Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has optimized its capacity significantly, leading to a notable reduction in costs. The Q4 brokerage business has shown a marginal improvement in profit margins, while the leasing business has been profitable for the entire year, and losses in home decoration have narrowed. Future profit improvements are anticipated if policies are implemented or if the market stabilizes [2][8]. - The company reported a revenue of 94.6 billion yuan in 2025, representing a 1.2% increase, while the net profit attributable to shareholders was 2.99 billion yuan, down 26.3%. The adjusted net profit was 5.02 billion yuan, down 30.3%. In Q4 2025, revenue was 22.2 billion yuan, a decrease of 28.7%, with a net profit of 90 million yuan, down 84.6% [4][8]. - The company has a strong cash position and has executed significant share buybacks and dividends, totaling over 1.2 billion USD, resulting in a comprehensive return rate exceeding 6% [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 94.6 billion yuan in 2025, with a slight increase of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, and the adjusted net profit fell by 30.3% to 5.02 billion yuan [4][8]. - In Q4 2025, the company reported a revenue of 22.2 billion yuan, down 28.7%, and a net profit of 90 million yuan, down 84.6% [4][8]. Business Performance - The company has focused on optimizing its capacity, resulting in a significant reduction in costs. The brokerage business has shown a marginal improvement in profit margins, while the leasing business has been profitable throughout the year, and losses in home decoration have decreased [2][8]. - The company’s gross transaction value (GTV) decreased by 5.0% to 3.2 trillion yuan, with the existing and new housing businesses declining by 4.2% and 8.2%, respectively [8]. Shareholder Returns - The company has declared approximately 300 million USD in dividends and has repurchased 920 million USD worth of shares, leading to a total return of about 1.2 billion USD, which is over a 9% increase year-on-year [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a net revenue of 94.6 billion RMB in 2025, reflecting a year-on-year growth of 1.2%. However, net profit decreased by 26.7% to 2.99 billion RMB, and adjusted net profit fell by 30.4% to 5.02 billion RMB [2][9] - The total transaction volume (GTV) for 2025 was 3.1833 trillion RMB, a decline of 5.0% year-on-year. The decrease in revenue from existing and new housing was offset by growth in non-housing business revenue [9] - The company has improved operational efficiency, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-on-year. The company also returned approximately 12 billion RMB to shareholders through stock buybacks and dividends, an increase of over 9% year-on-year [9] Financial Summary - Revenue Forecast: - 2025: 94.58 billion RMB - 2026: 103.98 billion RMB (growth rate: 9.9%) - 2027: 115.24 billion RMB (growth rate: 10.8%) - 2028: 127.07 billion RMB (growth rate: 10.3%) [3] - Net Profit Forecast: - 2025: 2.99 billion RMB - 2026: 3.50 billion RMB (growth rate: 16.8%) - 2027: 4.10 billion RMB (growth rate: 17.3%) - 2028: 4.92 billion RMB (growth rate: 20.0%) [3] - Earnings Per Share (EPS) Forecast: - 2025: 0.85 RMB - 2026: 0.99 RMB - 2027: 1.16 RMB - 2028: 1.40 RMB [3] Business Performance - The company reported a record high in second-hand housing transaction volume, increasing by 11.2% year-on-year. The GTV for existing housing was 2.1515 trillion RMB, down 4.2%, with net revenue of 25 billion RMB, down 11.3% [9] - The new housing GTV was 890.9 billion RMB, a decrease of 8.2%, with net revenue of 30.6 billion RMB, down 9.1%, outperforming the overall industry decline of 12.6% [9] - Non-housing business profitability improved, with home decoration revenue reaching 15.4 billion RMB, up 4.4%, and rental business revenue at 21.9 billion RMB, up 52.8% [9]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a net revenue of 94.6 billion RMB in 2025, reflecting a year-on-year growth of 1.2%. However, net profit decreased by 26.7% to 2.99 billion RMB, and adjusted net profit fell by 30.4% to 5.02 billion RMB [2][9] - The total transaction volume (GTV) for 2025 was 3.1833 trillion RMB, down 5.0% year-on-year. The decline in revenue from existing and new housing was offset by growth in non-housing business [9] - The company has improved operational efficiency, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-on-year. The company also returned approximately 12 billion RMB to shareholders through stock buybacks and dividends, an increase of over 9% year-on-year [9] Financial Forecasts - Revenue projections for 2026-2028 are as follows: 103.98 billion RMB in 2026 (growth of 9.9%), 115.24 billion RMB in 2027 (growth of 10.8%), and 127.07 billion RMB in 2028 (growth of 10.3%) [3] - The