Summary of the Conference Call for "I Love My Home" (2025) Company Overview - **Company**: I Love My Home - **Industry**: Real Estate Brokerage and Asset Management Key Financial Performance - **Brokerage Business**: Revenue increased by 13.57% year-on-year to 2 billion CNY, with a gross margin of 22.82%, up by 0.13 percentage points, driven by growth in existing home transactions in core cities and a slight increase in commission rates to 1.6%-1.7% [2][4] - **Asset Management**: Managed scale grew by 9% to 319,000 units, with an occupancy rate of 95.2%. Rental GDP slightly increased by 0.2% to 8.62 billion CNY. The new product "Encounter Preferred" saw a revenue decline of 17.4% but improved gross margin to 14.05% [2][5] - **New Home Business**: Revenue rose by 24% to 469 million CNY, with a gross margin of 3.42%, up by 0.06 percentage points. GDP increased by 32.6% to 18.3 billion CNY, benefiting from strategic adjustments and market stabilization [2][5] - **Net Profit**: The net profit attributable to shareholders was approximately 40 million CNY, a 30% increase year-on-year. The non-recurring net profit was close to 50 million CNY, over 200% growth, mainly due to the recovery in the second-hand housing market and cost control [2][6] Business Segment Performance - **Brokerage Business**: Achieved revenue of 2 billion CNY, with a gross margin of 22.82%. Core city transactions maintained double-digit growth, and commission rates slightly increased [4][12] - **Asset Management**: Management scale reached 319,000 units, with an average rental period reduced to 8.8 days and an occupancy rate of 95.2% [5] - **New Home Business**: Revenue growth of 24% and significant GDP growth of 32.6% [5][12] Market and Industry Insights - **Market Recovery**: The company believes the most challenging period has passed, with expectations for continued growth in 2025 driven by the recovery in the second-hand housing market, particularly in first-tier cities [7] - **New Home Market**: Despite an overall decline in the new home market, the company achieved over 30% GDP growth by focusing on risk control and efficiency improvements [8] - **Transaction Volume**: The company expects double-digit growth in transaction volume for 2025, with price trends dependent on future policy effects and market performance [2][13] Strategic Adjustments - **New Product "Encounter Preferred"**: This product uses a net income recognition method, reducing risk exposure and improving profitability through management fees paid by owners [22][23] - **Expansion Strategy**: The company shifted from a conservative to an expansion strategy in the new home business, with significant growth in revenue and a focus on diverse project participation [21] Future Outlook - **Performance Expectations**: The company anticipates better performance in the second half of 2025 compared to the first half, with expectations for improved operational performance and reduced non-operating factors [26] - **Market Conditions**: The overall market is expected to stabilize with potential policy adjustments, including interest rate cuts, to stimulate demand [15][18] Additional Insights - **Commission Rates**: The average commission rate for buying and selling business was between 1.6% and 1.7%, with a notable contribution from Beijing [10][11] - **Impact of Policy Changes**: Recent policy changes in Beijing and Shanghai have had limited effects, with marginal improvements in transaction volume expected [15][16] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic adjustments, and market outlook.

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and anticipates supportive policies to be introduced [3] - The central government has consistently highlighted the need to stabilize both the real estate and stock markets since September 2024, indicating a focus on maintaining social expectations and facilitating domestic demand circulation [5][46] Summary by Sections 1. Market Performance - The Shanghai Composite Index rose by 3.5%, the Shenzhen Component Index by 4.6%, the ChiNext Index by 5.9%, and the CSI 300 Index by 4.2% during the week, while the real estate sector (Shenwan) increased by 0.5% [5][8] - Notable stock performances included ST Zhongdi (+17.2%), Shen Shen Fang A (+14.4%), and Heimu Dan (+13.3%) among the top gainers, while Quzhou Development (-11.7%) and *ST Nan Zhi (-11.1%) were among the biggest losers [5][8] 2. Data Tracking 2.1 New Home Transactions - In the week of August 16-22, new home transactions in 42 key cities totaled 1.68 million square meters, a 19.5% increase from the previous week but a 22.4% decrease year-on-year [13] - For August up to the week of August 22, new home transactions totaled 4.75 million square meters, reflecting a 4.0% decrease month-on-month and a 19.6% decrease year-on-year [19] 2.2 Second-Hand Home Transactions - In the same week, second-hand home transactions in 21 key cities reached 1.91 million square meters, a 7.2% increase from the previous week and an 8.0% increase year-on-year [29] - For August up to the week of August 22, second-hand home transactions totaled 5.73 million square meters, a 3.8% decrease month-on-month but a 0.8% increase year-on-year [33] 3. Industry News - The State Council, led by Li Qiang, emphasized the need for strong measures to stabilize the real estate market and promote urban renewal [43] - The People's Bank of China held a meeting to strengthen macro-prudential management of real estate finance [43] - Various cities are implementing supportive measures, such as lowering down payment ratios and increasing loan limits for homebuyers [43] 4. Company Announcements - Green Town China reported a net profit of 210 million yuan for the first half of 2025, a decrease of 89.7% year-on-year [46] - Vanke A reported a net loss of 11.95 billion yuan for the same period, a 21.3% decrease year-on-year [46] - China Overseas Development issued bonds totaling 8 billion yuan at a 1.6% interest rate for three years [46]

