2025-03-18 KE Holdings Inc. (BEKE) Q4 2024 Earnings Call Transcript
KE Holdings Inc. (NYSE:BEKE) Q4 2024 Earnings Conference Call March 18, 2025 8:00 AM ET
Company Participants
Siting Li - IR Director
Stanley Peng - Co-Founder, Chairman & CEO
Tao Xu - Executive Director & CFO
Conference Call Participants
Jizhou Dong - Nomura
Timothy Zhao - Goldman Sachs
Griffin Chan - Citi
Eddy Wang - Morgan Stanley
Sophie Zhang - CICC
Operator
运营人员
Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.'s Fourth Quarter and Fiscal Year 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. 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.
女士们、先生们，大家好。感谢您耐心等待KE控股有限公司2024财年第四季度及全年财报电话会议。请注意，今天的会议，包括管理层的准备发言和问答环节，均将以英语进行。全程提供中文同声传译，您可通过拨打中文专线接入会议。目前，所有参与者均处于只听模式。今天的会议正在录音。
I will now turn the call over to your host, Ms. Siting Li, IR Director of the company. Please go ahead, Siting.
现在，我将把会议转交给主持人李思婷女士，公司投资者关系总监。思婷，请继续。
Siting Li
李思婷
Thank you, operator. Good evening, and good morning, everyone. Welcome to KE Holding's, or Beike's fourth quarter and fiscal year 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 website investors.ke.com.
谢谢，运营人员。大家晚上好、早上好，欢迎参加KE控股（或称贝壳）的2024财年第四季度及全年财报电话会议。公司的财务及运营结果已于今天早些时候在新闻稿中发布，并公布在公司投资者关系网站investors.ke.com上。
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 development; and Mr. Xu will provide additional details on the company's financial results.
在今天的会议中，我们有联合创始人、董事长兼首席执行官彭斯坦利先生以及执行董事兼首席财务官徐涛先生出席。彭先生将概述我们的战略和业务发展；徐先生将详细介绍公司的财务业绩。
Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. Please also note that Beike'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.
在继续之前，请参阅我们财报新闻稿中的“安全港声明”，该声明适用于本次会议，因为我们将发表前瞻性声明。另请注意，贝壳的财报新闻稿和本次电话会议均涉及未经审计的美国通用会计准则（GAAP）财务信息以及未经审计的非GAAP财务指标。请参阅公司的新闻稿，其中包含未经审计的非GAAP指标与相应GAAP指标的调节说明。最后，除非另有说明，本次电话会议中提及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 estimates.
本次会议中提及的与公司所从事行业相关的某些统计数据及其他信息，均来自各种公开的官方或非官方资源。公司及其代表均未对这些数据进行独立验证，这些数据可能涉及若干假设和局限性，特此提醒您不要过分依赖这些信息和估计。
For today's call, management will use English as the main language. Please note that the Chinese translation is for convenience purpose only. In the case of any discrepancy, management statements in their original language will prevail.
在今天的会议中，管理层将以英语为主要语言。请注意，中文译文仅供参考，如有任何差异，以原文管理层声明为准。
With that, I will now turn the call over to our Chairman and CEO, Mr. Stanley Peng. Please go ahead, Stanley.
话不多说，现在我将会议转交给我们的董事长兼首席执行官彭斯坦利先生。彭先生，请继续。
Stanley Peng
彭斯坦利
Thank you, Siting. Hello, everyone. Thank you for joining Beike's fourth quarter and fiscal year 2024 earnings conference call. Over the past year, China's real estate industry has matured fast. We have seen accelerated changes. Some changes are abrupt (ph). For the past 30 years, the decision making process for buying a home was relatively simple, and the risks of making the wrong decisions were low. The main concerns for buyers was speed. When a home become available, the question was simple, whether they could secure it.
谢谢你，思婷。大家好，感谢大家参加贝壳2024财年第四季度及全年财报电话会议。在过去的一年中，中国房地产行业迅速成熟，我们见证了加速的变革。其中一些变化甚至十分突兀（注：ph）。在过去30年里，购房决策过程相对简单，做出错误决策的风险也很低，买家主要关注的是速度——当一处房源一旦出现，问题就变得很简单，能否顺利抢到便是关键。
In this kind of market, brokerage companies grow by scaling up because the larger the network, the easier it was to access information, connect buyers and sellers and close deals. Buyers didn't worry much about who they are -- who they were buying from, getting the home was what matters. But now that the home process and longer on a runway upward trajectory. There is more uncertainty in customer decision making and the costs of making the wrong decision are much higher. Because of this, buyers' needs have changed.
在这种市场中，经纪公司通过扩大规模实现增长，因为网络越大，获取信息、连接买卖双方和促成交易就越容易。过去，买家并不太担心对方是谁——他们只关心能否买到房。但现在，随着购房流程步入更长的上升轨道，客户决策的不确定性增大，做出错误决策的代价也大大提高，因此买家的需求已经发生了变化。
加速淘汰不懂技术的。
First, they want to minimize the risk of buying a home and seek greater certainty in their purchasing decisions. Second, they’re prioritize living well, a subject experience (ph) and a feeling that's harder to capture and measure. Everyone is looking for the best possible solution. Our job, first and foremost, is to build the capability to reduce customer decision making risks and help them find the best option. This is also how we see AI technology, both in terms of its potential and how we apply it. Whether the AI or other tools, our goal is to help customers make the base decisions and guiding them to address various life challenges through better living solutions.
首先，买家希望将购房风险降到最低，并在购买决策中寻求更大的确定性。其次，他们更加重视优质生活，这是一种主观体验（注：ph）和难以捕捉与衡量的感觉，每个人都在寻找最佳解决方案。我们的首要任务就是建立起降低客户决策风险的能力，帮助他们找到最佳选择。这也是我们看待人工智能技术的方式，无论是其潜力还是应用方式。无论是采用AI还是其他工具，我们的目标都是帮助客户做出基本决策，并通过更优的生活解决方案引导他们应对各种生活挑战。
Second, from the service provider standpoint, a lot of the billions and knowledge they have built up in the past, no longer applies. Consumers are asking us more questions and their concerns are more complex. They also care more about who they are buying through, how knowledgeable they are and whether or not they are reliable industry professionals. Service providers must be able to address these issues for their customers. The old approach of merely pushing listings to sell home is no longer viable. Our assessment on the industry is that customers will become more selective about who they work with.
其次，从服务提供者的角度来看，他们过去积累的大量资金与知识已不再完全适用。消费者向我们提出更多问题，且他们的关注点也更加复杂，他们更加在意自己是通过谁进行购买，对方有多专业，以及是否是可靠的行业专家。服务提供者必须能够为客户解决这些问题。仅仅通过推送房源来促成销售的老方法已不可行。我们对行业的评估是，客户将会对合作对象变得更加挑剔。
Top tier agents will increasingly replace low performing ones and technology will give the best services providers an even greater edge, accelerating industry changes. These three forces will reshape the market faster than ever. Top tier services providers will reap the rewards of great brand premium and increased efficiency gains. At the same time, the industry will invest more in those service providers to ramp up their skills. The future isn't about to rely on past experiences. The growth potential of the industry lies in the new power digit, enhancing service quality and empowering top performing agents. This presents both an opportunity and a new demand for the platform, requiring us to more effectively support service providers and the store owners in improving efficiency.
顶尖的经纪人将越来越多地取代表现较差的，而技术则会赋予最佳服务提供者更大的竞争优势，加速行业变革。这三种力量将以前所未有的速度重塑市场。顶尖的服务提供者将享受到优质品牌溢价和效率提升带来的红利，同时行业也会在这些服务提供者上加大投资以提升他们的技能。未来不再依赖过去的经验，行业的增长潜力在于全新的数字力量，即提升服务质量并赋能顶尖经纪人。这既为平台带来了机遇，也提出了新的要求，迫使我们更有效地支持服务提供者和店主提高效率。
Over the past years, we have achieved scale and made efforts to improve efficiency. On one hand, we are strong in our scientific management approach. We set clear goals, break them down into precise steps and focus on key factors that are driving results. We have embedded within our system and use digital tools to streamline management and boost efficiency. Now, we need to bring these capabilities to store owners and our new businesses. On the other hand, while the industry's digitalization still has a long way to go, breakthroughs in AI technology have opened up exciting possibilities. We now see future potential to reshape service providers capabilities, enhance the customer experience and significantly improve our platformers' operational efficiency.
在过去几年中，我们已实现规模化，并努力提升效率。一方面，我们在科学管理方法上表现出色，设定了明确的目标，将其细化为具体步骤，并专注于驱动业绩的关键因素。我们已将这些方法嵌入系统，并利用数字工具来简化管理、提升效率。现在，我们需要将这些能力推广到店主和我们的新业务上。另一方面，尽管行业数字化仍有很长的路要走，但人工智能技术的突破已经带来了令人兴奋的可能性。我们如今看到了通过重塑服务提供者能力、提升客户体验以及显著改善平台运营效率的未来潜力。
In 2024, we launched an active platform growth strategy. As a result, the number of active stores grew by 80.3% year-over-year, reaching nearly 49,700. Our agent count rose to 445,000 increasing 12.1% year-over-year, despite major fluctuations in the real estate market. The number of stores and agents connected to our platform both reached record highs in 2024, allowing us to reach more customers than ever before.
2024年，我们启动了积极的平台增长战略。结果，活跃门店数量同比增长80.3%，达到近49,700家。尽管房地产市场经历了大幅波动，但我们的经纪人数仍上升至445,000人，同比增长12.1%。与我们平台相连的门店和经纪人数量均创下2024年新高，使我们能够触达比以往更多的客户。
In 2024, we served 8.6 million customers, that means on average, every hour of the year, approximately 1,000 families across the country both rented or renovated a property with our hub. Having Chinese people to live well is a mission that truly matters. For the full year, our GTV totaled RMB3.35 trillion, total revenue hits a record high of RMB93.5 billion, growing over 20% year-over-year. Notably, our existing home transactions businesses also reached an all-time high with GTV rising nearly 11% year-over-year to RMB2.25 trillion. Meanwhile, despite market adjustments baked by strong trust from developers and customers. Our new home transaction business generated RMB917 billion in GTV for the year, down just 3.3% year-over-year, while total revenue grew by 10% year-over-year.
