Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing on December 26, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Golden Wisdom Award" results were announced, with Beike winning the "ESG Practice Excellence Case" for its outstanding performance in upgrading service quality in the new housing industry, talent training and development, low-carbon initiatives, and community welfare [1][4] - The award aims to set a benchmark for high-quality development and encourage listed companies to focus on their core business, innovate, and fulfill social responsibilities, aligning with the national strategy of the "14th Five-Year Plan" [3][4] Group 2 - The 2025 ESG Excellence Case awardees have made significant achievements in environmental sustainability, social value creation, and corporate governance optimization [4] - Beike has been recognized for its long-term commitment to ESG principles, having published ESG reports for five consecutive years, which have become an important measure of high-quality development in the real estate industry [4] - Beike's initiatives include green operations and community welfare, leveraging digital technology to promote low-carbon transformation in housing services and connecting residents with service providers [4][5] Group 3 - In the community service sector, Beike's "I Teach You to Use a Mobile Phone" project has become a notable feature of its community welfare efforts, training approximately 1.3 million elderly individuals across 130 cities since its launch in 2018 [5] - The project has conducted over 90,000 classes, showcasing Beike's commitment to social responsibility and its contribution to the industry ecosystem [5]

在租赁业务起步阶段，于彪用双脚丈量社区每一条街道，笔记本上密密麻麻记录着多个户型的特点。某 个暴雨天，为了帮助毕业生租客争取半天搬家时间，他冒雨协调三方完成签约。当租客说出"这就是我 选择链家的理由"时，于彪首次体会到了师父当初那句话的分量。 面对在链家这七年的几次重要转型——从租赁到新房，再从新房回归二手房，于彪的每一步都走得坚定 而踏实。"转岗的目的是激发潜能，弥补短板，以便给客户更好的服务。"每次面对新领域，他都将自 己"归零"重启。 深夜，南京链家珑湾花园店的灯光依然明亮。于彪还在仔细完善着他的"房屋使用说明书"。这份文档， 详细记录着房屋的每一个细节——从家电维修联系方式到小区垃圾分类点位置，从水电燃气缴费账号到 周边医院、学校、超市的最优路线。"客户买的不只是一套房，更是长期居住的便利。"他说。这份超越 交易本身的服务意识，正是他在链家七年成长的最佳注脚。 2018年夏天，刚离开校园的于彪以管培生身份加入南京链家。初入职场时，一次跟随师父带看的经历， 让他对这个职业有了刻骨铭心的理解。当时有套性价比很高的房源，师父却发现房屋采光存在缺陷。令 于彪意外的是，师父主动向客户坦白了这个缺陷。 "好不容易 ...

Core Viewpoint - Peng Yongdong, the chairman of Beike, has donated 9 million shares valued at approximately 440 million yuan, demonstrating a strong commitment to philanthropy and confidence in the future of the housing service industry [2][4][6]. Group 1: Donation Details - The donation consists of 9 million Class A ordinary shares, valued at around 440 million yuan, as disclosed in a recent SEC filing [2]. - This act has elevated Peng Yongdong to the third position on the 2025 Hurun Charity List, making him one of the 14 "billion-level philanthropists" [6]. Group 2: Industry Confidence - The decision to donate rather than liquidate shares indicates a strong belief in the stable growth of Beike, which has managed to achieve a 2.1% year-on-year increase in net revenue to 23.1 billion yuan during an industry adjustment period [6][8]. - Major international banks, including Goldman Sachs and Morgan Stanley, have maintained "buy" or "overweight" ratings on Beike, reflecting market optimism [8]. Group 3: Focus of the Donation - The donation is strategically allocated, with 50% directed towards healthcare benefits for housing service workers and their families, and 50% aimed at supporting recent graduates with housing assistance [9][11]. - This focus on these two groups is seen as essential for the long-term health and development of the housing service industry, particularly in retaining young talent in urban areas [11][13]. Group 4: Industry Transformation - The housing service industry is transitioning from a focus on transaction volume to an emphasis on service quality and ecosystem sustainability, highlighting the importance of a holistic customer experience [14][16]. - The donation sets a benchmark for ecological responsibility within the industry, encouraging other companies to contribute to the sector's development and societal welfare [16][18].

Core Insights - The 26th "Bo Xue Da Kao" organized by Beijing Lianjia took place from November 19 to 20, with over 20,000 agents participating, marking the 15th anniversary of the event [1] - This year's exam has expanded its focus beyond real estate transaction services to include assessments on renovation and rental services, aiming to enhance agents' comprehensive service capabilities to meet diverse consumer needs [1][3] Group 1 - The new residential era is shifting consumer demands from merely having a place to live to prioritizing quality living, leading to a new consumption trend focused on quality [3] - The exam has made significant breakthroughs in both depth and breadth, increasing the emphasis on the latest real estate policies and practical applications, as well as strengthening knowledge assessments in renovation and rental services [3][4] - Agents are now expected to integrate knowledge of real estate and renovation, providing a one-stop service experience for clients from purchasing to renovation [3][4] Group 2 - The incorporation of the latest housing market policies into practical service scenarios for agents is a key feature of this year's exam [4] - The rise of professional agents in the industry is noted, with a growing number of individuals choosing to pursue long-term careers in this field [4] - The increasing demand for quality service from consumers presents new challenges for agents' professional capabilities, emphasizing the importance of continuous learning and improvement [4]

