Autohome will also adapted to the market trend, relying on new energy offline experience stores and corporate various new energy brands and present our 3D holographic car models have already covered more than 18 mainstream new energy models. We have cooperated with most of the new energy brands and revenue from the new energy brand continues to outperform the industrial sales group. [Foreign Language] In terms of our cash used plan, we see that over the past year, all funds have been committed to continuously improving shareholders return. In year 2022, the Board of Directors updated the dividend payout policy, which is to distribute a fixed amount of RMB500 million, which is equivalent to 28% of the net profit of that year and the end of FY2023, the company further revised our dividend policy by announcing a decision to pay a dividend of RMB1 billion and we have completed this dividend payout in the first quarter of this year.
As for the three years from FY2024 to FY2026, we plan to pay dividend every six months and with the total annual dividend of no less than RMB1.5. So you can see that Autohome has balanced through a solid financial position, adequate cash reserves and strong cash flow. Over the past few years, we have been very strongly given return to our shareholders and we will continue to pay dividends and have been committed to continuously improving shareholders return. At the same time, we will also subsequently monitor the market trend and we will continue to give the next technology to our shareholders as our target.
Sterling Song: Operator, the next, please.
Operator: Thank you. Our next question comes from Xiaodan Zhang from CICC. Please proceed with your questions, Xiaodan.
Xiaodan Zhang: [Foreign Language] And so thanks management for taking my questions and instincts on the advertising budget for OEM is still tight this year. So what is your outlook for our media services business for the subsequent quarters? Thank you.
Craig Yan Zeng: [Foreign Language] Okay. Thank you for raising this question. I will take the question. We see that in terms of the sales of EV vehicles as well as NEV vehicles in first quarter, we see that actually, even though the sales volume increased by 4%, however, we see that actually all of the automakers have been purchasing the strategy — have been procuring their strategy of price for volume. As a result, their profit margin has been squeezed. We have been spending more budget on directly subsidizing consumers as to improve the volume. As a result, advertising budget has increased. [Foreign Language] Well, in the same time, we see that NEV companies have increased their advertising investments. For example, in first quarter Autohome’s media advertising revenue from any big players doubled [indiscernible] and it will continue to grow in the future.
And we also accept that the price call volume strategy of OEM will continue, but will not continue forever. So the advertising budget will still be under pressure in the short period of time. However, in the long run, we believe that actually we will continue to pay more attention to advertising and the advertising budget will come back to the normal track because the market will continue to follow the right direction.
Sterling Song: Okay. Operator, if there’s no extra question, we come to the end of this Q&A session.
Operator: Thank you, sir. There are no further questions at this time. I’ll turn the conference back to the management team for closing comments.
Tao Wu: [Foreign Language] Okay. Thank you, everyone. Thank you for joining us today. We appreciate your support and we look forward to updating you on our next quarter conference call in a few months’ time. And in the meantime, please feel free to contact us if you have any further questions or comments. Thank you, everyone. Thank you. Bye-bye.
Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.