2024年，我们服务了860万客户，这意味着全年平均每小时，全国大约有1,000个家庭通过我们的平台租赁或装修房产。让中国人住得更好是一项真正重要的使命。全年交易总额（GTV）达到3.35万亿元人民币，总收入创下935亿元人民币的历史新高，同比增长超过20%。值得注意的是，我们现有的二手房交易业务也创下历史新高，GTV同比增长近11%，达到2.25万亿元人民币。同时，尽管开发商和客户给予了强大信任以抵消市场调整，我们的新房交易业务全年实现了9170亿元人民币的GTV，同比仅下降3.3%，而总收入则同比增长10%。
Our one body three wings strategy has achieved in ensuring success for our home renovation and the furnishing businesses. We continue to pursue scale growth in 2024, while establishing a positive cycle of scale, quality and efficiency in Beijing. We completed renovation services for nearly 60,000 homes across more than 40 cities nationwide in 2024, connected with over 70,000 home renovation workers, 8,000 designers and 5,000 project managers. Our home renovation and furnishing business achieved total revenue of RMB40.8 billion for the year, a year-over-year increase of 36% by enhancing supply chain fulfillment management and improving our systems order dispatch capabilities.
我们的“一体三翼”战略已确保了家装及家居业务的成功。我们在2024年继续追求规模化增长，同时在北京构建规模、质量与效率的正循环。2024年，我们在全国40多个城市完成了近60,000户住宅的装修服务，与70,000多名装修工人、8,000名设计师以及5,000名项目经理建立了联系。通过提升供应链履约管理和改进系统派单能力，我们的家装及家居业务全年实现总收入408亿元人民币，同比增长36%。
In Q4, we successfully reduced the home renovation construction timeline by over 10 days compared with last year. Additionally, our enhanced in house after sales maintenance capabilities enable us to continuously elevate customer experience. In our home rental services, the number of rental units under management surpassed 430,000 in 2024, our revenue surged by 135% year-over-year to RMB40.3 billion.
在第四季度，我们成功将家装施工周期较去年缩短了10多天。此外，我们强化的内部售后维护能力使我们能够不断提升客户体验。在家租服务方面，2024年管理的租赁单元数超过430,000套，收入同比激增135%，达到403亿元人民币。
In terms of quality and efficiency, we have improved the appearance of property owners and tenants by reshaping roles and responsibilities. Through refined operations, we saw some significant improvements across various efficiency metrics, including the efficiency of second time rentals and the average number of rental units manager per property manager.
在质量和效率方面，我们通过重新定义角色与职责改善了业主和租户的体验。通过精细化运营，我们在多个效率指标上取得了显著提升，包括二次租赁效率以及每位物业经理管理的租赁单元平均数。
Regarding our Beihaojia business, we acquired land in several cities last year. We do not intend to become developers and build many houses ourselves. Our business logic aligns closely with our insights about the industry. By exploring this business, we aim to address the high decision making risks faced by both developers and customers during the home buying process, while meeting customer demand for living well.
关于我们的“北好家”业务，去年我们在多个城市收购了土地。我们并不打算成为开发商，自己建造大量房屋。我们的业务逻辑与对行业的洞察高度契合。通过发展这一业务，我们旨在解决开发商和客户在购房过程中面临的高决策风险，同时满足客户对优质生活的需求。
We are committed to promoting the development of major high quality homes within China's residential industry, while integrating project level risks for developers and other participants in the industry. This require us to build capabilities in areas such as precise customer demand insights, deeper user engagement and data driven decision making. For instance, by aggregating characteristics and needs for home thinking customers, we provide developers with targeted customer demand, enabling them to tailor their offerings accordingly and apply C2M customer customization.
我们致力于推动中国住宅行业中高品质住宅的大规模发展，同时整合开发商及其他行业参与者的项目级风险。这要求我们在精准把握客户需求、深化用户参与以及数据驱动决策等方面构建能力。例如，通过整合有购房意向客户的特征和需求，我们向开发商提供有针对性的客户需求，帮助他们相应地定制产品，并应用C2M客户定制化模式。
We will also set limits on heavy asset investment and gradually shift our business model towards a more ideal platform based, like, asset model. In November last year, we successfully launched our product solution services project in [indiscernible], the first [indiscernible] case in which we generated service revenue through our product solution services. In 2024, we have also made substantial efforts in improving our relationships with various partners throughout the entire ecosystems. I believe these efforts will lay a solid foundation for our long-term success.
我们还将对重资产投资设定上限，并逐步将我们的商业模式转向更理想的平台型资产模式。去年11月，我们在[无法辨识]成功启动了我们的产品解决方案服务项目，这是首个通过产品解决方案服务产生服务收入的[无法辨识]案例。2024年，我们在改善与整个生态系统中各类合作伙伴的关系方面也做出了重大努力。我相信，这些努力将为我们的长期成功奠定坚实基础。
Looking ahead, we need to be more technology driven and more human centric. On the technology side, the rapid advancement of technologies, particularly AI is set to transform many aspects of work, study and daily life, including reshaping relationships with others, altering organizational structures and changing hiring philosophies, all of which may undergo transformations. As the interactions between people become more increasingly valuable, the sense of genuine services in bordering the interest of our understanding will become even more crucial.
展望未来，我们需要更加依赖技术，更加以人为本。在技术方面，尤其是人工智能的迅速发展将改变工作、学习和日常生活的许多方面，包括重塑人与人之间的关系、改变组织结构和招聘理念，这些都可能发生变革。随着人际互动变得越来越有价值，真正服务于满足我们需求的那种服务感将变得更加至关重要。
可能是这个行业的基石，技术也很重要，但如果没有面对面服务的基石，这个行业的不确定可能会越来越大，成为政府公共服务的一部分都是有可能的。
Addressing the industry current pain points such as the shifting needs of customers for residential purposes, heightened decision making uncertainty and increased expectations for service providers capabilities. We firmly believe that advancements in AI and other technologies will effectively help us tackle these challenges. With these tools, we will be better equipped to understand customers' personalized needs, broaden their knowledge and information available to individuals and comprehensively enhance our service quality. We will apply AI more intensively across both external and internal operations.
针对当前行业面临的痛点，如客户对住宅需求的变化、决策不确定性加剧以及对服务提供者能力的期望提升，我们坚信，人工智能及其他技术的进步将有效帮助我们应对这些挑战。借助这些工具，我们将更好地理解客户的个性化需求，拓宽个人可获得的知识与信息，并全面提升我们的服务质量。我们将在外部和内部运营中更加广泛地应用AI技术。
Supporting services providers in achieving high quality interactions. This approach will enable us to deliver genuine services, while also upgrading the interface through which we provide such services.
支持服务提供者实现高质量互动，这一做法不仅能帮助我们提供真正的服务，还能升级我们提供服务的界面。
On the humanity side, we recognize that we operate within our service industry where the value of empathy, customer care and our commitment to services are paramount with wide technology can facilitate these values. It is essential that each service provider actually embodies the service of self-reliance, self-improvements and self-respect, while providing exemplary support to frontline agents, who in turn take excellent care of customers.
在人文方面，我们认识到，在我们的服务行业中，同理心、客户关怀以及对服务的承诺具有至关重要的价值，而技术的广泛应用能够促进这些价值的实现。每位服务提供者都必须真正体现出自立、自我提升和自尊的服务精神，同时为一线代理商提供模范支持，而他们又会出色地照顾客户。
We can assure our self-worth through customer satisfaction and the recognition of their needs. The virtual cycle translates into projects (ph) that are not only ethical, but also creative. This humanity quality will offer a new dimension to industry evolution and development, making it possible to elevate consumer experience to 10 times better, increase service providers' efficiency 10 folders and enhance the value created by our platform 10 times greater.
我们可以通过客户满意度和对其需求的认可来肯定我们的自我价值。这种虚拟循环转化为不仅合乎道德而且富有创造力的项目（注：ph）。这种以人为本的品质将为行业的演进与发展提供新的维度，使消费者体验提升十倍，服务提供者的效率提高十倍，以及我们平台创造的价值增加十倍。
Thank you. Next, I would like to turn the call over to our CFO, Tao Xu, to review our fourth quarter and fiscal year 2024 financials.
谢谢大家。接下来，我将把会议转交给我们的首席财务官徐涛，来回顾我们2024财年第四季度及全年的财务情况。
Tao Xu
Thank you, Stanley, and thank you, everyone, for joining us. Before we dive into our Q4 performance, I'd like to briefly touch on some updates for the housing market in past year. In 2024, although the annual transaction volume of the new home sales market was estimated to have declined by around 18%. The Chinese growth of the market witnessed a significant recovery in the first quarter, following the stimulus practice policies in September.
谢谢你，斯坦利，也感谢各位的参与。在进入第四季度业绩之前，我想先简要介绍一下过去一年房市的一些最新动态。2024年，尽管新房销售市场的年交易量估计下降了约18%，但受九月份刺激政策的推动，中国市场在第一季度见证了显著的复苏。
According to National Bureau for Statistics, new home sales rose by nearly 30% quarter-over-quarter and achieved a 4% year-on-year growth in fourth quarter. Meanwhile, existing home demonstrates homebuyer preference, which the proportion in total real estate market transaction continues to rise, thanks to a readily available feature, as well as flexible supply and the price adjustment mechanism.
据国家统计局数据显示，新房销售在第四季度环比增长近30%，实现了4%的同比增长。同时，二手房显示出购房者的偏好，其在房地产市场总交易中的比重持续上升，这得益于现成的特色、灵活的供应以及价格调节机制。
According to Beike Research Institute, the proportion of the in-home GTV and total market GTV has risen from 40% in 2023 to 46% in 2024. Following an increase of nearly 50% year-over-year in 2023 as a number of transactions in its new home sales market further grew by more than 10% in 2024. Although, the national transaction price of existing homes still declined year-on-year in 2024, the price rose by only 0.2% sequentially in fourth quarter, indicating a changing trend with the support of the policy aimed at stabilization changes in the market.
根据贝壳研究院的数据，二手房交易总额（GTV）在整个市场中的比重已从2023年的40%上升到2024年的46%。在2023年实现了近50%的同比增长之后，2024年新房销售市场的交易数量进一步增长了超过10%。尽管2024年全国二手房交易价格仍同比下降，但第四季度价格仅环比上升了0.2%，这表明在旨在稳定市场变化的政策支持下，趋势正在发生改变。
Home upgrade demands have become stronger. For solid leasing (ph) home, the average area and the proportion of homes with three bedroom and a bath, both have increased year-over-year in key cities. The opportunities in the market and Beike's positive long-term growth strategy enabled us to continue making the breakthroughs in scale in 2024.
对住宅升级的需求变得更为强烈。对于优质租赁住宅来说，主要城市中住宅的平均面积以及拥有三室一卫的房源比例均实现了同比增长。市场机遇和贝壳积极的长期增长战略使我们在2024年继续实现了规模上的突破。
Our full year revenue reached RMB93.5 billion, up 20.2% year-over-year. Revenue from existing and new home transaction services both grew year-over-year, reflecting our home transaction service solid fundamentals. Our home renovation and furnishing, home rental services, emerging and other services act as a new growth engine with combined revenue rising by 54.2% year-over-year, contributing 33.8% of our total revenue in 2024, up 9.1 percentage points from 2023. In particular, revenue from the renovation and furnishing business was RMB14.8 billion, growing by 36.1% year-over-year and the revenue from our home rental services reached RMB14.3 billion, up 135% year-over-year.
