Core Viewpoint - The real estate market is recovering, and with the successful implementation of the "One Body, Three Wings" strategy, the company has achieved stable performance in Q1 2025, showing significant growth in transaction volume and net income [1][5]. Group 1: Financial Performance - In Q1 2025, the company achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, and net income of 23.3 billion RMB, up 42.4% year-on-year, with a net profit of 855 million RMB [1][2]. - The company's operating efficiency has improved, leading to a decrease in operating expenses to 4.2 billion RMB, down 31.3% quarter-on-quarter, and an adjusted net profit of 1.393 billion RMB [4]. Group 2: Business Segments - The core brokerage business has shown high growth, with existing home transaction volume reaching 580.3 billion RMB, a year-on-year increase of 28.1%, and new home transaction volume at 232.2 billion RMB, up 53% [2][3]. - Non-real estate transaction services have become a significant growth driver, with net income from this segment growing 46.2% year-on-year, accounting for 35.9% of total net income [3]. Group 3: Strategic Initiatives - The "One Body, Three Wings" strategy includes new home and existing home transactions as the core, with the three wings being home renovation, rental services, and the Beihome business [3][5]. - The company has invested in AI technology to enhance operational efficiency, launching tools like the AI house-hunting assistant "Pudding" and the client communication assistant "Laike" to improve user experience and transaction rates [2][3]. Group 4: Market Outlook - The company is expected to benefit from the recovery of the real estate market, with a significant increase in transaction volume and viewing numbers since the policy changes in September 2024 [5]. - The shift towards a stock market era in real estate is favorable for the company, as the proportion of existing home transactions has rapidly increased, reaching a historical high of 46% by the end of 2024 [5].

| 阿里巴巴 | 2986.04 | | --- | --- | | 11 小米焦团_W | 1805 85 | | | No. 1.0 | | | | --- | --- | --- | --- | | 5 | | 拼多多 | 1666.38 | | 6 | 美材 | 美团-W | 1069.68 | | 7 | 網易 | 网易 | 766.11 | 金十图示：2025年05月21日（周三）中国科技互联网公司市值排名TOP 50一览 | 8 | | 京东 | 489.39 | | | --- | --- | --- | --- | --- | | 9 | | 东方财富 | 470.85 | | | 10 | | 中芯国际 | 440.55 | | | II | Bal Char | 百度 | 307.12 | | | 12 | P | 理想汽车 | 302.4 | | | 13 | 85 | 快手-W O | 276.74 | | | 14 | | 腾讯音乐 | 263.47 | -1 + | | 15 | | 贝壳 | 223.45 | -1 3 | | 16 | 80 | 同花顺 | 191.78 | ...

Group 1 - Hong Kong stocks in the pharmaceutical and internet sectors saw significant gains, with companies like WanGuo Data-SW rising over 12%, and others such as 3SBio, CanSino Biologics, and MicroPort Medical gaining over 6% [1] - The Hong Kong Technology 50 ETF (159750), which covers high-tech industries including internet, new energy vehicles, and innovative pharmaceuticals, increased by 0.79% [1] - The first quarter holdings data from top Chinese private equity firms such as Hillhouse, Gaoyi, and Jinglin attracted market attention, revealing new investments in companies like Baidu and Li Auto, as well as increased stakes in Pinduoduo, NetEase, Beike, JD.com, and Trip.com [1] Group 2 - Analysts noted a "see-saw" effect in capital flows, indicating a global revaluation of assets, with funds moving from overvalued US tech stocks to Chinese assets as their value becomes more apparent [2] - Open Source Securities' overseas market team suggested that while short-term volatility remains due to policy dynamics, the mid-term outlook requires assessment of tariff policies' potential pressure on China's economic fundamentals, which may limit significant rebounds in the Hong Kong market [2] - The focus for the Hong Kong market is on the main themes of China's economic transformation, including sectors like internet, automotive, and semiconductors [2]

Summary of Key Points from the Conference Call Industry Overview - The real estate market is under pressure, with a year-on-year decline in real estate development investment of 10.3% from January to April 2025, and 64 cities experiencing a month-on-month decline in April [1][3] - New housing sales area decline has narrowed, with first-tier cities' prices remaining stable, indicating a diverging market [1][3] - The industry is expected to see a gradual recovery as policies are released, with a decrease in new construction area potentially leading to reduced future new housing supply [1][4] Company Performance: Beike Zhaofang - Beike Zhaofang reported a Gross Transaction Value (GTV) of approximately 844 billion yuan in Q1 2025, a year-on-year increase of 34%, with total revenue growing by 37% [1][6] - The core business saw a growth rate of 28%, with the existing home business benefiting from an increase in market share [1][6] - The new home business GTV growth rate reached 53%, with a significant increase in market share [1][6] Home Decoration Business - Beike's home decoration business revenue growth reached 22%, with a gross margin close to 33% [1][7] - The company achieved breakeven in its home decoration business at the city level for the first time in April, attributed to an increase in the proportion of hard decoration sales and improved procurement ratios [1][7] - The collective procurement price decreased by over 20%, enhancing operational efficiency [1][7] Rental Business - The rental business of Beike Zhaofang grew by 90% year-on-year, with the number of managed properties exceeding 500,000 [1][9] - The gross margin for the rental business has further improved, indicating a solid foundation in the brokerage business [1][9] Use of AI Technology - Beike Zhaofang extensively utilizes AI technology to optimize its home decoration service processes, significantly reducing contract signing time from approximately 10 days to about 6 days [1][10] - The implementation of an intelligent construction system allows for online inspections, improving efficiency and customer satisfaction [1][10] Market Trends and Future Outlook - The home decoration industry is shifting focus from new homes to existing homes, with leading companies collaborating with custom soft decoration firms to address consumer pain points [2][13] - The existing home market is expected to grow, with Beike leveraging its traffic advantages to capture a larger market share [2][14] - The company aims to enhance operational efficiency and reduce costs, with management focusing on optimizing business performance in response to external market pressures [1][15][16] Conclusion - The real estate and home decoration industries are undergoing significant transformations, with Beike Zhaofang positioned to capitalize on these changes through strategic partnerships, technological advancements, and a focus on existing home markets [1][2][14][17]

