Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue increase but a decline in net profit, indicating mixed financial health and ongoing challenges in profitability [1][4]. Financial Performance - In H1 2025, the company achieved a revenue of 49.34 billion yuan, a year-on-year increase of 24.1%, while net profit was 2.16 billion yuan, down 7.3% [1]. - Adjusted net profit for H1 2025 was 3.21 billion yuan, reflecting a 21.3% decline year-on-year [1]. - Total transaction volume reached 1.7224 trillion yuan, up 17.3% year-on-year [1]. - For Q2 2025, revenue was 26.01 billion yuan, an 11.3% increase, but net profit fell 31.2% to 1.31 billion yuan [1]. Margin and Cost Analysis - The gross margin for H1 2025 was 21.3%, down 5.4 percentage points year-on-year, but Q2 showed a slight recovery with a gross margin of 21.9% [1]. - Operating expense ratio improved to 18% in H1 2025, down 3.7 percentage points year-on-year, with Q2 at 17.8% [1]. Share Buyback and Confidence - The company spent approximately 394 million USD on a share buyback plan, representing 1.7% of the total shares issued as of the end of 2024 [1]. - The buyback authorization was increased from 3 billion USD to 5 billion USD, with the plan extended to August 31, 2028, reflecting confidence in future growth [1]. Real Estate Brokerage Performance - In H1 2025, the total transaction volume for existing homes was 1.1638 trillion yuan, a 13.7% increase, with net income of 13.59 billion yuan, up 4% [2]. - The contribution profit margin for real estate brokerage was 39%, down 7.1 percentage points year-on-year due to rising fixed salary costs [2]. New Home Sales and Monetization - New home transaction volume reached 487.6 billion yuan in H1 2025, a 26% increase, with net income of 16.69 billion yuan, up 29.9% [2]. - The monetization rate for new homes was 3.42%, slightly up from the previous year [2]. Non-Real Estate Business Growth - Non-real estate business revenue accounted for 38.6% of total revenue in H1 2025, a 3.8 percentage point increase year-on-year [3]. - Home decoration and rental services showed significant growth, with home decoration revenue at 7.51 billion yuan, up 16.5%, and rental services revenue at 10.76 billion yuan, up 85.2% [3].
贝壳-W(2423.HK)：收入规模平稳增长 回购扩大彰显信心