本报讯 （记者王丽新）11月10日，贝壳（NYSE：BEKE;HKEX：2423）发布三季度业绩公告。第三季 度，贝壳总交易额（GTV）达7367亿元（人民币，下同），净收入同比增长2.1%至231亿元，净利润 7.47亿元，经调整净利润12.86亿元，整体业务基本盘保持韧性，业务结构更加优化。贝壳"非房产交易 业务"净收入占比提升至45%，家装家居业务和房屋租赁业务均实现业务城市层面扣除总部费用前的盈 利。 贝壳联合创始人、董事长、首席执行官彭永东表示："2025年第三季度，我们通过组织结构升级、流程 重构及科技创新，持续探索业务提效和客户体验提升的路径。展望未来，我们将加速AI能力在核心业 务场景的深度渗透，推进服务者和消费者体验的双重提升。" 贝壳执行董事、首席财务官徐涛表示："家装和租赁业务贡献利润占毛利的比例创历史新高。公司运营 效率进一步提升，经营费用为人民币43亿元，同比降1.8%，环比降6.7%。在稳健的现金储备下，三季 度回购金额达2.8亿美元，创近两年单季新高。" 非房业务净收入占比提升至45% 多元业务构建抗周期发展韧性 同时，贝壳多项业务服务措施持续落地。在房产交易领域，第三季度发布" ...

Core Viewpoint - Beike has launched a "phone marketing, disturb one, compensate one hundred" service commitment starting in 2024, aiming to enhance the professionalism and standardization of real estate brokerage services while addressing consumer complaints about unsolicited marketing calls [1][2]. Group 1: Service Commitment Implementation - The commitment has been implemented in cities such as Wuhan, Xi'an, Chengdu, Shenzhen, and Hangzhou, covering nearly 5,000 stores and 70,000 agents [1]. - The initiative was first introduced by Wuhan Lianjia in July 2024, which prohibits agents from making unsolicited marketing calls without authorization, with a compensation of 100 yuan for violations [1]. - The commitment has been gradually promoted nationwide, with cities like Luoyang and Langfang also adopting the policy, leading to a broader implementation across various Lianjia stores [1]. Group 2: Internal Mechanisms and Consumer Engagement - Beike has established a strict internal supervision mechanism and a rapid response process to ensure timely handling of customer complaints [2]. - The commitment has achieved a 100% fulfillment rate, with users successfully receiving the 100 yuan compensation for complaints [2]. - Beike encourages consumer feedback to enhance service quality continuously and plans to expand the commitment to cities like Zhengzhou, Jinan, Shenyang, Dalian, and Kunming [2]. Group 3: Strategic Upgrades and Community Engagement - The "phone marketing, disturb one, compensate one hundred" initiative is part of Beike's strategic upgrade from "true sources" to "true guarantees," emphasizing comprehensive service assurance for consumers [2]. - Beike has recently revamped its brand and launched a "true guarantee" service assurance system covering key transaction aspects such as real sources, payment security, commission refunds, privacy protection, and quality compensation [2]. - Additionally, Beijing Lianjia has organized community events like the "Lianjia Wenyu River Park Happy Run," engaging over 500 participants to promote fitness and community involvement [2][3].

