Core Viewpoint - The real estate market in Qianjiang Century City, Hangzhou, has experienced a rapid decline in transaction volume and an increase in price reductions among homeowners, indicating a cooling market after a brief period of rising prices [1][5][8]. Group 1: Market Trends - In April, 78% of the adjusted second-hand homes in Qianjiang Century City were price reductions, an increase of 12% compared to March, making it the area with the highest proportion of price reductions [3][8]. - The transaction volume in April for second-hand homes in Qianjiang Century City dropped to 138 units, halving from 272 units in March [5][8]. - The number of property viewings in Hangzhou decreased by 23% in April compared to March, with Qianjiang Century City experiencing a 34% decline, the largest drop among all areas [7][8]. Group 2: Price Adjustments - A specific case in the Genesis community illustrates the trend: a homeowner raised the listing price by 100,000 yuan in March but reverted to the original price by mid-April due to market cooling, and further price reductions followed [8]. - Overall, in April, 92% of the second-hand homes in Hangzhou were listed at reduced prices, up from 88% in March, indicating a broader trend of price reductions across the market [8]. Group 3: Comparative Analysis - The price reduction proportions for various districts in Hangzhou show that Qianjiang Century City had a reduction rate of 78% in April, compared to 66% in March, reflecting a significant shift in market dynamics [9]. - The data indicates that while the market is cooling, the current prices in Qianjiang Century City are still better than the lows experienced in July to September of the previous year [8].

Core Viewpoint - The overall performance of Beike's latest earnings report is better than expected, with significant revenue growth, but the persistent issue of increasing revenue without profit remains unresolved [1][12][46]. Group 1: Existing Home Business - The GTV (Gross Transaction Value) of the existing home business increased by 28% year-on-year, outperforming the expected 24% growth, indicating the continued impact of policy benefits [1][15]. - Revenue from the existing home business grew by 20%, but this was lower than the GTV growth, reflecting a decline in the comprehensive commission rate [1][17]. - The comprehensive commission rate for existing homes decreased by 1.4 basis points to 1.18%, attributed to a higher proportion of non-self-operated business and potential commission discounts to stimulate transactions [1][17]. Group 2: New Home Business - The new home business saw a remarkable growth in transaction value, with a year-on-year increase of 53%, significantly exceeding market expectations [2][20]. - However, the revenue growth rate for new homes was lower than expected due to a decline in the comprehensive realization rate, which fell by 20 basis points [2][24]. - The new home business's revenue increased by 64% year-on-year, but the growth rate showed a deceleration compared to the previous quarter [2][24]. Group 3: Secondary Business Lines - The secondary business lines, including home decoration, rental, and home services, generated total revenue of 8.38 billion, a year-on-year increase of 39%, surpassing expectations [3][27]. - The rental business experienced a significant growth of 94% year-on-year, indicating a strong market position despite a generally weak rental market [3][29]. - The home decoration business, while improving, still underperformed expectations with a revenue growth of 22% [3][29]. Group 4: Profitability Issues - Despite revenue growth, the adjusted net profit remained nearly flat year-on-year, highlighting the ongoing issue of revenue growth not translating into profit [4][6][34]. - The overall gross profit margin decreased to 20.7%, down 2.3 percentage points from the previous quarter, primarily due to rising commission costs and a higher proportion of low-margin rental business [5][37]. - The operating profit margin fell from 3.2% to 2.5%, reflecting the challenges in maintaining profitability amidst rising costs [5][43]. Group 5: Market Outlook - The performance of Beike is significantly influenced by macroeconomic conditions in the real estate market, making future predictions challenging [12][13]. - Long-term prospects for Beike remain positive due to its dominant market position and execution capabilities, despite short-term volatility [12][13]. - Current valuation corresponds to an adjusted net profit multiple of approximately 16-17x PE, with potential for higher multiples if profit growth resumes [12][13].

