KE Holdings Inc. (NYSE:BEKE) Q1 2025 Earnings Conference Call May 15, 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
Timothy Zhao - Goldman Sachs
Sophie Zhang - CICC
Jizhou Dong - Nomura
John Lam - UBS
Operator
运营商
Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.’s First Quarter 2025 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-in to 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。感谢您参加贝壳找房（KE Holdings Inc.）2025年第一季度财报电话会议。请注意，今天的会议，包括管理层的发言及问答环节，均为英文进行。会议全程提供中文同声传译，您可通过另一专线收听中文。如需收听中文，请拨打中文语言线。当前所有参会者处于仅收听模式。本次电话会议正在录音。
I will now turn the call over to your host, Ms. Siting Li, IR Director of the company. Please go ahead, Siting.
现在我将电话交给您的主持人、公司投资者关系总监李思婷女士。请开始，思婷。
Siting Li
李思婷
Thank you, operator. Good evening and good morning, everyone. Welcome to KE Holdings Inc., or Beike’s first quarter 2025 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.
感谢运营商。各位晚上好、早上好。欢迎参加贝壳找房（KE Holdings Inc.，以下简称“贝壳”）2025年第一季度财报电话会议。公司今天早些时候已发布新闻稿披露财务和运营业绩，并已在公司投资者关系网站 investors.ke.com 公布。
On today's call, we have Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Xu will provide an overview of our strategies and business developments on behalf of our — of Mr. Stanley Peng, our Co-Founder, Chairman and Chief Executive Officer. And then, Mr. Xu will discuss the financials in more detail.
在今天的电话会议中，我们邀请到了执行董事兼首席财务官徐涛先生。徐先生将代表我们的联合创始人、董事长兼首席执行官彭永东先生，概述我们的战略及业务进展；随后，徐先生将更详细地解读财务数据。
Before we continue, I refer you to our safe harbor statements in our earnings press release, which applies to this call, as we will make forward-looking statements.
在继续之前，请参阅我们财报新闻稿中的安全港声明，该声明适用于本次电话会议，因为我们将在会上发表前瞻性声明。
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.
另请注意，贝壳的财报新闻稿和本次电话会议中均包含未经审计的 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，其中提供了未经审计的非 GAAP 指标与可比 GAAP 指标的对照表。
Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB. 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 sources. 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 weight to such information and estimates.
最后，除非另有说明，本次电话会议中提及的所有数据均以人民币计。会议中提及的与公司所处行业相关的某些统计及其他信息取自若干公开可得的官方或非官方来源。公司及其任何代表均未对该等数据进行独立核实，其中可能包含若干假设和局限性，敬请各位不要对该等信息和估计给予过高权重。
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's statements in their original language will prevail.
在今天的电话会议中，管理层将以英文为主要语言。请注意，中文翻译仅供参考；如与原文存在任何差异，以管理层的原始语言陈述为准。
With that, I will now turn the call over to our CFO, Mr. Tao Xu. Please go ahead, Tao.
下面，我将电话交给我们的首席财务官徐涛先生。请讲，涛。
Tao Xu
徐涛
Thank you, Siting. Hello, everyone. Thank you for joining Beike's first quarter 2025 earnings conference call. In the first quarter, our business continued to deliver rapid growth. This expansion was partially based on the market momentum that was built by the supportive policies since last September. It was also consistently driven our active growth strategy that we started in the second half of 2023.
谢谢思婷。大家好，感谢您参加贝壳2025年第一季度财报电话会议。在第一季度，我们的业务继续实现快速增长。这一扩张部分得益于自去年九月以来支持性政策所带来的市场动能，同时也持续受到我们自2023年下半年启动的主动增长战略的推动。
In the fourth quarter, GTV our platform increased by 34% and revenue rose by 42% both on a year-over-year basis. Our business continued to outperform the market in the fourth quarter across multiple metrics. Notably, GTV for our in home transition business increased by 28% year-over-year in the fourth quarter. According to Beike Research Institute data, the year-over-year growth of the national GTV in this segment was about 60%.
第四季度，我们平台的成交总额（GTV）同比增长34%，营收同比增长42%。在多个指标上，我们的业务在第四季度继续跑赢大盘。值得注意的是，第四季度我们的二手房交易业务GTV同比增长28%。根据贝壳研究院的数据，该领域全国GTV同比增速约为60%。
GTV for our new home transaction business increased by 53% year-over-year versus 0.4% nationwide, declined year-on-year reported by the NBS data. While the top 100 developers of GTV for new home sales also fell by approximately 7% in the first quarter.
新房交易业务的GTV同比增长53%，而全国范围内根据国家统计局的数据则同比下降0.4%；百强房企的新房销售GTV在第一季度也同比下降约7%。
We continue to see strong momentum in the growth of connected stores and agent platform. In the fourth quarter, the number of active stores surpassed 55,200, a record high increasing over 12,600 from the same period one year ago. Of those, the number of connect stores increased by more than 12,300.
我们在连接门店和经纪人平台的增长方面持续保持强劲势头。第四季度，活跃门店数量突破55,200家，创历史新高，同比增加超过12,600家。其中，连接门店数量同比增长超过12,300家。
On the agent side, the number of active agents grew by 23% year-over-year, representing a net addition of over 90,000 agents compared with the same period last year, with Active Agents \[Technical Difficulty] collect store growing by more than 73,000 year-over-year to reach a record high. We've also seen a steady improvement in efficiency at the store and data level.
在经纪人方面，活跃经纪人数量同比增长23%，净增超过9万人。其中，连接门店的活跃经纪人同比增长超过73,000人，达到历史新高。同时，我们在门店和数据层面也观察到效率的稳步提升。
In the fourth quarter, GTV per store per agent rose by 8% and 14%, respectively, making the fourth consecutive quarter of year-over-year increase. For connected stores, GTV per agent was up by 18% year-over-year, translating into stronger revenue for both stores and agents. Our platform's operation support ratio remained high with impressive year-over-year improvement. This year, we are focused on driving both scale and efficiency as due priorities of our growth strategy.
第四季度，单店GTV和单人GTV分别同比增长8%和14%，连续第四个季度实现同比增长。对于连接门店，单人GTV同比增长18%，带动门店和经纪人的收入双双提升。平台的运营支持率保持在较高水平，并实现显著的同比提升。今年，我们聚焦于“规模+效率”双轮驱动的增长战略。
In the first quarter, traffic needs for our new home transaction services hit a new record. The ensure active market helped with driving more traffic leads with additional benefit from the higher customer satisfaction from the search results and the more personalized recommendations. By tailoring the broad experience to each user scenario and profile will make it easier for people to install home listing in our apps that fit their needs. This improving performance also reflect users' current preference to build more home listing before making purchase decisions.
在第一季度，我们新房交易服务的流量需求创下新高。市场的活跃推动了线索流量的增长，此外搜索结果的满意度提升和个性化推荐的增强也带来了附加价值。通过为不同用户场景和画像定制更广泛的体验，使用户更容易在我们的App中找到适配其需求的房源。这样的性能提升也反映出用户在做出购房决策前，更倾向于积累更多房源信息。
For our new home transaction business, this year, we are focusing on optimizing our collaboration with developers to better support their sales and needs while improving agent efficiency in matching customers to a suitable new home projects. In the fourth quarter, we concentrate our effort on high-end projects in the market. At the same time, we continue to drive greater participation from our stores in the new home business through the incentive mechanism.
针对我们的新房交易业务，今年我们聚焦于优化与开发商的合作，更好地支持其销售与需求，同时提升经纪人在匹配客户与合适新盘项目方面的效率。第四季度，我们集中资源发力市场上的高端项目。同时，通过激励机制，持续推动更多门店参与新房业务。
Our One Body, Three Wings strategy maintained stronger performance traction. For the home renovation and the furniture business, we have adjusted our pace this year to strategically focus on reshaping our product and delivery capabilities. Our primary goal is to make them more customer oriented, while \[indiscernible] our organizational structure for greater efficiency.
我们的“一体三翼”战略持续表现强劲。在家装和家居业务方面，我们今年调整了节奏，战略性地聚焦于重塑产品与交付能力。我们的首要目标是使其更加面向客户，同时优化组织结构以提升效率。
On product front, we significantly advanced the design of our new Home Group renovation products in the first quarter. On delivery side, we rolled out the project manager professions and programs into these cities. This drove 156% year-over-year increase in average monthly order intake for project manager, reaching 2.97 compared with previously 1.16 in 2024.
