2024-11-21 KE Holdings Inc. (BEKE) Q2 2024 Earnings Call Transcript
KE Holdings Inc. (Beike), a leading real estate services company, has reported significant growth in the third quarter of 2024, with its total Gross Transaction (JO:TCPJ) Value (GTV) increasing by 12.5% year-over-year to RMB736.8 billion. The company's net revenue also saw a substantial rise of 26.8%, reaching RMB22.6 billion. This performance comes despite a challenging real estate market, showcasing the company's resilience and the positive impact of government policies aimed at market stabilization.
贝壳控股有限公司（贝壳），一家领先的房地产服务公司，报告称其 2024 年第三季度实现了显著增长，总交易（JO:TCPJ）额（GTV）同比增长 12.5%，达到人民币 7368 亿元。公司的净收入也大幅增长 26.8%，达到人民币 226 亿元。尽管房地产市场面临挑战，这一业绩展示了公司的韧性以及政府旨在稳定市场的政策所带来的积极影响。
Full transcript - Ke Holdings Inc (BEKE) Q3 2024:
完整记录 - 贝壳控股有限公司 (BEKE) 2024 年第三季度：
Conference Operator: Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc. 3rd Quarter 2024 Earnings Conference Call. Please note that today's call, including the management's prepared remarks and question and answer session, will all be in English. Simultaneous interpretation in Chinese is available on a separate line for the duration of the call.
会议接线员：大家好，女士们，先生们。感谢您参加贝壳控股有限公司 2024 年第三季度收益电话会议。请注意，今天的电话会议，包括管理层的准备发言和问答环节，全部用英语进行。中文的同声传译在另一个线路上提供，贯穿整个电话会议。
To access the call in Chinese, you will need to dial into the Chinese language line. At this time, all participants are in listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Siting Li, IR Director of the company.
要收听中文电话会议，您需要拨打中文线路。目前，所有参与者都处于仅收听模式。今天的电话会议正在录音。我现在将电话交给贵公司的主持人，投资者关系总监李思婷女士。
Please go ahead, Siting. 请继续，思婷。
Siting Li, IR Director, KE Holdings (Beike): Thank you, operator. Good evening and good morning, everyone. Welcome to Kei Holdings OR Baker's Q3 2024 Earnings Conference Call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR Web site, investors. Kei.com.
李思婷，KE Holdings（贝壳）投资者关系总监：谢谢，主持人。大家晚上好，早上好。欢迎参加贝壳控股 2024 年第三季度财报电话会议。公司的财务和运营结果已在今天早些时候的新闻稿中发布，并已在公司投资者关系网站 investors.Kei.com 上公布。
On today's call, we have Mr. Stanley Peng, our Co Founder, Chairman and Chief Executive Officer and Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategies and business developments, and Mr.
在今天的电话会议中，我们有我们的联合创始人、董事长兼首席执行官彭先生和我们的执行董事兼首席财务官徐涛先生。彭先生将概述我们的战略和业务发展，徐先生将。
Xu will provide additional details on the company's financial results. Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call as well as we will make forward looking statements. Please also note that Aker's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non GAAP financial measures. Please refer to the company's press release, which contains a reconciliation of the unaudited non GAAP measures to comparable GAAP measures. Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB.
徐将提供有关公司财务业绩的更多细节。在我们继续之前，我请您参考我们在收益新闻稿中的安全港声明，该声明适用于本次电话会议，因为我们将作出前瞻性声明。还请注意，Aker 的收益新闻稿和本次电话会议包括对未经审计的 GAAP 财务信息以及未经审计的非 GAAP 财务指标的讨论。请参阅公司的新闻稿，其中包含未经审计的非 GAAP 指标与可比 GAAP 指标的对账。最后，除非另有说明，本次电话会议中提到的所有数字均以人民币计。
Certain statistical and other information relating to the industry in which the company is engaged to be mentioned in this call has been obtained from various publicly available official or unofficial resources. Neither the company nor any of its representatives have independently verified such data, which may involve a number of assumptions and limitations, and you are cautioned not to give undue way to such information and estimation. For today's call, management will use English as the main language. Please note that the Chinese translation is for convenience purpose only. In case of any discrepancy, management's statements in their original language will prevail.
某些与公司所从事行业相关的统计和其他信息将在本次电话会议中提及，这些信息已从各种公开的官方或非官方资源中获得。公司及其任何代表均未独立验证这些数据，这些数据可能涉及许多假设和限制，提醒您不要过分依赖这些信息和估计。在今天的电话会议中，管理层将使用英语作为主要语言。请注意，中文翻译仅为方便之用。如有任何不一致，以管理层原语言的陈述为准。
With that, I will now turn the call over to our Chairman and CEO, Mr. Stanley Tan. Please go ahead, Stanley.
接下来，我将把电话交给我们的主席兼首席执行官，Stanley Tan 先生。请继续，Stanley。
Stanley Peng, Co-Founder, Chairman and CEO, KE Holdings (Beike): Thank you, Xin. Hello, everyone. Thank you for joining Baek's Q3 2024 earnings conference call. In the Q3, we continued demonstrating our dynamic and sustainable growth momentum. Despite challenges in the market, each of our business segments delivered solid results.
彭永东，联合创始人、董事长兼首席执行官，贝壳找房：谢谢，欣。大家好。感谢大家参加贝壳 2024 年第三季度财报电话会议。在第三季度，我们继续展示了我们动态和可持续的增长势头。尽管市场面临挑战，我们的每个业务板块都取得了稳健的业绩。
DTV for our existing home transaction business reached RMB477.8 1,000,000,000 in the Q3, up 8.8% year over year. According to the estimate from data disclosed by the housing bureaus and housing associations of the 1st tier cities, the total number of online registered transactions for existing home grew by about 21% year over year in the Q3, while the number on big platform saw by 44% year over year for reference. For new home transactions, GTV on Baker platform increased by impressive 18% to RMB227.6 billion in the 3rd quarter, while new home transaction GTV or CLIC 1200 developer declined 29% year over year. In the Q3, our home renovation and furnishing and home rental services revenue grew year over year by around 33% 118%, respectively. At the end of Q3, a noticeable shift in policy also posted a solid market rebound.
我们现有的二手房交易业务在第三季度的 DTV 达到人民币 477.8 亿元，同比增长 8.8%。根据一线城市住房局和住房协会披露的数据估算，第三季度二手房网上注册交易总数同比增长约 21%，而大平台的同比增长为 44%供参考。对于新房交易，贝壳平台的 GTV 在第三季度增长了令人印象深刻的 18%，达到人民币 2276 亿元，而新房交易 GTV 或 CLIC 1200 开发商同比下降 29%。在第三季度，我们的家装和家居租赁服务收入分别同比增长约 33%和 118%。在第三季度末，政策的显著转变也带来了稳固的市场反弹。
In this market cycle, one thing we have become increasingly certain about is the importance of thinking long term. We are going to be deeply understanding the power of our long term prosperity For our organization, survival and development are our core imperatives. Among this, our foremost priority is to survive, enduring and surviving. Therefore, our focus is not just on how to navigate next year, but on how to become a company that can survive for 30, 40 or even 100 years. The greatest threat to our company's longevity, our rigidity, bureaucracy and loss of vitality to grow and innovate, To treat us, a company needs 2 things.
在这个市场周期中，我们越来越确定的一件事是长期思考的重要性。我们将深入理解长期繁荣的力量。对于我们的组织来说，生存和发展是我们的核心任务。其中，我们最优先考虑的是生存，持久和生存。因此，我们的重点不仅是如何度过明年，而是如何成为一家可以生存 30 年、40 年甚至 100 年的公司。对我们公司长寿的最大威胁是我们的僵化、官僚主义和失去成长和创新的活力。要治疗我们，公司需要两件事。
The first is integrity, doing the right things and creating value for society. And second, creativity. Every step we take today is guided by these principles, doing the right things even if it's difficult and fostering creativity. This is how we'll become a company. They stand the test of time.
首先是诚信，做正确的事情并为社会创造价值。其次是创造力。我们今天采取的每一步都由这些原则指导，即使困难也要做正确的事情，并培养创造力。这样我们才能成为一家经得起时间考验的公司。
Let me share how we are putting this vision into action. For any large organization, the biggest rate is lack of growth. The proactive business growth strategy we put in place this year has yielded remarkable results.
让我分享一下我们是如何将这一愿景付诸行动的。对于任何大型组织来说，最大的风险是缺乏增长。我们今年实施的积极业务增长战略取得了显著的成果。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): In terms of scale, by the Stanley Peng, Co-Founder, Chairman and CEO, KE Holdings (Beike): end of Q3, we have increased number of active stores on our platform by 14.6 percent year over year with a net addition of almost 6,000 stores compared with the same period last year. We now have more than 40 6,800 active stores. The number of active agents also grew to over 420,000, which means we added 24,000 agents since the Q3 of last year. Our strategic collaborations in the new home markets grew than all top tier developers. In August, the number of transactions from our strategic project developers accounted for 26% of our total new home transactions.
