with QuestMobile data showing our average number of mobile daily active users growing by 5.1% year-over-year to reach 76.56 million in September. Meanwhile, our online marketplace and others revenues increased by 32.1% year-over-year in the third quarter, driven by the robust performance of our new retail business. Through continuous innovation in both products and business models, we are committed to building a more efficient automotive ecosystem service system, creating sustained value for the industry and supporting Autohome’s long-term stable growth.”

Unaudited Third Quarter 2025 Financial Results

Net Revenues

Net revenues in the third quarter of 2025 were RMB1,778.1 million (US$249.8 million), compared to RMB1,774.5 million in the corresponding period of 2024.

 

   

Media services revenues were RMB298.0 million (US$41.9 million) in the third quarter of 2025, compared to RMB326.0 million in the corresponding period of 2024.

 

   

Leads generation services revenues were RMB663.7 million (US$93.2 million) in the third quarter of 2025, compared to RMB830.7 million in the corresponding period of 2024. The decline was primarily due to the decrease in the number of paying dealers.

 

   

Online marketplace and others revenues were RMB816.4 million (US$114.7 million) in the third quarter of 2025, compared to RMB617.8 million in the corresponding period of 2024.

Cost of Revenues

Cost of revenues was RMB646.0 million (US$90.7 million) in the third quarter of 2025, compared to RMB407.7 million in the corresponding period of 2024, primarily due to higher transaction costs associated with the Company’s innovative business in lower-tier cities. Share-based compensation expense included in cost of revenues in the third quarter of 2025 was RMB5.2 million (US$0.7 million), compared to RMB3.1 million in the corresponding period of 2024.

Operating Expenses

Operating expenses were RMB1,024.5 million (US$143.9 million) in the third quarter of 2025, compared to RMB1,352.2 million in the corresponding period of 2024.

 

   

Sales and marketing expenses were RMB620.5 million (US$87.2 million) in the third quarter of 2025, compared to RMB876.5 million in the corresponding period of 2024, primarily due to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the third quarter of 2025 were RMB19.0 million (US$2.7 million), compared to RMB15.2 million in the corresponding period of 2024.

 

2


   

General and administrative expenses were RMB125.4 million (US$17.6 million) in the third quarter of 2025, compared to RMB136.5 million in the corresponding period of 2024. Share-based compensation expenses included in general and administrative expenses in the third quarter of 2025 were RMB21.0 million (US$2.9 million), compared to RMB15.2 million in the corresponding period of 2024.

 

   

Product development expenses were RMB278.6 million (US$39.1 million) in the third quarter of 2025, compared to RMB339.2 million in the corresponding period of 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in the third quarter of 2025 were RMB29.5 million (US$4.1 million), compared to RMB27.3 million in the corresponding period of 2024.

Operating Profit

Operating profit was RMB147.0 million (US$20.7 million) in the third quarter of 2025, compared to RMB82.6 million in the corresponding period of 2024.

Income Tax Expense/Benefit

Income tax expense was RMB18.4 million (US$2.6 million) in the third quarter of 2025, compared to income tax benefit of RMB139.0 million in the corresponding period of 2024. The income tax benefit was primarily attributable to the prior-year tax filing adjustments, which was mainly benefit from preferential income tax rates and tax holidays for certain subsidiaries in the PRC.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB436.6 million (US$61.3 million) in the third quarter of 2025, compared to RMB441.3 million in the corresponding period of 2024.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB419.4 million (US$58.9 million) in the third quarter of 2025, compared to RMB425.7 million in the corresponding period of 2024. Basic and diluted earnings per share (“EPS”) were RMB0.89 (US$0.13) and RMB0.89 (US$0.13), respectively, in the third quarter of 2025, compared to basic and diluted EPS of RMB0.88 and RMB0.87, respectively, in the corresponding period of 2024. Basic and diluted earnings per ADS were RMB3.58 (US$0.50) and RMB3.56 (US$0.50), respectively, in the third quarter of 2025, compared to basic and diluted earnings per ADS of RMB3.50 and RMB3.49, respectively, in the corresponding period of 2024.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB406.9 million (US$57.2 million) in the third quarter of 2025, compared to RMB497.2 million in the corresponding period of 2024. Non-GAAP basic and diluted EPS were RMB0.87 (US$0.12) and RMB0.86 (US$0.12), respectively, in the third quarter of 2025, compared to non-GAAP basic and diluted EPS of RMB1.02 and RMB1.02, respectively, in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS were RMB3.47 (US$0.49) and RMB3.45 (US$0.48), respectively, in the third quarter of 2025, compared to non-GAAP basic and diluted earnings per ADS of RMB4.09 and RMB4.08, respectively, in the corresponding period of 2024.