在产品端，我们在第一季度显著推进了新一代家装产品的设计。在交付端，我们在多个城市推行项目经理制度和相关项目。这推动了项目经理月均接单量同比增长156%，从2024年的1.16单提升至2.97单。
We also carried out a worker sharing model as a result top-performing project managers have improved personnel income, enabling them to focus on more for service delivery and quality.
我们还推行了工人共享机制，使得表现优异的项目经理在提升个人收入的同时，能够更加专注于服务交付与质量保障。
In the first quarter, over 4% of our total home renovation projects came from referral by previous customers. In addition, our front-end organizational management efficiency improved markedly. The average month order volume per home renovation increased by almost 33%, moving from 0.79 in 2024 to 1.05 in the first quarter of this year, and outpacing total order growth year-over-year in the home renovation business.
在第一季度，我们家装项目中超过4%来自老客户的转介绍。此外，我们前端组织管理效率显著提升。单家装月均接单量同比增长近33%，从2024年的0.79单上升至今年第一季度的1.05单，超出家装业务整体订单的同比增长速度。
Our home rental services continue to achieve the skilled breakthroughs in the first quarter with more than 500,000 rental units under our management. We also made solid progress in improving both default management and increasing our renewal rate. Last quarter, Stanley shared some thoughts on our AI deployment plan.
我们的房屋租赁服务在第一季度持续实现有质量的突破，托管房源总量超过50万套。同时，我们在违约管理和续租率提升方面也取得了稳步进展。上一季度，Stanley 曾分享过我们在人工智能应用方面的规划。
Next, I'd like to provide an update on our use of AI in the first quarter. In our housing transaction business, on service to end customers, we conduct testing of our AI-powered home seeking assistant, \[indiscernible], which is already accessible to 40% of our traffic on our home page. \[indiscernible] developed based on DeepSeek R1 on our massive platform data sets and proprietary knowledge gross, while actively building an industry vertical database based on the large module to improve \[indiscernible] smart response accuracy, and improved multi-module display capability to optimize the interactions between the service provider and customers.
接下来，我想介绍一下我们在第一季度AI应用方面的进展。在房产交易业务中，面向终端客户服务方面，我们测试了AI驱动的找房助手（\[听不清]），目前已覆盖首页40%的流量。该助手基于DeepSeek R1模型开发，结合我们平台庞大的数据资产和专有知识图谱，并积极构建垂直行业数据库，以提升其智能响应的准确性和多模态展示能力，从而优化服务方与客户之间的交互体验。
We believe that smart AI system will empower both homeowners and the buyers with more patent solutions for the home making and decision making. We are also helping service providers identify more accurate leads.
我们相信，智能AI系统将为购房者和业主在“安家”决策过程中提供更高效的解决方案，同时帮助服务者更精准地识别优质线索。
In terms of AI tools for service providers, our agent service homebuyers were introduced \[indiscernible], an AI-based agent assistant \[indiscernible] offers a full suite of features including customer acquisition and home selection, \[indiscernible] and smart follow-up.
在服务者侧的AI工具方面，我们为服务购房客户的经纪人推出了AI助理工具（\[听不清]），功能涵盖获客、选房、客户匹配和智能跟进等多个环节。
These tools empower agents to activate customers enhance their professional service capabilities and improve efficiency in connecting with customers. By end of March 2025, over 200,000 agents nationwide have used \[indiscernible], collectively manage over 2.5 million customers with impressive efficiency improvements. The conversion rate from leads to formal client mandates increased by over 30% and the mandate to transaction commercial rate rose over 10%. Agents effectively using \[indiscernible] achieved the land to transaction conversion rate that was 3 times higher than those announced using this product.
这些工具帮助经纪人激活客户、增强专业服务能力，并提升客户连接效率。截至2025年3月底，全国已有超过20万名经纪人使用该工具，累计服务客户超过250万人，效率提升显著。线索转委托的转化率提升超过30%，委托转成交的转化率提升超过10%。高效使用该工具的经纪人，其线索转成交转化率是未使用该产品经纪人的3倍。
For agent serving homeowners, we identify a common issue, many home listings were not being properly maintained on platform due to agents limited time and attention, which reduced sales through efficiency. To solve this, we leverage the AI property maintenance assistant, which helps agents match listing more efficiently and improve experience for homeowners. Within the homeowner dedicated AI service group, the assistant offers smart replans, market trend insights, report analysis and impacted voice-based promotion.
针对服务业主的经纪人，我们识别出一个普遍问题：由于时间和精力有限，许多房源在平台上未能得到有效维护，影响了成交效率。为此，我们引入了AI房源维护助手，帮助经纪人更高效地管理和匹配房源，提升业主服务体验。在面向业主的AI服务模块中，该助手具备智能推荐、市场趋势洞察、报告分析和语音推广等能力。
As of the end of March 2025, the product has been tailored by 110,000 agents and have served 400,000 homeowners cumulatively. Home testing maintained with our pay assets achieved a transaction conversion rate of 4 times that of those without it.
截至2025年3月底，该产品已被11万名经纪人使用，累计服务业主超过40万人。使用该助手维护的房源，其成交转化率是未使用房源的4倍。
Additionally, our digital partner, Xiaobei utilize their ability to enhance critical operation book flow from contract quality inspection to automate post signing follow-ups.
此外，我们的数字员工“小贝”在合同质检和签约后自动跟进等关键运营流程中发挥了重要作用，提升了整体服务效率。
The solution driven improvements in online service quality and efficiency, delivering over 30,000 cumulative powers in productivity savings.
相关方案提升了线上服务的质量和效率，累计为我们带来超过30,000小时的生产力节省。
In our home renovation business, we launched the AI customers' maintenance to strengthen product and the lead conversion during the most critical two week window in home renovation marketing. The AI based lightweight BIM and intelligent marketing solution has improved efficiency in both design and marketing.
在家装业务方面，我们推出了AI客户维护方案，专注于家装营销中最关键的两周窗口期，强化产品和线索的转化。基于AI的轻量化BIM与智能营销解决方案显著提升了设计与营销两方面的效率。
For our home rental services, our AI system for post rental support \[indiscernible] has been tested online in 30 cities. It is already successful handling 25% per tenant request through intelligent automation, providing tenant with a more responsive service experience. At the same time, it enhanced efficiency through better collaboration among the various roles involved in the recent progress.
在租赁服务方面，我们的租后支持AI系统（\[听不清]）已在30个城市上线测试，目前已能通过智能自动化处理25%的租户请求，为租户提供更加高效、及时的服务体验，同时也通过提升各角色间协作效率，进一步推动流程进步。
I shared lots of numbers on the total volume and the average efficiency rate of our business, but these are not the key items we focus on. We care deeply about every individual customer's experience and will remain committed to enhance our service quality. Since 2024, we introduced the fund custody system in our home renovation business, giving customers greater control and peace of mind.
我分享了很多关于业务总量和平均效率的数据，但这些并不是我们关注的核心。我们真正关心的是每一位客户的具体体验，并将持续致力于提升服务质量。自2024年起，我们在家装业务中引入了装修资金托管机制，让客户拥有更多的掌控权和安心感。
Under this model, renovation funds are frozen in customer personal bank account and only released \[indiscernible] after project milestone has been completed, and approved by customers including plumbing and electrical tracks. Based on renovation and final acceptance. This model shifts away the traditional pay first renovation approach in the industry. Through the system integration, customers can track their phones online in real time with full visibility and traceability.
在这一模式下，装修资金被冻结在客户的个人银行账户中，只有在工程完成并通过客户确认后，才按阶段释放，包括水电施工等关键节点，以及竣工验收。这一机制颠覆了行业中传统的“先付款、后装修”做法。通过系统集成，客户可以实时在线追踪资金流向，实现全流程可视和可追溯。
Any interest earned during the cap fee period is returned to the customer. In 2025, we rolled out our renovation fund Captee Services in several cities including Beijing and Wuhan. On top of that, we have developed a farm custody solution plan framework that can be utilized by other industry peers, underscoring our commitment to driving the industry progress.
