Core Viewpoint - In Q3 2025, the real estate market continues to undergo deep adjustments as policy effects weaken, with Beike's net revenue increasing by 2.1% year-on-year to 23.1 billion yuan, driven by a significant rise in rental service income despite declines in new and second-hand housing revenues [2] Financial Performance - Beike reported a net profit of 747 million yuan in Q3, a decrease of 36.1% year-on-year, while adjusted net profit fell by 27.8% to 1.286 billion yuan [3] - The total transaction volume on Beike's platform remained flat year-on-year at 736.7 billion yuan, with the existing home business GTV reaching 505.6 billion yuan, up 5.8%, but revenue down 3.6% to approximately 6 billion yuan [4] - New home business GTV in Q3 was 196.3 billion yuan, down 13.7%, with revenue decreasing by 14.1% to 6.6 billion yuan, attributed to a sluggish new home market [4] Business Segments - The number of active stores on Beike's platform reached 59,012, a year-on-year increase of 25.9%, while the number of active agents grew by 11.4% to 471,501 [4] - Non-real estate transaction revenue reached a record high, accounting for 45% of total revenue, with home decoration and rental services contributing significantly [7] - Rental business revenue increased by 45.3% year-on-year to 5.7 billion yuan, with a profit margin improvement of 4.3 percentage points to 8.7% [7][8] Strategic Initiatives - Beike's CEO highlighted ongoing efforts in organizational restructuring, process reengineering, and technological innovation to enhance business efficiency and customer experience [5] - The company is expanding its AI capabilities in core business scenarios, with the AI assistant "Laike" covering 414,000 agents by the end of Q3 [5] - Beike is exploring new market opportunities in lower-tier cities with its "B+" product and has launched a new business, "Beihome," focusing on data-driven customer needs [5][6]