贝壳 (BEKE.US、2423.HK) 2025年第三季度业绩电话会
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会议摘要
Ke Holdings Inc. reported Q3 2025 earnings with a focus on AI-enhanced efficiency and cost control. Despite a flat GTV, the company saw a 2.1% revenue increase, leveraging AI for operational improvements in home renovation and rental services. Revenue from these services grew significantly, with home rental services hitting a record high of $5.7 billion, up 35.3% year-over-year. The company's commitment to technological innovation and cost reduction strategies, including organizational optimization and marketing spending cuts, contributed to a 32% contribution margin in the home renovation business. Significant shareholder returns were also announced, with the highest share repurchase spending in two years. Ke Holdings Inc. remains dedicated to building a residential services ecosystem through technological innovation to deliver value to customers and investors.
会议速览
Ke Holdings Inc's Q3 2025 Earnings Call Highlights Business Updates and Financial PerformanceKe Holdings Inc's Q3 2025 earnings call provides updates on business performance and financial results, featuring discussions from executive management on strategic developments and innovative initiatives, with forward-looking statements and non-GAAP measures reconciled in the press release. Interpretation in Chinese is available, with English as the primary language for official statements.
Q3 2025 Earnings Call Highlights: Enhanced AI Efficiency, Stable Home Renovation & Rental ProfitabilityThe company optimized its business structure using AI, achieving city-level profitability in home renovation and rental services. Housing contact services saw AI-enhanced productivity. New home transactions and rentals performed steadily, with improvements in procurement and labor costs. The home rental service introduced new products and AI-driven efficiency gains.
Q3 Financial Highlights: Revenue Growth, Profitability, and Strategic Share RepurchaseRevenue from home rental services reached RMB 5.7 billion in Q3, a 35.3% year-over-year increase, driven by a significant rise in managed units. Despite a decline in gross margin, the company achieved profitability in home renovation and rental services. A strategic focus on efficiency and technology optimization was highlighted, alongside an active share repurchase program, with $281 million spent in Q3, up 38.3% year-over-year, reflecting a commitment to shareholder return. The company remains well-positioned for high-quality development through technological innovation and a robust operational system.
Pioneering Efficiency: Innovative Strategies for Enhanced Real Estate OperationsThe dialogue highlights strategic shifts from scale to efficiency, focusing on innovative initiatives in real estate operations. It emphasizes the implementation of specialized roles for buyer and seller agents, restructuring of organizational incentives, and leveraging AI for enhanced marketing and operational excellence. The approach includes systematic support for agents, digitalized products, and a focus on high-quality listings, resulting in improved market coverage and customer acquisition. Early successes in rental and long-term housing businesses demonstrate the effectiveness of AI-native operations, offering a sustainable model for future growth.
Revolutionizing Rental Services: AI-Driven Efficiency and PersonalizationAI has been integrated into rental services, enhancing decision-making, personnel management, and operational strategies. It predicts market demand, optimizes pricing, and streamlines homeowner communication, achieving significant efficiency gains and cost savings. The technology addresses industry challenges, enabling scalable, personalized services, and is being replicated across key cities to drive high-quality growth.
Guidelines for Questioning on an English Language Call with Multilingual ConsiderationsInstructions are provided for participants to ask one question at a time, with a reminder to use English for the benefit of all. Multilingual speakers are encouraged to follow up their questions with English translations.
Analyzing New Home Business Growth Amid Market Volatility and Future OpportunitiesThe dialogue discusses the diminishing alpha in the new home business due to market volatility and outlines strategies for future growth, including expanding city coverage, optimizing collaborative projects, and focusing on home upgrade opportunities to enhance sales capabilities and customer conversion rates.
City Property's Rental Service: Turning Losses to Profits & Future GrowthCity Property's home rental service turned last year's losses into profits by Q3, driven by economies of scale, optimized operations, and reduced costs. Revenue and unit growth, along with improved labor efficiency and in-house team expansion, significantly boosted contribution margins. Future plans include diversifying tenant channels, enhancing digital capabilities, and expanding value-added services to further improve profitability and operational leverage.
Renovation Business Success in Major Cities: Impact of Market Share and BrandDiscussion on factors contributing to successful renovation business in cities like Beijing and Shanghai, emphasizing the role of market share and brand influence.
Expanding Home Renovation Business Beyond Major Cities Through Strategic Engagement and AIDiscusses strategies for motivating agents in smaller cities to promote home renovation services, emphasizing the use of AI to enhance conversion rates and a conservative yet scalable approach to growth outside of Beijing and Shanghai.
Cost Control Measures and Efficiency Enhancements Across Business LinesThe dialogue detailed cost-saving strategies and their outcomes in various business sectors, including labor efficiency improvements, procurement optimizations, and technological advancements. Notable reductions in labor costs, material expenses, and marketing expenditures were reported, alongside increases in AI-related R&D investments. The company anticipates sustained benefits from these optimizations as market conditions stabilize.