forecasted net profit for 2026-2028 is 3.50 billion RMB (growth of 16.8%), 4.10 billion RMB (growth of 17.3%), and 4.92 billion RMB (growth of 20.0%) respectively [3][9] - The company’s earnings per share (EPS) is projected to increase from 0.85 RMB in 2025 to 1.40 RMB in 2028, with corresponding price-to-earnings (P/E) ratios decreasing from 44x to 27x over the same period [3][9] Business Performance - The company’s second-hand housing transaction volume reached a historical high in 2025, increasing by 11.2% year-on-year. The GTV for existing housing was 2.1515 trillion RMB, down 4.2%, with net income of 25 billion RMB, a decline of 11.3% [9] - The new housing GTV was 890.9 billion RMB, down 8.2%, with net income of 30.6 billion RMB, a decrease of 9.1%, outperforming the overall industry decline of 12.6% [9] - Non-housing business segments, such as home decoration and rental services, showed improved profitability, with home decoration net income at 15.4 billion RMB (up 4.4%) and rental services net income at 21.9 billion RMB (up 52.8%) [9]

Core Viewpoint - The company reported its 2025 annual performance, showing a revenue of 94.6 billion yuan, net profit of 2.99 billion yuan, and Non-GAAP net profit of 5.02 billion yuan, with year-on-year changes of +1.2%, -26.7%, and -30.4% respectively [4] Group 1: Business Performance - In Q4, the company's revenue decreased by 28.7% year-on-year, primarily due to a high base from the previous year and ongoing market pressures [5] - The second-hand housing segment reported a GTV of 48.2 billion yuan and revenue of 5.4 billion yuan in Q4, with year-on-year declines of 35.3% and 39% respectively. The GTV performance was better than revenue due to a decrease in the proportion of Lianjia's GTV from 42% in Q4 2024 to 37% in Q4 2025 [5] - The new housing segment saw a GTV of 20.7 billion yuan and revenue of 7.3 billion yuan in Q4, with year-on-year declines of 41.7% and 44.5% respectively. The revenue underperformed GTV mainly due to the high base effect from the previous year [5] Group 2: Home Decoration Business - The home decoration business achieved a revenue of 3.6 billion yuan in Q4, marking a 12% year-on-year decline, the first quarterly revenue drop, attributed to adjustments in channel structure and business pace [6] - The contribution profit margin for the home decoration business was 28.8%, down 0.9 percentage points year-on-year, mainly due to provisions for potential maintenance costs on orders still under warranty [6] - Excluding this impact, the improvement in procurement ratios led to a reduction in material costs, indicating a trend of improving core cost structure [6] Group 3: Rental Business - The rental business generated a revenue of 5.4 billion yuan in Q4, reflecting an 18.1% year-on-year increase, driven by a continuous growth in managed housing sources, which exceeded 700,000 units by the end of 2025, a 62% year-on-year increase [7] - The contribution profit margin for the rental business was 10.4%, up 5.9 percentage points year-on-year, attributed to a shift towards a lighter product model and operational efficiency improvements [7] Group 4: Operational Efficiency - The company significantly enhanced the efficiency of core service providers and asset management managers through process restructuring and specialized division of labor, leading to notable improvements in labor costs [8] - The integration of AI technology into the entire operational chain of the rental business has laid a foundation for scalable expansion and sustained profitability [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Insights - The company reported a revenue of 94.6 billion CNY for 2025, reflecting a year-on-year growth of 1.2%, while net profit decreased by 26.7% to 2.99 billion CNY [1]. - The fourth quarter (Q4) results showed a significant decline in revenue and net profit, with Q4 revenue at 22.2 billion CNY, down 28.7% year-on-year, and net profit down 85.7% to 0.8 billion CNY [1][2]. - The company is focusing on operational efficiency and optimizing its business model amidst ongoing pressures in the real estate market [4]. Summary by Relevant Sections Business Performance - The second-hand housing segment saw Q4 GTV and revenue of 482 billion CNY and 5.4 billion CNY, respectively, down 35.3% and 39% year-on-year. The monetization rate for the second-hand housing segment was 2.36% [2]. - The new housing segment reported Q4 GTV and revenue of 207 billion CNY and 7.3 billion CNY, down 41.7% and 44.5% year-on-year, with a monetization rate of 3.51% [2]. - The home decoration business experienced a revenue decline of 12% in Q4, with a profit margin of 28.8%. The company is adjusting its channel structure to improve efficiency [3]. - The rental business turned profitable in Q4, achieving a revenue of 5.4 billion CNY, up 18.1% year-on-year, with