Ke Holdings Inc (BEKE) 2024 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Ke Holdings Inc's second-quarter 2024 earnings conference call. Please note that today's call, including the management's prepared remarks and question and answer session will all be in English. Simultaneous interpretation in Chinese is available on a separate line for the duration of the call. To access the call in Chinese, you will need to dial into the Chinese language line. (Operator instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加貝殼控股 2024 年第二季財報電話會議。請注意，今天的電話會議，包括管理階層的準備發言和問答環節都將以英文進行。通話期間，可透過單獨的線路提供中文同聲傳譯。要接聽中文電話，您需要撥入中文熱線。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Ms. Siting Li, IR, Director of the company. Please go ahead, Siting.

現在我將電話轉給主持人、公司投資人關係總監李思婷女士。請繼續，Siting。

Thank you, operator. Good evening and good morning, everyone. Welcome to Ke Holdings Inc or Beike's second-quarter 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.

謝謝您，接線生。大家晚上好，早安。歡迎參加貝殼找房或貝殼找房 2024 年第二季財報電話會議。該公司的財務和營運結果已在今天早些時候的新聞稿中公佈，並發佈在該公司的 IR 網站 investors.ke.com 上。

On today's call we have Mr. Yongdong Peng, our Co-Founder, Chairman and Chief Executive Officer; and Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategy and business development, and Mr. Xu will provide additional details on the company's financial results.

今天的電話會議由我們的共同創辦人、董事長兼執行長彭永東先生主持；以及我們的執行董事兼財務長徐濤。彭先生將概述我們的策略和業務發展，徐先生將提供有關公司財務業績的更多詳細資訊。

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.

在我們繼續之前，請參閱我們收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性陳述。

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.

另請注意，貝殼找房的盈利新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。請參閱本公司的新聞稿，其中包含未經審計的非 GAAP 指標與可比較 GAAP 指標的對帳。

Lastly, unless otherwise stated, all figures mentioned during this call are in RMB. Certain statistical and other information relating to the industry in which the company's 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.

最後，除非另有說明，本次電話會議中提到的所有數字均為人民幣。本次電話會議中提及的公司所從事的行業相關的某些統計資料和其他資訊是從各種公開的官方或非官方來源獲得的。該公司或其任何代表均未獨立核實此類數據，這可能涉及許多假設和限制，請注意不要過度重視此類資訊和估計。

For today's call, management will use English as the main language. Please note that the Chinese translation is for convenience purpose only, and in case of any discrepancy, management’s statement in their original language will prevail.

對於今天的電話會議，管理層將使用英語作為主要語言。請注意，中文翻譯僅供方便之用，如有差異，以管理層原文聲明為準。

With that, I will now turn the call over to our Chairman, CEO, Mr. Stanley Peng. Please go ahead, Stanley.

現在，我將電話轉給我們的董事長兼執行長彭志堅先生。請繼續，史丹利。

Thank you, Siting. Hello everyone. Thank you for joining Beike's second-quarter and interim 2024 earnings conference call. In the second quarter, we continued to outpace the broader market. Since the beginning of the year, we have made strategic efforts to boost growth, foster our ecosystem, and transform our business into a technology-powered, one-stop residential services platform model.

謝謝你，Siting。大家好。感謝您參加貝殼找房 2024 年第二季及中期獲利電話會議。第二季度，我們的表現持續跑贏大盤。自今年年初以來，我們做出了策略性努力，以促進成長，培育我們的生態系統，並將我們的業務轉變為技術驅動的一站式住宅服務平台模式。

These efforts have paid off, and we achieved high quality performance across the board . A set of supportive policies bolstered the overall market’s recovery in the second quarter. Notably, the existing home market, especially in first-tier cities, rebounded sharply in May and June. Our home transaction business performed well within this favorable market environment with both our existing and new home transactions surpassing the broader market’s performance.

這些努力取得了成效，我們全面取得了高品質的業績。一系列支持政策支撐了第二季整體市場的復甦。值得注意的是，5、6月二手房市場特別是一線城市二手房市場大幅反彈。在這種有利的市場環境下，我們的房屋交易業務表現良好，現有房屋交易和新房交易均超越了大盤的表現。

More specifically, in May, existing home transaction on Beike's platform saw positive GTV growth compared to the previous years. And in June, growth surged by nearly 70% year-over-year.

具體來看，5月貝殼找房平台現房交易GTV較往年呈現正成長。6月份，成長率年增近70％。

According to the estimate from data disclosed by the housing bureaus and housing associations of the four first-tier cities, the total number of online registered transactions for existing homes grew by around 16% year-over-year in the second quarter of 2024. For reference, while online registered transactions on Beike's platform grew by 40% year-over-year.

根據四大一線城市房管局、房協揭露的數據預估，2024年第二季度，二手房網上掛牌交易總量年增16%左右。作為參考，貝殼找房平台的線上註冊交易額較去年同期成長了40%。

For new home transactions, the contraction rate on Beike's platform narrowed to 25% year-over-year in May for contract transaction value. And in June, GTV turned positive with the contract transaction value growing over 12% year-over-year. For second quarter, GTV of CRIC’s top 100 real estate companies declined by 35% year-over-year, while GTV contraction on Beike's platform narrowed to 20%.

從新房交易情況來看，5月貝殼平台合約成交金額較去年同期萎縮幅度收窄至25%。6月份，GTV實現正成長，合約成交額年增超過12%。二季度，克而瑞100大房商GTV較去年同期下滑35%，貝殼找房平台GTV縮水幅度收窄至20%。

The improvements in the second quarter this year were partly due to the warning effects of the high base we saw in the first quarter. More importantly, our scientific management and proactive operational initiatives focused on improving our performance against internal benchmarks, underpinned our ability to outperform in a relatively stable market.

今年第二季的改善，部分是由於第一季高基數的警告效應。更重要的是，我們科學的管理和積極的營運舉措專注於提高我們相對於內部基準的業績，鞏固了我們在相對穩定的市場中脫穎而出的能力。

I'd like to share some color on our existing home business. In 2024, we have placed more emphasis on our operations in scaling up store and agent networks. Enriching community outreach and managing key housing projects to broaden our customer base and home listing coverage. Since the end of 2023, our platform has seen a net increase of over [2,400] active stores, or a 6% increase and a net increase of over 14,000 active agents.

