Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 3.16 CNY [6][13]. Core Insights - The report indicates that the company's non-operational impacts have gradually diminished, and efficiency improvements and cost reductions will continue. The sales performance in core cities is expected to drive revenue growth, leading to sustained profit improvement [2]. - The company has achieved significant profit growth, with a notable increase in net profit attributable to shareholders, which reached 0.42 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 398.75% [13]. - The company focuses on first-tier and new first-tier cities, with a total of 2,549 operational stores as of the end of Q3 2025, including 2,086 direct stores and 501 franchise stores [13]. Financial Summary - Total revenue for 2023 is projected at 12,092 million CNY, with a growth rate of 3.6% [4]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 73 million CNY, and further increasing to 149 million CNY in 2025 [4]. - The company’s earnings per share (EPS) is forecasted to be 0.03 CNY in 2024 and 0.06 CNY in 2025 [4]. Business Performance - The company reported a total housing transaction amount of 196.2 billion CNY in 2025, an increase of 5.2% year-on-year [13]. - The brokerage business achieved a gross transaction value (GTV) of 156.6 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 5.1% [13]. - The asset management business managed a total of 330,000 housing units, showing an 8.9% increase compared to the beginning of the year [13].

Core Viewpoint - The company's non-operational impacts are gradually diminishing, and efforts to improve efficiency and reduce costs will continue, with strong sales performance in core cities expected to drive revenue growth and profit improvement [1] Investment Highlights - The investment recommendation is to maintain a "cautious accumulation" rating. The company is positioned as the second-largest player after Beike, with no larger competitors in the public market. Long-term growth potential in brokerage and leasing businesses is anticipated, with projected EPS of 0.06, 0.10, and 0.11 yuan for 2025-2027. A 50x PE valuation for 2025 suggests a reasonable value of 3.16 yuan [2] - The company experienced a significant increase in profit despite a 6.81% year-on-year decline in revenue to 8.165 billion yuan in the first three quarters of 2025, primarily due to the new asset management product "Xiangyu Youxuan" recognizing revenue using the net method. Net profit attributable to shareholders reached 42 million yuan, up 398.75%, with a non-recurring net profit of 54 million yuan, up 173.96%. The substantial profit growth is attributed to increased transaction volume in brokerage services and reduced operational costs [2] - The company continues to focus on first-tier and new first-tier cities, with a total of 2,549 operational stores by the end of Q3 2025, including 2,086 direct stores and 501 franchise stores. The total number of agents exceeds 31,000, and the total housing transaction amount reached 196.2 billion yuan, a 5.2% year-on-year increase [2] Business Performance - The brokerage business showed steady growth, with a GTV of 156.6 billion yuan in the first three quarters of 2025, a 5.1% year-on-year increase. The second-hand housing transaction volume reached 54,626 units, up 5.6% [3] - The asset management business recorded a GTV of 13.7 billion yuan, a 3.5% year-on-year decline, while the managed housing source scale increased by 8.9% to 330,000 units since the beginning of the year [3] - The new housing business achieved a GTV of 25.9 billion yuan, reflecting a 9.3% year-on-year increase, with a transaction volume of 8,150 units, up 0.4% [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 8.17 billion yuan for the first three quarters of 2025, a year-over-year decrease of 6.81%, while achieving a net profit attributable to shareholders of 42.33 million yuan, reflecting a significant year-over-year increase of 398.8% [2][4] - The strong growth in net profit is attributed to an increase in transaction volume in the brokerage business and a reduction in related operating costs [2][4] - The company’s total Gross Transaction Value (GTV) for the first three quarters reached 196.2 billion yuan, up 5.2% year-over-year, indicating a steady increase in market share across various business segments [3][4] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 81.7 billion yuan, down 6.81% year-over-year, primarily due to the accounting treatment of the new product "Xiangyu Preferred" in the asset management business [2] - The net profit attributable to shareholders was 42.33 million yuan, with a significant increase of 398.8% year-over-year, driven by improved transaction volumes and reduced costs [4] Market Position - The company’s GTV for the first three quarters