Core Viewpoint - Beike-W (02423) is expected to benefit from the continuous expansion of the industry scale, supported by its leading position and strategic nationwide layout, with projected net profits for 2025-2027 showing significant growth [1] Group 1: Financial Performance - In the first three quarters of 2025, Beike achieved operating revenue of 72.39 billion yuan, a year-on-year increase of 16.1%, demonstrating market competitiveness despite pressure in the real estate market [1] - The company's net profit attributable to the parent company was 2.91 billion yuan, a year-on-year decrease of 16.8%, primarily due to a decline in gross margin from 25.3% to 21.4% [1] - As of the end of Q3 2025, Beike's store count increased by 27.3% year-on-year to 61,393, and the number of agents reached 546,000, up 14.5% year-on-year, indicating ongoing expansion [1] Group 2: Business Segments - The existing housing business saw a transaction volume (GTV) increase of 5.8% year-on-year to 505.6 billion yuan, with net income of 6 billion yuan, down 3.6% from the previous year [2] - The new housing business experienced a GTV decline of 13.7% to 196.3 billion yuan, with net income of 6.6 billion yuan, down 14.1% year-on-year, reflecting a slowdown in the commodity housing market [2] - The home decoration business reported net income of 4.3 billion yuan, a year-on-year increase of 2.4% [2] - Rental services generated net income of 5.7 billion yuan, a significant year-on-year increase of 45.3%, attributed to the growth in the "worry-free rental" model [2] - Emerging businesses and others reported net income of 400 million yuan, down from 500 million yuan in the same period last year [2] Group 3: Shareholder Returns - In Q3 2025, Beike's share buyback amounted to 281 million USD, marking the highest quarterly buyback in nearly two years [3] - By the end of Q3 2025, the total buyback for the year reached 675 million USD, a 15.7% increase compared to the same period last year [3] - Since initiating the buyback in September 2022, Beike has repurchased approximately 2.3 billion USD worth of shares, representing 11.5% of the total shares before the buyback [3]