彭永东，联合创始人、董事长兼首席执行官，贝壳找房：截至第三季度，我们平台上的活跃门店数量同比增长了 14.6%，净增近 6,000 家门店。我们现在有超过 40,800 家活跃门店。活跃经纪人数量也增长到超过 420,000 人，这意味着自去年第三季度以来我们增加了 24,000 名经纪人。我们在新房市场的战略合作超过了所有一线开发商。8 月份，来自我们战略项目开发商的交易数量占我们新房总交易量的 26%。
We also made strides in improving store and platform operating efficiencies. In the Q3, the average revenue per store on our platform, excluding Beijing and Shanghai, surpassed levels from the same period in previous years. The support ratio of platform staff to frontline agents auto reach a record high. We also maintain robust risk control and strive for higher service quality. The right mechanisms are also crucial for fostering organizational creativity.
我们在提高商店和平台运营效率方面也取得了进展。在第三季度，我们平台上每家商店的平均收入（不包括北京和上海）超过了往年同期的水平。平台员工对一线代理的支持比例自动达到历史新高。我们还保持强有力的风险控制，并努力提高服务质量。正确的机制对于培养组织创造力也至关重要。
In the Q3, we officially established a small leadership committee as an innovative state toward rethinking large organizations' governance. It's a governance system that ensures forward thinking and our long term outlook. After a year of trail implementation, the committee is now officially in place. It consists of the leaders of our main business lines as well as the heads of our finance and HR departments, Xu Yuan Gao, Li Feng Yan, Wang Yongqing, Xu Tao and Zodong Huang. The committee will report directly to me and is tasked with carefully considering and planning the company's key strategies and initiatives.
在第三季度，我们正式成立了一个小型领导委员会，作为重新思考大型组织治理的创新状态。这是一个确保前瞻性思维和我们长期展望的治理系统。经过一年的试行实施，该委员会现已正式成立。委员会由我们主要业务线的领导以及财务和人力资源部门的负责人徐元高、李凤燕、王永庆、徐涛和黄佐东组成。委员会将直接向我汇报，并负责仔细考虑和规划公司的关键战略和举措。
Its goal is to ensure collaborative leadership, clear accountability and continuous self reflection. By design, this model brings together diverse perspectives to help us make better decisions and strengthen our unity as a team. In the future, we will continue to refine and promote the innovation of our company's governance mechanism to further strengthen our leadership framework. In addition, we are officially appointed the CEOs of our new initiative businesses. Xu Wang Gang, who had already been serving as the CEO, Beiho Jiang, will now also lead our home renovation and furnishing business.
其目标是确保协作领导、明确问责和持续自我反思。通过设计，这一模式汇集了多元化的观点，帮助我们做出更好的决策，并加强我们作为一个团队的团结。在未来，我们将继续完善和推动公司治理机制的创新，以进一步加强我们的领导框架。此外，我们正式任命了新业务的首席执行官。已经担任首席执行官的徐王刚，现在也将领导我们的家装和家具业务。
Wang Yongqi will head for our new for our home rental services business and also continue in his role as a COO of Lianzhi. They will both report it to me. These appointments reflect our commitment to tackling future changes and our focus on aligning resources to achieve greater synergies across the group. The development over the past few years, our home renovation and furnishing and home rental services business have achieved several key milestones. In the 1st 3 quarters of this year alone, revenues from our home renovation and furnishing business surpassed RMB10 1,000,000,000 across more than 45,000 projects.
王永奇将负责我们的新家庭租赁服务业务，并继续担任联智的首席运营官。他们都将向我汇报。这些任命反映了我们应对未来变化的承诺，以及我们专注于整合资源以实现集团更大协同效应的目标。在过去的几年中，我们的家装和家居租赁服务业务取得了几个关键里程碑。仅在今年的前三个季度，我们的家装和家居业务收入就超过了人民币 100 亿元，涉及超过 45,000 个项目。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Revenue from our home rental services business approached RMB10 1,000,000,000 during the 1st 3 quarters, with the number of rental units managed under carefree value exceeding 360,000.
徐涛，执行董事兼首席财务官，贝壳找房：我们房屋租赁服务业务在前三个季度的收入接近人民币 100 亿元，管理的无忧价值租赁单位数量超过360,000。
Stanley Peng, Co-Founder, Chairman and CEO, KE Holdings (Beike): I'm truly grateful to our excellent team for fostering these achievements. That said, we have more work to do. There are still many fundamental unresolved problems in the industry. We will iterate our scientific management and other capabilities to address the industry underlying issues related to quality and commitment among others. We hope that when people talk about this industry and our brand in a few years, they will say, your quality is exceptional.
彭永东，联合创始人、董事长兼首席执行官，贝壳找房：我非常感谢我们优秀的团队促成了这些成就。话虽如此，我们还有更多的工作要做。行业中仍然存在许多基本的未解决问题。我们将迭代我们的科学管理和其他能力，以解决与质量和承诺等相关的行业根本问题。我们希望几年后，当人们谈论这个行业和我们的品牌时，他们会说，你们的质量是卓越的。
Today, we are at our pivotal moment in this undertaking. Over the next 2 years, we will strengthen our core capability to reach our vision. For our platform ecosystem, we are more committed than ever to working with store owners and store managers. They are the high frequency players in this low frequency industry. Our top priority is helping them achieve better returns.
今天，我们正处于这一事业的关键时刻。在接下来的两年中，我们将加强核心能力以实现我们的愿景。对于我们的平台生态系统，我们比以往任何时候都更加致力于与店主和店经理合作。他们是这个低频行业中的高频参与者。我们的首要任务是帮助他们获得更好的回报。
If they adopt a long term mindset, our platform can achieve lasting growth. In the Q3, we introduced new operational mechanisms to support this goal. We launched our Store Points incentive program that rewards store owners for long term platform loyalty, strong performance, integrity and innovative business practices. These initiatives are to significantly enhance store owners' satisfaction and allegiance to our platform. In Q3, we distributed around RMB18 1,000,000 in cash equivalent incentives to store owners in pilot cities.
如果他们采用长期思维，我们的平台可以实现持久增长。在第三季度，我们引入了新的运营机制来支持这一目标。我们推出了商店积分奖励计划，奖励商店所有者对平台的长期忠诚、出色的表现、诚信和创新的商业实践。这些举措旨在显著提升商店所有者对我们平台的满意度和忠诚度。在第三季度，我们向试点城市的商店所有者发放了约人民币 18,000,000 元的现金等值奖励。
Take Shenzhen, one of our pilot cities as example. Over the past 2 to 3 years, more than 1,000 new stores have joined our network in Shenzhen, while growing in scale. These new stores face 3 major challenges, insufficient to emphasize on existing home transactions, slow progress in the new initiatives like home renovation and rentals And we collaboration across the platform with relatively high post transaction customer complaint rates. We tailor specific incentives within the store port system to address these issues and motivate positive change. Stores can now increase 20% after bonus points for completing existing home listing transactions.
以我们的试点城市之一深圳为例。在过去的 2 到 3 年里，深圳有超过 1000 家新店加入了我们的网络，同时规模也在扩大。这些新店面临三个主要挑战：对现有房屋交易的重视不足、在房屋装修和租赁等新举措上的进展缓慢，以及平台内合作后客户投诉率相对较高。我们在店铺端系统中量身定制了具体的激励措施，以解决这些问题并激励积极的变化。现在，店铺完成现有房屋挂牌交易后可以增加 20%的奖励积分。
They also receive 2 to 3 times bonus points for conducting non housing transaction businesses. Stores are also avoid separate bonus points if they have been in our network for a long time and have a history of compliance and collaboration. Strongers can convert their points into additional benefits. In October, strongeners in Shenzhen received a total RMB2.49 million equivalent incentives and 930,000 basic coins with top single store receiving RMB 210,000 equivalent incentives. Notably, the platform's profit sharing payouts to store owners boosted their income, offsetting the cost of renting a storefront.
他们还会因进行非住房交易业务而获得 2 到 3 倍的奖励积分。如果商店长期在我们的网络中并有合规和合作的历史，则可以避免单独的奖励积分。强者可以将他们的积分转换为额外的福利。10 月，深圳的强者共获得人民币 249 万元的奖励和 93 万基础币，单店最高获得人民币 21 万元的奖励。值得注意的是，平台对店主的利润分成支付提高了他们的收入，抵消了租赁店面的成本。
At the same time, we effectively address the 3 core problems. Monthly existing home transaction began to recover and increased by 12% sequentially. In September, number of units leased out on the carefree rent grew by 21% in Q3 compared with Q2. And across store existing home transaction reached 74.5% of total transaction on record high. Of course, these metrics only indicate short term achievements.
同时，我们有效解决了三个核心问题。每月二手房交易开始恢复，环比增长 12%。9 月份，第三季度的无忧租赁单位数量比第二季度增长了 21%。而门店的二手房交易占总交易的 74.5%，创历史新高。当然，这些指标仅表明短期成就。
More importantly, our goal is to use the store membership point system to encourage store owners to think long term, share value with them and provide a clear development path on the platform, driving growth for both stores and the platform. Moving on to brand of Lianjia. We have continued to advance its tech cloud plan this year. Our decision to invest in Lianjia during tough market adjustments is also firmly rooted in our long term vision. First, Lan Jia is the cornerstone of our 1 body stream win strategy.
