Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has shown a quarter-on-quarter improvement in profitability, with a focus on expanding and extending its share buyback program. Despite potential short-term performance pressure due to industry downturns, the company is expected to outperform the industry, especially if significant policies are implemented [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 26 billion yuan (up 11.3%), with a net profit attributable to shareholders of 1.3 billion yuan (down 31.2%). Adjusted net profit was 1.8 billion yuan (down 32.4%). For H1 2025, these figures were 49.3 billion yuan, 2.2 billion yuan, and 3.2 billion yuan respectively, with year-on-year changes of +24.1%, -7.2%, and -21.3% [4]. Business Operations - The self-operated platform has driven GTV growth, with both Lianjia and Beilian's existing housing monetization ratios improving for two consecutive quarters. The profitability of existing homes, new homes, and rental businesses has improved quarter-on-quarter, while the home decoration business has achieved profitability at the city level. Effective fee management has significantly enhanced potential profit elasticity [2][4]. Shareholder Returns - The company has emphasized shareholder returns by increasing and extending its share buyback program. In H1 2025, it spent 394 million USD on share repurchases, buying back nearly 1.7% of the total shares issued at the end of 2024. The buyback authorization has been increased from 3 billion USD to 5 billion USD, with the program extended until August 31, 2028 [4]. Future Outlook - The company is expected to maintain a valuation premium due to its competitive advantages, relative scarcity, and potential earnings elasticity. The adjusted net profit forecasts for 2025-2027 are 6.63 billion, 7.18 billion, and 7.53 billion yuan, with corresponding PE ratios of 23.2, 21.4, and 20.4 [4].
贝壳-W（02423）：Q2盈利能力环比提升，扩大并延长回购计划