5i5j(SZ:000560) Shang Hai Zheng Quan Bao·2025-10-29 21:27Core Viewpoint - The real estate industry is experiencing a traditional off-season in the third quarter of 2025, with a decline in both transaction volume and prices in major cities, indicating a market that continues to operate under a "price for volume" strategy [5][6][7]. Financial Performance - The company reported a total revenue of 8.165 billion yuan, a year-on-year decrease of 6.81%, primarily due to the new asset management product "Xiangyu Youxuan" adopting a net method for revenue recognition [8]. - The net profit attributable to the parent company was approximately 42.327 million yuan, a significant increase of 398.75% year-on-year, driven by increased transaction volume in the brokerage business and reduced operating costs [8][9]. - For the third quarter, the company achieved a revenue of 2.507 billion yuan, a year-on-year decline of 14.94%, while the net profit attributable to the parent company was 3.927 million yuan, an increase of 118.81% year-on-year [9]. Market Analysis - In the third quarter, the transaction volume of second-hand houses in major cities showed a downward trend, with Beijing's transaction volume decreasing by 6.7% from the previous quarter, and Shanghai's by 10.3% [6][7]. - The average price of second-hand houses in 100 cities fell by 2.26% in the third quarter, with a cumulative decline of 5.79% for the first three quarters of 2025 [6][7]. - Policy adjustments in major cities, such as Beijing and Shanghai, aimed at optimizing housing purchase restrictions, are expected to stimulate demand in the housing market [7][8]. Business Operations - The company achieved a total housing transaction amount (GTV) of approximately 196.2 billion yuan, a year-on-year increase of 5.2%, with brokerage business contributing 156.6 billion yuan [10]. - The company’s brokerage business saw a transaction volume of 54,626 units, a year-on-year increase of 5.6%, while the new housing business transaction volume reached 8,150 units, a slight increase of 0.4% [8][10]. - The company’s managed housing resources in the asset management business reached 330,000 units, an increase of 8.9% compared to the beginning of the year [8][10].