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贝壳-W:Q2营收净利同环比均改善,彰显行业龙头业绩弹性
国信证券· 2024-08-14 08:03
证券研究报告 | 2024年08月14日 贝壳-W(02423.HK) 优于大市 Q2 营收净利同环比均改善,彰显行业龙头业绩弹性 Q2 营收和净利润同环比均明显改善。收入端,2024Q2,公司实现 GTV 交易总 额 8390 亿元,同比+7%,环比+33%;营业收入 234 亿元,同比+20%,环比+43%, 其中新赛道业务收入占比维持 35%。利润端,2024Q2,公司实现归母净利润 19 亿元,仅次于 2023Q1,同比+45%,环比+338%;经调整归母净利润 27 亿 元,同样创历史次高,同比+13%,环比+93。2024Q2,公司经调整归母净利 率 11.5%,贡献利润率 33%,毛利率 28%,各项经营成本费率环比也均改善。 存量房业务受益于地产政策的积极变化迅速回暖。2024Q2,公司存量房业务 GTV 为 5707 亿元,同比+25%,环比+26%;存量房业务收入 73 亿元,同比+14%, 环比+28%。2024Q2,公司存量房业务货币化率 1.29%,同比下降一方面是因 为结构性因素,链家交易额的占比下降,另一方面 2023 年 9 月起链家在北 京下调了存量房佣金费率,再往后基数影响 ...
贝壳-W:二季度业绩明显改善,加大回购力度回馈股东
国金证券· 2024-08-14 00:09
业绩简评 2024 年 8 月 12 日,公司发布 2024 年二季度及中期业绩:24Q2 实 现营收 233.7 亿元,同比+19.9%;经调整净利润 26.9 亿元,同比 +13.9%。24H1 实现营收 397.5 亿元,同比-0.04%;经调整净利润 40.9 亿元,同比-31.1%。 经营分析 今年二季度业绩大幅改善。24Q2 公司营收同比+19.9%,环比 +42.7%,主要受益于存量房、家装家居、房屋租赁业务均取得增 长。同时毛利同比提升 22%至 65 亿元,毛利率同比提升 0.5pct 至 27.9%,主要由于:①家装家居及房屋租赁的运营效率提升,贡 献利润率提高;②门店成本占比降低。 二季度新房业务跑赢大市,存量房业务交易复苏。24Q2 公司新房 GTV 为 2353 亿元,同比-20.2%,降幅小于同期百强房企-35%的全 口径销售额;存量房 GTV 为 5707 亿元,同比+25.0%。公司新房业 务收入 79 亿元,同比-8.8%,新房收入降幅明显小于 GTV 降幅, 主因货币化率提升;存量房业务收入 73 亿元,同比+14.3%。 家装家居及房屋租赁业务快速成长。24Q2 公司房屋 ...
贝壳-W(02423) - 2024 - 中期业绩
2024-08-12 10:04
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 (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) 截至2024年6月30日止六個月之中期業績公告 領先的線上線下一體化的房產交易和服務平台貝殼控股有限公司(「貝殼」或「本公 司」)(紐交所代碼:BEKE;香港聯交所代號:2423)今日公佈其截至2024年6月 30日止六個月(「報告期間」)未經審計財務業績,有關業績乃根據不同於國際財務 報告會計準則的美國公認會計準則(「公認會計準則」)編製。 於本公告中,「我們」指本公司,倘文義另有所指,則為本集團(定義見「一般資 料」一節)。 截至2024年6月30日止六個月經營及財務摘要 • 截至2024年6月30日止六個月,總交易額1為人民幣14,689億元,較2023年 同期的人民幣17,521億元減少16.2%。截至2024年6月30日止六個月,存量 房交易的總交易額為人民幣10, ...
贝壳-W(02423) - 2024 Q2 - 季度业绩
2024-08-12 10:00
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 (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) 內幕消息 貝殼控股有限公司公佈2024年第二季度 未經審計財務業績及擴大及延長股份回購計劃 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》(第571章)第XIVA部而刊發。 中國北京,2024年8月12日-領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司(「貝殼」或「本公司」)(紐交所代碼:BEKE;香港聯交所代號: 2423)今日公佈其截至2024年6月30日止第二季度未經審計財務業績,有關業績乃 根據不同於國際財務報告會計準則的美國公認會計準則(「公認會計準則」)編製, 並公佈擴大及延長股份回購計劃。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2024年第二季度業務及財務摘要 • 總交易額1為人民幣8,390 ...
