风暴中的贝壳，当学胖东来

Core Viewpoint - The controversy surrounding the high executive salaries at Beike has intensified public scrutiny, particularly in light of the company's fluctuating profits and the significant income disparity between executives and employees [1][3][20]. Executive Compensation - Beike's CEO and major shareholder, Peng Yongdong, has a reported salary of 400 million RMB for 2024, while co-founder Shan Yigang earns 299 million RMB, which is significantly higher than typical executive compensation in other companies [1]. - Over the past four years, Peng's salary has increased from 8.478 million RMB to 400 million RMB, while Shan's has risen from 6.853 million RMB to 299 million RMB [1]. - The company's net profit has been volatile, with losses in 2021 and 2022, a recovery in 2023, but a projected decline of 30% in 2024 [1][20]. Public Reaction and Employee Concerns - The public's focus has shifted from executive salaries to the relationship between executive compensation, company profits, and employee wages, especially given that Beike employs nearly 500,000 agents with an average annual income of 74,200 RMB [3][9]. - The disparity in income is stark, with Peng's salary being approximately 5,399 times that of the average agent [3]. - Discussions around labor relations have been reignited, highlighting the need for better employee compensation and welfare [3][9]. Corporate Response - In an attempt to mitigate the backlash, Beike announced that Peng would donate 9 million shares, valued at approximately 440 million RMB, to support healthcare for industry workers and rental assistance for graduates [1][17]. - However, this gesture has not significantly alleviated public concern regarding the income gap and the company's treatment of its employees [3][9]. Business Performance and Strategy - Beike's revenue is primarily derived from five business segments, with the core business of existing home transactions seeing a decline in profit margin from 47.2% to 43.2% in 2024 [20][22]. - The company has been actively seeking new growth avenues, introducing a "one body, three wings" strategy to expand into home decoration and rental services, which contributed approximately 31.6 billion RMB in revenue, a 64.2% increase year-on-year [22]. - Despite these efforts, the overall profitability remains a concern, and the company faces pressure to stabilize both its financial performance and employee morale [22][23].