要点回答
Q：What financial measures were discussed during the call and how can they be obtained?
A：The call discussed both GAAP and non-GAAP financial measures. A reconciliation between the non-GAAP measures and comparable GAAP measures can be found in the company's press release, which was mentioned during the call.
Q：What operational and financial performance achievements were highlighted for Q3?
A：For Q3, the company highlighted achievements such as enhanced operational and middle and back office efficiency through AI technology, reaching a city level profitability in both home renovation and rental business, and a record-high contribution to the company's total gross profit. Also, the core business segment's cost and expenses were optimized, and shareholder returns were significantly enhanced with the highest single-quarter share repurchase spending in two years.
Q：What innovations were introduced to improve the new home transactions?
A：Innovations introduced to improve new home transactions include an agent specialization module for home listing management, innovative services like home staging, open house events, and an improved AI agent Tianji system for intelligent operations and marketing.
Q：What factors contributed to the revenue decline in the home transactions?
A：The revenue decline in the home transactions was primarily due to the stability of fixed labor costs amid a revenue decline, especially in the third quarter, which led to a one percentage point decrease in the contribution margin due to the decline in revenue.
Q：How was the revenue from the home renovation and furniture business in Q3?
A：Revenue from the home renovation and furniture business in Q3 was RMB 4.3 billion, which remained relatively flat year over year. The segment's contribution margin reached 32%, an increase of 0.8 percentage points year over year, primarily driven by reduced procurement costs and decreased labor costs.
Q：What were the performance results for the home rental services business in Q3?
A：The home rental services business saw revenue of RMB 5.7 billion in Q3, a 35.3% year-over-year increase, driven by robust growth in the number of rent units under management. The conversion ratio of capital run business opportunities to rental deals also increased by more than two percentage points year over year.
Q：What are the changes in store costs and gas operating expenses from Q3 of the previous year?
A：Store costs reached R 663 million in Q3, decreasing by 5.8% year over year and 13% quarter over quarter, mainly due to lower store rental costs. Gas operating expenses totaled RMB 4.3 billion, down 1.8% year over year and 6.7% quarter over quarter.
Q：What is the contribution margin for home rental services and how does it compare to the previous year?
A：The contribution margin for home rental services was 8.7% of 4.3 percentage points year over year.
Q：What is the change in gross profit and gross margin from the previous year?
A：Gross profit dropped by 3.9% year over year, to 2 RMB 4.9 billion, with a gross margin of 21.4%, which is a decrease of 1.3 percentage points from the previous year.
Q：What is the change in total cash liquidity including customer deposits?
A：Net operating cash inflow was 851 million in Q3. Total cash liquidity, including customer deposits, remained at around 70 billion.
Q：What progress has been made in optimizing business structure and enhancing shareholder returns?
A：The company has actively optimized its business structure, with both home renovation and home rental services achieving profitability by the city level before debut high quarter expenses in the third quarter. Share repurchases have been increased 38.3% year over year to 281 million in a single quarter, and the AI capabilities have shown initial results in driving business development and improving work efficiency.
Q：How is the company strategically shifting its growth engine, and what innovative initiatives are mentioned?
A：The company is shifting its growth engine from scale to efficiency. It highlighted innovative initiatives such as a pilot of a seller and buyer agent specialization mechanism in Shanghai to enhance marketing and operating excellence. The company also adjusted organizational structure and incentive mechanisms, and provided agents with systematic support and digitalized products.
Q：What changes were made to the organizational structure and incentives for agents?
A：The company adjusted the organizational structure and incentive mechanisms by shifting some senior agents into hybrid roles combining management and home seller focus responsibilities. The selling agent share was raised from 40% to over 50%, and the mandatory listing conditions were reduced while incentives for setting high score listings were offered.
Q：How did the insurance of homeowners looking to sell quickly improve?
A：The insurance of homeowners looking to sell quickly improved as many homeowners reached out to the speaker's company proactively to learn how to raise their listing scores.
Q：How is the company exploring new initiatives on the home buyers agent side?
A：The company will continue to track the progress of the 'home set of Fire Science' and explore new initiatives on the home buyers agent side.
Q：How does the AI-driven rental system contribute to intelligent operations?
A：The AI-driven rental system contributes to intelligent operations by using real-time data and algorithms to predict market demand, property inventory, and price trends, generating automatic sign-up strategies and dynamic pricing recommendations.
Q：What is the function of the AI property list and how is it benefiting the company?
A：The AI property list automatically contacts homeowners with reactive properties, benefiting the company by reactivating properties and managing high-risk or low-maintenance properties with dynamic pricing and targeted discounts while optimizing traffic.
Q：What has been the result of implementing AI in home owner communication?
