Core Insights - Beike's Q2 2025 financial performance shows a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, with net revenue reaching 26 billion yuan, up 11.3%, and a net profit of 1.307 billion yuan, with adjusted net profit at 1.821 billion yuan [2] Group 1: Business Performance - In the first half of the year, Beike's second-hand housing business volume increased by 26% year-on-year, with second-hand transactions accounting for 76% of the platform's total real estate transaction volume [2] - The GTV for Beike's existing housing business reached 583.5 billion yuan in Q2, with net revenue of 6.7 billion yuan [2] Group 2: New Housing Business - Beike's new housing business GTV was 255.4 billion yuan in Q2, reflecting an 8.5% year-on-year growth, with net revenue of 8.6 billion yuan, also up 8.6% [3] - The company utilized AI technology to enhance project management precision and activate more existing projects, while also improving customer engagement through AI tools [3][4] Group 3: AI Integration and Services - Beike has integrated AI large model technology to develop various AI tools for both B-end and C-end users, with over 335,000 agents using the AI CRM tool "Lai Ke" to enhance customer acquisition [4] - The AI online service assistant "Pudding" provides clients with real estate market analysis and property comparisons, showing a 59% month-on-month increase in conversation volume since its launch [4] Group 4: Strategic Expansion - Under the "One Body, Three Wings" strategy, Beike is actively expanding into home decoration, rental, and other services, with non-real estate transaction service revenue accounting for 41% of total net revenue in Q2 [4]

基于稳健的现金储备，贝壳持续加大股东回报，通过积极的股票回购，进一步提升资本配置、提高资本 运营效率，并与投资者分享发展的红利。2025年二季度，贝壳回购金额约2.5亿美元。今年上半年，贝 壳累计斥资约3.94亿美元用于股票回购，回购股数占2024年末已发行总股本的约1.7%。自2022年9月回 购计划启动以来，截至2025年二季度末，贝壳累计回购金额达20.2亿美元，累计回购股数约占回购计划 启动前已发行总股本的10.3%。 "贝壳凭借稳固的业务基础和多元化布局，实现了显著优于市场的表现。我们在做积极的经营改善，推 动企业长期价值的最大化。AI驱动的精细化运营和生态优化，正在持续释放平台的长期潜力。"贝壳执 行董事、首席财务官徐涛表示，未来我们将持续回报陪伴本公司共同成长的股东，并与股东分享本公司 创造的价值。 新华财经北京8月27日电（记者高婷）26日，贝壳发布2025年第二季度财务业绩。同时，贝壳宣布已获 董事会批准对现有股份回购计划进行进一步扩大及延长，回购授权由30亿美元增加至50亿美元，回购计 划期限延长至2028年8月31日。 贝壳于今年二季度实现总交易额（GTV）8787亿元人民币，同比增长4 ...

格隆汇8月27日丨贝壳-W(02423.HK)发布公告，2025年8月26日耗资400万美元回购63.3万股。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年8月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（ ...

Core Insights - The housing rental market is experiencing significant growth due to fundamental demand changes and increasing industry regulations, creating unprecedented opportunities for rental companies [1][2] - The introduction of the Housing Rental Regulations aims to standardize the rental market, addressing issues such as false listings and unclear rental prices, thereby promoting a more organized rental environment [2][3] Industry Trends - The rental market in China is evolving into a "Big Rental Era," characterized by marketization, specialization, and diversification, driven by policy changes and market demands [3][4] - The population migration within urban and rural areas has created a substantial rental market base of 260 million renters [2] Company Strategy - Beike Huiju, a technology-driven rental service platform under Beike, is leveraging its "human-store network" and digital tools to achieve steady growth in the housing rental market [1][3] - The company is implementing a light asset management model that emphasizes transparency in pricing and services, aligning with the new regulations to enhance user experience for both landlords and tenants [5][6] Service Model - The light asset management model of Beike Huiju focuses on providing a one-stop service for property owners and professional management for tenants, ensuring a seamless rental experience [5][6] - This model addresses the growing demand for professional management and transparency in the rental process, which is increasingly important to renters [4][5] Operational Efficiency - Beike Huiju is enhancing operational efficiency through a dual focus on efficiency and service, utilizing a digital management system and a specialized service team to improve the rental process [6][7] - The company aims to reduce vacancy periods and increase tenant retention rates by optimizing its service delivery and leveraging its extensive network of agents and properties [8]

