Financial Performance - Total transaction value for 2024 reached RMB 3,349.4 billion (USD 458.9 billion), an increase of 6.6% year-on-year[4] - Net income for 2024 was RMB 93.5 billion (USD 12.8 billion), representing a year-on-year increase of 20.2%[5] - Adjusted net profit for 2024 was RMB 72.11 billion (USD 9.88 billion), a decrease of 26.4% year-on-year[5] - Total revenue for 2024 increased by 20.2% to RMB 93.5 billion (USD 12.8 billion) from RMB 77.8 billion in 2023, driven by growth in new housing and home decoration businesses[27] - Operating profit for 2024 was RMB 3.765 billion (USD 516 million), with an operating margin of 4.0%, down from 6.2% in 2023[34] - Net profit for 2024 was RMB 4.078 billion (USD 559 million), compared to RMB 5.890 billion in 2023[37] - The company reported a basic earnings per share of RMB 1.19 for the year ended December 31, 2024, compared to RMB 1.67 in 2023, a decrease of 29%[73] Transaction and Revenue Growth - Active stores as of December 31, 2024, totaled 51,573, a growth of 17.7% compared to the previous year[6] - Active agents numbered 499,937 as of December 31, 2024, reflecting a year-on-year increase of 16.9%[6] - The total transaction value for Q4 2024 was RMB 1,143.8 billion (USD 156.7 billion), a year-on-year increase of 55.5%[5] - In Q4 2024, the company's net revenue increased by 54.1% year-over-year to RMB 31.1 billion (USD 4.3 billion) from RMB 20.2 billion, driven by growth in total transaction volume and expansion in housing rental services[10] - The net revenue from existing housing business in Q4 2024 was RMB 8.9 billion (USD 1.2 billion), a 47.5% increase from RMB 6.0 billion in Q4 2023[10] - The net revenue from new housing business in Q4 2024 increased by 72.7% to RMB 13.1 billion (USD 1.8 billion) from RMB 7.6 billion in Q4 2023[12] Cost and Expense Management - Operating costs for 2024 increased by 25.8% to RMB 70.5 billion (USD 9.7 billion) from RMB 56.1 billion in 2023[29] - The company's operating costs for external commissions increased by 11.5% to RMB 22.8 billion (USD 3.1 billion) in 2024, compared to RMB 20.4 billion in 2023, driven by new home business net income growth[31] - Internal commission and salary costs rose by 11.1% to RMB 18.9 billion (USD 2.6 billion) in 2024 from RMB 17 billion in 2023, due to increased transactions and improved benefits for agents[31] - Operating expenses grew by 13.3% to RMB 19.2 billion (USD 2.6 billion) in 2024, up from RMB 16.9 billion in 2023[33] Research and Development - The company's research and development expenses in Q4 2024 rose by 38.4% to RMB 739 million (USD 101 million) due to an increase in the number of R&D personnel and technical service costs[17] - Research and development expenses increased by 17.9% to RMB 2.3 billion (USD 300 million) in 2024, primarily due to an increase in R&D personnel and technical service costs[35] Shareholder Returns - The company plans to repurchase approximately USD 716 million worth of shares in 2024, representing about 3.9% of the total shares outstanding as of the end of 2023[10] - The company announced a final cash dividend of USD 0.12 per ordinary share, totaling approximately USD 400 million[42] - The dividend payment date is expected to be around April 22, 2025, for common shareholders and April 25, 2025, for American depositary share holders[44] Market Strategy and Outlook - The company aims to enhance customer experience and service efficiency through technology and humanistic values[7] - The company plans to continue expanding its market presence and enhancing its service offerings in the coming fiscal year[27] - The company is focusing on expanding its market presence and exploring potential mergers and acquisitions to drive growth[54] - The management anticipates a positive outlook for the overall economic conditions in China, which may influence future business performance[54] Cash Flow and Liquidity - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 61.6 billion (USD 8.4 billion) as of December 31, 2024[25] - The company's cash and cash equivalents decreased from RMB 19.63 billion in 2023 to RMB 11.44 billion in 2024, a decline of about 41.6%[58] - The total current liabilities are expected to rise from RMB 39.52 billion in 2023 to RMB 52.74 billion in 2024, an increase of approximately 33.4%[60] - The total net increase in cash and cash equivalents for the three months ended December 31, 2024, was RMB 4,480,990, compared to RMB 3,862,085 for the same period in 2023, reflecting an increase of 16%[80] Non-GAAP Metrics - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating profit and adjusted net profit[48] - Adjusted operating profit excludes stock-based compensation, intangible asset amortization, and impairment of goodwill and other long-term assets[49] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and encourages investors to review them alongside GAAP metrics[49]
贝壳-W(02423) - 2024 Q4 - 季度业绩