Core Viewpoint - Beike Holdings reported its Q3 2025 financial results, showing a slight increase in net revenue but a significant decline in net profit compared to the previous year [1][4]. Financial Performance - In Q3 2025, Beike's net revenue was 23.1 billion RMB, a year-on-year increase of 2.1% [4]. - The net profit for the same period was 747 million RMB, reflecting a year-on-year decrease of 36.1% [1][4]. - Adjusted net profit was 1.286 billion RMB, down 27.8% year-on-year [1]. Transaction Volume - The total transaction volume for Q3 2025 was 736.7 billion RMB, remaining stable year-on-year [4]. - The transaction volume for existing homes was 505.6 billion RMB, an increase of 5.8% year-on-year [4]. - New home transaction volume was 196.3 billion RMB, a decrease of 13.7% year-on-year [4]. Revenue Breakdown - Revenue from existing home business was 6 billion RMB, down 3.6% year-on-year, with commission income at 4.8 billion RMB [4]. - Revenue from new home business was 6.6 billion RMB, down 14.1% year-on-year [4]. - Revenue from home rental services increased significantly to 5.7 billion RMB, a growth of 45.3% year-on-year [4]. - Non-real estate business revenue accounted for 45% of total revenue in this quarter [4]. Gross Profit and Margin - Gross profit for Q3 2025 was 4.9 billion RMB, a decline of 3.9% year-on-year [5]. - Gross margin decreased from 22.7% in the same period last year to 21.4% in Q3 2025 [5]. Operational Metrics - As of September 30, 2025, the number of stores was 61,393, an increase of 27.3% year-on-year [6]. - The number of active agents was 545,511, up 14.5% year-on-year [6]. - Monthly active users averaged 49.3 million, an increase from 46.2 million in the previous year [6]. Cost Structure - Total operating costs for Q3 2025 were 18.1 billion RMB, an increase of 3.8% year-on-year [6]. - Costs associated with rental services rose significantly to 5.2 billion RMB, a 38.8% increase year-on-year [6]. Cash Position - As of September 30, 2025, the company had a total cash and cash equivalents balance of 55.7 billion RMB [7].
贝壳第三季度非房业务净收入占比提升至45%