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 ...

Financial Performance - Total transaction volume for the first half of 2024 was RMB 1,468.9 billion, a decrease of 16.2% compared to RMB 1,752.1 billion in the same period of 2023[3] - Net income for the first half of 2024 was RMB 39.7 billion, remaining relatively flat compared to RMB 39.8 billion in the same period of 2023[3] - Net profit for the first half of 2024 was RMB 2,333 million, a decrease from RMB 4,049 million in the same period of 2023[4] - Adjusted net profit for the first half of 2024 was RMB 4,086 million, down from RMB 5,925 million in the same period of 2023[4] - Gross profit decreased by 9.0% to RMB 10.6 billion in the first half of 2024, with the gross margin declining to 26.8% from 29.4% in the same period of 2023[17] - Operating profit decreased to RMB 2.0 billion in the first half of 2024, with the operating profit margin dropping to 5.1% from 10.2% in the same period of 2023[19] - Adjusted operating profit declined to RMB 3.8 billion in the first half of 2024, with the adjusted operating profit margin falling to 9.5% from 15.0% in the same period of 2023[19] - Net profit decreased to RMB 2.3 billion in the first half of 2024, compared to RMB 4.0 billion in the same period of 2023[20] - Net revenue for the first half of 2024 was RMB 39.75 billion, a slight decrease of 0.04% compared to RMB 39.76 billion in the same period of 2023[45] - Gross profit for the first half of 2024 was RMB 10.64 billion, down 9.0% from RMB 11.69 billion in the first half of 2023[45] - Operating profit for the first half of 2024 was RMB 2.03 billion, a significant decrease of 50.1% compared to RMB 4.06 billion in the same period of 2023[46] - Net profit attributable to KE Holdings Inc. for the first half of 2024 was RMB 2.32 billion, down 42.7% from RMB 4.06 billion in the first half of 2023[46] - Basic earnings per share for the first half of 2024 was RMB 0.68, a decrease of 40.4% compared to RMB 1.14 in the same period of 2023[47] - Operating profit for the six months ended June 30, 2024, was RMB 2,026,973 thousand, a decrease from RMB 4,058,929 thousand in the same period in 2023[48] - Adjusted operating profit for the six months ended June 30, 2024, was RMB 3,772,085 thousand, compared to RMB 5,977,459 thousand in the same period in 2023[48] - Net profit for the six months ended June 30, 2024, was RMB 2,332,526 thousand, down from RMB 4,049,251 thousand in the same period in 2023[48] - Adjusted net profit for the six months ended June 30, 2024, was RMB 4,085,555 thousand, compared to RMB 5,925,391 thousand in the same period in 2023[48] - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 5,037,594 thousand, down from RMB 7,129,765 thousand in the same period in 2023[48] - Net profit for the six months ended June 30, 2024, was RMB 2,332,526 thousand, compared to RMB 4,049,251 thousand for the same period in 2023[53] - Pre-tax profit for the six months ended June 30, 2024, was RMB 3,588,315 thousand, down from RMB 5,450,773 thousand in the same period in 2023[68] - Net profit attributable to Beike Holdings Ltd. was RMB 2,323,835 thousand for the six months ended June 30, 2024, compared to RMB 4,055,577 thousand in the same period in 2023[74] - Basic earnings per share decreased to RMB 0.68 for the six months ended June 30, 2024, from RMB 1.14 in the same period in 2023[75] - Diluted earnings per share decreased to RMB 0.66 for the six months ended June 30, 2024, from RMB 1.11 in the same period in 2023[75] - Net profit attributable to Beike Holdings Limited reached RMB 3,053,390, showing a strong financial performance[78] - Net profit before tax was RMB 4,346,929, indicating strong pre-tax profitability[78] - Net profit attributable to ordinary shareholders of Beike Holdings Limited was RMB 3,053,390, showing strong returns for shareholders[78] Business Segments Performance - The company's home renovation and furnishing business saw a total transaction volume of RMB 7.6 billion in the first half of 2024, an increase of 24.0% compared to RMB 6.1 billion in the same period of 2023[3] - The company's new business and other segments had a total transaction volume of RMB 50.3 billion in the first half of 2024, a decrease of 3.9% compared to RMB 52.3 billion in the same period of 2023[3] - New home business achieved strong performance with a 49% net income contribution from the "fast commission" projects and increased state-owned enterprise developer commission income from 47% in Q2 2023 to 55% in Q2 2024[8] - Home decoration and furnishing business saw a 24.0% YoY increase in total transaction volume and a 59.9% YoY increase in revenue, with a profit margin of 31.0% in H1 2024[9] - Rental housing service expanded rapidly with over 300,000 units under management for decentralized rental housing and over 14,000 units for centralized long-term rental apartments by Q2 2024[10] - Existing home business net revenue decreased by 16.3% YoY to RMB 13.1 billion in H1 2024, with a 8.7% decrease in total transaction volume to RMB 1,023.8 billion[13] - Commission income from existing home business decreased by 17.5% YoY to RMB 10.6 billion in H1 2024, driven by a 11.9% decrease in transaction volume through Lianjia stores[13] - Platform services, franchise services, and other value-added services revenue decreased by 10.5% to RMB 2.5 billion in the first half of 2024, compared to RMB 2.7 billion in the same period of 2023, primarily due to a 6.3% decline in the total transaction value of existing home transactions facilitated by Beike-linked agents to RMB 611.5 billion[14] - New home business net revenue decreased by 24.9% to RMB 12.9 billion in the first half of 2024, driven by a 32.4% decline in the total transaction value of new home transactions to RMB 387.1 billion[14] - Home renovation and furnishing net revenue increased by 59.9% to RMB 6.4 billion in the first half of 2024, driven by increased order volume, higher contributions from new retail, and improved delivery capabilities[14] - Rental services net revenue surged by 176.7% to RMB 5.8 billion in the first half of 2024, primarily due to the expansion of the managed rental property portfolio under the "Worry-Free Rent" model[14] - Home renovation and furnishing revenue grew by 59.9% year-over-year to RMB 6.45 billion in the first half of 2024[45] - Rental services revenue increased by 176.7% year-over-year to RMB 5.81 billion in the first half of 2024[45] - Emerging businesses and other revenue grew by 69.0% year-over-year to RMB 1.57 billion in the first half of 2024[45] - Net revenue for the existing home business decreased to RMB 13,061,919 in the first half of 2024, down from RMB 15,597,087 in the same period of 2023[62] - Net revenue for the new home business declined to RMB 12,850,320 in the first half of 2024, compared to RMB 17,099,714 in the first half of 2023[62] - Home renovation and furnishing business revenue increased significantly to RMB 6,449,072 in the first half of 2024, up from RMB 4,032,830 in the same period of 2023[62] - Housing rental services revenue more than doubled to RMB 5,812,743 in the first half of 2024, compared to RMB 