Core Viewpoint - The report from Pacific Securities indicates that I Love My Home's net profit attributable to shareholders for the first three quarters of 2025 reached 0.42 billion yuan, representing a year-on-year increase of 398.75% [1] Financial Performance - The significant growth in net profit is primarily driven by an increase in brokerage transaction volume and a reduction in related operating costs [1] - Management expenses and financial costs decreased by 15.48% and 29.71% to 0.67 billion yuan and 0.36 billion yuan, respectively [1] - The gross profit margin for sales in the first three quarters of 2025 was 9.08%, an increase of 1.72 percentage points year-on-year [1] - Other income rose by 99.37% to 0.048 billion yuan compared to the same period last year [1] Business Operations - The asset management business, operated under the "Xiangyu" brand, focuses on housing rental management and has expanded its market presence in major cities such as Beijing, Hangzhou, Shanghai, Suzhou, and Guangzhou [1] - As of September 30, 2025, the managed housing units reached approximately 330,000, an increase of about 27,000 units since the beginning of the year [1] - The company's various business segments have shown growth rates exceeding the market average, and its market share continues to increase steadily [1] Investment Outlook - The overall transaction amount in housing remains on an upward trend, with significant achievements in cost reduction and efficiency improvement, leading to a notable increase in net profit and a continuous recovery in profitability [1] - The company is rated as "Accumulate" based on its performance and growth prospects [1]

Core Viewpoint - The company maintains a "buy" rating due to its increasing market share in the brokerage business, stable industry position, and advantageous valuation compared to smaller competitors [1] Financial Performance - In Q3 2025, the company reported a total transaction value (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company's gross profit margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year; the combined sales, management, and R&D expense ratio was 18.4%, down 1.1 percentage points year-on-year [2] Market Segmentation - The company experienced a 5.8% year-on-year increase in second-hand housing GTV, totaling 505.6 billion yuan, while new housing GTV decreased by 13.7% to 196.3 billion yuan [3] - The company’s home decoration and rental businesses saw significant revenue growth, with home decoration revenue at 4.3 billion yuan (up 2.1% year-on-year) and rental revenue at 5.73 billion yuan (up 45.3% year-on-year) [3] Operational Insights - The number of active stores reached 59,000, an increase of 26% year-on-year, and the number of active brokers was 472,000, up 11.4% year-on-year [3] - The company’s rental business achieved a profit contribution of 500 million yuan, a substantial increase of 185.9% year-on-year, indicating strong growth in the rental segment [3] Future Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets, leading to a downward revision of revenue and profit forecasts for 2025-2027 [4] - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.6 billion yuan, 5.4 billion yuan, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for Beike-W (02423), citing its increasing market share in brokerage services and promising growth in home decoration and rental businesses, while its valuation remains attractive compared to smaller competitors like Wo Ai Wo Jia [1] Financial Performance Summary - In Q3 2025, Beike reported a total transaction volume (GTV) of 736.7 billion yuan, unchanged year-on-year; net revenue was 23.05 billion yuan, up 2.1% year-on-year; and adjusted net profit was 1.29 billion yuan, down 27.8% year-on-year [2] - The company’s cumulative net revenue for the first three quarters of 2025 reached 72.39 billion yuan, a 16% increase year-on-year, while adjusted net profit was 4.5 billion yuan, down 23% year-on-year [2] - The gross margin for Q3 2025 was 21.4%, a decrease of 1.3 percentage points year-on-year, with total sales, management, and R&D expense ratio at 18.4%, down 1.1 percentage points year-on-year [2] Business Segment Analysis - In Q3 2025, the second-hand housing GTV was 505.6 billion yuan, up 5.8% year-on-year, while new housing GTV was 196.3 billion yuan, down 13.7% year-on-year; the monetization rates for second-hand and new housing were 2.53% and 3.4%, respectively [3] - The home decoration and rental businesses showed significant growth, with home decoration revenue at 4.3 billion yuan, up 2.1% year-on-year, and rental revenue at 5.73 billion yuan, up 45.3% year-on-year, both achieving profitability before headquarter expenses [3] Investment Outlook - The company faces significant GTV pressure in Q4 2025 due to declining transaction activity in both the primary and secondary markets; revenue from brokerage services is expected to be under pressure, and growth in the home decoration segment may slow down [4] - The forecast for net profit for 2025-2027 has been revised downwards to 3.6 billion, 5.4 billion, and 6.4 billion yuan, respectively, reflecting a decrease from previous estimates [4]

