Core Viewpoint - The commission rate for second-hand housing transactions in Guangzhou has been adjusted by the Beike platform, increasing the commission for sellers from 1% to 1.5%, while the buyer's commission remains unchanged [1] Group 1: Commission Structure - Market rumors suggest that Beike has changed its commission structure for second-hand housing transactions in Guangzhou, raising the seller's commission rate from 1% to 1.5% [1] - Internal sources from Beike in Guangzhou indicate that the commission rates of "1.5%, 1.5%" for both buyers and sellers have always been suggested and are not a recent change [1] - A store manager from a chain store in Guangzhou confirmed that the commission rates for both buyers and sellers were publicly announced last year, with the implementation starting in the last two months [1]

Core Viewpoint - The recent adjustment of commission rates for second-hand housing transactions in Guangzhou has sparked discussions, with the Beike platform increasing the commission rate for sellers from 1% to 1.5%, while maintaining the buyer's rate at 1.5% [2][5]. Commission Structure - The commission structure for second-hand housing transactions varies across different cities in China, with a dual commission model being common in cities like Chengdu and Guangzhou, where both buyers and sellers share the commission costs [3][6]. - According to statistics from the Yiju Research Institute, the average commission rate across 25 major cities in China is 2.2%, which is about 30% lower than the mainstream reference price of 3% [3][6]. - In Guangzhou, the commission rates typically range from 1.5% to 3% of the total property price, with smaller agencies sometimes charging as low as 0.69% [3][6]. Market Dynamics - The current "buyer's market" has led to a decrease in the bargaining power of sellers regarding commission fees, as the high volume of listings and slow transaction speeds have made selling more challenging [7][8]. - The average transaction cycle for properties in Guangzhou has exceeded 200 days, indicating a significant slowdown in the market [7][12]. - The increase in commission fees for sellers reflects the changing supply-demand dynamics in the real estate market, where sellers are willing to offer higher commissions to incentivize agents to promote their properties [7][8]. Competitive Landscape - The real estate brokerage industry is experiencing intense competition, with smaller agencies often engaging in price wars to attract clients, leading to extreme pricing strategies such as flat fees or full commission refunds [9][10][11]. - The entry barriers in the brokerage industry are low, resulting in a proliferation of small agencies that may lack the service quality and brand reputation of larger firms [11]. Future Trends - Experts suggest that commission structures should become more refined, with pricing based on specific service components rather than flat rates, to better reflect the value provided [11][12]. - Despite the downward trend in commission fees, leading agencies may maintain their pricing standards due to their established market presence and service quality [12].

Group 1 - The overall transaction volume of commercial properties in Hong Kong has slightly decreased, with a total of 346 registrations in October 2025, down 0.9% from 349 in September [1] - The performance of different property categories showed mixed results, with commercial buildings experiencing a significant drop of over 20%, while industrial buildings saw a rise of 25.3% [1] - Industrial property transactions have rebounded since August, with 188 registrations in October, a 25.3% increase from 150 in September, marking a three-month high [1] Group 2 - The registration volume for commercial buildings fell to 83 in October, a decrease of 22.4% from 107 in September, making it the third lowest month of the year [2] - The total value of commercial building transactions also declined by 16.2% to 8.42 billion HKD, marking the second lowest level of the year [2] - The number of shop transactions dropped to 75 in October, an 18.5% decrease, reaching the second lowest level in eight months, although the total value of shop transactions increased by 53.9% to 23.18 billion HKD [2]

贝壳-W(02423)发布公告，该公司于2025年11月4日斥资800万美元回购147.62万股股份，每股回购价格 为5.32-5.5美元。 ...

