Group 1 - The core viewpoint of the report is that the company, Beike-W (02423), is rated "Buy" by Guotai Junan, with projected adjusted net profits for 2025-2027 being 57.19 billion, 62.44 billion, and 69.95 billion respectively, and a target price of 66.85 HKD per share based on a 38x PE valuation for 2025 [1] - The company is actively developing non-property businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while increasing shareholder returns to enhance investment value [1] - In Q3 2025, the total transaction volume was 736.7 billion, remaining stable year-on-year, while net income increased by 2.1% to 23.1 billion, although net profit decreased by 36.1% to 0.747 billion [1] Group 2 - The second-hand property business is steadily expanding, with net income from existing properties at 6 billion, down 3.6% year-on-year, while total transaction volume increased by 5.8% to 505.6 billion [2] - The commission rate for existing properties was 1.19%, with the Lianjia existing property commission rate at 2.53% and the Beilian existing property commission rate at 0.38% [2] - The new property business saw a decline in net income by 14.1% to 6.6 billion, with total transaction volume down 13.7% to 196.3 billion in Q3 2025 [2] Group 3 - The company has actively implemented a share repurchase plan, with a record high repurchase amount of 281 million in Q3 2025, bringing the total repurchase amount for the year to approximately 675 million, a 15.7% increase year-on-year [3] - Since the initiation of the repurchase program in September 2022, the cumulative repurchase amount has reached approximately 2.3 billion, accounting for about 11.5% of the total share capital before the program started [3]