全年总收入达到935亿元人民币，同比增长20.2%。二手房及新房交易服务收入均实现同比增长，反映出我们的房产交易服务具有坚实的基本面。我们的家装及家居、房屋租赁、以及新兴和其他服务作为新的增长引擎，综合收入同比增长54.2%，占2024年总收入的33.8%，比2023年提高了9.1个百分点。尤其是，家装及家居业务收入达到148亿元人民币，同比增长36.1%，而房屋租赁服务收入达到143亿元人民币，同比增长135%。
已实现数字化的企业干什么都行，中介被打压以后能在短时间内把家装和租赁做起来，打压有可能加速了成长。
While achieving breakthrough in scale, we also continuously increase our investment in improving the service quality, infrastructure and researching and developing advanced technologies. We believe these efforts will lay a solid foundation for our long term development and continue to yield returns going forward.
在实现规模突破的同时，我们也不断增加在提升服务质量、基础设施建设以及研发先进技术方面的投资。我们相信，这些努力将为我们的长期发展奠定坚实基础，并持续带来回报。
In 2024, our gross margin was 24.6%, and our adjusted operating expense ratio was 70.7% with an adjusted operating margin of 7.4% for the year. Our adjusted net margin reached 7.7%, bringing our full year adjusted net income to RMB7.21 billion. Earnings quality improved as well. Our net operating cash inflow in 2024 was RMB9.4 billion, 1.3 times of our adjusted net income for the year, and the DSO fell by three days year-over-year to 42 days.
2024年，我们的毛利率为24.6%，全年调整后的营业费用率为70.7%，调整后营业利润率为7.4%。调整后的净利率达到7.7%，使全年调整后净利润达到72.1亿元人民币。盈利质量也有所提升。2024年净经营现金流为94亿元人民币，是全年调整后净利润的1.3倍，同时应收账款天数同比减少3天，降至42天。
Turning to our financial performance in Q4. Our total GTV was RMB1,143.8 billion, representing a year-over-year increase of 55.5%. Net revenue reached RMB31.1 billion, up 54.1% year-over-year. Gross margin declined by 2.4 percentage points year-over-year to 23%. GAAP net income was RMB575 million, showing a year-over-year decrease of 13.8%. Net GAAP net income reached RMB1.34 billion, reflecting a year-over-year decrease of 21.6%.
接下来谈谈第四季度的财务表现。第四季度总交易额（GTV）为1,143.8亿元人民币，同比增长55.5%。净收入达到311亿元人民币，同比增长54.1%。毛利率同比下降2.4个百分点至23%。按照美国通用会计准则（GAAP）计算的净利润为5.75亿元人民币，同比下降13.8%。净GAAP净利润为13.4亿元人民币，同比下降21.6%。
Looking at our housing transaction services. Revenue from in-home transactions reached RMB8.9 billion in Q4, up 47.5% year-over-year and 43.5% quarter-over-quarter. GTV was RMB744.8 billion, rising by 59.1% year-over-year and 55.9% quarter-over-quarter. GTV growth surpassed revenue year-over-year, largely as a result of downsizing of value added services for the homeowners.
来看我们的房产交易服务。第四季度，二手房交易收入达到89亿元人民币，同比增长47.5%，环比增长43.5%。交易总额为7448亿元人民币，同比增长59.1%，环比增长55.9%。GTV的增长超过了收入的增长，主要是由于对房主增值服务的缩减所致。
GTV outperformed revenue sequentially, mainly due to the structure change that is the revenue share of the rental booking service declined due to the seasonality. The contribution margin from both existing home transaction services was 40.4% in Q4, representing a decline of 4.1 percentage points year-over-year, primarily due to the increase in labor cost related to our efforts to improve agents' welfare and a decline of 0.6 percentage points quarter-over-quarter, mainly resulting from the strategic initiatives that increased agents' incentive and variable costs.
GTV环比增速超过收入，主要原因是租赁预订服务的收入份额因季节性因素而下降。第四季度，二手房交易服务的贡献率为40.4%，同比下降4.1个百分点，主要由于我们为改善经纪人福利所增加的劳动力成本；环比下降0.6个百分点，主要是由于战略举措增加了经纪人的激励和可变成本。
In terms of the new home transaction services, we significantly outperformed the market across various metrics. CRIC shows that the sales from the top 100 developers were relatively stable year-over-year and increased by around 60% sequentially in Q4. In comparison, our new home GTV reached RMB355.3 billion in Q4, up 49.3% year-over-year and 56.2% quarter-over-quarter, consistently and significantly outperforming the industry. This was mainly due to the deepening of our collaboration with developers as well as our robust and finely tuned operational capability.
在新房交易服务方面，我们在多个指标上显著优于市场。CRIC数据显示，前100家开发商的销售额保持相对稳定，同比持平，并在第四季度环比增长约60%。相比之下，我们的新房交易总额在第四季度达到3553亿元人民币，同比增长49.3%，环比增长56.2%，持续且显著地超越行业水平。这主要得益于我们与开发商合作的深化以及我们强大且精准的运营能力。
Revenue from new home transaction was RMB13.1 billion in Q4, rising by 72.7% year-over-year and 69.2% from the previous quarter. Revenue outperformed GTV both year-over-year and sequentially. But again, demonstrating our strong and steady monetization capabilities in new home transactions. The contribution market from the new home transaction services grew by 0.8 percentage points year-over-year to 25.6%, largely resulting from the strategic increase in variable commissions as we placed a great emphasis on building a harmonious ecosystem and delivering better rewards to the agent. Sequentially, the new home contribution margin grew by 0.9 percentage points. Such leverage we gained from the revenue growth. In Q4, SOE developers contributed 58% of our new home sales revenue.
第四季度，新房交易收入达到131亿元人民币，同比增长72.7%，环比增长69.2%。收入同比及环比均超越了GTV，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0.8个百分点至25.6%，这主要源于战略性提高可变佣金，我们非常重视构建和谐生态系统并向经纪人提供更好回报。环比来看，新房贡献率增长了0.9个百分点。这种杠杆效应得益于收入增长。第四季度，国企开发商贡献了我们新房销售收入的58%。
Revenue from the home renovation and furnishing. Home rental services, emerging and other services grew by 38.7% year-over-year in Q4, amounting for 29.3% of total revenue. The contribution profit of [indiscernible] accounted for 24.3% of our total gross profit. Our home renovation and furnishing business maintained steady growth. In Q4, contracted sales reached RMB5.3 billion, up 34.7% year-over-year. Revenue reached RMB4.1 billion, increasing 12.8% year-over-year. Our contracted sales growth rate outpaced our revenue growth rate driven by a sharp increase in concrete sales with the real market recovering this Q4.
家装及家居、房屋租赁、新兴及其他服务在第四季度同比增长38.7%，占总收入的29.3%。[无法辨识]的贡献利润占我们总毛利润的24.3%。我们的家装及家居业务保持稳定增长。第四季度，签约销售额达到53亿元人民币，同比增长34.7%。收入达到41亿元人民币，同比增长12.8%。由于实体市场在第四季度回暖，混凝土销售大幅增加，导致签约销售增长率超过了收入增长率。
While revenue recognition lagged behind, the contribution market for the home renovation and furnishing business reached 29.8%, up 1.9 percentage points year-over-year led by gross margin improvement in our furniture and home furnishing retail. Sequentially, the contribution market for the home renovation and furnishing business declined 1.5%, mainly due to the decline in the proportion of higher margin home renovation revenues.
尽管收入确认滞后，但家装及家居业务的贡献率达到了29.8%，同比上升1.9个百分点，这主要得益于我们家具及家居零售毛利率的改善。环比来看，家装及家居业务的贡献率下降了1.5%，主要原因是高毛利家装收入所占比例的下降。
Contracted sales of furniture and housing furnishing retail, which are not included in our home renovation package, reached RMB1.7 billion in Q4, making up approximately 31.7% of the total contracted sales, an improvement of 4.2 percentage points from the same period of 2023. Our home rental services business continued to grow at an accelerated pace in Q4, as revenue reached RMB4.6 billion, up 108.7% year-over-year, benefiting from the rapid growth in the number of rental units under management.
第四季度，不包含在家装套餐中的家具及家居零售签约销售额达到17亿元人民币，约占总签约销售额的31.7%，较2023年同期提升了4.2个百分点。我们的房屋租赁服务业务在第四季度继续加速增长，收入达到46亿元人民币，同比增长108.7%，得益于管理租赁单元数量的迅速增长。
By end of Q4, the number of the rental units under management exceeded 430,000 compared with over 200,000 in the same period of 2023. The contribution market for home rental services are relatively stable at 4.6% compared with the previous quarter. In Q4, our revenue from emerging and other services decreased by 41.1% year-over-year and 9.9% quarter-over-quarter to RMB439 million.
截至第四季度末，管理的租赁单元数量超过430,000套，而2023年同期为20多万套。房屋租赁服务的贡献率与上一季度相比相对稳定，为4.6%。第四季度，我们的新兴及其他服务收入同比下降41.1%，环比下降9.9%，至4.39亿元人民币。
Next, let's move on to our other costs and expenses in Q4. Our store cost reached RMB786 million, remaining generally stable year-over-year and growing by 11.8% quarter-over-quarter. This quarter-over-quarter increase was mainly due to the increase in the cost associated with the store renovations and maintenance. Other cost were RMB747 million, up 36.3% year-over-year, and 48.8% quarter-over-quarter, primarily driven by the increase in tax and surcharges, financial services reserves (ph) and credit losses.
接下来，我们来看第四季度的其他成本和费用。第四季度，门店成本达到7.86亿元人民币，同比总体保持稳定，环比增长11.8%。这一环比增长主要归因于门店装修和维护相关成本的增加。其他成本为7.47亿元人民币，同比增长36.3%，环比增长48.8%，主要受到税费、金融服务准备金（注：ph）和信用损失增加的影响。
Gross profit rose by 39.4% year-over-year to RMB7.2 billion. Gross margin was 23%, down 2.4 percentage points year-over-year. The primary reason for the decline was a year-over-year decrease in contribution margins from emerging and other services and its in-home transaction services. This was partially offset by stronger leverage from the relatively stable store cost and increased total revenue. Gross margin climbed by 0.3 percentage points sequentially in Q4, mainly due to the increased contribution margin from the new home transaction services.