Investment Rating - The report assigns a rating of "Accumulate" for the company [1][11]. Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a growth of 398.75% year-on-year, despite a slight decline in revenue [4][6]. - The total transaction amount in the housing sector continues to grow, indicating resilience in the company's core business [5][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 8.165 billion yuan, a year-on-year decrease of 6.81%, while the net profit attributable to shareholders was 42 million yuan, marking a year-on-year increase of 398.75% [4][6]. - The company's gross transaction value (GTV) for housing reached approximately 196.2 billion yuan, reflecting a year-on-year growth of 5.2% [5]. Business Segments - The brokerage business, new housing business, and asset management business accounted for 79.82%, 13.20%, and 6.98% of GTV, respectively, with year-on-year changes of +5.10%, +9.30%, and -3.50% [5]. - The brokerage business saw a transaction volume of 54,626 units for second-hand housing, a growth of 5.6% year-on-year, while new housing transactions reached 8,150 units, up 0.4% [7]. Cost Management - The company successfully reduced operational costs, with management and financial expenses decreasing by 15.48% and 29.71% to 670 million yuan and 364 million yuan, respectively [6]. - The gross profit margin for the first three quarters of 2025 was 9.08%, an increase of 1.72 percentage points year-on-year [6]. Future Projections - The company is expected to achieve net profits of 155 million yuan, 229 million yuan, and 270 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 44.97, 30.39, and 25.77 [8][11].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The brokerage business remains robust, and the profitability of emerging businesses is improving. The company has a strong platform barrier and is enhancing its brokerage framework while securing housing resources [7] - The company faces significant GTV pressure in Q4 2025 due to a noticeable decline in transaction activity in both the primary and secondary markets, which may impact brokerage revenue [7] - The company has adjusted its revenue forecasts downward for 2025-2027, with net profit estimates revised to 3.6 billion, 5.4 billion, and 6.4 billion yuan respectively [7] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 77.777 billion yuan - 2024: 93.457 billion yuan - 2025E: 94.606 billion yuan - 2026E: 94.464 billion yuan - 2027E: 100.799 billion yuan - Net profit attributable to ordinary shareholders is forecasted as: - 2023: 5.883 billion yuan - 2024: 4.065 billion yuan - 2025E: 3.585 billion yuan - 2026E: 5.361 billion yuan - 2027E: 6.371 billion yuan - The company’s earnings per share (EPS) is projected to be: - 2023: 1.63 yuan - 2024: 1.15 yuan - 2025E: 1.04 yuan - 2026E: 1.55 yuan - 2027E: 1.84 yuan [6][8]

Core Points - I Love My Home (000560) announced that its actual controller, Xie Yong, successfully auctioned 115 million shares through Taobao's judicial auction platform for 317 million yuan, representing 88.46% of his holdings and 4.88% of the company's total share capital [1][3] - If the auctioned shares are transferred, Xie Yong's holdings will decrease to 15 million shares, or 0.64% of the total share capital, while the combined control of Xie Yong and his concerted parties will reduce to 426 million shares, or 18.09% of the total share capital [3] - The auction will not change the company's controlling shareholder or actual controller, as Xizang Taihe remains the controlling shareholder and Xie Yong continues to be the actual controller [3] Financial Performance - I Love My Home reported continuous losses in 2022 and 2023, totaling over 1.1 billion yuan [4] - In 2024, the company showed signs of recovery with a revenue of 12.536 billion yuan, a year-on-year increase of 3.67%, and a net profit of 73.41 million yuan, marking a turnaround from losses [4] - For the first three quarters of this year, the company achieved a revenue of 8.165 billion yuan, a year-on-year decrease of 6.81%, but a net profit of 42.33 million yuan, a significant increase of 398.75% year-on-year [4]

对于世界上的富豪来说，没有比迪拜更舒适的地方了。 根据房地产经纪商第一太平戴维斯最新发布的全球城市财富吸引力指数，迪拜已超越纽约，成为全球高 净值人士的首选城市。该研究对30个国际城市进行了综合评估。 报告显示，迪拜凭借零遗产税、资本利得税和财富税等税收优惠，以及完善的家庭基础设施和高标准的 安保措施，持续吸引富裕家庭迁入。第一太平戴维斯在致客户报告中指出，随着新家庭涌入，"许多国 际学校的候补名单都在拉长"，迪拜在调查覆盖的所有目的地中国际学校数量最多。 全球财富在2022年经历低迷后实现复苏，其中亚太地区增速领先。数据显示，2024年全球新增超过68万 名百万美元富豪，同比增长1.2%，预计到2029年还将新增500余万。 营商环境成为企业选址的关键考量因素。迪拜和纽约分列前两位，两者均以亲商环境、税收优惠和地缘 政治稳定性著称。阿联酋推出的"黄金签证"政策——投资200万迪拉姆即可获得10年低税率居留权，持 续吸引国际精英。同样，意大利实行全球收入统一税率后，米兰等城市的房地产需求也呈现增长态势。 报告同时指出，全球财富重心正在"明显从传统金融中心转向科技赋能型城市"。过去十年间，深圳和班 加罗尔的百万 ...

