Core Insights - Beike (NYSE: BEKE; HKEX: 2423) continues its stable and upward development trajectory despite industry cycles, as evidenced by its Q3 2025 performance [1][2] Financial Performance - In Q3 2025, Beike reported a total transaction volume (GTV) of 736.7 billion RMB and net revenue of 23.1 billion RMB, reflecting a year-on-year growth of 2.1% [1][2] - The operating profit for Q3 was 608 million RMB, with adjusted operating profit at 1.173 billion RMB, and net profit at 747 million RMB, with adjusted net profit at 1.286 billion RMB [2] - Beike's Q3 net revenue and adjusted net profit exceeded Bloomberg consensus estimates by approximately 140 million RMB and 61 million RMB, respectively [2] Strategic Initiatives - The "One Body, Three Wings" strategy, which includes real estate brokerage, home decoration, and rental services, has become a key growth driver for Beike [3][4] - The company aims to enhance customer experience and operational efficiency through organizational upgrades and technological innovations [2][4] Shareholder Returns - In Q3 2025, Beike repurchased shares worth 281 million USD, marking the highest quarterly buyback in nearly two years, with a total repurchase amount of approximately 675 million USD for the year [3] - The total cash and cash equivalents held by Beike as of September 30, 2025, amounted to 55.7 billion RMB (7.8 billion USD), indicating a strong financial position [3] Business Structure and Growth - Non-real estate transaction businesses accounted for 45% of Beike's net revenue in Q3, with home decoration and rental services achieving profitability at the city level [1][5] - The home decoration business generated 4.3 billion RMB in net revenue, while the rental service revenue reached 5.7 billion RMB, reflecting a year-on-year growth of 45.3% [5] - The operational efficiency improved, with operating expenses decreasing by 1.8% year-on-year and 6.7% quarter-on-quarter [5]
贝壳三季度净收入增长2.1%至231亿元 存量房业务GTV同比提升5.8%