证券研究报告 2Q 收入基本符合预期,部分家装门店 整合 2025 年 8 月 27 日│美国 互联网 贝壳 2Q 业绩：营收同比增长 11%至 260 亿元，基本符合 VA 一致预期 262 亿元（下同）。分业务看，存量房、新房、家装、租赁的营收同比分别变动 -8%、9%、13%、78%。毛利率同比下降 6pct 至 21.9%，主系存量房贡献 利润率下滑。得益于投资收益与外汇损失减少，经调整净利润达 18 亿（高 于预期 3.5%）。管理层表示，后续贝好家新增投资不超过 10 亿元。2Q 家 装集采规模效应逐步显现，2H 有望贡献更多增量利润。北京、上海购房新 政相继落地，深圳市场亦有望跟进优化。我们预期 3Q-4Q 贝壳总营收同比 分别变动 5%和-13%（去年 9.26 新政后高基数）。我们认为 4Q 贝壳或有 机会迎来市场复苏催化。从长线看，托底政策有望促进市场温和复苏，凸显 贝壳经纪渠道的去化重要性。管理层表示，回购额度从 30 亿美元提升至 50 亿美元，贝壳正在制定未来三年战略规划，经调整经营利润率有望从 2Q 6% 提升至长期 7%。维持"买入"评级。 家装业务开启部分区域门店整合，分城市利 ...

Core Insights - Beike's Q2 performance shows resilience with a total transaction volume of 878.7 billion yuan, a year-on-year increase of 4.7%, and net income of 26 billion yuan, up 11.3% [2] - Non-real estate transaction service revenue reached 41% of total net income, indicating a diversified growth strategy [2][5] - The company is undergoing a significant transformation, focusing on balancing scale and efficiency, adapting to consumer demand changes, and leveraging rapid technological advancements [2][8] Business Strategy - Beike is shifting from a scale-focused approach to enhancing network potential and single-point efficiency in real estate transactions [3][4] - The company has established a solid competitive moat through its ACN cooperation network and real source system, addressing the scarcity of quality assets and transaction security [3] - Beike's operational strategy includes refined management and initiatives like a store points system to improve service quality [4] Performance Metrics - In H1, Beike's second-hand transaction volume increased by 26%, outperforming the market's estimated growth of 19%, while new home transaction volume rose by 19% [4] - The gross transaction value (GTV) for existing homes reached 583.5 billion yuan, a 2.2% increase, and new homes GTV was 255.4 billion yuan, up 8.5% [4][6] - The home decoration and furnishing business generated net income of 4.57 billion yuan, a 13% increase, with a profit margin of 32.1% [6] AI Integration - Beike is integrating AI into its operations to enhance efficiency and customer experience, positioning AI as a new production resource [8][10] - The AI CRM tool "Lai Ke" has been implemented in over 60 cities, with more than 335,000 agents using it, significantly improving operational efficiency [8][9] - The company aims to use AI to standardize processes and allow service providers to focus on building trust and delivering high-quality services [9][10] Future Growth - Beike's "one body, three wings" strategy is driving structural changes and creating new growth drivers beyond traditional real estate transactions [5][11] - The company is focusing on customer-centric product design in its development projects, utilizing data-driven insights to enhance living experiences [7] - Beike's exploration of AI and data integration is expected to redefine the residential service landscape, enhancing service delivery and operational efficiency [10][11]