2025年第一季度的移动月活跃用户数量平均为4450万名，而2024年同期为4770万名。 贝壳董事会主席兼首席执行官彭永东先生表示，"在稳定的市场表现和我们的增长策略持续显效的基础 上，第一季度我们的业务延续了高速增长，我们的总交易额同比增长34.0%，净收入同比增长42.4%。 房产交易服务继续展现大幅的超市场表现。平台持续赋能更多产业伙伴，活跃门店和活跃经纪人数量同 比分别显著增长29.6%和23.0%，人效、店效表现也在改善。家装家居业务收入稳健增长，贡献利润率 创新高，客户体验改善和效率提升初见成效。到第一季度末房屋租赁服务在管房源量超过50万套，经营 能力持续改善。我们也在AI应用上持续推进，在C端和B端都落地了多项智能工具，带来更好的客户体 验和为服务者提效助力。" "展望未来，我们对"一体三翼"战略下的公司长期发展充满信心，并将坚定地在AI应用上持续投入。同 时，今年我们会在其他类型投入上更加审慎，关注投入产出比，筑牢安全经营底线，保障支持本公司长 期愿景的股东获得本公司可持续发展的回报。"彭先生总结道。 贝壳执行董事兼首席财务官徐涛先生进一步表示，"一季度的市场表现非常稳健，延续了去年9月份 ...

贝壳美股盘前跌近5%，公司此前公布了一季度财报。 ...

贝壳称2025第一季度净收入为233亿元，同比增加42.4%。贝壳一季度归属于普通股股东的经调整净利 润为13.93亿元，上年同期为13.92亿元。 ...

智通财经5月15日电，贝壳称2025第一季度净收入为233亿元，同比增加42.4%。贝壳一季度归属于普通 股股东的经调整净利润为13.93亿元，上年同期为13.92亿元。 贝壳一季度经调整净利润为13.93亿元 与上年持平 ...

证券研究报告 房地产 现房销售制度会如何演进？ 华泰研究 2025 年 5 月 14 日│中国内地 动态点评 此次现房销售制度的讨论与之前有何不同？ 我国关于现房销售的讨论与尝试早已有之，早在 2016 年就有苏州、南京、 深圳在土地层面尝试现房销售，将土地溢价率和现房销售绑定，旨在降低市 场热度，随着土地市场热度褪去，现房销售试点逐步淡化。而此次现房销售 再次启动讨论是从 2022 年房地产企业保交楼阶段开始。2023 年 1 月住建 部提出"有条件的可以进行现房销售，继续实行预售的，必须把资金监管责 任落实到位"，此后多次强调，至 24 年 12 月提出"大力推进商品住房销售 制度改革"。此次的背景与 2016 年阶段并不相同，2016 年阶段提出现房销 售是平抑土地市场过热的一种阶段性措施和尝试，而此次提出更加聚焦长 远，是房地产发展新模式制度改革的拼图。 现房销售制度预计循序渐进 我们认为当前不必过度担忧对行业产生的冲击，主要在于：1、预计会以试 点形式推进，率先从低能级城市开始。24 年 3 月倪虹部长表示要有力有序 推进现房销售，明确指出推进现房销售不能搞 "一刀切"。如信阳作为去化 较缓的低能级 ...

Group 1 - The core viewpoint of the article highlights Beike's financial performance, showing a revenue increase but a decline in net profit [1][2] - As of May 13, Beike's stock price rose by 2.17% to $20.27 per share, with a total market capitalization of $24.471 billion [1] - Beike's total revenue for the year ending December 31, 2024, is projected to be 93.457 billion RMB, representing a year-on-year growth of 20.16% [1] Group 2 - Beike is a leading integrated online and offline real estate transaction and service platform in China, focusing on enhancing service efficiency for consumers [2] - The company operates the well-known real estate brokerage brand, Lianjia, which plays a crucial role in Beike's platform and has over 23 years of operational experience since its establishment in 2001 [2] - Beike believes that its accumulated industry experience provides unique insights into market conditions and customer needs, which are essential for effective solutions and market expansion [2]

证券代码：002285 证券简称：世联行 益后的净利润三者孰低为负值，且扣除后的营业收入低于 3 亿元；或者追溯重述后 最近一个会计年度期末净资产为负值。（五）中国证监会行政处罚决定书表明公司已 披露的最近一个会计年度财务报告存在虚假记载、误导性陈述或者重大遗漏，导致 该年度相关财务指标实际已触及本款第一项、第二项情形。（六）本所认定的其他情 形。关于公司 2025 年的经营状况可持续关注公司后续披露的定期报告。公司始终以 稳健经营为基础，努力提升内在价值和可持续发展能力，积极发展公司主营业务， 公司在做好基本面的同时，及时准确传递公司信息，加强与投资者的交流，增进资 本市场对公司价值的认同。 深圳世联行集团股份有限公司 投资者关系活动记录表 编号：2025-023 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 2024 年度业绩说明会的投资者 | | 人员姓名 | | | 时间 | ...