在托管期间产生的利息也将全部返还给客户。2025年，我们已在包括北京、武汉在内的多个城市上线了装修资金托管服务。同时，我们还制定了可供行业参考的装修资金托管解决方案框架，体现了我们推动行业进步的长期承诺。
Finally, we are encouraged by China Technical advance, and are closely watching the evolving of external microenvironment. While we remain confident in our platform ability to deliver sustained growth over the long chain under our one body driven strategy. We're approaching the short comes with cautious optimism. That is why we still continue to invest firmly in AI while taking a more measured approach to other investments this year.
最后，中国科技的进步令我们深受鼓舞，我们也在密切关注外部宏观环境的演变。我们依然对平台在“一体驱动”战略下实现长期持续增长的能力充满信心，同时以审慎乐观的态度应对短期挑战。这正是为什么我们在坚定投入AI的同时，对其他投资采取更加稳健的节奏。
Following last year's rapid investment in the US wide subsidies, we are now setting clear short-and-medium-ROI benchmark to ensure the disciplined capital allocation. This balance strategy will help us better position ourselves to capitalize on both market recovery opportunities and AI driven generation, productivity leaps, and the safeguard of operational stability, all while protecting the interests of the shareholders who share our long-term vision. In line with that commitment this year we will continue with active shareholder returns.
继去年在用户侧的大规模补贴后，我们现已设立明确的短中期ROI基准，以保障资本配置的纪律性。这样更均衡的策略将帮助我们更好地把握市场复苏与AI驱动效率提升的双重机遇，同时守住运营稳定性，保护与我们共享长期愿景的股东利益。与此一致，今年我们将继续实施积极的股东回报。
Thank you. Next, I will review our first quarter 2025 financials. Once again, thank you everyone for joining us. Before I dive into our Q1 performance, I'd like to briefly touch upon some updates in the housing market. In Q1, the market performance was very stable, perpetuating the continued policy influence result from policy implemented in September last year. The threshold cost for the home purchase were further lowered, exerting a stronger incentive effort on home buyers.
谢谢大家。接下来，我将回顾我们2025年第一季度的财务表现。在此之前，感谢各位的参与。我先简要介绍一下房地产市场的最新动态。第一季度，整体市场表现保持稳定，延续了去年9月出台政策后的积极影响。购房门槛成本进一步下降，对购房者形成了更强的激励。
According to National Bureau of Statistics, new home sales remained relatively flat year-over-year in Q1, better than the substantial year-over-year decline in the same period last year. Meanwhile, the in-home market remained at a high level in activity excluding the impact of the holidays. Benefiting from the readily available nature of unforeseen homes. According to the Beike Research Institute, in Q1 existing home GTV grows by around 16% and the number of home transaction climbed by around 28% both year-over-year.
根据国家统计局数据，今年第一季度新房销售同比基本持平，表现好于去年同期的大幅下滑。同时，二手房市场在剔除节假日因素后，整体活跃度维持在高位，这主要得益于二手房即买即住的特性。根据贝壳研究院数据，一季度二手房成交总额（GTV）同比增长约16%，成交量同比增长约28%。
With the growth in the transaction volume, the overall supply demand relationship improved and the housing price showed a signal of bottoming out instilling more confidence in potential home buyers to enter the market. Demand for the upgrades was even more robust amongst the single home sales in key cities. The share of three bedroom, and the larger homes continue to rise year-over-year in Q1.
随着成交量增长，市场整体供需关系改善，房价出现止跌迹象，增强了潜在购房者的入市信心。在重点城市中，改善型需求更为旺盛，一季度三居及以上户型的占比同比持续上升。
Turning to our Q1 financial performance. Our total TTB was RMB844.2 billion, representing a year-over-year increase of 34%. Net revenue reach RMB23.3 billion, up 42.4% year-over-year. Gross margin declined by 4.5 percentage points year-over-year to 28.7%. GAAP net income was RMB855 million, increasing 97.9% year-over-year. Non-GAAP net income reached RMB1.39 billion remaining stable year-over-year.
再来看我们第一季度的财务表现。平台成交总额（TTB）为人民币8,442亿元，同比增长34%；净收入为人民币233亿元，同比增长42.4%；毛利率同比下降4.5个百分点至28.7%；按GAAP计算的净利润为人民币8.55亿元，同比增长97.9%；非GAAP净利润为人民币13.9亿元，基本与去年同期持平。
Looking at our housing transaction services, revenue from in home transaction reached RMB6.9 billion in Q1, up 20% year-over-year and down 23% quarter-over-quarter. GTV was RMB580.3 billion, rising by 28.1% year-over-year and declining by 22.1% quarter-over-quarter. GTV growth outpaced the revenue year-over-year, mainly due to a decline in the revenue share of the rental brokerage services, and a high contribution from the in-home transaction service GTV facilitated by connect agents.
从房产交易服务来看，第一季度二手房交易收入为人民币69亿元，同比增长20%，环比下降23%；GTV达人民币5,803亿元，同比增长28.1%，环比下降22.1%。GTV增速快于收入，主要由于租赁经纪业务收入占比下降，以及连接经纪人贡献的GTV占比提升所致。
Revenue are recorded as net revenues derived from platform services. The contribution margin from its in home transaction services was 38.1% in Q1 representing a decline of 6.4 percentage point year-over-year primarily due to the increased support and the improved welfare for the service providers. This is our long-term strategy to build a harmonious ecosystem. Sequentially, the contribution margin dropped by 2.3 percentage points, attributable to negative leverage influence due to the decline in revenue exceeding that in fixed labor cost.
我们的收入以平台服务所产生的净收入记录。第一季度，二手房交易服务的贡献利润率为38.1%，同比下降6.4个百分点，主要由于我们加大了对服务者的支持力度并改善了福利待遇，这是我们构建和谐生态系统的长期战略。环比来看，贡献利润率下降了2.3个百分点，主要是由于收入下降幅度高于固定人力成本，导致杠杆效应转负。
In terms of the new home transaction services, we still outperformed market. CRRC reports that the sales from the top 100 developers grew by around 7% year-over-year and 41% sequentially in Q1. In comparison, our new home GTV reached RMB232.2 billion in Q1, up 53% year-over-year and down 34.6% quarter-over-quarter, once again outperforming the industry. This was mainly due to the deepening of our collaboration with developers and our finely tuned operational capability and more sales confirmation from the partial subscription in last quarter.
新房交易服务方面，我们依然跑赢大市。根据中指院数据，2025年第一季度百强房企销售额同比增长约7%，环比增长41%。相比之下，我们的新房GTV在第一季度达到人民币2,322亿元，同比增长53%，环比下降34.6%，再度超越行业。这主要得益于我们与开发商合作的深化、运营能力的持续优化，以及部分上季度认购在本季度确认为销售。
Revenue from new home transactions was RMB8.1 billion in Q1, rising by 64.2% year-over-year and dropping by 38.2% from previous quarter. Revenue outperformed GTV year-over-year demonstrating our stronger amortization capabilities, while GTV growth outpaced revenue growth sequentially due to seasonality.
新房交易收入在第一季度为人民币81亿元，同比增长64.2%，环比下降38.2%。收入同比增速快于GTV，体现了我们更强的摊销能力；而环比GTV增速快于收入，主要是季节性因素所致。
The contribution margin from the new home transaction and services rose by 1.1 percentage point year-over-year to 23.4% as we gained leverage from the revenue growth exceeding that of the fixed costs. Sequentially, the new home contribution margin declined by 2.2 percentage points, largely attributable to the seasonality effect.
新房交易服务的贡献利润率同比提升1.1个百分点，至23.4%，主要由于收入增长超过固定成本，产生正向杠杆效应。环比下降2.2个百分点，主要由季节性因素导致。
In Q1, SOE developers contributed around 54% of our new home sales revenue, increasing by around 4 percentage points year-over-year. Revenue from home renovation and furniture home rental service, and emerging other services grew by 46.2% year-over-year in Q1. It accounted for 35.9% of our total revenue compared to 35% in the same period last year. The contribution profit from this business accounted for 32.7% of our total gross profit.
第一季度，国有房企贡献了我们新房销售收入的约54%，同比提升约4个百分点。家装家居、租赁服务及新兴业务的收入同比增长46.2%，占总收入的比重由去年同期的35%提升至35.9%。该类业务的贡献利润占总毛利润的32.7%。
Revenue reached RMB2 -- for our home renovation and furniture business, revenue reached RMB2.9 billion, increasing by 22.3% year-over-year mainly due to the increased orders from the home renovation. Contribution margin for the home renovation and furniture business reached a record high of 32.6%, up 2 percentage points year-over-year and 2.8 percentage points quarter-over-quarter, mainly driven by the increased gross margin of our home renovation business.