a profit margin of 10.4% [3]. Financial Forecasts - The company has adjusted its net profit forecasts for 2026 and 2027 to 4.35 billion CNY and 5.16 billion CNY, respectively, reflecting a decrease of 9% and 11% from previous estimates. A new forecast for 2028 is set at 5.74 billion CNY [4]. - Revenue growth rates are projected to be 20.2% for 2024, 1.2% for 2025, and negative growth of 8.4% for 2026 [5]. Valuation Metrics - The report provides various financial metrics, including an expected EPS of 0.85 CNY for 2025 and a P/E ratio of 45 [5][11]. - The company's return on equity (ROE) is projected to be 4.5% for 2025, with a gradual increase to 7.1% by 2028 [13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Insights - The company reported a revenue of 94.6 billion yuan for 2025, a slight increase of 1.2% year-on-year, while net profit decreased by 26.7% to 2.99 billion yuan, and Non-GAAP net profit fell by 30.4% to 5.02 billion yuan [1][4]. - In Q4, the company experienced a revenue decline of 28.7% year-on-year, primarily due to high base effects from the previous year and ongoing market pressures [2]. - The second-hand housing segment saw a GTV of 482 billion yuan and revenue of 5.4 billion yuan in Q4, reflecting a year-on-year decline of 35.3% and 39% respectively [2]. - The new housing segment reported a GTV of 207 billion yuan and revenue of 7.3 billion yuan in Q4, with year-on-year declines of 41.7% and 44.5% respectively [2]. - The home decoration business showed a revenue of 3.6 billion yuan in Q4, marking a 12% decline, attributed to adjustments in channel structure [3]. - The rental business turned profitable with Q4 revenue of 5.4 billion yuan, an increase of 18.1% year-on-year, driven by a 62% growth in managed properties [3]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 94.6 billion yuan in 2025, with a net profit of 2.99 billion yuan, reflecting a decrease in profitability [1][4]. - The revenue growth rate for 2025 is projected at 1.2%, while the net profit growth rate is expected to decline by 26.3% [5]. Business Segments - The second-hand housing segment's GTV and revenue declined significantly in Q4, with a contribution margin of 40.4% remaining stable year-on-year [2]. - The new housing segment's revenue performance was weaker than GTV due to high previous year monetization rates, with a contribution margin of 28.3% showing improvement [2]. - The home decoration segment's revenue decreased for the first time, but cost structure improvements are noted [3]. - The rental segment's profitability improved significantly, with a contribution margin of 10.4% in Q4 [3]. Future Outlook - The company is expected to benefit from a recovery in the real estate market, with significant growth potential in home decoration and rental services [4]. - The net profit forecast for 2026 and 2027 is adjusted to 4.36 billion yuan and 5.16 billion yuan respectively, with a new forecast for 2028 at 5.74 billion yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Insights - The company achieved a revenue of 94.58 billion yuan in 2025, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, primarily due to a decline in gross margin from 24.6% to 21.4% [4][6]. - The company continues to expand its operations, with the number of stores increasing by 18.5% year-on-year to 61,139, and the number of agents rising by 4.6% to 523,000 [6]. - The report highlights the company's commitment to shareholder returns, with a share buyback amounting to 9.21 billion USD, representing approximately 4.1% of the total shares outstanding as of the end of 2024 [6]. Financial Performance Summary - Revenue Forecast: - 2024: 93.46 billion yuan - 2025: 94.58 billion yuan - 2026: 102.62 billion yuan - 2027: 111.55 billion yuan - 2028: 121.70 billion yuan - Year-on-year growth rates: 20% (2024), 1% (2025), 9% (2026-2028) [3][7] - Net Profit Forecast: - 2024: 4.07 billion yuan - 2025: 2.99 billion yuan - 2026: 4.12 billion yuan - 2027: 4.82 billion yuan - 2028: 6.00 billion yuan - Year-on-year growth rates: -31% (2024), -26% (2025), 38% (2026), 17% (2027), 25% (2028) [3][7] - Earnings Per Share (EPS): - 2024: 1.15 yuan - 2025: 0.85 yuan - 2026: 1.17 yuan - 2027: 1.37 yuan - 2028: 1.70 yuan [3][7] - Price-to-Earnings (P/E) Ratio: - 2024: 34.1 - 2025: 46.3 - 2026: 33.7 - 2027: 28.8 - 2028: 23.1 [3][7] Market Environment and Business Segments - The existing market conditions have negatively impacted transaction volumes, with the existing home business experiencing a transaction value decline of 4.2% to 21.5 trillion yuan, and new home business transaction value down by 8.2% to 890.9 billion yuan [6]. - The home decoration business reported a net income of 15.4 billion yuan, growing by 4.4%, while the rental service segment saw a significant increase in net income to 21.9 billion yuan, up by 52.8% [6].