贝壳-W:品质居住服务平台,“一体三翼”加速升级
中泰证券· 2024-08-08 04:31
品质居住服务平台,"一体三翼"加速升级 贝壳-W(2423.HK)/房地产交易 证券研究报告/公司深度报告 2024 年 8 月 7 日 [Table_Title] 评级:买入(首次) 市场价格:34.35 港元 分析师:由子沛 执业证书编号:S0740523020005 Email:youzp@zts.com.cn 分析师:侯希得 执业证书编号:S0740523080001 Email:houxd@zts.com.cn 分析师:李垚 执业证书编号:S0740520110003 Email:liyao01@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 3,668 流通股本(百万股) 3,521 市价(港元) 34.35 市值(百万港元) 125,988 流通市值(百万港元) 120,934 [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | |--------------------|--------|--------|-- ...
贝壳-W:新赛道业务成长平滑主航道收入波动,利润率环比持平
国信证券· 2024-05-28 08:32
证券研究报告 | 2024年05月28日 贝壳-W(02423.HK) 优于大市 新赛道业务成长平滑主航道收入波动,利润率环比持平 核心观点 公司研究·海外公司财报点评 营收同比-19%,经调整净利率环比持平。2024Q1,公司实现GTV交易总额6299 房地产·房地产服务 亿元,同比-35%;营业收入164亿元,同比-19%。营收同比表现明显好于GTV, 证券分析师:任鹤 证券分析师:王粤雷 主要受益于“两翼”业务占比提升至35%,家装家居和包括房屋租赁服务在 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 内的新兴业务仍在高速增长。利润端,2024Q1,公司实现归母净利润4.3亿 S0980520040006 S0980520030001 元,同比-84%;经调整归母净利润14亿元,同比-61%;经调整净利率8.5%, 证券分析师:王静 贡献利润率31.7%,毛利率25.2%,环比均基本持平。 021-60893314 wangjing20@guosen.com.cn 主航道业务短期内受到行业下行影响。2024 ...
贝壳-W:港股公司信息更新报告:政策密集有助主业企稳,新业务扩张驱动二次增长
开源证券· 2024-05-27 07:02
房地产/房地产服务 公 司 研 贝壳-W(02423.HK) 政策密集有助主业企稳,新业务扩张驱动二次增长 究 2024年05月27日 ——港股公司信息更新报告 投资评级:增持(维持) 吴柳燕(分析师) 齐东(分析师) 荀月(联系人) wuliuyan@kysec.cn qidong@kysec.cn xunyue@kysec.cn 日期 2024/5/24 证 书编号:S0790521110001 证书编号:S0790522010002 证书编号:S0790122100036 港 当前股价(港元) 43.900 地产政策密集有助主业企稳,待家装及租赁业务驱动二次增长 股 一年最高最低(港元) 55.400/32.400 考虑到房产交易业务增长承压,我们下调公司2024-2026年non-GAAP净利润预 公 司 总市值(亿港元) 1,614.23 测至 79.2/99.2/112.7 亿元(前值 87.3/105.4/124.3 亿元),对应同比增速为 信 流通市值(亿港元) 1,558.68 -19.3%/+25.3%/+13.7%,对应摊薄后EPS 2.2/2.8/3.1元。地产政策密集出台驱动 息 ...