was 196.2 billion yuan, with the brokerage business contributing 156.6 billion yuan (up 5.1% year-over-year), asset management at 13.7 billion yuan (down 3.5%), and new housing at 25.9 billion yuan (up 9.3%) [3] - The brokerage business saw a transaction volume of 54,626 units, an increase of 5.6% year-over-year, while the new housing business recorded a transaction volume of 8,150 units, up 0.4% year-over-year [3] Cost Management and Receivables - The company achieved a gross margin of 9.08%, an increase of 1.72 percentage points year-over-year, due to effective cost control measures [4] - Accounts receivable decreased to 327 million yuan, down 177 million yuan from the beginning of the year, with an accounts receivable turnover period of 13.74 days, a reduction of 1.91 days [4] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 11.91 billion yuan, 12.36 billion yuan, and 12.86 billion yuan, respectively, with net profits expected to be 970 million yuan, 1.41 billion yuan, and 1.93 billion yuan [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has achieved a significant year-on-year increase in net profit attributable to the parent company, with a robust improvement in GTV levels. The report indicates that the company's cost reduction and efficiency enhancement measures have been effective, leading to a recovery in performance growth [3][4] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 0.07 billion, 0.11 billion, 0.16 billion, 0.27 billion, and 0.32 billion for the years 2025 to 2027, respectively. The corresponding EPS is projected to be 0.14 yuan, with PE ratios of 42.4, 25.3, and 21.0 times [3][4] Financial Performance Summary - For the first nine months of 2025, the company reported operating revenue of 81.65 billion yuan, a year-on-year decrease of 6.81%. However, the net profit attributable to the parent company reached 0.42 billion yuan, a substantial increase of 398.75% year-on-year. The adjusted net profit also saw a significant rise of 173.96% [4] - The company's gross margin and net margin for the first nine months of 2025 were 9.08% and 0.64%, respectively, reflecting increases of 1.72 percentage points and 0.53 percentage points year-on-year [4][5] Business Segment Performance - The company's brokerage business and new housing business have continued to grow steadily. The brokerage business achieved a transaction volume of 54,626 units, a year-on-year increase of 5.6%, while the new housing business saw a transaction volume of 8,150 units, up 0.4%. The asset management business's managed housing scale increased by 8.9% compared to the beginning of the year [5] - The total transaction value (GTV) for the company reached 196.2 billion yuan, representing a year-on-year increase of 5.2%. The contributions from the brokerage, asset management, and new housing businesses were 156.6 billion yuan, 13.7 billion yuan, and 25.9 billion yuan, respectively [5] Financial Projections - The financial projections for the company indicate a gradual increase in operating revenue from 120.92 billion yuan in 2023 to 144.50 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.7% [6][8] - The net profit attributable to the parent company is expected to turn from a loss of 0.848 billion yuan in 2023 to a profit of 0.322 billion yuan by 2027, reflecting a strong recovery trajectory [6][8]

Core Insights - The company reported a total revenue of 8.165 billion yuan for Q3 2025, reflecting a year-on-year decline of 6.81% primarily due to the new asset management product "Xiangyu Youxuan" recognizing revenue using the net method [1] - Despite the revenue decline, the brokerage and new housing businesses showed steady growth, with the second-hand housing transaction volume reaching 54,626 units, a year-on-year increase of 5.6%, and new housing transaction volume at 8,150 units, up 0.4% [1] - The asset management business saw an increase in managed housing resources, reaching 330,000 units, which is an 8.9% growth compared to the beginning of the year [1] Financial Performance - The net profit attributable to the parent company was approximately 42.327 million yuan, a significant year-on-year increase of 398.75%, while the net profit excluding non-recurring items was about 54.2442 million yuan, up 173.96% [1] - For Q3, the company achieved a revenue of 2.507 billion yuan, down 14.94% year-on-year, with a net profit attributable to the parent company of 3.9268 million yuan, an increase of 118.81%, and a net profit excluding non-recurring items of approximately 4.3272 million yuan, up 114.66% [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's housing transaction business is a cornerstone of its performance, with revenue growth and improved profitability. In H1 2025, the total housing transaction amount reached 137.5 billion yuan, a year-on-year increase of 10%, while