Core Viewpoint - The real estate industry is entering a weak cycle, but Beike (NYSE: BEKE; HKEX: 2423) continues to break through this cycle with its one-stop new housing service platform, achieving significant growth in its home decoration and furnishing business [1][4]. Financial Performance - In the first half of 2025, Beike reported total revenue of 49.3 billion yuan, a year-on-year increase of 24.1% [1]. - The home decoration and furnishing business contributed net revenue of 7.5 billion yuan, growing by 16.5%, with a Q2 profit margin of 32.1% [1][7]. - Revenue projections for the home decoration business are 5.047 billion yuan in 2022, 10.9 billion yuan in 2023, and 14.8 billion yuan in 2024, accounting for 8.3%, 14.01%, and 15.8% of total revenue respectively [4]. Strategic Developments - Beike has transitioned from a real estate brokerage to a comprehensive home decoration service provider, integrating technology to enhance service efficiency and customer experience [2][3]. - The company has launched a "full-case decoration service provider" strategy, focusing on integrating design, construction, supply chain, and after-sales services [5][18]. - Beike's strategic upgrade includes a shift from "assembly" to "complete machine" in home decoration services, emphasizing product strength and customer satisfaction [5][18]. Technological Innovation - Beike is leveraging big data, AI, and VR technologies to enhance service efficiency and customer experience in the home decoration sector [2][9]. - The company has developed a core digital platform, Home SaaS, which enables online collaboration among over 160,000 service providers [9][19]. - Beike's AI tools, such as AI Design Cow and BIM models, have significantly improved design efficiency and reduced material waste [19][20]. Market Positioning - Beike is positioned to capitalize on the growing demand for quality housing, supported by government policies aimed at expanding domestic demand and promoting consumption [4][20]. - The home decoration industry is expected to reach a retail scale of 4.89 trillion yuan by 2026, indicating a favorable market environment for Beike's growth [4]. Customer-Centric Approach - Beike's new product offerings include modular solutions that simplify the decision-making process for consumers, allowing for a seamless transition from design to delivery [21]. - The company aims to address the gap between consumer expectations for "good housing" and the realities of the home decoration industry by providing transparent and efficient services [8][20].
贝壳整装新叙事：科技赋能的“全案整装服务商”