Core Viewpoint - The real estate market is gradually stabilizing and recovering under continuous policy optimization, with I Love My Home Group showing significant growth in its mid-year financial report, indicating a promising future for the company as a leading player in the industry [1][12]. Financial Performance - In the first half of the year, I Love My Home Group achieved a net profit attributable to shareholders of 38.4 million yuan, a year-on-year increase of 30.8%, and a non-recurring net profit of 49.9 million yuan, a substantial increase of 213.89% compared to the same period last year [1]. Business Model Stability - The residential service industry operates on a "light asset, heavy operation" model, providing inherent cash flow advantages and business resilience against market cycles [3][5]. - I Love My Home's revenue primarily comes from transaction commissions and asset management service fees, which mitigates risks associated with land value fluctuations and inventory depreciation [5]. Revenue Structure - The company has diversified its revenue sources across brokerage, asset management, and new housing, with brokerage business GTV growing by 10.5%, asset management GTV increasing by 0.2%, and new housing GTV rising by 32.6% in the first half of the year [5][10]. Operational Efficiency - I Love My Home has established standardized service processes and training systems nationwide, enhancing operational efficiency and reducing marginal costs of business expansion [6]. - The company has a well-defined governance structure and effective internal control systems to manage risks and ensure stable operations [6]. Brand Strength - With 25 years of market presence, I Love My Home has a strong brand recognition and influence, which attracts customers and talent, reinforcing market confidence [7]. Competitive Advantage in the Stock Market - The Chinese real estate market is transitioning from incremental development to stock operation, with the stock market expected to reach 7-8 trillion yuan by 2024 and surpass 10 trillion yuan by 2030 [8]. - I Love My Home's brokerage business generated 2.032 billion yuan in revenue, a year-on-year increase of 13.57%, supported by its deep market penetration in core cities [8][9]. Asset Management Business - The asset management segment, represented by the rental brand "Xiangyu," manages 319,000 units, a 9% increase from the previous year, providing stable cash flow and service income [9][10]. - The synergy between the asset management and brokerage businesses allows for comprehensive customer value extraction throughout the customer lifecycle [10]. Future Outlook - The current policy environment is favorable for real estate, with the government aiming to stabilize the market, which presents both short-term recovery opportunities and long-term growth potential for leading companies like I Love My Home [12][13]. - The ongoing structural transformation in the residential service industry is expected to enhance the competitive advantages of leading firms, with I Love My Home benefiting from its extensive network and digital platform investments [13][14]. Strategic Expansion - I Love My Home is expanding its service boundaries by collaborating with major companies to create a comprehensive living service ecosystem, enhancing customer loyalty and diversifying revenue streams [11][14].

