Core Insights - Beike Holdings reported its Q3 2025 financial results, showing a total transaction value (GTV) of 736.7 billion RMB, with total revenue of 23.1 billion RMB, a year-on-year increase of 2.1% [1] - Net profit decreased by 36.1% to 747 million RMB, while adjusted net profit fell by 27.8% to 1.286 billion RMB [1] - The number of active stores reached 59,012, up 25.9% year-on-year, and the number of active agents increased by 11.4% to 471,501 [1] Business Segments Existing Home Business - The GTV for the existing home business reached 505.6 billion RMB, reflecting a year-on-year increase of 5.8% [1] - The implementation of the "tenant separation" mechanism in Shanghai improved agents' property maintenance and marketing capabilities, increasing the property turnover rate from 2.6% to over 3% [1] New Home Business - The GTV for new home business grew approximately 11% year-on-year, with Q3 GTV reaching 196.3 billion RMB [1] - A new light operation model product "B+" is being piloted in four cities, with plans to expand to over 30 cities by the end of 2025 [1] Rental Services - The number of managed rental properties exceeded 660,000, generating revenue of 5.73 billion RMB, a year-on-year increase of 45.3% [2] - The profit margin for rental services reached 8.7%, up 4.3 percentage points year-on-year, with profitability achieved at the city level for two consecutive quarters [2] Home Decoration and Furnishing - The net income from the home decoration and furnishing business was 4.3 billion RMB, with a profit margin of 32%, an increase of 0.8 percentage points year-on-year [2] - The business achieved profitability at the city level for two consecutive quarters [2] Research and Development - Beike increased its R&D investment, totaling 1.865 billion RMB, with Q3 R&D expenses at 648 million RMB, a year-on-year increase of 13.2% [2] - AI technology has been further integrated into core business processes, driving efficiency improvements [2]
贝壳第三季度净收入231亿元 业务结构进一步优化