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5月20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 | ...

Core Viewpoint - The company reported a significant increase in revenue driven by a recovery in new home transactions and the development of rental services, despite a slight decline in profitability metrics [1][2]. Group 1: Financial Performance - In Q1 2025, the company's GTV transaction volume reached 843.7 billion, a year-on-year increase of 34%, with revenue of 23.3 billion, up 42% year-on-year [1]. - Adjusted net profit for Q1 2025 was 1.39 billion, flat year-on-year, with an adjusted net profit margin of 6.0%, down 2.5 percentage points [1]. - Gross margin was 20.7%, down 4.5 percentage points year-on-year, indicating a decline in profitability levels [1]. Group 2: Business Segments - The company's existing home transaction volume was 580.3 billion in Q1 2025, up 28% year-on-year, with revenue from this segment at 6.9 billion, a 20% increase [2]. - The new home business outperformed the market, with a transaction volume of 232.2 billion, up 53% year-on-year, and revenue of 8.1 billion, a 64% increase [2]. - The rental services segment saw revenue of 5.1 billion, a remarkable 94% increase year-on-year, although it had a lower contribution margin of 6.7% [3]. Group 3: Market Position and Growth - The company expanded its store count to 57,000, a 29% increase year-on-year, and the number of agents reached 550,000, up 24% [2]. - The market share for new homes increased to 12.6%, up 4.5 percentage points year-on-year, indicating strong competitive positioning [2]. - The company is expected to maintain its growth trajectory in new business segments, with home decoration and rental services showing promising revenue growth [3].

