Core Viewpoint - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining basically flat year-on-year. The growth in revenue was primarily driven by new housing and rental businesses, while the lower profit growth was due to a decrease in the proportion of high-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [1][2]. Revenue Breakdown - In Q1 2025, revenue from existing housing, new housing, home decoration, and rental businesses was 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, with year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8%. The new housing and rental businesses were the main contributors to the rapid revenue growth [2]. - The overall gross margin for Q1 was 20.7%, down 4.5 percentage points year-on-year and down 2.3 percentage points from the previous quarter. This decline was mainly due to the reduced proportion of existing housing business in total revenue, which accounted for 29.5% in Q1, down 5.5 percentage points year-on-year [2]. Business Expansion - As of the end of Q1, the number of stores on the platform reached nearly 57,000, a year-on-year increase of 28.6%, and the number of agents reached nearly 550,000, a year-on-year increase of 24.3%. This continuous expansion of stores and agents contributed to a significant increase in the company's GTV, which totaled 843.7 billion yuan in Q1, a year-on-year increase of 34.0% [2]. - The GTV for existing housing transactions was 580.3 billion yuan, up 28.1% year-on-year, while new housing transactions reached 232.2 billion yuan, up 53.0%, significantly outperforming the national year-on-year decline of 2.1% in commodity housing sales [2]. Financial Position - As of the end of Q1, the company had a cash balance of 12.77 billion yuan, an increase of 11.6% from the end of 2024. In Q1, the company repurchased shares worth 140 million USD, accounting for 0.6% of the total share capital at the end of 2024, indicating a commitment to returning value to shareholders [3].

Core Viewpoint - The company reported a strong revenue growth of 42.4% year-on-year in Q1 2025, reaching 23.3 billion yuan, although adjusted net profit remained stable at 1.4 billion yuan, slightly exceeding expectations [1] Group 1: Revenue and Profitability - The company's GTV (Gross Transaction Value) for Q1 2025 was 843.7 billion yuan, reflecting a year-on-year increase of 34.0%, which supported stable revenue growth [1] - Revenue from various business segments showed significant growth: second-hand housing at 6.9 billion yuan (+20.0%), new housing at 8.1 billion yuan (+64.2%), home decoration at 2.9 billion yuan (+22.3%), rental at 5.1 billion yuan (+93.8%), while emerging and other businesses generated 0.3 billion yuan (-50.0%) [1] - The company's gross margin decreased by 4.5 percentage points to 20.7%, primarily due to a lower proportion of high-margin existing housing business and an increase in fixed salary costs relative to existing housing revenue [1] Group 2: Business Segment Performance - The second-hand housing business saw a total transaction value increase of 28.1% year-on-year to 580.3 billion yuan, supported by an expanding number of active stores and agents [2] - The number of active stores reached 55,000, a 29.6% increase year-on-year, while the number of active agents grew by 49,100, representing a 23.0% increase [2] - The new housing business transaction value surged by 53.0% year-on-year to 232.2 billion yuan, with the commission rate improving by 0.2 percentage points to 3.5% [2] - The home decoration business showed steady growth, with contribution margin increasing by 2.0 percentage points to 32.6%, indicating improvements in customer experience and efficiency [2] Group 3: Future Outlook and Valuation - The company is positioned as a leading player in the domestic brokerage industry, with potential for future earnings growth driven by increased turnover rates in the second-hand housing market and higher penetration rates in new housing brokerage [3] - The adjusted net profit forecasts for 2025-2027 are 9.7 billion yuan, 11.6 billion yuan, and 13.6 billion yuan, respectively, with corresponding EPS of 1.83 yuan, 2.36 yuan, and 2.91 yuan, and adjusted PE ratios of 16.3X, 14.4X, and 12.3X [3]