2,100,888 in the first half of 2023[62] - Emerging businesses and others revenue grew to RMB 1,573,690 in the first half of 2024, up from RMB 931,482 in the same period of 2023[62] - Total net revenue remained stable at approximately RMB 39.7 billion in the first half of both 2024 and 2023[62] - Contribution profit for the housing rental services turned positive at RMB 330,921 in the first half of 2024, compared to a loss of RMB 147,997 in the same period of 2023[62] - Revenue from housing rental services increased to RMB 3,650,300, up from RMB 1,617,200 in the previous period, reflecting significant growth in this segment[78][79] Operational Metrics - The number of active stores as of June 30, 2024, was 44,423, an increase of 8.1% compared to 41,076 as of June 30, 2023[4] - The number of active agents as of June 30, 2024, was 411,478, showing a slight increase of 0.6% compared to 409,054 as of June 30, 2023[4] - The average monthly active users for the three months ending June 30, 2024, was 49.7 million, up from 48.0 million in the same period of 2023[4] - Non-real estate transaction service revenue accounted for 34.8% of total net revenue in the first half of 2024, a significant increase of 17 percentage points compared to the same period in 2023[6] - Home SaaS 2.5 version was launched, improving BIM shared service center and material fulfillment integration, enhancing designer efficiency and reducing error rates[9] - The company has 122,599 employees as of June 30, 2024, with 96,440 in brokerage and support roles and 1,992 in R&D[32] - The company has reorganized its reporting segments, with housing rental services now reported as a separate segment due to its increased scale and business importance[58] Share Repurchase and Dividends - The company repurchased approximately $4.8 billion worth of ADS in 2024, representing about 2.75% of the total shares outstanding at the end of 2023[12] - The company expanded its share repurchase program from $2 billion to $3 billion and extended the program until August 31, 2025[12] - The company has repurchased 95,012,729 American Depositary Shares (ADS) for a total consideration of $1,389,782,786.29 under its share repurchase program[34] - In the reporting period, the company repurchased 26,995,560 ADS for a total consideration of $380,000,306.80[34] - The company's share repurchase program has been expanded to $3 billion and extended to August 31, 2025[34] - A total of 80,986,680 Class A ordinary shares represented by repurchased ADS were canceled during the reporting period[36] - 3,248,679 Class B ordinary shares were converted to Class A ordinary shares to comply with dual-class share structure regulations[36] - The company has not recommended an interim dividend for the six months ended June 30, 2024[40] - The company declared a final cash dividend of USD 0.117 per ordinary share, totaling approximately USD 400 million[76] Financial Position and Cash Flow - The company's cash, cash equivalents, restricted funds, and short-term investments totaled RMB 59.7 billion as of June 30, 2024, compared to RMB 60.1 billion as of December 31, 2023[21] - Operating cash flow for the six months ended June 30, 2024, was RMB 3.86 billion, a decrease from RMB 7.43 billion in the same period in 2023[22] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 6.84 billion, compared to net cash generated of RMB 7.63 billion in the same period in 2023[22] - The company's debt-to-asset ratio increased to 42.3% as of June 30, 2024, from 40.0% as of December 31, 2023[25] - The company held RMB 55.6 billion in cash, cash equivalents, restricted funds, and short-term investments denominated in RMB, and USD 600 million in USD-denominated equivalents as of June 30, 2024[27] - Capital expenditures for the six months ended June 30, 2024, amounted to RMB 462 million[29] - The company's total financial debt as of June 30, 2024, was RMB 20.21 billion, up from RMB 17.99 billion as of December 31, 2023[22] - The RMB depreciated approximately 2.4% against the USD during the six months ended June 30, 2024[26] - The company's short-term investments included RMB 2.3 billion in wealth management products as of June 30, 2024, exposing it to interest rate risk[28] - The company's cash, cash equivalents, and restricted funds decreased by RMB 8.33 billion during the six months ended June 30, 2024[22] - Total contractual obligations as of June 30, 2024, amount to RMB 20,575,485 thousand, with RMB 6,642,671 thousand due in the remainder of 2024 and RMB 8,577,458 thousand due in 2025[31] - Operating lease and other commitments as of June 30, 2024, total RMB 1,119,600 thousand, including RMB 734.4 million in operating lease commitments and RMB 301.7 million in capital commitments[31] - Cash and cash equivalents as of June 30, 2024, were RMB 9,409,071 thousand, a decrease from RMB 19,634,716 thousand as of December 31, 2023[50] - Short-term investments as of June 30, 2024, were RMB 42,222,652 thousand, up from RMB 34,257,958 thousand as of December 31, 2023[50] - Total assets as of June 30, 2024, were RMB 122,497,997 thousand, compared to RMB 120,331,931 thousand as of December 31, 2023[50] - Total liabilities as of June 30, 2024, were RMB 51,794,889 thousand, up from RMB 48,130,826 thousand as of December 31, 2023[51] - Current liabilities as of June 30, 2024, were RMB 43,376,360 thousand, compared to RMB 39,523,983 thousand as of December 31, 2023[51] - Operating cash flow for the six months ended June 30, 2024, was RMB 3,857,678 thousand, down from RMB 7,431,689 thousand in the same period in 2023[53] - Total cash, cash equivalents, and restricted funds decreased by RMB 8,330,808 thousand in the six months ended June 30, 2024, compared to an increase of RMB 12,217,833 thousand in the same period in 2023[54] - Total equity attributable to shareholders of KE Holdings Inc. was RMB 70,569,240 thousand as of June 30, 2024, down from RMB 72,099,824 thousand as of December 31, 2023[52] - The company repurchased ordinary shares worth RMB 2,701,210 thousand in the six months ended June 30, 2024[54] - Total liabilities and equity increased to RMB 122,497,997 thousand as of June 30, 2024, from RMB 120,331,931 thousand as of December 31, 2023[52] - The company issued 3,529,562,630 Class A ordinary shares as of June 30, 2024, compared to 3,571,960,220 as of December 31, 2023[52] - Accumulated deficit decreased to RMB 3,349,081 thousand as of June 30, 2024, from RMB 5,672,916 thousand as of December 31, 2023[52] - The company's total cash and cash equivalents were RMB 9,409,071 thousand as of June 30, 2024, down from RMB 19,634,716 thousand as of the beginning of the period[55] - Restricted funds decreased to RMB 8,117,582 thousand as of June 30, 2024, from RMB 6,222,745 thousand as of the beginning of the period[55] - Total assets increased to RMB 123,013,087 thousand as of June 30, 2024, up from RMB 120,221,596 thousand at the end of 2023[80][81] - Total liabilities decreased slightly to RMB 51,792,333 thousand as of June 30, 2024, compared to RMB 48,023,046 thousand at the end of 2023[80][81] - Shareholders' equity rose to RMB 71,220,754 thousand as of June 30, 2024, from RMB

