近日，万科A（000002.SZ）在深交所互动易平台回应投资者提问时表示，公司持有贝壳的股票已经全 部出售。 万科与贝壳的合作始于2017年。当年4月19日，万科与链家集团（贝壳前身）签订增资协议，以30亿元 价格获得链家集团股权，其中26亿元入股链家地产，另外4亿元入股链家系的其他公司。彼时，万科表 示看好链家集团的发展空间，但并未对外披露具体持股比例。 2018年4月，链家宣布成立新平台贝壳找房，定位为"技术驱动的品质居住服务平台"，致力于整合二手 房、新房、租赁和家装等全方位居住服务。 2019年3月，贝壳找房因企业发展所需，对链家的注册资本、投资人及管理层进行变更。万科在内的22 家原投资方通过"协议镜像平移"方式，将持有的链家股份同步划转至贝壳找房。此后，贝壳找房完成多 轮融资，万科等早期投资者的股权被进一步稀释。2020年8月，贝壳找房正式在纽约证券交易所挂牌上 市。 10月30日，万科发布2025年三季度报告。报告显示，公司前三季度营业收入为1613.88亿元，同比下降 26.61%；归母净利润为-280.16亿元，同比下降56.14%；扣非归母净利润为-264.86亿元，同比下降 83.07% ...

Core Viewpoint - The company has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - The improvement in the company's ESG environment score is attributed to the implementation of the "Apartment Environmental Pact," which encourages tenants and property managers to adopt green practices [1] Group 2: Company Mission and Strategy - The company is dedicated to reshaping the residential service industry in China through infrastructure transformation and technology-driven innovation, aiming to create long-term sustainable value [1] - The mission of the company is to provide "dignified service for a better living," focusing on empowering the professional growth of service providers and enhancing consumer living experiences [1]

Core Insights - During the "14th Five-Year Plan" period, service consumption in China is experiencing rapid growth, with an average annual increase of 9.6% in resident service consumption expenditure from 2020 to 2024 [1] Group 1: Economic Impact - Expanding service consumption is a crucial strategy for boosting overall consumption and domestic demand, which is essential for enhancing the well-being of the population and meeting their needs for a better life [1] Group 2: Market Potential - The market potential for service consumption is vast due to the continuous release of market potential, ongoing upgrades in consumption structure, and accelerated industrial development [1] - China has the largest middle-income group globally, indicating significant market space and growth potential, particularly in sectors like elderly care, childcare, and healthcare services [1] Group 3: New Demand Drivers - The acceleration of new urbanization is leading to an influx of rural populations into cities, creating new demands in education, training, cultural entertainment, and residential services [1] - The application of new technologies such as mobile payments, IoT, big data, artificial intelligence, and virtual reality in the service sector is injecting new vitality into the expansion of service consumption [1]

Core Perspective - Lianjia positions itself as a residential service company, emphasizing service quality and the enhancement of human capabilities as the core of its business model [1] Group 1: Service Innovation and Professionalism - Lianjia has established a clear requirement for agents: professionalism and integrity, leading to the concept of "professionalization of agents" to enhance service efficiency and customer trust [2] - The transition of China's real estate market from "incremental" to "stock" has shifted consumer demand from merely having a place to live to seeking quality living conditions [2] - In the first half of 2025, the number of second-hand housing transactions in Beijing reached 88,574, nearly five times that of new housing transactions, indicating a significant demand for renovation and improvement of older properties [2] Group 2: Integration of Services - Lianjia has begun to explore the integration of real estate transactions and renovation services, initially providing light additional services by connecting clients with renovation brands [3] - The company has identified customer pain points in the connection between second-hand housing and renovation, necessitating a deeper upgrade in service capabilities [3][4] - Lianjia has trained 1,411 renovation experts from its agent pool, aiming to provide a one-stop service from purchasing to living [3][4] Group 3: Collaborative Service Model - The renovation experts extend services into the "after-sale" phase of second-hand housing, helping clients with measurements and design collaboration [4] - The "iron triangle model" has been established, consisting of agents, renovation designers, and project managers, to enhance service delivery and address hidden issues in renovations [7] - A community renovation problem database is being developed to provide practical solutions for common renovation challenges, potentially leading to a "property dictionary" for community-specific renovation services [7] Group 4: Future Goals and Vision - Lianjia aims to help consumers transition from merely buying a house to achieving a quality living experience, focusing on the continuous upgrade of agent capabilities [7] - The company envisions future agents as multifaceted residential consultants who understand buying, renting, renovation, and configuration, providing comprehensive one-stop services [7]