Xi Niu Cai Jing·2025-05-20 03:24Core Viewpoint - The real estate market is entering a new phase of stabilization, and Beike has reported better-than-expected financial results amid this backdrop [2][3] Financial Performance - For the first quarter ending March 31, 2025, Beike achieved net revenue of 23.3 billion yuan, a year-on-year increase of 42.4%, with a net profit of 855 million yuan and an adjusted net profit of 1.393 billion yuan [2] - Beike's transaction volume for existing homes reached 580.3 billion yuan, up 28.1% year-on-year, while new home transaction volume grew 53% to 232.2 billion yuan, with net revenue increasing by 64.2% to 8.1 billion yuan [6] Business Strategy - Beike's "One Body, Three Wings" strategy has shown effectiveness, with non-real estate transaction services accounting for 35.9% of total net revenue, growing 46.2% year-on-year [4][9] - The company is focusing on optimizing developer partnerships and enhancing service efficiency to meet inventory clearance needs [7] Market Context - The real estate market is experiencing a shift in policy focus from preventing rapid price increases to promoting stabilization, with supportive measures being implemented by various government bodies [5] - The first quarter of 2025 saw a slight decline of 0.4% in new home sales, which is significantly better than the previous year, while the second-hand housing market showed signs of recovery [5] Operational Efficiency - Beike's active store count surpassed 55,210, marking a historical peak, with a 23% year-on-year increase in active agents, totaling 491,000 [7] - The company reported improvements in operational efficiency, with store and agent productivity increasing by 8% and 14% respectively [7] Technological Innovation - Beike is leveraging AI technology to enhance its real estate service value chain, with tools like the AI housing assistant "Pudding" and various AI products for agents [12][13] - The AI-driven solutions have significantly improved efficiency, with over 20,000 agents participating in the pilot programs, leading to a 30% increase in client conversion rates [12] Future Outlook - The company expresses confidence in its long-term growth under the "One Body, Three Wings" strategy and plans to continue investing in AI applications [15] - As the real estate market stabilizes, Beike aims to transition from scale expansion to quality growth, enhancing the overall living experience for consumers [15]