贝壳-W:一体业务承压,三翼业务快速成长
国金证券· 2024-05-24 03:02
业绩简评 2024年 5月 23 日,公司发布2024 年一季度业绩:实现营收164 亿元,同比-19.2%;经调整净利润13.9 亿元,同比-60.9%;归母 净利润4.3 亿元,同比-84.3%。 经营分析 一季度营收及利润表现均有所下滑。公司营收下降主要由于存量 房及新房业务的收入减少,但由于家装家居、房屋租赁服务等业务 收入增长,公司营收下降幅度小于利润下降幅度。经调整净利润及 归母净利润下降主要由于业务结构改变,毛利率较高的一体业务 收入下降,而毛利率较低的租赁业务等收入上升,使得公司整体毛 利率下降6.1pct 至 25.2%,毛利润同比下降 35.1%至 41亿元。 受市场低迷及去年高基数影响,一体业务经营表现承压。2024Q1 公司新房GTV 为 1518 亿元,同比-45.4%;存量房 GTV 为4532 亿 元,同比-31.8%。对应新房业务收入 49.2 亿元,同比-41.5%;存 港币(元) 成交金额(百万元) 量房业务收入57.3 亿元,同比-37.6%。一体业务同比降幅较大, 55.00 300 主要因为:去年同期需求集中释放,市场热度较高,造成业绩基数 50.00 250 较高, ...
贝壳-W(02423) - 2024 Q1 - 季度业绩
2024-05-23 10:00
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝 殼 控 股 有 限 公 司 (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) 內幕消息 貝殼控股有限公司公佈2024年第一季度未經審計財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》(第571章)第XIVA部而刊發。 中國北京,2024年5月23日-領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司(「貝殼」或「本公司」)(紐交所代碼:BEKE;香港聯交所代號: 2423)今日公佈其截至2024年3月31日止第一季度未經審計財務業績,有關業績乃 根據不同於國際財務報告準則的美國公認會計準則(「公認會計準則」)編製。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2024年第一季度業務及財務摘要 • 總交易額1為人民幣6,299億元(872億美元),同比下降35.2%。存量房 ...
贝壳-W(02423) - 2023 - 年度财报
2024-04-26 12:06
Financial Performance - Total transaction volume for 2023 reached RMB 3,142.9 billion, a 20.4% increase from RMB 2,609.6 billion in 2022[5] - Net revenue for 2023 was RMB 77.8 billion, a 28.2% increase from RMB 60.7 billion in 2022[5] - Net profit for 2023 was RMB 5,890 million, compared to a net loss of RMB 1,397 million in 2022[5] - Adjusted net profit for 2023 was RMB 9,798 million, compared to RMB 2,843 million in 2022[5] - Gross profit grew 57.6% to RMB 21.7 billion in 2023 from RMB 13.8 billion in 2022, with gross margin rising to 27.9% from 22.7%[60] - Operating profit for 2023 was RMB 4.8 billion, compared to an operating loss of RMB 833 million in 2022, with an operating profit margin of 6.2%[61] - Adjusted operating profit for 2023 was RMB 8,719.3 million, compared to RMB 2,307.3 million in 2022[65] - Adjusted EBITDA for 2023 was RMB 11,344.7 million, compared to RMB 4,743.6 million in 2022[65] - Adjusted net profit attributable to Ke Holdings Inc. ordinary shareholders was RMB 9,792.1 million in 2023, compared to RMB 2,853.9 million in 2022[66] - Net cash provided by operating activities increased from RMB 8,460,754 thousand in 2022 to RMB 11,157,625 thousand in 2023[76] - Net cash used in investing activities decreased from RMB 8,472,355 thousand in 2022 to RMB 3,977,440 thousand in 2023[76] - Net cash used in financing activities in 2023 was RMB 6.962 billion, mainly due to repurchase of ordinary shares (RMB 5.151 billion) and dividend payments (RMB 1.431 billion)[81] - Capital expenditures were RMB 793 million and RMB 874 million in 2022 and 2023, respectively[82] - The company paid a special cash dividend of $0.057 per ordinary share or $0.171 per ADS, totaling approximately $200 million on August 31, 2023[128] - The company paid a final cash dividend of $0.117 per ordinary share or $0.351 per ADS, totaling approximately $400 million on March 14, 2024[128] Business Operations and Growth - Number of stores as of December 31, 2023, was 43,817, an 8.1% increase from 40,516 in 2022[5] - Number of active stores as of December 31, 2023, was 42,021, a 12.2% increase from 37,446 in 2022[5] - Number of agents as of December 31, 2023, was 427,656, an 8.5% increase from 394,020 in 2022[5] - Number of active agents as of December 31, 2023, was 397,135, a 13.6% increase from 349,681 in 2022[5] - Average monthly active users on mobile in Q4 2023 was 43.2 million, compared to 36.6 million in Q4 2022[5] - The company's platform completed approximately 4.4 million property transactions in 2023, with a total transaction value of RMB 3,142.9 billion (USD 442.7 billion)[7] - The company operates Lianjia, a leading real estate brokerage brand in China, which has accumulated over 22 years of operational experience since its establishment in 2001[7] - The company launched its platform in 2018, which has become a leading online and offline integrated property transaction and service platform in China[8] - The company's ACN network facilitates collaboration among brokerage brands, stores, and agents, streamlining the entire property transaction process[9] - The company provides a comprehensive range of services to consumers, including brokerage services for second-hand and new property transactions, leasing services, and home decoration services[10] - The company offers platform services to brokerage brands, stores, and agents, enabling role-based automatic commission distribution and access to infrastructure modules such as SaaS and training[10] - The company serves as a powerful sales channel for real estate developers, offering comprehensive sales and marketing solutions, including