我想分享一些有關我們現有家庭業務的資訊。2024年，我們更重視擴大門市和代理商網路的營運。豐富社區外展並管理重點住房項目，以擴大我們的客戶群和房屋上市覆蓋範圍。截止2023年底，我們平台淨增活躍門市超過[2,400]家，成長6%，淨增活躍代理商超過14,000名。

As we expand our touch points, we are also putting more effort into high quality listing management, concentrating on quality home listings and exploring different ways to tap into new media-based opportunities for customer acquisition and conversion. All these initiatives help improve customer and home listing conversion rates.

在擴大接觸點的同時，我們也將更多精力投入優質房源管理，專注於優質房源，並探索不同方式利用新媒體機會來獲取和轉換客戶。所有這些舉措都有助於提高客戶和房屋清單的轉換率。

We also boost cooperation efficiency with efforts such as region-based co-governance committees, and reinforce business conduct governance by preventing private or fly deals, improving closed loop management on our platform. On the new home business front, we doubled down on our efforts to increase the number of cooperation projects and strengthen our sales conversion capabilities.

我們也透過區域共治委員會等工作提升合作效率，並透過防止私吞、空頭交易等方式加強企業行為治理，改善平台閉環管理。新房業務方面，我們加強增加合作項目，加強銷售轉換能力。

In terms of expanding our cooperation with more new home projects, we established an end-to-end monitoring process for all projects, and focused on managing key housing projects and developers to improve the quality of new home projects. To improve sales conversions, we overhauled our sales process this year.

在擴大與更多新房專案合作方面，我們建立了所有專案端到端的監控流程，並專注於管理重點房源專案和開發商，提升新房屋專案品質。為了提高銷售轉換率，我們今年徹底改革了銷售流程。

Our approach to new home sales used to be a huge crowd strategy, that focused more on properties than customers. This year, we are adopting a more precise approach driven by customer demands. In addition, we started monitoring and analyzing conversion data from our cooperation with upstream and downstream value chain partners on a daily basis.

我們對於新房銷售的方法曾經是大規模人群策略，更關注房產而不是客戶。今年，我們採取了更精準的方法，以客戶需求為導向。此外，我們開始每日監控和分析與上下游價值鏈合作夥伴合作產生的轉換數據。

We also delivered impressive results in our non-home transaction businesses of home renovation and furnishings and home rental services. Despite the challenging market, in the first half of the year, revenues from our home renovation and furnishings business and home rental services grew close to 60% and 177%, respectively, compared to a year ago and gross margins continue to improve. In fact, this year, we intentionally slowed our pace in the home renovation and furnishings business against the rapid growth in scale we achieved last year.

我們在家居裝修及家具、房屋租賃服務等非住宅交易業務中也取得了令人矚目的成績。儘管市場充滿挑戰，但上半年我們的家居裝修及家具業務和房屋租賃服務收入分別較去年同期增長近60%和177%，毛利率持續提高。事實上，相較於去年規模的快速成長，今年我們有意放慢了家居裝修業務的步伐。

To give you a bit of context, when exploring new business within a big organization, building confidence in the business’s viability and continuity is the first and the most important challenge. That's why last year was all about accelerating our skill, where we succeeded without compromising quality or reputation. This proved the business was viable, making a crucial first step.

為了給你一些背景信息，當在一個大組織內探索新業務時，建立對業務可行性和連續性的信心是第一個也是最重要的挑戰。這就是為什麼去年我們致力於提高技能，並在不損害品質和聲譽的情況下取得了成功。這證明該業務是可行的，並邁出了至關重要的第一步。

However, if you run too fast, you risk sacrificing quality and losing customers trust. How to balance scale and quality, and establish trust is the second challenge to developing new business. Having confirmed the business's viability with last year's strong performance, we slowed down this year, to make sure we are growing in the right way by addressing this second critical challenge.

然而，如果速度太快，可能會犧牲品質並失去客戶的信任。如何平衡規模與品質、建立信任，是拓展新業務的第二個挑戰。透過去年的強勁表現證實了業務的可行性，我們今年放慢了速度，以確保透過應對第二個關鍵挑戰，我們能夠以正確的方式成長。

This year, we have been focused on two areas. First, we enhanced our capability to deliver comprehensive, one-stop, full-service solutions. This includes improving our development of full-service complete renovation products. Our management capabilities with service providers, supply chains, and the integrated delivery, as well as building the corresponding system infrastructure.

今年我們重點關注兩個領域。一是增強了提供全方位、一站式、全方位服務解決方案的能力。這包括改進我們的全方位服務完整裝修產品的開發。我們與服務提供者、供應鏈、以及整合交付的管理能力，以及相應的系統基礎設施的建置。

Second, we iterated and promoted the Home SaaS 2.5 system. We integrated the one-stop full service capabilities we developed in Beijing into Home SaaS 2.5 which can handle up to 5,000 simultaneous construction orders. We also iterated the BIM SSC, middle office and the integrated material fulfillment module.

第二，迭代推廣Home SaaS2.5系統。我們將在北京開發的一站式全程服務能力融入Home SaaS 2.5，可同時處理多達5,000個施工訂單。我們也迭代了BIM SSC、中台和整合物料履行模組。

Our goal this year is to roll out these advanced capabilities nationwide through the Home SaaS 2.5 system. This year, we continue ramping up our ability to connect new supplies on our platform. The number of stores for our housing transaction services is steadily increasing, and the number of service providers for our new initiatives is also growing rapidly.

我們今年的目標是透過Home SaaS 2.5系統在全國推廣這些先進的功能。今年，我們持續提昇平台上連接新供應的能力。我們的房屋交易服務門市數量正在穩定增加，我們新措施的服務提供者數量也在快速成長。

Without these new suppliers, our customers would face limited options, and our service capability would be constrained. Expanding supply also inevitably forces us to consider how best to manage it, ensuring their quality and improvement. Our biggest challenge is to leverage certain rules to help these supplies achieve better outcomes.

如果沒有這些新的供應商，我們的客戶將面臨有限的選擇，我們的服務能力也將受到限制。擴大供應也不可避免地迫使我們考慮如何最好地管理它，以確保其品質和改進。我們最大的挑戰是利用一定的規則來幫助這些物資取得更好的成果。

We view these supplies on our platform as targets for transformation, not monetization. This to say, once the supplies, including service providers join our platform, we must enhance them. As a result, we are consistently investing in training for store operators and implementing robust operations for home listings, customer engagement and our ecosystem to enhance resource conversion efficiency.

