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].

美股三大指数全线低开，热门中概股逆市走强。 当地时间11月13日，美股三大指数集体低开，纳指一度跌超1%。截至发稿，道指跌0.1%，纳指跌 0.89%，标普500指数跌0.49%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 48206.77 | -48.05 | -0.10% | | IXIC | 纳斯达克指数 | 23198.91 | -207.55 | -0.89% | | SPX | 标普500 | 6817.31 | -33.61 | -0.49% | 中概股逆市走强，纳斯达克中国金龙指数低开后拉升翻红，截至发稿涨0.45%。 中概科技龙头股中，比亚迪股份ADR、阿里巴巴均涨超2%，腾讯控股ADR涨超1%。其他热门中概股 中，阿特斯太阳能涨超6%，霸王茶姬涨超4%，虎牙、贝壳等涨超2%，理想汽车、亿鹏能源、唯品会等 涨超1%。 据央视新闻，美国白宫新闻秘书卡罗琳·莱维特12日警告，受联邦政府"停摆"影响，10月美国消费者价 格指数（CPI）和就业数据统计报告"可能永远不会"发布。 当地时间 ...

贝壳-W(02423)发布公告，股份于2025年9月2日至5日、8日至12日、15日至19日、22日至26日及29日至 30日以及2025年10月1日至3日、6日至10日、13日至17日、20日至24日及27日至31日购回并于2025年11 月13日注销3780.61万股已回购股份。 ...

智通财经APP讯，贝壳-W(02423)发布公告，股份于2025年9月2日至5日、8日至12日、15日至19日、22 日至26日及29日至30日以及2025年10月1日至3日、6日至10日、13日至17日、20日至24日及27日至31日 购回并于2025年11月13日注销3780.61万股已回购股份。 ...

FF305 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) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年11月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 ...

Core Insights - The company is leveraging AI, VR, and AR technologies to enhance customer decision-making and operational efficiency in the real estate sector [1][2] - Significant investments in R&D have been made, with a total of 18.65 billion RMB in the first three quarters of 2025, reflecting a 13.2% year-on-year increase in Q3 [1] - The company has implemented AI-driven solutions across its core business areas, particularly in rental services, leading to substantial efficiency gains [1][6] R&D Investment - Since its IPO in 2020, the company has invested over 14 billion RMB in R&D, with continuous positive growth in R&D spending for eight consecutive quarters from Q4 2023 to Q3 2025 [2] - The focus on technology innovation stems from a deep understanding of the industry, emphasizing trust in residential services and the enhancement of service providers' capabilities through AI [2] Rental Business Innovations - The rental business has achieved full-process intelligent operations, with AI optimizing various stages such as pricing, negotiation, and auditing, resulting in a 13% increase in efficiency and a 96% reduction in audit time [1][6] - The company has introduced the "Lai Ke" assistant for agents, which has reached 414,000 agents, improving customer engagement and conversion rates [4] Home Decoration Strategy - In the home decoration sector, the company has launched a comprehensive service strategy focusing on quality products, services, and technology, with a 50% higher customer conversion rate in newly established showrooms compared to traditional stores [5] - The company has developed a digital platform, HomeSaaS, and various tech applications to enhance the home decoration process [5] Market Positioning - The company is positioning itself in a buyer's market by utilizing data-driven models to analyze market dynamics and customer preferences, aiming to provide tailored housing solutions [6] - The rental market in China is projected to grow from approximately 1.7 trillion RMB to 1.8 trillion RMB by 2026, indicating ongoing market expansion [7]

Core Viewpoint - The report from First Shanghai remains optimistic about Beike-W (02423, BEKE.US) due to its robust development in the "one body" business model and the improvement in industry penetration, as well as the resilience of its "three wings" business in navigating the post-real estate cycle [1] Financial Projections - The company is expected to achieve adjusted net profits of 5.76 billion, 7.68 billion, and 9.67 billion yuan over the next three years, respectively [1] - A target price of 60.0 HKD / 22.8 USD is set for 2026, based on a 16x PE ratio and the company's broad cash holdings [1] Share Buyback and Cash Reserves - The company has increased its share buyback efforts, spending approximately 280 million USD in Q3 2025, which is a 38.3% year-on-year increase [1] - Since September 2022, the total amount spent on share buybacks has reached about 2.3 billion USD, with the repurchased shares accounting for approximately 11.5% of the total [1] - The company's broad cash balance remains solid at around 70 billion yuan, indicating strong cash reserves [1]