毛利润同比增长39.4%，达到72亿元人民币。毛利率为23%，同比下降2.4个百分点。下降的主要原因是新兴及其他服务和二手房交易服务的贡献率同比下降，部分被相对稳定的门店成本和增加的总收入带来的杠杆效应所抵消。第四季度毛利率环比上升了0.3个百分点，主要得益于新房交易服务贡献率的提升。
In Q4, our GAAP operating expenses totaled RMB6.2 billion, up 15.8% year-over-year and 39.7% sequentially. G&A expenses were RMB3 billion, increasing 11.8% year-over-year due to the increase of the personnel expenses. G&A expense by 55.8% quarter-over-quarter, mainly due to the high personnel expenses and the increased by the provision.
第四季度，按照GAAP计算的营业费用总计为62亿元人民币，同比上涨15.8%，环比上涨39.7%。管理与一般费用（G&A）为30亿元人民币，由于人员费用增加，同比上涨11.8%；环比上涨55.8%，主要是由于人员费用较高以及拨备增加所致。
Sales and marketing expenses increased by 12.7% year-over-year to RMB2.3 billion as the increase in sales and marketing expenses for home renovation and furniture business. Quarter-over-quarter, sales and marketing expenses rose by 21.2%, mainly due to the growth in marketing expenses for housing transaction services and the increase in the personnel expenses.
销售和市场费用同比增长12.7%，达到23亿元人民币，这主要归因于家装及家居业务的销售和市场费用增加。环比来看，销售和市场费用上涨了21.2%，主要由于房产交易服务市场营销费用的增长以及人员费用的增加。
Our R&D expenses were RMB739 million, up 38.4% year-over-year and 28.9% sequentially, primarily attributable to the increase in R&D for our housing transaction services and increased investments in some pioneer research projects.
我们的研发费用为7.39亿元人民币，同比上涨38.4%，环比上涨28.9%，主要归因于房产交易服务研发费用的增加以及对一些前沿研究项目的投资加大。
In terms of the profitability, GAAP income from operations totaled RMB1 billion in Q4, turning positive from a loss in the same period of last year, an increase of 39.1% sequentially. GAAP operating margin was 3.2%, increasing 4.1 percentage points from Q4 2023 and remaining flat sequentially.
在盈利方面，第四季度GAAP营业利润总计达到10亿元人民币，从去年同期亏损转为正数，环比增长39.1%。GAAP营业利润率为3.2%，较2023年第四季度提高4.1个百分点，环比保持不变。
Non-GAAP income from operations totaled RMB1.8 billion, growing 105.1% from the same period of last year and increasing 28.7% quarter-over-quarter. Non-GAAP operating margin reached 5.6%, up 1.4 percentage points from Q4 2023 due to the decrease of our operating expenses year-over-year and down 0.4 percentage points from Q3 2024, attributable to the increase of operating expenses quarter-over-quarter.
非GAAP营业利润总计为18亿元人民币，同比增长105.1%，环比增长28.7%。非GAAP营业利润率达到5.6%，较2023年第四季度提升1.4个百分点，主要得益于营业费用的同比下降，但较2024年第三季度下降0.4个百分点，这归因于营业费用的环比增加。
GAAP net income totaled RMB578 million in Q4, decreasing 13.8% year-over-year and 50.5% quarter-over-quarter. Non-GAAP net income was RMB1.34 billion, down 21.6% year-over-year and 24.6% quarter-over-quarter.
第四季度，GAAP净利润总计为5.78亿元人民币，同比下降13.8%，环比下降50.5%。非GAAP净利润为13.4亿元人民币，同比下降21.6%，环比下降24.6%。
Moving to our cash flow and balance sheet. Net operating cash inflow was only RMB5.2 billion in Q4. The new home DSO was 34 days in Q4, which is a testament to our effective risk management. On top of approximately $132 million allocated to the share repurchase during Q4, our total cash liquidity remain at a high level of RMB78.7 billion, which excludes customer deposit payable.
接下来谈谈我们的现金流和资产负债表。第四季度净经营现金流仅为52亿元人民币。第四季度新房应收账款天数（DSO）为34天，这证明了我们有效的风险管理。再加上第四季度大约1.32亿美元用于股票回购，我们的总现金流动性保持在787亿元人民币的高水平（不包括客户存款应付款）。
With our robust cash reserves, we continue to reward our shareholders, who have grown reserves through active share buyback, enhancing capital operating efficiency and sharing the benefit of our development with investors. In 2024, we repurchased around $760 million worth of shares, which accounts for around 3.9% of the company's total share outstanding at the end of 2023.
凭借雄厚的现金储备，我们持续回馈股东，通过积极回购股票增加储备，提高资本运作效率，并与投资者共享我们的发展红利。2024年，我们回购了约7.6亿美元的股票，这约占2023年末公司总流通股的3.9%。
We have consistently delivered our promise to reward shareholders. Since the launch of our share repurchase program in September 2022, we have repurchased roughly $1.63 billion in shares at the end of 2024, accounting for about 8.6% of total company shares of spending before program began.
我们始终兑现回馈股东的承诺。自2022年9月启动股票回购计划以来，截至2024年底，我们已回购约16.3亿美元的股票，占计划启动前公司总股份的约8.6%。
2022年销售收入第1次大幅度下滑立即着手回购，对自己是有信心的。
Building our commitment to shareholder returns, we are pleased to announce that our Board approved a final cash dividend for 2024 of $0.12 per ordinary share or $0.36 per ADS to ordinary shareholders and ADS holders of record as of April 9, 2025. The total expected dividend payment will be approximately $0.4 billion and will be funded for our surplus cash on our balance sheet.
秉持对股东回报的承诺，我们很高兴宣布，董事会已批准2024年终现金股息，每普通股派发0.12美元，或每份美国存托股派发0.36美元，记录日为2025年4月9日。预计总股息支付额约为4亿美元，将由资产负债表上的剩余现金支付。
With this, our total shareholder returns for 2024 will significantly exceeded our net income, representing around 130% of our net income of the year. We intend to provide shareholders with comprehensive returns in the long term, proactive and stable manner, aiming to share the value we create together with our long-term shareholders.
由此，我们2024年的股东总回报将显著超过净收入，约为全年净收入的130%。我们计划以主动且稳定的方式，为股东提供长期综合回报，旨在与长期股东共同分享我们创造的价值。
As we advance through 2025, our financial strategy will accelerate value creation through three imperatives. First, ensure we make effective capital allocation to drive investment to one body, three wings strategy initiatives and the technology advancement and drive sustainable growth. Second, better deploy quality to drive high financial and risk management efficiency. Third, deliver consistent and sustainable returns to our shareholders, ensuring that our growth translate into tangible value to those who invest in our vision.
展望2025年，我们的财务策略将通过三大核心要求加速价值创造。第一，确保有效的资本配置，将投资引向“一体三翼”战略举措和技术进步，推动可持续增长；第二，更好地部署优质资产，提升高效的财务及风险管理；第三，为股东提供持续而稳定的回报，确保我们的增长转化为投资者可感知的实际价值。
This is how we manage the durability. We'll make sure the money will return to gets us filtered through this framework. It will simultaneously give innovation engines, harden competitive [indiscernible] and the compound value to all of our shareholders.
这就是我们管理持久力的方式。我们将确保资金按照这一框架得到合理配置，同时激发创新引擎，强化竞争优势[无法辨识]，并为所有股东创造复合价值。
This concludes my prepared remarks for today. Operator, we are ready to take questions. Thank you.
以上就是我今天的全部准备发言。运营人员，我们现在准备接受提问。谢谢大家。
Question-and-Answer Session
OperatorOperator
运营人员
Thank you. [Operator Instructions] Your first question comes from Jizhou Dong with Nomura. Please go ahead.
谢谢。[运营人员指示] 您的第一个问题来自野村的董纪舟。请开始提问。
Jizhou Dong
董纪舟
Many thanks, Management, for taking my question. My question is about the utilization of the technology for Beike. So just now, Stanley has mentioned that Beike is able to empower its off-line stores and increase its operational efficiency through technology tools such as AI property, consultant property, sourcing assistant, etc. So can I ask, is the management considering further introducing or collaborating with advanced AI large models such as DeepSeek to enhance and optimize the business operations of the company. Like, for example, how can AI be leveraged across the different business areas such as home renovation, property recommendations and customer services to further increase the user experiences? Thank you.
非常感谢管理层接受我的提问。我的问题是关于贝壳技术应用的情况。刚才斯坦利提到，贝壳能够通过诸如AI房产、顾问房产、采购助手等技术工具赋能线下门店并提升运营效率。那么，我想问，管理层是否考虑进一步引入或与先进的AI大型模型（如DeepSeek）合作，以增强和优化公司的业务运营？例如，在家装、房产推荐和客户服务等不同业务领域中，如何利用AI进一步提升用户体验？谢谢。
Stanley Peng
彭斯坦利
Okay. Thank you for the question. For how AI might impact our industry by enhancing efficiency and user experience. We can think about this from three perspectives. The first is, the service side; and the second is, supply side; and the third is, the platform side. From consumers service perspective, buying and selling real estate has become more challenging for today's clients due to increased uncertainty and risk in decision making. As a result, clients need access to data, knowledge, know-how and what we are now referring to as intelligence. AI can effectively address this issue customer face, leading us to conclude that AI can significantly optimize the customer experience and greatly improve the quality of service on the demand side.
好的，谢谢您的提问。关于AI如何通过提升效率和用户体验来影响我们的行业，我们可以从三个角度来考虑。第一是服务端；第二是供应端；第三是平台端。从消费者服务的角度来看，由于决策的不确定性和风险增加，现今客户在买卖房地产方面面临的挑战更多。因此，客户需要获取数据、知识、专业技能以及我们现在所称的智能。AI能够有效解决客户面临的问题，这使我们得出结论：AI可以显著优化客户体验，并大幅提升需求端服务的质量。
And secondly, from the supply side perspective, we believe that AI will enhance the capabilities of skills, agents and accelerate the industry focus on high quality supply. For our third one, from platform perspective, AI provide platforms with more opportunity to address efficiency changes through innovation. We often emphasize that important elements of the industry are quality, scale and efficiency. Historically, our strategies, through authentic property listing, building housing, kitchen resources, standardization and our platform model have resolved quality issues on the services side. We also tackle challenges of scalability on the supply side through adoption of platform business model.
