Core Viewpoint - In Q3 2025, the real estate market continues to undergo deep adjustments as policy effects weaken, with Beike's net revenue increasing by 2.1% year-on-year to 23.1 billion yuan, driven by a significant rise in rental service income despite declines in new and second-hand housing revenues [2] Financial Performance - Beike reported a net profit of 747 million yuan in Q3, a decrease of 36.1% year-on-year, while adjusted net profit fell by 27.8% to 1.286 billion yuan [3] - The total transaction volume on Beike's platform remained flat year-on-year at 736.7 billion yuan, with the existing home business GTV reaching 505.6 billion yuan, up 5.8%, but revenue down 3.6% to approximately 6 billion yuan [4] - New home business GTV in Q3 was 196.3 billion yuan, down 13.7%, with revenue decreasing by 14.1% to 6.6 billion yuan, attributed to a sluggish new home market [4] Business Segments - The number of active stores on Beike's platform reached 59,012, a year-on-year increase of 25.9%, while the number of active agents grew by 11.4% to 471,501 [4] - Non-real estate transaction revenue reached a record high, accounting for 45% of total revenue, with home decoration and rental services contributing significantly [7] - Rental business revenue increased by 45.3% year-on-year to 5.7 billion yuan, with a profit margin improvement of 4.3 percentage points to 8.7% [7][8] Strategic Initiatives - Beike's CEO highlighted ongoing efforts in organizational restructuring, process reengineering, and technological innovation to enhance business efficiency and customer experience [5] - The company is expanding its AI capabilities in core business scenarios, with the AI assistant "Laike" covering 414,000 agents by the end of Q3 [5] - Beike is exploring new market opportunities in lower-tier cities with its "B+" product and has launched a new business, "Beihome," focusing on data-driven customer needs [5][6]

Core Insights - Beike's total transaction value (GTV) reached 736.7 billion RMB in Q3, with net revenue growing by 2.1% year-on-year to 23.1 billion RMB, indicating resilience in overall business performance [1] - The proportion of net revenue from non-real estate transactions increased to 45%, with both home decoration and rental services achieving profitability at the city level before headquarter expenses [1] - The company plans to enhance AI capabilities in core business scenarios to improve both service provider and consumer experiences [1] Financial Performance - Beike's GTV for existing home transactions was 505.6 billion RMB in Q3, reflecting a year-on-year increase of 5.8% [1] - New home business GTV for the first three quarters grew by approximately 11%, with Q3 GTV reaching 196.3 billion RMB [2] - Home decoration and furnishing business generated net revenue of 4.3 billion RMB, with a profit margin increase to 32%, up by 0.8 percentage points year-on-year [2] AI and Technology Integration - Beike invested 1.865 billion RMB in R&D over the first three quarters, with Q3 R&D expenses at 648 million RMB, a year-on-year increase of 13.2% [3] - AI assistants have been deployed to 414,000 agents, enhancing client conversion rates significantly [3] - The rental business has achieved full-process intelligent operations, improving efficiency and reducing costs substantially [3] Service Innovations - Beike launched the "True Guarantee" service system in Q3, ensuring real source authenticity and secure transactions [4] - The "Renovation Fund Custody" service has been implemented in over 30 cities, benefiting more than 20,000 families [4] - The rental service introduced a "Direct Payment of Housing Fund" feature in cities like Beijing and Jinan, alleviating rental pressures for young people [4]