更重要的是，我们的目标是利用商店会员积分系统来鼓励店主进行长期思考，与他们分享价值，并在平台上提供明确的发展路径，推动商店和平台的共同增长。接下来是链家的品牌。今年我们继续推进其科技云计划。在市场调整困难时期，我们决定投资链家，这也坚定地植根于我们的长期愿景。首先，链家是我们一体化流赢战略的基石。
Maintaining Lan Jia's solid fundamentals is crucial, while we promote its expansion based on sustainable operations and ongoing efficiency. Lan Jia also need to lead the way in innovation and be the front runner in tackling industry changers, reconstructing operational organizational capabilities and advancing agents' professional development. The number of leading just active agents grew by almost 13% year over year, exceeding 110,000 Nianjia agent attrition rate in cities, excluding Beijing and Shanghai, dropped 2 point 4.4% by the end of September, down 0.4 percentage points from 2023. In addition, we also continue to make headway in the large store model with the average number of agents per store across Lianjia nationwide climbing to 19.2. As of September, nearly 3,800 Lianjia manager level employees and above have trained in the Lianjia Large Store Leadership Development Program.
保持链家稳固的基本面至关重要，同时我们将基于可持续运营和持续提升效率推动其扩展。链家还需要在创新方面引领潮流，成为应对行业变革的先锋，重构运营组织能力，推进代理商的职业发展。仅活跃代理商的数量同比增长了近13%，超过了11万。除北京和上海外，城市中的链家代理商流失率在9月底下降了2.4%，比2023年下降了0.4个百分点。此外，我们在大店模式上也持续取得进展，全国范围内链家每个门店的平均代理商人数攀升至19.2。截至9月，近3,800名链家经理级及以上员工已参加兰家大店领导力发展计划的培训。
To sustain creativity, we will constantly map out new opportunities and possibilities for the future. We cannot afford to wait until growth slows down to start innovation innovating nor should we fall into complacency or simply defend what we have. Instead, we must plan ahead. We may open to embracing new ideas and investing in long term strategies. That's why we won't make blind base each segment in our industry is substantial.
为了保持创造力，我们将不断规划未来的新机会和可能性。我们不能等到增长放缓才开始创新，也不应该陷入自满或仅仅捍卫我们已有的东西。相反，我们必须提前规划。我们可能会开放接受新想法并投资于长期战略。这就是为什么我们不会盲目地以每个行业细分为基础。
And entering any new venture requires intensive decision making process. Our approach includes extensive foresaws, pilot trails by dedicated teams and deep engagement. Our thorough understanding is essential before taking any action. We don't rush. That's our underlying rationale for exploring Beihao Jia's business opportunities.
进入任何新业务都需要密集的决策过程。我们的方法包括广泛的预测、专门团队的试点试验和深入的参与。在采取任何行动之前，我们的透彻理解是必不可少的。我们不急于求成。这是我们探索 Beihao Jia 商业机会的基本理由。
Lastly, we are greatly encouraged by the central government's recent positive statements and a series of coordinated policy measures to support stabilize the property market. Since the end of September, the market reaction has been strong and far reaching. We are now seeing signs of market recovery with regards to both volume and the prices. As we navigate through higher and lowers, we must remain calm at the peaks, stay fast at the truth and grounded in reality in between. This is how we find true stability with the broader environment improving.
最后，中央政府最近的积极声明和一系列协调政策措施以支持稳定房地产市场，这极大地鼓舞了我们。自九月底以来，市场反应强烈且影响深远。我们现在看到市场在成交量和价格方面都有复苏的迹象。在经历高低起伏时，我们必须在高峰时保持冷静，坚持真理并在中间保持脚踏实地。这就是在更广泛的环境改善中找到真正稳定的方法。
The tools we have learned during this period of market adjustment are clear, steering committed to long term maintaining optimism, fostering resilience and the unity. These tools and the bold efforts we made in challenging times will enable us to go even further in a more favorable environment. Thank you. Next (LON:NXT), I would like to turn the call over to our CFO, Jun Tao, to review our Q3 2024 financials.
在这一时期的市场调整中，我们所学到的工具是明确的，致力于长期保持乐观，培养韧性和团结。这些工具以及我们在挑战时期所做出的大胆努力，将使我们在更有利的环境中走得更远。谢谢。Next (LON:NXT)，我想把电话交给我们的首席财务官陶俊，来回顾我们 2024 年第三季度的财务状况。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you, Stanley, and thank you everyone for joining us. Before we dive into our Q3 performance, I'd like to briefly touch on some updates in the housing market. The market's performance in Q3 was in line with our previous day projections. The market experienced gradually retreated for the following post life rebound fueled by intensive supportive policy release in May. Particularly in September, the year over year decline in market performance widened due to higher base.
徐涛，贝壳找房执行董事兼首席财务官：谢谢你，Stanley，也感谢大家加入我们。在我们深入探讨第三季度的表现之前，我想简要谈谈房地产市场的一些最新情况。第三季度市场表现符合我们之前的预测。市场在 5 月份密集支持政策发布后，经历了逐步回落的反弹。特别是在 9 月份，由于基数较高，市场表现的同比下降幅度扩大。
In Q3, the existing home market was relatively stable with year over year increase in transaction volume. This was primarily attributable to homebuyers preference for the readily available existing homes. In comparison, the new home market will still in a bottoming out stage with weak supply and demand as it would take time to resolve the real estate developers' debt risk. By end of September, there was an intensive array of the real estate policies from the central and the local authorities. This included a lowering interest rate, reducing mortgage rate for existing homes and aligning the minimum down payment ratio for the first time and the second time homebuyers.
在第三季度，现有住房市场相对稳定，交易量同比增长。这主要归因于购房者对现有住房的偏好。相比之下，新房市场仍处于筑底阶段，供需疲软，因为解决房地产开发商的债务风险需要时间。到九月底，中央和地方当局出台了一系列密集的房地产政策。这包括降低利率，降低现有住房的抵押贷款利率，并首次和二次购房者的最低首付比例对齐。
These policies further stimulated the housing demand, encouraging more people to enter the market. Meanwhile, other macro economy policies such as monetary policies indirectly fuels the market confidence, which is stimulated to market activities. We are highly anticipating the market performance after the Q3. Turning to our financial performance in Q3, our total GTV reached RMB736.8 billion, up 12.5% year over year. Net revenue was RMB22.6 billion, representing a year over year increase of 26.8 percent.
这些政策进一步刺激了住房需求，鼓励更多人进入市场。同时，其他宏观经济政策如货币政策间接助长了市场信心，从而刺激了市场活动。我们非常期待第三季度后的市场表现。转向我们在第三季度的财务表现，我们的总 GTV 达到人民币 7368 亿元，同比增长 12.5%。净收入为人民币 226 亿元，同比增长 26.8%。
Gross margin declined by 4.7 percentage points year over year to 22.7%. GAAP net income reached RMB1.2 billion, showing a year over year decrease of 0.2%. Non GAAP net income reached RMB1.8 billion, reflecting a year over year decrease of 17.5%. Non GAAP net income exceeded market consensus. Moving to our home transaction services.
毛利率同比下降 4.7 个百分点至 22.7%。GAAP 净收入达到人民币 12 亿元，同比下降 0.2%。非 GAAP 净利润达到人民币 18 亿元，同比下降 17.5%。非 GAAP 净收入超过市场预期。接下来是我们的房屋交易服务。
Revenue from existing home transaction reached RMB6.2 billion, down 1.4% year over year and 15.2 percent quarter over quarter. GTV was RMB477.8 billion, up 8.8% year over year and down 16.3% quarter over quarter. Our GTV and revenue showed a similar sequential declines, keeping our monetization rate relatively stable. Year over year, GTV growth surpassed the revenue, which was mainly due to the higher contribution from the GTV of a single home transaction facilitated by the connected agents. The revenue was recorded on a net basis.
来自现有房产交易的收入达到62亿元人民币，同比下降1.4%，环比下降15.2%。总交易价值（GTV）为4778亿元人民币，同比增长8.8%，环比下降16.3%。我们的GTV和收入显示出类似的环比下降，保持了相对稳定的变现率。从同比来看，GTV增长超过了收入，主要是由于通过连接代理商促成的单一房产交易的GTV贡献较高。收入是按净额记入的。
The contribution margin from the single home transaction services reached 41%, a decline of 7.7 percentage point year over year and 6.5 percentage point quarter over quarter. This decrease was primarily due to the increased fixed labor cost related to increased number of agents and the improved welfare of the agent under the retreated market circumstance. In terms of the new home transaction services, although the market remains sluggish, we significantly outperformed the market across all metrics. CRSD shows that the sales from the top 100 developers decreased by around 29% year over year and around 27% sequentially in Q3. In contrast, our new home GTV reached RMB227.6 billion in Q3, up 18.4 percent year over year, while down 3.3 percent quarter over quarter.
单个住宅交易服务的贡献率达到 41%，同比下降 7.7 个百分点，环比下降 6.5 个百分点。这一下降主要是由于在市场环境退缩的情况下，代理人数增加导致的固定劳动力成本增加以及代理福利的改善。就新房交易服务而言，尽管市场依然低迷，但我们在所有指标上都显著超越了市场。CRSD 显示，前 100 名开发商的销售额同比下降约 29%，第三季度环比下降约 27%。相比之下，我们的新房 GTV 在第三季度达到人民币 2276 亿元，同比增长 18.4%，环比下降 3.3%。
政策拨一下，动一下。
This remarkable performance, notably above the industry, was mainly powered by deeper cooperation with developers and our refined operations that strengthened our capabilities. Revenue from new home transaction rose by 30.9% year over year to RMB7.7 billion, but dropped around 2.6% from the previous quarter. Revenue outperformed GPB both year over year and sequentially, once again demonstrating our strong and steady monetization capability in new home transactions. The contribution margin from new home transaction services grew by 0.4 percentage points year over year to 24.8%, largely as a result of a strategic increase in variable commissions due to greater emphasis on building harmonious ecosystem and the better rewards to our agents. Sequentially, the new home contribution margin declined by 0.3 percentage points due to the increase in the fixed labor costs.
