Core Insights - The "Galaxy Plan" by Beike has been implemented in 72 cities across China, empowering over 33,000 industry practitioners as of September this year [1][3] - The Beike Shenzhen station has participants with a total follower count exceeding 3 million [1] Group 1: Industry Trends - The real estate sector is experiencing accelerated online transformation due to changes in consumer information acquisition methods in the mobile internet era [3] - Beike's "Galaxy Plan" focuses on building a matrix of real estate influencers in collaboration with platforms like Tencent and Xiaohongshu, providing comprehensive support for practitioners [3] Group 2: Future Directions - The future of real estate new media is expected to exhibit three major trends: "content specialization," where users are willing to pay for authentic cases and professional interpretations; "service integration," which requires a seamless connection between content, conversion, and service; and "ecosystem co-construction," where platforms, influencers, and users coexist to lead the industry [3] - The president of the Shenzhen Real Estate Brokerage Association emphasized the importance of long-term commitment among agents, advocating for compliance to build trust and professionalism for future success [3] Group 3: Value Proposition - Beike's new media head highlighted that while traffic can be allocated through algorithms, user decisions ultimately rely on trust in people [3] - The company aims to help practitioners overcome "traffic anxiety" by shifting focus to "value cultivation," leveraging professional content and quality service to capture market share [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Views - The company has shown strong growth in revenue and profit in the first half of 2025, with revenue reaching 6.901 billion yuan, a year-on-year increase of 39.21%, and net profit attributable to the parent company at 1.241 billion yuan, up 14.04% year-on-year [1][3]. - The integration of equipment, engineering, and services is driving a strong turning point for the company, with significant growth in both domestic and international markets [2][3]. - The company has successfully entered the Middle East and North Africa oil and gas EPC projects, which opens up growth opportunities for its integrated services [3][2]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 6.901 billion yuan, with a net profit of 1.241 billion yuan, and a significant increase in operating cash flow by 196.36% to 3.144 billion yuan [1]. - The company’s new orders and existing orders reached 9.881 billion yuan and 12.386 billion yuan, respectively, reflecting a year-on-year growth of 37.65% and 34.76% [1]. - The revenue from high-end equipment manufacturing and oil and gas engineering services was 4.224 billion yuan and 2.069 billion yuan, showing year-on-year increases of 22.42% and 88.14% respectively [2]. Market Outlook - The domestic market revenue grew by 39.97% to 3.605 billion yuan, while the international market revenue increased by 38.38% to 3.295 billion yuan [2]. - The natural gas business, covering both equipment and engineering, saw a revenue increase of 112.69% year-on-year, with new orders growing by 43.28% [2]. - The company is expected to benefit from the European market's demand for gas supply following the reduction of Russian gas imports and the needs of AI data centers [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025 is adjusted to 3.163 billion yuan, with further projections of 3.795 billion yuan in 2026 and 4.445 billion yuan in 2027 [3][5]. - The estimated price-to-earnings ratio (PE) for 2025 is projected at 14, with a reasonable valuation range adjusted to 52.53-61.79 yuan [3][5].

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by its integrated business model in high-end equipment manufacturing, oil and gas engineering, and technical services [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% [1] - The second quarter alone saw revenue of 4.214 billion yuan, a 49.12% increase year-on-year, with a net profit of 777.5 million yuan, growing 8.78% [1] - Operating cash flow reached 3.144 billion yuan, reflecting a significant increase of 196.36% year-on-year, indicating strong cash discipline [1] Business Segments - Revenue from high-end equipment manufacturing and oil and gas engineering and technical services reached 4.224 billion yuan and 2.069 billion yuan, respectively, representing increases of 22.42% and 88.14% year-on-year [2] - The domestic market generated 3.605 billion yuan in revenue, up 39.97%, while the international market contributed 3.295 billion yuan, a 38.38% increase [2] - The natural gas business, encompassing both equipment and engineering, saw a remarkable revenue growth of 112.69% year-on-year, with new orders increasing by 43.28% [2] Market Expansion - The company successfully entered the Middle East and North Africa oil and gas EPC project market, securing a contract worth approximately 6.126 billion yuan for a gas booster station project in Algeria [3] - This project enhances the company's growth potential in integrated gas equipment, engineering, and services, marking a significant milestone towards becoming a leader in the oil and gas EPC sector [3] Investment Outlook - The company is positioned as a leader in the integrated oil and gas equipment, engineering, and services sector, with a clear growth trajectory and substantial market opportunities [3] - Profit forecasts for 2025-2027 have been revised upwards, with net profits projected at 3.163 billion yuan, 3.795 billion yuan, and 4.445 billion yuan, respectively [3] - The reasonable valuation range for the company has been adjusted to 52.53-61.79 yuan, reflecting a positive outlook for future performance [3]