Core Viewpoint - Beike Holdings, known as "China's first residential service platform stock," reported mixed signals in its Q3 2025 earnings, showing stable total transaction volume but significant declines in net profit [2][3] Group 1: Financial Performance - In Q3 2025, Beike's total transaction volume reached 736.7 billion yuan, remaining flat year-on-year, while net revenue was 23.1 billion yuan, a slight increase of 2.1% [2] - The company's net profit fell to 747 million yuan, a decline of 36.1% year-on-year, with adjusted net profit decreasing by 27.8% to 1.286 billion yuan [2] - The real estate market showed a divergence in performance between the existing and new housing markets, with existing housing transactions contributing 68.63% to total transaction volume [3] Group 2: Business Segment Analysis - Existing housing transactions grew by 5.8% year-on-year to 505.6 billion yuan, but net revenue from this segment decreased by 3.6% to 6 billion yuan [3] - New housing transactions saw a significant decline, with total transaction volume dropping by 13.7% to 196.3 billion yuan and net revenue decreasing by 14.1% to 6.6 billion yuan [5] - The decline in new housing transactions was attributed to a drop in both platform cooperative agents and the Lianjia brand's contributions [5] Group 3: Strategic Initiatives - Beike is focusing on capital operations to stabilize market confidence, having repurchased shares worth 281 million USD in Q3, marking the highest quarterly buyback in nearly two years [2][8] - The company aims to leverage AI and technology to enhance operational efficiency and drive growth, with initiatives in property transactions, home decoration, and rental services [6][7] - Analysts express optimism about Beike's long-term growth potential despite short-term pressures, highlighting its leading position in the real estate intermediary sector [9]

Core Viewpoint - The company maintains a "buy" rating due to its increasing market share in the brokerage business, stable industry position, and advantageous valuation compared to smaller competitors [1] Financial Performance - In Q3 2025, the company reported a total transaction value (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company's gross profit margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year; the combined sales, management, and R&D expense ratio was 18.4%, down 1.1 percentage points year-on-year [2] Market Segmentation - The company experienced a 5.8% year-on-year increase in second-hand housing GTV, totaling 505.6 billion yuan, while new housing GTV decreased by 13.7% to 196.3 billion yuan [3] - The company’s home decoration and rental businesses saw significant revenue growth, with home decoration revenue at 4.3 billion yuan (up 2.1% year-on-year) and rental revenue at 5.73 billion yuan (up 45.3% year-on-year) [3] Operational Insights - The number of active stores reached 59,000, an increase of 26% year-on-year, and the number of active brokers was 472,000, up 11.4% year-on-year [3] - The company’s rental business achieved a profit contribution of 500 million yuan, a substantial increase of 185.9% year-on-year, indicating strong growth in the rental segment [3] Future Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets, leading to a downward revision of revenue and profit forecasts for 2025-2027 [4] - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.6 billion yuan, 5.4 billion yuan, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for Beike-W (02423), citing its increasing market share in brokerage services and promising growth in home decoration and rental businesses, while its valuation remains attractive compared to smaller competitors like Wo Ai Wo Jia [1] Financial Performance Summary - In Q3 2025, Beike reported a total transaction volume (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company’s cumulative net revenue for the first three quarters of 2025 reached 72.39 billion yuan, a 16% increase year-on-year, while adjusted net profit was 4.5 billion yuan, down 23% year-on-year [2] - The gross margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year, with total sales, management, and R&D expense ratio at 18.4%, down 1.1 percentage points year-on-year [2] Business Segment Analysis - In Q3 2025, the second-hand housing GTV was 505.6 billion yuan, up 5.8% year-on-year, while new housing GTV was 196.3 billion yuan, down 13.7% year-on-year; the monetization rates for second-hand and new housing were 2.53% and 3.4%, respectively [3] - The home decoration and rental businesses showed significant growth, with home decoration revenue at 4.3 billion yuan, up 2.1% year-on-year, and rental revenue at 5.73 billion yuan, up 45.3% year-on-year, both achieving profitability before headquarter expenses [3] Investment Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets; revenue from brokerage services is expected to be under pressure, and growth in the home decoration segment may slow down [4] - The forecast for net profit for 2025-2027 has been revised downwards to 3.6 billion, 5.4 billion, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

昨日上涨3.4%的贝壳(BEKE.US)盘前继续涨超2%。消息上，花旗发表报告指，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。 11月10日，贝壳召开三季度业绩电话会。CEO彭永东表示，未来将加速AI能力在核心业务场景的深度 渗透，推进服务者和消费者 体验的双向提升。(格隆汇) ...

大华继显发布研报称，贝壳-W(02423)第三季营收同比增2%至231亿元人民币(下同)，符合该行与市场预 期。非公认会计准则净利润同比减28%至13亿元，表现好过预期。非公认会计准则净利润率同比收窄2 个百分点至5.6%。该行预期公司第四季经调整净利润将同比减18%至11亿元，降第四季和2026年营收预 测25%及18%，降第四季和2025年非公认会计准则净利润预测46%和13%。报告指，公司指引2025年第 四季营收将同比下滑29%至220亿元，表现疲弱且低于市场预测25%，将评级下调至持有，目标价由60 港元下调至39港元。 ...

