Core Viewpoint - The real estate industry is undergoing transformation, with a shift from incremental development to stock operation, making "good houses" a new imperative. Beike has demonstrated resilience with its latest performance report, showcasing a revenue of 23.1 billion yuan and a year-on-year growth of 2.1% [1] Group 1: Financial Performance - Beike achieved a total transaction volume (GTV) of 736.7 billion yuan in Q3 2025, with a significant contribution from its stock housing business, which reached 505.6 billion yuan, reflecting a year-on-year increase of 5.8% [2] - The non-real estate business revenue accounted for 45% of total revenue, marking a historical high, with home decoration and rental businesses showing substantial growth [4][5] Group 2: Business Model Evolution - Beike's "one body, three wings" strategy is entering a harvest phase, evolving from a single transaction model to a comprehensive living service ecosystem covering buying, selling, renting, and renovation [1][4] - The introduction of the "tenant separation" mechanism is reshaping the operation model of agents, enhancing efficiency and transaction rates [2] Group 3: Service and Operational Efficiency - Beike launched the "True Guarantee" service assurance system, which includes 35 service commitments, reinforcing its competitive edge in the stock competition era [3] - The company has maintained strategic consistency in its transaction business over the past decade, shifting its competitive focus from "property information" to "high-quality service standards" [3] Group 4: Growth Engines - The home decoration and rental segments are key growth engines for Beike, with the home decoration business generating a net income of 4.3 billion yuan in Q3, achieving a profit margin of 32% [4][5] - The rental business revenue reached 5.7 billion yuan in Q3, with a year-on-year growth of 45.3%, contributing to profitability at the city level [5] Group 5: AI Integration - Beike's R&D expenses reached 648 million yuan in Q3, marking a 13.2% year-on-year increase, with a clear business-oriented focus on enhancing operational efficiency through technology [7] - AI tools are being utilized across various business segments, significantly improving customer conversion rates and operational efficiency [7][8] Group 6: Shareholder Returns - Beike has increased its shareholder return efforts, repurchasing 280 million USD worth of shares in Q3, a 38.3% increase year-on-year, reflecting management's confidence in the company's long-term value [10]