KE Holdings Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2423 年度報告 2024 目錄 | 五年財務概要 | 2 | | --- | --- | | 主要業績 | 3 | | 前瞻性陳述 | 4 | | 業務概覽 | 5 | | 管理層討論及分析 | 29 | | 董事及高級管理層 | 48 | | 董事會報告 | 57 | | 企業管治報告 | 104 | | 獨立核數師報告 | 128 | | 合併資產負債表 | 136 | | 合併綜合收益表 | 139 | | 合併股東權益變動表 | 142 | | 合併現金流量表 | 144 | | 合併財務報表附註 | 147 | | 公司資料 | 267 | | 釋義 | 269 | 3 貝殼控股有限公司 • 截至2024年12月31日止年度，總交易額1 為人民幣33,494億元，較2023年的人民幣31,429億元增加 6.6%。截至2024年12月31日止年度，存量房交易的總交易額為人民幣22,465億元，較2023年的人民 幣20,280億元增加10.8%。截至2024年12月31日止年度，新房交易的總交易 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22][23] Core Insights - The company is experiencing orderly business expansion, with a significant increase in non-property transaction services, which accounted for 34% of total net income in 2024, up 9.1 percentage points year-on-year [6][8][14] - The total transaction volume for 2024 reached 33,494 billion, a year-on-year increase of 6.6%, while net income was 935 million, reflecting a 20.2% increase [6][7][12] - The adjusted net profit for 2025 is projected to be 103.50 billion, with a net profit of 56.97 billion, leading to a valuation range of 62.87-71.44 RMB, equivalent to 68.33-77.65 HKD per share [22][23] Financial Performance Summary - In 2024, the company's total revenue was 93,457 million, a 20.2% increase from 2023, while net profit was 4,065 million, down 30.9% year-on-year [5][12][27] - The gross profit margin decreased from 28% in 2023 to 25% in 2024, primarily due to a decline in the contribution margin from the existing housing business [11][27] - The company has implemented a share repurchase plan, spending approximately 7.16 billion USD in 2024, which represents about 3.89% of the total shares issued at the end of 2023 [6][8] Business Segment Performance - The existing housing business generated net income of 28.2 billion in 2024, remaining stable compared to 2023, while the total transaction volume increased by 10.8% to 22,465 billion [6][14] - The new housing business saw net income rise to 33.7 billion, a 10.1% increase, despite a 3.3% decline in total transaction volume [17][21] - The home decoration and furniture business achieved net income of 14.8 billion, a 36.1% increase, driven by synergies with property transactions [18][21] User and Store Metrics - By the end of 2024, the company had 51,573 stores, a 17.7% increase year-on-year, with active agents numbering 499,937, up 16.9% [13][21] - The average monthly active user count remained stable at 43.2 million, indicating consistent user engagement [13][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 20.2% year-on-year for 2024, achieving total revenue of 93.46 billion yuan, while adjusted net profit decreased by 26.4% to 7.21 billion yuan [7] - The company's GTV (Gross Transaction Value) for 2024 reached 3.35 trillion yuan, reflecting a year-on-year increase of 6.6%, with revenue contributions from various business segments including existing homes, new homes, home decoration, rental housing, and emerging businesses [7] - The company is expected to benefit from structural adjustments in the market, particularly in the second-hand housing market, which is anticipated to recover first in 2025 [7] Summary by Sections Financial Performance - Total revenue for 2023 was 77.78 billion yuan, projected to grow to 93.46 billion yuan in 2024, with a year-on-year growth rate of 20.16% [1] - Adjusted net profit for 2024 is forecasted at 7.21 billion yuan, down from 9.80 billion yuan in 2023, reflecting a decrease of 26.41% [1] - The company's EPS (Earnings Per Share) is expected to be 1.12 yuan in 2024, with projections of 1.82 yuan, 2.35 yuan, and 2.90 yuan for 2025, 2026, and 2027 respectively [1] Business Segments - Revenue from existing homes reached 282 billion yuan in 2024, a slight increase of 0.7% year-on-year, while new homes generated 337 billion yuan, up 10.1% [7] - Home decoration business saw a significant growth of 36.1%, contributing 148 billion yuan, and rental housing business surged by 135% to 143 billion yuan [7] - The company expanded its active store count to 49,700, an increase of 18.3%, and the number of active agents reached 445,000, up 12.1% [7] Market Position - The company increased its market share in the new home sector by 1.7 percentage points to 11.4%, despite a 3.3% decline in GTV for new homes [7] - The commission rate for new homes improved by 0.4 percentage points to 3.47% [7] - The home decoration and rental businesses are expected to continue their rapid growth, with the number of managed rental units increasing from 210,000 to 430,000 [7] Future Outlook - The company is positioned as a leader in the domestic brokerage industry, with potential for performance improvement driven by increased turnover rates in the second-hand housing market and enhanced penetration in new home brokerage [7] - Adjusted net profit forecasts for 2025 and 2026 have been revised down to 9.70 billion yuan and 11.62 billion yuan respectively, with a 2027 