Financial Performance - Total transaction value for Q1 2023 reached RMB 971.5 billion (USD 141.5 billion), a year-on-year increase of 65.8%[1] - Net revenue for Q1 2023 was RMB 20.3 billion (USD 3.0 billion), up 61.6% year-on-year[2] - Net profit for Q1 2023 was RMB 2.75 billion (USD 400 million), compared to a net loss of RMB 620 million in the same period of 2022[2] - Adjusted net profit for Q1 2023 was RMB 3.56 billion (USD 519 million), a significant increase from RMB 28 million in Q1 2022[2] - Gross profit surged by 186.1% to RMB 6.3 billion (USD 0.9 billion), with a gross margin of 31.3%, up from 17.7% in the same period last year[8] - Operating profit for Q1 2023 was RMB 2.98 billion (USD 0.43 billion), compared to an operating loss of RMB 918 million in Q1 2022, resulting in an operating margin of 14.7%[9] - Adjusted operating profit reached RMB 3.83 billion (USD 0.56 billion), with an adjusted operating margin of 18.9%, compared to an adjusted operating loss of RMB 450 million in Q1 2022[9] - The company reported a net profit of RMB 2,749,746 thousand in Q1 2023, a significant recovery from a net loss of RMB 619,632 thousand in Q1 2022[26] - The total comprehensive income for the three months ended March 31, 2023, was RMB 2,424,671, compared to a total comprehensive loss of RMB (912,464) for the same period in 2022[27] User and Market Metrics - The number of active stores as of March 31, 2023, was 39,622, a decrease of 7.8% year-on-year[2] - The number of active agents as of March 31, 2023, was 411,526, an increase of 7.8% year-on-year[3] - Average monthly active users for Q1 2023 reached 45.4 million, compared to 39.7 million in Q1 2022[2] - The company reported a significant increase in user data, with a notable rise in active users contributing to the improved financial performance[30] Revenue Breakdown - In Q1 2023, net revenue increased by 61.6% year-over-year to RMB 20.3 billion (USD 3 billion) from RMB 12.5 billion in Q1 2022, driven by a total transaction value increase of 65.8% to RMB 97.15 billion (USD 14.15 billion)[5] - The net revenue from existing home business rose by 49.3% to RMB 9.2 billion (USD 1.3 billion), with total transaction value increasing by 77.6% to RMB 66.43 billion (USD 9.67 billion)[5] - New home business net revenue increased by 42.2% to RMB 8.4 billion (USD 1.2 billion), with total transaction value rising by 44.2% to RMB 27.79 billion (USD 4.05 billion)[6] - Emerging business and other net revenue rose by 222.1% to RMB 1.3 billion (USD 0.2 billion), driven by growth in rental housing management and financial services[6] Cost and Expenses - The total operating costs increased by 34.9% to RMB 13.9 billion (USD 2 billion), primarily due to higher commission costs associated with increased transaction volumes[7] - The company’s operating expenses totaled RMB 3,371,803 thousand in Q1 2023, compared to RMB 3,137,718 thousand in Q1 2022, reflecting a year-over-year increase of 7.5%[26] Cash and Liquidity - The company reported cash, cash equivalents, restricted cash, and short-term investments totaling RMB 66.6 billion (USD 9.7 billion) as of March 31, 2023[11] - Cash and cash equivalents increased from RMB 19,413,202 thousand as of December 31, 2022, to RMB 30,594,718 thousand as of March 31, 2023, a rise of 57.7%[22] - The total cash and cash equivalents at the end of Q1 2023 amounted to RMB 38,454,355, an increase from RMB 23,410,276 at the end of Q1 2022[33] Future Outlook - For Q2 2023, the company expects total net revenue to be between RMB 18.5 billion (USD 2.7 billion) and RMB 19.0 billion (USD 2.8 billion), representing an increase of approximately 34.3% to 37.9% year-over-year[12] - The company is closely monitoring the impact of recent real estate policies and measures on its operations, indicating potential uncertainties ahead[12] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30] Shareholder Actions - The company initiated a share repurchase program allowing for the purchase of up to USD 1 billion of Class A ordinary shares and/or American Depositary Shares within 12 months[13] - As of March 31, 2023, approximately 16.2 million American Depositary Shares were repurchased under the program for a total consideration of approximately USD 228.6 million[13] Non-GAAP Metrics - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating profit and adjusted net profit, which help identify potential business trends[17] - The adjusted EBITDA for Q1 2023 was not explicitly stated but is a key financial metric that excludes various expenses[11] - The adjusted EBITDA excludes items such as income tax expenses, stock-based compensation, and depreciation of property, plant, and equipment[18] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and encourages investors to review financial data comprehensively[17] Strategic Initiatives - The company aims to enhance service quality and expand its coverage in the residential services market, driven by unmet consumer demands[4] - The company plans to optimize its cost structure to sustain high-quality growth and improve profitability in the long term[4] - The company aims to reshape service operation models to provide more efficient real estate transaction services[19] - The company has established a strong infrastructure and standards that support its rapid and sustainable development[19] Risks and Governance - Forward-looking statements in the announcement may involve risks and uncertainties that could lead to actual results differing significantly from those projected[20] - The company relies on the integrity of its brokerage brands and agents to facilitate transactions on its platform[20] - The announcement was made on May 18, 2023, and the board of directors includes several executive and independent members[21]
贝壳(02423) - 2023 Q1 - 季度业绩