单位：万元 | 业务类型 | 新签订单合同金额 [工程（含配套）、设计产值合计] | 截至报告期末累计已签 约未完工合同金额 | | --- | --- | --- | | 家装业务 | 7,108 | 17,080 | | 精工装业务 | 1,249 | 4,203 | | 公装业务 | 5,213 | 11,071 | | 合 计 | 13,570 | 32,354 | 证券代码：002713 证券简称：*ST 东易 公告编号：2026-013 东易日盛家居装饰集团股份有限公司 2025年第四季度装修装饰业务主要经营情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 3 号——行业信息披露》等相关规定，东易日盛家居装饰集团股份有限 公司 2025 年第四季度装修装饰业务主要经营情况如下： 董事会 二〇二六年一月三十日 注 1：公司不存在重大项目。 注 2：以上数据仅为阶段性数据且未经审计，供各位投资者参阅。 特此公告。 东易日盛家居装饰集团股份有限公司 ...

Core Viewpoint - The relationship between Vanke and Beike has deteriorated significantly, culminating in Vanke's complete divestment from Beike's shares, marking the end of an eight-year partnership [2][10][11]. Group 1: Personnel Changes - Zhao Ran, formerly the marketing deputy manager at Vanke, has joined Beike's subsidiary Beihome to lead marketing efforts [1]. - In 2023, Beike also recruited Xiao Zheng, Vanke's financial head for the Northeast region, to serve as the general manager of its financial center [1]. Group 2: Historical Context - Vanke and Beike's relationship began with a partnership that was mutually beneficial, with Vanke providing product capabilities and Beike offering a vast customer base and channel resources [6]. - The collaboration led to the establishment of a joint venture, Wanlian, in 2015, which aimed to redefine the home decoration industry and achieved significant growth in its early years [7][9]. Group 3: Financial Developments - Vanke invested 3 billion yuan in Beike in 2017, which included a 2.6 billion yuan stake in Beike's predecessor, Lianjia [8]. - Vanke's divestment from Beike was confirmed in November 2023, with the company stating it had sold all its shares, which were valued at approximately 5.725 billion yuan based on Beike's market capitalization [10][11]. Group 4: Strategic Shifts - Vanke's decision to exit its investment in Beike is seen as a strategic move to improve its cash flow and debt structure amid ongoing challenges within the company [11][12]. - The management indicated plans to further divest non-core assets and businesses to enhance financial stability [12].

Core Viewpoint - Beike-W (02423) is expected to benefit from the continuous expansion of the industry scale, supported by its leading position and strategic nationwide layout, with projected net profits for 2025-2027 showing significant growth [1] Group 1: Financial Performance - In the first three quarters of 2025, Beike achieved operating revenue of 72.39 billion yuan, a year-on-year increase of 16.1%, demonstrating market competitiveness despite pressure in the real estate market [1] - The company's net profit attributable to the parent company was 2.91 billion yuan, a year-on-year decrease of 16.8%, primarily due to a decline in gross margin from 25.3% to 21.4% [1] - As of the end of Q3 2025, Beike's store count increased by 27.3% year-on-year to 61,393, and the number of agents reached 546,000, up 14.5% year-on-year, indicating ongoing expansion [1] Group 2: Business Segments - The existing housing business saw a transaction volume (GTV) increase of 5.8% year-on-year to 505.6 billion yuan, with net income of 6 billion yuan, down 3.6% from the previous year [2] - The new housing business experienced a GTV decline of 13.7% to 196.3 billion yuan, with net income of 6.6 billion yuan, down 14.1% year-on-year, reflecting a slowdown in the commodity housing market [2] - The home decoration business reported net income of 4.3 billion yuan, a year-on-year increase of 2.4% [2] - Rental services generated net income of 5.7 billion yuan, a significant year-on-year increase of 45.3%, attributed to the growth in the "worry-free rental" model [2] - Emerging businesses and others reported net income of 400 million yuan, down from 500 million yuan in the same period last year [2] Group 3: Shareholder Returns - In Q3 2025, Beike's share buyback amounted to 281 million USD, marking the highest quarterly buyback in nearly two years [3] - By the end of Q3 2025, the total buyback for the year reached 675 million USD, a 15.7% increase compared to the same period last year [3] - Since initiating the buyback in September 2022, Beike has repurchased approximately 2.3 billion USD worth of shares, representing 11.5% of the total shares before the buyback [3]