Financial Performance - Total transaction value for 2022 was RMB 2.6096 trillion (USD 378.4 billion), a year-on-year decrease of 32.3%[1] - Net income for 2022 was RMB 60.7 billion (USD 8.8 billion), a year-on-year decrease of 24.9%[2] - In Q4 2022, net income was RMB 16.7 billion (USD 2.4 billion), a year-on-year decrease of 5.8%[2] - In 2022, the company recorded a net revenue of RMB 60.7 billion, a year-on-year decrease of 24.9%, which was less than the market decline[5] - In Q4 2022, net revenue decreased by 5.8% to RMB 16.7 billion (USD 2.4 billion) compared to RMB 17.8 billion in Q4 2021, with total transaction value dropping by 11.7% to RMB 647 billion (USD 93.8 billion)[6] - The net income from the existing housing business in Q4 2022 was RMB 5.3 billion (USD 800 million), down 11.8% from RMB 6 billion in Q4 2021, primarily due to a decrease in commission income[6] - The net income from new housing business in Q4 2022 was RMB 8.3 billion (USD 1.2 billion), a decline of 26.8% from RMB 11.3 billion in Q4 2021, with total transaction value dropping by 26.1% to RMB 263.5 billion (USD 38.2 billion)[7] - The company achieved a gross profit of RMB 4.1 billion (USD 600 million) in Q4 2022, representing a 40.4% increase from RMB 2.9 billion in Q4 2021, with a gross margin of 24.4%[10] - The company’s operating costs in Q4 2022 totaled RMB 12.7 billion (USD 1.8 billion), a decrease of 14.9% from RMB 14.9 billion in Q4 2021[8] - The company’s free cash flow showed significant strength, indicating a successful shift from high-speed growth to high-quality growth[5] - The net income from home decoration and furniture in Q4 2022 was RMB 2.1 billion (USD 300 million), significantly impacted by the acquisition of Shengdu Home Decoration[7] - Emerging businesses and other net income increased by 152.0% year-on-year to RMB 1.1 billion (USD 200 million) in Q4 2022, driven by growth in light custody leasing services and financial services[7] - Total net revenue for 2022 was RMB 16,747,140, a decrease from RMB 17,785,721 in 2021, representing a decline of approximately 5.8%[41] - The operating profit for 2022 was RMB 387,391, compared to a loss of RMB 1,184,071 in 2021, indicating a significant improvement[41] - The net loss for 2022 was RMB 13.97 billion (USD 2.03 billion), compared to a loss of RMB 5.25 billion in 2021, while adjusted net profit was RMB 2.84 billion (USD 0.41 billion)[22] User and Store Metrics - The number of active stores as of December 31, 2022, was 37,446, a decrease of 17.4% year-on-year[2] - The average monthly active users in Q4 2022 was 36.6 million, compared to 37.4 million in the same period of 2021[4] - The number of brokers as of December 31, 2022, was 394,020, a decrease of 13.3% year-on-year[2] Cost Management and Efficiency - The company aims to diversify revenue and reduce costs while enhancing operational efficiency in 2023[4] - Total operating expenses decreased by 9.6% from RMB 4.1 billion in Q4 2021 to RMB 3.7 billion (USD 500 million) in Q4 2022[11] - R&D expenses fell by 31.1% from RMB 738 million in Q4 2021 to RMB 509 million (USD 74 million) in Q4 2022, primarily due to a reduction in R&D personnel[12] - Operating costs decreased by 27.8% to RMB 46.9 billion (USD 6.8 billion), mainly due to reduced commissions and salaries for agents and sales channels[19] - The decrease in general and administrative expenses by 18.6% from RMB 2.202 billion in Q4 2021 to RMB 1.792 billion (USD 260 million) in Q4 2022 was mainly due to reduced accounts receivable and lower personnel costs[11] Strategic Initiatives - The company plans to drive diversified business development through its "one body, two wings" strategy in 2023, focusing on efficiency, risk control, and scale expansion[5] - The company aims to enhance its market position through strategic acquisitions and the integration of new services, particularly in the home decoration sector[18] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44] Shareholder Information - The company has established a share repurchase plan allowing for the purchase of up to USD 1 billion of Class A ordinary shares and/or American Depositary Shares within 12 months[25] - As of December 31, 2022, the company repurchased approximately 14.2 million American Depositary Shares for a total consideration of approximately USD 191 million[25] - The basic and diluted earnings per American Depositary Share (ADS) for Q4 2022 were RMB 0.32 (USD 0.05) and RMB 0.31 (USD 0.04), respectively, compared to a loss of RMB 0.78 in Q4 2021[15] - Adjusted earnings per ADS for Q4 2022 were RMB 1.31 (USD 0.19) and RMB 1.29 (USD 0.18), compared to RMB 0.04 in Q4 2021[15] - The basic net loss per American Depositary Share (ADS) of (0.78) for Q4 2022, an improvement from (1.17) in Q4 2021, indicating a positive trend[43] Asset and Liability Overview - The total assets of Beike Holdings increased from RMB 100.32 billion in 2021 to RMB 109.35 billion in 2022, representing a growth of approximately 10.1%[36] - Cash and cash equivalents decreased from RMB 20.45 billion in 2021 to RMB 19.41 billion in 2022, a decline of about 5.1%[36] - Total current liabilities rose from RMB 28.94 billion in 2021 to RMB 33.34 billion in 2022, an increase of approximately 15.5%[38] - The company's non-current liabilities increased from RMB 4.33 billion in 2021 to RMB 6.95 billion in 2022, reflecting a growth of around 60.5%[38] - The total liabilities of the company increased from RMB 33.26 billion in 2021 to RMB 40.29 billion in 2022, which is an increase of approximately 21.1%[38] - The total equity attributable to shareholders increased from RMB 67,055,493 in 2021 to RMB 69,054,438 in 2022, an increase of approximately 3%[40] Future Outlook - The company expects total net revenue for Q1 2023 to be between RMB 18 billion (USD 2.6 billion) and RMB 18.5 billion (USD 2.7 billion), representing an increase of approximately 43.4% to 47.4% from the same quarter in 2022[24] - The company will hold an earnings conference call on March 16, 2023, to discuss financial performance[26]
贝壳(02423) - 2022 Q4 - 季度业绩