Core Viewpoint - The article emphasizes Beike's proactive approach to building a trust infrastructure during a challenging period in the real estate market, focusing on the launch of the "True Guarantee" service system to enhance transaction security and consumer confidence [2][4]. Summary by Sections Market Context - The Chinese real estate market has entered an adjustment phase over the past four years, with transaction volumes shrinking by nearly 10 trillion yuan, while the number of industry professionals remains stable at around 1.8 million [3]. - Current practitioners face increased anxiety and competition, as the market has not previously experienced a true cycle, leading to a lack of respect for market dynamics [3]. True Guarantee System - Beike has upgraded its service from "True Source" to "True Guarantee," addressing transaction uncertainties and providing comprehensive service guarantees throughout the real estate transaction process [4][5]. - The "True Guarantee" system includes a set of standards, technical capabilities, and a 100 million yuan risk fund to ensure transaction safety [5][7]. Service Commitments - The system encompasses 35 service commitments, with key promises including "True Source, false claims compensated by 100 yuan," "No reason for commission refund if the transaction fails," and "Advance payment for property arrears" [8]. - These commitments aim to cover major risk points in second-hand property transactions, significantly reducing uncertainty costs for buyers [8]. Risk Management and Technology - Beike has invested substantial resources to enhance its transaction systems, involving over 300 engineers to redesign processes covering 12 transaction steps and 80 potential risk points [9]. - The platform has successfully blocked 16,000 risky transactions from July 2024 to July 2025, with actual loss incidents being only 96, maintaining a loss probability of 0.006% [11]. Market Performance - In the first half of the year, Beike's platform saw a 26% year-on-year increase in second-hand property transactions, outperforming the market [12]. - The company's commitment to consumer protection and transaction security has positioned it favorably against smaller competitors struggling during the market downturn [12][13]. Strategic Philosophy - Beike's founder, Zuo Hui, believes in making difficult yet correct decisions, which has historically led to long-term benefits despite short-term challenges [4][15]. - The company aims to build a trust-based ecosystem that not only benefits consumers but also protects agents and brands on its platform [14][21]. Historical Context - Beike's evolution from Lianjia reflects a consistent strategy of prioritizing transparency and consumer trust, even at the cost of short-term revenue [17][18]. - The establishment of Beike as a platform for multiple brands has created a robust network effect, enhancing its market position [18]. Trust Infrastructure - The "True Guarantee" initiative is likened to the Kula Ring, emphasizing the importance of long-term trust relationships in uncertain environments [19][20]. - By investing in trust infrastructure, Beike aims to strengthen its competitive edge and facilitate the transition from a transaction platform to a comprehensive living service provider [20][21].

Group 1: Housing Rental Regulations - The first administrative regulations specifically targeting housing rental in China were implemented on September 15, addressing issues such as housing safety, deposit refunds, rental stability, and leasing registration [2] - The regulations provide systematic provisions on housing supply, contract norms, leasing entities, and rights protection, aiming to resolve industry pain points and offer institutional guarantees [2] - The regulations prohibit the separate rental of non-residential spaces for living, set limits on the number of tenants per room, and establish minimum living space standards to eliminate "shared rental" situations [2] Group 2: Real Estate Transaction Risks - Recent warnings from Xining's Housing Security and Real Estate Management Bureau highlighted risks in second-hand property transactions, including the use of false identities in negotiations [3] - Consumers are advised to verify property ownership documents and use regulated accounts for fund settlements to mitigate transaction risks [3] - The real estate market is increasingly focused on transaction safety and service quality, with a growing emphasis on consumer rights protection as the market transitions to a "stock era" [3][4] Group 3: Company Initiatives - Beike Holdings launched a "True Guarantee" full-process service assurance system on September 22, aimed at enhancing service quality and promoting healthy industry development [1][4] - The "True Guarantee" system includes 35 service commitments, focusing on real housing sources, payment security, commission refunds, privacy protection, and quality compensation [4][5] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers facing losses during compliant transactions, with a total of 55.6 billion yuan in compensation claims processed from 2001 to August 2025 [5]

Core Viewpoint - The introduction of the "True Guarantee" service system by Beike aims to enhance transaction safety and consumer confidence in the real estate market, addressing complexities and risks associated with second-hand housing transactions [1][2]. Group 1: Service System Overview - The "True Guarantee" system is built on "1 standard + 2 capabilities + 100 million yuan guarantee fund," encompassing 35 service commitments, including 6 platform-level and 29 brand-level commitments, creating a comprehensive risk protection network throughout the transaction cycle [2][3]. - The system has successfully intercepted risks in 16,000 transactions nationwide from July 2024 to July 2025, demonstrating its effectiveness in safeguarding consumer funds [3][4]. Group 2: Risk Management and Technology - Beike's intelligent risk control system, trained on millions of historical transaction data, can identify 62 types of risk characteristics, enabling proactive risk alerts and interventions [3][4]. - The system has increased the amount of funds under management to 97.2%, with a total guarantee fund of 750 billion yuan, ensuring 96% of funds are traceable throughout the transaction process [4]. Group 3: Industry Transformation - The "True Guarantee" system is shifting the real estate industry from "information competition" to "service guarantee competition," enhancing service quality and risk management capabilities [5]. - Beike's commitment to consumer safety and service quality is reflected in its platform-level service promises, which include "real housing sources, false claims compensated by 100 yuan," and "no reason to refund commission if the transaction fails" [5].