这一显著的表现，尤其是在行业之上，主要得益于与开发商的深入合作和我们精细化的运营，这增强了我们的能力。新房交易收入同比增长 30.9%至人民币 77 亿元，但较上季度下降约 2.6%。收入同比和环比均优于 GPB，再次展示了我们在新房交易中强大而稳定的变现能力。新房交易服务的贡献率同比增长 0.4 个百分点至 24.8%，主要是由于在构建和谐生态系统和更好地奖励我们的代理商方面更加重视，从而战略性地增加了可变佣金。环比来看，由于固定劳动成本的增加，新房贡献率下降了 0.3 个百分点。
In Q3, the commission income percentage from SOE developers rose to 58% and as a proportion of the commission in advance projects maintained a relatively high level at 44%. Revenue from the home renovation and furnishing business, home rental services, emerging and other services grew by 54.3% year over year in Q3, accounting for a portion of our total revenue at 38.3% with a record high and surging by 6.8 percentage points from the same period of 2023. Our home renovation and furniture business maintained a steady growth. In Q3, contracted sales reached RMB4.1 billion, up 24.6 percent year over year. Revenue amounted to RMB4.2 billion, rising by 32.6 percent year over year.
在第三季度，来自国有企业开发商的佣金收入比例上升至 58%，而预收项目的佣金比例保持在 44%的较高水平。家装和家居业务、房屋租赁服务、新兴及其他服务的收入同比增长 54.3%，占我们总收入的 38.3%，创历史新高，比 2023 年同期增长 6.8 个百分点。我们的家装和家具业务保持稳定增长。第三季度，合同销售额达到 41 亿元人民币，同比增长 24.6%。收入达到 42 亿元人民币，同比增长 32.6%。
不容易的转型。
The revenue growth rate outpaced that of the contracted sales, mainly due to higher delivery efficiency. The contribution margin for the home renovation and furniture business reached 31.2%, up 2.1 percentage points year over year and relatively flat sequentially. This was primarily driven by gross margin improvement in our home renovation business. The contract sales of furniture and home furnishing retail, which are outside of our home renovation package, reached approximately RMB1.1 billion in Q3, accounting for approximately 28.1% of the total contract sales, improving by 2.1 percentage points from the same period of 2023. Our home rental services business continued to grow at an accelerated pace.
收入增长率超过了合同销售额的增长率，主要是由于更高的交付效率。家装和家具业务的贡献毛利率达到 31.2%，同比上升 2.1 个百分点，环比基本持平。这主要得益于我们家装业务的毛利率改善。家具和家居零售的合同销售额（不包括在我们的家装套餐中）在第三季度达到约 11 亿元人民币，占总合同销售额的约 28.1%，比 2023 年同期提高了 2.1 个百分点。我们的房屋租赁服务业务继续以加速的速度增长。
In Q3, as revenue reached RMB3.9 billion, up 118.4 percent year over year. Benefiting from the rapid growth is number of rental units under the management. Back end of Q3, the number of units managed by our home rental services exceeded 370,000. In particular, the number of the rental units managed under our carefree rent exceeded 360,000 compared with around 160,000 in the same period of last year. Its contribution margin was 4.4%, declined by 1.4 percentage points sequentially.
在第三季度，收入达到人民币 39 亿元，同比增长 118.4%。受益于快速增长的是管理下的租赁单位数量。第三季度末，我们的住房租赁服务管理的单位数量超过 37 万。特别是，我们的无忧租赁管理的租赁单位数量超过 36 万，而去年同期约为 16 万。其贡献率为 4.4%，环比下降 1.4 个百分点。
This was mainly due to the higher commission expenses due to the seasonality. In Q3, our net revenue from emerging and other services decreased by 21.5 percent year over year to RMB487 1,000,000. Next, let's move on our other costs and expenses in Q3. Our store costs and other costs remained generally stable year over year and quarter over quarter at RMB703 1,000,000 and RMB502 1,000,000 respectively. Gross profit rose by 5.2% year over year to RMB5.1 billion.
这主要是由于季节性导致的佣金费用增加。在第三季度，我们来自新兴和其他服务的净收入同比下降 21.5%至人民币 4.87 亿元。接下来，让我们继续讨论第三季度的其他成本和费用。我们的门店成本和其他成本同比和环比基本保持稳定，分别为人民币 7.03 亿元和人民币 5.02 亿元。毛利润同比增长 5.2%至人民币 51 亿元。
Gross margin was 22.7%, down 4.7 percentage points year over year and 5.2 percentage points sequentially. The primary reason for the decline was the falling contribution margin of the Yixin home transaction service led by the increased fixed labor costs. In Q3, our GAAP operating expenses were RMB4.4 billion, up 11% year over year and down 2.1% sequentially. G and A expenses were relatively stable year over year at RMB1.9 billion, while falling sequentially by 8.6 percent. This was mainly attributable to the reduction in the share based compensation.
毛利率为 22.7%，同比下降 4.7 个百分点，环比下降 5.2 个百分点。下降的主要原因是由于固定人工成本增加，导致易鑫家居交易服务的贡献利润下降。第三季度，我们的 GAAP 运营费用为人民币 44 亿元，同比增长 11%，环比下降 2.1%。管理和行政费用同比相对稳定，为人民币 19 亿元，环比下降 8.6%。这主要归因于基于股份的补偿减少。
Sales and marketing expenses grew by 18.6% year over year to RMB1.9 billion as we invest in the rapid dysfunction of our home renovation and furniture business, increasing associated sales and marketing expenses. Quarter over quarter, sales and marketing expenses rose by 2.8%, remaining largely stable. Our R and D expenses were RMB573 1,000,000, rising by 1.5% year over year and 13.6% sequentially, primarily due to the increased R and D expense our home transaction services and the higher expenses of exploration for some advanced R and D projects. In terms of the profitability, GAAP income from operations totaled RMB727 1,000,000 in Q3, down 20.2% year over year and 63.9% sequentially. GAAP operating margin was 3.2%, a decrease of 1.9% and 5.4 percentage points from the Q3 2023 and Q2 2024 respectively.
销售和营销费用同比增长 18.6%至 19 亿元人民币，因为我们在快速失调的家装和家具业务上进行投资，增加了相关的销售和营销费用。环比来看，销售和营销费用增长了 2.8%，基本保持稳定。我们的研发费用为 5.73 亿元人民币，同比增长 1.5%，环比增长 13.6%，主要是由于我们家居交易服务的研发费用增加以及一些先进研发项目的探索费用增加。就盈利能力而言，第三季度的 GAAP 运营收入总计 7.27 亿元人民币，同比下降 20.2%，环比下降 63.9%。GAAP 运营利润率为 3.2%，分别比 2023 年第三季度和 2024 年第二季度下降 1.9%和 5.4 个百分点。
Non GAAP income from operations totaled RMB1.4 billion, declining by 27.7 percent from the same period last year and 51.5 percent quarter over quarter. Non GAAP operating margin reached 6%, down 4.6 percentage points from Q3 2023 and Q2 2024, respectively. The decline in operation margin was mainly due to the lower gross margin. GAAP net income totaled RMB1.2 billion in Q3, showing a year over year decrease of 0.2 percent, while dropping by 38.5 percent quarter over quarter. Non GAAP net income reached RMB1.8 billion, down 17.5% year over year and 33.8% quarter over quarter.
非 GAAP 经营收入总计人民币 14 亿元，同比下降 27.7%，环比下降 51.5%。非 GAAP 经营利润率达到 6%，分别比 2023 年第三季度和 2024 年第二季度下降 4.6 个百分点。经营利润率的下降主要是由于毛利率较低。GAAP 净利润在第三季度总计人民币 12 亿元，同比下降 0.2%，环比下降 38.5%。非 GAAP 净利润达到人民币 18 亿元，同比下降 17.5%，环比下降 33.8%。
巴菲特喜欢这个业务，周期性很强，但是这个业务受互联网的影响较小。
Moving to our cash flow and balance sheet. We realized the net operating cash inflow of RMB449 1,000,000 in Q3. The new home DSO was 47 days in Q3, which is a testament to our effective risk management. On top of approximately $204,000,000 allocated to the share repurchase during Q3, our total cash liquidity remains at a high level of RMB76.3 billion, which excludes customer deposits payable. With our robust cash reserves, we continue to reward our shareholders who have grown with us through the active share buybacks, enhancing capital operation efficiency and sharing the benefits of our development with investors.