Financial Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion yuan, a year-on-year increase of 34.0% [1] - The company's net revenue reached 23.33 billion yuan, up 42.4% year-on-year, with a gross profit of 4.82 billion yuan, reflecting a 17.0% increase [1] - The net profit attributable to shareholders was 860 million yuan, a significant rise of 98.2% year-on-year, while the adjusted net profit was 1.39 billion yuan, showing a slight increase of 0.1% [1] Business Segments - The existing home transaction value was 580.3 billion yuan, growing by 28.1% year-on-year, with the second-hand home revenue at 6.87 billion yuan, up 20.0% [2] - New home transaction value reached 232.2 billion yuan, a remarkable increase of 53.0%, with new home revenue at 8.07 billion yuan, reflecting a 64.2% rise [2] - The company’s home decoration and furniture segment generated net revenue of 2.95 billion yuan, up 22.3% year-on-year, while the rental services segment achieved net revenue of 5.09 billion yuan, a 93.8% increase [3] Operational Metrics - The number of active stores increased to 55,210, a year-on-year growth of 29.6%, and the number of active agents reached 491,000, up 23.0% [2] - The contribution profit margin for the existing home business was 38.1%, down 6.4 percentage points year-on-year, while the new home business had a contribution profit margin of 23.4%, up 1.1 percentage points [2] Strategic Outlook - The company is focusing on enhancing its brokerage business and has established a strong platform barrier, aiming to reshape the underlying framework of brokerage and lock in housing resources [4] - Future growth is expected from home decoration, rental services, and leveraging big data to expand business dimensions [4] - The company maintains a positive outlook on its market share growth and profitability across various segments, with projected net profits for 2025-2027 being 6.2 billion, 7.5 billion, and 9.1 billion yuan respectively [4]

Core Viewpoint - Beike (NYSE: BEKE, 02423.HK) reported strong financial performance for Q1 2025, driven by positive market conditions and strategic focus on AI applications [2][3]. Financial Performance - Total Gross Transaction Value (GTV) reached 843.7 billion yuan, a year-on-year increase of 34.0% [2]. - Net revenue was 23.3 billion yuan, up 42.4% year-on-year [2]. - Net profit stood at 855 million yuan, reflecting a significant growth of 98% [2]. - The revenue from existing home business grew by 20.0%, while new home business revenue surged by 64.2% [2]. - Non-real estate transaction services revenue increased by 46.2%, accounting for 35.9% of total net revenue [2][8]. Market Trends - The real estate market continued to benefit from policies implemented in September 2024, with new home GTV increasing by 53% [4]. - Existing home GTV reached 580.3 billion yuan, a 28.1% increase year-on-year [4]. - The overall supply-demand relationship in the market improved, contributing to increased transaction volumes [4]. Strategic Focus - The company plans to balance growth and efficiency, with a strong emphasis on AI investments [3][5]. - Management aims to enhance collaboration with developers and improve service efficiency through various tools and platforms [5][6]. - AI tools such as "Buding" for consumers and various assistants for agents are being deployed to improve matching efficiency and service quality [6][7]. Non-Real Estate Business Growth - Non-real estate transaction services saw a net revenue increase of 46.2%, with home decoration and furniture services performing well [8]. - Home decoration services generated 2.9 billion yuan in revenue, a 22.3% increase, with a profit margin of 32.6% [8]. - Rental service revenue reached 5.1 billion yuan, a remarkable growth of 93.8% year-on-year, supported by an increase in managed properties [8].