Core Insights - The report maintains an "Outperform" rating for the real estate sector, indicating a belief in potential recovery despite ongoing challenges in the market [4] - The real estate market is expected to stabilize at low levels in 2026, with a projected sales volume of CNY 7.6 trillion, reflecting a decrease of 10.9% year-on-year [2][3] - The report emphasizes the importance of income confidence as a key driver for housing prices, suggesting that a confidence index above 50 is necessary for sustained price stability [1][46] Market Overview - In 2025, the real estate market faced significant pressure, with new home sales declining by 13% year-on-year in Q3, marking a historical low [1][11] - The inventory pressure for new homes has increased compared to the period before the "924" policy, with the average de-stocking cycle extending to 23 months in major cities [11][14] - The second-hand housing market is also under pressure, with high listing volumes making it difficult for prices to stabilize [20][33] 2026 Outlook - The report forecasts a slight narrowing of sales declines in 2026, with new construction expected to grow by over 20% [2][3] - Investment in real estate is projected to decrease by 9%, amounting to CNY 7.5 trillion, due to ongoing challenges in the market [2][3] Investment Recommendations - The report suggests a strategy of waiting for market stabilization while focusing on structural opportunities within the sector [2][3] - Specific companies are highlighted for potential excess returns, including those with light historical burdens and conservative price-to-book ratios, such as China Jinmao and China Overseas Development [2][3] Key Company Earnings Forecasts - China Jinmao is projected to have an EPS of CNY 0.08 for both 2025 and 2026, with a PE ratio of 15.4 [3] - China Overseas Development is expected to have an EPS of CNY 1.41 in 2025 and CNY 1.43 in 2026, with a PE ratio of 8.5 and 8.4 respectively [3] - Other recommended companies include China Overseas Hongyang Group, China Merchants Shekou, China Resources Land, and Longfor Group, all rated "Outperform" [3] Policy Environment - The report notes that existing policy frameworks have limited room for significant adjustments, with most measures being minor tweaks rather than substantial changes [38] - Recent policy announcements have included adjustments to housing purchase restrictions in major cities, but their impact on sales is expected to be limited [38][40]

Core Viewpoint - The court ruled in favor of the agency, stating that the clients must pay a commission fee for the services provided, despite their argument that no agreement was reached on the terms of the contract [1][2] Group 1: Court Ruling - The court determined that the clients, Ms. Jiang and Mr. Gu, signed a contract based on the intermediary services provided by the agency, thus the agency has the right to claim the corresponding commission fee [1][2] - The final judgment required both clients to pay 25,000 yuan each to the agency [1][2] Group 2: Agency's Claims - The agency claimed that it provided continuous consultation and communication regarding the property, and facilitated meetings between the clients [1] - The agency argued that the clients had refused to pay the commission fee after the property was sold through another company [1] Group 3: Clients' Defense - The clients contended that no agreement was reached on the main terms of the intermediary service contract, and thus no contractual obligations existed [1][2] - Mr. Gu asserted that he never authorized the agency to sell the property and that the agency only contacted him after seeing the property listed on other platforms [2]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $73.3 million, with adjusted EBITDA of $25.8 million and an adjusted EBITDA margin of 35.2%, an increase of 40 basis points compared to Q3 2024 [17][19] - Revenue excluding marketing funds was $55.1 million, a decrease of 5.6% year-over-year, primarily due to a decline in organic revenue of 5.4% and adverse foreign currency movements of 0.2% [17][18] - Adjusted diluted EPS was $0.37, reflecting the company's profitability despite a challenging housing market [17] Business Line Data and Key Metrics Changes - The agent count reached over 147,500, marking a record high, with the U.S. agent count showing the best performance in three years [6][4] - The Aspire program has seen approximately 1,500 agents benefiting, contributing to higher retention rates and recruitment of newer agents [9][38] - The RE/MAX Marketing as a Service platform is expected to generate a seven-digit revenue contribution, indicating strong engagement and effectiveness [11][27] Market Data and Key Metrics Changes - Inventory in the housing market increased by 20% year-over-year, marking the 21st consecutive month of growth [5] - New listings rebounded in September, growing 4.5% over August, which is seen as a positive sign for transaction activity [5] - Canadian agent count saw a slight year-over-year decline but modest sequential growth, indicating resilience in a challenging market [8] Company Strategy and Development Direction - The company is focused on enhancing its value proposition through innovation and operational excellence, aiming to drive profitability and margin performance [4][6] - RE/MAX is strategically reinvesting in the business while evaluating opportunities for share repurchases, indicating a shift towards returning capital to shareholders [19][57] - The introduction of new economic models like Aspire, Ascend, and Appreciate aims to attract a diverse range of agents and improve retention [39][40] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term potential of their initiatives despite the current housing market challenges [12][20] - The company is tightening its revenue and adjusted EBITDA guidance for the full year 2025, reflecting a pragmatic approach to the market conditions [20] - Management highlighted the importance of operational efficiencies and the cash-generative nature of the business, with a total leverage ratio now below 3.5 times [19][57] Other Important Information - The company is expanding its marketing services and leveraging AI to enhance customer experience and operational efficiency [10][14] - New leadership appointments, including a President of Mortgage Services, are expected to drive growth in the mortgage business [12][13] Q&A Session Summary Question: Can you provide more detail on the expected incremental revenue from the marketing and Aspire programs in 2026? - Management indicated that the RE/MAX Marketing as a Service platform is showing strong engagement and is expected to contribute significantly to revenue in 2026, with a margin profile differing from the core business [25][28] Question: What are the implications of M&A activity in the sector on recruitment rates? - Management noted that ongoing consolidation in the market presents opportunities for RE/MAX, with increased inbound interest from potential franchisees [31][33] Question: How are the Aspire, Ascend, and Appreciate models being received by franchisees? - The models are resonating well with the network, with Aspire showing higher retention rates and incremental recruitment of newer agents [38][39] Question: What is the outlook for Motto and its profitability? - Management is optimistic about the mortgage opportunity and is exploring changes to the business model to enhance profitability, though specifics will be shared later [46][48] Question: Will there be share buybacks by year-end? - With the total leverage ratio now below 3.5 times, management is considering share repurchases as an attractive use of capital [19][57]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 8.17 billion yuan for the first three quarters of 2025, a year-over-year decrease of 6.81%, while achieving a net profit attributable to shareholders of 42.33 million yuan, reflecting a significant year-over-year increase of 398.8% [2][4] - The strong growth in net profit is attributed to an increase in transaction volume in the brokerage business and a reduction in related operating costs [2][4] - The company’s total Gross Transaction Value (GTV) for the first three quarters reached 196.2 billion yuan, up 5.2% year-over-year, indicating a steady increase in market share across various business segments [3][4] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 81.7 billion yuan, down 6.81% year-over-year, primarily due to the accounting treatment of the new product "Xiangyu Preferred" in the asset management business [2] - The net profit attributable to shareholders was 42.33 million yuan, with a significant increase of 398.8% year-over-year, driven by improved transaction volumes and reduced costs [4] Market Position - The company’s GTV for the first three quarters was 196.2 billion yuan, with the brokerage business contributing 156.6 billion yuan (up 5.1% year-over-year), asset management at 13.7 billion yuan (down 3.5%), and new housing at 25.9 billion yuan (up 9.3%) [3] - The brokerage business saw a transaction volume of 54,626 units, an increase of 5.6% year-over-year, while the new housing business recorded a transaction volume of 8,150 units, up 0.4% year-over-year [3] Cost Management and Receivables - The company achieved a gross margin of 9.08%, an increase of 1.72 percentage points year-over-year, due to effective cost control measures [4] - Accounts receivable decreased to 327 million yuan, down 177 million yuan from the beginning of the year, with an accounts receivable turnover period of 13.74 days, a reduction of 1.91 days [4] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 11.91 billion yuan, 12.36 billion yuan, and 12.86 billion yuan, respectively, with net profits expected to be 970 million yuan, 1.41 billion yuan, and 1.93 billion yuan [4]