我們將平台上的這些供應視為轉型的目標，而不是貨幣化的目標。也就是說，一旦供應商，包括服務商加入我們的平台，我們就要加強他們。因此，我們持續投入資金對門市業者進行培訓，並對房屋清單、客戶參與和生態系統進行強有力的運營，以提高資源轉換效率。

Regarding our new businesses, we have made significant efforts to reform the incentive mechanism for service providers through rule based order dispatch and service provider rankings. By fostering a transparent and a benign competitive environment, we ensure resources are allocated more efficiently to the most capable talent.

在新業務方面，我們透過基於規則的訂單調度和服務商排名等方式大力改革服務商的激勵機制。透過營造透明、良性的競爭環境，我們確保資源更有效地分配給最有能力的人才。

In the next era, customers will become more selective about services, allowing high quality service providers to stand-out and service variance will decrease. Customers needs will be more diverse and new, more segmented needs will emerge. These two points guide our efforts to upgrade our products and services and deepen our operations.

在下一個時代，客戶對服務的選擇性將更強，優質服務提供者將脫穎而出，服務差異也將減少。顧客的需求將會更加多樣化，並且會出現新的、更細分的需求。這兩點指導著我們努力升級產品和服務並深化我們的營運。

There remains tremendous potential for growth and efficiency improvement in both our relatively mature housing transaction services and our emerging business ventures. One solution is to focus on community-based business. By leveraging in depth community knowledge and understanding residents’ profiles and their needs for home purchase, rental and renovation.

無論是我們相對成熟的房屋交易服務，還是新興的業務，都仍有巨大的成長和效率提升潛力。一個解決方案就是專注於社區業務。透過深入了解社區，了解居民的概況及其購屋、租房和裝修需求。

We can offer more targeted products and services. This approach will lead to changes in customer acquisition channels, organizational structures and supply chains, allowing us to differentiate ourselves from the traditional residential industry.

我們可以提供更有針對性的產品和服務。這種方法將導致客戶獲取管道、組織結構和供應鏈的變化，使我們與傳統住宅產業有所區別。

More importantly, these changes will help us build trust in our low frequency transaction industry. The key to community based business is high service density. To that end, we launched more stores and organizational innovations in communities this year to increase supply. For example, in Shanghai, we added a number of community convenience service stations affiliated with Lianjia stores and other cities are replicating this model.

更重要的是，這些變化將幫助我們建立對低頻交易產業的信任。社區商業的關鍵是高服務密度。為此，我們今年在社區推出了更多的門市和組織創新，以增加供應。例如在上海，我們新增了一批依托鏈家門市的社區便民服務站，其他城市也在複製這個模式。

Additionally, we are integrating home renovation and rental services within Lianjia stores. We have deployed home renovation expert agents in over 1,200 Lianjia stores and are showcasing renovation techniques and hosting in-store designers in Pilot stores. Our coverage of existing home listing in Shanghai grew from 76% last year to 87% in areas that we operate in, and the revenues from our home renovation and care-free rent business in Shanghai, this Q2 grew by 63% and 140% year-over-year respectively.

此外，我們也在鏈家門市內整合家居裝潢和租賃服務。我們在1,200多家鏈家門市部署了家居裝潢專家經紀人，並在試點門市進行家居裝潢技術展示和設計師駐店培訓。我們在上海地區的現房覆蓋率由去年的76%提升至目前已覆蓋的87%，上海地區房屋裝修及無憂租售業務收入較去年同期分別成長63%和140%。

In Chengdu , we piloted a strategy focusing on key housing projects for our home renovation and furnishing business. Our operational team, shifted back to intensive community engagement rather than dispersed services, rebuilding our community based services processes and product logic. These pilot projects have demonstrated impressive improvements in conversion efficiency and productivity.

在成都，我們試行以重點住房計畫為重點的家居裝修業務策略。我們的營運團隊重新轉向密集的社區參與而不是分散的服務，重建了我們基於社區的服務流程和產品邏輯。這些試點計畫已顯示出轉換效率和生產力的顯著提高。

In the second half of this year, the external macro environment will continue to pose many challenges to our business. Faced with these challenges, our core goal has always been to build capabilities that will keep this organization constantly moving forward from one success to the next. Over the past month, we have been fortunate to validate with minimal trial and error, that our home renovation and furnishing model as well as our rental business model can drive growth in our organization.

今年下半年，外圍宏觀環境仍將為我們的業務帶來許多挑戰。面對這些挑戰，我們的核心目標一直是建構能力，使本組織能夠持續從一個成功走向下一個成功。在過去的一個月裡，我們很幸運地透過最少的反覆試驗驗證了我們的家居裝修和裝修模式以及租賃業務模式可以推動我們組織的成長。

At the same time, our One Body business has shown further growth potential, through proactive market outreach, providing support for store owners and agents to achieve greater success and integrating our new initiatives, we can drive even greater growth. In this context, our next step is to address issues related to the appropriate pace of each business, and the balance between scale, quality and efficiency.

同時，我們的One Body業務顯示出了進一步的成長潛力，透過積極主動的市場拓展，為店主和代理商提供支援以取得更大的成功，並整合我們的新舉措，我們可以推動更大的成長。在此背景下，我們下一步要解決好各項業務的節奏問題，以及規模、品質、效益的平衡問題。

Thank you. Next, I would like to turn the call over to our CFO, Tao Xu, to review our second quarter 2024 financials. Thank you.

謝謝。接下來，我想將電話轉給我們的財務長陶旭，回顧我們 2024 年第二季的財務狀況。謝謝。

Thank you, Stanley, and thank you everyone for joining us. Before we dive into our Q2 performance, I would like to briefly touch on some updates in the housing market. In the first half of the year, the central and local authorities implemented easing policies intensively. These included further relaxing purchase restrictions, lowering down payment ratios and cutting mortgage rates.

謝謝你，史丹利，也謝謝大家的參與。在深入了解第二季的表現之前，我想先簡單談談房地產市場的一些最新情況。上半年，中央和地方密集實施寬鬆政策。這些措施包括進一步放寬購屋限制、降低首付比例和下調抵押貸款利率。

The real estate financing condition mechanism was established, and put into practice at an accelerated pace. The central bank launched the re-lending tools to support local SOEs in acquiring existing commercial homes, facilitating the nationwide implementation of old for new housing swap programs.