在家装及家居业务方面，第一季度收入达人民币29亿元，同比增长22.3%，主要受家装订单增长带动。家装及家居业务的贡献利润率达历史新高，为32.6%，同比上升2个百分点，环比上升2.8个百分点，主要归因于家装业务毛利率的提升。
Our home rental services business continued to grow at an accelerated pace. In Q1, its revenue reached a record high of RMB5.1 billion, up 93.8% year-over-year, mainly benefiting from the rapid growth in the number of the rental unit under management.
我们的房屋租赁服务业务保持加速增长，第一季度收入达人民币51亿元，创历史新高，同比增长93.8%，主要受托管房源数量快速增长带动。
End of Q1 the number of rental units under management, exceeded 500,000 compared with over 250,000 in the same period of 2024. The contribution margin for the home rental services was 6.7%, up 1.2 percentage point year-over-year and 2.1 percentage points quarter-over-quarter, largely due to the improved gross profit of our Carefree Rent business.
截至第一季度末，托管租赁房源超过50万套，较2024年同期的25万套实现翻倍增长。租赁服务业务的贡献利润率为6.7%，同比上升1.2个百分点，环比上升2.1个百分点，主要得益于“省心租”业务毛利率的改善。
As we continue to refine the Carefree Rent business model based on the sense of the business contract, the revenue from some newly managed rental units were recorded as net revenues derived from the service fee in this quarter. In Q1 our revenue from emerging and other services decreased by 50% year-over-year and the 20.3% quarter-over-quarter to RMB350 million.
我们基于经营合同性质持续优化“省心租”商业模式，本季度部分新托管房源的收入按服务费净额确认。第一季度，我们的新兴及其他服务收入为人民币3.5亿元，同比下降50%，环比下降20.3%。
Next let's move on to our other cost expenses in Q1. Our store cost reached only RMB717 million, remaining relatively stable year-over-year and dropping by 8.8% quarter-over-quarter. The sequential decrease was mainly from the lower store rental cost. Other costs were RMB547 million, up 44.4% year-over-year primarily due to the increased tax and the surcharge and the financial service reserve and its credit losses. Sequentially, other costs declined by 26.7% largely driven by the decreases in the tax and supplies. Financial services and reserves and credit losses and the share based compensation.
接下来我们来看第一季度的其他成本费用。门店成本为人民币7.17亿元，同比基本持平，环比下降8.8%，主要由于门店租金成本下降。其他成本为人民币5.47亿元，同比增长44.4%，主要由税金及附加、金融服务准备金及信用损失增加所致。环比下降26.7%，主要由于税费、耗材、金融服务准备金、信用损失及股份支付费用减少。
Gross profit rose by 17% year-over-year to RMB4.82 billion. Gross margin was 20.7%, down 4.5 percentage point year-over-year. The primary reason for the decline was decrease in contribution margin from the in-home transaction services. Gross margin grew by 2.4 percentage points sequentially in Q1. Mainly due to the structural region as the revenue contribution of new home construction service declined.
毛利润同比增长17%，达到人民币48.2亿元。毛利率为20.7%，同比下降4.5个百分点，主要是由于二手房交易服务的贡献利润率下降所致。第一季度毛利率环比上升2.4个百分点，主要归因于业务结构变化，即新房建设服务的收入占比下降。
In Q1, our GAAP operating expenses totaled RMB4.2 billion up 2.9% year-over-year and down 31.3% sequentially. Notably, G\&A expenses were RMB1.9 billion decreasing by 7.2% year-over-year mainly due to the reduced share based compensation expenses. G\&A expenses dropped by 36.7% quarter-on-quarter, primarily attributable to the lower personnel expenses and the decreased bad debt provision.
第一季度，我们的GAAP运营费用为人民币42亿元，同比增长2.9%，环比下降31.3%。其中，管理费用为人民币19亿元，同比下降7.2%，主要是由于股份支付费用减少；环比下降36.7%，主要归因于人员开支下降及坏账准备减少。
Sales and market expenses increased by 9.2% year-over-year to RMB1.8 billion resulting from the increased expenses for the home renovation and furniture business. Total , sales and marketing expenses fell by 24.4%, mainly due to a decline in market expenses for home construction services and reduced personnel expenses.
销售及市场费用同比增长9.2%，达到人民币18亿元，主要受家装及家居业务相关开支增加所致；环比下降24.4%，主要是因为家装服务的市场费用减少及人员费用下降。
Our R\&D expenses were RMB584 million, up 24.9% year-over-year, driven by higher personnel expenses and technical service fee. Sequentially, R\&D expenses dropped by 21% largely as a result of reduced personnel expenses.
研发费用为人民币5.84亿元，同比增长24.9%，主要由于人力开支和技术服务费增加；环比下降21%，主要由于人员支出减少。
In terms of the profitability, GAAP income from operations totaled RMB591 million in Q1, a remarkable increase compared with the same period of last year and decreasing by 41.6% sequentially. GAAP operating margin was 2.5%, increasing by 2.5 percentage point from Q1 2024, and falling by 0.7 percentage point quarter-over-quarter.
就盈利能力而言，第一季度GAAP营业利润为人民币5.91亿元，较去年同期大幅增长，但环比下降41.6%。GAAP营业利润率为2.5%，同比提升2.5个百分点，环比下降0.7个百分点。
Non-GAAP income from operations totaled RMB1.15 billion, growing by 19.6% from the same period of last year and dropping by 34.6% sequentially. Non-GAAP operating margin reached 4.9%, down 0.9 percentage points from Q1 2024 and 0.7 percentage points from the previous quarter. Mainly attributable to the gross margin decreased both year-over-year and quarter-over-quarter.
非GAAP营业利润为人民币11.5亿元，同比增长19.6%，环比下降34.6%。非GAAP营业利润率为4.9%，同比下降0.9个百分点，环比下降0.7个百分点，主要是由于毛利率同比和环比均有所下降。
GAAP net income totaled RMB855 million in Q1, rising by 97.9% year-over-year and 48.2% quarter-over-quarter. Non-GAAP net income was RMB1.39 billion, remaining stable year-over-year and increasing 3.7% quarter-over-quarter.
第一季度GAAP净利润为人民币8.55亿元，同比增长97.9%，环比增长48.2%；非GAAP净利润为人民币13.9亿元，同比基本持平，环比增长3.7%。
Moving to our cash flow and balance sheet. We realized the net operating cash outflow of RMB4 billion in Q1. New home DSO reached 63 days in Q1, remaining at a healthy level on top of approximately \$139 million allocated to share repurchase during Q1. Our total cash liquidity remained at the high level of RMB74.3 billion, which excludes customer deposit payable. With our robust cash reserves, we continue to reward our shareholders who have grown with us through the active share buyback, enhancing capital operation efficiency, and sharing the benefit of our development with investors.
接下来是现金流和资产负债表部分。第一季度，我们实现了人民币40亿元的经营现金净流出。新房交易的应收账款周转天数为63天，维持在健康水平。同时，我们在本季度投入约1.39亿美元用于回购股份。剔除客户预收款项后，我们的现金流动性仍保持在人民币743亿元的高位。凭借稳健的现金储备，我们持续通过积极回购股份来回馈长期支持我们的股东，提升资本运作效率，并与投资者共享发展成果。
In Q1, we repurchased around \$139 million worth of shares, which accounted for around 0.6% of the company's total share outstanding at the end of 2024. We have consistently delivered our promise to reward shareholders. Since the launch of our share repurchase program in September 2022, we have repurchased roughly \$1.76 billion in shares at the end of Q1 2025, accounting for around 9.2% of our total share outstanding before the program began.
第一季度，我们回购了约1.39亿美元的股份，占2024年底公司总流通股的约0.6%。我们始终如一地兑现对股东回报的承诺。自2022年9月启动股份回购计划以来，截至2025年第一季度末，我们累计回购股份约17.6亿美元，占该计划启动前公司总流通股的约9.2%。
This year, our business will focus on efficiency improvements in financial strategy. We will ensure that our investments are made more efficiently to improve personnel and store productivity. We will respect advocating and make sure the money spent yields visible results, while maintaining the disciplined cost expense control.