forecast of 13.62 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 93.46 billion yuan in 2024, representing a year-on-year growth of 20.2%. However, the adjusted net profit decreased by 26.4% to 7.21 billion yuan [7][8] - The company's gross transaction value (GTV) reached 3.35 trillion yuan, showing a positive growth of 6.6% year-on-year, which supported stable revenue growth [7] - The report highlights a decline in gross margin by 3.3 percentage points to 24.6%, primarily due to a decrease in the revenue share from the higher-margin existing home business [7] - The company expanded its market share in the new home sector, with a GTV decline of 3.3% but an increase in market share by 1.7 percentage points to 11.4% [7] - The home decoration and rental businesses experienced significant growth, with the home decoration GTV increasing by 27.3% to 16.9 billion yuan and the rental business expanding its managed properties from 210,000 to 430,000 units [7] Financial Summary - The company's total revenue forecast for 2024 is 93.46 billion yuan, with projected revenues of 109.63 billion yuan in 2025 and 127.49 billion yuan in 2026 [1][8] - The adjusted net profit is expected to be 6.59 billion yuan in 2025 and 8.50 billion yuan in 2026, with a forecasted EPS of 1.82 yuan and 2.35 yuan respectively [1][8] - The report projects a decrease in the adjusted net profit for 2025 and 2026 due to market fluctuations, with revised estimates of 9.70 billion yuan and 11.62 billion yuan respectively [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's market share is expected to continue increasing, with significant expansion in new business segments. Despite uncertainties in the real estate transaction market, the company's platform advantages and store expansion are driving market share growth. The home decoration and rental businesses are expected to drive secondary growth. The current stock price of HKD 60.0 corresponds to a PE ratio of 26.7/23.5/21.5 for 2025-2027, maintaining the "Outperform" rating [6][8]. Financial Performance Summary - In Q4 2024, the company's revenue was HKD 31.1 billion, a year-on-year increase of 54.1%, slightly above Bloomberg consensus expectations of HKD 28.8 billion. This was driven by better-than-expected property transaction volumes and new home fee rates. However, the non-GAAP net profit was HKD 1.34 billion, below expectations of HKD 1.77 billion due to lower gross margins and higher-than-expected expenses [7]. - The company's GTV for existing homes in Q4 2024 grew by 59.1% year-on-year, with revenue increasing by 47.5%. The GTV for new homes increased by 49.3%, with revenue rising by 72.7%. The new business segments, including home decoration and rental services, saw revenue growth of 12.8% and 109%, respectively [7][8]. Financial Projections - The company has revised its non-GAAP net profit forecasts for 2025-2026 to HKD 7.33 billion and HKD 8.33 billion, down from previous estimates of HKD 8.98 billion and HKD 10.37 billion. A new forecast for 2027 projects a net profit of HKD 9.14 billion, with year-on-year growth rates of +1.5%/+13.6%/+9.7% for 2025/2026/2027, respectively. The diluted EPS is projected at HKD 2.1/2.4/2.6 for the same years [6][10].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's market share is expected to continue increasing, with significant expansion in new business segments. Despite uncertainties in the real estate transaction market, the company's platform advantages and store expansion are driving market share growth. The home decoration and rental businesses are expected to drive secondary growth. The current stock price of 60.0 HKD corresponds to a PE ratio of 26.7/23.5/21.5 for 2025-2027, maintaining the "Outperform" rating [6][8]. Financial Summary and Valuation Indicators - The company reported a revenue of 311 billion CNY for Q4 2024, a year-on-year increase of 54.1%, slightly above Bloomberg consensus expectations. However, the non-GAAP net profit was 13.4 billion CNY, below expectations due to lower gross margins and higher expenses [7]. - The company has adjusted its non-GAAP net profit forecasts for 2025-2026 to 73.3 billion CNY and 83.3 billion CNY, respectively, down from previous estimates of 89.8 billion CNY and 103.7 billion CNY. A new forecast for 2027 is set at 91.4 billion CNY, with year-on-year growth rates of +1.5%/+13.6%/+9.7% [6][10]. - The company’s revenue projections for 2023A to 2027E are as follows: 77,777 million CNY, 93,457 million CNY, 104,460 million CNY, 116,695 million CNY, and 126,005 million CNY, with corresponding year-on-year growth rates of 28.2%, 20.2%, 11.8%, 11.7%, and 8.0% [10].