channel marketing and innovative tools[10] - The company is digitizing and standardizing workflows for home decoration and other service providers, aiming to improve operational efficiency and industry practices[10] - The company's platform infrastructure includes SaaS systems, client applications, community networks, and transaction service centers, benefiting ecosystem participants[9] - The company's platform hosts the largest database of authentic property listings in China, providing professional and efficient services throughout the property lifecycle[10] - The company has four main revenue sources: existing home business, new home business, home renovation and furnishing, and emerging businesses and others[11] - In 2023, approximately 74% of second-hand home transactions completed on the platform involved cross-store collaboration under the ACN network[13] - The company has verified approximately 5.69 million real listings for second-hand home transactions as of December 31, 2023[15] - The ACN network promotes collaboration and commission sharing among agents, enhancing service efficiency and customer experience[12] - The company provides SaaS systems to ecosystem participants, including A+ SaaS for affiliated brokerages and Link SaaS for internal operations[17] - The platform governance mechanism includes incentives like the "Shell Score" to encourage compliance with ACN network rules and high professional standards[14] - The company's infrastructure includes modules such as AI technology, virtual reality, and payment solutions to support various stages of property transactions and living services[16] - The company focuses on expanding service categories to enhance the network effect of its ecosystem and provide a one-stop solution for customer needs throughout the living cycle[11] - The company encourages agents to specialize in specific geographic areas and become experts in nearby properties, fostering community engagement[13] - The company's platform governance mechanism aims to create a safer environment for agents by addressing issues like private deals and client information leaks[14] - The company's platform provides a wide range of real estate resources, including second-hand homes, new homes, and rental properties, with detailed visual presentations and community information[18] - The platform offers tools for home decoration services, including quick quote calculations, design case references, and style effect previews, enhancing customer decision-making efficiency[19] - The company has established a deep community network, leveraging local insights and offline touchpoints to improve service accessibility and efficiency[20] - The platform integrates online and offline transaction services, including the "Ji Qian" signing system and NTS (Online Transaction Support System), streamlining property transfer and management processes[23] - The company has set up offline signing service centers in multiple cities, collaborating with banks, guarantors, and government agencies to simplify transaction procedures[23] - The platform provides comprehensive training and support for brokers, combining online courses, offline training, and practical tasks to enhance service quality[22] - The company is expanding its services to include home decoration recommendations at signing centers, offering a one-stop solution for post-transaction needs[23] - The platform showcases broker profiles, including transaction records, ratings, and rankings, to help customers evaluate service quality[19] - The company is transitioning brokers into "living" consultants, enabling them to provide insights across various residential services beyond real estate transactions[21] - The platform facilitates frequent community interactions, such as free printing and charging services, to generate real estate leads and prepare for additional residential services[21] - Lijia has approximately 97,500 active agents and 5,320 active offline brokerage stores as of December 31, 2023[26] - Lijia operates in 25 cities across China, with over 25,100 active agents in Beijing and 26,100 in Shanghai as of December 31, 2023[26] - The platform has over 397,000 active agents and 42,000 active brokerage stores representing 256 brokerage brands as of December 31, 2023[25] - Approximately 86% of second-hand housing listings on the platform are posted by agents from Beilian stores (including Deyou franchise stores) as of December 31, 2023[29] - Around 66% of the total transaction value for existing and new homes on the platform in 2023 was generated by Beilian stores and the company's new home sales channels[29] - The platform is associated with 255 brokerage brands (excluding Lijia), operating approximately 36,000 active brokerage stores with 299,500 active agents