Core Viewpoint - The company reported a significant increase in revenue driven by a recovery in new home transactions and the development of rental services, despite a slight decline in profitability metrics [1][2]. Group 1: Financial Performance - In Q1 2025, the company's GTV transaction volume reached 843.7 billion, a year-on-year increase of 34%, with revenue of 23.3 billion, up 42% year-on-year [1]. - Adjusted net profit for Q1 2025 was 1.39 billion, flat year-on-year, with an adjusted net profit margin of 6.0%, down 2.5 percentage points [1]. - Gross margin was 20.7%, down 4.5 percentage points year-on-year, indicating a decline in profitability levels [1]. Group 2: Business Segments - The company's existing home transaction volume was 580.3 billion in Q1 2025, up 28% year-on-year, with revenue from this segment at 6.9 billion, a 20% increase [2]. - The new home business outperformed the market, with a transaction volume of 232.2 billion, up 53% year-on-year, and revenue of 8.1 billion, a 64% increase [2]. - The rental services segment saw revenue of 5.1 billion, a remarkable 94% increase year-on-year, although it had a lower contribution margin of 6.7% [3]. Group 3: Market Position and Growth - The company expanded its store count to 57,000, a 29% increase year-on-year, and the number of agents reached 550,000, up 24% [2]. - The market share for new homes increased to 12.6%, up 4.5 percentage points year-on-year, indicating strong competitive positioning [2]. - The company is expected to maintain its growth trajectory in new business segments, with home decoration and rental services showing promising revenue growth [3].
贝壳-W(02423.HK)：一季度营收同比增长42% 经调整净利润同比持平