转到我们的现金流和资产负债表。我们在第三季度实现了人民币 44.9 亿元的净经营现金流入。第三季度的新房 DSO 为 47 天，这证明了我们有效的风险管理。在第三季度约 2.04 亿美元用于股票回购的基础上，我们的总现金流动性仍保持在人民币 763 亿元的高水平，这不包括应付客户存款。凭借我们强大的现金储备，我们继续通过积极的股票回购奖励与我们共同成长的股东，提高资本运营效率，与投资者分享我们的发展成果。
At the end of Q3, we had repurchased around $584,000,000 worth of shares this year, which accounted for around 3.3% of company's total share outstanding at the end of 2023. We have consistently delivered on our promise to reward shareholders. Since the launch of our share repurchase program in September 2022, we have repurchased around US1.49 billion dollars worth of shares at the end of Q3, which accounted for around 8.1% of the company's total share outstanding before the program began. As our business become more diverse and is bouncing scale, we have set higher requirements for the reasonable allocation of resources and financial prudence. Our financial strategy is to focus on the essence of the operation and support the growth of our 1 Body 3 wins business by strictly controlling our risk thresholds and maintaining a healthy cash flow.
截至第三季度末，今年我们已回购约 5.84 亿美元的股票，占 2023 年底公司总流通股的约 3.3%。我们始终兑现奖励股东的承诺。自 2022 年 9 月启动股票回购计划以来，截至第三季度末，我们已回购约 14.9 亿美元的股票，占计划开始前公司总流通股的约 8.1%。随着我们的业务变得更加多元化并实现规模增长，我们对资源的合理配置和财务审慎提出了更高的要求。我们的财务战略是专注于运营的本质，通过严格控制风险阈值和保持健康的现金流来支持我们的 1 体 3 赢业务的增长。
For our housing transaction services, on the situation of our stores' partnership strategy, we have implemented a comprehensive upgrade of the financial accounting model. Regarding our home renovation and furniture business, while upgrading our centralized purchasing module nationwide, we have further enhanced the level of automation in our business and the financial process. As for our home rental services, with the continuous iteration of our business model and the rapid scale up in the number of the management properties, we continue to come through and update our business and the financial process to facilitate business development. Regardless how external environment changes, we will remain true to our original intentions, facilitating customers' better living, enabling service providers' bright prospects, promoting investors' advancement and building harmonious ecosystem. We believe we will gain huge potential growth in vast markets and advance towards 1 stop residential service platform.
对于我们的房屋交易服务，在门店合作战略的情况下，我们对财务会计模型进行了全面升级。关于我们的家装和家具业务，在全国范围内升级集中采购模块的同时，我们进一步提升了业务和财务流程的自动化水平。至于我们的房屋租赁服务，随着业务模式的不断迭代和管理物业数量的快速扩张，我们持续改进和更新业务及财务流程，以促进业务发展。无论外部环境如何变化，我们将始终不忘初心，促进客户更好的生活，使服务提供商前景光明，推动投资者进步，构建和谐生态系统。我们相信，我们将在广阔的市场中获得巨大的潜在增长，并向一站式住宅服务平台迈进。
That concludes my prepared remarks for today. Operator, let's open for questions.
这就是我今天准备的发言。接线员，我们开始提问环节吧。
Conference Operator: Thank As a reminder, we only accept questions on the English language line. For the benefit of all participants on the call, Your first question comes from John Lam with UBS. Please go ahead.
会议接线员：感谢提醒，我们只接受英语线路上的问题。为了所有参与者的利益，您的第一个问题来自瑞银的 John Lam。请继续。
Stanley Peng, Co-Founder, Chairman and CEO, KE Holdings (Beike): So maybe I translate my question in English. So my question is more regarding on the recent property policy. So how does the management view about this policy versus in the past? And so far, how is the effect from the policy leasing? How is the sustainability?
所以也许我用英语翻译我的问题。我的问题更多是关于最近的房地产政策。那么管理层如何看待这项政策与过去相比？到目前为止，政策的效果如何？可持续性如何？
And also, what kind of market forces is required in order to have a market stabilization? Thank you.
另外，需要什么样的市场力量才能实现市场稳定？谢谢。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you, Xiaobin. In Q3, all market performance was muted. As a factor of the May 17th policy stated, coupled with the low summer season, the same home transit to market shows a month by month decline in July, August September. For the new home market, the year over year decline in GTV of CRRC 1200 developers also worsened month by month in Q3, even after seasonal improvements in middle year. However, since the launch of the policy package at the end of September, transaction volume in existing and the new home market surged nationwide.
徐涛，贝壳找房执行董事兼首席财务官：谢谢，小斌。第三季度，所有市场表现都很平淡。由于 5 月 17 日政策的影响，加上夏季淡季，二手房市场的月度成交量在 7 月、8 月和 9 月逐月下降。对于新房市场，尽管年中有季节性改善，但中铁建 1200 家开发商的 GTV 同比下降在第三季度也逐月恶化。然而，自 9 月底政策包推出以来，全国范围内的二手房和新房市场交易量激增。
Tier 1 cities led this job. Meanwhile, with the huge transaction volumes, home prices also showed signs of temporary stabilization. Overall, this round of policies has driven stronger market recovery than last 2 previous rounds on August 31, last year and May 17, this year. For details, this round of the policy exceeded the last two rounds in both scope and intensity. Unlike previous relaxation in either purchase restriction or mortgage condition, This round of policy introduced a whole package of the countercyclical policies directly initiated by the Politburo in response to new issues in the current market economy.
一线城市引领了这项工作。同时，随着巨大的交易量，房价也出现了暂时稳定的迹象。总体而言，本轮政策推动的市场复苏力度强于去年 8 月 31 日和今年 5 月 17 日的前两轮。具体而言，本轮政策在范围和力度上都超过了前两轮。与以往放松购房限制或贷款条件不同，本轮政策推出了一整套由政治局直接发起的逆周期政策，以应对当前市场经济中的新问题。
Combined with greater credit support from the central bank and the swift implementation of purchase restriction relaxation in Tier 1 cities that led to the market outperformance. In particular, the political meeting explicitly emphasized the first time to stop decline of the rail market. This work shows the country's commitment to stabilizing the hotel market and that leads to a stronger recovery in market expectation compared to previous 2 rounds. For the same home market, following this round of policies, transaction volume have increased significantly across 1st, 2nd and 3rd tier cities. This contrast with post May 2017 policy response, where the rebound was only in the 4th tier cities.
结合中央银行提供的更大信用支持，以及一线城市购房限制放松的迅速实施，带动了市场的超常表现。特别是，政治会议首次明确强调要停止房地产市场的下滑。这项工作显示了国家对稳定房地产市场的承诺，并且相较于前两轮政策，市场预期的复苏更为强劲。在同样的房地产市场中，随着这一轮政策的实施，一线、二线和三线城市的交易量显著增加。这与2017年5月后的政策反应形成对比，当时的反弹仅出现在四线城市。
In October, the number of existing home transaction on our platform marks the highest monthly level, rising by over 17% year over year and 60% from September. Notably, the transaction volume in Q1 cities sold year over year increase is over 100%, with Shenzhen up by over 2 50%. In October, Shenzhen average daily transaction volume reached the highest level in near 4 years. Year over year growth in Beijing and Shanghai was also more than 120%. For Tier 2 and Tier 3 cities, transition volume saw a year over year growth of more than 60%.
10 月，我们平台的二手房交易数量达到月度最高水平，同比上升超过 17%，较 9 月增长 60%。值得注意的是，一线城市的交易量同比增长超过 100%，其中深圳增长超过 250%。10 月，深圳日均交易量达到近 4 年来的最高水平。北京和上海的同比增长也超过 120%。对于二线和三线城市，交易量同比增长超过 60%。
Regarding city home prices, a positive signal is that October saw a month by month price stabilization with a slight 0.3% increase, thanks to the surge in transactional volume and the improving market sentiment. This marks a notable improvement from the 2.1% decline in September and is the first increase since the beginning of 2023. Prices in Beijing, Shanghai and Shenzhen were up 2.2%, 2% and 0.7%, respectively, compared with September. This was mainly due to the fewer homeowners rushing to sell at a steep discount. This shift is a reflection in the paper prospecting tax, which tracks the percentage of the price increase in all price adjustments of listed homes on bigger platform.
关于城市房价，一个积极的信号是，10月环比价格趋于稳定，轻微上涨了0.3%，这得益于交易量的激增和市场情绪的改善。这标志着相比于9月的2.1%下跌，情况有了显著改善，并且是2023年初以来的首次上涨。北京、上海和深圳的房价分别较9月上涨了2.2%、2%和0.7%。这主要是由于越来越少的业主急于大幅降价出售房产。这一变化反映在房产交易税上，后者跟踪所有在大平台上挂牌房源价格调整中价格上涨的比例。
After hovering below 10 since its rise early this year, the index recently recovered to 14. In Tier 1 cities, it rose to 19, with Shenzhen jumping to 32 to a relatively active range. This shift indicates an incremental increase in the number of homeowners rising their home listing prices. Regarding the transaction structure, the market was primarily led by home upgrades who had purposely been viewing properties, but were in a wait and see mood. According to Baker Research Institute survey, after policy rollout, the proportion of consumer looking to buy a home quickly increased by 5 percentage point.
自今年年初上涨以来，该指数一直徘徊在 10 以下，最近回升至 14。在一线城市，该指数上升至 19，深圳跃升至 32，达到相对活跃的范围。这一变化表明，房主提高房屋挂牌价格的数量有所增加。关于交易结构，市场主要由有意看房但持观望态度的房屋升级者主导。根据贝克研究院的调查，政策出台后，快速购房的消费者比例增加了 5 个百分点。
In Tier 1 cities, this grow from the 17% to 31%. The proportion of the wait and see consumer decreased. Regarding the new home market, the latest round of policies also led to a rebound in the new home market. In October, the GTV of CRRC 1200 development increased by 73% from September and 7% from the same time last year. New home subscriptions on our bigger platform during National Day holiday nearly matched the subscription level for the entire month of September.