as of December 31, 2023[29] - Lijia pioneered the three-party agreement in property transactions, enhancing transparency and trust[26] - Lijia launched the "Property Dictionary" in 2008 and its Link SaaS system in 2010, leading the industry in transitioning from offline to online operations[26] - Lijia established the prototype of ACN in 2011, which was later tested, improved, and launched on the Beike platform[26] - Lijia has developed a comprehensive agent development program, including campus recruitment, regular exams, offline training, and online courses[26] - Total transaction value of new home transactions facilitated through the platform in 2023 was RMB 1,003 billion[30] - Accounts receivable turnover days for new home business improved to 43 days in Q4 2023, compared to 64 days in the same period of 2022[30] - The "prepaid commission" model accounted for approximately 53% of the net revenue from new home business in Q4 2023, up from 44% in the same period of 2022[30] - Home SaaS 2.5 system was fully upgraded and implemented in Beijing in the second half of 2023, focusing on improving the quality and efficiency of home furnishing services[34] - AI展厅 and smart construction sites were developed to enhance customer experience and construction management through AI design, online inspections, and project timeline management[35] - The company has built and continuously optimized a self-operated logistics system for customized furniture, improving storage and delivery efficiency nationwide[36] - The company provides comprehensive training and incentive mechanisms for home furnishing service providers, including post-training certification and performance-based resource allocation[37] - The number of managed properties under the "省心租" service increased from approximately 70,000 units at the end of 2022 to over 200,000 units by the end of 2023, with an occupancy rate rising by 6.0 percentage points to 95.1%[38] - The company's centralized apartment business managed over 10,000 units by the end of 2023[38] - The "楼盘字典" database covered approximately 277 million housing units as of December 31, 2023[40] - The company's AI applications include intelligent search and prediction, smart opportunity allocation, and property promotion systems, leveraging machine learning and deep learning algorithms[41] - The "贝壳好房" system uses a rating system based on property characteristics, browsing history, and display records to recommend high-quality properties to consumers, leading to higher exposure and faster transaction decisions[42] - The company developed AI assistants like "小贝" for real-time interaction and training for agents, and a property maintenance assistant for owners, which has shown effectiveness in improving service quality and transaction conversion rates[42] - The AI-powered home design product "设牛" allows designers and users to quickly generate and switch between multiple styles of renovation renderings, reducing trial-and-error costs in actual renovations[43] - The company invested RMB 2,546 million in R&D in 2022 and RMB 1,937 million in 2023, focusing on improving technology and developing new products[45] - The company relies on six data center facilities and third-party cloud services like Tencent Cloud for computing, storage, bandwidth, and other services, ensuring operational flexibility and disaster recovery capabilities[46] - Net revenue increased by 28.2% from RMB 60.7 billion in 2022 to RMB 77.8 billion in 2023, driven by a 20.4% increase in total transaction volume from RMB 2,609.6 billion to RMB 3,142.9 billion[54] - Existing home business net revenue grew by 15.9% from RMB 24.1 billion in 2022 to RMB 28.0 billion in 2023, with total transaction volume increasing by 28.6% from RMB 1,576.5 billion to RMB 2,028.0 billion[54] - New home business net revenue rose by 6.7% from RMB 28.7 billion in 2022 to RMB 30.6 billion in 2023, with total transaction volume increasing by 6.7% from RMB 940.5 billion to RMB 1,003.0 billion[54] - Commission income from existing home transactions increased by 10.8% from RMB 20.6 billion in 2022 to RMB 22.9 billion in 2023, with total transaction volume growing by 13.6% from RMB 746.4 billion to RMB 847.6 billion[54] - Platform services, franchise services, and other value-added services revenue increased by 45.8% from RMB 3.5 billion in 2022 to RMB 5.1 billion in 2023, driven by a 42.2% increase in total transaction volume from RMB 830.1 billion to RMB 1,180.4 billion[54] - Home furnishing business net revenue increased to RMB 10.9 billion in 2023 from RMB 5.0 billion in 2022, driven by increased orders from synergy between housing transactions and home furnishing, growth in new retail contributions, and improved delivery capabilities[55] - Emerging businesses and others net