【贝壳（2423.HK）】着眼效率，修炼内功——2025年年报点评（付天姿/孙伟风/鲁俊）

Core Viewpoint - The company reported its 2025 annual performance, showing a revenue of 94.6 billion yuan, net profit of 2.99 billion yuan, and Non-GAAP net profit of 5.02 billion yuan, with year-on-year changes of +1.2%, -26.7%, and -30.4% respectively [4] Group 1: Business Performance - In Q4, the company's revenue decreased by 28.7% year-on-year, primarily due to a high base from the previous year and ongoing market pressures [5] - The second-hand housing segment reported a GTV of 48.2 billion yuan and revenue of 5.4 billion yuan in Q4, with year-on-year declines of 35.3% and 39% respectively. The GTV performance was better than revenue due to a decrease in the proportion of Lianjia's GTV from 42% in Q4 2024 to 37% in Q4 2025 [5] - The new housing segment saw a GTV of 20.7 billion yuan and revenue of 7.3 billion yuan in Q4, with year-on-year declines of 41.7% and 44.5% respectively. The revenue underperformed GTV mainly due to the high base effect from the previous year [5] Group 2: Home Decoration Business - The home decoration business achieved a revenue of 3.6 billion yuan in Q4, marking a 12% year-on-year decline, the first quarterly revenue drop, attributed to adjustments in channel structure and business pace [6] - The contribution profit margin for the home decoration business was 28.8%, down 0.9 percentage points year-on-year, mainly due to provisions for potential maintenance costs on orders still under warranty [6] - Excluding this impact, the improvement in procurement ratios led to a reduction in material costs, indicating a trend of improving core cost structure [6] Group 3: Rental Business - The rental business generated a revenue of 5.4 billion yuan in Q4, reflecting an 18.1% year-on-year increase, driven by a continuous growth in managed housing sources, which exceeded 700,000 units by the end of 2025, a 62% year-on-year increase [7] - The contribution profit margin for the rental business was 10.4%, up 5.9 percentage points year-on-year, attributed to a shift towards a lighter product model and operational efficiency improvements [7] Group 4: Operational Efficiency - The company significantly enhanced the efficiency of core service providers and asset management managers through process restructuring and specialized division of labor, leading to notable improvements in labor costs [8] - The integration of AI technology into the entire operational chain of the rental business has laid a foundation for scalable expansion and sustained profitability [8]