其次，从供应端角度来看，我们认为AI将提升技能与经纪人的能力，并加速行业对高质量供给的重视。第三，从平台角度来看，AI为平台提供了更多通过创新应对效率变化的机会。我们经常强调，行业的重要因素包括质量、规模和效率。历史上，我们通过真实房源列表、建房、厨房资源、标准化以及我们的平台模式解决了服务端的质量问题，同时也通过采用平台商业模式应对供应端的规模挑战。
However, the industry most significant changes remain efficiency. If efficiency issues are not resolved, the profitability will also be a challenge. The emergence of AI can be seen as a production factor integrated into the value chain, potentially having us tackle quality and scale problems while also addressing efficiency challenges. This can create new opportunities for the entire platform and increase its value. So given this conclusion, we place great importance on the capabilities and the potential of AI and we have initial series explorations. We have integrated our own residential industry data with advanced foundational model to develop our large language model, chat home, and our image and large model, dream home, we are iterating on these models and explaining our ideal capabilities to support a variety of applications.
然而，行业中最显著的变化依然在于效率。如果效率问题得不到解决，盈利能力也将面临挑战。AI的出现可视为融入价值链的一种生产要素，既可能帮助我们解决质量和规模问题，同时也应对效率挑战。这将为整个平台创造新机会并提升其价值。基于这一结论，我们非常重视AI的能力和潜力，并已进行初步系列探索。我们将自身住宅行业数据与先进基础模型相结合，开发了自然语言大模型“chat home”和图像大模型“dream home”，并在不断迭代这些模型，展现我们理想中的支持多种应用的能力。
Here are a few examples of the application I can show for you. For the customers, we are currently conducting grade box testing for putting AI-powered home syncing assistant built on DeepSeek [indiscernible] and our own [indiscernible] we have plans to open for trial in March. This 24/7 home syncing AI assistant combined deep industry enterprise with rapid, accurate understanding of our user demand and ability to customize real-time solutions. It will help users to overcome the initial challenges of high early-stage decision making costs in home searching, while also having an agent clarify client needs and improve operation efficiency.
这里我可以给大家展示几个应用实例。对于客户来说，我们目前正在进行分级箱测试，测试一款基于DeepSeek（[无法辨识]）以及我们自主研发（[无法辨识]）的AI驱动家庭同步助手，我们计划于三月开放试用。这款全天候家庭同步AI助手结合了深厚的行业背景，能够快速、准确地理解用户需求并定制实时解决方案，它将帮助用户克服在房屋搜索中初期阶段高昂的决策成本，同时让经纪人更清楚地识别客户需求并提升运营效率。
In the real CVR home code scenario through the combination of the high precision imaging of the new generation of [indiscernible] P4 camera and the DeepSeek driven intelligence model, we can leverage a more refined special understanding capabilities and enhance the intelligence and assessment ability for houses and improve the user experiences in VR home selection and home tour. And for the business partners, we have built a comprehensive solutions, for example, for property agents. We have conducted grade box (ph) testing for AI systems, like, AI property selector and AI property lifting maintenance assistance in several cities.
在真实的CVR家庭场景中，通过新一代[无法辨识] P4相机的高精度成像与DeepSeek驱动的智能模型相结合，我们能够利用更精细的专门理解能力，提升对房屋的智能评估能力，并改善用户在VR看房和房屋导览中的体验。对于业务合作伙伴来说，我们构建了综合解决方案，例如针对房产经纪人，我们在多个城市对AI系统进行了分级箱（ph）测试，如AI房产选择器和AI房产提升维护助手。
We have also launched AI powered tools that AI marketing assistant and [indiscernible] training camp to enhance agent capabilities in client acquisition, demand identification and personalized solutions for home renovation and furnishing businesses. We have implemented [indiscernible], the AI design tools that can automatically generate design plans for marketing videos, and we have our self-developed Beam (ph) system with AI-driven delivery management. We also have our cloud-based intelligence construction system that can carry our AI to make construction management monitoring. They are intelligent inspection and acceptance tools, creating an almost fully AI embedded digital loop.
我们还推出了由AI驱动的工具，如AI营销助手和[无法辨识]训练营，以提升经纪人在客户获取、需求识别及为家装和家居业务提供个性化解决方案方面的能力。我们实施了[无法辨识]这款AI设计工具，能够自动生成营销视频的设计方案，同时我们还有自主研发的Beam（ph）系统，通过AI驱动进行交付管理。我们还拥有基于云的智能建设系统，能够利用AI进行施工管理监控。这些都是智能检测和验收工具，构建了几乎完全嵌入AI的数字闭环。
For organizational efficiency, we have deployed five digital AI agents, including [indiscernible], achieving efficiency breakthroughs in areas such as business and analysis and operational strategy support. Let me also share some results of these applications. One -- the first, our AI property services management -- manager already automatically handle 60% of rental property owner management have passed during the testing. The second digital AI engines like [indiscernible] business analyzed 75% of their time and nearly 20% of time for operational strategy teams. The third AI programming tools also assist in generating 30% of our R&D tools.
在提升组织效率方面，我们已部署五个数字化AI代理，包括[无法辨识]，在业务分析和运营战略支持等领域实现了效率突破。让我分享一些这些应用的成果：首先，我们的AI房产服务管理系统在测试中已能自动处理60%的租赁房产业主管理；其次，类似[无法辨识]的数字AI引擎在业务分析中占用了75%的时间，经运营战略团队使用近20%的时间；第三，AI编程工具也辅助生成了我们30%的研发工具。
For 2025, we plan to increase our AI investment to further strengthen the foundational capabilities of our model data and solutions while accelerating interactive applications, research and development. These steps will make our various AI assistance model and further promote AI integration and AI native innovation capabilities throughout the organization. Finally, AI facilitates a more efficient flow of information and knowledge, which will speed up the end of old model that rely on scale to explore information gaps. We must also break our reliance on scale.
对于2025年，我们计划增加AI投资，进一步加强模型数据和解决方案的基础能力，同时加速互动应用及研发步伐。这些措施将完善我们的各类AI辅助模型，并进一步推动整个组织内的AI整合及原生创新能力。最后，AI能够促进信息和知识的更高效流动，这将加速淘汰依赖规模来弥补信息缺口的旧模式。我们还必须打破对规模的依赖。
On the other hand, AI achievements make it possible for us to enter a new era. We are far from where we need to be with the developments and our advantages lies in years of accumulated industry data assets, intensive application scenarios, and business validation development in the earliest strategic planning in the industry. In the future, we will continually expand AI's role in deeply reshaping the entire residential service process. We believe this is [indiscernible] and architect of the residential industry digital infrastructure and crucial to creating long-term value for the industry. That’s my answer. Thank you.
另一方面，AI的成就使我们有可能迈入一个全新时代。我们在技术发展上还有很长的路要走，而我们的优势在于多年累积的行业数据资产、丰富的应用场景以及在行业最早战略规划中经过业务验证的发展。未来，我们将不断扩大AI在深度重塑整个住宅服务流程中的作用。我们相信这[无法辨识]是住宅行业数字基础设施的构建者，对于创造行业长期价值至关重要。这就是我的回答，谢谢。
非常强的管理能力。
Operator
运营人员
Thank you. Your next question comes from Timothy Zhao with Goldman Sachs. Please go ahead.
谢谢。您的下一个问题来自高盛的赵蒂莫西。请开始提问。
Timothy Zhao
赵蒂莫西
[Foreign Language]
【外语原文】
[Interpreted] Thank you management for taking my question. My question is regarding the property market outlook as we have seen a pretty strong rebound of the property market since last September. Just wondering, if management can share any insights on the recovery sustainability history regarding the trend year-to-date and how the management team think about the market outlook for this year and are we going to turn more optimistic about the market? Thank you.
【口译】感谢管理层接受我的提问。我的问题是关于房地产市场前景的，因为自去年九月以来我们已经看到房地产市场出现了相当强劲的反弹。请问管理层能否分享一下今年迄今为止市场回暖趋势的可持续性历史，以及管理团队对今年市场前景的看法，我们是否会对市场变得更乐观？谢谢。
Tao Xu
徐涛
Thank you, Timothy. In 2024, the market saw many changes. This can be summarized on presented policy stimulus, new positive stimulus in Q4 and accelerated structure change. Let's look at this change in more detail. On positive front, 2024 has seen a stronger than expected positive impact, particularly the central government had the policy pillars (ph) September 26, for stabilized the property market with more in hand systematic and swiftly implement measures before being rolled out. This policy efforts brought market resilience.
谢谢，蒂莫西。2024年，市场经历了诸多变化，这些变化可以归结为政策刺激的推出、第四季度新正向刺激以及加速的结构性变革。让我们更详细地看看这些变化。在正面方面，2024年呈现出超出预期的正面影响，尤其是中央政府在9月26日推出了政策支柱（注：ph），以更系统、更迅速地实施措施来稳定房地产市场，这些政策措施增强了市场的韧性。
In 2024, the in-home market nationwide, so decreased price for the increase in volume. According to estimates from the Beike Research Institute, in 2024, the number of in-home transaction unit in China rose by around 15% year-over-year, while total GTV grew by around 2% due to the price factors, particularly with the release of this new parts on September 26, the transaction recovered quickly. In Q4, this in-home GTV on our platform rose around 60% year-over-year, making a stronger and a most sustained rebound than ever before.
2024年，全国二手房市场因价格下调而推动交易量上升。据贝壳研究院估计，2024年中国二手房交易单元数量同比增长约15%，而由于价格因素，总交易额（GTV）仅增长约2%；尤其是受9月26日新政策的影响，交易迅速恢复。在第四季度，我们平台上的二手房交易总额同比上涨约60%，实现了比以往更强劲、更持久的反弹。
Also the price stabilized somewhat, picking up 0.2% in December compared to September, making the fourth quarter increase in nearly two years. For -- in 2024, the new home market nationwide continued to face challenges. According to the official data, national new home sales declined by 18%, whilst the new home GTV of CRIC’s top 100 developers dropped by 28% in 2024. However, a robust rebound in the new home GTV during Q4 helped foster the market throughout the year.
此外，房价有所稳定，从九月到十二月上涨了0.2%，使得第四季度房价创下近两年来的增幅。对于——2024年，全国新房市场依然面临挑战。根据官方数据，全国新房销售下降了18%，而CRIC前100家开发商的新房交易总额下降了28%。不过，第四季度新房交易总额的强劲反弹推动了全年市场的发展。
Regarding the transaction structure, it is increasingly dominated by existing home. In 2024, the proportion of the existing home GTV nationwide increased to 46%, up 5 percentage points compared to the year of 2023. Notably, this percentage exceeded 50% in top – in user 30 top tier cities. This was mainly due to the rapid decline in GTV home prices, which made it more attractive to home buyer. Meanwhile, regularly available existing homes have diverted demand away from the new home.
