Core Insights - The investment thesis on KE Holdings (NYSE: BEKE) was published in June 2024, leading to a stock rally of nearly 50% in under six months, prompting a downgrade to 'hold' in November [1] Company Overview - KE Holdings operates in the real estate sector, focusing on both U.S. and Asia markets, with a multi-family office investment strategy [1] Analyst Background - The analyst has extensive experience, including a background in a multi-billion dollar value fund, covering equities without market capitalization restrictions [1] - The analyst holds a bachelor's and master's degree in accounting and finance and is a CFA Charterholder [1] Investment Approach - The investment style is influenced by notable investors such as Warren Buffett, Peter Lynch, and Charlie Munger, with a flexible approach encompassing growth, GARP, deep value, turnaround, cyclical, and special situations [1] - The research methodology includes gathering information from public filings, industry periodicals, conferences, company visits, analyst calls, and management meetings [1]

贝壳上涨2.18%，报21.09美元/股，总市值254.61亿 美元 3月24日，贝壳(BEKE)盘中上涨2.18%，截至21:43，报21.09美元/股，成交2929.72万美元，总市值 254.61亿美元。 财务数据显示，截至2024年09月30日，贝壳收入总额623.32亿人民币，同比增长8.27%；归母净利润 34.95亿人民币，同比减少32.97%。 作者：行情君 3月18日，贝壳将于(美东)盘前披露2024财年年报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，贝壳控股有限公司是领先的线上线下一体化的房产交易和服务平台。公司率先在中国打造了 平台基础设施和标准,致力于重塑服务者作业模式,从而更高效地为消费者提供二手房和新房交易、房屋 租赁、家装家居及其他房产交易及居住服务。公司相信与平台参与者线上线下的积极互动,能够加深公 司对平台参与者的了解并为其提供更好的服务。公司拥有并经营着链家,中国领先的房产经纪品牌,同时 也是贝壳平台的重要组成部分。公司认为,链家的成功和沉淀为公司的基础建设和标准打造铺平道路,并 推动贝壳快速持续发展。自2001年链家成 ...

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) 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3月24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 。 | 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 | ...

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) 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3月21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 。 | 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 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $25.12, down from a previous $27.88, reflecting a 27x PE for 2025, which is higher than the global comparable company's average of 22.7x [4][28]. Core Insights - The company reported a 54.1% year-on-year revenue growth in Q4, reaching 31.13 billion RMB, exceeding consensus expectations by 7% [1]. - The Gross Transaction Value (GTV) increased by 55.5% year-on-year to 1.14 trillion RMB, also surpassing expectations by 9% [1]. - The revenue growth across different segments includes existing homes (47.5%), new homes (72.7%), home decoration (12.8%), and rental services (108.7%) [1]. - Adjusted net profit decreased by 21.6% year-on-year to 1.34 billion RMB, falling short of expectations by 40%, primarily due to one-time expenses [1][4]. Revenue and Profit Forecast - For 2025, the company expects revenue to reach 110.04 billion RMB, with a year-on-year growth of 17.74% [6][22]. - The adjusted net profit forecast for 2025 is 8.12 billion RMB, reflecting a decrease of 29.6% from previous estimates due to rising personnel costs and a declining take rate [4][22]. - The company anticipates a significant increase in market share in the existing home segment, projecting a 5-7 percentage point increase in market share in first-tier cities [2][13]. Segment Performance - The existing home business outperformed expectations with a 47.5% year-on-year revenue growth in Q4, and GTV growth of 59.1%, particularly strong in first-tier cities [2]. - The new home business also exceeded expectations with a 72.7% year-on-year revenue growth in Q4, and GTV growth of 49.3% [2]. - The home decoration segment showed a 12.8% year-on-year revenue growth, with a significant increase in contract amounts [3]. Operational Efficiency and Innovations - The company is leveraging AI tools to enhance operational efficiency, including AI-driven customer service and property management systems, which have shown improvements in operational metrics [15][18]. - The home decoration business is expected to achieve quarterly breakeven due to improved supply chain management and the introduction of new product offerings [3][16][17]. Market Context - The report highlights a recovery in the real estate market, particularly in existing homes, driven by favorable policies and a significant increase in transaction volumes [13]. - The rental business has seen a substantial increase in managed properties, with operational efficiencies improving customer satisfaction and reducing vacancy periods [14].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22][23] Core Insights - The company is experiencing orderly business expansion, with a significant increase in non-property transaction services, which accounted for 34% of total net income in 2024, up 9.1 percentage points year-on-year [6][8][14] - The total transaction volume for 2024 reached 33,494 billion, a year-on-year increase of 6.6%, while net income was 935 million, reflecting a 20.2% increase [6][7][12] - The adjusted net profit for 2025 is projected to be 103.50 billion, with a net profit of 56.97 billion, leading to a valuation range of 62.87-71.44 RMB, equivalent to 68.33-77.65 HKD per share [22][23] Financial Performance Summary - In 2024, the company's total revenue was 93,457 million, a 20.2% increase from 2023, while net profit was 4,065 million, down 30.9% year-on-year [5][12][27] - The gross profit margin decreased from 28% in 2023 to 25% in 2024, primarily due to a decline in the contribution margin from the existing housing business [11][27] - The company has implemented a share repurchase plan, spending approximately 7.16 billion USD in 2024, which represents about 3.89% of the total shares issued at the end of 2023 [6][8] Business Segment Performance - The existing housing business generated net income of 28.2 billion in 2024, remaining stable compared to 2023, while the total transaction volume increased by 10.8% to 22,465 billion [6][14] - The new housing business saw net income rise to 33.7 billion, a 10.1% increase, despite a 3.3% decline in total transaction volume [17][21] - The home decoration and furniture business achieved net income of 14.8 billion, a 36.1% increase, driven by synergies with property transactions [18][21] User and Store Metrics - By the end of 2024, the company had 51,573 stores, a 17.7% increase year-on-year, with active agents numbering 499,937, up 16.9% [13][21] - The average monthly active user count remained stable at 43.2 million, indicating consistent user engagement [13][21]