Core Viewpoint - The article highlights the launch of Beike's "True Guarantee" service system aimed at addressing common issues faced by homebuyers in Jinan, such as unpaid property fees and misleading listings, thereby enhancing consumer trust and transaction security [1][2][4]. Group 1: Service System Implementation - Beike has introduced a comprehensive service guarantee system called "True Guarantee," which includes commitments like "real listings, false claims compensated 100 times," "no-questions-asked commission refunds if transactions fail," and "advance payment for property fee losses," supported by a 100 million yuan guarantee fund [2][3]. - The system is built on a framework of "1 standard + 2 capabilities + 100 million yuan guarantee fund," ensuring a structured approach to service delivery and risk management [2]. Group 2: Addressing Transaction Issues - The company aims to eliminate the "price gouging" phenomenon in real estate transactions, which has led to consumer distrust in intermediaries [1][2]. - Beike's proactive measures include a full-process standard covering property listing, contract signing, transaction services, and commitment fulfillment, which helps in identifying and mitigating transaction risks [2][3]. Group 3: Post-Transaction Support - Beike extends its "True Guarantee" to post-transaction services, addressing issues like property defects after purchase, ensuring that buyers have support even after the transaction is completed [3][4]. - The company has established a "full-cycle quality screening" mechanism for properties, which includes pre-transaction inspections and post-transaction guarantees for structural issues and unpaid property fees [3]. Group 4: Performance Metrics - Beike has invested over 31.55 million yuan in service commitment guarantees, maintaining a monthly service commitment fulfillment rate of 98.5%, demonstrating its dedication to consumer satisfaction and trust [3].

Core Viewpoint - The article discusses the evolution of the real estate market in China, highlighting the shift from a focus on property transactions to an emphasis on service quality and consumer experience in the context of a changing economic cycle [2][3][15]. Group 1: Market Trends - The logic behind the continuous rise in housing prices over the past 20 years has changed, leading to a weakened financial attribute of real estate and a return to its fundamental purpose of housing [2]. - As of March 2025, over 40% of new homes in various cities will have a sales cycle exceeding 18 months, with Shanghai's second-hand housing cycle at 18.4 months [2]. - The average household in China now owns 1.03 residential properties, indicating a shift to a buyer's market and a change in the demographic of homebuyers, primarily consisting of younger generations [6][7]. Group 2: Service Evolution - Beike's "True Guarantee" service system was launched to enhance the transaction experience by covering key aspects such as real listings, payment security, commission refunds, privacy protection, and quality compensation [2][3][15]. - The transition from "True Listings" to "True Guarantee" reflects a broader change in consumer demands within the housing market, emphasizing the importance of service quality [3][4][15]. - Beike's service commitments include a "3+3" model, which guarantees real listings, commission refunds for unsuccessful transactions, and coverage for property debts, among other assurances [7][11]. Group 3: Company Strategy - Beike aims to establish itself as a "one-stop new housing service platform," moving beyond just verifying property information to providing comprehensive transaction support [15][16]. - The company has accumulated a total of 5.56 billion yuan in compensation payments since 2001, demonstrating its commitment to service quality and consumer trust [11]. - In the first half of the year, Beike reported a 26% year-on-year increase in second-hand housing transactions, with these transactions making up 76% of its total trading volume [11]. Group 4: Challenges and Innovations - Issues such as water leakage, which accounts for 10% of customer complaints, highlight the complexities of second-hand housing transactions and the need for improved service standards [12]. - Beike has implemented a "leakage information inspection and disclosure" service standard to address these challenges, showcasing its proactive approach to service improvement [12]. - The company has developed an AI-based risk identification and intervention system to enhance payment security, addressing the 5% of transactions that do not utilize escrow payment methods [13].