房地產融資條件機制逐步建立並加速落地。央行推出支持地方國營企業收購存量商品房再貸款工具，推動「以舊換新」工作在全國推行。

In the first half of the year, the market showed a gradual recovery. Although market performance was muted due to the seasonality at the beginning of the year, all these supportive policies contributed to the market's gradual improvements, with the high base effect from early last year receded. In Q2, the existing home market performed well, especially in first tier and some key second tier cities, where market activity notably improved.

上半年市場呈現逐步回升的態勢。雖然年初受季節性影響，市場表現較為平淡，但在各項支持政策的推動下，市場逐漸回暖，去年初的高基數效應逐漸消退。第二季度，二手房市場運作良好，特別是一線城市和部分重點二線城市，市場活躍度明顯提升。

The new home market remains gradually subdued even as its year-over-year decline narrowed month-over-month in Q2, with backdrop of an incremental rebound in market sentiment. We continue to uphold a market neutral view and focus on improving our performance by continuously deepening operations, further empowering service providers and store owners and promoting rapid growth of our new initiatives. The combination of these endeavors led to our excellent financial and operating results in this Q2.

儘管第二季新房市場年減幅環比有所收窄，但隨著市場情緒逐步回升，新房市場仍逐漸低迷。我們繼續秉持市場中性觀點，致力於透過不斷深化營運、進一步賦能服務提供者和店主以及促進新措施的快速成長來提高我們的業績。這些努力的結合使得我們第二季度取得了出色的財務和營運表現。

For Q2, the total GTV reached RMB839 billion, up 7.5% year-over-year. Net revenue was RMB23.4 billion, representing a year-over-year increase of 19.9%. Gross margin improved by 0.5 percentage points year-over-year to 27.9%. GAAP net income reached RMB1.9 billion, rising by 46.2% year-over-year. Non-GAAP net income grew by 13.9% year-over-year to RMB2.69 billion. Both revenue and non-GAAP income exceeding market consensus.

第二季度，總交易金額達8,390億元，年增7.5%。淨營業收入為人民幣234億元，較去年成長19.9%。毛利率較去年同期上升0.5個百分點至27.9%。以美國通用會計準則計算的淨利達19億元人民幣，較去年同期成長46.2%。非美國通用會計準則淨利潤年增13.9%至26.9億元。收入和非公認會計準則收入均超出市場預期。

Moving to our home transaction services for Q2. As the overall market gradually recovers alongside our strong operational growth and the store network expansion this year, our existing and the new home business both demonstrated outstanding performance. Revenue from existing home transaction, reached RMB7.3 billion, up 14.3% year-over-year, and 28.1% quarter-over-quarter.

從第二季開始轉向我們的家庭交易服務。今年隨著整體市場逐漸復甦，以及我們強勁的營運成長和門市網路擴張，我們的現有住宅業務和新住宅業務均表現優異。現房交易收入達73億元，較去年成長14.3%，較上季成長28.1%。

GTV was RMB570.7 billion, increasing 25% year-over-year, and 25.9% quarter-over-quarter. Our GTV and revenue growth rates were close sequentially, keeping our monetization capability relatively stable. Year-over-year GTV growth surpassed the revenue primarily due to the adjustment in the commission rate of Beijing Lianjia which started in the third quarter of 2023, affecting commission rates for existing homes.

GTV為5,707億元，較去年成長25%，較上季成長25.9%。我們的GTV和收入成長率連續接近，使我們的貨幣化能力保持相對穩定。GTV年增率超過收入，主要由於北京鏈家自2023年第三季開始調整佣金率，影響了現房佣金率。

The contribution margin from existing home transaction services reached 47.5%, climbing 1.9 percentage points year-over-year and 3 percentage points quarter-over-quarter. The growth was mainly due to the stronger leverage from the increased revenue coupled with relatively stable fixed labor costs.

現房交易服務貢獻率達47.5%，較去年同期上升1.9個百分點，較上季上升3個百分點。成長主要得益於收入增加帶來的更強的槓桿作用以及相對穩定的固定勞動成本。

In terms of the new home transaction services, despite the market downtrend, we significantly outperformed the market across multiple metrics. CRIC shows the sales from the top 100 developers decreased by around 35% year-over-year in Q2, but grew by about 38% quarter-over-quarter. Notably, sales in June, dropped by approximately 22% year-over-year, with year-over-year decline narrowing month-by-month.

在新房交易服務方面，儘管市場呈現下行趨勢，但我們的多項指標都大幅跑贏大盤。CRIC數據顯示，第二季百強房企銷售額年減約35%，但季增約38%。值得注意的是，6月銷量較去年同期下降約22%，年減幅逐月收窄。

In comparison, our new home GTV reached RMB235.3 billion, fell by only 20.2% year-over-year and rose by 55% sequentially in Q2, benefiting from the higher penetration of developers’ sales channel, deeper cooperation with developers and the increase of collaborative projects, as well as systematic improvements in our operational and sales capabilities.

相較之下，第二季我們的新房GTV達到2,353億元，年比僅下降20.2%，季增55%，這得益於開發商銷售通路滲透率的提高、與開發商合作的深入和合作項目的增加，以及我們營運和銷售能力的系統性提升。

In particular, the amount of the contracted transaction value from new home business increased 12% year-over-year in June, and this exceptional performance stands in stark contrast to the industry. Revenue from the new home transactions declined by 8.8% year-over-year to RMB7.9 billion, while increasing 61.4% quarter-over-quarter. Year-over-year, the sequential revenue growth outpaced year-over-year GTV growth, once again demonstrating our strong and steady monetization capabilities in new home transactions.

其中，6月新房業務合約成交金額年增12%，此優異表現與產業形成鮮明對比。新房交易收入為79億元，較去年同期下降8.8%，較上季成長61.4%。與去年同期相比，收入環比增長超過了GTV同比增長，再次證明了我們在新房交易中強大而穩定的貨幣化能力。

The contribution margin for the new home transaction services recovered to 25%, falling by 2.2 percentage points year-over-year, mainly due to the strategic increase in variable commission under our strategy this year to improve our ecosystem. New home contribution margin grew sequentially by 2.8 percentage points as we gained more leverage from the relatively stable fixed labor costs and higher revenue.

