在交易安全方面，贝壳推出"透明交易"体系，实现从签约、网签、贷款申请、缴税过户到物业交割的全 流程线上可视化追踪，买卖双方、经纪人都能随时了解交易进度，减少信息差和焦虑感。同时，贝壳扬 州已与中国银行、农业银行、工商银行、建设银行、交通银行、中信银行、南京银行、江苏银行 （600919）建立总对总战略合作，并推动二手房交易资金监管服务落地，确保房款安全、流程可控。工 商银行扬州分行代表表示，将对接贝壳平台，提供专属信贷支持与资金存管服务，共同筑牢交易安全屏 障。 贝壳扬州总经理高大林介绍，贝壳通过系统公示真实房源与价格，买卖双方直接沟通议价，并借助第三 方资金监管保障交易安全，最终实现买方实付、卖方实收的价格完全一致，杜绝中间非法获利空间，从 而推动行业诚信交易。 发布会现场，贝壳合作新经纪品牌德佑宣布扬州首批30家门店同步开业，开启贝壳在扬州的平台化赋能 模式。贝壳不仅为消费者带来保障，更致力于通过科技赋能服务者，帮助经纪人与品牌提升专业水平与 服务效率，帮助服务者对消费者好。 扬子晚报网12月5日讯（记者 成沫）12月4日，贝壳找房在扬州举办品牌发布会，宣布正式落户扬州。 发布会现场，政府相关部门代表、金 ...

Summary of Beike's Conference Call Company Overview - Beike operates as a leading integrated online and offline real estate transaction and service platform in China, with a comprehensive business layout including second-hand and new housing transactions, home decoration, and rental services [3][6] Key Financial Highlights - Total transaction volume for 2024 is projected to reach 3.3 trillion yuan, a year-on-year increase of 6.6% - Net revenue is expected to be 93.5 billion yuan, reflecting a 20.2% year-on-year growth, marking a historical high [2][7] - The company achieved profitability in 2024, with net profit attributable to shareholders at 4.06 billion yuan, adjusted to 7.2 billion yuan [2][7] - Gross margin is stable at 24.6%, with an operating expense ratio optimized to 20.4% and an adjusted net profit margin of 7.7% [2][7] - Cash and short-term investments total 61.6 billion yuan, with a $3 billion share repurchase plan in place [2][8] Business Segments Performance Existing Housing Transactions - The existing housing transaction volume is expected to reach 2.2 trillion yuan in 2024, a 4.8% increase year-on-year, accounting for 31% of the national second-hand housing transaction volume [2][13] - The overall commission rate for 2024 is projected at 1.26%, with the self-operated segment affected by policy changes, reducing to 2.51% [2][14] New Housing Transactions - New housing transaction volume is projected at 970 billion yuan, representing 11.4% of the national new housing market [2][17] - The commission rate for new housing is expected to reach 3.47%, the highest since 2017 [2][18] Home Decoration and Furniture - The home decoration business is expected to reach a transaction volume of 16.9 billion yuan by the end of 2024, with net revenue of 14.8 billion yuan, showing a compound annual growth rate of over 300% from 2021 to 2024 [2][20] - The home decoration market is projected to reach 7.1 trillion yuan by 2030, indicating significant growth potential [21] Rental Business - The rental business has expanded rapidly, managing over 430,000 units by 2024, with net revenue of 14.33 billion yuan and a profit margin of 5% [2][23] Strategic Initiatives - Beike's "One Body, Three Wings" strategy focuses on real estate brokerage as the core, with collaborative development in home decoration and rental services [2][6] - The ACN (Agent Cooperation Network) enhances service quality and efficiency, with a 75% cross-store cooperation rate in second-hand housing transactions [2][10][11] Market Position and Future Outlook - Beike maintains a strong market position, with a total transaction volume of 3.3 trillion yuan in 2024, significantly ahead of competitors [9] - The company has a robust store network with over 52,000 locations and 500,000 agents, reinforcing its competitive edge [9] - Future growth is anticipated in the home decoration and rental sectors, supported by strong cash flow and shareholder returns through buybacks and dividends [25]

Core Viewpoint - Beike is the largest real estate transaction and service platform in China, transitioning from a traditional real estate service provider to a comprehensive living service provider with its "one body, three wings" strategy focusing on real estate brokerage, home decoration, and related services [3]. Group 1: Real Estate Brokerage Business - Beike has a significant advantage with its integrated online and offline platform, featuring 50,000 active stores and 445,000 active agents by the end of 2024. The platform integrates various real estate brokerage brands, enhancing its scale advantage [4]. - The company effectively addresses issues such as fake listings and price discrepancies through its "Building Dictionary" and ACN mechanism, while promoting digital transformation to improve efficiency and customer experience [4]. - The growth of the real estate brokerage business is expected to continue due to increasing turnover rates in the second-hand housing market and the company's leading market share [4]. Group 2: Home Decoration and Furniture Business - The domestic home decoration market is projected to reach approximately 3.9 trillion by 2024, characterized by high fragmentation and consumer dissatisfaction due to issues like price transparency and long delivery times [5]. - Beike leverages its real estate brokerage business to drive traffic and employs a "standardization + digitalization + full-link integration" model to enhance delivery capabilities in home decoration [5]. - Following the acquisition of Saintu Home Decoration in 2022, Beike is