Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a significant turnaround in its financial performance for 2024, with a projected net profit of approximately 70 million to 100 million yuan, compared to a loss of 848 million yuan in 2023. The non-GAAP net profit is expected to be around 47 million to 70 million yuan, compared to a loss of 752 million yuan in the previous year [3][4] - The improvement in performance is attributed to several factors, including a strong recovery in the second-hand housing market, strict cost control, asset sales, the end of negative impacts from employee stock ownership plans, and a reduction in non-operating losses [4][5] Financial Performance Summary - The company forecasts a revenue of 12,769 million yuan for 2024, representing a year-on-year growth of 5.6%. The net profit is expected to be 95 million yuan, a significant recovery from the previous year's loss [9][12] - The projected earnings per share (EPS) for 2024 is between 0.0297 and 0.0425 yuan, compared to -0.3601 yuan in 2023. The price-to-earnings (P/E) ratio for 2024 is estimated at 77 times [3][9] - The company aims to maintain a focus on core cities to enhance operational efficiency, with a target of managing 303,000 rental properties by the end of 2024, reflecting an 11.8% year-on-year increase [5][6] Business Strategy and Market Position - The company is concentrating on core cities, closing underperforming stores in non-core areas, and enhancing market share in key cities like Beijing and Hangzhou. The second-hand housing market's recovery is expected to boost brokerage revenue [5][6] - A strategic partnership with JD Logistics is anticipated to create new revenue streams through community services and supply chain collaborations [5][6]

Summary of Conference Call Notes Company Overview - The company discussed is "我爱我家" (Wo Ai Wo Jia), a real estate service provider in China, focusing on the second-hand housing market. Key Points and Arguments Industry Performance - The second-hand housing market in major cities like Beijing, Shanghai, and Hangzhou has shown significant recovery post-Spring Festival, with transaction volumes increasing by 80%-90% in Beijing, 200% in Shanghai, and 40%-50% in Hangzhou compared to the previous year [2][4] - The average transaction price for second-hand homes in Beijing rose to 48,500 CNY per square meter, marking a 0.8% month-on-month increase and a cumulative increase of approximately 10% since September 2024 [3][4] Company Financial Performance - In 2024, the company achieved a revenue of approximately 115-120 billion CNY, a year-on-year growth of 3%, and turned a profit with a net profit attributable to shareholders of 70 million to 100 million CNY [2][4] - The company’s net profit margin improved significantly, with a reduction in goodwill impairment and a decrease in sales expenses contributing to the turnaround from a loss of 850 million CNY in 2023 [6][7] - The fourth quarter of 2024 saw a net profit of 60 million to 90 million CNY, driven by a substantial increase in transaction volumes [4][5] Future Market Outlook - The real estate market is expected to see volume growth with stable prices or simultaneous increases in both volume and price in 2025, with predictions of a 14% increase in Beijing's transaction volume and a 10% increase in Shanghai [8][9] - The company anticipates that housing prices will stop declining and may see slight increases, positively impacting revenue and profit [8] Strategic Focus - The company plans to concentrate on its core business in the second-hand housing market, aiming to enhance operational efficiency and market share through improved store performance and agent productivity [9][10] - The target market share in Beijing is set to increase from 15% to 20%-25% over the next 3-5 years, while in Shanghai, the goal is to grow from 4.7% to 10%-15% [10][11] Cost Management and Innovation - The company aims to reduce costs through optimizing store leases, personnel structure, and overall operational efficiency, with a projected cost reduction of 150-200 million CNY compared to previous years [10][11] - There is a focus on technological innovation to enhance business model efficiency and competitiveness, with plans to explore new revenue streams through partnerships with leading renovation companies [10][11] Rental Market Insights - The rental market remains stable despite a slight decline in rental prices, with the company managing 300,000 rental units by the end of 2024, reflecting a 10% increase from the previous year [14] - The demand for school district housing remains strong, indicating potential growth in this segment [12][13] Long-term Goals - The company aims to maintain a market share of 5%-10% in other cities like Nanjing and Suzhou while focusing on expanding its presence in core cities [11][12] Additional Important Insights - The company’s recovery is attributed to a combination of reduced impairment losses, increased revenue from core operations, and government subsidies [6][7] - The overall sentiment in the real estate market is cautiously optimistic, with potential for sustained growth as consumer confidence improves [8][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Views - The company has turned its net profit from loss to profit, with a significant increase in managed properties year-on-year [6][8] - The expected net profit for 2024 is approximately between 0.7 billion to 1 billion yuan, indicating a substantial recovery compared to previous losses [7] - The company has implemented cost control measures and benefited from a recovery in the second-hand housing market, particularly in core first-tier cities [7][8] Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 0.8 billion, 1.6 billion, and 2.7 billion yuan respectively, with corresponding EPS of 0.03, 0.07, and 0.11 yuan [6][10] - The total revenue for 2024 is estimated at 12.563 billion yuan, with a year-on-year growth of 3.9% [10] - The gross margin is expected to improve to 14.6% in 2024, with a net margin of 0.6% [10][15] Operational Highlights - The company’s managed properties under the "Xiangyu" brand have reached 303,000 units, reflecting a year-on-year growth of 11.8% [8] - The company has successfully reduced operational costs, with significant decreases in sales expenses due to prior investments no longer impacting the current financials [7][8]

