Financial Performance - Total transaction value for Q1 2024 was RMB 629.9 billion (USD 87.2 billion), a year-on-year decrease of 35.2%[1] - Net revenue for Q1 2024 was RMB 16.4 billion (USD 2.3 billion), down 19.2% year-on-year[2] - Adjusted net profit for Q1 2024 reached RMB 1.392 billion (USD 193 million)[2] - In Q1 2024, net revenue decreased by 19.2% to RMB 16.4 billion ($2.3 billion) from RMB 20.3 billion in Q1 2023, primarily due to declines in existing and new housing business revenues[5] - Total transaction value in Q1 2024 fell by 35.2% to RMB 629.9 billion ($87.2 billion) compared to RMB 971.5 billion in Q1 2023, attributed to a high base effect from Q1 2023 and weakened supply and demand[5] - Revenue from existing housing business dropped by 37.6% to RMB 5.7 billion ($0.8 billion), with total transaction value decreasing by 31.8% to RMB 453.2 billion ($62.8 billion)[5] - New housing business revenue fell by 41.5% to RMB 4.9 billion ($0.7 billion), with total transaction value down 45.4% to RMB 151.8 billion ($21.0 billion)[6] - Gross profit in Q1 2024 decreased by 35.1% to RMB 4.1 billion ($0.6 billion), with a gross margin of 25.2%, down from 31.3% in Q1 2023[9] - Operating profit for Q1 2024 was RMB 12 million ($2 million), a significant drop from RMB 2.978 billion in Q1 2023, with an operating margin of 0.1%[11] - Adjusted operating profit for Q1 2024 was RMB 960 million ($133 million), down from RMB 3.83 billion in Q1 2023, with an adjusted operating margin of 5.9%[11] - In Q1 2024, the net profit was RMB 432 million (USD 60 million), a significant decrease from RMB 2,750 million in Q1 2023, representing a decline of approximately 84.3%[12] - Adjusted net profit for Q1 2024 was RMB 1,392 million (USD 193 million), down from RMB 3,561 million in Q1 2023, indicating a decrease of about 61.0%[12] - Basic and diluted earnings per American Depositary Share (ADS) for Q1 2024 were RMB 0.38 (USD 0.05) and RMB 0.37 (USD 0.05), respectively, compared to RMB 2.32 and RMB 2.26 in Q1 2023, reflecting a decline of approximately 83.7% and 83.7%[13] Revenue Breakdown - Revenue from home decoration and furnishing reached RMB 2.4 billion, a year-on-year increase of 71.1%[4] - Revenue from housing rental services was RMB 2.6 billion, up 189.3% year-on-year[4] - The revenue from emerging businesses and others increased by 112.9% year-on-year, contributing to 35% of total revenue, up 21.7 percentage points from the same period in 2023[4] - Home decoration and furnishing revenue increased by 71.1% to RMB 2.4 billion ($0.3 billion), driven by synergies between property transactions and home decoration services[6] - Rental services revenue surged by 189.3% to RMB 2.6 billion ($0.4 billion), mainly due to an increase in rental listings under the "worry-free rental" model[6] Cash and Assets - As of March 31, 2024, the total cash, cash equivalents, restricted cash, and short-term investments amounted to RMB 60.8 billion (USD 8.4 billion)[14] - The company's cash and cash equivalents decreased from RMB 19,634,716,000 as of December 31, 2023, to RMB 17,845,299,000 as of March 31, 2024, a decline of about 9.1%[25] - The total equity attributable to shareholders decreased from RMB 72,099,824,000 as of December 31, 2023, to RMB 68,993,774,000 as of March 31, 2024, a reduction of approximately 4.4%[27] - The company's short-term investments increased from RMB 34,257,958,000 as of December 31, 2023, to RMB 36,034,979,000 as of March 31, 2024, representing a growth of about 5.2%[25] Share Repurchase and Governance - The company repurchased approximately USD 220 million worth of shares in Q1 2024[4] - The share repurchase program allows the company to buy back up to USD 2 billion of Class A common stock and/or ADSs by August 31, 2024, with approximately 76.6 million ADSs repurchased for a total consideration of about USD 1,129.8 million as of March 31, 2024[15] - The board of directors includes experienced executives, ensuring strong governance and strategic oversight[23] Operational Insights - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating profit and adjusted net profit, which help identify underlying business trends[19] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and encourages investors to review financial data comprehensively[19] - The company aims to reshape service operation models to provide more efficient real estate transaction and living services[21] - The management's forward-looking statements involve inherent risks and uncertainties that could lead to significant differences in actual performance[22] - The company is committed to protecting its systems and infrastructure from cyberattacks, which is crucial for maintaining trust in its brokerage brands[22] - The company has established a strong online and offline integrated real estate transaction and service platform[21] Asset and Liability Changes - As of December 31, 2023, total assets amounted to RMB 120,331,931,000, while total assets as of March 31, 2024, decreased to RMB 119,021,436,000, representing a decline of approximately 1.1%[25] - Total current assets increased from RMB 69,753,623,000 as of December 31, 2023, to RMB 70,543,525,000 as of March 31, 2024, reflecting a growth of about 1.1%[25] - Total liabilities rose from RMB 48,130,826,000 as of December 31, 2023, to RMB 49,896,460,000 as of March 31, 2024, indicating an increase of approximately 3.7%[26] - The total non-current assets decreased from RMB 50,578,308,000 as of December 31, 2023, to RMB 48,477,911,000 as of March 31, 2024, reflecting a decline of about 4.1%[25] - The company's total current liabilities increased from RMB 39,523,983,000 as of December 31, 2023, to RMB 41,755,435,000 as of March 31, 2024, an increase of approximately 5.7%[26] - The total non-current liabilities decreased from RMB 8,606,843,000 as of December 31, 2023, to RMB 8,141,025,000 as of March 31, 2024, a reduction of about 5.4%[26]
贝壳(02423) - 2024 Q1 - 季度业绩