| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 91.90 万 | 5.50 亿 | 4666.10 万 | 0.508% | | 潍柴动力(02338) | 1641.70 万 | 2.50 亿 | 3914.25 万 | 0.449% | | 中国宏桥(01378) | 892.35 万 | 2.27 亿 | 8867.00 万 | 0.950% | | 恒生银行(00011) | 21.00 万 | 2351.69 万 | 423.00 万 | 0.225% | | 美高梅中国(02282) | 100.00 万 | 1606.02 万 | 1062.74 万 | 0.280% | | 中旭未来(09890) | 66.42 万 | 1000.26 万 | 146.92 万 | 2.760% | | 威高股份(01066) | 126.00 万 | 744.79 万 | 432.00 万 | 0.957% | | 贝壳-W(02423 ...

Core Viewpoint - The real estate market is stabilizing, and Beike has reported solid financial results for the second quarter, with a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, net revenue of 26 billion yuan, and a net profit of 1.307 billion yuan [2] Group 1: Market Dynamics - The real estate sector is transitioning into a buyer's market, leading to increased choices for buyers and higher expectations from platforms [4] - Beike's CEO emphasizes the need to balance scale and efficiency while adapting to changing consumer demands and rapid technological advancements [4] Group 2: Operational Efficiency - Beike's core business is its brokerage operations, which are crucial for improving operational efficiency [5] - As the industry slows down, the challenges for brokers in customer acquisition and conversion have intensified [5] - Beike has established 18,999 regional governance councils and 534 performance-effectiveness circles to enhance collaboration and resource sharing among stores [7] Group 3: Technology Integration - The application of AI technology is a key driver for productivity enhancement, with Beike developing various AI applications to transform real estate brokerage services [10] - Beike has launched AI-driven marketing and CRM products to improve customer acquisition and engagement for brokers [12] - The AI assistant "Buding" has seen significant usage growth, with a 59% increase in conversation volume in July [16] Group 4: Business Growth - Non-real estate transaction services accounted for 41% of Beike's total net revenue, with the rental business experiencing a remarkable 78% year-on-year growth [17][18] - Beike has introduced flexible home decoration solutions and optimized processes using digital tools, significantly improving service efficiency [20][22] - The company is exploring a light-asset business model for its new service "Beihome," leveraging big data and AI algorithms for comprehensive service offerings [22]

Group 1 - The company achieved revenue of 26 billion yuan in Q2 2025, an increase of 11.3%, while net profit attributable to shareholders was 1.3 billion yuan, a decrease of 31.2% [1] - In H1 2025, the company reported revenue of 49.3 billion yuan, a year-on-year increase of 24.1%, with net profit attributable to shareholders declining by 7.2% [1][2] - The number of active stores not under the Lianjia brand increased by 36.8%, exceeding 14,000, and the number of active agents rose by 24% to over 73,000, driving total active stores to 59,000, a 32.1% increase [1] Group 2 - The company's gross transaction value (GTV) in Q2 2025 was 878.7 billion yuan, up 4.7%, with existing and new homes contributing 583.5 billion yuan and 255.4 billion yuan respectively [1] - The gross margin for the company decreased by 6.0 percentage points year-on-year to 21.9%, with a gross profit decline of 12.5% [2] - The company has expanded and extended its share repurchase plan, increasing the authorization from 3 billion to 5 billion USD, with a focus on enhancing shareholder returns [3]

Core Insights - The company reported a 11% year-on-year revenue growth in Q2 2025, primarily driven by the growth in its secondary business segments [1] - The total transaction value (GTV) reached 878.7 billion yuan, with a year-on-year increase of 5% and a quarter-on-quarter increase of 4% [1] - Adjusted net profit decreased by 32% year-on-year but improved by 30% quarter-on-quarter, indicating a mixed performance in profitability [1] Revenue Breakdown - The revenue contributions from various segments are as follows: existing housing (26%), new housing (33%), home decoration and furnishing (18%), rental services (22%), and emerging businesses (2%) [1] - The existing housing business saw a transaction total of 583.5 billion yuan, with a year-on-year increase of 2% and a quarter-on-quarter increase of 1% [2] - The new housing business outperformed the market with a transaction total of 255.4 billion yuan, reflecting a year-on-year growth of 9% [2] Profitability Metrics - The adjusted net profit margin was 7.0%, down 4.5 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [1] - The gross profit margin was 21.9%, showing a year-on-year decline of 6.0 percentage points but a quarter-on-quarter increase of 1.2 percentage points [1] - The contribution profit margin for the existing housing business improved to 39.9%, up 1.8 percentage points quarter-on-quarter [2] Business Performance - The company had 61,000 stores and 558,000 agents by the end of Q2 2025, with active store and agent ratios of 97% and 88%, respectively [2] - The home decoration and furnishing business generated 4.6 billion yuan in revenue, a year-on-year increase of 13% [2] - The rental services segment saw a significant revenue increase of 78% year-on-year, totaling 5.7 billion yuan [2] Future Outlook - The company slightly adjusted its profit forecast for 2025-2026, expecting adjusted net profits of 6.3 billion yuan and 7.1 billion yuan, respectively [3] - The expected earnings per share for 2025 and 2026 are 1.77 yuan and 2.00 yuan, corresponding to price-to-earnings ratios of 23.9 and 21.2 times [3]

Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue increase but a decline in net profit, indicating mixed financial health and ongoing challenges in profitability [1][4]. Financial Performance - In H1 2025, the company achieved a revenue of 49.34 billion yuan, a year-on-year increase of 24.1%, while net profit was 2.16 billion yuan, down 7.3% [1]. - Adjusted net profit for H1 2025 was 3.21 billion yuan, reflecting a 21.3% decline year-on-year [1]. - Total transaction volume reached 1.7224 trillion yuan, up 17.3% year-on-year [1]. - For Q2 2025, revenue was 26.01 billion yuan, an 11.3% increase, but net profit fell 31.2% to 1.31 billion yuan [1]. Margin and Cost Analysis - The gross margin for H1 2025 was 21.3%, down 5.4 percentage points year-on-year, but Q2 showed a slight recovery with a gross margin of 21.9% [1]. - Operating expense ratio improved to 18% in H1 2025, down 3.7 percentage points year-on-year, with Q2 at 17.8% [1]. Share Buyback and Confidence - The company spent approximately 394 million USD on a share buyback plan, representing 1.7% of the total shares issued as of the end of 2024 [1]. - The buyback authorization was increased from 3 billion USD to 5 billion USD, with the plan extended to August 31, 2028, reflecting confidence in future growth [1]. Real Estate Brokerage Performance - In H1 2025, the total transaction volume for existing homes was 1.1638 trillion yuan, a 13.7% increase, with net income of 13.59 billion yuan, up 4% [2]. - The contribution profit margin for real estate brokerage was 39%, down 7.1 percentage points year-on-year due to rising fixed salary costs [2]. New Home Sales and Monetization - New home transaction volume reached 487.6 billion yuan in H1 2025, a 26% increase, with net income of 16.69 billion yuan, up 29.9% [2]. - The monetization rate for new homes was 3.42%, slightly up from the previous year [2]. Non-Real Estate Business Growth - Non-real estate business revenue accounted for 38.6% of total revenue in H1 2025, a 3.8 percentage point increase year-on-year [3]. - Home decoration and rental services showed significant growth, with home decoration revenue at 7.51 billion yuan, up 16.5%, and rental services revenue at 10.76 billion yuan, up 85.2% [3].

Core Viewpoint - Zhang Kun, a prominent fund manager, significantly reduced his holdings in Meituan while establishing positions in several potential stocks, indicating a strategic shift in investment focus amidst a pessimistic market outlook on domestic demand [3][14]. Fund Holdings Summary - In the first half of 2025, the E Fund Blue Chip Select Fund held 42 stocks, increasing by one from the end of 2024, with notable increases in liquor stocks such as Wuliangye and Moutai, while Meituan dropped out of the top ten holdings [4][8]. - The top ten holdings of the E Fund Blue Chip Select Fund included Tencent, Wuliangye, and JD Health, with Meituan falling to the 12th position after a reduction of 3 million shares [4][6]. - The E Fund Quality Enterprise Three-Year Holding Fund also significantly reduced its Meituan holdings by 54.08%, while initiating positions in stocks like Beike and Junwei Electronics [7][8]. New Investments - Zhang Kun's funds initiated positions in several new stocks, including Beike, Interactive Brokers, Tencent Music, and Junwei Electronics, reflecting a diversification strategy [3][11]. - The E Fund Quality Select Fund also added new positions in stocks like NetEase and Haitian Flavoring, indicating a broader investment strategy [9][10]. Market Outlook - Zhang Kun expressed skepticism about the prevailing pessimistic views on domestic demand, citing strong growth in disposable income and savings among residents as indicators of potential consumer spending recovery [14][15]. - The analysis highlighted that the increase in savings and the disparity between savings and loans could lead to a positive feedback loop in domestic demand, ultimately improving consumer confidence [14][15].