2025 年 08 月 27 日 贝壳-W (02423) ——经纪业务 GTV 稳健增长，多元赛道利润率持续修复 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（港币） | 50.55 | | 恒生中国企业指数 | 9148.66 | | 52 周最高/最低（港币） | 73.50/34.60 | | H 股市值（亿港币） | 1,805.75 | | 流通 H 股（百万股） | 3,430.14 | | 汇率（人民币/港币） | 1.0969 | 上 市 公 司 房地产 一年内股价与基准指数对比走势： -12% 38% 88% HSCEI 贝壳-W 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 投资要点： - ⚫ 25Q2 GTV 同比+5%、营收同比+1 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is actively expanding its core business and new business contributions are continuously increasing, leading to stable shareholder returns. The non-GAAP net profit forecasts for 2025-2027 have been slightly lowered due to market uncertainties and strategic adjustments in the home decoration business. The expected net profits are 7.17 billion, 8.27 billion, and 9.02 billion yuan respectively, with year-on-year growth rates of -0.7%, +15.3%, and +9.1% [6][7] Financial Summary and Valuation Metrics - For Q2 2025, the company's revenue reached 26 billion yuan, a year-on-year increase of 11.3%, which is in line with Bloomberg consensus expectations. The adjusted net profit was 1.82 billion yuan, a decline of 32.4% year-on-year, slightly above the consensus forecast [6] - The company’s revenue from existing homes decreased by 8.4% year-on-year, while the transaction volume for new homes grew by 8.5% year-on-year, indicating a strong channel advantage [6] - The company plans to expand its existing share repurchase program to 5 billion USD, extending it until August 31, 2028, which represents approximately 13.5% of the current market value [7] - The projected operating revenue for 2025 is 102.91 billion yuan, with a year-on-year growth of 10.1%. The non-GAAP net profit for 2025 is expected to be 7.17 billion yuan, with a net profit margin of 7.0% [8]

Investment Rating - The report maintains a "Buy" rating for the company [6][31] Core Views - The company reported a 2Q revenue growth of 11% year-on-year to 26 billion RMB, which is in line with market expectations [1] - The adjusted net profit reached 1.8 billion RMB, exceeding expectations by 3.5% [1] - The management has increased the share buyback program from 3 billion USD to 5 billion USD, indicating confidence in future growth [1][31] - The company is expected to benefit from new housing policies in major cities, which may catalyze market recovery in 4Q [1][14][31] Financial Performance - 2Q revenue breakdown shows a decline in existing home revenue by 8%, while new home revenue increased by 9% [1] - Home renovation revenue grew by 13%, driven by increased transaction volume and higher average order values [2] - The gross margin decreased by 6 percentage points to 21.9%, primarily due to lower profitability in existing home transactions [1] - The adjusted operating profit margin is projected to improve from 6% in 2Q to a long-term target of 7% [1][31] Business Segments - The home renovation segment is showing significant operational efficiency improvements, with a 70%+ increase in support volume per employee [2] - AI tools are enhancing productivity in the real estate brokerage segment, with a notable increase in the number of transactions handled by agents [3] - The rental business is expected to leverage AI to automate approximately 80% of standardized tasks, improving overall efficiency [3] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted downwards by 2.4%, 2.1%, and 2% respectively, reflecting a slower recovery in the real estate market [4][27] - The target price for the company has been raised to 25.21 USD, reflecting a shift from discount to premium valuation compared to global peers [31]

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

贝壳-W(02423)跌超4%，截至发稿，跌4.17%，报48.44港元，成交额3.25亿港元。 野村研报指出，贝壳第二季业绩符合预期，但第三季指引低于预期。管理层第三季收入指引为225亿至 230亿元人民币，较该行预估的233亿元为低，净利润率指引显著偏弱，约为4.5%，相当于第三季净利 润约10亿元人民币，而该行预估为18亿元人民币。 消息面上，贝壳发布2025年中期业绩，该集团取得净收入总额人民币493.39亿元(单位下同)，同比增加 24.13%；归属于贝壳控股有限公司的净利润21.57亿元，同比减少7.2%；归属于贝壳控股有限公司普通 股股东的每股基本净收益0.64元。值得一提的是，公司扩大并延长现有股份回购计划，回购授权从30亿 美元增加至50亿美元，回购计划期限延长至2028年8月31日。 ...