operating revenue was 5.7 billion yuan, a decrease of 3% [1][2][9] - The company achieved a net profit attributable to shareholders of 38.4 million yuan in H1 2025, reflecting a year-on-year increase of 31%, with a net profit margin of 0.7%, up 0.2 percentage points year-on-year [1][9] - The asset management business is developing steadily, with operational efficiency remaining good. The revenue from this segment was 2.7 billion yuan in H1 2025, a year-on-year decrease of 17%, primarily due to the new product "Xiangyu Preferred" adopting a net method for revenue recognition [3][48] Summary by Sections Financial Performance - In H1 2025, the company achieved a total housing transaction amount of 137.5 billion yuan, with a year-on-year increase of 10%. The revenue from brokerage, new housing, and asset management businesses accounted for 36%, 8%, and 48% of total revenue, respectively [1][2][9] - The company operated 2,626 stores by the end of H1 2025, with 81% being direct-operated stores and 31,000 brokers [2][28] Business Segments - Brokerage business transaction amount was 110.8 billion yuan, up 10% year-on-year, with revenue of 2 billion yuan, an increase of 14% year-on-year. The gross margin for this segment was 23%, showing slight improvement [2][28] - The asset management business had a revenue of 2.7 billion yuan, down 17% year-on-year, with a negative gross margin due to new leasing standards. However, if adjusted, the actual gross margin would be 14.1%, up 2.2 percentage points year-on-year [3][48] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 13.2 billion yuan and 13.8 billion yuan, respectively, down from previous estimates of 13.7 billion yuan and 14.6 billion yuan. The net profit forecasts for the same years are now 230 million yuan and 270 million yuan, down from 300 million yuan and 380 million yuan [3][56]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance has significantly improved year-on-year, supported by multiple initiatives aimed at performance recovery [6] - The company has achieved a turnaround in net profit, with a projected net profit of 1.6 billion, 2.7 billion, and 3.2 billion for 2025-2027, respectively [6] - The financial condition of the company is overall good, with a rapid adjustment in business leading to substantial net profit growth [6] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 56.58 billion, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 0.38 billion, an increase of 30.8% year-on-year [7] - The company achieved a non-recurring net profit of 0.50 billion, turning from loss to profit, primarily due to the recovery in the second-hand housing market in key cities [7] - The gross margin and net margin were reported at 9.87% and 0.83%, respectively, with year-on-year increases of 1.22 percentage points and 0.34 percentage points [7] Business Segment Performance - The brokerage business generated revenue of 20.32 billion, reflecting a year-on-year growth of 13.57%, with a gross margin of 22.82% [8] - The total transaction volume (GTV) for the brokerage business reached 1108 billion, up 10.5% year-on-year, driven by the recovery in the second-hand housing market [8] - The asset management business reported a GTV of 86.2 billion, a slight increase of 0.2% year-on-year, with a revenue of 27.03 billion, down 17.41% year-on-year [9] Financial Projections - The company forecasts operating revenue of 132.49 billion, 140.94 billion, and 144.50 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.7%, 6.4%, and 2.5% [10] - The projected net profit for 2025, 2026, and 2027 is 160 million, 268 million, and 322 million, respectively, with significant year-on-year growth rates [10] - The earnings per share (EPS) are expected to be 0.07, 0.11, and 0.14 for the years 2025, 2026, and 2027, respectively [10]

Core Viewpoint - The company "I Love My Home" reported a slight decline in revenue for the first half of 2025, but achieved significant growth in net profit, indicating a resilient performance amidst market challenges [1] Financial Performance - The company's revenue for the first half of 2025 was 5.658 billion yuan, a year-on-year decrease of 2.69% [1] - The net profit attributable to shareholders was 38.4 million yuan, reflecting a year-on-year increase of 30.8% [1] - Basic earnings per share were reported at 0.0163 yuan [1] Business Segments - All business segments of the company showed steady improvement, with the slight revenue decline attributed to the new asset management product "Xiangyu Youxuan" using the "net method" for revenue recognition [1] - The company's non-recurring profit turned from loss to profit, primarily due to the relaxation of domestic real estate market policies, which positively impacted the second-hand housing transaction volumes in key cities like Beijing, Shanghai, and Hangzhou [1]