今年，我们的财务策略将聚焦于效率提升。我们将确保投资更加高效，提升人效和店效；坚持倡导理性支出，确保每一笔费用带来可见成果，同时保持成本控制的纪律性。
We will continue to support long-term business development by fully backing our onboarding surveillance strategy initiatives and actively exploring AI technology. At the same time, we possess naturally driven resources with the intention to consistently offer the stable and sustainable returns to our shareholders.
我们将继续坚定支持长期业务发展，全力推进“一体驱动”战略，并积极探索AI技术。同时，我们拥有内生驱动资源基础，旨在持续为股东提供稳定、可持续的回报。
This concludes my prepared remarks for today. Operator, we are ready to take questions.
以上是我今天的全部发言内容。运营商，我们可以进入答问环节。
Question-and-Answer Session
问答环节
Operator
运营商
Thank you. [Operator Instructions] Your first question comes from Timothy Zhao from Goldman Sachs. Please go ahead.
谢谢。[操作指引] 第一位提问来自高盛的Timothy Zhao，请开始提问。
Timothy Zhao
赵天牧
[Foreign Language]
[Interpreted] Thank you, management for taking my questions. I think my question is regarding the outlook for the property market going forward. I think we note strong rebound of the property market transactions after Chinese New Year. Just wondering from second quarter and onwards, what is your outlook for the property market, really considering the latest macro dynamics as well as the impact from the U.S. tariff? Thank you.
感谢管理层接受我的提问。我想问的是对未来房地产市场的展望。我们注意到春节后房地产交易有明显反弹，想请问从第二季度开始，您如何看待房地产市场的走势，特别是考虑到最新的宏观形势以及美国加征关税的影响？谢谢。
Tao Xu
徐涛
Thank you, Timothy. For Q1 market performance, with the central government's continuous efforts to stabilize the real estate market, the existing home market saw a relatively strong recovery after Chinese New Year and the new home market also performed stable. Let me give some details. The existing home market rebounded after Chinese New Year as expected.
谢谢你，Timothy。关于第一季度的市场表现，在中央持续出台政策稳定房地产市场的背景下，春节后二手房市场实现了相对强劲的修复，新房市场整体表现也较为稳定。下面我具体讲一下。春节之后，二手房市场如预期般反弹。
According to Beike Research Institute, nationwide existing home GTV grew by 16% year-over-year in Q1, sustaining the momentum fueled by the September '26 policy stimulus. This growth was mainly due to the cumulative impact of the early stimulus policies. These policies substantially lowered the threshold and the cost of the home purchase, motivating more people to buy.
根据贝壳研究院的数据，第一季度全国二手房GTV同比增长16%，延续了去年“9·26”政策刺激所带动的动能。这一增长主要归因于早期政策刺激的累积效应。相关政策显著降低了购房门槛和成本，激发了更多购房需求。
Rising transaction volume also helped to balance supply and demand in the short term, narrowing the decline in the home prices year-over-year and bringing the cautious buyers back to the market.
成交量的上升也在短期内改善了供需关系，房价同比降幅收窄，使得部分观望购房者重新入市。
Leasing home prices have stayed mostly stable, dipping by 0.5% month-over-month in March in first-tier cities like Beijing and Shanghai as well as second-tier cities with a strong net population inflows and a steady increase in the housing demand in recent years, such as Hangzhou and Chengdu, leasing home prices have picked up slightly month-over-month.
租赁市场价格整体保持平稳。3月份北上广深等一线城市，以及杭州、成都等近年来人口持续净流入、租房需求稳步增长的二线城市，租金环比略有下调0.5%；但部分城市租金已出现小幅回升。
For new home market in Q1, it is also very stable. According to MBS data, Q1 new home sales were overall flat year-over-year, down 0.4%. GTV of 1,200 real estate developers dropped by 7% year-over-year in Q1. Notably, the sales by floor area decreased by over 15% year-over-year.
第一季度新房市场也整体稳定。根据MBS数据，一季度新房销售额同比基本持平，仅下降0.4%；但1,200家房企的新房GTV同比下降7%，其中以面积计的销售量同比下降超过15%。
Since Q2, after Chinese New Year, the market followed its typical seasonal pattern.
进入第二季度，春节后市场呈现出典型的季节性特征。
The existing home transaction volume peaked in the early March, then gradually declined through April. The month-over-month decrease of existing home prices expanded somewhat with a 1.3% drop in April as transaction volume reduced.
二手房交易量在3月上旬达到高点，随后在4月逐步回落。随着成交量的减少，二手房价格环比降幅有所扩大，4月环比下降1.3%。
From a supply-demand standpoint, the total number of existing home listings on Beike rose in Q1, up fall in Q4 of last year. This aligns with the seasonal trend of lower inventory at the year-end and higher inventory at the start of the year.
从供需关系来看，贝壳平台上的二手房挂牌量在第一季度环比回升，反映出去年四季度末库存偏低后，年初挂牌量的季节性恢复趋势。
It is also a natural result of the existing home market dysfunction and the lifting of the sales restrictions, which have released more housing supply.
同时，这也与当前二手房市场结构性失衡以及限售政策的逐步放开有关，释放了更多的房源供应。
The faster the supply of the nearly new existing home into the market has also improved overall listing supply quality and created better conditions for buyers looking to the home upgrades.
大量“次新房”加速入市，也提升了挂牌房源的整体质量，为改善型购房者提供了更好的选择条件。
Meanwhile, we observed that increase in the market demand outpaced the increase in inventory. In April ratio of the home viewing to inventory was at 1.8, which is at the higher end of the historical range of the 1.6 to 1.9. This addresses stronger buyer interest and plenty of demand with the market able to absorb new inventory.
与此同时，我们也观察到市场需求的增长速度超过了库存增长。4月份的“看房-挂牌比”达到1.8，位于历史区间1.6至1.9的高位，说明买方意愿更强，市场对新增房源具备较强的吸纳能力。
However, the conversion from the home viewing to transaction has slowed, mainly due -- this is mainly due to the short-term uncertainties affecting buyer expectations, including external factors such as the geopolitical tension. This has led to some softening the housing price expectations, which made buyers more hesitate to enter the market.
不过，带看到成交的转化速度有所放缓，主要原因在于短期不确定性因素影响了购房者的预期，其中包括地缘政治紧张等外部因素。这导致了房价预期的趋弱，使部分买家在入市时更加犹豫。
For future market outlook, we believe the market outlook will depend on two main factors: the impact of international trade frictions on housing transactions and the strength and the timing of domestic countermeasures. On a neutral scenario, we expect a typical seasonal slowdown in Q2 on a sequential quarter basis.
对于未来市场走势，我们认为将主要取决于两个因素：一是国际贸易摩擦对房地产交易的影响，二是国内政策对冲的力度与时点。在中性情境下，我们预计第二季度将呈现典型的季节性环比放缓。
Year-over-year, however, the existing home market is expected to see a slight increase in existing home transaction volume, also at a slower pace than Q1. This is supported by the higher transaction volume in Q1, the growing supply of the high-quality nearly new existing home and the year-over-year increase in customer home building.
但从同比来看，预计二手房市场成交量仍将实现小幅增长，增速低于第一季度。这一趋势受益于一季度成交量的积累增长、优质次新房供应的扩大以及客户“安家”建设活动的同比提升。
As the market experienced a quarter-on-quarter decline in Q2, and if external trade pressure intensified in Q3, indicators such as the housing price, transaction volume and development investment may weaken. This could create room for further supportive policy measures in the second half of the year, which would help improve both supply and demand in property market and support stable market development. We are also closely monitoring the impact of the change in global trade on real estate market.
如果第二季度市场出现环比下行，而第三季度外部贸易压力进一步加剧，房价、成交量以及开发投资等关键指标可能面临走弱。这将为下半年出台进一步支持性政策预留空间，助力改善房地产市场供需结构，促进市场平稳发展。我们也在密切关注全球贸易变化对房地产市场的潜在影响。
In terms of home listings, the overall number of new listings on Beike platform remained stable in April with no signs of the homeowners rushing to sell. The number of the home viewing for both existing and new homes still showed a notable year-over-year increase in April.
在房源挂牌方面，4月贝壳平台上的新增挂牌总量整体保持稳定，未出现业主集中抛售的迹象。4月份无论是二手房还是新房的带看量同比仍实现显著增长。
When categorizing the cities that we covered by high and low trade dependency, we observed that since the tariff start off in early April, cities with high trade dependency have slowed -- have shown weaker year-over-year and month-over-month home viewing performance compared to cities with low trade dependency.