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved record high revenue and market share in brokerage, indicating a long-term positive trend despite short-term performance fluctuations [6][7] - The company reported a total transaction volume (GTV) of 3.35 trillion yuan for 2024, a year-on-year increase of 6.6%, with significant contributions from existing home transactions and emerging businesses [6][7] - The company is focusing on shareholder returns, having repurchased shares worth 716 million USD and planned a cash dividend of 400 million USD, representing 5% of the market value at the end of 2024 [6] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 77.777 billion yuan - 2024: 93.457 billion yuan (20% YoY growth) - 2025E: 110.740 billion yuan (18% YoY growth) - 2026E: 122.649 billion yuan (11% YoY growth) - 2027E: 135.786 billion yuan (11% YoY growth) [6][10] - Net profit forecasts are: - 2023: 5.883 billion yuan - 2024: 4.065 billion yuan (-31% YoY) - 2025E: 6.201 billion yuan (53% YoY) - 2026E: 7.544 billion yuan (22% YoY) - 2027E: 9.121 billion yuan (21% YoY) [6][10] - The company’s earnings per share (EPS) is projected to be: - 2023: 1.63 yuan - 2024: 1.15 yuan - 2025E: 1.76 yuan - 2026E: 2.14 yuan - 2027E: 2.58 yuan [6][10] Market Share and Business Segments - The company achieved a record high market share of 31% in existing home transactions for 2024, with a transaction volume of 2.25 trillion yuan, up 10.8% YoY [6][7] - In the new home segment, the company reported a transaction volume of 970 billion yuan, down 3.3% YoY, but maintained a market share of 11.4% [6][8] - The company’s home decoration and rental services saw significant revenue growth, with home decoration revenue increasing by 36% and rental services by 135% [6][8] Investment Analysis Opinion - The report concludes that the company’s revenue and brokerage market share are at record highs, and despite short-term performance fluctuations, the long-term outlook remains positive, thus maintaining the "Buy" rating [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][22]. Core Insights - The company reported a revenue of 93.46 billion yuan for 2024, a year-on-year increase of 20.2%, while the adjusted net profit was 7.21 billion yuan, a decrease of 26.4% [1]. - The decline in net profit is attributed to rising costs and taxes, with operating costs increasing by 25.8% year-on-year, surpassing revenue growth [2]. - The company is focusing on long-term sustainable growth by increasing investments in stores and agents, which is expected to gradually improve performance [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 31.13 billion yuan, a year-on-year increase of 54.1%, with an adjusted net profit of 1.34 billion yuan, down 21.6% year-on-year [1]. Operational Analysis - The company experienced growth in both existing and new housing revenues, with a notable increase in the monetization rate for new homes [2]. - The gross transaction value (GTV) for existing homes increased by 10.8%, while new homes saw a decrease of 3.3% [2]. Non-Transaction Business Growth - Non-property transaction revenue accounted for 34% of total revenue, up 9.1 percentage points year-on-year, with home decoration and rental income showing significant growth [3]. - Home decoration GTV increased by 27.3%, and rental income surged by 135%, with over 430,000 managed rental units by year-end [3]. Profit Forecast and Valuation - The forecast for Non-GAAP net profit for 2025-2027 is 8.65 billion, 9.88 billion, and 10.96 billion yuan, with respective growth rates of 20.0%, 14.2%, and 10.9% [4]. - The current stock price corresponds to a PE ratio of 23.1x, 20.2x, and 18.2x for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a total transaction volume of 3.35 trillion yuan for 2024, representing a year-on-year increase of 6.6%. The existing home transaction volume was 2.25 trillion yuan, up 10.8% year-on-year, accounting for 67.1% of total transactions. The new home transaction volume was 0.97 trillion yuan, down 3.3% year-on-year, with a market share of 11.4%, an increase of 1.7 percentage points from 2023. The company's net revenue for 2024 was 93.5 billion yuan, a year-on-year increase of 20.2%, while adjusted net profit was 7.21 billion yuan, down 26.4% year-on-year [1][10] Summary by Sections Market Performance - The second-hand housing market showed a 6% increase in transaction area in 35 key cities, while the new housing market saw a 12.9% decline in transaction area nationwide. The company, as a leading internet intermediary, is expected to benefit from the market recovery [2] Operational Efficiency - The company's operating expenses for 2024 were 19.2 billion yuan, with a fee rate of 20.5%, down 1.2 percentage points from 2023. The number of stores increased to 51,573, with active stores at 49,693, a growth of 18.3%. The number of agents reached 500,000, with active agents at 445,000, a year-on-year increase of 12.1% [3] Revenue Growth from New Segments - The home decoration business generated net revenue of 14.8 billion yuan, up 36.1% year-on-year, accounting for 15.8% of total revenue. The rental business saw net revenue of 14.3 billion yuan, a significant increase of 135% year-on-year, contributing to 15.3% of total revenue. The "second curve" revenue contribution reached 34%, an increase of 9 percentage points year-on-year [4] Financial Forecasts - The company is expected to achieve an adjusted net profit of 6.8 billion yuan in 2025, with an adjusted earnings per share of 1.89 yuan. The revenue for 2025 is projected to be 101.37 billion yuan, reflecting an 8% growth [11][10]

