Performance Overview - The company reported a net revenue growth of only 2.1% year-on-year to 23.1 billion yuan in Q3 2025, while net profit saw a significant decline of 36.1% to 747 million yuan, with adjusted net profit also decreasing [1] - Despite an increase in revenue contribution from emerging businesses like home decoration and leasing, the traditional new home transaction volume declined year-on-year, and the growth rate of existing home business slowed down, leading to weakened overall profitability [1] Industry Policy and Environment - In December 2025, the company was summoned by the Beijing Municipal Housing and Urban-Rural Development Commission and other departments due to online irregularities, resulting in increased compliance costs [2] - Various local agricultural credit systems and banks initiated direct property sales models, offering a "30-day transaction cycle + prices 10%-15% below market" advantage, which directly impacts the company's traditional business model [2] - The company's first self-operated project, "Financial City · Beichen S1," showed insufficient sales rate, indicating challenges in its transformation attempts [2] Company Status - In November 2025, the company was reported to have laid off over a hundred employees, and dissatisfaction among agents arose due to disputes over the "Bo Xue Da Kao" fee, exacerbating internal management issues and raising market concerns about the stability of grassroots services [3] - Although the company continues to repurchase shares, trading remains sluggish, amplifying volatility risks [3] - As of February 12, 2026, the stock price closed at 48.50 HKD, showing a noticeable decline from the previous day's high [3] Future Development - The real estate policy in 2026 is expected to focus on "stabilizing expectations," but the industry is still in a bottoming phase, with institutions predicting a potential year-on-year revenue decline for the company in Q4 2025 [4] - Market attention is on whether the company can effectively transform through AI empowerment and new business expansion amidst the contraction of traditional business [4]
贝壳-W股价逆市下跌，业绩承压与行业竞争加剧成主因