将我们覆盖的城市按贸易依赖程度进行分类后可以发现，自4月初关税消息发出以来，贸易依赖度高的城市在带看数据上呈现出同比和环比均更弱的表现，低依赖城市则更稳健。
This indicates that while the trade frictions have caused some short-term disruption in buyer expectation in certain cities, there has not been a significant trend of the divergence overall and the homeowner sentiment remains stable.
这说明尽管贸易摩擦在部分城市对买方预期造成了短期扰动，但整体尚未出现明显的分化趋势，业主情绪保持稳定。
Moving forward, we will continue to monitor potential impact of the trade frictions on housing market through the lead indicators such as home viewing, customer traffics and listing volume. We observed a notable de-escalation in recent U.S.-China trade tensions, which should help stabilize the business and the consumer expectation in near term. In our view, we believe that the international trade frictions represent a long-term dynamic process with uncertainties and the potential for improvement.
展望未来，我们将通过带看量、客户流量和挂牌量等领先指标，持续跟踪贸易摩擦对房地产市场的潜在影响。近期中美贸易紧张局势出现明显缓和，有望在短期内稳定企业和消费者的信心。从我们的角度看，国际贸易摩擦是一个具有不确定性但存在改善空间的长期动态过程。
During the upcoming 90-day negotiation window, we will closely monitor the development, track the resulting impact and assess the potential implications for both real estate market and our company on an ongoing basis. In the medium to long term, we maintain a cautiously optimistic outlook, trusting both China and the U.S. will continue to move together with each other based on the positive progress made so far.
在接下来的90天谈判窗口期内，我们将密切关注相关进展，持续追踪其影响，并评估对房地产市场及本公司可能产生的影响。从中长期来看，我们仍保持审慎乐观的判断，认为中美将在现有积极进展基础上继续向良性互动方向迈进。
Meanwhile, the continued implementation of domestic supportive policies is expected to further boost customer confidence. Together, this is expected to mitigate the impact of the trade risk on the property market, helping to consolidate the initial stabilization of the existing home market and ease pressure on the new home market. Thank you.
同时，国内支持性政策的持续落实也将进一步提振客户信心。二者叠加，有望缓解贸易风险对房地产市场的冲击，巩固二手房市场的初步企稳态势，并缓解新房市场的压力。谢谢。
Operator
运营商
Thank you. Your next question comes from Xiaodan Zhang from CICC. Please go ahead.
谢谢。下一位提问来自中金公司的张晓丹，请开始。
Sophie Zhang
张晓丹
[Foreign Language]
[Interpreted] So thanks management for taking my questions. And my question is regarding the housing transaction services business. So could management elaborate on the expansion plan for this year in terms of housing agents and the agency stores? And on top of that, how will you continuously improve the efficiency of those existing and newly connected agents and stores on the platform? Thank you.
感谢管理层接受我的提问。我的问题是关于房产交易服务业务的。今年在经纪人和门店网络的扩张方面是否有更详细的计划？此外，平台将如何持续提升现有及新增连接门店和经纪人的效率？谢谢。
Tao Xu
徐涛
Thank you, Sophie. This year, we will continue to promote healthy growth of our agency store network to support the sustained expansion of our housing transaction services. At the same time, we will place greater emphasize on the cost effectiveness of the store expansion. Our aim is to enhance the efficiency and the income of platform stores and the agents, thereby increasing the stability of agent careers, providing better services to customers and achieving more sustainable long-term growth for our platform.
谢谢你，晓丹。今年我们将继续推动经纪门店网络的健康发展，以支持房产交易服务的持续扩张。同时，我们会更加强调门店扩张的成本效益，目标是提升平台门店和经纪人的效率与收入，从而增强经纪人职业的稳定性，为客户提供更好的服务，并实现平台更可持续的长期增长。
In terms of the agent and store network expansion, by end of this Q1, the number of active stores on our platform increased by nearly 30% year-over-year and the number of active agents grew by 23% year-over-year. The growth was mainly driven by the non-Lianjia segment with a 33% year-over-year increase in active non-Lianjia store and a 24% year-over-year increase in active non-Lianjia agents in our platform.
在经纪人和门店网络扩张方面，截至第一季度末，我们平台的活跃门店数同比增长近30%，活跃经纪人同比增长23%。增长主要来自于非链家门店的拉动：非链家活跃门店同比增长33%，非链家活跃经纪人同比增长24%。
In Q1, several major brands joined our platform. This includes our collaboration with [indiscernible] brokerage company in Kunshan, Suzhou. This shows the core value of our platform in buy-side market, which is our stronger existing home business operation, agent connection network and digital empowerment capabilities.
第一季度，有多个区域性品牌加入我们的平台，包括与苏州昆山某大型经纪公司的合作。这体现了我们在购房端市场的核心价值：更强的二手房运营能力、经纪人连接网络以及数字化赋能能力。
In Q1, our efficiency efforts paid off in the stable market environment. The average number of the transaction per agent rose notably in Q1. This helped offset the decline in average housing unit prices. As a result, its in-home GTV per agent grew by over 9% year-over-year in Q1. The average number of agents also rose by 18% year-over-year. Together, this factor led to a 28% year-over-year increase in existing home GTV on our platform, clearly outperforming the 16% increase in nationwide GTV as estimated by Beike Research Institute.
在第一季度相对稳定的市场环境中，我们在效率提升方面的努力取得了实质性成果。单人平均成交量显著提升，有效对冲了单套房价下行带来的影响，使得单人GTV同比增长超过9%。与此同时，平台上的平均活跃经纪人数同比增长18%，共同推动平台二手房GTV同比增长28%，明显高于贝壳研究院所测算的全国GTV 16%的同比增速。
Our platform's efficiency focused mechanism also start to show results. The share of the high-performing stores increased from 16.7% at the end of 2024 to 18.4% in Q1. However, the stores were about 2.5 times more productive than that of those stores on the platform in their respective cities. To improve the efficiency, we refined our internal management. We used the digital tools such as online store owner workshop and AI property listing assistant, along with offline property listing sessions to facilitate the separation of home listing, which accelerate sales.
我们平台上聚焦效率的运营机制也开始展现效果。高绩效门店的占比从2024年底的16.7%提升至第一季度的18.4%。这些门店的产能是同城平台门店的约2.5倍。为了进一步提升效率，我们优化了内部管理流程，通过线上“店东训练营”、AI房源助手等数字工具，并结合线下的房源撮合场景，推动房源的快速分销，加快成交效率。
We also improved platform operation through the building mechanisms, like a point-based incentive program and regional co-governance council. This encourages store owners to keep growing business and work more closely with each other. Our store retention rate remained healthy for both old and new stores. Our in-home attrition rate dropped to 2.9% in Q1, down 6% sequentially and 38% year-over-year. And the 6-month retention rate for newly connected stores in first half of 2024 was 94%, showing the long-term value of our platform support.
我们还通过建立机制来优化平台运营，例如积分激励机制和区域共治委员会。这些机制鼓励门店经营者持续扩展业务，并加强彼此之间的协作。无论是老店还是新店，我们的门店留存率都保持在健康水平。第一季度，二手房业务的门店流失率降至2.9%，环比下降6%，同比下降38%。而2024年上半年新增连接门店的6个月留存率达到94%，体现出我们平台赋能的长期价值。
For full year, we reasonably foresee that the number of Lianjia agents and store will remain largely stable. Meanwhile, we expect a modest increase in scale of non-Lianjia agent stores with target expansion in certain key regions. On top of the stable agent store networking, improving efficiency will be our core goal this year and beyond. This year, we will provide more targeted support to store owners to help them improve regional competitiveness. At the same time, under our points-based incentive system, we aim to develop more high-performing stores, aiming to upgrade the overall structure of our store network.
展望全年，我们预计链家体系的门店和经纪人数量将基本保持稳定；与此同时，非链家体系门店将在若干关键区域实现温和扩张。在稳定的经纪网络基础上，提升效率将是我们今年及未来的核心目标。今年我们将为门店经营者提供更具针对性的支持，帮助他们提升区域竞争力。同时，在积分激励机制下，我们也将重点培育更多高绩效门店，优化整体门店结构。
In the long run, the large store model will be a key strategy for enhancing productivity. In the future, our platform will host more high-performing large stores, each with over 10 agents. These stores will attract more top talent. This large store boost high efficiency and strong staff retention, allowing store owners to achieve better income and stay in business longer. Those store owners can better support agents, ensure their income stability and enabling the owners to provide superior service to customers.