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, Beike-W (2423.HK), with a market price of HKD 34.35 [1]. Core Insights - Beike is the largest real estate transaction and service platform in China, leveraging its ACN network infrastructure to efficiently provide various real estate services [4][9]. - The residential market is expanding, with the market size growing from CNY 25.4 trillion in 2016 to CNY 39.6 trillion in 2021, and projected to reach CNY 55.7 trillion by 2026 [25]. - The company is expected to benefit from the increasing penetration of real estate brokerage services, which rose from 43.2% in 2016 to 49.8% in 2021, and is forecasted to reach 61.6% by 2026 [4][28]. Financial Performance - In 2023, the total transaction volume reached CNY 31,429 billion, a year-on-year increase of 20.4%, with operating revenue of CNY 777.8 billion, up 28.2% [5][31]. - The net profit attributable to the parent company was CNY 51.2 billion, reflecting a significant year-on-year growth of 349.2% [5]. - The company’s gross margin improved to 27.9%, an increase of 5.2 percentage points from the previous year [5]. Business Segments - The company’s core businesses include existing home transactions, new home transactions, home decoration, and emerging businesses, with significant growth in home decoration and rental management [4][31]. - The revenue from existing home transactions grew by 15.9% in 2023, while new home transactions saw a 6.7% increase [31]. - Home decoration and emerging businesses contributed significantly to revenue growth, with their shares rising to 14.0% and 10.8% of total revenue, respectively [5][31]. Market Outlook - The report anticipates that the company’s net profit will reach CNY 78.1 billion, CNY 99.0 billion, and CNY 112.8 billion for the years 2024 to 2026, respectively [5]. - The current price corresponds to a P/E ratio of 14.8x for 2024, 11.7x for 2025, and 10.2x for 2026, indicating a favorable valuation [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Insights - The company's revenue decreased by 19% year-on-year, with adjusted net profit margin remaining stable quarter-on-quarter. In Q1 2024, the company achieved a total GTV of 629.9 billion yuan, down 35% year-on-year, and operating revenue of 16.4 billion yuan, down 19% year-on-year. The revenue performance was significantly better than GTV, mainly due to the increase in the contribution of the "two wings" business to 35%, with home decoration and emerging businesses, including housing rental services, continuing to grow rapidly [1][5][10] - The main business segment is currently affected by industry downturns. In Q1 2024, the GTV for existing housing business was 453.2 billion yuan, down 32% year-on-year, and revenue was 5.7 billion yuan, down 38% year-on-year. The monetization rate for existing housing business dropped to 1.26% due to aggressive store expansion and the decline in the proportion of transactions from the Lianjia system [7][10] - New business segments are maintaining high growth rates. In Q1 2024, the home decoration and furniture business generated revenue of 2.4 billion yuan, up 71% year-on-year, with a monetization rate of 71% and a contribution margin of 31%. The newly disclosed housing rental service generated revenue of 2.6 billion yuan, up 189% year-on-year, with a contribution margin of 5.5% [10][11] Financial Performance Summary - The company expects adjusted net profits of 9.8 billion yuan for 2024 and 9.9 billion yuan for 2025, with earnings per share of 2.67 yuan and 2.69 yuan respectively. The corresponding PE ratios are 14.5 and 14.4 times [2][12] - The company maintained a strong position in the real estate agency industry, with a rebound in the number of agents. As of Q1 2024, the number of stores reached 44,000, up 7% year-on-year, and the number of agents was 443,000, up 2% year-on-year [11][12]