新房交易服務的貢獻利潤率回升至25%，年減2.2個百分點，主要由於我們今年根據完善生態系統的策略，策略性地增加了浮動佣金。由於我們從相對穩定的固定勞動力成本和更高的收入中獲得了更多的槓桿作用，新房屋貢獻利潤率環比增長了 2.8 個百分點。

In Q2, the commission income percentage from SOE developers rose by 55% and the proportion of Commission in Advance project maintained at a relatively high level at 49%. Revenues from the home renovation and furnishing, home rental services, emerging and other services grew by 85.3% year-over-year in Q2, reaching 34.7% of total revenue, surging 12.2 percentage points from the same period in 2023.

第二季來自國企開發商的佣金收入佔比上升了55%，其中預付佣金項目佔比維持在49%的較高水準。第二季度，家居裝潢及家居、房屋租賃服務、新興及其他服務收入年增85.3%，佔總營收的34.7%，較2023年同期大幅上升12.2個百分點。

Our home renovation and furnishing business maintained a steady growth. In Q2, contracted sales reached RMB4.2 billion, up 22.3% year-over-year. Revenue reached RMB4 billion, rising by 53.9% year-over-year. The revenue growth rate outpaced that of the contracted sales, largely due to the improved delivery efficiency. The contribution margin for the home renovation and furnishing business was 31.3%, up 1.7 percentage points year-over-year and 0.7 percentage points sequentially.

我們的家居裝修及家具業務保持穩定成長。第二季度，合約銷售額42億元，年增22.3%。營業收入達40億元，年增53.9%。收入增速高於合約銷售額增速，主要得益於交付效率的提升。家居裝修及家具業務的貢獻利潤率為31.3%，較去年同期成長1.7個百分點，較上一季成長0.7個百分點。

This was mainly due to the improvements in the gross margins of our retail business. The contracted sales of the furniture and home furnishing retail, which are outside of our home renovation package reached around RMB1.2 billion in Q2, accounting for around 29% of total contracted sales, improving by 3.5 percentage points from the same period of 2023.

這主要得益於我們零售業務毛利率的提高。我們家居裝修業務範圍之外的家具及家居零售合約銷售額在第二季度達到約人民幣 12 億元，佔總合約銷售額的 29% 左右，比 2023 年同期提高 3.5 個百分點。

Our home rental services continued to grow at an accelerated pace. In Q2, its revenue reached RMB3.2 billion, up 167.1% year-over-year, mainly due to the rapid growth in the number of rental units under management. By end of Q2, the number of units managed by our home rental services exceeded 310,000. Specifically, the number of the rental units managed by Carefree Rent reached around 300,000, compared with around 120,000 in the same period last year, its contribution margin held steady at 5.8% from the previous quarter. In Q2, our net revenue from emerging and other services increased by 57.8% year-over-year to RMB874 million.

我們的房屋租賃服務持續快速成長。二季度，其營收達32億元，年增167.1%，主要得益於其管理的租賃房源數量的快速成長。截至第二季末，我們房屋租賃服務管理的房源數量已超過31萬套。具體來看，逍遙租管的租屋數量達30萬套左右，去年同期約12萬套，貢獻利潤率較上月持平，為5.8%。第二季度，新興及其他服務淨收入年增57.8%至8.74億元。

Next, let's move on to our other costs and expenses in Q2. Our store costs remained stable year-over-year and quarter-over-quarter at RMB681 million. Other costs increased by 18.6% year-over-year to RMB511 million, primarily due to the higher taxes and the surcharge and basic maintenance cost for the rental services. Sequentially, it rose by 34.8%, mainly due to the increased taxes and the surcharge and the professional service fee.

接下來，讓我們討論第二季的其他成本和費用。我們的門市成本與去年同期保持穩定，為人民幣 6.81 億元。其他成本較上年同期增加18.6%至5.11億元，主要由於稅金及租賃服務附加費及基本維護費用增加所致。季增34.8%，主要由於稅金及附加以及專業服務費增加。

Gross profit rose by 22% year-over-year to RMB6.5 billion. Gross margin came in at 27.9%, up 0.5 percentage points year-over-year. The primary reason for the uplift was from the higher proportion of the revenue and the increased contribution margin year-over-year in non-housing transaction services business.

毛利年增22%至人民幣65億元。毛利率為27.9%，較前一年上升0.5個百分點。成長的主要原因是非房屋交易服務業務的收入佔比更高，且貢獻利潤率較去年同期增加。

Our store costs are also relatively fixed, all of which gained us more leverage and partially offset the decline in our new home contribution margin year-over-year. Quarter-over-quarter, gross margin rose by 2.7 percentage points, largely driven by a sequential improvement in the new home contribution margin and an increase in its revenue share. Combined with overall revenue growth and its stable store cost, this further amplified the leverage effect.

我們的門市成本也相對固定，這一切都為我們帶來了更多的槓桿作用，並部分抵消了新房貢獻利潤率的同比下降。與上一季相比，毛利率上升了 2.7 個百分點，主要得益於新房貢獻利潤率的連續改善和收入份額的增加。加上整體營收成長及其穩定的門市成本，進一步放大了槓桿效應。

In Q2, our GAAP operating expenses totaled RMB4.5 billion, up 5.6% year-over-year and 9.5% sequentially. G&A expenses were relatively stable both year-over-year and sequentially at RMB2.1 billion. Sales and marketing expenses grew by 14.1% year-over-year and 15.9% quarter-over-quarter to RMB1.9 billion, as we invested in the rapid expansion of our home renovation and furnishing business, increasing associated sales and marketing expenses. Our R&D expenses were RMB505 million, rising by 6.3% year-over-year and 8% sequentially, mainly due to the increased R&D expenses in our home transaction business.

第二季度，我們的 GAAP 營業費用總計 45 億元人民幣，較去年同期成長 5.6%，較上季成長 9.5%。一般及行政開支年比及季均相對穩定，為 21 億元。銷售及行銷費用年增 14.1%，較上季成長 15.9%，至 19 億元，主要是因為我們投資於家居裝修及家具業務的快速擴張，導致相關銷售及行銷費用增加。我們的研發費用為人民幣5.05億元，年增6.3％，環比增長8％，主要是由於我們的家居交易業務的研發費用增加。

In terms of the profitability, GAAP income from operations totaled RMB2 billion Q2, up 86.4% year-over-year. This follows a GAAP income from operations of RMB11.9 million in the first quarter, which increased substantially quarter-over-quarter. GAAP operating margin was 8.6%, an increase of 3.1 percentage points and 8.6 percentage points from Q2 2023 and Q1 2024, respectively.