Core Viewpoint - The real estate market is entering a new phase of stabilization, and Beike has reported better-than-expected financial results amid this backdrop [2][3] Financial Performance - For the first quarter ending March 31, 2025, Beike achieved net revenue of 23.3 billion yuan, a year-on-year increase of 42.4%, with a net profit of 855 million yuan and an adjusted net profit of 1.393 billion yuan [2] - Beike's transaction volume for existing homes reached 580.3 billion yuan, up 28.1% year-on-year, while new home transaction volume grew 53% to 232.2 billion yuan, with net revenue increasing by 64.2% to 8.1 billion yuan [6] Business Strategy - Beike's "One Body, Three Wings" strategy has shown effectiveness, with non-real estate transaction services accounting for 35.9% of total net revenue, growing 46.2% year-on-year [4][9] - The company is focusing on optimizing developer partnerships and enhancing service efficiency to meet inventory clearance needs [7] Market Context - The real estate market is experiencing a shift in policy focus from preventing rapid price increases to promoting stabilization, with supportive measures being implemented by various government bodies [5] - The first quarter of 2025 saw a slight decline of 0.4% in new home sales, which is significantly better than the previous year, while the second-hand housing market showed signs of recovery [5] Operational Efficiency - Beike's active store count surpassed 55,210, marking a historical peak, with a 23% year-on-year increase in active agents, totaling 491,000 [7] - The company reported improvements in operational efficiency, with store and agent productivity increasing by 8% and 14% respectively [7] Technological Innovation - Beike is leveraging AI technology to enhance its real estate service value chain, with tools like the AI housing assistant "Pudding" and various AI products for agents [12][13] - The AI-driven solutions have significantly improved efficiency, with over 20,000 agents participating in the pilot programs, leading to a 30% increase in client conversion rates [12] Future Outlook - The company expresses confidence in its long-term growth under the "One Body, Three Wings" strategy and plans to continue investing in AI applications [15] - As the real estate market stabilizes, Beike aims to transition from scale expansion to quality growth, enhancing the overall living experience for consumers [15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company continues to expand its capacity, with significant improvements in fee management leading to enhanced potential profitability. The self-operated platform drives GTV growth, and both existing and new housing monetization ratios have improved sequentially. The company is expected to maintain a valuation premium due to its competitive advantages and potential earnings elasticity [2][6]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved revenue of 23.3 billion (up 42.4%) and a net profit attributable to shareholders of 0.86 billion (up 98.2%). Adjusted net profit was 1.39 billion (up 0.1%) [6]. - The company’s GTV for Q1 2025 was 843.7 billion (up 34.0%), with existing and new housing businesses growing by 28.1% and 53.0%, respectively [6]. Business Segments Performance - The revenue from existing housing and new housing businesses increased by 20.0% and 64.2%, respectively. Home decoration revenue grew by 22.3%, while rental revenue surged by 93.8% [6]. - The company’s gross profit margin decreased by 4.5 percentage points to 20.7%, but gross profit increased by 17.0% year-on-year [6]. Cost Management and Financial Health - The company effectively managed costs, with selling, general, and administrative expenses decreasing as a percentage of revenue by 7.0 percentage points to 18.1%. The tax rate also decreased by 10.3 percentage points to 38.1% [6]. - As of Q1 2025, the company had cash and cash equivalents totaling 54.8 billion, indicating strong liquidity. The company has prioritized shareholder returns, spending 1.39 billion on share buybacks [6]. Future Outlook - The company is expected to see adjusted net profits of 8.25 billion, 9.02 billion, and 10.03 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20.2, 18.5, and 16.6 [6]. - The company has room for growth in brokerage business share, and home decoration and rental segments are anticipated to contribute to future growth [2][6].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - In Q1 2025, the company's revenue grew by 42% year-on-year, driven by a recovery in new home transactions and the development of rental services [8][70]. - The company's GTV (Gross Transaction Value) reached 843.7 billion yuan, up 34% year-on-year, with operating income of 23.3 billion yuan [8][70]. - The adjusted net profit for Q1 2025 was 1.39 billion yuan, flat year-on-year, with a net profit margin of 6.0%, down 2.5 percentage points [13][70]. - The company effectively controlled operating costs, with significant reductions in sales, management, and R&D expense ratios [13][70]. Summary by Sections Revenue and Profitability - Q1 2025 revenue was 23.3 billion yuan, a 42% increase year-on-year, with new home business revenue accounting for 35% of total revenue, up 5 percentage points [8][70]. - The adjusted net profit margin decreased to 6.0%, with a gross margin of 20.7%, down 4.5 percentage points [13][70]. Business Segments - The existing home business saw a transaction total of 580.3 billion yuan, a 28% increase year-on-year, but the contribution margin fell to 38.1%, down 6.4 percentage points [22][70]. - The new home business outperformed the market with a transaction total of 232.2 billion yuan, up 53% year-on-year, and a market share increase of 4.5 percentage points to 12.6% [38][70]. - The rental services segment reported a revenue of 5.1 billion yuan, a 94% increase year-on-year, although with a lower contribution margin of 6.7% [48][70]. Financial Forecasts - The company expects adjusted net profits of 8.2 billion yuan and 8.9 billion yuan for 2025 and 2026, respectively, with corresponding earnings per share of 2.28 yuan and 2.46 yuan [70][73]. - The projected PE ratios for 2025 and 2026 are 19.4 and 18.0, respectively [70][73].

Core Viewpoint - The article highlights the significant role of technology, particularly AI, in enhancing the efficiency and evolution of the real estate industry, with Beike (NYSE: BEKE; HKEX: 2423) demonstrating strong performance through data, AI, and internet technologies [2][3]. Financial Performance - In Q1 2025, Beike achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, with net revenue of 23.3 billion RMB, up 42.4%, and a net profit of 855 million RMB, with adjusted net profit reaching 1.393 billion RMB [2]. - Beike's existing home business GTV reached 580.3 billion RMB, growing 28.1%, while new home business GTV was 232.2 billion RMB, up 53.0% [3]. - Non-real estate transaction service revenue grew by 46.2%, accounting for 35.9% of total net revenue, with home decoration and furnishing business revenue at 2.9 billion RMB, a 22.3% increase [5]. Strategic Development - Beike has adopted a "one body, three wings" strategy, focusing on real estate transactions as the core while expanding into home decoration, rental, and related services [4]. - The company emphasizes a technology-driven approach, positioning itself as a digital "infrastructure builder" in the housing industry [3][4]. AI Integration - Beike is leveraging AI to enhance service efficiency and consumer experience, with tools like the "Customer Assistant" and "AI Property Maintenance Assistant" significantly improving agent performance and customer engagement [9][10]. - The company has developed AI models such as ChatHome and Dreamhome to support various applications in the housing sector, enhancing decision-making for consumers [12][14]. Market Adaptation - Despite a general downturn in the real estate market, Beike has shown resilience, benefiting from a structural recovery in the second-hand housing market and maintaining high activity levels [3]. - The shift from a seller's market to a buyer's market has led to increased consumer demand for quality service, prompting Beike to enhance its service offerings [6][10]. Investment in Technology - Beike's R&D expenditure reached 584 million RMB in Q1, a 24.9% increase year-on-year, with total R&D spending exceeding 12 billion RMB since its IPO in 2020 [15]. - The company is committed to continuous investment in AI applications, indicating a sustained focus on technological advancement to drive industry transformation [15].