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 ...

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， ...

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 ...

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

貝殼（2423.HK/BEKE.US） 更新報告 買入 2024年3月25日 23Q4 業績穩健，二賽道業務規模效率雙提升，積極回饋股東 羅凡環  2023Q4 經調整淨利潤同比增長 10.8%，全年經調整淨利潤 98 億元： 2023年第四季度公司總交易額為7356億元，同比增加13.7%。期內公司錄 852-25321962 得淨收入 202 億元，同比及環比分別增長 13.5%及 20.6%。期內毛利率為 25.5%，同比提升1.1個百分點，主要由於存量房業務的淨收入增加及鏈家 simon.luo@firstshanghai.com.hk 經紀人的固定薪酬成本減少，使得存量房業務的貢獻利潤率提高，以及門 店成本占淨收入的比例相比 2022 年同期有所降低。期內經營虧損為 1.73 主要資料 億元，主要由於 1）新房開發商壞賬計提；2）額外的業績激勵；3）經營 行業 居住服務 利潤率較低的家裝家居業務及租房業務收入占比增加。期內經調整淨利潤 為 17.1 億元，同比增長 10.8%。2023 年全年淨收入 778 億元，同比增加 股價 36.1港元/14.03美元 28.2%，調整後淨利潤98億元，同比 ...