So, during this process, we would work together with risk dealers and they try to transform along with risk dealers and they try to readjust our business model. [Foreign Language] Now, in terms of our cars ecosystem and as well as our service system, we are also trying to work very closely with those combustion car dealers and they try to work together and build a lot of our synergy. [Foreign Language] Now, talking about our performance in the NEV car market, we are quite promising. In terms of the revenue, our revenue growth is higher than the market average. [Foreign Language] Now, if you look at the NEV car OEMs, originally they showed the responsibilities for R&D, manufacturing, sales, marketing, and post sales. But the whole value chain is too long.
That is quite risky to cover all the value chain. So in this way, we do see some of the NEV OEMs started to adopt a lot of dealerships and the franchising model. So in this way, they have to leverage our Autohome, which are the vertical media which can help them to achieve better sales. So in this, we do see that our lead businesses are still very promising. We have no worries about our future, especially our lead business and the future growth. [Foreign Language] Well, actually, we also readjust our business along with this new business model and with the new characteristics we see the new market opportunities. For example, we established our new retail business that is the Autohome Energy Space store. In this way, we help those OEMs to get into the lower tier cities and into better channels to make themselves.
This is a proactive change, trying to get more fit into this new structure of this market. And this is a brand new business model for us. It helps us to achieve a better collaboration with the NEV car brands and to enhance its self. So we believe that in the future, if our retail business is expanding, that would bring a lot of extra revenue for Autohome. And we are very confident about this future business. [Foreign Language] Now talking about the dividend payout plan, in the past couple years, Autohome had always continued to providing a better return for our shareholders. Before 2021, our share actually dividend payout ratio is 20% of the net profit. Actually in 2022, our Board actually renewed the dividend payout system and the policy.
We announced that we are going to payout no less than RMB500 million as the dividend, which equals to 28% of the net profit in that year. At the end of 2023, we further readjusted the dividend payout ratio system. We announced that we are going to make about RMB1 billion dividend payout and continuously from 2024 to 2026 for this future three years, we would provide no less than RMB1.5 billion dividend payout. [Foreign Language] Now overall, if you can see that in the past few years Autohome had always continuously enhanced its dividend payout system and trying to provide a better return for our shareholders. On one hand, this indicates that our company has very good financial condition. We have abundant cash reservoir and very strong cash flow.
On the other hand, this also showed that we have long-term commitment to providing better return to our shareholders. And this was quite rare in this market. We not only enhance the dividend payout ratio, but also push up the absolute amount of the dividend we paid out. [Foreign Language] In the future, we will keep a close attention to the market moves and we would be in a timely manner to report and communicate with our Board meetings and we are trying to provide better returns for our shareholders.
Sterling Song: Operator?
Operator: Thank you. Our next question comes from the line of Ritchie Sun from HSBC. Please go ahead.
Ritchie Sun: [Foreign Language] Thank you, management, for taking my questions. I want to ask about the Energy Space stores. So we plan to open to 30 more cities in 2024. So could management share what would be the revenue contribution in 2024 and how much cost will be allocated to such expansion plan? Thank you.
Tao Wu: [Foreign Language] First, thank you for the question. Yes. We build about 20 Autohome Energy Space stores in 2023. In 2024, our plan is to open 30 new stores covering from Tier 1 city to Tier 3, Tier 4 cities, because we providing the franchising model. So in terms of the cost, opening new stores would not drive up a lot of cost because we provide more function, supporting function, so that’s why we didn’t providing very rapid growth of these stores, because we want our business to be stable, healthy and prudent, because this is a new business. We are still in the exploration phase. Now talking about revenue, if you look at the revenue, especially in Q4 of 2023, it already reached to over RMB10,000, actually, it was RMB16 million.
And we do see with more and more stores get into a maturing operating stage that would drive up our retail revenue. And as for the future revenue incurred in 2024, because it’s still too early for me to provide any guidance at the current stage, but I believe that we would keep in a timely manner to communicate with you if we further generate more and more revenue in the future.
Sterling Song: Operator?
Operator: Thank you. There are no further questions at this time. I’ll turn the conference back to management for closing comments.
Tao Wu: [Foreign Language] Thank you. Thank you, everyone for joining us today. We appreciate your support and we look forward to updating you in our next quarter’s conference call in a few months time. And in the meantime, if you have any further questions, please feel free to contact us. Thank you. Good bye.