獲利能力方面，第二季GAAP營業利潤為20億元，較去年同期成長86.4%。第一季度，公司以美國通用會計準則計算的營業利潤為1,190萬元人民幣，較上季大幅成長。GAAP 營業利潤率為 8.6%，分別比 2023 年第二季和 2024 年第一季增加 3.1 個百分點和 8.6 個百分點。

Non-GAAP income from operations totaled RMB2.8 billion, climbing 31% from the same period last year and 193% quarter-over-quarter. Non-GAAP operating margin reached 12%, up 1 percentage points and 6.2 percentage points from the Q2 2023 and the Q1 2024, respectively.

非美國通用會計準則下營業利潤為28億元人民幣，較上年同期成長31%，較上一季成長193%。非公認會計準則營業利潤率達 12%，分別較 2023 年第二季和 2024 年第一季上升 1 個百分點和 6.2 個百分點。

The rise in operating margin was mainly due to our remarkable operating leverage, which lowered operating expense ratio. GAAP net income totaled RMB1.9 billion in Q2, showing a 46.2% improvement year-over-year and 339.8% quarter-over-quarter. Non-GAAP net income reached RMB2.7 billion, up 13.9% year-over-year and 93.5% quarter-over-quarter.

營業利益率的上升主要由於我們顯著的營業槓桿，從而降低了營業費用率。第二季美國通用會計準則淨利為19億元人民幣，較去年同期成長46.2%，較上季成長339.8%。非美國通用會計準則淨利達27億元，年增13.9%，季增93.5%。

Moving to our cash flow and the balance sheet. We realized a net operating cash inflow of RMB4.8 billion in Q2. New home DSO was 45 days in Q2, a testament to our effective risk management, on top of approximately $100 million allocated to share repurchase during Q2. Our total cash liquidity remained at a high level of RMB75.5 billion, which excludes customer deposits payable.

轉向我們的現金流和資產負債表。第二季度，我們實現淨經營現金流入48億元。第二季新房 DSO 為 45 天，證明了我們有效的風險管理，此外第二季還分配了約 1 億美元用於股票回購。我們的總現金流動性仍維持在人民幣755億元的高水準（不包括客戶應付存款）。

Overall, our Q2 results showcased our strong execution and ability to outperform the market in a stable market environment. Both our existing and new home business significantly exceeded market expectations. Moreover, our platform's overall monetization capabilities have remained stable with notable improvement in the monetization of new homes.

總體而言，我們的第二季業績證明了我們強大的執行力和在穩定的市場環境下超越市場的能力。我們的現有住宅業務和新住宅業務均大大超出市場預期。此外，我們平台的整體貨幣化能力保持穩定，新房貨幣化水準明顯提升。

We also saw a significant rebound in the contribution margin of our core business, moving past the one-time effect of last year's high baseline in the first quarter. Additionally, our non-housing transaction services are rapidly expanding, both our home renovation and furnishing and the rental business continue to achieve record highs in scale and revenue.

我們也看到核心業務的貢獻利潤率出現顯著反彈，擺脫了去年第一季高基線的一次性影響。此外，我們的非房屋交易服務也迅速拓展，家居裝修和租賃業務的規模和收入不斷創下歷史新高。

We’ve maintained our commitment to cost efficiency and refined operational management. Despite double-digit revenue growth, our GAAP operating expenses have remained nearly flat, both sequentially and year-over-year, leading to a substantial recovery in the profitability.

我們始終致力於提高成本效率和精細化營運管理。儘管營收呈現兩位數成長，但我們的 GAAP 營業費用較上季和年比均基本持平，導致獲利能力大幅回升。

With our robust cash reserves, we will continue to increase shareholder returns through active share buybacks, further optimizing capital allocation and enhancing capital operation efficiency, sharing the benefits of our development with investors. As of today, we had repurchased around USD480 million worth of shares, which accounts about 2.7% of the company's total shares outstanding at the end of 2023.

憑藉雄厚的現金儲備，我們將繼續透過積極回購股份來增加股東回報，進一步優化資本配置，提高資本營運效率，與投資者共享發展成果。截至今天，我們已回購價值約 4.8 億美元的股票，約占公司 2023 年底總流通股的 2.7%。

We have consistently delivered on our promise to reward shareholders. Since the launch of our share repurchase program in September 2022, we have repurchased around USD1.39 billion worth of share as of today, which accounts for about 7.5% of the company's total shares outstanding before the program began.

我們始終如一地履行回報股東的承諾。自 2022 年 9 月啟動股票回購計畫以來，截至今天，我們已回購了價值約 13.9 億美元的股票，約佔計畫開始前公司總流通股的 7.5%。

Today, we are pleased to announce that our Board has approved an expansion of the existing share repurchase program. The authorization has been increased from USD 2 billion to USD 3 billion, with the program now extended until August 31, 2025. Going forward, we will continue to reward our shareholders who have grown with us, shareing the value created by the company.

今天，我們很高興地宣布，董事會已批准擴大現有的股票回購計畫。授權金額從 20 億美元增加到 30 億美元，該計畫現延長至 2025 年 8 月 31 日。未來，我們將持續回報與我們共同成長的股東，分享公司創造的價值。

As our business becomes more diverse and expands in scale, we will continue to fortify our fundamental capabilities, while actively and efficiently investing in our infrastructure. Our financial strategy remains committed to a prudent approach and focus on investing in areas that can generate the key business output and long term value.

隨著業務多元化和規模擴大，我們將繼續夯實基礎能力，同時積極有效地投資基礎設施。我們的財務策略仍堅持審慎的態度，重點投資能夠產生關鍵業務產出和長期價值的領域。

For home transaction services, as we expand our store network, agent and store productivity will remain our key evaluation metrics. We also amplified the operational and financial capability empowerment and the training for our platform partners to strengthen our middle to back office competencies in finance. Our new initiatives, we have built up middle to back office digitalization abilities across the board to further improve the automation rate of our financial process as well as our data analysis and the processing capabilities.

對於家居交易服務，隨著我們擴大門市網絡，代理商和門市的生產力仍將是我們評估的關鍵指標。我們也加大了對平台合作夥伴的營運和財務能力賦能和培訓，增強了我們中後台的財務能力。我們的新措施是，我們全面打造中後台數位化能力，進一步提高財務流程的自動化程度以及資料分析和處理能力。

Simultaneously, we have set the higher requirements for contribution margins and other core financial indicators to advance the long term steady and sound development of our business. Our risk threshold control measures remain staunchly in place. This ensures the seeds we plant today will blossom, so that we can share the rich fruits with our loyal shareholders. This concludes my prepared remarks for today.