在一线城市，这一比例从 17%增长到 31%。观望消费者的比例减少。关于新房市场，最新一轮政策也导致新房市场反弹。10 月份，CRRC 1200 开发的 GTV 较 9 月份增长 73%，较去年同期增长 7%。国庆假期期间，我们更大平台上的新房认购几乎与整个 9 月份的认购水平持平。
New Home experienced a greater month by month rebound in Sing Homes. One reason is the lower base in September. The other reason is that the new policies mitigates the consumers' concern about the home delivery issues and developers' active promotions during the National Day holiday also helped boost the new policy effectiveness and accelerate the sell through. Regarding the market outlook in the future, the latest round of parts has more enduring effects on housing market, given its wider scope and the intensity compared to previous ones. It is worth noting that since October and through the 1st 2 weeks of November, The weekly existing home transaction volume on the platform have remained stable at high level, demonstrating a strong short term momentum.
新家在 Sing Homes 的月度反弹更大。一个原因是九月份的基数较低。另一个原因是新政策缓解了消费者对房屋交付问题的担忧，开发商在国庆假期期间的积极促销也有助于提升新政策的效果并加速销售。关于未来的市场前景，最新一轮的政策对房地产市场有更持久的影响，因为其范围更广，力度更大。值得注意的是，自十月以来到十一月的前两周，平台上的二手房周交易量一直保持在高位，显示出强劲的短期势头。
We expect the market to be relatively stable in the Q4. For existing home prices, they are remaining stable in the short term, but there is a sustainability required for the observation. However, beyond the boost to the sentiment, so for the recovery of the economy fundamental, there's a key to ensure the property market bottom out. This relies on enhanced policy, focus on the overall market economy improvement. On top of policy stimulating housing demand, the further rollout of the measures on supply side, such as the support for developers and the inventory reduction will help rebalance supply demand in new home market and the revitalize the industry.
我们预计市场在第四季度会相对稳定。对于现有房价，它们在短期内保持稳定，但需要持续观察。然而，除了提振情绪之外，对于经济基本面的复苏，确保房地产市场触底反弹是关键。这依赖于加强政策，关注整体市场经济的改善。在政策刺激住房需求的基础上，进一步推出供应侧措施，如支持开发商和减少库存，将有助于重新平衡新房市场的供需关系，并振兴行业。
Continued favorable policy for the real economy will also provide greater support for residents' income expectations and the purchasing power, fundamentally stabilizing the real estate market. Thank you.
继续对实体经济的有利政策也将为居民的收入预期和购买力提供更大支持，从根本上稳定房地产市场。谢谢。
Conference Operator: Thank you. Your next question comes from Timothy Zhao with Goldman Sachs. Please go ahead.
会议接线员：谢谢。下一个问题来自高盛的赵天睿。请继续。
Great. Thank you, management, for taking my question. My question is regarding your Home renovation and furnishing business. As we have seen signs of recovery in the home transactions in both existing home and new home markets in September, how should we think about the growth outlook for Home Renovation business? Could you share some recent progress on this business line such as how you managed to improve the operating efficiency?
好的。感谢管理层回答我的问题。我的问题是关于你们的家装和家具业务。我们在九月份看到二手房和新房市场的房屋交易有复苏的迹象，我们应该如何看待家装业务的增长前景？能否分享一下这个业务线的最新进展，比如你们是如何提高运营效率的？
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you. Thank you, Timothy. In Q3, our home renovation and the furniture business achieved a steady growth. At full scale, our contracted sales reached RMB4.1 billion, making a year over year increase around 25% with revenue rising to RMB4.2 billion, up 33% year over year. Our cities such as Beijing, Guangzhou, Zhengzhou and Nanchang performed especially well and each achieved over 50% year over year growth in contract sales.
徐涛，贝壳找房执行董事兼首席财务官：谢谢。谢谢你，蒂莫西。在第三季度，我们的家装和家具业务实现了稳步增长。在全面规模下，我们的合同销售额达到人民币 41 亿元，同比增长约 25%，收入上升至人民币 42 亿元，同比增长 33%。我们的城市如北京、广州、郑州和南昌表现尤其出色，每个城市的合同销售额同比增长超过 50%。
As for the profitability, home renovation contribution margin reached 31.2% in Q3, showing an improvement compared to the same period last year. That's mainly due to the following factors. First, we focus on re farm operation management. Since the home renovation construction involves lots of complex steps, we conduct a thorough review of each phase to identify key areas for the improvement. For example, we will notice excess materials.
至于盈利能力，家装的贡献利润率在第三季度达到了31.2%，相比去年同期有所改善。这主要得益于以下几个因素。首先，我们专注于改革运营管理。由于家装施工涉及许多复杂的步骤，我们对每个阶段进行了全面审查，以识别需要改进的关键领域。例如，我们会注意到材料的浪费。
We quickly adjust our construction problems and strengthen the internal control to minimize the material waste. We also continue to updating our product package during the initial design phase. We carefully analyze the cost and the construction standards for each type of product, running profitability model to ensure that each package makes a reasonable gross margin during the initial development phase. Additionally, we increased the proportion of centralized purchasing. For products with a high degree of authorization, we scale up the centralized purchasing at the group level.
我们迅速调整我们的施工问题，加强内部控制以最大限度地减少材料浪费。我们还在初始设计阶段继续更新我们的产品包装。我们仔细分析每种产品的成本和施工标准，运行盈利模型以确保每个包装在初始开发阶段获得合理的毛利率。此外，我们增加了集中采购的比例。对于授权程度高的产品，我们在集团层面扩大集中采购。
The centralized procurement ratio for both maintained supplementary material reached over 30% in this quarter in Q3, while it was over 20% in the Q2. As our home run efficiency business has responded rapidly, we not only increased purchase volume from existing products, but also renegotiate unit prices to reflect our larger scale. While strengthening the profitability management, we're also continuously focused on improving our operational process and the models to enhance quality and boost customer satisfaction. For timeline management, we further shortened construction timelines by optimizing workflow and dispatch efficiency. This brought the combined timeline for basic construction and the preliminary material to average around 99.5 days in Q3, compared to 109.3 days in the same period last year.
本季度第三季度，家装的集中采购比例（包括维持和补充材料）达到了30%以上，而第二季度为20%以上。随着我们的家装效率业务快速响应，我们不仅增加了现有产品的采购量，还重新谈判了单价，以体现更大的规模。在加强盈利能力管理的同时，我们还持续关注改善我们的运营流程和模式，以提升质量并提高客户满意度。关于时间管理，我们通过优化工作流程和调度效率进一步缩短了施工时间。这样，基础施工和初步材料的综合时间表在第三季度缩短至平均约99.5天，相比去年同期的109.3天。
Regarding after sales, while implementing priority and maintenance services, we responded our in house after sales team nationwide. Our up sales team grew from over 200 people at the end of last year to over 500 at the end of September this year. This team remotely and carefully address customer repair requirements and further enhance our customer satisfaction. In our home renovation business model of the quality, scale and efficiency, Collins remains as a core where we will continue to iterate and invest in building our infrastructure and the capability to strengthen quality foundation, which is essential to our to remain competitive in the future. Thank you.
关于售后服务，在实施优先和维护服务的同时，我们响应了全国范围内的内部售后团队。我们的销售团队从去年年底的 200 多人增长到今年 9 月底的 500 多人。这个团队远程并仔细地解决客户的维修需求，进一步提升我们的客户满意度。在我们质量、规模和效率的家装业务模式中，Collins 仍然是核心，我们将继续迭代和投资于基础设施建设和能力，以加强质量基础，这对我们在未来保持竞争力至关重要。谢谢。
Conference Operator: Thank you. Your next question comes from Griffin Chan with Citi. Please go ahead.
会议接线员：谢谢。下一个问题来自花旗银行的 Griffin Chan。请继续。
Analyst: So this is Griffin from Citi. I will translate my own questions. Baker has outperformed the market for both existing and new home business. With the management have confidence in sustaining this outperformance. Besides, Winok Data has been actively expanding store this year.
分析师：所以这是来自花旗的格里芬。我会翻译我自己的问题。贝克在现有和新房业务上都表现优于市场。管理层对维持这种优异表现有信心。此外，Winok Data 今年一直在积极扩展门店。
Would management please share your plan going forward? Thank you.
管理层能否分享一下你们未来的计划？谢谢。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you, Griffin. This year, we focused on Hezhen and store level expansion and ecosystem development and proactively strengthening high level collaborations with developers in new home business. These efforts have all paid off, enabling us to continuously outperform the market. Regarding scaling our platform, our agent store network continue to respond. By end of Q3, the total number of acting non linear stores on our platform was more than 41,000 and the number of acting non linear agent was 315,000, up 16% and 4% year over year respectively.
