机构：第一上海 研究员：胡钰 2025Q3 经调整净利润12.9 亿元，同比下降27.8%：2025Q3 公司总交易额为7367 亿元，同比基本持平。 期内录得净收入231 亿元，同比增加2.1%。期内毛利率为21.4%，同比下降1.3 个百分点，主要由于贡献 利润率较高的存量房及新房业务收入占比下降以及存量房的贡献利润率下降的影响。期内整体运营费用 为43 亿元，同比减少1.8%，环比减少6.5%，公司降本增效成果逐步显现。期内公司经调整净利润12.9 亿元，同比下降27.8%。 一赛道业务韧性十足，成本费用节降稳步推进：2025Q3 公司存量房交易额为5056 亿元，同比增长 5.8%，实现净收入60 亿元，同比下降3.6%，收入增速低于交易额增速主要因为非链家的交易额占比提 升。贡献利润率为39.0%，同比下降2 个百分点，主要由于存量房收入减少带来的杠杆效应以及固定人 工成本同比增加所致；环比下降约1 个百分点，主要因为固定的人工成本环比降幅低于营收的降幅。期 内公司的固定人工成本环比下降6.5 个百分点，公司成本控制正在逐步兑现。新房交易额为1963 亿元， 同比下降13.7%；净收入66 亿元，同 ...

机构：国信证券 研究员：任鹤/王粤雷/王静 Q3 营收同比增长2%，主要受益于两翼业务发展。2025 年Q3，公司实现GTV交易总额7367 亿元，同比 持平，环比-16%；营业收入231 亿元，同比+2%，环比-11%。其中，存量房业务、新房业务、家装家居 业务、房屋租赁服务、新兴业务及其他收入占比分别为26%、29%、19%、25%、2%，同比分别变 动-2、-5、0、+7、0pct，两翼业务收入贡献占比持续提升。展望Q4，由于高基数影响，一赛道业务收 入的同比跌幅预期将明显扩大，两翼业务对公司收入规模的稳定作用持续增强。 净利润同比下滑。2025 年Q3，公司实现经调整归母净利润13 亿元，同比-28%，环比-29%；其中，经 调整归母净利率为5.6%，同比下降2.3pct，环比下降1.4pct；毛利率为21.4%，同比下降1.3pct，环比下 降0.5pct；贡献利润率为27.1%，同比下降1.7pct，环比下降0.7pct，其中，存量房业务、新房业务、家装 家居业务、房屋租赁服务、新兴业务及其他的贡献利润占比分别为38%、26%、23%、8%、5%，同比 分别变动-2、-4、+2、+5、-2pct。 ...

机构：国联民生证券 事件 11 月10 日公司发布2025Q3 业绩公告，公司实现净收入230.52 亿元，同比+2.1%，净利润7.47 亿元，同 比-36.1%，经调整净利润12.86 亿元，同比-27.8%。 运营效率持续优化，结构调整与非经损益压缩利润2025Q3，公司总GTV 为7367 亿元，同比基本持平。 公司持续推进降本增效，运营费用同比-1.8%，环比-6.7%。利润下滑的原因包括：1）毛利率较高的存 量房及新房业务收入占比下降，且贡献利润率同比均有所下滑，整体毛利率同比下降1.3pct至21.4%； 2）非经营性收入同比减少2.55 亿元，其中利息收入、汇兑收益同比减少1.34、0.55 亿元。公司三季度 回购金额创近两年来新高，达2.81 亿美元。 存量房GTV 保持增长，成本刚性影响利润率 2025Q3，存量房业务GTV 为5056 亿元，同比+5.8%，净收入59.91 亿元，同比-3.6%。GTV 增长收入下 降主要是因为贝联经纪人的GTV 占比提升。贡献利润率为39.0%，同比-2.0pct，主要是因为收入下降但 固定人工成本相对稳定。 高基数下新房收入下滑，利润率仍待调整 20 ...

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨港股公司点评丨贝壳-W（02423.HK） [Table_Title] 两翼业务逐渐盈利，大力回购回馈股东 ——贝壳-W 2025 年三季报业绩点评 报告要点 [Table_Summary] 两翼业务将带来较大增量，短期调整后业绩弹性可期。短期经纪业务受周期影响有所承压，但 公司较行业仍有明显阿尔法；持续创新助力穿越周期，试点房客分离与推进 AI 赋能提质增效； 政策兑现或周期企稳经营杠杆将带来更大业绩弹性。家装与租赁业务逐渐扭亏，未来将带来较 大增量。在手现金充裕，高度重视股东回报，经纪龙头估值修复可期。 分析师及联系人 [Table_Author] 范超 袁佳楠 刘义 蔡方羿 米雁翔 SAC：S0490513080001 SAC：S0490520070001 SAC：S0490520040001 SAC：S0490516060001 SAC：S0490520070002 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 SFC：BQK473 SFC：BUV416 SFC：BUV463 2025Q3 ...