Core Insights - Beike's Q2 2025 financial report shows robust performance with total transaction volume of 878.7 billion, net income of 26 billion, and adjusted net profit of 1.821 billion, indicating resilience during the real estate adjustment period [1] - The company is transitioning from a scale-driven growth model to an efficiency-driven approach, leveraging AI technology to enhance productivity and meet changing consumer demands in the real estate sector [2][3] Financial Performance - In Q2 2025, Beike's existing home business generated a GTV of 583.5 billion and net income of 6.7 billion, while the new home business achieved a GTV of 255.4 billion, reflecting an 8.5% year-on-year growth in GTV and an 8.6% increase in net income [2] - Non-real estate transaction services accounted for 41% of total net income, with home decoration and rental services showing significant growth [4] Business Strategy - Beike is focusing on a multi-faceted strategy, referred to as "one body and three wings," to expand its home decoration, rental, and other service offerings [4] - The company is implementing AI-driven tools to enhance operational efficiency in both home decoration and rental services, leading to improved service delivery and customer satisfaction [6][7] Technological Innovation - Beike has introduced AI tools such as the "Lai Ke" marketing intelligence system to assist real estate agents in customer acquisition and lead conversion, with over 335,000 agents using the tool by mid-2025 [3] - The company has launched an AI online service assistant named "Pudding" to provide market analysis and property comparisons, which has seen a 59% increase in conversation volume since its launch [3] Market Positioning - Beike is shifting its focus from broad market coverage to deep community engagement, aiming to become the primary choice for real estate services within local communities [8][9] - The company is exploring community-based service models, including opening home decoration showrooms that reflect local housing needs and preferences [9][10] Future Outlook - Beike aims to adapt to the new normal in the real estate industry by enhancing its service offerings through technology, product innovation, and community-focused strategies, as stated by CEO Peng Yongdong [10]

Core Insights - The real estate market is transitioning to a new phase where consumer trust and product quality are prioritized over immediate ownership, marking 2025 as the "Year of Good Housing" [1] - Companies in the real estate sector must adapt to survive, focusing on product quality, service, and operational efficiency as the marginal returns of scale diminish [1] Company Performance - Beike's total transaction volume reached 1.7224 trillion yuan in the first half of 2025, a year-on-year increase of 17.3%, with existing home transactions accounting for 67.57% [4] - Beike's net revenue for the first half of 2025 was 49.3 billion yuan, a significant increase of 24.1% compared to the same period in 2024 [5] - The revenue breakdown shows that existing home business generated 13.6 billion yuan, new home business 16.7 billion yuan, home decoration and furnishing business 7.5 billion yuan, and rental services exceeded 10.8 billion yuan, growing by 50 million yuan year-on-year [5] Business Strategy - Beike's new business initiatives have become the main engine for revenue growth, with non-real estate transaction services accounting for 41% of net revenue in Q2 2025, a historical high [6] - The company is evolving from a transaction-focused model to a comprehensive "Good Living" service provider, enhancing consumer touchpoints and connections [10] - Beike is implementing a community-focused strategy in its home decoration business, aiming to deepen its relationship with consumers and transform one-time clients into long-term community users [10] Market Trends - The real estate market is shifting from an incremental to a stock-based structure, emphasizing efficiency and collaboration over mere resource accumulation [9] - Consumer decision-making and experience are becoming increasingly valuable, necessitating companies to build connections with consumers [9] Financial Metrics - Beike's gross profit for the first half of 2025 was 10.5 billion yuan, a slight decrease from the previous year, with a gross margin of 21.3% compared to 26.8% in 2024 [14] - The decline in profit margins is attributed to the structural change in revenue sources, with new home transactions having lower margins than existing home transactions [14] - Administrative expenses decreased by 3.5%, while R&D expenses increased by 20%, indicating a commitment to innovation and efficiency [15]

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

机构：申万宏源研究 研究员：袁豪/陈鹏 公司25Q2 实现净收入260.1 亿元，同比+11.3%；毛利润57.0 亿元，同比-12.5%；归母净利润13.0 亿元， 同比-31.2%；经调后归母净利润18.2 亿元，同比-32.4%。公司25Q2毛利率21.9%，同比-6.0pct；销售 +管理+研发费用率合计17.7%，同比-1.4pct；归母净利率5.0%，同比-3.1pct；经调后归母净利率7.0%， 同比-4.5pct。截至25Q2 末，公司现金、现金等价物、受限资金和短期投资合计531 亿元，同比-11.1%。 25Q2 一二手房经纪GTV 实现稳健增长，货币化率相对稳定。2025Q2 公司存量房交易额5,835 亿元，同 比+2.2%；其中链家、贝联GTV 占比37%、63%；二手房收入67 亿元，同比-8.4%；贡献利润26.8 亿 元，同比-22.9%；贡献利润率39.9%，同比-7.5pct；链家、贝联货币化率分别为2.53%、0.38%，环比持 平、+0.02pct；GTV 增速较收入更高源于贝联贡献占比更高，贝联GTV 增幅可观，但与平台服务费等 激励性减免相抵消，推动贝联收入持平。新 ...