Core Insights - Beike's Q3 net revenue increased by 2.1% to 23.1 billion yuan, exceeding Bloomberg consensus expectations [1] - The total transaction volume (GTV) reached 736.7 billion yuan, with a year-on-year growth of 5.8% in the existing home business [1] - The company's non-real estate transaction revenue share rose to 45%, indicating a healthy development of the platform ecosystem [1] Financial Performance - Q3 net income was 23.1 billion yuan, surpassing Bloomberg's forecast of 22.96 billion yuan by approximately 140 million yuan [1] - Adjusted net profit also exceeded expectations, reaching 1.225 billion yuan, exceeding the forecast by about 61 million yuan [1] - Home decoration and rental businesses achieved profitability at the city level, contributing to overall financial stability [1][2] Business Segments - Home decoration and furniture business generated 4.3 billion yuan in net income, with a profit margin increase to 32%, up by 0.8 percentage points year-on-year [2] - Rental services revenue reached 5.7 billion yuan, showing a significant year-on-year growth of 45.3%, with a profit margin of 8.7%, up by 4.3 percentage points [2] - The new home business GTV grew by approximately 11% year-on-year, reaching 196.3 billion yuan in Q3 [1][2] Strategic Initiatives - Beike is piloting a "B+" product light operation model to expand its reach into lower-tier cities, aiming for future growth [1] - The company is exploring new real estate models in response to changing market cycles, achieving steady operational results through diversified business layouts [2]
贝壳Q3净收入增长2.1%至231亿元，主要财务数据优于彭博一致预期