Core Viewpoint - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining basically flat year-on-year. The growth in revenue was primarily driven by new housing and rental businesses, while the lower profit growth was due to a decrease in the proportion of high-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [1][2]. Revenue Breakdown - In Q1 2025, revenue from existing housing, new housing, home decoration, and rental businesses was 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, with year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8%. The new housing and rental businesses were the main contributors to the rapid revenue growth [2]. - The overall gross margin for Q1 was 20.7%, down 4.5 percentage points year-on-year and down 2.3 percentage points from the previous quarter. This decline was mainly due to the reduced proportion of existing housing business in total revenue, which accounted for 29.5% in Q1, down 5.5 percentage points year-on-year [2]. Business Expansion - As of the end of Q1, the number of stores on the platform reached nearly 57,000, a year-on-year increase of 28.6%, and the number of agents reached nearly 550,000, a year-on-year increase of 24.3%. This continuous expansion of stores and agents contributed to a significant increase in the company's GTV, which totaled 843.7 billion yuan in Q1, a year-on-year increase of 34.0% [2]. - The GTV for existing housing transactions was 580.3 billion yuan, up 28.1% year-on-year, while new housing transactions reached 232.2 billion yuan, up 53.0%, significantly outperforming the national year-on-year decline of 2.1% in commodity housing sales [2]. Financial Position - As of the end of Q1, the company had a cash balance of 12.77 billion yuan, an increase of 11.6% from the end of 2024. In Q1, the company repurchased shares worth 140 million USD, accounting for 0.6% of the total share capital at the end of 2024, indicating a commitment to returning value to shareholders [3].

新华财经上海5月16日电 美东时间5月15日，中国最大的房产交易和服务平台贝壳（NYSE:BEKE; HKEX:2423）发布了其2025年第一季度财务业绩。受财报 不及预期，特别是毛利率下降等因素影响，当日其美股股价下跌5.29%，收于19.16美元。 根据贝壳最新披露的财务数据，一季度，其存量房业务交易额同比增幅近三成，反映了其作为二手房市场头部中介服务商的"领跑者"地位之稳固。但与此同 时，社交平台上关于其中介收费"凭什么那么贵"的拷问甚嚣尘上。在存量房时代这场不同利益立场的碰撞中，中介服务深度与费率合理性间应当如何寻找平 衡点？ 存量房业务稳健增长贝壳持续巩固市场"领跑地位" 从贝壳最新发布的财务数据来看，2025年第一季度，贝壳实现总交易额（GTV）8437亿元，同比增长34.0%，净收入233亿元，同比增长42.4%，净利润8.55 亿元。核心业务板块中，存量房业务保持稳健增长态势，交易额达5803亿元，同比增长28.1%，贡献净收入69亿元，同比提升20.0%。 贝壳同时披露的经营数据显示，截至一季度末，活跃门店数量为5.52万家，活跃经纪人规模达49.09万名，分别实现29.6%和23.0%的 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining stable year-on-year [2][3][14]. - The growth in revenue was primarily driven by new housing and rental businesses, while the profit growth was limited due to a decrease in the proportion of higher-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [3][4][11]. - The company continues to expand its store and agent numbers, with over 57,000 stores and nearly 550,000 agents on the platform by the end of Q1, contributing to a significant increase in Gross Transaction Value (GTV) [4][11]. Summary by Sections Financial Performance - Q1 2025 revenue reached 23.33 billion yuan, up 42.4% year-on-year, with existing housing, new housing, home decoration, and rental businesses generating revenues of 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, reflecting year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8% [3][14]. - The company's overall gross margin was 20.7%, down 4.5 percentage points from the previous year, primarily due to a decrease in the contribution of existing housing business to total revenue [3][17]. Business Expansion - As of the end of Q1, the company had approximately 57,000 stores, a year-on-year increase of 28.6%, and nearly 550,000 agents, up 24.3% year-on-year [4][11]. - The total GTV for Q1 was 843.7 billion yuan, representing a year-on-year increase of 34.0%, with existing housing GTV at 580.3 billion yuan (up 28.1%) and new housing GTV at 232.2 billion yuan (up 53.0%) [4][11]. Shareholder Returns - The company has a strong cash reserve of 12.77 billion yuan, an increase of 11.6% from the end of 2024, and repurchased shares worth 140 million USD in Q1, accounting for 0.6% of the total share capital at the end of 2024 [11].