Financial Performance - The company expects a net profit attributable to shareholders of approximately 70 million to 100 million yuan for 2024, a significant turnaround from a loss of 84.83 million yuan in the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 47 million and 70 million yuan, compared to a loss of 75.21 million yuan in 2023[3]. - Basic earnings per share are anticipated to be between 0.0297 yuan and 0.0425 yuan, recovering from a loss of 0.3601 yuan per share in the previous year[3]. Cost Management - The company has implemented strict cost control measures, leading to a reduction in operating costs, including rent, decoration, and sales expenses, contributing to improved profitability[6]. - The company has completed the amortization of share-based payment expenses related to its second employee stock ownership plan, eliminating its negative impact on net profit[7]. Asset Management - The sale of assets related to the New Era Hotel in Kunming is expected to positively impact the 2024 net profit by approximately 79 million yuan, enhancing asset quality and operational efficiency[7]. Market Strategy - The company is focusing on enhancing its market share in core cities while closing underperforming stores in non-core areas to improve overall profitability[9]. - The company has entered into strategic partnerships with leading companies in the renovation sector to explore new revenue growth opportunities[9]. Industry Trends - The ongoing recovery in the domestic real estate market, supported by favorable government policies, has positively influenced the company's performance in core first-tier cities[6]. - The company’s rental business under the Xiangyu brand has seen a year-on-year increase of 11.8%, with managed housing units reaching 303,000 by the end of 2024[10].

