Motley Fool's Article, page-73

Not with the current dividend payout ratio and capital required to sustain their current asset base. If they could they wouldn't have had to raise over a billion dollars of debt last year and divest assets like Autohome.

This is the whole thing you're failing to understand. Yes they make money and they pay it out to shareholders, but they are shrinking the company to do so (IE, they are just returning money shareholders have invested in them in the first place). They were saved by the sale of the copper network to NBN but are still on a down trend.