in a phase of scaling its operations by combining vertical management with an internet platform model [5]. Group 3: Rental and Residential Development - The "Worry-Free Rental" model focuses on sustainable profitability by improving rental efficiency and reducing vacancy periods, managing over 430,000 rental units by the end of 2024 [6]. - The "Beihome" initiative explores a new C2M residential development model, with plans to expand operations in major cities like Beijing, Shanghai, and Guangzhou in 2025 [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][11]. Core Viewpoints - The company is the largest real estate transaction and service platform in China, poised to benefit from real estate recovery, with its three wings of business gradually forming a second growth curve [3][11]. - The company has launched a strategic shift from traditional real estate transactions to comprehensive living services, encapsulated in its "One Body, Three Wings" strategy [1][36]. Summary by Relevant Sections Company Overview - The company, originally founded as Beijing Lianjia in 2001, has evolved into the largest real estate transaction and service platform in China, with a significant focus on digital transformation and integration of services [1][20]. - The company has a unique dual-class share structure, with core management holding nearly half of the voting rights, ensuring strategic control [28][29]. Real Estate Brokerage Business - The brokerage business benefits from a strong online and offline integration, with 50,000 active stores and 445,000 active agents by the end of 2024 [1]. - The company has developed a robust mechanism to address issues like fake listings and price discrepancies through its "Building Dictionary" and ACN network, enhancing transaction efficiency [1][10]. Home Decoration and Furnishing Business - The home decoration market is projected to reach approximately 3.9 trillion yuan in 2024, with the company leveraging its brokerage business to drive traffic and enhance service delivery through digitalization [2][10]. - Following the acquisition of Saintu Decoration, the company is in a phase of scaling its operations through a combination of vertical management and internet platform models [2][10]. Rental and Residential Development - The rental business, centered around the "Worry-Free Rental" model, aims for sustainable profitability by improving property turnover rates and reducing vacancy periods [2][10]. - The "Beihome" initiative is being piloted in major cities, with plans for expansion in 2025 [2][10]. Profit Forecast, Valuation, and Rating - The company is expected to see a net profit of 5.77 billion, 6.69 billion, and 7.44 billion yuan from 2025 to 2027, with corresponding P/E ratios of 28, 24, and 22 [3][11]. - The report highlights the stability of the brokerage business and the high growth potential of the home decoration and rental segments as key drivers for future profitability [3][11].

Core Viewpoint - The article highlights the significant role of technology, particularly AI, in enhancing the efficiency and evolution of the real estate industry, with Beike (NYSE: BEKE; HKEX: 2423) demonstrating strong performance through data, AI, and internet technologies [2][3]. Financial Performance - In Q1 2025, Beike achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, with net revenue of 23.3 billion RMB, up 42.4%, and a net profit of 855 million RMB, with adjusted net profit reaching 1.393 billion RMB [2]. - Beike's existing home business GTV reached 580.3 billion RMB, growing 28.1%, while new home business GTV was 232.2 billion RMB, up 53.0% [3]. - Non-real estate transaction service revenue grew by 46.2%, accounting for 35.9% of total net revenue, with home decoration and furnishing business revenue at 2.9 billion RMB, a 22.3% increase [5]. Strategic Development - Beike has adopted a "one body, three wings" strategy, focusing on real estate transactions as the core while expanding into home decoration, rental, and related services [4]. - The company emphasizes a technology-driven approach, positioning itself as a digital "infrastructure builder" in the housing industry [3][4]. AI Integration - Beike is leveraging AI to enhance service efficiency and consumer experience, with tools like the "Customer Assistant" and "AI Property Maintenance Assistant" significantly improving agent performance and customer engagement [9][10]. - The company has developed AI models such as ChatHome and Dreamhome to support various applications in the housing sector, enhancing decision-making for consumers [12][14]. Market Adaptation - Despite a general downturn in the real estate market, Beike has shown resilience, benefiting from a structural recovery in the second-hand housing market and maintaining high activity levels [3]. - The shift from a seller's market to a buyer's market has led to increased consumer demand for quality service, prompting Beike to enhance its service offerings [6][10]. Investment in Technology - Beike's R&D expenditure reached 584 million RMB in Q1, a 24.9% increase