Core Insights - The Nanjing second-hand housing market has shown a significant rebound, with a total of 1,507 transactions recorded from May 5 to May 11, representing a 19.5% increase compared to the previous week [1] Group 1: Market Dynamics - Recent monetary policies, including interest rate cuts and adjustments to public housing fund rates, have lowered entry barriers for homebuyers, stimulating demand [2] - The release of pent-up demand from the previous "golden three and silver four" months has led to increased market activity as buyers who were previously hesitant have decided to enter the market [2] - Enhanced market confidence is evident as new home prices in Nanjing have stabilized, encouraging more homeowners to list their properties for sale, creating a positive feedback loop [3] Group 2: Marketing Strategies - Real estate agents are leveraging tools like the Reed Assistant app, which automates the distribution of property listings to potential clients, significantly improving efficiency and business volume [6] Group 3: Buyer Guidance - Key considerations for purchasing older properties include focusing on location and educational resources, as these factors greatly influence convenience and quality of life [7] - Buyers should analyze listing average prices and median transaction totals to assess the value of desired properties, with the average listing price in Nanjing being 24,366 yuan per square meter and the median transaction total around 1.49 million yuan [7] - It is crucial for buyers to be aware of property rights issues and to thoroughly review contract terms to avoid potential pitfalls [7]

Core Insights - Beike reported a net income of 23.3 billion yuan for Q1 2025, a year-on-year increase of 42.4%, and a net profit of 855 million yuan, up 97.9% [1] - The total transaction volume on Beike's platform reached 843.7 billion yuan, a 34.0% increase year-on-year, driven by growth in the existing housing market and improved market coverage [1] - The company aims to focus on input-output ratios and maintain a solid operational safety baseline while ensuring sustainable returns for shareholders [3] Financial Performance - In Q1 2025, Beike's existing housing business net income rose to 6.9 billion yuan, a 20.0% increase from the previous year, while new housing business net income increased by 64.2% to 8.1 billion yuan [1] - Home decoration and furniture net income grew by 22.3% to 2.9 billion yuan, attributed to increased orders from real estate transactions [2] - Rental service net income surged by 93.8% to 5.1 billion yuan, driven by the increase in rental properties under the "worry-free rental" model [2] Cost Analysis - Beike's total operating costs rose by 51.0% to 18.5 billion yuan compared to the previous year [2] - The external commission cost increased by 66.6% to 5.7 billion yuan, while internal commissions and remuneration rose by 33.1% to 4.8 billion yuan [2] - The cost of rental services saw a significant increase of 91.3% to 4.7 billion yuan [2] Market Outlook - The market performance in Q1 2025 was stable, continuing the positive impact from policy changes since September of the previous year [3] - The number of active stores and agents increased by 29.6% and 23.0% year-on-year, respectively, indicating strong market engagement [3] - Beike's CEO expressed confidence in the "one body, three wings" strategy and plans to continue investing in AI applications while being more cautious in other investments [3]