Market Overview - On August 27, the real estate service sector declined by 3.12%, with Zhongtian Service leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.59, down 5.41% with a trading volume of 127,200 shares and a transaction value of 73.12 million yuan [1] - Te Fa Service (300917) closed at 47.19, down 5.24% with a trading volume of 90,900 shares and a transaction value of 4.42 billion yuan [1] - World Union (002285) closed at 2.46, down 4.28% with a trading volume of 557,400 shares and a transaction value of 140 million yuan [1] - New Dazheng (002968) closed at 10.76, down 4.01% with a trading volume of 78,500 shares and a transaction value of 86.23 million yuan [1] - Pearl River Shares (600684) closed at 4.90, down 3.92% with a trading volume of 395,200 shares and a transaction value of 19.87 million yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 201 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] Detailed Capital Flow for Selected Stocks - World Union (002285) had a net inflow of 2.29 million yuan from institutional investors, but a net outflow of 6.79 million yuan from retail investors [2] - Zhongtian Service (002188) saw a net inflow of 1.41 million yuan from institutional investors, with a net outflow of 7.84 million yuan from retail investors [2] - Pearl River Shares (600684) experienced a significant net outflow of 50.69 million yuan from institutional investors, while retail investors had a net inflow of 42.35 million yuan [2] - Te Fa Service (300917) had a net outflow of 52.61 million yuan from institutional investors, with a net inflow of 46.53 million yuan from retail investors [2]

房地产/房地产服务 我爱我家（000560.SZ） 业绩表现同比大幅改善，多重举措助力业绩修复 2025 年 08 月 27 日 投资评级：增持（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 3.17 | | 一年最高最低(元) | 4.29/2.23 | | 总市值(亿元) | 74.67 | | 流通市值(亿元) | 71.51 | | 总股本(亿股) | 23.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 322.43 | 股价走势图 -30% 0% 30% 60% 90% 2024-08 2024-12 2025-04 我爱我家 沪深300 数据来源：聚源 相关研究报告 《净利润扭亏为盈，整体 GTV 小幅增 长—公司信息更新报告》-2025.4.10 《归母净利润扭亏为盈，在管房源同 比增长 — 公 司 信 息 更 新 报 告 》 -2025.1.24 《归母净利润由负转正，GTV 数据全 线修复 — 公 司 信 息 更 新 报 告 》 -2024.10.31 | 齐东（分析师） | 胡耀文（分析师） | 杜 ...

Core Viewpoint - The real estate market shows signs of recovery in the first half of 2025, driven by favorable policies and the release of rigid demand, with I Love My Home Group reporting significant growth in revenue and profit amidst industry adjustments [1][6]. Financial Performance - I Love My Home Group achieved a revenue of 5.658 billion yuan and a net profit of 38.4 million yuan, marking a year-on-year growth of 30.8% and a non-net profit of 49.9171 million yuan, up 213.89% [1][5]. - The company's three main business segments performed well, with the brokerage business generating 2.032 billion yuan in revenue, a 13.57% increase, and a gross transaction value (GTV) of approximately 110.8 billion yuan, up 10.5% [3][4]. - The asset management business managed 319,000 units, a 9% increase year-on-year, with an average rental turnover time of 8.8 days and a rental rate of 95.2% [3][4]. Market Environment - The real estate market is experiencing a recovery, with new home sales area declining by only 3.5% year-on-year, and significant increases in second-hand home transactions in major cities [7][11]. - The central government has implemented supportive policies, including interest rate cuts, to stimulate market confidence and demand [6][11]. Strategic Positioning - The company focuses on core first-tier and new first-tier cities, with nearly 3,000 operational stores and 31,000 agents, allowing it to capture market recovery signals effectively [8][13]. - I Love My Home has positioned itself as a "most affordable public real estate service platform," enhancing customer satisfaction and emotional connection through branding initiatives [8][9]. Operational Efficiency - The company has improved operational efficiency, with a 23% increase in monthly active users on its app and a 100% increase in online listings [8][9]. - Cost control measures have led to a reduction in management expenses by 18.92%, supporting net profit growth [4][5]. Future Outlook - The company is well-positioned to lead in the upcoming transformation of the real estate market, with supportive policies and a focus on urban renewal as new growth engines [11][12]. - The market for existing homes is expected to grow significantly, with transaction volumes projected to exceed 10 trillion yuan by 2030, providing ample opportunities for companies focused on this segment [12][13].