 

3


Balance Sheet and Cash Flow

As of September 30, 2025, the Company had cash and cash equivalents and short-term investments of RMB21.89 billion (US$3.08 billion). Net cash provided by operating activities in the third quarter of 2025 was RMB66.6 million (US$9.4 million).

Cash Dividend

The Company’s board of directors has approved the Dividend of US$1.20 per ADS (or US$0.30 per ordinary share) payable in U.S. dollars to holders of ADSs and ordinary shares of record as of the close of business on December 31, 2025, New York Time and Beijing/Hong Kong Time, respectively. The aggregate amount of the Dividend will be approximately RMB1 billion. For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on December 31, 2025 (Beijing/Hong Kong Time). The Dividend is expected to be paid to holders of ordinary shares and ADSs of the Company (through the depositary bank and subject to the terms of the deposit agreement) on or around February 12, 2026 and February 19, 2026, respectively.

Employees

The Company had 4,259 employees as of September 30, 2025, including 1,206 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on Thursday, November 6, 2025 (8:00 p.m. Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link: https://register-conf.media-server.com/register/BId6bf2fb502a4415887553b9e6e54f36a

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

 

4


Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.

 

5


For investor and media inquiries, please contact:

Autohome Inc.

Sterling Song

Investor Relations Director

Tel: +86-10-5985-7483

E-mail: ir@autohome.com.cn

Christensen China Limited

Suri Cheng

Tel: +86-185-0060-8364

E-mail: suri.cheng@christensencomms.com

 

6


AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except share and per share / per ADS data)

 

     For three months ended September 30,  
     2024     2025  
     RMB     RMB     US$  

Net revenues:

      

Media services

     325,967       298,024       41,863  

Leads generation services

     830,748       663,672       93,225  

Online marketplace and others

     617,817       816,398       114,679  
  

 

 

   

 

 

   

 

 

 

Total net revenues

     1,774,532       1,778,094       249,767  

Cost of revenues

     (407,668     (645,960     (90,737
  

 

 

   

 

 

   

 

 

 

Gross profit

     1,366,864       1,132,134       159,030  
  

 

 

   

 

 

   

 

 

 

Operating expenses:

      

Sales and marketing expenses

     (876,538     (620,477     (87,158

General and administrative expenses

     (136,532     (125,361     (17,609

Product development expenses

     (339,159     (278,619     (39,137
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,352,229     (1,024,457     (143,904
  

 

 

   

 

 

   

 

 

 

Other operating income, net

     67,981       39,353       5,528  

Operating profit

     82,616       147,030       20,654  
  

 

 

   

 

 

   

 

 

 

Interest and investment income, net

     193,816       161,814       22,730  

Share of results of equity method investments

     12,788       132,685       18,638  
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     289,220       441,529       62,022  

Income tax benefit/(expense)

     138,982       (18,390     (2,583
  

 

 

   

 

 

   

 

 

 

Net income

     428,202       423,139       59,439  

Net loss attributable to noncontrolling interests

     13,138       13,505       1,897  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     441,340       436,644       61,336  

Accretion of mezzanine equity

     (44,232     (48,595     (6,826

Accretion attributable to noncontrolling interests

     28,593       31,359       4,405  
  

 

 

   

 

 

   

 

 

 

Net income attributable to ordinary shareholders

     425,701       419,408       58,915  
  

 

 

   

 

 

   

 

 

 

Earnings per share attributable to ordinary shareholders

      

Basic

     0.88       0.89       0.13  

Diluted

     0.87       0.89       0.13  

Earnings per ADS attributable to ordinary shareholders (one ADS equals for four ordinary shares)

      

Basic

     3.50       3.58       0.50  

Diluted

     3.49       3.56       0.50  

Weighted average shares used to compute earnings per share attributable to ordinary shareholders:

      

Basic

     486,207,510       468,680,167       468,680,167  

Diluted

     487,409,002       471,184,607       471,184,607  

 

7


AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share / per ADS data)

 

     For three months ended September 30,  
     2024     2025  
     RMB     RMB     US$  