Core Viewpoint - Beike-W (02423) reported a 2% year-on-year revenue increase to 23.1 billion RMB in Q3, aligning with market expectations, while non-GAAP net profit decreased by 28% to 1.3 billion RMB, outperforming expectations [1] Financial Performance - Q3 revenue reached 23.1 billion RMB, a 2% increase year-on-year, meeting both the bank's and market expectations [1] - Non-GAAP net profit fell by 28% to 1.3 billion RMB, which was better than anticipated [1] - Non-GAAP net profit margin narrowed by 2 percentage points to 5.6% year-on-year [1] Future Projections - The company is expected to see a 18% year-on-year decrease in adjusted net profit for Q4, projected at 1.1 billion RMB [1] - Revenue forecasts for Q4 and 2026 have been reduced by 25% and 18%, respectively [1] - Non-GAAP net profit forecasts for Q4 and 2025 have been cut by 46% and 13%, respectively [1] Guidance and Rating Changes - The company guided for a 29% year-on-year revenue decline in Q4 2025, estimating revenue at 22 billion RMB, which is 25% lower than market predictions [1] - The rating has been downgraded to "Hold," with the target price reduced from 60 HKD to 39 HKD [1]

报告中称，贝壳2025年第三季非公认会计原则(non-GAAP)净利润胜预期10%。尽管2025年第四季及 2026年营收展望弱过预期，但相应的利润率指引仍优于市场所担忧情况。该行认为目前股价水平呈现出 具吸引力的战术性买入机会。另将2025至2027年每股盈利预期下调19至37%，以反映2025年第四季及 2026年交易总额增长弱于预期的影响。 大和发布研报称，重申贝壳-W(02423)"跑赢大市"评级，但将H股目标价由56港元下调至46港元，此调 整基于采用2026年预期每股盈利计算的23倍前瞻市盈率。 ...

智通财经APP获悉，大和发布研报称，重申贝壳-W(02423)"跑赢大市"评级，但将H股目标价由56港元下 调至46港元，此调整基于采用2026年预期每股盈利计算的23倍前瞻市盈率。 报告中称，贝壳2025年第三季非公认会计原则(non-GAAP)净利润胜预期10%。尽管2025年第四季及 2026年营收展望弱过预期，但相应的利润率指引仍优于市场所担忧情况。该行认为目前股价水平呈现出 具吸引力的战术性买入机会。另将2025至2027年每股盈利预期下调19至37%，以反映2025年第四季及 2026年交易总额增长弱于预期的影响。 ...

Core Viewpoint - The company, Beike-W (02423), is a leading real estate brokerage with scale effects and management advantages, actively expanding into diversified businesses such as home decoration and rental services. However, the company faces short-term performance pressure due to a continuously stabilizing real estate market, leading to a downward adjustment in profit forecasts for 2025-2027 [1]. Group 1: Financial Performance - In Q3 2025, the company reported total revenue of 23.1 billion yuan, a year-on-year increase of 2.1%, while adjusted net profit was 1.286 billion yuan, a year-on-year decrease of 12.8% [2]. - The total transaction volume remained stable at 736.7 billion yuan, showing no significant year-on-year change. Revenue increased, but profit margins declined, with gross margin at 21.4% (down from 22.7% YoY) and net margin at 3.2% (down from 5.2% YoY) [3]. Group 2: Business Segments - The home decoration and rental services segments achieved profitability at the city level for two consecutive quarters. In Q3, the home decoration business generated revenue of 4.3 billion yuan, contributing a profit margin of 32.0%, an increase of 0.8 percentage points year-on-year. The rental service managed over 660,000 units, generating revenue of 5.73 billion yuan, a year-on-year increase of 45.3%, with a profit margin of 8.7%, up 4.3 percentage points year-on-year [4]. Group 3: AI Integration - The company is leveraging AI to enhance efficiency in rental services, with AI-driven organization and resource management leading to a 13% increase in efficiency for property acquisition. Additionally, AI-enabled management and targeted marketing have resulted in annual savings exceeding 100 million yuan [5]. Group 4: Shareholder Returns - In Q3, the company repurchased approximately 280 million USD worth of shares, a year-on-year increase of 38.3%, marking a two-year high. The total repurchase amount for the year up to Q3 reached about 680 million USD, a year-on-year increase of 15.7%, representing about 3% of the total shares outstanding as of the end of 2024 [6].

Core Viewpoint - The company, Beike-W (02423), is a leading real estate brokerage with scale effects and management advantages, actively expanding into diversified businesses such as home decoration and rental services, but faces short-term performance pressure due to a stagnant real estate market, leading to adjusted profit forecasts for 2025-2027 [1] Group 1: Financial Performance - In Q3 2025, the company reported total revenue of 23.1 billion yuan, a year-on-year increase of 2.1%, while adjusted net profit was 1.286 billion yuan, a year-on-year decrease of 12.8% [2] - The total transaction volume remained stable at 736.7 billion yuan, with revenue growth but a decline in profit margins, resulting in a gross margin of 21.4% (down from 22.7% year-on-year) and a net margin of 3.2% (down from 5.2% year-on-year) [3] Group 2: Business Segments - The home decoration and rental services achieved profitability at the city level for two consecutive quarters, with home decoration revenue of 4.3 billion yuan and a profit margin of 32.0%, up 0.8 percentage points year-on-year; rental services managed over 660,000 units, generating revenue of 5.73 billion yuan, a year-on-year increase of 45.3%, with a profit margin of 8.7%, up 4.3 percentage points year-on-year [4] Group 3: AI Integration - The company is leveraging AI to enhance efficiency in rental services, with AI-driven organization and resource management leading to a 13% increase in efficiency for property acquisition, and AI smart management and targeted marketing saving over 100 million yuan annually [5] Group 4: Shareholder Returns - In Q3 2025, the company repurchased approximately 280 million USD worth of shares, a year-on-year increase of 38.3%, marking a two-year high; the total repurchase amount for the year to date reached approximately 680 million USD, a year-on-year increase of 15.7%, representing about 3% of the total shares outstanding as of the end of 2024 [6]