year-on-year, with total R&D spending exceeding 12 billion RMB since its IPO in 2020 [15]. - The company is committed to continuous investment in AI applications, indicating a sustained focus on technological advancement to drive industry transformation [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a total transaction volume of 3.35 trillion yuan for 2024, representing a year-on-year increase of 6.6%. The existing home transaction volume was 2.25 trillion yuan, up 10.8% year-on-year, accounting for 67.1% of total transactions. The new home transaction volume was 0.97 trillion yuan, down 3.3% year-on-year, with a market share of 11.4%, an increase of 1.7 percentage points from 2023. The company's net revenue for 2024 was 93.5 billion yuan, a year-on-year increase of 20.2%, while adjusted net profit was 7.21 billion yuan, down 26.4% year-on-year [1][10] Summary by Sections Market Performance - The second-hand housing market showed a 6% increase in transaction area in 35 key cities, while the new housing market saw a 12.9% decline in transaction area nationwide. The company, as a leading internet intermediary, is expected to benefit from the market recovery [2] Operational Efficiency - The company's operating expenses for 2024 were 19.2 billion yuan, with a fee rate of 20.5%, down 1.2 percentage points from 2023. The number of stores increased to 51,573, with active stores at 49,693, a growth of 18.3%. The number of agents reached 500,000, with active agents at 445,000, a year-on-year increase of 12.1% [3] Revenue Growth from New Segments - The home decoration business generated net revenue of 14.8 billion yuan, up 36.1% year-on-year, accounting for 15.8% of total revenue. The rental business saw net revenue of 14.3 billion yuan, a significant increase of 135% year-on-year, contributing to 15.3% of total revenue. The "second curve" revenue contribution reached 34%, an increase of 9 percentage points year-on-year [4] Financial Forecasts - The company is expected to achieve an adjusted net profit of 6.8 billion yuan in 2025, with an adjusted earnings per share of 1.89 yuan. The revenue for 2025 is projected to be 101.37 billion yuan, reflecting an 8% growth [11][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 77.9, indicating a potential upside of 21% from the current price of HKD 64.50 [2][4]. Core Insights - The company is recognized as the largest real estate transaction and residential service platform in China, with a comprehensive business model that includes second-hand and new housing transactions, rental services, and home decoration [22][39]. - The company has a strong market presence, with 43,817 stores and 427,700 agents, achieving a total transaction volume of CNY 3.14 trillion in 2023, comprising CNY 1 trillion from new homes and CNY 2.03 trillion from existing homes [22][39]. - The report highlights the company's innovative business model, which includes the ACN network and the "Building Dictionary" to enhance resource control and transaction efficiency, positioning it as a leader in the industry [5][6]. Financial Data and Profit Forecast - Revenue projections show a recovery from CNY 60.67 billion in 2022 to CNY 77.78 billion in 2023, with expected growth to CNY 89.95 billion in 2024 and CNY 95.51 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16% from 2023 to 2024 [3][4]. - The net profit attributable to the parent company is forecasted to rebound from a loss of CNY 1.39 billion in 2022 to a profit of CNY 5.88 billion in 2023, with further growth to CNY 5.73 billion in 2024 and CNY 6.99 billion in 2025 [3][4]. - Earnings per share (EPS) are projected to improve from a loss of CNY 0.39 in 2022 to CNY 1.63 in 2023, remaining stable in 2024 before increasing to CNY 1.99 in 2025 [3][4]. Business Structure and Growth Potential - The company operates under a "One Body, Three Wings" strategy, focusing on real estate transactions while expanding into home decoration, rental services, and the "Beihome" platform, which is expected to drive future growth [4][39]. - The second-hand housing market is identified as a significant growth area, with a market share of 29% in 2023, while the new housing market is anticipated to stabilize with a market share of 10% [4][39]. - The home decoration segment is expected to benefit from increased contract contributions, with the real estate brokerage contributing 43% to the home decoration contract volume in 2023 [4][39]. Market Position and Future Outlook - The company is positioned as a leader in the vast existing housing market, which is projected to enter a new phase of growth as the market shifts towards existing properties [4][39]. - The transition from a direct operation model to a platform-based model is expected to enhance profitability and operational certainty, with future business expansion anticipated beyond transactions to include emerging services [4][39]. - The report emphasizes the company's potential to leverage big data and AI to further explore customer needs and expand its business ecosystem around "people, houses, and money" [4][39].