机构：国信证券 研究员：任鹤/王粤雷/王静 Q2 营收同比增长11%，主要受益于二赛道业务增长。2025 年Q2，公司实现GTV 交易总额8787 亿元， 同比+5%，环比+4%；营业收入260 亿元，同比+11%，环比+11%。其中，存量房业务、新房业务、家 装家居业务、房屋租赁服务、新兴业务及其他收入占比分别为26%、33%、18%、22%、2%，同比分别 变动-6、-1、+0.3、+8、-2pct，二赛道业务持续助力公司收入增长。 利润同比下滑但环比改善。2025 年Q2，公司实现经调整归母净利润18.2 亿元，同比-32%，环比 +30%；经调整归母净利率为7.0%，同比下降4.5pct，环比提升1.0pct；毛利率为21.9%，同比下降 6.0pct，环比提升1.2pct；贡献利润率为27.1%，同比下降5.9pct，环比提升1.0pct。同比增收不增利，一 方面因为收入同比增速较快的房屋租赁服务业务贡献利润率较低，另一方面2024 年Q2 房地产利好政策 密集发布，一赛道业务收入基数较高。 存量房业务贡献利润率边际修复。2025 年Q2，公司存量房交易总额为5835亿元，同比+2%，环比 +1%； ...

（1）存量房：2025Q2 贝壳存量房GTV 同比增长2.2%，收入同比下降8.4%，变现率同比下滑源于ACN 门店交易贡献占比提升及对门店激励性减免。（2）新房：渠道优势凸显，份额持续提升。2025Q2 新房 交易GTV 同比增长8.5%，收入同比增长8.6%，费率同比基本稳定。（3）新业务：家装家居聚焦品质交 付，新零售及主业导流订单量持续增长，收入同比增长13.0%；房屋租赁业务省心租在管房源数目持续 增长，收入同比增长78%。 主业积极扩张，家装业务战略调整，扩大并延续回购计划，股东回报稳定公司积极扩张门店网络及加盟 品牌驱动份额提升，家装家居业务持续优化迭代优先提升产品及交付品质，租赁业务高速扩张。（1） 房产交易：短期市场仍存在波动，存量趋势下追份额增长及中长期生态系统发展；（2）新业务：家装 家居业务随基础能力完善不断提升服务质量，持续迭代优化亏损率有望收窄；长租业务运营规模有望持 续扩张。（3）股东回报：扩大现有股份回购计划至50 亿美元并延期至2028 年8 月31 日（截至2025 年6 月，剩余回购规模29.8 亿，约为当前市值的13.5%）。 风险提示：房地产及经济复苏不及预期、新业务 ...

证券研究报告 | 2025年08月28日 贝壳-W（02423.HK） 优于大市 二季度营收同比增长 11%，利润同比下滑但环比改善 Q2 营收同比增长 11%，主要受益于二赛道业务增长。2025 年 Q2，公司实现 GTV 交易总额 8787 亿元，同比+5%，环比+4%；营业收入 260 亿元，同比+11%， 环比+11%。其中，存量房业务、新房业务、家装家居业务、房屋租赁服务、 新兴业务及其他收入占比分别为 26%、33%、18%、22%、2%，同比分别变动-6、 -1、+0.3、+8、-2pct，二赛道业务持续助力公司收入增长。 利润同比下滑但环比改善。2025 年 Q2，公司实现经调整归母净利润 18.2 亿 元，同比-32%，环比+30%；经调整归母净利率为 7.0%，同比下降 4.5pct， 环比提升 1.0pct；毛利率为 21.9%，同比下降 6.0pct，环比提升 1.2pct； 贡献利润率为 27.1%，同比下降 5.9pct，环比提升 1.0pct。同比增收不增利， 一方面因为收入同比增速较快的房屋租赁服务业务贡献利润率较低，另一方 面 2024 年 Q2 房地产利好政策密集发布，一赛 ...

Core Insights - A narrow luxury home in Darling Point, Sydney, sold for AUD 19.5 million, setting a new record for price per square meter for independent residences in Australia [1][3] - The property, measuring 207 square meters, achieved a price of AUD 94,202 per square meter, surpassing previous records [1][3] - The previous transaction for this property occurred in December 2001 for AUD 15.5 million, indicating an average annual appreciation of over AUD 1 million [5] Property Details - The property is described as one of the last residences in Darling Point that offers unobstructed sea views, located approximately 4 kilometers from Sydney's CBD [7] - It features a unique design with a width of only 3.9 meters but a long depth, maximizing the use of the prime location [7] - The interior includes luxurious amenities such as a master bedroom, central kitchen, dining area, and multiple entertainment terraces [9][10] Additional Features - The home boasts a private beach, a glass elevator connecting different levels, and expansive views of Sydney Harbour [9][10] - It includes a wet bar, three sunlit entertainment terraces, and a swimming pool with unobstructed views of moored boats [9] - The property is conveniently located within walking distance to parks and the Cruising Yacht Club of Australia [10]

Core Insights - A property in East Lindfield was sold for AUD 2.95 million, exceeding its guide price of AUD 2.65 million, indicating strong demand in the local real estate market [1][3]. Property Details - The property located at 21 Crana Ave features a newly painted exterior, wooden floors, and tropical landscaping, appealing to buyers [1]. - The auction attracted two registered bidders, with bidding increments of AUD 50,000 and AUD 20,000 [1]. Market Context - The median house price in East Lindfield is reported to be AUD 4.16 million, suggesting that the sale price is competitive for the area [3]. - First-time homebuyers are reportedly exiting the market, as properties under AUD 3 million require significant compromises [5]. - The area has seen many new constructions over the past decade due to fewer restrictions on demolition and rebuilding compared to nearby Lindfield [5]. Buyer Behavior - The buyer plans to expand the purchased property, indicating a trend towards renovation and development in the area [3]. - There is a noted increase in buyer activity ahead of the upcoming interest rate decision by the Reserve Bank of Australia [6].