Core Insights - Beike reported its Q2 2025 financial performance, showing a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7% [1] - The company's net revenue reached 26 billion yuan, reflecting an 11.3% year-on-year growth, while net profit was reported at 1.307 billion yuan, with adjusted net profit at 1.821 billion yuan [1] Business Segments - The existing home business GTV reached 583.5 billion yuan, up 2.2% year-on-year, while the new home business GTV was 255.4 billion yuan, marking an 8.5% increase [1] - The home decoration and furnishing business generated net revenue of 4.6 billion yuan, growing by 13% year-on-year, and the housing rental service net revenue was 5.7 billion yuan, a significant increase of 78% [1] - Non-real estate transaction services accounted for 41% of total net revenue, achieving a historical high [1] Share Buyback Program - Beike announced an expansion and extension of its existing share repurchase program, increasing the buyback authorization from 3 billion USD to 5 billion USD, with the program's duration extended to August 31, 2028 [1] - In Q2 2025, Beike repurchased approximately 250 million USD worth of shares, and in the first half of the year, the total spent on share buybacks was about 394 million USD, representing around 1.7% of the total shares outstanding as of the end of 2024 [1] - Since the initiation of the buyback program in September 2022, Beike has repurchased a total of 2.02 billion USD worth of shares, accounting for approximately 10.3% of the total shares outstanding prior to the program's start [1]
贝壳：第二季度净收入260亿元，非房交易业务占比升至41%