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - The exploration and application of large models in end-to-end testing are aimed at enhancing efficiency and collaboration in the testing domain, leveraging AI capabilities to automate and optimize testing processes [4][19][28] - The integration of AI tools and traditional testing methods is crucial for improving testing efficiency and reducing collaboration costs [21][28] - The report emphasizes the importance of a structured approach to AI implementation, focusing on the development of intelligent agents that can facilitate automated testing and enhance user experience [28][39] Summary by Sections Background - The company operates a one-stop residential service platform covering second-hand housing, new housing, rentals, and home decoration [9] - The business model involves complex scenarios requiring multi-role collaboration and personalized intelligent matching [12] Problems and Pain Points - Traditional testing processes face challenges such as serial collaboration among multiple roles, leading to inefficiencies and delayed quality feedback [15][17] - The complexity of tools across various domains increases maintenance costs and complicates the integration of AI into existing workflows [17][18] Solutions and Overall Approach - The report outlines a solution that combines AI-driven testing strategies with traditional methods, focusing on the development of intelligent agents to automate the testing process from interaction to verification [28][39] - The approach includes creating a standardized testing workflow that integrates AI capabilities to enhance testing efficiency and accuracy [31][36] Technical Practices - Key technical points include the creation of assistants that utilize specific tools and prompts to solve testing-related problems, enabling automated planning and execution [34][39] - The integration of AI with traditional testing tools is highlighted as a means to enhance the overall testing process, including automated test case generation and bug reporting [40][51] Summary and Outlook - The report concludes with a focus on sustainable development of model capabilities, emphasizing the need for knowledge accumulation and structured data management to enhance testing efficiency [58][59] - Future applications are expected to focus on improving the entire testing process, from product development to testing, ensuring rigorous and efficient workflows [60]