Core Viewpoint - The company is actively developing non-housing businesses to mitigate cyclical risks and is shifting to a defensive posture by enhancing cost efficiency and increasing shareholder returns to improve investment value [1] Financial Performance - In Q3 2025, the company's net profit was 747 million yuan, a year-on-year decrease of 36.1%, while adjusted net profit was 1.286 billion yuan, down 27.8% [2] - The total transaction volume for the company in Q3 2025 was 736.7 billion yuan, remaining stable year-on-year, with net revenue of 23.1 billion yuan, an increase of 2.1% [1] - The company's adjusted net profit projections for 2025-2027 are 5.719 billion, 6.244 billion, and 6.995 billion yuan respectively, with corresponding net profits of 3.832 billion, 4.153 billion, and 4.773 billion yuan [1] Business Segments - In the real estate transaction service sector, the company is piloting a tenant-separation mechanism in Shanghai to enhance marketing and sales capabilities for sellers [2] - The housing rental service is integrating AI with operations, contributing over 100 million yuan in profit in Q3 2025, with both home decoration and rental services achieving profitability at the city level [2] - The company's existing housing business net revenue was 6 billion yuan in Q3 2025, a decrease of 3.6%, while the total transaction volume for existing housing was 505.6 billion yuan, an increase of 5.8% [2] New Housing Business - The new housing business net revenue was 6.6 billion yuan in Q3 2025, down 14.1%, with total transaction volume at 196.3 billion yuan, a decrease of 13.7% [3] - The GTV for the new housing business under the Beilian model accounted for 81.7% in Q3 2025, showing a slight increase from the previous quarter [3] Share Buyback - The company has actively implemented a share buyback plan, with a quarterly buyback amount reaching 281 million USD, the highest in nearly two years [3] - As of the end of Q3 2025, the total amount spent on buybacks this year was approximately 675 million USD, a year-on-year increase of 15.7%, representing about 3% of the total share capital as of the end of 2024 [3]

Investment Rating - The report assigns an "Outperform" rating to the company, projecting net profits of RMB 5.72 billion, 6.24 billion, and 6.99 billion for 2025-2027, with a 2025 PE valuation of 38x, equating to a fair value of RMB 60.83 or HKD 66.85 per share [4][16]. Core Insights - The company is actively developing non-housing businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while increasing shareholder returns to enhance investment value [1]. - In Q3 2025, the total transaction volume was RMB 736.7 billion, stable year-on-year, with net income of RMB 23.1 billion, up 2.1% year-on-year. However, net profit decreased by 36.1% year-on-year to RMB 747 million [17]. - The existing home business showed a net income of RMB 6 billion, down 3.6% year-on-year, while the new home business net income was RMB 6.6 billion, down 14.1% year-on-year [18]. - The company has implemented a significant buyback plan, with Q3 2025 buybacks reaching USD 281 million, marking a two-year high [19]. Financial Summary - Total revenue for 2023 is projected at RMB 77.78 billion, with a growth rate of 28.2%. The net profit for 2023 is expected to be RMB 5.88 billion, reflecting a substantial increase of 524.5% [3]. - The company’s gross profit margin is expected to decline slightly from 24.55% in 2024 to 22.23% in 2027, indicating a trend of increasing costs relative to revenue [10]. - The company’s total assets are projected to grow from RMB 133.15 billion in 2024 to RMB 156.70 billion in 2027, while total liabilities are expected to increase from RMB 61.70 billion to RMB 84.51 billion over the same period [5]. Business Performance - The company’s existing home transaction volume increased by 5.8% year-on-year to RMB 505.6 billion in Q3 2025, while the new home transaction volume decreased by 13.7% year-on-year to RMB 196.3 billion [18]. - The rental services segment has shown strong growth, contributing over RMB 100 million in profit in Q3 2025, with a year-on-year growth of 45.3% [17][7]. - The company’s home furnishing and rental services achieved profitability at the city level, with profit contributions to gross profit reaching a historical high [17].