关于交易结构，二手房交易的比重日益占主导地位。2024年，全国二手房交易总额的比例上升至46%，比2023年提高了5个百分点。值得注意的是，在30个一线及顶级城市中，这一比例甚至超过了50%。这主要是由于二手房交易价格迅速下降，使其对购房者更具吸引力；同时，现成的二手房供应也分流了对新房的需求。
On the demand mix, the rise of nearly new existing homes met increased demand of home upgrades, which is the largest segment of buyers. According to Beike transaction data, the percentage of in-home sales from -- with three bedrooms and a bath grew from 40% in 2020 to 55% in 2024. The proportion of nearly new homes built with the last 10 years jumped from 27% in 2020 to 43% in 2024.
在需求结构方面，近新二手房的上升满足了对住宅升级的需求，这也是购房者中最大的一个细分市场。根据贝壳的交易数据，三室一卫的二手房销售比例从2020年的40%上升到2024年的55%；过去10年建成的近新房比例则从2020年的27%跃升至2024年的43%。
Regarding the recent market updates, let me talk about in-home market first. Based on our platform data, the existing home market has sustained the momentum with the transaction volume rebounded mostly expanded after Chinese New Year. To specifically look at the in-home transaction volume, during the four weeks following the Spring Festival, the transaction volume of its in-home rose by around 40% year-over-year, among which, the Tier 1 cities grew by 50%, while Tier 2 cities such as Chengdu, Ningbo and Xinjin also had a robust growth.
关于近期市场更新，首先谈谈二手房市场。根据我们平台的数据，二手房市场保持了势头，春节后交易量大幅反弹。具体来看，春节后四周内，二手房交易量同比增长约40%，其中一线城市增长了50%，而成都、宁波、新津等二线城市也实现了强劲增长。
Notably, the big weekly in transaction volume surpassed the October high following the September 26 policy stimulus, reaching the highest level since March 2023, where the market's peers pent up demand truly rebound. Overall, the market follows the seasonal trends with the momentum starting to moderate in the fourth week of the Spring Festival, while decline was marginal, sustaining a high level.
值得注意的是，受9月26日政策刺激影响后，单周二手房交易量超过了10月的高点，达到自2023年3月以来的最高水平，表明市场同业被积压的需求真正反弹。总体而言，市场遵循季节性趋势，春节第四周势头开始趋缓，但降幅有限，仍保持在较高水平。
Regarding the home prices, in February, this in-home prices slightly decreased by 0.4 percentage month-over-month with the -- between the notable smaller average month decline in 2024. We can refer to Beike’s sentiment index, which we compiled based on the proportion of price increase adjustments of among all listing price adjustments made by homeowners. The impact rebounded rapidly in October last year. After reaching a low point during Spring Festival, it has been gradually recovered with fourth tier cities, showing relatively higher sentiment levels and [indiscernible] exceeding 15%.
关于房价，2024年2月二手房价格环比小幅下降了0.4%，这一降幅显著低于往月平均水平。我们可以参考贝壳情绪指数，该指数基于房主所有挂牌价调整中价格上涨调整的比例编制。去年10月，该指数迅速反弹；经历春节低点后，逐步回升，部分四线城市的情绪指数较高，[无法辨识]超过15%。
New home market recovered a mile today in a traditional off season. During the four weeks after holidays, new home subscriptions increased over 10% year-over-year. Price wise, the new home price did stabilized sequentially in September.
新房市场在传统淡季中今天出现了明显回暖。在假日后的四周内，新房认购同比增长超过10%。在价格方面，新房价格在九月环比稳定。
Regarding the market outlook in the year of 2025, we believe the market may start to bulge in March, in 2025. In our view, the prerequisite of overall market stabilization is achieving stability in its new home price. According to our survey, insufficient confidence in housing price expectations is the biggest obstacle preventing people from purchasing homes.
对于2025年的市场前景，我们认为市场可能会在2025年3月开始回升。我们认为，整个市场稳定的前提是新房价格的稳定。根据我们的调查，对房价预期信心不足是阻碍人们购房的最大障碍。
We believe the stabilization of its new home price depends on two factors. First, a balanced supply and demand dynamic with healthy market liquidity. Second, improve the homeowners' confidence with less people cutting prices steeply due to the urgent sales. The Beike Sentiment Index as a leading indicator will be useful tool in this regard. The index above 20 for at least six months would demonstrate a market consensus on the price stabilization.
我们认为，新房价格的稳定依赖于两个因素。第一，供需平衡和健康的市场流动性；第二，提高房主的信心，使得因急售而大幅降价的人减少。贝壳情绪指数作为领先指标将是一个有用的工具，当该指数连续六个月维持在20以上时，就表明市场对价格稳定已达成共识。
The further policy refinement will stimulate home buyers demand, driving transaction volume recovery. In some cities, the market will shifting from price hard for volume to increased transactions with stable prices. Our recent survey indicates that proportion of buyers planning home purchases within the year has risen to a two years high. This reflects stronger market confidence in short-term. We will continue to monitor home viewing activity and the transaction volume as the key indicators.
进一步的政策优化将刺激购房者需求，推动交易量回升。在一些城市，市场将从“价格难求”转变为“交易量提升且价格稳定”。我们最近的调查显示，计划在一年内购房的买家比例已上升到两年来的新高，这反映出短期内市场信心更为强劲。我们将继续关注看房活动和交易量作为关键指标。
At last, stable existing home price will also help stabilized the price of new homes, coupled with the policy optimizing new home supply and housing repurchase program, this will support new home sales and investment recovery, helping to restore developers investments and development capability. Achieving this stabilization chain will require more conventional countercyclical policies in the macroeconomy and the real estate sector to restore the consumers' confidence and expectations.
最后，稳定的二手房价格也将有助于新房价格的稳定，加上优化新房供应的政策和住房回购计划，将支持新房销售和投资回暖，帮助恢复开发商的投资和开发能力。要实现这一稳定链条，需要更多宏观经济和房地产领域的常规逆周期政策，以重建消费者信心和预期。
In a neutral scenario, we expect the existing home market to realize a modest recovery in 2025, while the new home market adjustments may continue due to some complexity of the risks, but its year-over-year decline may narrow. Meanwhile, we expect further structural divergence in the housing transaction in 2025, reinforcing the dominance of this new homes. In particular, larger, relatively new secondary new home that meet buyers' home upgrade needs will become top choices. The new home market will accelerate the supply-side innovation, offering upgraded products that match the evolving demand. Thank you.
在中性情景下，我们预计2025年二手房市场将实现适度回暖，而新房市场可能仍面临调整，因风险复杂性可能持续存在，但其同比下降幅度将会缩小。同时，我们预计2025年房地产交易将出现进一步的结构性分化，强化二手房的主导地位。特别是，面积更大、较新的二手房能更好地满足买家升级居住需求，将成为首选。新房市场将加速供应侧创新，提供符合不断变化需求的升级产品。谢谢。
Operator
运营人员
Thank you. Your next question comes from Griffin Chan with Citi. Please go ahead.
谢谢。您的下一个问题来自花旗的Griffin Chan。请开始提问。
Griffin Chan
Griffin Chan
[Foreign Language]
【外语原文】
[Interpreted] Yeah. I'm going to translate my questions. So it's about the agency business, the number of agents in store on Beike platform continues to grow. The company has made a lot of effort and investment, and it is quite aggressive. What kind of growth have the company achieved in the year of 2024 with such investment? And for the year of 2025, will Beike follow the same part for growth or will we consider some other like AI improving the efficiency as well as having a higher growth? Thank you.
【口译】好的，我将翻译我的问题。问题是关于经纪业务，贝壳平台上门店内经纪人的数量持续增长。公司在这方面投入了大量精力和资金，且策略相当激进。请问公司在2024年通过这项投资实现了怎样的增长？而对于2025年，贝壳是否会继续依靠这种增长方式，还是会考虑引入诸如AI提升效率从而实现更高增长的其他方案？谢谢。
Tao Xu
徐涛
Thank you, Griffin. In 2024, the main focus of the housing transaction services were promoting growth and optimizing the ecosystem. With that demand, we achieved a remarkable growth in our performance, demonstrating our ability to continuously outperform the market. Our success also helps agent and store owners in our platform partially offset the impact of market transactions.
谢谢，Griffin。2024年，房产交易服务的主要重点是推动增长和优化生态系统。基于这种需求，我们实现了显著的业绩增长，展现了我们持续超越市场的能力。我们的成功也帮助平台上的经纪人和门店业主部分抵消了市场交易的影响。
One of our key focus last year was responding to agent and store network, we introduced the target incentive package tailored to stores of different sizes to attract industry players. By the end of 2024, the number of active non-Lianjia stores on our platform exceeded 44,000 and the third of active non-Lianjia agent reached 331,000, up 20% and 11% year-over-year, respectively. Notably, four big new brands joined the platform each with over 100 stores.
去年，我们的一个关键重点是响应经纪人及门店网络需求，为不同规模的门店推出了定制化激励方案以吸引业内参与者。截至2024年底，平台上活跃的非链家门店数量超过44,000家，活跃的非链家经纪人数量达到331,000人，分别同比增长20%和11%。值得注意的是，有四个大型新品牌加入平台，每个品牌拥有超过100家门店。
Our goal in expanding our network, as we enable industry participants to enhance our operational efficiency, that is by leveraging our customer traffic, cooperative network, practically true for operations and management and diversified business opportunity within the broader residential service sector. Within three months of June, the per agent efficiency of newly connected store reached over 80% of the efficiency level of those already in the stores. Also around 13% of newly connected stores could double average productivity level of the platform in stores within six months when they joined the platform, becoming high productivity stores. Thus, our store network function has delivered strong investment returns.
我们扩展网络的目标是使行业参与者能够提升运营效率，这依托于我们庞大的客户流量、合作网络，切实推动运营管理和住宅服务领域多元化业务机会的发展。自6月份起，新接入门店中每位经纪人的效率在三个月内就达到了现有门店效率水平的80%以上；同时，大约13%的新接入门店在加入平台后六个月内实现了平台平均生产力水平的翻倍，成为高效门店。因此，我们的门店网络功能带来了强劲的投资回报。
The payback period for the investment for the new store connected in the first half of the year was at six months with a cumulative store attrition rate of only 5% within the six months after the connection. With larger network of store agents, we leveraged the digitalized scientific management to help the owners, expand the home listing coverage and improve the conversion rate. As the scale of our agent store network continued to expand, it becomes even more critical to deepen ecosystem governance and strengthen our relationship with all stakeholders.
