【贝壳（2423.HK）】Q3收入降速，着眼效率提升——2025年三季报点评（孙伟风/鲁俊）

Core Viewpoint - The company reported its Q3 2025 performance, showing a slight revenue increase but significant declines in net profit and Non-GAAP net profit compared to the previous year [4]. Group 1: Financial Performance - In Q3, the company achieved revenue/net profit/Non-GAAP net profit of 23.1/0.75/1.29 billion yuan, representing year-on-year changes of +2.1%/-36.1%/-27.8% [4]. - The company's revenue growth has been declining quarter by quarter throughout the year [5]. - The gross profit margin for Q3 was 21.4%, down 1.3 percentage points year-on-year, primarily due to a decrease in the revenue share of the higher-margin new home business [7]. Group 2: Real Estate Segment - The second-hand housing segment saw GTV/revenue of 505.6/6.0 billion yuan in Q3, with year-on-year changes of +5.8%/-3.6% [5]. - The new housing segment reported GTV/revenue of 196.3/6.6 billion yuan, with year-on-year declines of -13.8%/-14.1% [5]. - The monetization rates for second-hand and new homes were 2.53% and 3.38%, respectively, remaining stable compared to the previous quarter [5]. Group 3: Home Decoration and Rental Business - The home decoration and rental businesses generated revenues of 4.3/5.7 billion yuan in Q3, with year-on-year growth of +2.1%/+45.3% [6]. - The profit margin for home decoration was 32.0%, up 0.8 percentage points year-on-year, attributed to improved procurement costs and efficiency [6]. - The rental business achieved a profit margin of 8.7%, up 4.3 percentage points year-on-year, mainly due to increased gross margins in the "worry-free rental" service [6]. Group 4: Cost Management - The sales/management/R&D expense ratios were 7.5%/8.1%/2.8%, showing year-on-year changes of -1.1/-0.3/+0.3 percentage points [7]. - The decrease in sales expense ratio was driven by reduced labor costs and lower marketing expenses due to operational efficiency strategies [7]. - The company continued to enhance shareholder returns, with Q3 share buybacks reaching 280 million USD, the highest quarterly buyback in nearly two years [7].