Group 1 - The core viewpoint of the report is that the company, Beike-W (02423), is rated "Buy" by Guotai Junan, with projected adjusted net profits for 2025-2027 being 57.19 billion, 62.44 billion, and 69.95 billion respectively, and a target price of 66.85 HKD per share based on a 38x PE valuation for 2025 [1] - The company is actively developing non-property businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while increasing shareholder returns to enhance investment value [1] - In Q3 2025, the total transaction volume was 736.7 billion, remaining stable year-on-year, while net income increased by 2.1% to 23.1 billion, although net profit decreased by 36.1% to 0.747 billion [1] Group 2 - The second-hand property business is steadily expanding, with net income from existing properties at 6 billion, down 3.6% year-on-year, while total transaction volume increased by 5.8% to 505.6 billion [2] - The commission rate for existing properties was 1.19%, with the Lianjia existing property commission rate at 2.53% and the Beilian existing property commission rate at 0.38% [2] - The new property business saw a decline in net income by 14.1% to 6.6 billion, with total transaction volume down 13.7% to 196.3 billion in Q3 2025 [2] Group 3 - The company has actively implemented a share repurchase plan, with a record high repurchase amount of 281 million in Q3 2025, bringing the total repurchase amount for the year to approximately 675 million, a 15.7% increase year-on-year [3] - Since the initiation of the repurchase program in September 2022, the cumulative repurchase amount has reached approximately 2.3 billion, accounting for about 11.5% of the total share capital before the program started [3]

Core Viewpoint - Guotai Junan has issued a "Buy" rating for Beike-W (02423), projecting adjusted net profits for 2025-2027 to be 57.19 billion, 62.44 billion, and 69.95 billion respectively, with a 2025 PE valuation of 38 times, leading to a target price of 60.83 yuan, equivalent to 66.85 HKD per share [1] Group 1: Financial Performance - In Q3 2025, the total transaction volume was 736.7 billion, remaining stable year-on-year, while net income increased by 2.1% to 23.1 billion; however, net profit decreased by 36.1% to 0.747 billion, and adjusted net profit fell by 27.8% to 1.286 billion [2] - The company's rental services have integrated AI, contributing over 0.1 billion in profit in Q3 2025, with home decoration and rental services achieving profitability at the city level, marking a historical high in profit contribution [2] Group 2: Business Segments - The existing housing business saw net income of 6 billion, down 3.6% year-on-year, while total transaction volume increased by 5.8% to 505.6 billion; the Beilian model accounted for 62.4% of the total transaction volume, a decrease of 1.1 percentage points quarter-on-quarter but an increase of 3.1 percentage points year-on-year [3] - The new housing business experienced a net income decline of 14.1% to 6.6 billion, with total transaction volume down 13.7% to 196.3 billion; the GTV under the Beilian model accounted for 81.7%, showing a slight increase [3] Group 3: Share Buyback - In Q3 2025, the company achieved a record high in share buyback amounting to 281 million USD, with total buybacks for the year reaching approximately 675 million USD, a 15.7% increase year-on-year, representing about 3% of the total share capital as of the end of 2024 [4] - Since the initiation of the buyback program in September 2022, the cumulative buyback amount has reached approximately 2.3 billion USD, accounting for about 11.5% of the total share capital prior to the program [4]

格隆汇11月10日｜贝壳：2025年第三季度营收231亿元，同比增2.1%；三季度NON-GAAP净利润12.9亿 元。贝壳第三季度总交易价值(GTV)为7367亿元，与去年同期基本持平。 ...

Core Insights - The company reported a total transaction volume of RMB 736.7 billion (USD 103.5 billion) for Q3 2025, showing a year-on-year stability [1] - The total transaction volume for existing homes was RMB 505.6 billion (USD 71.0 billion), an increase of 5.8% year-on-year, while new home transactions decreased by 13.7% to RMB 196.3 billion (USD 27.6 billion) [1] - Net income for the quarter was RMB 23.1 billion (USD 3.2 billion), reflecting a 2.1% year-on-year increase, but net profit decreased by 36.1% to RMB 747 million (USD 105 million) [1] - The number of stores increased by 27.3% year-on-year to 61,393, with active stores rising by 25.9% to 59,012 [1] - The number of agents grew by 14.5% to 545,500, with active agents increasing by 11.4% to 471,500 [1] - The average monthly active users reached 49.3 million, up from 46.2 million in the same period last year [1] Business Strategy and Innovations - The CEO emphasized ongoing efforts in organizational upgrades, process restructuring, and technological innovation to enhance business efficiency and customer experience [2] - The company is piloting a "tenant separation" mechanism in Shanghai to improve marketing and sales capabilities for sellers [2] - AI integration in operations and customer service is being advanced, contributing over RMB 100 million in profit for the rental service segment in Q3 2025 [2] - The CFO noted steady growth in existing home transactions and robust monetization capabilities in new home business, with home decoration and rental services achieving profitability at the city level [2] Shareholder Returns - The company has maintained a strong cash reserve and has been actively repurchasing shares, with Q3 2025 buybacks reaching USD 281 million, the highest in nearly two years [3] - Year-to-date, the total repurchase amount is approximately USD 675 million, a 15.7% increase compared to the same period last year, representing about 3% of the total share capital as of the end of 2024 [3] - Cumulatively, since the repurchase program began in September 2022, the total amount spent on buybacks is around USD 2.3 billion, accounting for about 11.5% of the total share capital prior to the program [3] Future Outlook - The company aims to continuously optimize its business structure, enhance technological empowerment, and solidify shareholder returns to create greater long-term value for investors [4]