Core Insights - The introduction of the "Quality Consultant" certification system by Beike aims to enhance the online consultation experience for home buyers, addressing issues such as slow response times and varying levels of professionalism [1][6] - The certification serves as a "trust filter" for consumers, allowing them to easily identify reliable real estate agents and significantly reduce the cost of choosing the right consultant [1][5] Summary by Categories Certification Standards - The "Quality Consultant" certification is based on three rigorous standards: "Service Guarantee," "Rapid Response," and "Patient Service" [3][5] - "Service Guarantee" requires agents to have no complaints or negative reviews in the past 90 days, ensuring that only responsible and reliable agents are certified [3][4] - "Rapid Response" mandates that agents respond to initial inquiries within 23 seconds and limit the number of delayed responses to no more than three in a 30-day period [3][4] - "Patient Service" allows for a maximum of three instances in which agents request contact information more than three times in a single conversation, promoting a smooth and user-centered communication experience [4][5] Implementation and Impact - Beike's "Quality Consultant" certification will undergo monthly rolling assessments, with over 1,500 agents expected to achieve certification each month based on their service performance [6] - The initiative reflects Beike's commitment to customer-centric values and aims to lower decision-making costs for consumers while enhancing service quality through technology and data-driven approaches [6]

Core Viewpoint - The Federal Reserve has once again cut interest rates, prompting major banks in Hong Kong to follow suit with a reduction of 0.125%, bringing the Hong Kong best lending rate (P) down to 5%-5.25% [1] Group 1: Market Predictions - Hong Kong Property has revised its forecast for new residential transactions in 2023 to 19,000 units, marking the highest level since the implementation of the "Residential Property Sale Regulations" in 2013 [1] - The forecast for second-hand residential transactions has also been increased to 45,000 units, representing a four-year high [1] - Hong Kong property prices are expected to show low single-digit growth, reversing the downward trend observed over the past three years [1] Group 2: Consumer Sentiment - A recent survey conducted by Hong Kong Property collected 327 valid responses regarding consumer property purchasing intentions [1] - The survey results indicate that 56% of respondents are considering entering the market within the next 12 months, the highest level in three quarters and the fourth highest since the second quarter of 2016 [1] - Approximately 44% of respondents stated they are not currently considering entering the market [1]