从长远来看，大店模式将成为提升生产力的关键策略。未来，我们平台将拥有更多高绩效的大型门店，每家门店拥有超过10名经纪人。这些大店更能吸引高质量人才，具备更强的效率和人员留存率，帮助门店老板实现更好的收益和更长久的经营。门店老板也能更好地支持经纪人，保障其收入稳定，从而为客户提供更优质的服务。
The platform's various residential service will also offer agents diversified opportunities for additional income. Additionally, we firmly believe that breakthroughs in AI will present opportunities for transformative improvements in industry productivity. We have already developed a variety of AI applications to support our service and providers, and we will continue to accelerate development to redefine the capabilities of the quality service providers and drive their efficiency gain.
平台提供的多样化居住服务，也将为经纪人带来额外增收的机会。此外，我们坚信AI的突破将带来行业生产力的结构性提升机遇。我们已开发多种AI应用来支持服务者，并将持续加快研发进度，重塑高质量服务者的能力边界，进一步提升其效率。
This year, in a volatile market, we aim to increase the average number of transaction per connected agent to maintain stable per capita commissions. Over the next two to three years, we plan to increase the proportion of large and high-quality stores. This store will have a more stable, high-performing agents with high efficiency with store productivity being 2 times to 3 times of the current average. We anticipate with this -- within three years, this will have led to approximately 20% improvement in efficiency of those connected agents on our platform. Thank you.
今年，在市场波动的环境下，我们的目标是提高连接经纪人的人均成交量，以保持人均佣金的稳定。在未来两到三年内，我们计划提升大店和高质量门店的占比，这些门店将拥有更稳定、高绩效的经纪团队，其门店产能是当前平均水平的2到3倍。我们预计，在此策略推动下，三年内平台上连接经纪人的整体效率将提升约20%。谢谢。
Operator
运营商
Thank you. Your next question comes from Jizhou Dong from Nomura. Please go ahead.
谢谢。下一位提问来自野村证券的董济舟，请开始。
Jizhou Dong
董济舟
[Foreign Language]
[Interpreted] Beike's home renovation and furnishing business achieved 20% plus year-on-year growth in the first quarter with a 2 percentage point improvement in contribution margin. Could management share more specifics of the segment's operation, as well as the outlook on the margin in the future? And in addition, management has shared a lot of the ideas of Beike using AI to drive its business and improve its service quality. Looking into the next few quarters, could management update us more on Beike’s strategy and investment plan for AI from both the 2B and 2C perspective? Thank you.
贝壳的家装家居业务在第一季度实现了20%以上的同比增长，贡献利润率提升了2个百分点。请管理层进一步介绍该业务的运营细节及未来利润率的展望？另外，管理层此前也分享了很多关于贝壳运用AI赋能业务、提升服务质量的思路。请问在接下来的几个季度中，公司在To B和To C两端的AI战略和投资计划有哪些更新？谢谢。
Tao Xu
徐涛
Thank you, Jizhou. Our home renovation and furnishing business demonstrated excellent performance in Q1. In terms of scale, the revenue amounted to RMB2.9 billion, up 22.3% year-over-year. Cities such as Beijing, Guangzhou and Zhengzhou performed especially well and each achieved over 50% year-over-year growth in revenue.
谢谢你，济舟。我们的家装家居业务在第一季度表现出色。就规模而言，该业务收入达到人民币29亿元，同比增长22.3%。其中，北京、广州、郑州等城市表现尤为亮眼，收入同比增速均超过50%。
Regarding profitability, the contribution margin for the home renovation and furnishing business reached 32.6% in Q1, an increase of 2 percentage points compared to the same period last year, reaching a record high and reflecting our capability of the refined operation and management.
在盈利能力方面，家装家居业务的贡献利润率在第一季度达到32.6%，同比提升2个百分点，创下历史新高，体现了我们在精细化运营和管理方面的能力。
We believe that the AI has extensive application scenarios in the home renovation and furnishing. We are also continuously deepening the application of AI, such as contract conversion, construction process and internal management. Let me elaborate for details.
我们认为，AI在家装家居场景中具有广泛的应用潜力，我们也在持续深化AI在合同转化、施工过程和内部管理等多个环节的落地。下面我具体展开说明。
First, in the early stage of the contract conversion, previously, designers conduct the initial communication with customers through the two-dimensional black and white flow plans. The only professional drawing reduced the customer's perception and affect the efficiency of the contract conversion.
第一，在合同转化初期，以前设计师主要通过二维黑白平面图与客户进行初步沟通，这种专业性较强的图纸不利于客户感知，从而影响合同转化效率。
Currently, empowered by AI, when a customer visits our offline store for the first time, designers can rapidly formulate an IR proposal based on the customer's preference for decoration style and home layouts.
目前借助AI能力，当客户首次到访线下门店时，设计师可快速根据其风格偏好与户型信息生成AI设计方案。
This AI proposal encompass the various type of the 3-dimensional color-rendered design drawing, dynamic and static space analysis, storage and smart device layout plan.
该AI方案包括多类型的三维彩色效果图、动态静态空间分析、收纳与智能设备布局图等内容。
This significantly enhanced the experience of first-time store visitors and thereby boost the contract conversion rate. Taking Wuhan as an example, the time period from first-time visiting store to signing a preliminary contract was shortened from previously 10 days to within six days in March.
这显著提升了首访客户的体验，从而提升合同转化率。以武汉为例，客户从首次到店到签署初步合同的周期，从此前的10天缩短至3月的6天以内。
Secondly, in the construction process, we have developed an intelligent construction system. Real-time online inspections are realized by installing cameras on spot. AI can also realize automatic measurement in core construction operation such as the real name on the drop certification, the inspection of the site cleanliness and the noise recognition.
第二，在施工环节，我们构建了智能施工系统，通过现场布设摄像头实现实时在线巡检。AI还可以在核心施工工序中实现自动识别与测量，如实名落地认证、施工现场整洁度检测和噪声识别等。
In addition, by equipping staff with smart inspection devices, we assist in standardizing the home renovation acceptance process through AI recording technology. We can recontrast the acceptance process, enabling principle and quantifiable evaluation of the construction quality. Taking Beijing as an example, the acceptance of actual risk rate has increased by more than 2 percentage points compared with before.
此外，我们还为人员配备智能巡检设备，通过AI记录技术标准化家装验收流程，可复刻验收路径，实现可追溯、可量化的施工质量评估。以北京为例，实测实量验收达标率相比之前提升了2个百分点以上。
Meanwhile, in terms of the internal management, we have multiple AI employees.
同时，在内部管理方面，我们已部署多位AI数字员工。
“Sun Xiaosheng,” as operating management AI employee enhanced the effectiveness of the team management by automatically summarizing and commenting on daily reports and demanding about the pending matter through AI. This option has collected and commented on more than 20,000 daily reports, saving team more than 18,000 hours within half a year.
例如运营管理AI员工“孙小生”通过AI自动总结并点评日报，提醒待办事项，有效提升团队管理效能。半年内已处理超2万份日报，节省团队工时超1.8万小时。
So fashioned as order following AI employee realized functions such as information distribution and automatic order assignment through the information collection and AI analysis capabilities, Sun Xiaosheng had distributed information over 5,000 times and some timely reminder over 10,000 times within half a year.
“顺发”作为订单跟进AI员工，具备信息收集、AI分析、任务分发和自动派单等功能，半年内完成信息分发超5,000次，及时提醒超过1万次。
In the future, our AI exploring for home renovation business will be concentrated on the following aspects: more accurate insights and analysis of the customer demands and the more efficient design powered by AI. We aim to achieve the better personnel solution from demand to design and comprehensively enhance the professionalism and the efficiency of our services. Thank you.
未来，我们在家装业务上的AI探索将主要聚焦于：一是更精准地洞察和分析客户需求；二是依托AI能力实现更高效的设计能力。我们的目标是从“需求→设计”实现更优的“人+AI”协同解决方案，全面提升服务的专业性和效率。谢谢。
Operator
运营商
Thank you. Your next question comes from John Lam from UBS. Please go ahead.