revenue surged 194.8% to RMB 8.4 billion in 2023 from RMB 2.8 billion in 2022, primarily due to increased rental housing management services under the worry-free rental model[55] - Total operating costs rose to RMB 56.1 billion in 2023 from RMB 46.9 billion in 2022, with external commissions and rental housing costs increasing to RMB 25.7 billion from RMB 20.5 billion[56] - Home furnishing operating costs jumped 116.3% to RMB 7.7 billion in 2023 from RMB 3.6 billion in 2022, reflecting the growth in net revenue[56] - Contribution margin for existing home business improved to 47.2% in 2023 from 39.8% in 2022, driven by reduced fixed salary costs[57][59] - Contribution margin for new home business increased to 26.6% in 2023 from 23.6% in 2022, supported by higher net revenue and lower fixed salary costs[57][59] Technology and Innovation - The company's platform infrastructure includes SaaS systems, client applications, community networks, and transaction service centers, benefiting ecosystem participants[9] - The company's platform hosts the largest database of authentic property listings in China, providing professional and efficient services throughout the property lifecycle[10] - The company's infrastructure includes modules such as AI technology, virtual reality, and payment solutions to support various stages of property transactions and living services[16] - The company's AI applications include intelligent search and prediction, smart opportunity allocation, and property promotion systems, leveraging machine learning and deep learning algorithms[41] - The "贝壳好房" system uses a rating system based on property characteristics, browsing history, and display records to recommend high-quality properties to consumers, leading to higher exposure and faster transaction decisions[42] - The company developed AI assistants like "小贝" for real-time interaction and training for agents, and a property maintenance assistant for owners, which has shown effectiveness in improving service quality and transaction conversion rates[42] - The AI-powered home design product "设牛" allows designers and users to quickly generate and switch between multiple styles of renovation renderings, reducing trial-and-error costs in actual renovations[43] - The company invested RMB 2,546 million in R&D in 2022 and RMB 1,937 million in 2023, focusing on improving technology and developing new products[45] - The company relies on six data center facilities and third-party cloud services like Tencent Cloud for computing, storage, bandwidth, and other services, ensuring operational flexibility and disaster recovery capabilities[46] - The company's VR technology, introduced in 2015, has been integrated into real estate transactions and services, allowing virtual property tours and real-time agent interactions[47] - The company's financial technology includes an electronic wallet developed by Li Fang Tong, enabling high-frequency and high-value monetary transactions within its ecosystem[48] Corporate Governance and Leadership - The company's board consists of 8 directors, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors[93] - Zuo Hui, the founder and honorary chairman, has been a visionary leader in China's real estate transaction and service industry, contributing to the company's growth and success over 20 years[94] - Peng Yongdong, aged 44, is the co-founder, chairman, executive director, and CEO, with extensive experience in technology and strategic consulting[95] - Shan Yigang, aged 51, is a co-founder and executive director, with deep expertise in the real estate brokerage industry[95] - Xu Wangang, aged 58, serves as the vice chairman and executive director, with a background in operations management and real estate brokerage[96] - Xu Tao, aged 50, is the executive director and CFO, with a strong financial background and experience in various tech companies[97] - Li Zhaohui, aged 48, is a non-executive director and currently serves as the vice president and head of investment at Tencent[98] - Li Chaohui has served as a director of Kuaishou Technology (listed on HKEX, stock code: 1024) since March 2017 and as a director of Zhihu (listed on NYSE and HKEX, stock codes: ZH and 2390) since September 2015[99] - Li Chaohui held director positions at Fenbi Limited (listed on HKEX, stock code: 2469) from December 2020 to March 2023 and at Howbuy Wealth Management Co., Ltd. (listed on NEEQ, stock code: 834418) from December 2013 to August 2022[99] - Chen Xiaohong has been an independent non-executive director of the company since August 2020 and was re-designated as such in May 2022[100] - Zhu Hansong founded Jiangyin Xiake Private Fund Management Co., Ltd. in March 2022 and serves as its chairman and general manager[101] - Wu Jun has been an independent non