Core Insights - Beike Holdings Limited reported a robust financial performance for Q2 2025, with a total transaction volume (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, and net revenue of 26 billion yuan, up 11.3% [1] - The company is transitioning towards an efficiency-driven growth model, leveraging AI technology to enhance service capabilities and adapt to changing consumer demands in the real estate market [1][2] - The real estate market in China is showing signs of recovery, with second-hand housing transactions increasing significantly, accounting for 76% of Beike's total property transactions [2] Financial Performance - In Q2 2025, Beike achieved a net profit of 1.307 billion yuan and an adjusted net profit of 1.821 billion yuan [1] - The non-property transaction services segment contributed 41% to total net revenue, marking a historical high for the company [1][4] - The home decoration and rental services experienced high-quality growth, with rental business net revenue reaching 5.7 billion yuan, a 78% increase year-on-year [5] Business Strategy - Beike is focusing on deepening its operational efficiency and enhancing its ecosystem to support both existing and new housing businesses [1][2] - The company is implementing a "one-stop" new residential service platform strategy, expanding into home decoration, rental, and other related services [4][6] - AI tools are being utilized to improve customer engagement and operational efficiency, with over 335,000 agents using the AI CRM tool "Lai Ke" to better understand user intentions [3][4] Market Trends - The second-hand housing market is gaining traction, with a 26% year-on-year increase in transaction volume on Beike's platform [2] - The overall housing market in China remains stable, with various regions introducing more lenient purchasing policies to boost market confidence [1][2] - Beike's home decoration business is enhancing its product offerings and operational capabilities, achieving a net revenue of 4.6 billion yuan in Q2 2025, a 13% increase [4][5]