2025年8月27日，我爱我家(000560.SZ)发布2025年中报。 公司最新总资产周转率为0.20次，在已披露的同业公司中排名第5。最新存货周转率为23.70次，在已披露的同业公司中排名第5。 公司股东户数为9.52万户，前十大股东持股数量为9.17亿股，占总股本比例为38.91%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 西藏太和先机投资管理有限公司 | 17.4 | | 2 | 天津东银玉衡企业管理咨询中心(有限合伙) | 7.43 | | 3 | 谢勇 | 5.52 | | ব | 天津海立方舟投资管理有限公司 | 3.10 | | 5 | 陈嘉华 | 1.19 | | 6 | 玄元私募基金投资管理(广东)有限公司-玄元科新243号私募证券投资基金 | 1.08 | | 7 | 香港中央结算有限公司 | 1.06 | | 8 | 中国工商银行股份有限公司-南方中证全指房地产交易型开放式指数证券投资基 非 | 0.89 | | ਰੇ | 中国工商银行-嘉实策略增长混合型证券投资基金 | 0.64 | | 10 | 上海浦东发展 ...

证券日报网讯8月26日晚间，我爱我家（000560）发布公告称，公司董事会收到独立董事常明先生的书 面辞职报告，常明先生因个人原因暂无法正常履职，申请辞去公司第十一届董事会独立董事及各专门委 员会委员职务。辞职后，常明先生将不再担任公司任何职务。 ...

Core Insights - The company reported a total revenue of 5.658 billion yuan for the first half of 2025, representing a year-on-year decrease of 2.69% [1] - The net profit attributable to shareholders reached 38.4 million yuan, showing a year-on-year increase of 30.8% [1] Brokerage Business - The brokerage business generated revenue of 2.032 billion yuan, reflecting a year-on-year growth of 13.57% [1] - The gross profit margin for the brokerage business was 22.82%, an increase of 0.13 percentage points year-on-year [1] - The gross transaction value (GTV) for the brokerage business was approximately 110.8 billion yuan, up 10.5% year-on-year [1] Total Housing Transactions - The total housing transaction amount (GTV) for the company was about 137.5 billion yuan, which is an increase of approximately 9.9% year-on-year [1] - The total number of domestic operating stores was around 2,626, including 2,125 direct stores and 501 franchise stores [1] - The total number of brokers exceeded 31,000 [1] New Housing Business - The new housing business achieved revenue of 469 million yuan, a year-on-year increase of 24.32% [1] - The gross profit margin for the new housing business was approximately 13.42%, up 0.06 percentage points year-on-year [1] - The GTV for the new housing business was about 18.3 billion yuan, reflecting a year-on-year growth of 32.6% [1] Asset Management Business - The asset management business recorded a GTV of approximately 8.62 billion yuan, a slight increase of 0.2% year-on-year [1] - The revenue from the asset management business was 2.703 billion yuan, showing a year-on-year decline of 17.41% [1] - The gross profit margin for the asset management business was -5.37% [1] - As of the end of the reporting period, the company managed a total of 319,000 housing units across cities such as Beijing, Shanghai, Hangzhou, Suzhou, and Guangzhou, representing a year-on-year increase of approximately 9% [1]

我爱我家前身为昆明百货大楼（集团）股份有限公司，经昆明市经济体制改革委员会昆体改[1992]33号 文批准，由昆明百货大楼为独立发起人，以定向募集方式设立，于1992年11月30日注册登记，注册资本 9000万元。1993年向社会公众公开发行3000万股普通股，并于1994年2月2日在深圳证券交易所上市。 2018年公司名称变更为我爱我家控股集团股份有限公司，目前注册资本为235,550.0851万元。 股份发行与变动历程 公司的股份发行和变动经历了多个阶段。1992年设立时，昆明百货大楼以资产净值折股投入，后经多次 股份转让，控股股东历经变更，从昆明百货大楼到华夏西部经济开发有限公司，再到西藏太和先机投资 管理有限公司，实际控制人变更为谢勇先生。公司还进行了多次配股、增发和转增股本等操作，如1995 年配股新增1440万股，2017年非公开发行股份购买资产和募集配套资金等，最终股份总数达到 235,550.0851万股。 近日，我爱我家控股集团股份有限公司发布公告称，经2025年8月25日召开的第十一届董事会第十二次 会议审议修订了公司章程，该修订尚需提交2025年第一次临时股东大会审议。 公司基本情况 公 ...