Core Points - The recent adjustment of housing provident fund loan rates across multiple cities, including Beijing and Shenzhen, aims to lower borrowing costs for homebuyers, with rates reduced by 0.25 percentage points [1][2][3] - The new rates for first-time homebuyers are set at 2.1% for loans under 5 years and 2.6% for loans over 5 years, while second-home loans are at 2.525% and 3.075% respectively [1][2] - The adjustment is expected to save residents over 20 billion yuan annually in interest payments, supporting housing demand and stabilizing the real estate market [3] Summary by Category Loan Rate Adjustments - Multiple cities, including Beijing, Shenzhen, and others, have announced a reduction in housing provident fund loan rates, effective from May 8, 2025 [1][2] - The new rates for first-time homebuyers are 2.1% for loans up to 5 years and 2.6% for loans over 5 years, while second-home loans are set at 2.525% and 3.075% [1][2] Impact on Borrowers - A simulation shows that for a loan of 1 million yuan over 30 years, the monthly payment decreases from 4,136 yuan to 4,003 yuan, resulting in a total interest reduction of 47,600 yuan [1] - In Shenzhen, a family taking a 2.09 million yuan loan could save approximately 99,400 yuan in interest under the new rates [2] Market Implications - The central bank's decision is anticipated to alleviate financial burdens on households and stimulate demand in the real estate sector, potentially leading to market stabilization [3]

Financial Data and Key Metrics Changes - Zillow reported total Q1 revenue of $598 million, up 13% year over year, exceeding expectations by $15 million [9][25] - Adjusted EBITDA for Q1 was $153 million, with an EBITDA margin of 26%, reflecting a 200 basis point year over year improvement [11][25] - The company achieved positive GAAP net income of $8 million, representing 1% of revenue, marking a significant milestone [26] Business Line Data and Key Metrics Changes - For Sale category revenue was $458 million, up 8% year over year, with residential revenue growing 6% to $417 million and mortgages revenue increasing 32% to $41 million [9][27] - Rentals revenue reached an all-time high of $129 million, up 33% year over year, driven primarily by multifamily revenue growth of 47% [10][28] - The number of multifamily properties on Zillow increased by 38% year over year, reaching 55,000 by the end of Q1 [18][28] Market Data and Key Metrics Changes - Zillow's average monthly unique users reached 227 million, significantly outpacing competitors with four times the app engagement [7] - The company reported 37 million unique visitors to Zillow Rentals in March, solidifying its position as renters' number one preference [19] Company Strategy and Development Direction - Zillow is focused on executing its differentiated housing super app strategy, aiming to monetize a larger share of the total addressable market [6][9] - The company is expanding its enhanced markets, with a goal of increasing connections within these markets to over 35% by the end of the year [12][83] - Zillow is integrating its Premier Agent and Zillow Home Loans offerings to create a seamless experience for buyers and sellers [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year 2025 goals of low to mid-teens revenue growth and continued EBITDA margin expansion despite macroeconomic challenges [6][23] - The company anticipates accelerating rentals revenue growth of approximately 40% for the full year 2025, driven by strong demand and strategic partnerships [32][33] Other Important Information - Zillow's cash and investments at the end of Q1 were $1.6 billion, down from $1.9 billion, primarily due to share repurchases [30] - The board approved an additional $1 billion share repurchase authorization, reflecting confidence in the company's financial position [31] Q&A Session Summary Question: What is driving the accelerating revenue growth in the rentals business? - Management highlighted the execution of their strategy to build a comprehensive marketplace, resulting in increased inventory and audience engagement [40][42] Question: How should investors assess Zillow's growth relative to the market? - Management noted that Zillow's growth outperformed the market, particularly in the residential and for sale categories, despite macroeconomic noise [48][50] Question: What are the mechanics of the partnership with Redfin? - Management clarified that there was no transfer of contracts; Zillow had to win the business, which has resulted in significant property count growth [66][72] Question: What is the industry reaction to the new listing access standards? - Management reported positive early reactions from the industry, with many brokerages supporting the principles of transparency in real estate [96] Question: What factors contributed to the lower than expected EBITDA expenses in Q1? - Management indicated slower hiring and lower marketing expenses than anticipated were the primary reasons for the variance [98]

证券研究报告 房贷利率有望重启下行，优化城改和 收储空间 华泰研究 2025 年 5 月 07 日│中国内地 动态点评 5 月 7 日，央行、金融监管总局、证监会在国新办发布会上宣布一揽子金融 政策，其中涉及房地产的增量政策主要包括降准降息、公积金贷款和结构性 货币政策工具利率下调、房地产融资制度改革和 REITs 入通等，总体上符合 4 月政治局会议对于"用好用足适度宽松的货币政策"和房地产相关表述的 定调。我们预计增量政策的逐步落地有望巩固房地产市场"止跌回稳"的趋 势，后续需要关注财政政策和北上深房地产调控政策是否能够匹配发力。 公积金贷款利率调整落地，结合降准降息有望打开商贷利率下调空间 25 年 3 月国务院《提振消费专项行动方案》提出"实施降低住房公积金贷 款利率"，本次会议正式下调公积金贷款利率 0.25pct，将 5 年期以上首套房 公积金利率从 2.85%下调至 2.6%，预计每年节省居民公积金贷款利息支出 超 200 亿元。再结合本次会议提出的降准（下调存款准备金率 0.5pct）、降 息（下调政策利率 0.1pct），我们预计有望重新打开增量商业银行房贷利率 的下行空间。根据贝壳的数据， ...