证券代码：000560 证券简称：我爱我家 公告编号：2025-002 号 我爱我家控股集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述及审批情况 我爱我家控股集团股份有限公司（以下简称"公司"、"本公司"）于 2024 年 4 月 24 日和 2024 年 5 月 20 日分别召开第十一届董事会第七次会议暨 2023 年 度董事会和 2023 年年度股东大会，审议通过了《关于 2024 年度为子公司债务融 资提供担保额度的议案》,同意公司 2024 年度为子公司债务融资提供不超过 40 亿 元的担保额度，其中，为资产负债率低于 70%的子公司提供担保的预计额度不超过 31.90 亿元，为资产负债率超过 70%的子公司提供担保的预计额度不超过 8.10 亿 元。其中，公司为全资子公司昆明百货大楼（集团）家电有限公司（以下简称"昆 百大家电"）提供的担保额度为 20,000 万元。股东大会授权董事会安排经营管理 层根据各子公司主营业务经营情况按步骤实施其所需的融资担保额度，并在符合 规定的被担 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 我爱我家控股集团股份有限公司（以下简称"本公司"或"公司"）于2024 年11月30日在巨潮资讯网披露了《关于高级管理人员减持股份的预披露公告》（公 告编号：2024-059号）。公司高级管理人员高晓辉女士持有公司股份3,599,706 股，占公司总股本的0.15%，计划自股份减持计划预披露之日起15个交易日后的 三个月内以集中竞价方式减持本公司股份不超过899,900股（含本数），不超过 公司总股本比例的0.04%。 公司于近日收到高级管理人员高晓辉女士出具的《股东减持股份实施情况告 知函》，截至2024年12月26日收盘，上述股份减持计划已实施完毕。根据《上市 公司股东减持股份管理暂行办法》《上市公司董事、监事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第18号— —股东及董事、监事、高级管理人员减持股份》等相关规定，现将有关情况公告 如下： 一、股东减持情况 | 股东名 | 减持方式 | | | 减持期间 | | | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 4.0-4.4 yuan, representing a 12%-23% upside from the current price [2][4] Core Views - The company is well-positioned to benefit from the shift towards secondary housing transactions, driven by policy tailwinds and long-term industry trends [2] - Secondary housing transactions accounted for 41% of national residential transaction value in 2023, up 11 percentage points from 2021 [2] - The company has a leading market position with 2,613 operating stores and approximately 30,000 agents as of Q3 2024 [2] Business Overview - The company operates three main businesses: brokerage (78% of GTV), new home sales (16%), and asset management (6%) [2] - Brokerage is the core business with a 3.1% market share and 1.8% commission rate, contributing ~90% of revenue from key cities like Beijing, Shanghai, and Hangzhou [2] - The asset management business, primarily through the "Xiangyu" brand, has grown steadily with 304,000 managed units as of Q3 2024 [2] Financial Performance - The company achieved a turnaround in 2024, with Q1-Q3 net profit of 10 million yuan compared to a loss of 850 million yuan in 2023 [2] - Revenue in 2024 Q1-Q3 was 8.8 billion yuan, down 3% YoY, with a gross margin of 7.4% [2] - Brokerage business gross margin improved to 23% in H1 2024, while asset management business had a negative gross margin of -5% [2] Industry Trends - Secondary housing transactions have outperformed new home sales since 2021, with the ratio of secondary to new home transactions in 14 key cities reaching 2.0 in 2024 YTD, up from 1.5 in 2023 and 0.9 in 2019 [2][17] - Policy support since September 2024 has boosted secondary housing transaction volumes [2][17] - Urbanization and population migration to higher-tier cities continue to drive demand for secondary housing [29][30] Valuation and Forecast - The report forecasts 2024-2026 net profit of 160/280/390 million yuan, with EPS of 0.07/0.12/0.17 yuan [2] - The company's PE ratio is estimated at 53/30/21x for 2024-2026 [2][3] - FCFF valuation suggests a fair value of 4.0 yuan per share, while relative valuation supports a target of 4.4 yuan [2][161] Strategic Focus - The company has shifted to a self-operated model with franchise support, focusing on core cities [2] - It has reduced its footprint from 33 cities and 5,000 stores at its peak to 11 cities and 2,613 stores as of Q3 2024 [2][96] - The company maintains a strong market position in Beijing, Shanghai, and Hangzhou, which account for ~70% of stores and ~90% of brokerage revenue [2][96]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000560 证券简称：我爱我家 公告编号：2024-060 号 我爱我家控股集团股份有限公司 关于为全资子公司提供担保的进展公告 一、担保情况概述及审批情况 上述担保发生后，公司对昆百大家电提供的实际担保金额未超过公司 2023年 年度股东大会批准的担保额度，具体担保情况如下： | 担保 | 被担保 | 担保 方持 | 被担保方 最近一期 | 经审批的担 | 本次担保进 展前的担保 | 本次担保 | 本次担保进 展后的担保 | 累计担保 额占上市 | 是否关联 | 剩余可用担 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 保额度（万 | | 金额 | | 公司最近 | | 保额度 | | 方 | 方 | 股比 | 资产负债 | 元） | 余额（万 | （万元） | 余额（万 | 一期净资 | 担保 | （万元） | | | | 例 | 率 | | 元） | | 元） | 产比例 | | | ...

证券代码：000560 证券简称：我爱我家 公告编号：2024-059 号 我爱我家控股集团股份有限公司 关于高级管理人员减持股份的预披露公告 公司高级管理人员高晓辉女士保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有我爱我家控股集团股份有限公司（以下简称"本公司"或 "公司"）3,599,706股股份，占本公司总股本的0.15%的高级管理人员高晓辉 女士计划在本公告披露之日起15个交易日后的三个月内以集中竞价方式减持本 公司股份不超过899,900股（含本数），不超过公司总股本比例的0.04%。 公司于近日收到公司高级管理人员高晓辉女士出具的《股份减持计划告知 函》，根据《上市公司股东减持股份管理暂行办法》《上市公司董事、监事和 高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司 自律监管指引第18号——股东及董事、监事、高级管理人员减持股份》等相关 规定，现将有关情况公告如下： 一、股东的基本情况 1.股东名称：高晓辉 2.股东持股情况：截至本公告日，高晓辉女士持有本公司 ...

证券代码：000560 证券简称：我爱我家 公告编号：2024-058 号 我爱我家控股集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述及审批情况 我爱我家控股集团股份有限公司（以下简称"公司"、"本公司"）于 2024 年 4 月 24 日和 2024 年 5 月 20 日分别召开第十一届董事会第七次会议暨 2023 年 度董事会和 2023 年年度股东大会，审议通过了《关于 2024 年度为子公司债务融 资提供担保额度的议案》,同意公司 2024 年度为子公司债务融资提供不超过 40 亿 元的担保额度，其中，为资产负债率低于 70%的子公司提供担保的预计额度不超过 31.90 亿元，为资产负债率超过 70%的子公司提供担保的预计额度不超过 8.10 亿 元。其中，公司为全资子公司杭州我爱我家房地产经纪有限公司（以下简称"杭 州我爱我家"）提供的担保额度为 30,000 万元。股东大会授权董事会安排经营管 理层根据各子公司主营业务经营情况按步骤实施其所需的融资担保额度，并在符 合规定的被担 ...