贝壳的2025年上半年经营业绩基于两个背景。宏观层面，中国房地产市场住房成交总额保持平稳，但是 在第二季度市场进入调整期；微观层面，贝壳迎来数个全国性和地方性大中型房产经纪品牌的加入，截 至上半年末，公司平台活跃门店数达58664家，同比增长超32%，活跃经纪人数达491573名，同比增长 超19%。 8月26日，贝壳（02423.HK)发布半年报显示，在人店规模扩张的背景下，这家国内最大的房地产中介 平台实现房产总交易额以及净收入的正增长。在业绩会上，贝壳高管称，将在规模相对稳定的情况下寻 求效率的提升。财报披露后，贝壳目前美股盘中最大涨幅超4%。 受益于覆盖能力的提升，2025年上半年，贝壳实现总交易额为17224亿元，同比增加17.3%。在此基础 上，贝壳实现净收入为493亿元，同比增加24.1%；净利润为21.62亿元，上年同期为23.33亿元。贝壳同 步宣布扩大并延长现有股份回购计划，回购授权从30亿美元增加至50亿美元，回购计划期限延长至2028 年8月31日。 对于效率提升的探讨，占据了本次业绩会上最大的篇幅，在会上贝壳高管列举在家装家居业务中聚焦商 圈精耕、在房屋租赁业务中引入AI重构运营、通 ...

Financial Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion yuan, a year-on-year increase of 34.0% [1] - The company's net revenue reached 23.33 billion yuan, up 42.4% year-on-year, with a gross profit of 4.82 billion yuan, reflecting a 17.0% increase [1] - The net profit attributable to shareholders was 860 million yuan, a significant rise of 98.2% year-on-year, while the adjusted net profit was 1.39 billion yuan, showing a slight increase of 0.1% [1] Business Segments - The existing home transaction value was 580.3 billion yuan, growing by 28.1% year-on-year, with the second-hand home revenue at 6.87 billion yuan, up 20.0% [2] - New home transaction value reached 232.2 billion yuan, a remarkable increase of 53.0%, with new home revenue at 8.07 billion yuan, reflecting a 64.2% rise [2] - The company’s home decoration and furniture segment generated net revenue of 2.95 billion yuan, up 22.3% year-on-year, while the rental services segment achieved net revenue of 5.09 billion yuan, a 93.8% increase [3] Operational Metrics - The number of active stores increased to 55,210, a year-on-year growth of 29.6%, and the number of active agents reached 491,000, up 23.0% [2] - The contribution profit margin for the existing home business was 38.1%, down 6.4 percentage points year-on-year, while the new home business had a contribution profit margin of 23.4%, up 1.1 percentage points [2] Strategic Outlook - The company is focusing on enhancing its brokerage business and has established a strong platform barrier, aiming to reshape the underlying framework of brokerage and lock in housing resources [4] - Future growth is expected from home decoration, rental services, and leveraging big data to expand business dimensions [4] - The company maintains a positive outlook on its market share growth and profitability across various segments, with projected net profits for 2025-2027 being 6.2 billion, 7.5 billion, and 9.1 billion yuan respectively [4]