FF305 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 。 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's brokerage business revenue has shown impressive growth, and profit margins across various segments are steadily recovering [7] - The company has a strong market position in the brokerage sector, with significant increases in transaction volumes and active agents [7] - The company is expected to benefit from its diversified business model, including home decoration and rental services, which are projected to contribute to future growth [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 77,777 million - 2024: 93,457 million - 2025E: 110,740 million - 2026E: 122,649 million - 2027E: 135,786 million - Year-on-year growth rates for revenue are projected at: - 2023: 28% - 2024: 20% - 2025E: 18% - 2026E: 11% - 2027E: 11% [3][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5,883 million - 2024: 4,065 million - 2025E: 6,201 million - 2026E: 7,544 million - 2027E: 9,121 million - Year-on-year growth rates for net profit are projected at: - 2023: -524% - 2024: -31% - 2025E: 53% - 2026E: 22% - 2027E: 21% [3][8] - Earnings per share (EPS) estimates are: - 2023: 1.63 - 2024: 1.15 - 2025E: 1.77 - 2026E: 2.15 - 2027E: 2.60 [3][8] Business Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion, a year-on-year increase of 34.0% [7] - The breakdown of Q1 2025 transaction values includes: - Existing home transactions: 580.3 billion (up 28.1%) - New home transactions: 232.2 billion (up 53.0%) [7] - The company achieved a net income of 23.33 billion in Q1 2025, reflecting a year-on-year increase of 42.4% [7] - The number of active stores and agents has increased significantly, with 55,210 active stores (up 29.6%) and 491,000 active agents (up 23.0%) as of Q1 2025 [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 23.3 billion yuan in Q1 2025, representing a year-on-year growth of 42.4%, with adjusted net profit of 1.4 billion yuan, slightly exceeding expectations [8] - The company's GTV (Gross Transaction Value) reached 843.7 billion yuan, up 34.0% year-on-year, indicating stable revenue growth [8] - The report highlights a decline in gross margin by 4.5 percentage points to 20.7%, primarily due to a decrease in the proportion of high-margin existing home business revenue and an increase in fixed salary costs [8] - The number of active stores and agents has expanded significantly, with active stores increasing by 29.6% year-on-year to 55,000 and active agents growing by 23.0% to 490,000 [8] - The new home business saw a transaction value of 232.2 billion yuan, a substantial increase of 53.0% year-on-year, with commission rates improving by 0.2 percentage points to 3.5% [8] - The home decoration business is steadily growing, with profit margins increasing by 2.0 percentage points to 32.6% [8] - The report projects adjusted net profits for 2025-2027 at 9.7 billion, 11.6 billion, and 13.6 billion yuan respectively, with corresponding EPS of 1.83, 2.36, and 2.91 yuan, and adjusted PE ratios of 16.3X, 14.4X, and 12.3X [8] Financial Summary - Total revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 77.8 billion, 93.5 billion, 109.6 billion, 127.5 billion, and 147.4 billion yuan respectively, with year-on-year growth rates of 28.20%, 20.16%, 17.30%, 16.30%, and 15.60% [1] - The company's net profit for 2023A, 2024A, 2025E, 2026E, and 2027E is projected at 5.9 billion, 4.1 billion, 6.6 billion, 8.5 billion, and 10.5 billion yuan, with year-on-year growth rates of 524.45%, -30.91%, 62.10%, 28.96%, and 23.48% [1] - Non-GAAP net profit estimates for the same periods are 9.8 billion, 7.2 billion, 9.7 billion, 11.6 billion, and 13.6 billion yuan, with year-on-year growth rates of 244.70%, -26.41%, 34.53%, 19.73%, and 17.23% [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $27.02 [6][22]. Core Insights - The company reported a significant revenue increase of 42% year-on-year to RMB 23.3 billion in Q1, exceeding consensus expectations by 4% [1][11]. - The growth in revenue was driven by substantial increases in the new home and rental segments, with new home revenue growing by 64% year-on-year [1][2]. - The company is expected to achieve breakeven in its home renovation business in Q2, supported by improved operational efficiency and AI tools [2][12]. Revenue and Profitability - The revenue breakdown shows that existing home, new home, home renovation, and rental revenues grew by 20%, 64%, 22%, and 64% year-on-year, respectively [1][2]. - The adjusted net profit for Q1 was RMB 1.4 billion, a slight increase of 0.1% year-on-year, despite a decline in gross margin to 20.7% [1][4]. - The company anticipates continued improvement in net profit margins as agent efficiency and cost ratios optimize [1][3]. Business Segments Performance - The existing home segment's gross transaction value (GTV) increased by 28% year-on-year, outperforming the national average growth of 16% [2][11]. - The new home segment's GTV grew by 53% year-on-year, significantly higher