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 ...

（1）存量房：2025Q2 贝壳存量房GTV 同比增长2.2%，收入同比下降8.4%，变现率同比下滑源于ACN 门店交易贡献占比提升及对门店激励性减免。（2）新房：渠道优势凸显，份额持续提升。2025Q2 新房 交易GTV 同比增长8.5%，收入同比增长8.6%，费率同比基本稳定。（3）新业务：家装家居聚焦品质交 付，新零售及主业导流订单量持续增长，收入同比增长13.0%；房屋租赁业务省心租在管房源数目持续 增长，收入同比增长78%。 主业积极扩张，家装业务战略调整，扩大并延续回购计划，股东回报稳定公司积极扩张门店网络及加盟 品牌驱动份额提升，家装家居业务持续优化迭代优先提升产品及交付品质，租赁业务高速扩张。（1） 房产交易：短期市场仍存在波动，存量趋势下追份额增长及中长期生态系统发展；（2）新业务：家装 家居业务随基础能力完善不断提升服务质量，持续迭代优化亏损率有望收窄；长租业务运营规模有望持 续扩张。（3）股东回报：扩大现有股份回购计划至50 亿美元并延期至2028 年8 月31 日（截至2025 年6 月，剩余回购规模29.8 亿，约为当前市值的13.5%）。 风险提示：房地产及经济复苏不及预期、新业务 ...

丨证券研究报告丨 %% %% %% %% 联合研究丨港股公司点评丨贝壳-W（2423.HK） [Table_Title] Q2 盈利能力环比提升，扩大并延长回购计划 ——贝壳-W 2025 年二季报业绩点评 报告要点 [Table_Summary] 自营平台双轮驱动 GTV 提升，链家与贝联存量房货币化比率均连续两季环比提升。存量房、新 房与租赁业务单季盈利性环比改善，家装业务城市层面已实现盈利，费率管控成效卓著放大潜 在盈利弹性。尽管 Q3 受行业景气下行影响短期业绩或相对承压，但公司仍有望表现明显优于 行业；如果有大级别政策落地则会兑现更大业绩弹性。高度重视股东回报，扩大并延长回购计 划。鉴于竞争优势、相对稀缺、潜在业绩弹性等，短期仍有望享有估值溢价。 分析师及联系人 [Table_Author] 范超 袁佳楠 刘义 蔡方羿 张佩 SAC：S0490513080001 SAC：S0490520070001 SAC：S0490520040001 SAC：S0490516060001 SAC：S0490518080002 请阅读最后评级说明和重要声明 research.95579.com 1 SFC：BQK4 ...

Core Viewpoint - Beike's performance in the first half of 2025 shows significant growth, with revenue reaching 49.3 billion yuan, a year-on-year increase of 24.1%, and a net profit of 2.162 billion yuan, indicating strong operational efficiency and market positioning [1][2]. Group 1: Financial Performance - In Q2 2025, Beike achieved a total transaction volume (GTV) of 878.7 billion yuan, up 4.7% year-on-year, with net income of 26 billion yuan, reflecting an 11.3% increase [1][2]. - The company reported an adjusted net profit of 1.821 billion yuan for Q2, contributing to a total net profit of 1.307 billion yuan for the quarter [1]. Group 2: Business Segments - Beike's core business in existing and new housing exceeded market expectations, with second-hand housing transactions accounting for over 75% of total transactions on the platform [2]. - The new housing segment saw a GTV of 255.4 billion yuan in Q2, representing an 8.5% year-on-year growth, with net income of 8.6 billion yuan, also up 8.6% [2]. - The home rental and home decoration businesses are emerging as new growth engines, with home decoration revenue reaching 7.5 billion yuan in the first half of 2025, a 16.5% increase [2]. Group 3: Strategic Initiatives - Beike has established a "one body and three wings" strategy, focusing on new and second-hand housing transactions, along with home decoration and rental services, enhancing the stability of its performance [3]. - The company is leveraging AI technology to improve operational efficiency, with over 335,000 agents using the AI CRM tool "Lai Ke" to enhance customer acquisition [3]. Group 4: Market Outlook - Beike's board has approved an expansion of its share buyback program from $3 billion to $5 billion, reflecting management's commitment to maximizing long-term value for investors [4]. - The real estate market is expected to stabilize, supported by government policies aimed at revitalizing the sector, which bodes well for Beike's growth potential [4][6]. Group 5: Industry Position - Beike is recognized as a leading digital platform in China's residential services, with significant growth potential in its non-property business segments, particularly in home decoration and rental services [5]. - The home decoration market is projected to reach 7.1 trillion yuan by 2030, presenting substantial opportunities for Beike as it aligns with evolving consumer demands [5].

格隆汇8月28日丨贝壳-W(02423.HK)公告，8月27日耗资210.5万美元回购35.1万股。 ...

贝壳-W(02423)公布，2025年8月27日耗资约210.49万美元回购约35.14万股股份。 ...