对于上半年接入的新门店，其投资回收期仅为六个月，且接入后六个月的累计门店流失率仅为5%。随着门店经纪人网络规模的不断扩大，我们利用数字化科学管理帮助业主扩充房源覆盖，并提高转化率。随着代理门店网络规模持续扩大，进一步深化生态治理并强化与所有利益相关方的关系变得更加关键。
All our governance mechanisms responded to the operation of our regional co-governance council, enabling store owners to better practice in decision making of some platform rules and enhancing engagement. Additionally, our store point based reward program was successfully rollout in entire cities. [indiscernible] 46% of connect store received award benefit, average RMB2,000 equivalent value per store. We also created tools like online store owner workshop to simplify their management process with functions such as dashboards and traffic lead management.
我们的所有治理机制均响应了区域共治委员会的运作，使门店业主能够更好地参与平台规则的决策实践并增强互动。此外，我们的基于积分的门店奖励计划已在所有城市成功推行，约46%的接入门店获得了奖励，每家门店平均奖励价值约2,000元人民币。我们还推出了在线门店主工作坊等工具，通过仪表板和流量线索管理等功能简化了他们的管理流程。
The satisfaction level of the connected store and the store improved throughout the year, rising by 4% from Q1 to Q4. Additionally, the monthly store attrition rate in cities as [indiscernible] Beijing, Shanghai, declined by 0.2 percentage points in 2024 compared with the year of 2023, while monthly agent attrition rate dropped by 1.7 percentage points year-over-year.
接入门店及门店的满意度在全年持续提升，从第一季度到第四季度上升了4%。此外，如北京、上海等城市的月度门店流失率较2023年下降了0.2个百分点，而月度经纪人流失率同比下降了1.7个百分点。
[indiscernible] as the key growth engine, [indiscernible] and an innovation leader in the industry reported solidify the positioning of Lianjia in 2024. By end of the year of 2024, Lianjia had over 114,000 active agents, making a net increase over 16,000 agents, up 17% year-over-year. The average monthly attrition rate of Lianjia agents nationwide decreased by 0.7 percentage points year-over-year to a lower level of 3.4%.
[无法辨识]作为关键增长引擎，[无法辨识]作为业内的创新领军者，巩固了链家在2024年的地位。截至2024年底，链家活跃经纪人超过114,000人，净增超过16,000人，同比上涨17%。全国链家经纪人的平均月流失率同比下降了0.7个百分点，降至3.4%的较低水平。
As transactions slowed and requirements for agents become more demanding, our solution was to leverage the large store model to enhance organization efficiency. This model first implemented in Lianjia with average number of agent per store rising to 20 by the end of 2024. Store structure continue to optimize with the proportion of the large store reaching over 50%, an increase of 8.6 percentage points year-over-year. The average commission for the Lianjia store reached 2.53 times that of the connected stores, reflecting a 5.9% year-over-year growth.
随着交易放缓且对经纪人的要求变得更高，我们的解决方案是利用大型门店模式来提升组织效率。该模式首先在链家实施，到2024年底，每家门店的平均经纪人数上升至20人。门店结构持续优化，大型门店比例超过50%，同比增加了8.6个百分点。链家门店的平均佣金是接入门店的2.53倍，反映出同比增长5.9%。
Talent development remains a key investment area for Lianjia. We launched a three year leadership development program for Lianjia store managers. This initiative is to strengthen store efficiency and have enhanced profitability to retain top performing store managers. In 2025, growth and ecosystem will continue to the key roles for our housing transaction services. Meanwhile, we also strive to enhance efficiency. We will continue to ensure the steady growth in our store and agent network.
人才培养仍然是链家的关键投资领域。我们为链家门店经理推出了为期三年的领导力发展计划，此举旨在提升门店效率和盈利能力，以留住表现优异的门店经理。2025年，增长和生态系统将继续在我们的房产交易服务中扮演关键角色。与此同时，我们也将努力提升效率，持续确保门店和经纪人网络的稳步增长。
Meanwhile, we are increasingly drive business growth through efficiency improvements, leveraging ecosystem collaboration and digital tools. This includes implementing a comprehensive long term store incentive program, such as a point-based reward system to convert the skilled advantage to efficiency again. Also by utilizing more refined management tools will empower store owners with enhanced operational capability, improving regional penetration and helping more agents and store to increase their income.
同时，我们正通过提升效率、借助生态协作和数字工具来推动业务增长。这包括实施一项全面的长期门店激励计划，例如基于积分的奖励系统，以将专业优势转化为效率优势。此外，利用更精细化的管理工具将赋能门店业主，提升运营能力，加强区域渗透，并帮助更多经纪人和门店增加收入。
Regarding the Lianjia development, we will continue to strengthen the large store model by getting its stability with Lianjia and promoting it to those connect stores. At the same time, Lianjia will further support growth of our three rooms business, achieving the breakthroughs in the community-focused model for home renovation and rental services in Beijing and Shanghai, such as industry benchmark. Thank you.
关于链家的发展，我们将继续通过与链家保持稳定合作并向接入门店推广大型门店模式来强化这一模式。同时，链家还将进一步支持我们“三房”业务的增长，在北京和上海以社区为重点的家装和租赁服务模式中实现突破，树立行业标杆。谢谢。
Operator
运营人员
Thank you. Your next question comes from Eddy Wang with Morgan Stanley. Please go ahead.
谢谢。您的下一个问题来自摩根士丹利的Eddy Wang。请开始提问。
Eddy Wang
Eddy Wang
[Foreign Language]
【外语原文】
[Interpreted] Thank you management for taking my question. My question is about the home rental business. We have achieved rapid growth in the home rental business. What's the key advantage to drive this strong growth? We observed that the home rental market remained challenging with declining rents and the persistent oversupply. How can we maintain the stability of the home rental business and at the same time, to enhance the profitability under such conditions? Thank you.
【口译】感谢管理层接受我的提问。我的问题是关于房屋租赁业务。我们在房屋租赁业务上实现了快速增长，那么推动这一强劲增长的关键优势是什么？我们观察到房屋租赁市场仍然面临租金下降和持续供应过剩的挑战。在这种情况下，我们如何保持房屋租赁业务的稳定性，并同时提升盈利能力？谢谢。
Tao Xu
徐涛
Thank you, Eddy. In 2024, our home rental business achieved a significant scale up on optional breakthroughs, particularly in our Carefree Rent services. Centering the service and efficiency, we established a solid fundamental framework for our business model. Scale-wise, revenue of our home rental services reached RMB14.3 billion, growing 135% year-over-year, primarily driven by the expansion of our Carefree Rent. The number of management units under Carefree Rent exceeded 420,000 by end of 2024 compared to over 200,000 a year ago.
谢谢，Eddy。2024年，我们的房屋租赁业务在多项突破性进展下实现了显著规模扩张，尤其是在“无忧租”（Carefree Rent）服务方面。围绕服务和效率，我们为业务模型建立了坚实的基础框架。从规模上看，房屋租赁服务收入达到143亿元人民币，同比增长135%，主要得益于“无忧租”的扩张。截至2024年底，“无忧租”管理单元数量超过42万个，而一年前仅有20多万个。
But we operate a large scale of properties, we have developed a deeper understanding of the high-frequency non-standard nature, long cycle and the complexity of the rental services. To address this, we have broken down to non-standard services to standardized actions undertaken by service providers, who are assigned to specific roles, service specialization, thereby improving efficiency.
由于我们运营着大量房产，我们对租赁服务中高频、非标准化、周期长及复杂性有了更深入的理解。为应对这一情况，我们将非标准服务细化为由服务提供者执行的标准化操作，这些提供者被分配了特定角色并进行服务专业化，从而提升了效率。
For instance, off-line rental services, such as the property, however, rental inspection and the phase to phase key exchange are handled by rental rewards to ensure standardized [indiscernible] procedures. While rental service managers handled independent request through centralized online management, providing 24/7 support. By year end, [indiscernible] service orders accounted for over 50%, relying better with the tenant schedules.
例如，线下租赁服务中，房产租赁检查以及阶段性关键交接等环节由租赁奖励机制处理，以确保[无法辨识]的标准化流程；同时，租赁服务经理通过集中在线管理处理独立需求，提供全天候支持。截至年末，[无法辨识]的服务订单占比超过50%，更好地匹配了租户安排。
We also deployed AI motion radar tools to detect tenant distraction and proactively improve the service trends. With that, our property managers can focus on the rental unit sales and the occupancy without being described by the rental affairs. By end of 2024, the efficiency for the unit sales increased from 29% year-over-year, driving rapid growth in total housing units of capital rights.
我们还部署了AI动态雷达工具，用于检测租户分散注意力的情况，并主动改进服务趋势。借此，我们的物业经理能够专注于租赁单元的销售和入住情况，而不被租赁事务所牵制。截至2024年底，租赁单元销售效率同比提高29%，推动了房屋产权总量的快速增长。
Beyond organizational capability, we have developed the intelligent AI system, reflecting AI technology to empower operations. From the pricing strategy for the property acquisition, inventory management to leasing strategy, we deploy intelligent algorithms to dynamically manage traffic, pricing and marketing strategy and enhancing labor efficiency and asset turnover. For example, in private cities, the system has increased operational efficiency of the service providers and the managers by around 40%, improved property turnover rate by 7.7% and shortened the turnover cycle by 11.3% since its launch.
除组织能力外，我们还开发了智能AI系统，借助AI技术赋能运营。从房产收购定价策略、库存管理到租赁策略，我们部署智能算法以动态管理流量、定价和营销策略，并提升劳动力效率和资产周转率。例如，在部分城市，该系统自推出以来使服务提供者及经理的运营效率提高了约40%，改善了房产周转率7.7%，并将周转周期缩短了11.3%。
From a financial perspective, our rental business saw a sequential improvement in contribution margin in Q4, as the impact of the Q3 summer rental peak [indiscernible], the Carefree Rent experienced a quarter-over-quarter decline in new home sales and leasing. This led to a decline in expense for the operational staff as a percentage of the net rental income, resulting in a marginal improvement.
从财务角度看，第四季度我们的租赁业务贡献率环比有所改善，由于第三季度夏季租赁高峰的影响[无法辨识]，“无忧租”在新房销售和租赁方面环比出现下降，这使得运营人员费用占净租赁收入的比例下降，从而带来了边际改善。
On a full year basis, core operational metrics of the Carefree Rent improved significantly. Enhanced tenant service boosted customer retention. The customer compliance rate at the end of the year decreased by more than 20% compared to the beginning of 2024. And we also conduct a cost structure optimizing, improve the service quality drove the 2024 tenant renewal rate to 54.4% and a 2 percentage point increase year-over-year, reducing the channel cost of releasing.