同時，我們對貢獻利潤率等核心財務指標提出了更高的要求，促進公司業務長期平穩健康發展。我們的風險閾值控制措施依然堅定實施。這確保我們今天種下的種子能夠開花結果，並與我們忠實的股東分享豐碩的果實。我今天的準備發言到此結束。

Operator, we are now ready to take questions. Thank you.

接線員，我們現在可以回答問題了。謝謝。

(Operator instructions)

（操作員指令）

Harry Chin, Citigroup.

花旗集團的 Harry Chin。

(Speaking in foreign language) Congratulations company for quite a solid second quarter result, and also thanks management for taking my question. So with lots of supportive property policies rolled out since second quarter, especially after May 17. What changes have occurred in the real estate market? Do new home and existing home market show divergent performance? How sustainable are transactions after these policies? And what is your view on transaction outlook in the second half of this year? Thank you.

（用外語講話）祝賀公司第二季度取得了相當不錯的業績，也感謝管理層回答我的問題。自第二季以來，特別是5月17日之後，推出了許多支持性房地產政策。房地產市場發生了哪些變化？新房與二手房市場是否表現出不同的表現？這些政策實施後交易的可持續性如何？今年下半年的交易前景怎麼看？謝謝。

Thank you, Harry. Let me answer your question. In Q2, the housing market saw steady month-by-month improvement with an actual boost to existing home transaction volume since the new policy introduced on May 17. Notably, the existing home prices also saw a narrow decline in June. Although the new home market has yet to shown any non-seasonal improvements, the year-over-year sales decline in Q2 narrowed month-by-month.

謝謝你，哈利。讓我來回答你的問題。二季度，房地產市場運作逐月穩定改善，自5月17日新政出台以來，現房成交量有所回升。值得注意的是，6月現房價格也出現小幅跌幅。雖然新房市場尚未出現非季節性回暖跡象，但第二季成交年減幅呈現逐月收窄的態勢。

The significant market downturn in Q1, due to the higher base and seasonal factor has gradually faded. Market transactions continue to shift from new homes to existing homes. The proportion of national GTV from existing home transaction has increased from around 40% of total GTV last year to approximately 44% in the first half of this year.

第一季因基數較高及季節性因素導致的市場明顯下滑趨勢已逐漸消退。市場交易持續由新房屋轉移到現房。全國二手房交易成交金額佔去年同期的40%左右提升至今年上半年的44%左右。

Now let me further elaborate. For the policy relaxation continued in the first half of the year, particularly after inventory reduction policy cycle began. Particularly, the May 17 policy package focused on reducing the housing inventory, reviving existing homes under relaxing mortgage conditions with higher tier cities continuously relaxing purchase restrictions.

現在讓我進一步闡述。對於上半年政策放鬆持續，特別是去庫存政策週期開啟之後。尤其5·17政策措施重點在於庫存、放寬房貸條件、活躍二手房市場，大中城市持續放寬限購政策。

Regarding the existing home market, transaction volume in Q2 showed notable recovery. Volumes on Beike platform in May and June increased month-by-month, outperforming the typical seasonal trend. The number of transactions in June reached the highest level of the same period since 2020. This rebound was especially strong in the first-tier cities, stimulated by fewer purchase restrictions under relaxed mortgage conditions since the end of May.

二手房市場方面，第二季成交量明顯回升。貝殼找房平台5、6月交易量逐月上升，表現優於典型的季節性趨勢。6月成交筆數創2020年以來同期最高。受 5 月底以來房貸條件放寬和購屋限制減少的刺激，一線城市的房價反彈尤為強勁。

In June, transaction volumes in Tier 1 cities on Beike platform were 46% higher than in April, and increased 132% year-over-year, especially in Shanghai. Shanghaisaw an increase of nearly 80% from April to June due to the extensive policy easing, reaching the highest peak we have seen since the early 2021. And for Tier 2 and Tier 3 cities, due to the prior rounds of policy relaxations, the impact and the market response to this latest round of policy was relatively limited.

6月貝殼找房平台一線城市交易額較上月成長46%，較去年同期成長132%，其中上海成長最為明顯。上海受大規模政策放寬影響，4月至6月較上季成長近80%，達到2021年初以來的最高峰。而對於二、三線城市來說，由於之前已經經歷過多次政策放鬆，此輪政策影響和市場反應都相對有限。

Regarding the transaction structure, the demand for the home upgrade continued leading the market, especially in the first-tier cities, where they make up 60% to 80% of transactions. While a notable feature of this market recovery is the increase in the proportion of home buying with the rigid demand in key cities. Following housing price decline, the ratio of the housing prices to incomes has significantly improved.

從成交結構來看，升級型需求持續主導市場，尤其在一線城市，升級型需求佔成交的60%-80%。而本輪市場回升的一個顯著特點，就是重點城市剛性需求購屋佔比上升。隨著房價下跌，房價與收入的比率明顯改善。

With lower down pre-payment ratio and the mortgage rate, housing profitability has substantially increased. And the relaxed purchase restrictions, in turn, attracted more first-time buyers to the market. For example, in Shanghai, the proportion of non-local buyers increased from nearly 30% to nearly 40% in June, and the buyers who are single increased by 6 percentage points.

隨著首付比例和房貸利率的降低，房企獲利能力大幅提升。而放寬的購買限制反過來又吸引了更多的首次購屋者進入市場。以上海為例，6月外地購屋者佔比由近三成上升至近四成，單身購屋者比例增加6個百分點。

These policy has significantly stimulated demand release within the targeted demographics. On home prices, we are also seeing the positive sign despite the ongoing price decline in the existing home market. According to Beike Research Institute, the pace of month-over-month decline in national existing home prices slowed in June, narrowing to negative 1.2% from the negative 1.7% in May.

這些政策顯著刺激了目標族群的需求釋放。就房價而言，儘管現有房屋市場價格持續下跌，但我們也看到了積極的跡象。北科研究院數據顯示，6月全國二手房價格較上季降幅放緩，由5月的-1.7%收窄為-1.2%。

Prices also stabilized in Tier 1 cities. Housing prices in Beijing and Shanghai increased by 0.4% and 1.2% month-over-month, respectively. In June, and we also slightly improved the second-tier cities. Sellers also become more rational about lowering prices. The proportion of the homeowners rushing to sell at significantly reduced prices decreased by 8% from the March to June.