将投中网设为"星标⭐"，第一时间收获最新推送 持续锚定居住品质升级趋势。 来源丨投中网 3月18日，科技驱动的一站式新居住服务平台贝壳（NYSE:BEKE;HKEX:2423）发布2024年第四季 度及全年财务业绩。面对不断升级的美好居住市场需求，贝壳聚焦服务品质提升，并持续投入基础设 施建设及科技研发，为长期发展做好前瞻布局。 去年年底，中央经济工作会议首提"稳住楼市"，贝壳多业务协同发力，精准承接政策利好背景下居住 需求的释放，推动业绩实现高质量增长。2024年四季度，贝壳实现总交易额（GTV）为11,438亿元 （人民币，下同），同比增长55.5%，净收入311亿元，同比增长54.1%，经调整净利润13.44亿元。 2024全年GTV 33,494亿元，同比增长6.6%，净收入935亿元，同比增长20.2%，经调整净利润72.11 亿元。 贝壳联合创始人、董事长、首席执行官彭永东表示："过去的一年，中国的房地产行业加速迈向新阶 段，客户需求转向降低决策风险和追求居住品质。我们以科技赋能服务者，构建决策最优解能力，推 动行业向服务效率跃迁。在积极的增长和优化生态策略下，2024年我们平台上的多个业务实现显 ...

Financial Data and Key Metrics Changes - In 2024, total revenue reached RMB93.5 billion, growing over 20% year-over-year [21][37] - Gross margin was 24.6%, with an adjusted operating margin of 7.4% for the year [40] - Adjusted net margin reached 7.7%, with full-year adjusted net income at RMB7.21 billion [40] Business Line Data and Key Metrics Changes - Existing home transactions GTV rose nearly 11% year-over-year to RMB2.25 trillion, while new home transaction GTV was RMB970 billion, down 3.3% year-over-year [21][37] - Home renovation and furnishing business revenue grew by 36% year-over-year to RMB14.8 billion [23][39] - Home rental services revenue surged by 135% year-over-year to RMB14.3 billion, with over 430,000 rental units under management [24][39] Market Data and Key Metrics Changes - The proportion of existing home GTV in total market GTV increased from 40% in 2023 to 46% in 2024 [35] - New home sales declined by 18% in 2024, but existing home transactions rose by about 15% year-over-year [85][88] - Average area and proportion of homes with three bedrooms and above increased year-over-year in key cities [36] Company Strategy and Development Direction - The company aims to enhance service quality and empower top-performing agents, focusing on a new paradigm for growth [16][30] - The "one body, three wings" strategy has achieved interim success, with a focus on scale growth in home renovation and furnishing [22][39] - The company plans to leverage AI technology to improve operational efficiency and customer experience [12][30] Management's Comments on Operating Environment and Future Outlook - The management noted that the real estate market is experiencing accelerated changes, with increased uncertainty in customer decision-making [10][34] - The company expects the existing home market to realize moderate recovery in 2025, while the new home market adjustment may continue [100] - Management emphasized the importance of technology and human-centric approaches to address industry challenges [29][31] Other Important Information - The company repurchased around US$716 million worth of shares in 2024, accounting for about 3.9% of total shares outstanding [60][61] - A final cash dividend of US$0.12 per ordinary share was approved for 2024, totaling approximately US$0.4 billion [62] Q&A Session Summary Question: Utilization of technology for Beike - Management discussed the potential of AI to enhance efficiency and user experience across various business areas, including home renovation and customer services [66][68] Question: Property market outlook - Management highlighted the strong rebound in the property market since September 2024, with expectations for stabilization in existing home prices [82][84] Question: Agency business growth - Management reported a 20% increase in active non-Lianjia stores and an 11% increase in active non-Lianjia agents, emphasizing the importance of ecosystem governance [103][106] Question: Home rental business stability - Management noted significant growth in the home rental business, focusing on service and efficiency to maintain stability and improve profitability [120][122]

KE (BEKE) Q4 2024 Earnings Call March 18, 2025 08:00 AM ET Company Participants Siting Li - Investor RelationsYongdong Peng - CEO, Co-Founder, Chairman & Executive DirectorTao Xu - CFO & Executive DirectorJizhou Dong - Head of China Consumer & Property Conference Call Participants Timothy Zhao - Equity Research AnalystGriffin Chan - AnalystEddy Wang - AnalystXiaodan Zhang - Equity Research Analyst Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc. Fourth Quarter and Fiscal ...