从全年来看，“无忧租”的核心运营指标显著改善。提升的租户服务增强了客户留存率；年末的客户违约率比2024年初下降了20%以上。同时，我们还优化了成本结构，提升了服务质量，使2024年租户续租率达到54.4%，同比提高了2个百分点，并降低了渠道释放成本。
Regarding the management of the rental cost due to the vacancies. On one hand, we focus on enhancing re-renting capability. This helped significantly reduced over time. Given the Q4 off season, the average business period decreased from nearly 15 days at the beginning of the year to under 12 days in Q4. On the other hand, we continuously upgrade our product model. The coverage of new product model, which includes no vacancy period, continue to rise in Q4. This model enhanced our resilience against the rental price volatilities and reduced the vacancy risk.
关于因空置而产生的租赁成本管理，一方面，我们专注于提升再租能力，这在一定程度上显著缩短了租赁周期。考虑到第四季度是淡季，平均租赁周期从年初的近15天降至第四季度不足12天；另一方面，我们不断升级产品模式，第四季度包括“无空置期”在内的新产品模式覆盖率持续上升，该模式增强了我们对租金波动的抗风险能力，并降低了空置风险。
The deposit cost per unit of our Carefree Rent model also dropped. This was mainly due to the increased initial leasing success rate, which rose to over 80% in 2024, up by 8 percentage points year-over-year. For the year of 2025. First of all, we still have the high hope for the number of rental units managed on the Carefree Rent. Meanwhile, we will continue to balance scale and operation. To that, we need to strengthen our value proposition for both tenants and property owners. This key lies in heightening our service quality and boosting re-renting efficiency.
“无忧租”模式下，每单位的押金成本也有所下降，这主要得益于初次租赁成功率的提高，2024年已上升至80%以上，同比提高了8个百分点。展望2025年，首先，我们对“无忧租”管理的租赁单元数量仍抱有很高的期望；同时，我们将继续平衡规模与运营，为此我们需要强化对租户和房东的价值主张，关键在于提升服务质量和加速再租效率。
For tenant, we will further refine our low specialization model and tailored service standards for different customer segments. For leasing efficiency, we will focus on the talent development in leasing channels, leverage AI to enhancing sector leading efficiency and expanding new traffic channels and value-added services such as cosmetic (ph) housing decoration to increase the leasing certainties. Thank you.
对于租户方面，我们将进一步优化低专业化模式，并针对不同客户群体制定定制化服务标准；在租赁效率方面，我们将聚焦租赁渠道的人才发展，借助AI提升行业领先效率，并拓展新流量渠道及附加价值服务，如装饰（注：ph）等，以提升租赁确定性。谢谢。
Airbnb有700多亿的市值。
Operator
运营人员
Thank you. Your next question comes from Sophie Zhang with CICC. Please go ahead.
谢谢。您的下一个问题来自中金公司的张苏菲。请开始提问。
Sophie Zhang
张苏菲
[Foreign Language]
【外语原文】
[Interpreted] Thanks, management for taking my questions. And my question is regarding the home renovation business. The home renovation segment has maintained solid growth during the past year after surpassing the revenue threshold of RMB10 billion in 2023. So can management share the main drivers behind the growth and also the strategic plan for the business segment in 2025? Thank you.
【口译】感谢管理层接受我的提问。我的问题是关于家装业务的。家装板块在2023年突破100亿元人民币收入门槛后，过去一年保持了稳健增长。请问管理层能否分享一下推动这一增长的主要驱动因素，以及2025年该业务板块的战略规划？谢谢。
Tao Xu
徐涛
Thank you, Sophie. In 2024, our home renovation and furnishing business achieved a robust growth. In terms of scale, our revenue reached RMB14.8 billion in 2024, up 36.1% year-over-year. Contracted sales amounted to RMB15.9 billion, making a year-over-year increase of 27.3%. Contracted sales exceeded RMB3 billion in Beijing, RMB2 billion in Hangzhou, and RMB1 billion in Shanghai and Chengdu. Five other cities also achieved contracted sales over RMB500 million each. As for the profitability, the contribution margin for the home renovation and furnishing business reached 30.7% in 2024, an improvement of 1.7 percentage points compared to the same period last year.
谢谢，苏菲。2024年，我们的家装及家居业务实现了强劲增长。从规模上看，2024年收入达到148亿元人民币，同比增长36.1%；签约销售额达到159亿元人民币，同比增长27.3%。其中，北京签约销售额超过30亿元，杭州20亿元，上海和成都各10亿元，另有五个城市的签约销售额也超过5亿元。就盈利能力而言，家装及家居业务的贡献率在2024年达到30.7%，比去年同期提高了1.7个百分点.
Taking Q1 as a showcase, in 2024, the contribution margin for the home renovation and furnishing business reached approximately 35% and the pretax profit margin, excluding high quarter cost charge, reached over 5%. The breakthroughs in our home renovation and furniture business are primarily attributable to the highly efficient synergies between our housing transaction services and new business as well as our enhanced construction delivery capability and support from our underlying digital platform.
以第一季度为例，2024年家装及家居业务的贡献率约为35%，剔除高季度成本费用后，税前利润率超过5%。家装及家居业务的突破主要归功于我们房产交易服务与新业务之间高效的协同效应，以及我们在施工交付能力上的提升和底层数字平台的有力支持.
Let me share some additional details. First, the integrated approach between our housing transaction services and the renovation services significantly strengthened our customer acquisition ability and drove rapid growth in contracted sales. We encouraged our agents to recommend our new business by a point-based incentive model. As a result, the proportion of contract sales generated by agent referrals increased.
下面我分享一些细节。首先，我们将房产交易服务与家装服务的整合显著增强了客户获取能力，推动了签约销售额的快速增长。我们通过基于积分的激励模式鼓励经纪人推荐新业务，从而使经纪人推荐所产生的签约销售比例上升.
看着有点像Amazon，在一个艰难的商业模式中摸打着走出来，练就一些本事，顺着摘取周围行业的果子，飞轮效应。
Second, as our contracted sales grew, we needed to strengthen our delivery capabilities. To accomplish this, we optimized dispatch efficiency and workflow, further shortening the construction timelines. Our average construction timeline reached around 94 days in Q4 2024, representing a decline of over 10 days compared to the same period last year. Meanwhile, we continued to integrate our home sale system and launched version 2.5 nationwide.
其次，随着签约销售的增长，我们需要加强交付能力。为此，我们优化了调度效率和工作流程，进一步缩短了施工周期。2024年第四季度，平均施工周期约为94天，比去年同期缩短了10多天。同时，我们持续整合家装销售系统，并在全国范围内推出了2.5版本.
Personalizing the product management and unifying the draw (ph) rules, we have improved the underlying data foundation of our system. This has enabled us to automatically generate beam design and construction drawing price quotes, as well as unified online material scheduling.
通过个性化产品管理和统一抽奖（注：ph）规则，我们改善了系统底层数据基础，从而使我们能够自动生成梁设计及施工图纸报价，并实现统一的在线物料调度.
Looking ahead to the business outlook for 2025, we have achieved further breakthroughs in business scale last year. In 2025, our core goal for our full-service renovation business is to enhance product strength and improve delivery quality with a customer-centric approach and by implementing operational efficiency improvements.
展望2025年，我们在去年已实现了业务规模的进一步突破。2025年，我们全屋装修业务的核心目标是以客户为中心，通过提升产品竞争力和改善交付质量，同时提高运营效率，来实现业务的进一步提升.
To that end, we intend to implement the following key initiatives. First, improve product strength with business model iteration and showroom upgrades. We plan to establish a strong brand image as a full-service home renovation provider. Based on our insights into customer needs, we aim to provide comprehensive renovation solutions rather than simply selling disparate products. At the same time, we expect to upgrade our showrooms, making them a core display of our offline stores. We will collaborate with professional designers to create realistic showrooms that display various renderings to enhance the offline experience for customers.
为此，我们计划实施以下关键举措。第一，通过商业模式迭代和展厅升级来提升产品竞争力。我们计划树立全屋装修服务提供商的强势品牌形象，基于对客户需求的洞察，提供全面的装修解决方案，而不仅仅是销售各类分散产品。同时，我们预计将升级展厅，使其成为线下门店的核心展示，我们将与专业设计师合作，打造逼真的展厅，并展示多种效果图，以提升客户的线下体验.
Second, enhance delivery capability and promote the professionalism of product managers. We believe that long-term stable cooperation with product managers is fundamental to ensuring quality in home renovation delivery. We intend to focus on full-time product managers to enhance delivery quality and motivate them through order allocation incentive mechanisms to improve service satisfaction and reduce customer non-compliance. Product managers will be responsible for the delivery quality and orders recommended by previous customers.
第二，提升交付能力并促进产品经理的专业化。我们认为，与产品经理建立长期稳定的合作关系是确保家装交付质量的根本保障。我们计划重点发展全职产品经理，通过订单分配激励机制激发他们的积极性，提高服务交付满意度，降低客户违约率，并让产品经理负责以往客户推荐的订单和交付质量.
Third, enhance operational efficiency. We have identified several key service providers who connect with customers via designated key personnel. In this context, we have defined the store manager as the first person fully responsible for customer needs, contract conversion, cost delivery, and business management—achieving an end-to-end management loop. We define the designer as the primary person responsible for renovation solutions and consultations, and the product manager as responsible for cost delivery and overall project construction management and quality.
第三，提升运营效率。我们发现已有几位关键服务提供者通过指定关键负责人与客户对接，因此我们将店长定义为首要负责人，全面负责客户需求、合同转化、成本交付及业务管理，实现端到端管理闭环；同时，我们将设计师定义为负责装修方案和沟通的主要负责人，将产品经理定义为负责成本交付、项目施工管理及质量的负责人.
We will also focus on cultivating business-specific expertise. We intend to concentrate on key business districts, gain a solid understanding of house layout structures and common renovation challenges in advance, and narrow the service scope of designers and project managers, thereby improving service efficiency and quality.
同时，我们将注重培养行业特定专业知识，聚焦重点商圈，提前深入了解户型结构及常见装修问题，从而使设计师和项目经理的服务范围更为集中，提升服务效率和质量.
We have always maintained that quality is the foundation of our home renovation and furnishing business. With our solid foundation and the promise of a strong and long-lasting building, we will continue to move forward in our pursuit of quality with even greater determination and confidence in our future development plans. Thank you.
我们始终认为质量是家装及家居业务的基石。基于我们坚实的基础和对未来稳固长久发展的承诺，我们将以更大的决心和信心，继续在追求质量的道路上前进。谢谢.
Operator
运营人员
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.
谢谢。现在会议即将结束，我将把会议转交给今天的主持人李思婷女士做结束发言。
Siting Li
李思婷
Thank you, operator. 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 good-bye.
谢谢，运营人员。再次感谢各位今天的参与。如有任何进一步问题，请随时通过我们网站提供的联系方式联系贝壳投资者关系团队。今天的会议到此结束，期待下季度与大家再次交流。谢谢，再见。
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