A：The result of implementing AI in home owner communication has been the launch of the AI negotiation system, which tailors negotiation strategies and scripts based on AI-driven property assessment, dynamic pricing, and competitive market data, providing a professional and friendly experience for clients.
Q：How has the adoption of AI affected productivity and efficiency?
A：The adoption of AI has positively affected productivity and efficiency, with a 10% increase in productivity and a rank of number one nationwide in Q3, as well as a 64% efficiency gain in risk control through the automated AR reviews system.
Q：How is the company planning to integrate AI across its business scenarios?
A：The company plans to integrate AI across its business scenarios to enhance service provider capabilities and consumer experience, as it seeks to replicate its AI integration across the home rental services process in 13 key cities.
Q：What is the reason behind the diminishing magnitude of alpha for the new home business, and how should investors view its growth potential?
A：The diminished magnitude of alpha for the new home business is attributed to market volatility. Investors should look at the company's ability to outperform the market in the long run, which has been demonstrated by the new home business despite the challenges faced.
Q：What opportunities does the company have for further growth in the new home business?
A：To achieve further growth, the company plans to expand into more cities, broaden its target market, and increase penetration, which is still lagging behind potential in the market. It will also refine operational management to enhance service capabilities and improve coverage and sales for high-end products.
Q：How has the new home business been affected by the market volatility, and what strategy has the company adopted in response?
A：The new home business has been impacted by market volatility, but the company remains confident in its ability to outperform the market in the long term. In response, the company has shifted from a cautious approach to a more growth-driven strategy, which includes a broader housing transaction service network and more collaborative projects.
Q：What factors contributed to the narrowing of the new home business's growth in Q3?
A：The narrowing of the new home business's growth in Q3 was due to several factors: increasing attractiveness of new home prices compared to old homes, a relatively higher base in the prior Q3 due to timing mismatches, and the recent rapid growth and high penetration achieved by the company's new home business.
Q：What are the company's plans for its Dpl business and new home sales?
A：The company's plans for its Dpl business involve piloting light product offerings in some lower-tier cities and expanding to over 30 cities by the end of the year. For new home sales, it aims to grow sales opportunities with collaborative projects, optimize content development and operational strategy, and iterate partnership models and product offerings to developers.
Q：How did the Leas service business manage to turn losses into operating profit by the third quarter, and what opportunities are remaining for further improvement?
A：The Leas service business turned losses into operating profit by the third quarter through the benefit of economies of scale, growth in both scale and revenue, and improvements in operational efficiency. Opportunities for further improvement include continuing to streamline operations, enhance productivity, and manage costs effectively.
Q：What were the key factors contributing to the improvement in the profitability of the home rental services?
A：The improvement in the profitability of the home rental services was driven by economies of scale, a higher land asset model margin, and a shift to net revenue accounting for new and renewed units. Optimized operations and a decrease in cost ratios also contributed to the significant increase in contribution profit and margin.
Q：How have the operational efficiency and effectiveness of the home rental business improved?
A：Operational efficiency and effectiveness have improved in the home rental business with a year-over-year increase of approximately 8% in average monthly sales efficiency and 28% in occupancy. The cost ratio declined by 0.1 percentage points, and the initial success rate improved by 0.9 percentage points, indicating strong leasing capability and productivity enhancements.
Q：How is the company planning to lower the per unit channel cost ratio?
A：The company plans to lower the per unit channel cost ratio by diversifying channels for renting out properties, increasing the share of in-house rental occupancy team, reducing reliance on concentrated broker channels, and optimizing labor costs.
Q：What strategies are in place for the home renovation business outside of high market share cities?
A：Strategies for the home renovation business outside of high market share cities include focusing on operational capability and resource concentration in core cities, a conservative approach, and leveraging technology and AI for enhanced operation efficiency and cost control.
Q：What is the strategic rationale behind the company's approach to the home renovation business?
A：The strategic rationale is to ensure solid and sustainable progress by initially focusing on expanding only once operational capabilities are proven in core cities, avoiding a broad initial push in non-core cities.
Q：What measures have been taken to engage with and motivate channel partners in the home renovation business?
A：The company has put in place a multidimensional operational framework, including deepening operational expertise, incentivizing connected store agents to visit home renovation stores, showcasing service through short videos, and using AI to boost contract conversion efficiency.
Q：What cost control measures have been implemented across various business segments?
A：Cost control measures implemented include boosting team productivity, organizational optimization for labor cost reduction, streamlining fixed and variable costs, optimizing procurement, and reducing store expenses through closed underperforming stores and rent negotiations.
Q：What are the expected future outcomes from the cost control measures implemented?
A：The expected future outcomes from the cost control measures include a reduction in the overall cost, enhanced operation efficiency, and continued investment in AI and organizational structure to further drive down costs and improve operations.
KE Holdings, Inc.
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