Investment Rating - The investment rating for the company is "Buy" [4][12]. Core Views - The company reported total revenue of 23.1 billion yuan in Q3 2025, representing a year-on-year growth of 2.1%. However, net income decreased by 27.8% to 1.286 billion yuan [1][4]. - The net revenue from second-hand housing transaction services fell by 3.6% to 6 billion yuan, while new housing transaction services saw a decline of 14.1% to 6.6 billion yuan [1][4]. - The adjusted net profit for Q3 2025 was 1.286 billion yuan, reflecting a significant drop compared to the previous year [2][4]. - The company maintained a strong cash position with cash and short-term investments totaling 55.7 billion yuan, and continued share repurchases amounting to 281 million USD in Q3 [2][4]. Summary by Sections Financial Performance - Total revenue for Q3 2025 was 23.1 billion yuan, with a year-on-year increase of 2.1%. The total transaction value (GTV) was 736.7 billion yuan, remaining stable year-on-year [1][2]. - The gross margin decreased to 21.4%, down from 22.7% in the same period last year, primarily due to reduced contributions from second-hand and new housing transaction services [2][4]. - The adjusted net profit for 2025 is projected to be 5.601 billion yuan, with a decline of 22.3% expected in 2025 [11]. Future Projections - Revenue estimates for 2025, 2026, and 2027 are 93.62 billion yuan, 92.83 billion yuan, and 96.16 billion yuan, respectively [11]. - The adjusted EPS for 2025, 2026, and 2027 is forecasted to be 0.71 USD, 0.97 USD, and 1.10 USD, respectively, with corresponding P/E ratios of 23.5X, 17.2X, and 15.3X [2][11]. Market Position - The company is recognized for its leading position in the market, and its scarcity as an investment target supports the "Buy" rating [2][4].

贝壳-W(02423)发布公告，该公司于2025年11月13日斥资300万美元回购53.4万股股份，每股回购价格为 5.5-5.74美元。 ...

格隆汇11月14日丨贝壳-W(02423.HK)公告，11月13日耗资300万美元回购53.4万A股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年11月13日 | 3,366,778,024 | | 0 | | 3,366,778,024 | | 1). 其他 (請註明) | | | % | | | | | 見B部分 | | | | | | | | ...

此外，花旗亦将贝壳目ADR目标价由22.1美元上调至22.6美元。该行指，贝壳第三季业绩胜预期，相信 公司正步入正轨，明年净利润率料改善至7%，受多个因素驱动，包括代理及门店成本按年减少近20亿 元下，继续把握市场份额。(格隆汇) | BEKE 贝壳 | | | | --- | --- | --- | | 16.750 + +0.070 +0.42% | | 收盘价 11/13 15:59 美东 | | 17.020 + 0.270 +1.61% | | 盘前价 11/14 04:00 美东 | | 雪 7 24 4 8 9 8 0 0 | | ● 快捷交易 | | 最高价 17.225 | 开盘价 16.940 | 成交量 685.78万 | | 最低价 16.510 | 昨收价 16.680 | 成交额 1.16亿 | | 平均价 16.844 | 市盈率TTM 39.98 总市值 190.59亿 (m) | | | 振 幅 4.29% | 市盈率(静) 34.47 | 总股本 11.38亿 | | 换手率 1.00% | 市净率 1.993 | 流通值 115.39亿 | | 52周最高 24.648 ...

Investment Rating - The investment rating for the company is "Buy" [7][17]. Core Insights - The company achieved a net revenue of 23.052 billion yuan in Q3 2025, a year-on-year increase of 2.1%, while net profit decreased by 36.1% to 747 million yuan, primarily due to a decline in the proportion of high-margin businesses and a reduction in non-operating income [5][13]. - The company continues to optimize operational efficiency, with a total GTV of 736.7 billion yuan, remaining stable year-on-year. Cost rigidity has impacted profit margins, leading to a 1.3 percentage point decline in overall gross margin to 21.4% [13][17]. - The "two wings" business segments, home decoration and rental services, showed significant improvement, with rental income increasing by 45.3% year-on-year to 5.727 billion yuan, achieving profitability at the city level [5][16]. Summary by Sections Financial Performance - In Q3 2025, the existing home GTV was 505.6 billion yuan, up 5.8% year-on-year, but net income decreased by 3.6% to 5.991 billion yuan due to a higher proportion of GTV from agents [14]. - The new home GTV was 196.3 billion yuan, down 13.7% year-on-year, with net income declining by 14.1% to 6.639 billion yuan, reflecting a similar trend to the national residential sales decline [15]. - The company expects adjusted net profits for 2025-2027 to be 6.083 billion, 7.146 billion, and 8.095 billion yuan, respectively, with corresponding P/E ratios of 23x, 20x, and 17x [17]. Business Segments - Home decoration and rental services both achieved city-level profitability, with home decoration revenue at 4.3 billion yuan, up 2.1% year-on-year, and rental services revenue at 5.727 billion yuan, up 45.3% year-on-year [16]. - The contribution margin for home decoration improved by 0.8 percentage points, while rental services saw a 4.3 percentage point increase in contribution margin [16]. Future Outlook - The company forecasts revenue for 2025-2027 to be 94.665 billion, 92.631 billion, and 96.035 billion yuan, with growth rates of 1.3%, -2.1%, and 3.7% respectively [18]. - The adjusted net profit is projected to decline by 15.5% in 2025, followed by increases of 17.5% and 13.3% in 2026 and 2027 [17][18].