than the national new home sales, which remained flat [2][11]. - The home renovation segment is expected to achieve profitability in Q2, with a notable increase in order volume and efficiency [12][14]. AI and Operational Efficiency - The implementation of AI tools has led to significant improvements in agent productivity, with transaction rates increasing by over 30% [3][13]. - AI capabilities are being integrated across various business functions, enhancing operational efficiency and customer satisfaction [13][14]. - The company is focusing on leveraging AI to streamline processes in home renovation and real estate transactions, which is expected to drive future growth [14][16]. Financial Forecasts - Revenue forecasts for 2025-2027 have been adjusted upwards by 4.5%, 4%, and 0.6%, respectively, reflecting anticipated efficiency improvements and market growth [4][18]. - The adjusted net profit estimates for 2025, 2026, and 2027 are projected at RMB 82 billion, RMB 99 billion, and RMB 119 billion, respectively [4][18]. - The target price of $27.02 corresponds to a 27x PE ratio for 2025, indicating a premium valuation compared to peers [22][23].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a stable revenue growth with adjusted profits slightly exceeding expectations for Q1 2025, achieving a revenue of 23.3 billion yuan, a year-on-year increase of 42.4% [8] - The company's GTV (Gross Transaction Value) reached 843.7 billion yuan, up 34.0% year-on-year, driven by growth in various business segments [8] - The report highlights the expansion of the second-hand housing market and the increase in active stores and agents, with a 28.1% year-on-year growth in total transaction value for second-hand housing [8] - The new housing business also saw significant growth, with transaction value increasing by 53.0% year-on-year, and a slight improvement in commission rates [8] - The home decoration business is steadily developing, with profit margins improving [8] - Future performance is expected to benefit from the increasing turnover rate in the second-hand housing market and the growth of the home decoration business, with projected adjusted net profits for 2025-2027 being 9.7 billion, 11.6 billion, and 13.6 billion yuan respectively [8] Financial Summary - The company’s total revenue is projected to grow from 77.8 billion yuan in 2023 to 147.4 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.6% [1] - The adjusted net profit is expected to increase significantly from 5.9 billion yuan in 2023 to 10.5 billion yuan in 2027, reflecting a strong growth trajectory [1] - The report provides earnings per share (EPS) estimates of 1.63 yuan for 2023, increasing to 2.91 yuan by 2027 [1]

Core Viewpoint - Beike (BEKE.US) reported strong Q1 2025 financial results, exceeding market expectations, with significant growth in both existing and new home transactions, as well as rapid expansion in non-property services [1][2]. Financial Performance - In Q1 2025, Beike achieved a total transaction volume of 843.7 billion RMB, a year-on-year increase of 34%, and total revenue of 23.3 billion RMB, up 42.4% year-on-year [1]. - The existing home business generated a transaction volume of 580.3 billion RMB, a 28.1% increase year-on-year, with net income of 6.9 billion RMB, up 20.0% [2]. - The new home business saw a transaction volume of 232.2 billion RMB, a 53.0% increase year-on-year, with net income of 8.1 billion RMB, up 64.2% [2]. - Non-property services reported a net income growth of 46.2% year-on-year, accounting for 35.9% of total net income, with rental services net income reaching 5.1 billion RMB, a 93.8% increase [3]. Profitability - Beike's net profit for Q1 2025 was 0.855 billion RMB, a 97.9% increase year-on-year, while adjusted net profit was 1.393 billion RMB, remaining stable year-on-year [3]. - The gross margin decreased from 25.2% in the previous year to 20.7%, attributed to a lower contribution from the higher-margin existing home business and increased fixed salary costs [3]. Market Context - The positive performance is linked to a series of policies aimed at stabilizing the real estate market, which have led to favorable conditions in both new and second-hand home markets [3]. - Beike's CEO expressed confidence in the company's long-term growth strategy and ongoing investments in AI applications [3]. Investor Reaction - Despite the strong performance, Beike's stock fell by 5.29% to $19.16 per share on May 15, 2025, with H-shares also showing a slight decline [4]. - This negative reaction may be related to conservative guidance for Q2 2025, with expected revenue of 26 billion RMB, which is 10% lower than UBS's forecast [5]. Future Outlook - Beike anticipates a conservative growth outlook for Q2 2025, with second-hand home transaction volume expected to remain flat year-on-year and new home transaction volume projected to grow by 10% [5]. - The company expects home decoration and rental income to grow by double digits and 70% year-on-year, respectively [5].