Financial Data and Key Metrics Changes - The company generated $1.3 billion in revenue for Q3 2025, representing a 7% increase compared to the same quarter last year, with real estate sales volume also up by 7% driven by increased home sales prices and agent productivity [27][28] - The agent count was 83,446, down 2% year-over-year but showed a 1% quarter-over-quarter increase [27] - GAAP gross margin was 6.5%, down 57 basis points year-over-year, while non-GAAP gross margin was 10.9% [28] - Adjusted EBITDA was $17.7 million, down year-over-year, attributed to compressed gross margins but offset by operational improvements [28] Business Line Data and Key Metrics Changes - The North America Realty segment generated $1.3 billion in revenue with an adjusted EBITDA of $23.1 million [29] - The International segment saw revenue growth of 68% year-over-year, driven by an increase in productive agents and transactions [29] - Other affiliated services contributed modest revenue with an adjusted EBITDA loss of $1.3 million [29] Market Data and Key Metrics Changes - International real estate transactions grew 44% year-over-year, with a 56% increase in productive agents and a 34% increase in productivity per person [24] - The company opened operations in five new countries in 2025, including Peru, Ecuador, Turkey, South Korea, and Japan, with active agents and transactions from day one [19][20] Company Strategy and Development Direction - The company aims to expand internationally with a vision of 50,000 agents in 50 countries by 2030, focusing on strong leadership and competitive value propositions [26] - The strategy includes leveraging AI and automation to improve operational efficiency and drive profitability [31] - The company is enhancing its value stack for agents through innovative tools and technology, as well as training and community support [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to capitalize on industry changes and consolidation, emphasizing the importance of being a platform for agents [40][41] - The focus remains on increasing operational efficiency and maintaining a strong balance sheet while exploring meaningful investment opportunities [31] Other Important Information - The company celebrated surpassing the $100 million revenue mark for the first time in a calendar year [23] - The introduction of new programs like FastAttract and AI Accelerator aims to enhance agent productivity and revenue share skills [10][18] Q&A Session Summary Question: How do you see the platform vision playing out now? - Management highlighted the evolution of the real estate business model towards a fully platform environment, positioning the company as a leader in this space [37][38] Question: What advantages does eXp have over other brokerages? - The company is now considered a larger incumbent with the ability to invest at scale, which positions it well amidst industry consolidation [40][41] Question: What do agents want most from eXp? - Agents seek innovative tools and technology for business growth, as well as training and community support [44][45] Question: How is eXp different from traditional brokerages in new countries? - The company offers competitive splits and the opportunity for agents to build their own brands, disrupting traditional employed models [46][47][48] Question: What growth metric stood out this quarter? - Agent productivity improved by 5.4% year-over-year, indicating the effectiveness of the company's strategy to attract and retain productive agents [50][51] Question: Can you provide an update on automation progress? - The company has made significant strides in reducing transaction processing costs through automation, with further opportunities for efficiency [63][64]

Core Viewpoint - The company's non-operational impacts are gradually diminishing, and efforts to improve efficiency and reduce costs will continue, with strong sales performance in core cities expected to drive revenue growth and profit improvement [1] Investment Highlights - The investment recommendation is to maintain a "cautious accumulation" rating. The company is positioned as the second-largest player after Beike, with no larger competitors in the public market. Long-term growth potential in brokerage and leasing businesses is anticipated, with projected EPS of 0.06, 0.10, and 0.11 yuan for 2025-2027. A 50x PE valuation for 2025 suggests a reasonable value of 3.16 yuan [2] - The company experienced a significant increase in profit despite a 6.81% year-on-year decline in revenue to 8.165 billion yuan in the first three quarters of 2025, primarily due to the new asset management product "Xiangyu Youxuan" recognizing revenue using the net method. Net profit attributable to shareholders reached 42 million yuan, up 398.75%, with a non-recurring net profit of 54 million yuan, up 173.96%. The substantial profit growth is attributed to increased transaction volume in brokerage services and reduced operational costs [2] - The company continues to focus on first-tier and new first-tier cities, with a total of 2,549 operational stores by the end of Q3 2025, including 2,086 direct stores and 501 franchise stores. The total number of agents exceeds 31,000, and the total housing transaction amount reached 196.2 billion yuan, a 5.2% year-on-year increase [2] Business Performance - The brokerage business showed steady growth, with a GTV of 156.6 billion yuan in the first three quarters of 2025, a 5.1% year-on-year increase. The second-hand housing transaction volume reached 54,626 units, up 5.6% [3] - The asset management business recorded a GTV of 13.7 billion yuan, a 3.5% year-on-year decline, while the managed housing source scale increased by 8.9% to 330,000 units since the beginning of the year [3] - The new housing business achieved a GTV of 25.9 billion yuan, reflecting a 9.3% year-on-year increase, with a transaction volume of 8,150 units, up 0.4% [3]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 1.4893 million shares at a total cost of $7.9788 million [1] - The buyback price per share ranges from $5.30 to $5.43 [1]