Market Overview - US stock indices opened higher on September 24, with the Nasdaq China Golden Dragon Index rising over 3% [1] - Chinese concept stocks experienced a broad rally, with Alibaba up over 10%, Baidu up over 8%, JD up over 7%, and Pinduoduo up over 2% [2][3] Key Company Movements - Tesla's stock increased by over 3%, with a month-to-date gain exceeding 30%. UBS raised its Q3 delivery forecast for Tesla from 431,000 to 475,000 units, suggesting a potential record quarter for deliveries [4] - Lithium Americas saw its stock surge nearly 90% after reports that the US government is seeking to acquire up to 10% equity in the company, which is involved in a $2.3 billion loan negotiation with the Department of Energy [6] - Oracle's stock fell over 2% as the company plans to raise $15 billion in the investment-grade bond market, including a rare 40-year bond [8] Notable Partnerships and Initiatives - Alibaba announced a partnership with Nvidia at the 2025 Alibaba Cloud Summit, focusing on Physical AI collaboration across various aspects including data processing and model training [10] - Xiaoma Zhixing continued its upward trend, rising nearly 5% after Goldman Sachs maintained a "Buy" rating and raised its target price from $26 to $27.7, alongside news of its entry into the Singapore market [12] - Beike's stock rose nearly 4% following the launch of its "True Guarantee" service system, aimed at providing comprehensive transaction security for consumers [14]

Core Viewpoint - The real estate market in China is transitioning into a "stock era," with an increasing proportion of second-hand housing transactions, leading to more rational consumer behavior and heightened expectations for service quality [1] Group 1: Company Initiatives - Beike (BEKE.US/02423.HK) launched the "True Guarantee" service assurance system in Tianjin, which includes 35 service commitments focusing on key areas such as "real housing sources," "fund safety," and "privacy protection" [1] - The platform has implemented three major commitments nationwide: "real housing sources, compensation of 100 yuan for false listings," "no-reason commission refund if the transaction fails," and "advance payment for property debts" [1][2] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers in compliant transactions that encounter losses [2] Group 2: Risk Management and Execution - Beike employs a mechanism of "1 standard + 2 capabilities + 100 million yuan guarantee fund" to streamline the transaction process and ensure effective execution of commitments [2] - The platform has achieved a cumulative compensation of 5.56 billion yuan across 376,000 cases from 2001 to August 2025 [2] - As of July 2025, Beike's platform has reached a fund custody ratio of 97.2%, with a cumulative guarantee fund scale of 0.75 trillion yuan [5] Group 3: Market Coverage and Future Plans - The "True Guarantee" commitments have been officially launched in 10 cities, including Zhengzhou, Wuhan, and Nanjing, with plans to expand to approximately 50 out of 76 targeted cities by next year [5] - Beike aims to reduce transaction risk from 0.1% to 0.0006% through strict process control and risk management [5] - The company believes that the "True Guarantee" will be a key competitive advantage in the stock era, enhancing brand image and building a trust-based moat [5]

Core Viewpoint - The launch of the "True Guarantee" service system by Beike aims to enhance consumer confidence in housing transactions and promote high-quality development in the real estate industry [1][3] Group 1: Service System Overview - The "True Guarantee" system includes 35 service commitments, consisting of 6 platform-level commitments and 29 brand-level commitments [3] - Key commitments include "real housing sources, compensation for false information," "no reason to refund commission if the transaction fails," and "advance payment for property debts" [3] - The system is designed to provide comprehensive service guarantees throughout the transaction process, ensuring peace of mind for both buyers and sellers [1][3] Group 2: Implementation Mechanism - Beike employs a mechanism of "1 standard + 2 capabilities + 100 million yuan guarantee fund" to ensure effective execution of commitments [3] - The standardization of service processes is supported by technology such as big data and AI models to identify risks [3] - A guarantee fund of 100 million yuan is established to provide quick compensation to consumers in case of losses during compliant transactions [3] Group 3: Industry Context and Trends - The real estate market is transitioning to a "stock era," with an increasing proportion of second-hand housing transactions, leading to heightened consumer expectations for safety and service quality [2][3] - The "True Guarantee" system is a response to the evolving needs of consumers, emphasizing the importance of quality service in driving healthy industry development [2][3] Group 4: Case Studies and Effectiveness - Real-life examples demonstrate the effectiveness of the "True Guarantee," such as quick commission refunds and prompt repairs for property issues [4] - As of July 2025, the platform has achieved a 97.2% fund custody rate and has blocked 16,000 potential transaction risks, with an actual loss occurrence rate of only 0.006% [4] Group 5: Long-term Strategy and Vision - Beike's commitment to long-termism and continuous empowerment of service providers is aimed at creating a positive cycle where consumers feel secure and service providers can focus on quality service [5][6] - The "True Guarantee" is seen as a key component in establishing Beike's core competitiveness and enhancing its brand image as a trustworthy platform [6]