Net income attributable to Autohome

     441,340       436,644       61,336  

Plus: income tax (benefit)/expense

     (137,642     19,730       2,771  

Plus: depreciation of property and equipment

     28,527       26,800       3,765  

Plus: amortization of intangible assets

     9,650       9,595       1,348  
  

 

 

   

 

 

   

 

 

 

EBITDA

     341,875       492,769       69,220  
  

 

 

   

 

 

   

 

 

 

Plus: share-based compensation expenses

     60,786       74,738       10,498  
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     402,661       567,507       79,718  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     441,340       436,644       61,336  

Plus: amortization of intangible assets resulting from business acquisition

     9,583       9,583       1,346  

Plus: share-based compensation expenses

     60,786       74,738       10,498  

Plus: investment loss arising from one of financial products3

     (2,286     —        —   

Plus: gain on equity method investments, net

     (12,788     (132,685     (18,638

Plus: tax effects of the adjustments

     527       18,621       2,616  
  

 

 

   

 

 

   

 

 

 

Adjusted net income attributable to Autohome

     497,162       406,901       57,158  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Autohome

     441,340       436,644       61,336  

Net margin

     24.9     24.6     24.6

Adjusted net income attributable to Autohome

     497,162       406,901       57,158  

Adjusted net margin

     28.0     22.9     22.9

Non-GAAP earnings per share

      

Basic

     1.02       0.87       0.12  

Diluted

     1.02       0.86       0.12  

Non-GAAP earnings per ADS (one ADS equals for four ordinary shares)

      

Basic

     4.09       3.47       0.49  

Diluted

     4.08       3.45       0.48  

Weighted average shares used to compute non-GAAP earnings per share:

      

Basic

     486,207,510       468,680,167       468,680,167  

Diluted

     487,409,002       471,184,607       471,184,607  
 

It represented the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

 

8


AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

     As of
December 31,
    As of September 30,  
     2024     2025  
     RMB     RMB     US$  

ASSETS

      

Current assets

      

Cash and cash equivalents

     1,693,597       3,012,339       423,141  

Restricted cash

     88,515       86,396       12,136  

Short-term investments

     21,621,992       18,880,945       2,652,191  

Accounts receivable, net

     1,358,849       1,398,749       196,481  

Amounts due from related parties, current

     63,957       24,381       3,425  

Prepaid expenses and other current assets

     336,941       287,945       40,447  
  

 

 

   

 

 

   

 

 

 

Total current assets

     25,163,851       23,690,755       3,327,821  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Restricted cash, non-current

     5,000       5,000       702  

Property and equipment, net

     204,049       197,489       27,741  

Goodwill and intangible assets, net

     4,069,637       4,014,020       563,846  

Long-term investments

     339,247       459,973       64,612  

Deferred tax assets

     308,246       278,999       39,191  

Amounts due from related parties, non-current

     3,521       7,122       1,000  

Other non-current assets

     128,074       119,993       16,855  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     5,057,774       5,082,596       713,947  
  

 

 

   

 

 

   

 

 

 

Total assets

     30,221,625       28,773,351       4,041,768  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

Current liabilities

      

Accrued expenses and other payables

     2,931,869       1,786,566       250,957  

Advance from customers

     106,276       111,231       15,625  

Deferred revenue

     276,894       530,101       74,463  

Income tax payable

     185,976       26,415       3,710  

Amounts due to related parties

     38,250       12,821       1,801  

Dividends payable

     990,529       491,908       69,098  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     4,529,794       2,959,042       415,654  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Other liabilities

     23,103       32,085       4,506  

Deferred tax liabilities

     468,078       460,085       64,628  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     491,181       492,170       69,134  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     5,020,975       3,451,212       484,788  
  

 

 

   

 

 

   

 

 

 

MEZZANINE EQUITY

      

Convertible redeemable noncontrolling interests

     1,931,529       2,073,133       291,211  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Total Autohome shareholders’ equity

     23,951,737       24,065,558       3,380,469  

Noncontrolling interests

     (682,616     (816,552     (114,700
  

 

 

   

 

 

   

 

 

 

Total equity

     23,269,121       23,249,006       3,265,769  
  

 

 

   

 

 

   

 

 

 

Total liabilities, mezzanine equity and equity

     30,221,625       28,773,351       4,041,768  
  

 

 

   

 

 

   

 

 

 

 

9