Core Viewpoint - The report from First Shanghai expresses a positive outlook on Beike-W (02423, BEKE.US) due to its robust development in the "one body" business model and the increase in industry penetration, as well as the resilience of its "three wings" business in navigating the post-real estate cycle [1] Financial Projections - The company is expected to achieve adjusted net profits of 5.76 billion, 7.68 billion, and 9.67 billion yuan over the next three years, respectively [1] - A target price of 60.0 HKD / 22.8 USD is set for 2026, based on a 16x PE ratio and the company's broad cash holdings [1] Share Buyback and Cash Reserves - In Q3 2025, the company increased its share buyback efforts, spending approximately 280 million USD, which is a 38.3% year-on-year increase [1] - Since September 2022, the total amount spent on share buybacks has reached about 2.3 billion USD, with the repurchased shares accounting for approximately 11.5% of the total [1] - The company's broad cash balance remains solid at around 70 billion yuan, indicating strong cash reserves [1]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 60.00 / USD 22.80, representing a potential upside of 36.2% / 36.8% from the current price [2][4]. Core Insights - The company has demonstrated significant cost reduction and efficiency improvements, leading to profitability in its "two wings" business segments [4]. - The adjusted net profit for Q3 2025 was CNY 1.29 billion, a year-on-year decrease of 27.8%, while total transaction volume remained stable at CNY 736.7 billion [4]. - The company is focusing on enhancing quality, scale, and efficiency, with a solid cash reserve of approximately CNY 70 billion, which supports its stock buyback initiatives [4]. Financial Summary - Revenue projections for 2023 to 2027 show a growth trajectory, with expected revenues of CNY 77.78 billion in 2023, increasing to CNY 113.32 billion by 2027, reflecting a compound annual growth rate (CAGR) of 16.4% [3][5]. - The net profit is projected to decline from CNY 5.89 billion in 2023 to CNY 3.60 billion in 2025, before rebounding to CNY 8.88 billion in 2027, indicating a recovery phase [3][5]. - The adjusted net profit is expected to follow a similar trend, with estimates of CNY 9.80 billion in 2023, dropping to CNY 5.76 billion in 2025, and then rising to CNY 9.67 billion in 2027 [3][5]. Business Performance - The company's existing home transaction volume reached CNY 5,056 billion in Q3 2025, a year-on-year increase of 5.8%, while new home transaction volume was CNY 1,963 billion, down 13.7% [4]. - Non-property transaction services have increased their revenue contribution to 45%, with a profit contribution of 39.7%, indicating a diversification in revenue streams [4]. - The home decoration and rental businesses achieved profitability at the city level, contributing positively to the overall financial performance [4].

25Q3 GTV 同比持平、营收同比+2%、经调归母净利润同比-28%、Non-GAAP 归母净利率5.6%，符合预 期。贝壳发布2025 年三季度财务业绩，2025Q3 公司总交易额GTV 7,367 亿元，同比持平；其中存量房 交易、新房交易分别为5056、1963 亿元，同比分别+5.8%、-13.7%。公司25Q3 实现净收入230.5 亿元， 同比+2.1%；归母净利润7.5 亿元，同比-36.0%；经调后归母净利润12.9 亿元，同比-27.8%。从累计数据 看，公司25Q1-3 实现净收入723.9亿元，同比+16%；经调后归母净利润45.0 亿元，同比-23%。公司 25Q3 毛利率21.4%，同比-1.3pct；销售+管理+研发费用率合计18.4%，同比-1.1pct；归母净利率5.6%， 同比-2.3pct；经调后归母净利率5.6%，同比-2.3pct。截至25Q3 末，公司现金、现金等价物、受限资金 和短期投资合计557 亿元，同比-6.4%。 25Q3 二手房GTV 增长、新房GTV 下降，货币化率相对稳定。2025Q3 公司存量房交易额5056 亿元，同 比+5.8%；其中链家、贝联 ...