Core Insights - Beike reported its Q3 2025 financial performance, showing a total transaction value (GTV) of 736.7 billion RMB and a net income of 23.1 billion RMB, reflecting a year-on-year growth of 2.1% [2] - The company has increased shareholder returns, with a share buyback amounting to 280 million USD in Q3, a 38.3% increase compared to the same period last year, marking a two-year high [2] - Cumulatively, Beike's buyback total has risen by 15.7% year-on-year, with approximately 2.3 billion USD repurchased since the program's initiation in September 2022, accounting for about 11.5% of the total shares before the buyback [2] Financial Performance - Beike's Q3 net income and adjusted net profit exceeded consensus expectations, with the existing home business GTV increasing by 5.8% year-on-year [3] - The new home business GTV grew by approximately 11% year-on-year, reaching 196.3 billion RMB in Q3 [3] - Rental service revenue in Q3 was 5.7 billion RMB, showing a significant year-on-year increase of 45.3% [3] Business Operations - The rental business achieved a profit margin of 8.7% in Q3, up by 4.3 percentage points year-on-year, following a break-even point at the city level in Q2 [3] - Growth in the rental business is attributed to full-process intelligent operations, with AI enhancing efficiency in various processes, leading to a 13% increase in efficiency and a 96% reduction in review time [3] - Asset managers managed an average of over 130 properties per month in Q3, compared to over 90 properties in the same period last year [3] Strategic Focus - The company is actively optimizing its business structure and enhancing technological empowerment, as stated by the CFO Xu Tao [3]