Core Viewpoint - The company reported a net income of 26 billion RMB in Q2 2025, driven by growth in new housing, home decoration, and rental services, despite a decline in net income from existing housing [2][3]. Financial Performance - Total transaction volume (GTV) reached 878.7 billion RMB, a year-on-year increase of 4.7%, with existing housing transactions at 583.5 billion RMB (up 2.2%) and new housing transactions at 255.4 billion RMB (up 8.5%) [1]. - Net income from existing housing was 6.7 billion RMB, down 8.4% year-on-year, while new housing net income increased by 8.6% to 8.6 billion RMB [2]. - Home decoration net income rose by 13.0% to 4.6 billion RMB, and rental services net income surged by 78.0% to 5.7 billion RMB [2]. Cost Analysis - Operating costs for home decoration increased by 11.6% to 3.1 billion RMB, while rental service costs rose by 73.3% to 5.2 billion RMB [2]. - Gross profit for Q2 2025 was 5.7 billion RMB, down 12.5% from 6.5 billion RMB in the same period of 2024, with a gross margin decline from 27.9% to 21.9% [3]. Operational Metrics - As of June 30, 2025, the company had 60,546 stores, a 31.8% increase year-on-year, and 557,974 agents, up 21.6% [3]. - The company reported a cash and cash equivalents balance of 53.1 billion RMB [3]. Share Buyback Program - The company announced an expansion of its share repurchase program, increasing the authorization from 3 billion USD to 5 billion USD, with the program extended until August 31, 2028 [4].
同比下滑31.2%，贝壳第二季度净利润13.07亿元