Major Events - Heng Rui Medicine (01276) plans to globally issue 224.5 million H-shares, expected to be listed on May 23 [1] - MIRXES-B (02629) will conduct an IPO from May 15 to May 20, aiming to globally issue 46.62 million shares [1] - Green Tea Group (06831) received 317.54 times subscription for its public offering in Hong Kong, with a final issue price of HKD 7.19 per share [1] - CSPC Pharmaceutical Group (01093) signed an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States [1] - CanSino Biologics (06185) received clinical trial approval for its inhaled tuberculosis booster vaccine in Indonesia [1] - Fuhong Hanlin (02696) has been included in the MSCI Global Small Cap Index [1] - Financial One Account (06638) received a privatization offer from Ping An Group (02318) at a premium of approximately 23.10% [1] Financial Reports - Alibaba-W (09988) reported revenue and net profit growth for the fiscal year 2025, with net profit attributable to shareholders increasing by 62% to CNY 129.47 billion [1] - NetEase-S (09999) announced Q1 results with net profit attributable to shareholders at CNY 10.301 billion, a year-on-year increase of 34.94%, and a quarterly dividend of USD 0.135 per share [1] - Geely Automobile (00175) released Q1 results showing a significant increase in profit attributable to shareholders of CNY 5.672 billion, up 263.59% year-on-year [1] - Beike-W (02423) reported a total transaction volume growth of 34.0% year-on-year in Q1, with net revenue increasing by 42.4% [1] - Minhua Holdings (01999) announced annual results with profit attributable to shareholders of HKD 2.063 billion, a decrease of 10.41% year-on-year [1] - Shoucheng Holdings (00697) reported Q1 results with profit attributable to shareholders of HKD 213 million, an increase of 80.5% year-on-year [1] - Fourth Paradigm (06682) showed strong performance in core business with total revenue of CNY 1.077 billion in Q1, a year-on-year growth of 30.1% [1]

Core Viewpoint - The company, Beike, reported strong growth in its real estate business, particularly in the second-hand housing and rental services sectors, despite a challenging market environment [1][2]. Financial Performance - For Q1 2025, Beike's total transaction volume for second-hand housing reached 580.3 billion RMB, a year-on-year increase of 28.1% [1]. - Net income from second-hand housing business was 6.9 billion RMB, up 20% year-on-year, while net income from new housing business was 8.1 billion RMB, reflecting a significant growth of 64.2% [1][2]. - The company's total net income for Q1 2025 was 16.4 billion RMB, an increase of 3.2% compared to the previous year [1]. Business Segments - The company has shifted its strategy to "one body, three wings," integrating real estate brokerage with home decoration and rental services, and adding a new segment, Beihome [2]. - Non-real estate transaction service revenue grew by 46.2% year-on-year, accounting for 35.9% of total net income, with home decoration revenue at 2.9 billion RMB (up 22.3%) and rental service revenue at 5.1 billion RMB (up 93.8%) [2]. Profitability - Beike's gross profit increased from 4.1 billion RMB to 4.8 billion RMB, a year-on-year growth of 17%, although the gross margin decreased from 25.2% to 20.7% [3]. - The increase in operating costs was noted, with external commissions and internal salaries rising significantly, leading to a higher cost structure [3]. Cash Position - As of March 31, 2025, Beike had a total balance of cash, cash equivalents, restricted funds, and short-term investments amounting to 54.8 billion RMB [4].

Core Insights - The second-hand housing market in Hangzhou continues to show strong performance, with April seeing a total of 9,421 transactions, a 24% decrease from March but a 12% increase year-on-year, marking the highest transaction volume for April in nearly four years [1][2] - The average transaction price reached 29,634 yuan per square meter, reflecting a 1.9% year-on-year increase, indicating sustained demand despite a natural decline in transaction volume [1][2] Group 1 - The decline in transaction volume in April is attributed to the release of pent-up demand from March, influenced by seasonal factors such as the school enrollment period, and the overall economic environment not stimulating new demand [2] - The market has seen a depletion of lower-priced good properties, leading to a more rational negotiation process between buyers and sellers, which has slowed down transaction speeds [2] - Despite the decline, the market remains active, with April's transaction volume above 9,000 units, positioning Hangzhou as one of the most vibrant real estate markets in the country [2] Group 2 - In early May, the second-hand housing market maintained strong performance, with a 58% year-on-year increase in property viewings during the May Day holiday and a 15% increase in new contracts [3] - The active viewing numbers indicate robust demand, and the market is expected to experience fluctuations in both volume and price in the near future [3] - Leading indicators such as viewing numbers and client inquiries suggest that the net signing volume for second-hand homes will remain at a relatively good level [3]