谢谢。下一位提问来自瑞银的John Lam，请开始。
John Lam
林智源
[Foreign Language]
[Interpreted] So let me translate my questions. So my question is regarding on Beihaojia. So we see that Beihaojia has already participated numerous new home projects. So just wanted to see how Beihaojia contributes to the new home development? And also regarding on the C2M business, how the business is being reflected? Thank you.
我想问的问题是关于“贝好家”业务的。我们看到贝好家已经参与了多个新房项目，想请教管理层贝好家在新房开发中扮演了什么角色？另外，C2M（客户反向定制）业务目前是如何体现的？谢谢。
Tao Xu
徐涛
Thank you, John. Beihaojia's business model provides a C2M new home product solution for partners like developers. We use intelligent algorithm and massive database to deeply understand our target customers' needs and preference. Our tools help predict the type of home customers wanted and the price they expect. Developers use this insight to guide project positioning and product design, making their new home offering more catered to customer demands.
谢谢你，John。贝好家的业务模式为开发商等合作伙伴提供C2M（Customer-to-Manufacturer）反向定制式的新房产品解决方案。我们依托智能算法和庞大的数据库，深入洞察目标客户的需求与偏好，并通过工具预测客户想要的户型和价格预期。开发商可据此优化项目定位和产品设计，使其新房产品更契合客户需求。
So far, Beihaojia has participated in line purchase across different models. So our self-operated project aimed at more comprehensive, validating our C2M capabilities. Back projects involve equity partners with Beihaojia primarily focused on the product positioning using HY as a right to projects are purely light asset model, where we do not engage in investment, but instead provide product positioning solution to partners and charge a service fee.
截至目前，贝好家已参与了多种模式的新房项目。我们自营项目主要用于更全面地验证C2M能力；“联合拿地”类项目则有股权合作伙伴，贝好家主要负责产品定位；还有部分项目属于轻资产模式，我们不参与资金投入，仅为开发商提供产品定位解决方案并收取服务费。
Regarding the funding use across the seven investment-involved projects, the total investments have reached about RMB2.3 billion. By end of this Q1, we have recovered nearly RMB500 million from [indiscernible]. Net investment from our own funds stands over RMB1.8 billion.
在涉及资金投入的7个项目中，总投资金额约为人民币23亿元。截至第一季度末，我们已回笼资金近5亿元，自有资金净投资仍超过18亿元。
Among this, our first IP partnership, new home projects, which we collaborated with PowerChina Real Estate on Beijing [indiscernible] of Beijing City achieved a complete sellout of all initial units on the first day of launch.
其中，我们与中电建地产合作的首个IP合作新房项目——位于北京[听不清]的项目，在首期开盘当日实现全部售罄。
The project delivered an IRR nearly 30% at the shareholder level, demonstrating how our C2M service capability provides partners with enhanced sales and operation certainty.
该项目股东层面内部收益率（IRR）接近30%，充分展现了我们C2M服务能力在提升销售效率和运营确定性方面的价值。
In building C2M capabilities, we have two key advantages. First, we have a deep understanding of the needs of potential consumers. This came from our unique database built on massive online and offline traffic of our platform. It also draws from the rich customer interactions in our brokerage, home renovation and rental services. Together, this forms the foundation of our core data infrastructure.
在构建C2M能力方面，我们有两个核心优势。第一，我们对潜在客户需求有深刻理解，这源于平台海量线上线下流量沉淀出的独有数据库，同时也得益于我们在经纪、家装和租赁等多种业务中积累的丰富客户交互数据。这些共同构成了我们的核心数据基础设施。
With this data, we can analyze key indicators, such as the source, quantity, purchasing power and the specific product needs of potential customers in a more timely, intuitive and competitive manner. This level of detailed customer insight helps developers make a more accurate decision and allocate resources more effectively in areas such as land auction assessment, unit mix planning and product set, ultimately leading to the greater operational certainty.
基于这些数据，我们可以更及时、直观、有竞争力地分析潜客的来源、数量、购买力以及对产品的具体需求。这种细致入微的客户洞察，帮助开发商在土地评估、户型配比、产品配置等方面做出更精准的决策，从而提升项目运营的确定性。
Our second advantage is a strong market knowledge and price ability. We use actual transaction price of this new home along with the real-time and upstream data like homeowner's listing price and the price adjustments. We then apply the algorithm model to build a valuation model for different geographic districts. These models can more accurately estimate the project and sector value and update quickly based on the change in the market. This approach aligns more closely with the price formation logic in a buyer's market.
第二个优势是我们具备强大的市场理解力和定价能力。我们结合新房的实际成交价格，以及业主挂牌价和调价等实时上游数据，通过算法模型构建分区域估值体系。该模型能更准确评估项目及板块价值，并能根据市场变化进行快速动态更新。这种方式更贴近买方市场的价格形成逻辑。
The new home price are largely unaffected by policies of both developers strategy and instead result from a decentralized and free negotiation between buyers and sellers. In a market dominated by new home transaction, this new home prices often give a more accurate multilayered view of the market than new home market data. This help us better market trends.
新房价格很大程度上不受开发商政策或策略直接影响，而是通过买卖双方的分散博弈与自由议价形成。在新房交易占主导的市场中，这种价格机制往往比传统的新房数据更能反映市场的多维度实况，有助于我们更准确地把握市场趋势。
Based on this true advantage, we have refined our core C2M tools. We will continue to improve their accuracy and proficiency over time. We also support our C2M model with more innovative ways to reach customers. While our agent network connect with customers, we are also building an online community called building a better home together with our application. This enables users to directly participate in evaluation and co-creation of new home product design.
基于上述核心优势，我们持续打磨C2M核心工具，并将不断提升其准确度和成熟度。同时，我们也通过更创新的方式来触达客户，除了通过经纪人网络连接客户，我们还在APP内打造“共建理想家”线上社区，让用户直接参与新房产品的评估与共创。
For example, in our Hongqing project in Shanghai, users can visit building a better home together page. They can view and compare two home design plans engaging in the design process of their future dream homes. This model let us connect with customers much earlier than traditional methods. It also makes their preference reflect in the new home products. We have already provided our first C2M product solution service in Xi'an project through which we earn a service fee, showing stronger market recognition from our business approach.
例如，在我们位于上海的“鸿庆”项目中，用户可进入“共建理想家”页面，查看并对比两个户型设计方案，参与到自己未来理想住宅的设计过程中。这一模式使我们比传统方式更早地与客户建立连接，并让客户的真实偏好反馈到产品中。我们在西安项目中已正式落地了首个C2M产品解决方案，并收取服务费用，显示出市场对我们模式的认可度在不断提升。
In Xi'an project, Beihaojia provide a full set of product solutions. This included customer service, product exact positioning, cost optimization, price forecasting and market services. We also give target project planning advice such as optimizing the elevator to household visual, enhancing the landscape and adjusting in size, trying to address the key developer pain points such as fast capital recovery, product premium and product competitiveness.
在西安项目中，贝好家为开发商提供了一整套产品解决方案，覆盖客户服务、产品精准定位、成本优化、价格预判与市场服务等维度；同时我们也针对具体项目提出规划建议，例如优化梯户比、增强景观设计、合理调整面积配比等，着力解决开发商“回款速度、产品溢价能力、市场竞争力”三大核心痛点。
Last but not least, as a newcomer to the industry, Beihaojia remains humble and respectful to the market. Although the business line has been established for less than two years, we have already seen the promising results in several projects. These early signs have gradually validated our capability path and strengthened our confidence in continuous optimization and moving forward. Thank you.
最后，作为行业的新进入者，贝好家始终保持谦逊并尊重市场。尽管这条业务线成立时间不到两年，但我们在多个项目中已取得了初步成果，这些早期迹象逐步验证了我们的能力路径，也增强了我们持续优化并稳步前行的信心。谢谢。
Operator
运营商
Thank you. We are now approaching the end of the conference call. I will now turn the call over to your host today, Ms. Siting Li for closing remarks.
谢谢。目前我们接近会议尾声。现在我将电话交还给今天的主持人——公司投资者关系总监李思婷女士，请作结语。
Siting Li
李思婷
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 next quarter. Thank you, and good-bye.
再次感谢大家今天的参与。如果您还有任何问题，欢迎通过公司官网提供的联系方式与贝壳投资者关系团队取得联系。本次电话会议到此结束，我们期待下季度与大家再次交流。谢谢，再见。