Financial Performance - Total transaction value for the six months ended June 30, 2023, was RMB 1,752.1 billion, an increase of 43.0% compared to RMB 1,225.5 billion in the same period of 2022[1]. - Net income for the six months ended June 30, 2023, was RMB 39.8 billion, a 51.0% increase from RMB 26.3 billion in the same period of 2022[3]. - Adjusted net profit for the six months ended June 30, 2023, was RMB 59.25 billion, compared to an adjusted net loss of RMB 5.92 billion in the same period of 2022[3]. - The total transaction value for existing home sales was RMB 1,120.8 billion, a 46.0% increase from RMB 767.6 billion in the same period of 2022[1]. - The total transaction value for new home sales was RMB 572.9 billion, a 37.9% increase from RMB 415.4 billion in the same period of 2022[1]. - For the six months ended June 30, 2023, net income increased by 51.0% to RMB 39.8 billion, up from RMB 26.3 billion in the same period of 2022, primarily due to an increase in total transaction volume[13]. - Total transaction volume for the same period reached RMB 1.7521 trillion, a 43.0% increase from RMB 1.2255 trillion in 2022, driven by the recovery of the housing market post-COVID-19 restrictions[13]. - The net income from the existing home business rose by 33.5% to RMB 15.6 billion, with total transaction volume increasing by 46.0% to RMB 1.1208 trillion[13]. - The net income from the new home business grew by 36.0% to RMB 17.1 billion, with total transaction volume rising by 37.9% to RMB 572.9 billion[14]. - The net profit for the six months ended June 30, 2023, was RMB 4 billion, compared to a net loss of RMB 2.5 billion in the same period of 2022[20]. - The total net revenue for the six months ended June 30, 2023, was RMB 39,762,001, an increase of 51% compared to RMB 26,325,057 for the same period in 2022[61]. Operational Metrics - The number of active agents as of June 30, 2023, was 409,054, a 7.6% increase from 380,284 as of June 30, 2022[3]. - The average monthly active users for the three months ended June 30, 2023, reached 48 million, up from 43 million in the same period of 2022[3]. - The number of stores as of June 30, 2023, was 43,000, stable compared to 42,831 as of June 30, 2022[3]. - The company has focused on enhancing the operational efficiency of agents and stores, leading to a 16% year-on-year increase in the average number of agents per store in the second quarter[6]. - The rental housing management service managed over 120,000 units as of June 30, 2023, with an occupancy rate of 94.5%, up 1.1 percentage points from Q1 2023[11]. Revenue Segments - The home decoration and furnishing business achieved a total transaction value of RMB 6.1 billion, significantly up from RMB 1.5 billion in the same period of 2022[1]. - The net revenue for the home decoration and furnishing segment for the six months ended June 30, 2023, was RMB 4 billion, up from RMB 1.1 billion in the same period of 2022, primarily due to the acquisition of Shengdu Home Decoration Co., Ltd. and increased order volume[15]. - The net revenue from emerging businesses and others increased by 217.3% to RMB 3 billion for the six months ended June 30, 2023, compared to RMB 1 billion in the same period of 2022, mainly driven by growth in rental housing management services and financial services[15]. Cost and Profitability - Total operating costs rose by 31.2% to RMB 28.1 billion for the six months ended June 30, 2023, from RMB 21.4 billion in the same period of 2022[16]. - Gross profit increased by 137.3% to RMB 11.7 billion for the six months ended June 30, 2023, with a gross margin of 29.4%, compared to 18.7% in the same period of 2022[17]. - Operating profit for the six months ended June 30, 2023, was RMB 4.1 billion, compared to an operating loss of RMB 2.4 billion in the same period of 2022, resulting in an operating margin of 10.2%[18]. - Adjusted operating profit for the six months ended June 30, 2023, was RMB 6 billion, compared to an adjusted operating loss of RMB 1.1 billion in the same period of 2022, with an adjusted operating margin of 15.0%[19]. Cash Flow and Liquidity - As of June 30, 2023, the company's cash, cash equivalents, restricted cash, and short-term investments totaled RMB 60.8 billion, slightly down from RMB 61.1 billion as of December 31, 2022[21]. - As of June 30, 2023, the net cash generated from operating activities was RMB 7,431,689 thousand, compared to RMB 3,808,031 thousand for the same period in 2022, representing an increase of approximately 95.5%[22]. - The total cash and cash equivalents at the end of the period reached RMB 37,812,092 thousand, up from RMB 19,380,403 thousand year-over-year, indicating a growth of approximately 95.2%[22]. - The company's total liabilities as of June 30, 2023, amounted to RMB 14,674,110 thousand, an increase from RMB 12,191,275 thousand as of December 31, 2022, reflecting a rise of approximately 20.4%[22]. - The debt-to-asset ratio as of June 30, 2023, was 38.0%, compared to 36.8% as of December 31, 2022, indicating a slight increase in leverage[26]. Shareholder Returns - The board has approved a special cash dividend of $0.057 per ordinary share and $0.171 per American depositary share, totaling approximately $200 million to be paid from the company's cash reserves[39]. - To qualify for the dividend, ordinary shareholders must submit their share transfer documents by September 15, 2023, at 4:30 PM Beijing/Hong Kong time[39]. - The expected payment date for the dividend is around September 27, 2023, for ordinary shareholders and October 3, 2023, for American depositary shareholders[39]. - The company has initiated a share repurchase plan allowing for the buyback of up to $1 billion of Class A common stock and/or American Depositary Shares within 12 months, which has been extended to $2 billion until August 31, 2024[34]. - As of August 31, 2023, the company repurchased a total of 40,968,424 American Depositary Shares, equivalent to 122,905,272 Class A common shares, for a total consideration of $604,957,928[34]. Corporate Governance - The board has not separated the roles of Chairman and CEO, believing that this structure enhances unified leadership and effective strategic planning[38]. - The company has complied with all applicable principles and code provisions of the corporate governance code during the reporting period[38]. - The board of directors consists of executive and non-executive members, ensuring diverse oversight and governance[45]. Future Outlook - Forward-looking statements are made regarding the company's business outlook and strategic plans, which involve inherent risks and uncertainties[45]. - The company has no major future plans for significant investments or capital assets as of June 30, 2023[26]. Accounting Policies - The company uses non-GAAP financial metrics to assess its operating performance, including adjusted operating profit and adjusted net profit, to identify potential business trends[42]. - Adjusted operating profit is defined as operating profit excluding stock-based compensation, intangible asset amortization, and impairment of goodwill and other long-term assets[43]. - The company encourages investors to review non-GAAP financial metrics alongside GAAP metrics for a comprehensive understanding of its performance[43].
贝壳(02423) - 2023 - 中期业绩