徐涛，贝壳找房执行董事兼首席财务官：谢谢，Griffin。今年，我们专注于赫真和门店层面的扩张以及生态系统的发展，并积极加强与开发商在新房业务中的高层次合作。这些努力都取得了成效，使我们能够持续超越市场。关于扩大我们的平台，我们的经纪门店网络继续响应。截至第三季度末，我们平台上的非线性门店总数超过 41,000 家，非线性经纪人数为 315,000 人，分别同比增长 16%和 4%。
We provided brands with the fitness comps, installment plans and other support to attract them to join our network. And in a volatile market, our platforms reach customer resources, extensive cooperation network, professional empowerment and the diversified service such as new home and home renovation had a stronger appeal to store outside of Nanook. Returns from our investment in stores function have remained good. From the platform perspective, by end of September, newly sent store in Q1 this year had a positive ROI with all regions covering their cost. As we made a steady progress in connecting stores, we have further shift our strategy into second half of this year from connecting small and the scattered community stores to large stores.
我们为品牌提供了健身比较、分期付款计划和其他支持，以吸引他们加入我们的网络。在一个波动的市场中，我们的平台凭借其客户资源、广泛的合作网络、专业赋能以及如新房和家装等多元化服务，对南极以外的门店具有更强的吸引力。我们在门店功能上的投资回报一直保持良好。从平台角度来看，截至9月，今年第一季度新开设的门店已实现正向投资回报率，所有地区都已覆盖成本。随着我们在连接门店方面稳步推进，我们已经将战略进一步转向今年下半年，从连接小型和分散的社区门店转向大型门店。
Accordingly, we raised the threshold of average number of agents per store, performance requirements and incentives. Our goal was to attract more quality store into the industry to join Beike to boost overall scale and efficiency. Regarding the store network operation, we'll adopt a more refined strategy at each individual business district level. For the areas fully covered by our network, we placed more emphasis on ecosystem optimization. We helped the store owner and agent retain more income through a series of the platform benefits and supporting measures.
因此，我们提高了每家门店的平均经纪人数门槛、绩效要求和激励措施。我们的目标是吸引更多优质门店加入行业，加入贝壳，以提升整体规模和效率。关于门店网络运营，我们将在每个商圈层面采用更精细的策略。对于我们网络全面覆盖的区域，我们更加注重生态系统优化。我们通过一系列平台福利和支持措施帮助店主和经纪人保留更多收入。
Stock productivity in these commercial areas was 2 was 1.2 times as high as other commercial areas. In areas where our store collaboration was insufficient, we focused on our target management and the empowerment through the platform data analysis, problem diagnosis and the strategy support aligned with the involvement of the store owner or governance console. We promoted to focus on the card home listings, enhanced sell through and boosted the cooperation among stores. In areas with insufficient network coverage, we actively connect to the new stores through various types of storage function package. For existing stores, we piloted a points based incentive system in Q3 to motivate stores to enhance efficiency and optimize our ecosystem.
这些商业区域的库存生产力是其他商业区域的1.2倍。在我们门店合作不足的区域，我们重点关注目标管理，并通过平台数据分析、问题诊断和与门店老板或治理控制台对接的策略支持进行赋能。我们推动重点关注卡片家庭房源，提升销售转化率，并促进门店之间的合作。在网络覆盖不足的区域，我们通过各种类型的存储功能包积极连接新门店。对于现有门店，我们在第三季度试行了基于积分的激励制度，以激励门店提高效率，优化我们的生态系统。
This system is essentially a membership program for the store owners through which the platform giving back returns as incentive to outstanding stores. Sisou's aim to achieving share value and win win between the platform stores. Amongst 9 color cities in Q3, the platform issues over 18,000,000 in equivalent cash benefit to store owners with 30% of store receiving this reward. The incentive system will bring more flexibility to our housing transaction business operation, while motivating store owners to engage more in our new business, including renovation and rentals. In our new home business, we continue to outperform the industry.
该系统本质上是一个面向店主的会员计划，通过该平台向优秀店铺返还作为激励。Sisou 的目标是实现平台店铺之间的共享价值和双赢。在第三季度的 9 个彩色城市中，平台向店主发放了超过 18,000,000 的等值现金福利，其中 30%的店铺获得了此奖励。激励系统将为我们的房屋交易业务运营带来更多灵活性，同时激励店主更多地参与我们的新业务，包括装修和租赁。在我们的新房业务中，我们继续超越行业表现。
In Q3, our new home GTV reached RMB227.6 billion, up 18.4% year over year, compared with a 29% decline in the GTV of charity top line development. Meanwhile, our multifaceted rate continued to increase in Q3. The proportion of revenue from commissions In our new home business, our auto performance mainly comes from continuous increase in the number of Corvid projects, which reached a high of over 8,000 in Q3. In September, the number of our new projects accounted for 64% of all new home projects across cities where we operate, excluding Beijing and Shanghai, compared with 53% in the same period of last year. This was a result of growing recognition among developers for our sales capability as well as proactive effort to respond to collaborations.
在第三季度，我们的新房 GTV 达到人民币 2276 亿元，同比增长 18.4%，而慈善业务的 GTV 则下降了 29%。同时，我们的多元化率在第三季度继续上升。我们新房业务的收入中，佣金的比例主要来自 Corvid 项目数量的持续增加，第三季度达到 8000 多个的高位。9 月份，我们的新项目数量占我们运营城市（不包括北京和上海）所有新房项目的 64%，而去年同期为 53%。这得益于开发商对我们销售能力的日益认可以及积极响应合作的努力。
We continue to make the breakthrough new strategy collaboration. We have already covered 7 out of the 10 top developers. Strategic collaboration differ from the top single project cooperation, which typically featured a competitive relationship between the two sides. In strategic collaboration, the two sides work as a partner to enhance the mutual understanding. We inform our corporate partner of the operations and the needs of our agents, market dynamics and additional service and value our platform efforts beyond the profit channel.
我们继续进行突破性的新战略合作。我们已经覆盖了前十名开发商中的七家。战略合作不同于顶级单一项目合作，后者通常以双方的竞争关系为特征。在战略合作中，双方作为合作伙伴工作，以增强相互理解。我们将公司的运营、代理需求、市场动态以及超越利润渠道的平台努力告知我们的企业合作伙伴。
Through the top down promotions of such a warning in real estate companies, we have overcome difficulties in negotiation of city level projects leading to more corporate projects. Through the strategic collaboration, we can also better protect agents' rights. For instance, we incorporate customer private home private phone number protection and the equal protection period into the strategic collaboration framework to promote the fair cooperation. Moreover, we enhance the business conduct governance to improve operational transparency, putting developers' minds at ease in their cooperation with us. Our stable monetization and the receivables collection also motivate agents to work more actively on the new home sales, boosting our new home sales through.
通过在房地产公司进行自上而下的推广，我们克服了城市级项目谈判中的困难，促成了更多企业项目的落地。通过战略合作，我们还能够更好地保护代理商的权益。例如，我们将客户私人住宅电话保护和公平保护期纳入战略合作框架，以促进公平合作。此外，我们加强了商业行为治理，提升了运营透明度，使得开发商在与我们合作时更加安心。我们的稳定变现和应收账款的回收也激励了代理商更加积极地开展新房销售，推动了新房销售的增长。
Meanwhile, the agents' operational ecosystem has continued to improve the penetration of the customer profit from number protection rose to 6% in Q3, up by a year from Q2, bringing more sense of security of agent, which also improves our awareness to sales new home. Thank
同时，代理商的运营生态系统不断改善，客户利润的渗透率从第二季度上升到第三季度的 6%，提高了代理商的安全感，这也提高了我们对销售新房的意识。
Conference Operator: you. Thank you. Your next question is from Thomas Chong with Jefferies. Please go ahead.
会议接线员：您。谢谢。下一个问题来自 Jefferies 的 Thomas Chong。请继续。
Analyst: Thanks management for taking my question. My question is about our home rental business. As we see our KFC rent is undergoing fast growth pace. While this business requires quite a lot of involvement in operation, can management share about how we are different from others in terms of operations? Thank you.
分析师：感谢管理层回答我的问题。我的问题是关于我们的房屋租赁业务。我们看到我们的肯德基租金正在快速增长。虽然这项业务需要大量的运营参与，管理层能否分享一下我们在运营方面与其他公司的不同之处？谢谢。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you, Thomas. In Q3, revenue from our home rental services reached RMB3.94 billion, up 118.4 percent year over year. It's mainly due to the continuous increase in the number of the home unit under our management. By end of Q3, we were managing over 360,000 units under our carefree rent module compared to over 160,000 in Q3 last year. The contribution margin of our home rental services feels slightly quarter over quarter in Q3 due to the seasonality.
徐涛，贝壳找房执行董事兼首席财务官：谢谢，托马斯。第三季度，我们的住房租赁服务收入达到人民币 39.4 亿元，同比增长 118.4%。这主要是由于我们管理的住房单元数量持续增加。到第三季度末，我们在无忧租赁模块下管理的单元超过 36 万个，而去年第三季度为 16 万个。由于季节性因素，我们的住房租赁服务的贡献利润率在第三季度环比略有下降。
In the summer peak season of July August, our carefree rent saw rapid growth in unit size and occupancy, which increased commission costs for the channel referrals and the related personnel, which impacts contribution margin. Excluding the seasonal impact, the core metrics of the category run imports significantly year over year from January to September. Our operations focus on quality and efficiency have yields good results. On improving services to customers, we provide pre moving inspections, standardized handover services and tenant side property transfer services with a cumulative service count exceeded 970,000 provide a series of the core increase in the grants guarantees to our tenants. Also, we centralized the management of the 2 type of property managers, tenant service manager and the property service manager, to realize the centralized empowerment and the standardized services.
