Core Viewpoint - The real estate industry is undergoing transformation, with a shift from incremental development to stock operation, making "good houses" a new imperative. Beike has demonstrated resilience with its latest performance report, showcasing a revenue of 23.1 billion yuan and a year-on-year growth of 2.1% [1] Group 1: Financial Performance - Beike achieved a total transaction volume (GTV) of 736.7 billion yuan in Q3 2025, with a significant contribution from its stock housing business, which reached 505.6 billion yuan, reflecting a year-on-year increase of 5.8% [2] - The non-real estate business revenue accounted for 45% of total revenue, marking a historical high, with home decoration and rental businesses showing substantial growth [4][5] Group 2: Business Model Evolution - Beike's "one body, three wings" strategy is entering a harvest phase, evolving from a single transaction model to a comprehensive living service ecosystem covering buying, selling, renting, and renovation [1][4] - The introduction of the "tenant separation" mechanism is reshaping the operation model of agents, enhancing efficiency and transaction rates [2] Group 3: Service and Operational Efficiency - Beike launched the "True Guarantee" service assurance system, which includes 35 service commitments, reinforcing its competitive edge in the stock competition era [3] - The company has maintained strategic consistency in its transaction business over the past decade, shifting its competitive focus from "property information" to "high-quality service standards" [3] Group 4: Growth Engines - The home decoration and rental segments are key growth engines for Beike, with the home decoration business generating a net income of 4.3 billion yuan in Q3, achieving a profit margin of 32% [4][5] - The rental business revenue reached 5.7 billion yuan in Q3, with a year-on-year growth of 45.3%, contributing to profitability at the city level [5] Group 5: AI Integration - Beike's R&D expenses reached 648 million yuan in Q3, marking a 13.2% year-on-year increase, with a clear business-oriented focus on enhancing operational efficiency through technology [7] - AI tools are being utilized across various business segments, significantly improving customer conversion rates and operational efficiency [7][8] Group 6: Shareholder Returns - Beike has increased its shareholder return efforts, repurchasing 280 million USD worth of shares in Q3, a 38.3% increase year-on-year, reflecting management's confidence in the company's long-term value [10]

Core Insights - Beike's total transaction value (GTV) reached 736.7 billion RMB in Q3, with net revenue growing by 2.1% year-on-year to 23.1 billion RMB, indicating resilience in overall business performance [1] - The proportion of net revenue from non-real estate transactions increased to 45%, with both home decoration and rental services achieving profitability at the city level before headquarter expenses [1] - The company plans to enhance AI capabilities in core business scenarios to improve both service provider and consumer experiences [1] Financial Performance - Beike's GTV for existing home transactions was 505.6 billion RMB in Q3, reflecting a year-on-year increase of 5.8% [1] - New home business GTV for the first three quarters grew by approximately 11%, with Q3 GTV reaching 196.3 billion RMB [2] - Home decoration and furnishing business generated net revenue of 4.3 billion RMB, with a profit margin increase to 32%, up by 0.8 percentage points year-on-year [2] AI and Technology Integration - Beike invested 1.865 billion RMB in R&D over the first three quarters, with Q3 R&D expenses at 648 million RMB, a year-on-year increase of 13.2% [3] - AI assistants have been deployed to 414,000 agents, enhancing client conversion rates significantly [3] - The rental business has achieved full-process intelligent operations, improving efficiency and reducing costs substantially [3] Service Innovations - Beike launched the "True Guarantee" service system in Q3, ensuring real source authenticity and secure transactions [4] - The "Renovation Fund Custody" service has been implemented in over 30 cities, benefiting more than 20,000 families [4] - The rental service introduced a "Direct Payment of Housing Fund" feature in cities like Beijing and Jinan, alleviating rental pressures for young people [4]