BEKE(US:BEKE) Sou Hu Cai Jing·2026-01-02 20:46Core Viewpoint - The real estate industry is undergoing a significant transformation, with the necessity for real estate agencies to adapt to changing market conditions and consumer needs [3][16]. Market Overview - The National Bureau of Statistics reported that the sales of commercial housing reached 96,750 billion yuan last year, a decline of 17.1% compared to the previous year; from January to October this year, sales amounted to 69,017 billion yuan, reflecting a year-on-year decrease of approximately 10% [4]. - The second-hand housing market shows a unique trend, with a year-on-year increase of 4.7% in signed area, but sales revenue has declined due to falling prices, indicating a "volume increase and price decrease" scenario [6]. Agency Performance - Beike's third-quarter report illustrates a stark contrast between revenue and profit: net income was 23.1 billion yuan, up 2.1% year-on-year, while net profit fell by 36.1% to 747 million yuan [8]. - In the stock housing business, transaction volume reached 505.6 billion yuan, a growth of 5.8%, but revenue decreased by 3.6%, primarily due to changes in the commission model [10]. Transformation Strategies - Beike's transformation path is representative, with new housing business contributions surpassing second-hand housing, particularly in major cities where agency personnel outnumber developers' employees [12]. - The "one fish three eats" strategy diversifies risks by expanding into rental, home furnishing, and decoration services, with non-real estate transaction businesses accounting for 45% of Beike's revenue [12]. Industry Evolution - The role of real estate agencies is shifting from "investment advisors" to "community service providers," offering comprehensive lifecycle services similar to practices in developed countries [14]. - The transition may lead to increased income for agencies, as evidenced by overseas cases where transformed agencies saw income rise by over three times [14]. Challenges Ahead - Beike's market value has significantly decreased, and rumors of layoffs have emerged, reflecting the pressures within the industry [16]. - The integration of AI technology is expected to accelerate industry reshuffling, potentially replacing traditional service scenarios with intelligent systems [16]. Conclusion - The real estate agency industry must embrace refined services to remain relevant, transitioning from facilitating one-time transactions to becoming service providers within the housing ecosystem [18].