Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The two main business segments are gradually becoming profitable, and significant share buybacks are being conducted to reward shareholders. The company is expected to see substantial incremental growth from its home decoration and rental businesses, which are turning profitable. Despite short-term pressures on the brokerage business due to market cycles, the company maintains a clear alpha compared to the industry. Continuous innovation and AI empowerment are expected to enhance quality and efficiency, leading to greater earnings elasticity as market conditions stabilize [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 23.1 billion yuan (up 2.1%) and a net profit attributable to shareholders of 750 million yuan (down 36.0%). Adjusted net profit was 1.29 billion yuan (down 27.8%). For the first three quarters of 2025, these figures were 72.4 billion yuan, 2.9 billion yuan, and 4.5 billion yuan, respectively, showing year-on-year changes of +16.1%, -16.8%, and -23.3% [6][10]. Business Segments - The rental revenue has increased significantly, countering the decline in the brokerage segment. The company reported a 45.3% year-on-year increase in rental revenue, with over 660,000 managed properties as of Q3 2025. The brokerage business saw a decline in revenue from existing and new homes, with year-on-year changes of -3.6% and -14.1%, respectively [10]. Profitability and Margins - The overall gross margin decreased by 1.3 percentage points year-on-year to 21.4%, with a gross profit decline of 3.9%. The profitability of the rental business improved significantly, contributing a profit margin of 8.7%. The company has successfully managed expenses, with selling, general, and administrative expenses as a percentage of revenue decreasing by 1.1 percentage points year-on-year to 18.4% [10]. Share Buybacks and Future Outlook - The company executed a share buyback amounting to 281 million USD in Q3 2025, the highest in nearly two years. Cumulatively, 675 million USD has been spent on buybacks in the first three quarters, representing nearly 3% of the total shares outstanding as of the end of 2024. The company expects adjusted net profits for 2025-2027 to be 5.78 billion, 7.62 billion, and 8.33 billion yuan, with corresponding price-to-earnings ratios of 24.3, 18.4, and 16.9 [10].
贝壳-W（02423）：2025年三季报业绩点评：两翼业务逐渐盈利，大力回购回馈股东