Financial Performance - For the fiscal year ending December 31, 2024, total transaction value reached RMB 3,349.4 billion, an increase of 6.6% compared to RMB 3,142.9 billion in 2023[4]. - Net income for the fiscal year was RMB 93.5 billion, up 20.2% from RMB 77.8 billion in 2023[4]. - Adjusted net profit for the fiscal year was RMB 72.1 billion, down from RMB 97.98 billion in 2023[6]. - In 2024, net revenue increased by 20.2% to RMB 93.5 billion from RMB 77.8 billion in 2023, driven by growth in new housing and home decoration businesses[22]. - Total net revenue for 2024 reached RMB 93.46 billion, a 20.1% increase from RMB 77.78 billion in 2023[96]. - Operating profit for 2024 was RMB 3.76 billion, down 21.5% from RMB 4.80 billion in 2023[97]. - Net profit for 2024 was RMB 4,078,180, a decrease of 30.7% compared to RMB 5,889,604 in 2023[105]. - Basic earnings per share decreased to RMB 1.19 from RMB 1.67, reflecting a decline of 28.7%[99]. Business Growth - The number of stores increased to 51,573, representing a growth of 17.7% from 43,817 stores in 2023[6]. - Active agents reached 499,937, a rise of 16.9% from 427,656 agents in 2023[6]. - The total transaction value of existing homes was RMB 2,246.5 billion, a 10.8% increase from RMB 2,028.0 billion in 2023[4]. - The total transaction value for home decoration and furniture was RMB 16.9 billion, up 27.3% from RMB 13.3 billion in 2023[4]. - The home decoration and furnishing business saw a total transaction value growth of 27.3% year-on-year and a revenue increase of 36.1% in 2024, with profit margin rising from 29.0% in 2023 to 30.7% in 2024[13]. - The rental housing service expanded its managed properties to over 430,000 units by the end of 2024, up from over 210,000 units at the end of 2023[15]. Operational Efficiency - The average turnover days for new housing accounts receivable decreased to just 34 days in Q4 2024, indicating improved operational efficiency[12]. - Contribution profit margin for existing housing business decreased from 47.2% in 2023 to 43.2% in 2024, primarily due to increased fixed salary costs for agents[26]. - Contribution profit for home decoration improved from 29.0% in 2023 to 30.7% in 2024, due to refined operational management and enhanced supply chain capabilities[29]. Cash Flow and Investments - Cash flow from operating activities decreased to RMB 9.45 billion in 2024 from RMB 11.41 billion in 2023[49]. - The net cash generated from operating activities for 2024 is RMB 9.4 billion, with a net profit of RMB 4.078 billion, reflecting a difference due to non-cash adjustments of RMB 3.681 billion[54]. - The company’s total cash outflow from investing activities was RMB 9,378,025 in 2024, compared to RMB 3,977,440 in 2023, indicating a significant increase in investment expenditures[106]. Shareholder Returns - The company plans to pay a total dividend of approximately $400 million, reflecting its strong cash reserves and commitment to shareholder returns[19]. - The board approved a final cash dividend of $0.12 per ordinary share and $0.36 per American depositary share, totaling approximately $400 million to be paid from the company's retained earnings[85]. - The company repurchased approximately $716 million worth of American Depositary Shares in 2024, representing about 3.89% of the total shares outstanding as of the end of 2023[19]. Corporate Governance and Compliance - The company has complied with all applicable principles and code provisions of the corporate governance code during the reporting period[80]. - The audit committee has reviewed the unaudited annual results for the year ending December 31, 2024[84]. - The company emphasizes that the decision to distribute dividends is subject to future operational performance, capital requirements, and other relevant factors[86]. Research and Development - Research and development expenses grew by 17.9% from RMB 1.9 billion in 2023 to RMB 2.3 billion in 2024, mainly due to an increase in the number of R&D personnel and technical service costs[36]. - The company is focused on enhancing the C2M service model through data-driven insights to better meet market demands in the residential development sector[16]. Market Position and Strategy - The company emphasized strengthening its "one-stop living service platform" capabilities to drive solid business development and ecological value release[8]. - The company plans to enhance its platform capabilities and expand into new markets, focusing on strategic growth initiatives[94]. - The company aims to leverage AI for personalized customer insights and improve service capabilities across its business lines in 2025[18].