在七八月的夏季高峰期，我们的无忧租赁在单位规模和入住率方面迅速增长，这增加了渠道推荐的佣金成本和相关人员的费用，从而影响了贡献利润率。排除季节性影响，该类别的核心指标从一月至九月同比显著增长。我们的运营专注于质量和效率，取得了良好效果。在改善客户服务方面，我们提供搬迁前检查、标准化交接服务和租户侧物业转移服务，累计服务次数超过 97 万次，为租户提供了一系列核心增值保障。此外，我们将两类物业经理，即租户服务经理和物业服务经理的管理集中化，实现了集中赋能和标准化服务。
This has enhanced our post lease service capabilities and quality, while also leading to a continuous decrease in customer compliance rate. In terms of the operation efficiency, we continue to increase the percentage of the lease renewals, which helps reduce the channel cost associated with the re ranking and finding new tenants. We achieved this through improved post lead services, leading to increased tenant satisfaction and user retention. At the same time, we actively engage with tenants prior to lease expiration to discuss renewals, thereby boosting the renewal rate. By end of Q3, the lease renewal rate was around 52%, compared to 48% in the same period last year.
这提高了我们的租后服务能力和质量，同时也导致客户合规率持续下降。在运营效率方面，我们不断提高续租比例，这有助于降低与重新排名和寻找新租户相关的渠道成本。我们通过改进的租后服务实现了这一目标，从而提高了租户满意度和用户留存率。同时，我们在租约到期前积极与租户沟通续租事宜，从而提高了续租率。截至第三季度末，续租率约为 52%，而去年同期为 48%。
Regarding management's rental costs due to the vacancies, we shortened the days needed to rent out the properties through the refined operations. The time required to rent out the property for the 2nd time decreased to 7.5 days at the end of Q3 from 14.7 days at the beginning of the year. We also continue to optimize and upgrade our product module. The coverage of our new product module, which incurred no vacancy period, continue to rise in Q3. This model enhanced our resilience against the rental price volatility and reduce the vacancy costs.
关于管理层因空置而产生的租金成本，我们通过精细化运营缩短了出租物业所需的天数。第二次出租物业所需的时间从年初的 14.7 天减少到第三季度末的 7.5 天。我们还在继续优化和升级我们的产品模块。我们的新产品模块在第三季度的覆盖率继续上升，没有产生空置期。该模式增强了我们应对租金价格波动的韧性，并降低了空置成本。
The deposit cost per unit of our new car free run product module also dropped. This was mainly due to the improvement in the successful rate of the first time rentals, which rose to 82% at the end of Q3 from 76% the same time of last year, driven by higher personnel activities. We continue to build our own rental occupancy team, which enhanced the leasing efficiency, while keeping overall cost lower than the channel cost. By end of Q3, the rental occupancy contribution by this team was at 19%, up 5 percentage points from the same period last year. In addition, regarding Q3 operations, we took targeted measures to ensure the health and efficiency of our business in gig and the live seasons respectively.
我们新车自由行产品模块的单位押金成本也下降了。这主要是由于首次租赁成功率的提高，从去年同期的 76%上升到第三季度末的 82%，这得益于人员活动的增加。我们继续建立自己的租赁入住团队，提高了租赁效率，同时保持整体成本低于渠道成本。截至第三季度末，该团队的租赁入住贡献率为 19%，比去年同期提高了 5 个百分点。此外，关于第三季度的运营，我们采取了有针对性的措施，分别确保我们在零工和旺季的业务健康和高效。
The specialization strategy for the service providers based on their roles significantly boost our efficiency, leading to large scale growth and the incremental profit margin. In the peak season of July August, in particular, the personnel productivity of the unit since ops and occupancy improved notably year over year. Since entering the off season in September, we have implemented multiple strategies, including strengthening the rental occupancy, mix through our self built team and agent and improving their productivity using various marketing methods for the targeted customers, continuously manage lease renewals and the second time leasing presales and focusing on key areas of the housing unit subs and effectively managing inventory. Thank you.
基于服务提供商角色的专业化策略显著提高了我们的效率，导致大规模增长和增量利润率。特别是在七八月的旺季，由于运营和入住率的改善，单位的人均生产力同比显著提高。自九月进入淡季以来，我们实施了多项策略，包括通过自建团队和代理加强租赁入住率，利用各种营销方法提高目标客户的生产力，持续管理租约续签和二次租赁预售，并专注于住房单元的关键领域，有效管理库存。谢谢。
Conference Operator: Thank you. Your next question comes from Miranda Jang with Bank of America Securities. Please go ahead.
会议接线员：谢谢。下一个问题来自美国银行证券的 Miranda Jang。请继续。
Miranda Jang, Analyst, Bank of America Securities: Thank you for taking my question. My question is about Fei Haoxia. We see the news that Beihao Jia has successfully been in line in Chengdu City. So can management share with us about the project and the rationale about it? And then what's the company's business model for the Beihao Jia?
Miranda Jang，美国银行证券分析师：谢谢您回答我的问题。我的问题是关于费浩霞的。我们看到新闻说北浩嘉已经成功在成都市上线。那么管理层能否与我们分享一下这个项目及其背后的理由？然后，公司对北浩嘉的商业模式是什么？
Thank you. 谢谢。
Tao Xu, Executive Director and CFO, KE Holdings (Beike): Thank you, Miranda. Our new business Beihao Jia, won a piece of land, sold the auction in Chengdu Kuo area of Xinjiang District, Financial City Phase 3 in September. We undertook this project after carefully review and the selection, and it will be operated by Beihao Jia team independently. We aim to use the pilot project like this to better validate our ability to implement our C2M solutions at every stage, including the land auction, product positioning, design and marketing. By creating model project, we can build trust with future partners such as developers, contractors and property owners towards our business model and the product solution, ultimately helping us achieving a long term life asset service platform model.
徐涛，贝壳找房执行董事兼首席财务官：谢谢，Miranda。我们的新业务贝壳家在 9 月份赢得了一块土地，该土地位于成都市新津区金融城三期。我们在经过仔细审查和选择后承担了这个项目，并将由贝壳家团队独立运营。我们旨在通过这样的试点项目更好地验证我们在每个阶段实施 C2M 解决方案的能力，包括土地拍卖、产品定位、设计和营销。通过创建示范项目，我们可以与未来的合作伙伴（如开发商、承包商和业主）建立对我们商业模式和产品解决方案的信任，最终帮助我们实现长期的生活资产服务平台模式。
But it is very clear that we do not intend to become a real estate developer. In terms of our long term business model, we will not use our own capital for large scale heavy assets investment. We position the Beihao Jia as a data driven residential development service platform achieved through our 1 plus 2 business model. This includes C2M product solution, supported by our accumulated user insight and the big data and complemented by efficient customer acquisition and the marketing capability. This empower our partners in that chain to create homes that are well suited to customers.
但很明显，我们并不打算成为房地产开发商。在我们的长期商业模式中，我们不会使用自己的资本进行大规模重资产投资。我们将北浩家定位为通过我们的 1 加 2 商业模式实现的数据驱动住宅开发服务平台。这包括 C2M 产品解决方案，由我们积累的用户洞察和大数据支持，并辅以高效的客户获取和营销能力。这使我们在该链条中的合作伙伴能够创造出适合客户的家园。
C2I will be our core capability. It leveraged vast amount of data and AI technology to ensure the customer preference and demand are reflected in the new home plus such as possible. Regarding commercialization, we will charge service fees for offering an integrated set of solutions, including product positioning, initial and in-depth design rather than through the largest capital contribution or earning investment returns. Lastly, we were fortunate to acquire the land on September 20, right before the government roll out the subsequent bundle of favorable policies. This has made the land acquisition price highly competitive.
C2I 将是我们的核心能力。它利用大量数据和人工智能技术，确保客户的偏好和需求尽可能地反映在新家中。关于商业化，我们将收取服务费，提供一整套解决方案，包括产品定位、初步和深入设计，而不是通过最大的资本贡献或赚取投资回报。最后，我们很幸运在 9 月 20 日获得了土地，就在政府推出一系列优惠政策之前。这使得土地收购价格具有很强的竞争力。
We believe this project will serve as a test bed for our capabilities, allowing us to accumulate know how to support the realization of our long term platform model. Thank you.
我们相信这个项目将作为我们能力的试验平台，使我们能够积累知识以支持我们长期平台模型的实现。谢谢。
Conference Operator: Thank you. We are now approaching the end of the conference call. I will now turn the call over to your speaker host today, Ms. Siting Li for closing remarks.
会议主持人：谢谢。我们的电话会议即将结束。现在，我将把电话交给今天的演讲主持人李思婷女士进行结束发言。
Siting Li, IR Director, KE Holdings (Beike): Thank you once again for joining us today. If you have any further questions, please feel free to contact Beike's Investor Relations team through the contact information provided on our website. This concludes today's call and we look forward to speaking with you again next quarter. Thank you and goodbye.
李思婷，贝壳找房投资者关系总监：再次感谢您今天的参与。如果您有任何进一步的问题，请随时通过我们网站上提供的联系方式与贝壳的投资者关系团队联系。今天的电话会议到此结束，我们期待下个季度再次与您交流。谢谢，再见。
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