一線城市的房價也趨於穩定。北京、上海房價年增0.4%和1.2%。6月份，我們對二線城市的業績也略有提升。賣家降價也變得更理性。6月份，搶購大幅降價出售房屋的業主比例較3月下降8個百分點。

However, most of the potential buyers are still in a wait-and-see mode. Many are hoped to further price decline before entering the market. This market is a significant difference from the market response to the previous policy round in the second half of 2023. Although the existing home market has become more active, there hasn't been a sharp drop in the housing prices.

不過，大多數潛在買家仍處於觀望狀態。許多人希望價格進一步下跌後再進入市場。這一市場與2023年下半年市場對上一輪政策的反應有明顯差異。雖然現房市場更加活躍，但房價並沒有大幅下跌。

This suggests two things. Firstly, in high-tier cities, abundant demand coupled with improved affordability and the lowering buying cost is driving buyers out of their wait-and-see approach and into the active participation, which in turn sustains local housing prices.

這說明兩件事。首先，在一線城市，需求旺盛，購買力增強，購屋成本降低，促使購屋者從觀望心態轉變為積極參與，進而支撐當地房價。

Secondly, the effect of these policies has been validated to some extent, given the cumulative impact of the relaxed policies over the past two to three years. New home market, the year-over-year decline in new home sales narrowed month-by-month in this Q2, but did not particularly improve overall. CRIC indicates that the top 100 developers sales fell by 42% year-over-year in the first half, narrowing to negative 22% in June.

其次，經過過去兩三年的政策放鬆，政策效果已經得到一定驗證。新建住宅市場，第二季新建住宅銷售年減量雖逐月收窄，但整體並未出現特別好的改善。克而瑞數據顯示，上半年百強房企銷售額年減42%，6月降幅收窄至負22%。

Several factors are limiting the recovery of the new home market. Number one, in the past. Existing homes have a higher price tags than the new homes. That is no longer the case. The price advantage of new homes diminished. Number two, pre-sold housing supply couldn't meet demand in immediate housing needs.

有幾個因素制約了新房市場的復甦。第一，過去。現有房屋的價格比新房高。如今，情況已不再如此。新房價格優勢減弱。二是預售住房供應量無法滿足即期住房需求。

Number three, the readily available supply over the larger and more luxury new homes did not align with what home buyers with the rigid demand in the first-tier cities were looking for. Number four, the supply influx of the nearly new homes, where means the new home from a few years ago that are now entering to the existing hom e market.

第三，大面積、豪華新房的供應量與第一線城市剛性需求購屋者的購買需求不符。第四，近新房供應的湧入，指的是幾年前新建的房屋，現在正在進入現有房屋市場。

They are meeting more of the current market demand, given their close match to the new homes, but with the advantage of the ready availability and the lower prices. With all of these factors at play, more positive forces are needed for the stabilization and the recovery of the new home market. Regarding the outlook for the second half of the year, starting from July, the volume of this existing home transactions declined due to the combined effect of the policy impact, waning and seasonal summer factors.

由於這些房屋與新房屋的配置非常接近，並且具有現成可用和價格較低的優勢，因此可以滿足當前的更多市場需求。綜合考慮以上因素，新房市場穩定回升還需要更多正面力量。展望下半年，從7月開始，受政策影響、樓市退市、夏季季節性因素等綜合影響，今年以來，全國二手房成交量有所下滑。

The effect of the policy lasted about two months. In first-tier cities, the transaction volume in July remained about 5% higher in April, while year-over-year, there was still significant growth. In the last week of July, the transaction volume was over 30% higher compared to the same period last year. In July, the existing home price continued to adjust, while the month-on-month decline in the first-tier cities narrowed compared to the period before the policy implementation.

政策的效果持續了大約兩個月。一線城市7月成交量仍較4月上漲5%左右，較去年同期仍有明顯成長。7月最後一周，交易量比去年同期成長了30%以上。7月，二手房價格延續調整，一線城市較上季降幅較政策執行前有所收窄。

For the second half of the year, as the higher base effects diminished, the existing home market decided to remain stable. Transaction volumes in first-tier cities are likely stabilized after a spike-like recovery, providing some support for the prices as well. However, expectations for the further price drop and the buyers’ cautions sentiment may still constrain the market recovery to some extent.

下半年，隨著高基數效應減弱，現有房屋市場決定維持穩定。一線城市成交量可望大幅回升，為價格提供一定支撐。不過，價格進一步下跌的預期和買家的謹慎情緒仍可能在一定程度上限制市場復甦。

Policy change will be a key variable in shaping market trends. On demand side, more easing of the purchase restriction and the optimization of the housing demand will help, while the supply side additional measures to support developers and reduce inventory will help accelerate the market stabilization. Thank you.

政策變化將成為影響市場趨勢的關鍵變數。需求端，進一步放寬限購政策、優化房屋需求將有所助益；供給端，推出更多措施扶持開發商、去庫存等，將有助於加速市場穩定。謝謝。

Thomas Chong, Jefferies.

傑富瑞 (Jefferies) 的托馬斯張 (Thomas Chong)。

(Speaking in foreign language) Yes, thanks. Management for taking my question. My question is about our new home business. Can management comment about why our new home is doing better than the industry? Can we also comment about the alpha of new home and the trends about the monetization rate? Thank you.

（用外語說）是的，謝謝。管理層回答了我的問題。我的問題是關於我們的新家庭業務。管理階層能否評論為什麼我們的新家比業界表現更好？我們也可以評論一下新房子的 alpha 和貨幣化率的趨勢嗎？謝謝。

Thank you, Thomas. In the first half of the year, our new home business continued to significantly outperform the industry. Supported by our robust operational and execution capability, our housing transaction business continued to achieve our target of outperforming the market and consistently generate alpha.

謝謝你，托馬斯。上半年，我們新房業務持續大幅跑贏產業。在強大的營運和執行能力的支持下，我們的房屋交易業務繼續實現超越市場並持續產生超額收益的目標。

In Q2, our new home GTV reached RMB235.3 billion, down 20% year-over-year, but was up 55% quarter-over-quarter. GTV of CRIC's Top 100 real estate developers fell by 35% year-over-year in Q2. In June, our new home contract transaction value increased by 12% year-over-year, compared with the industry's 22% drop, notably outpacing the market.

第二季度，我們的新房GTV達到2,353億元，年減20%，較上季成長55%。克而瑞房地產百強企業GTV第二季年減35%。6月份，我們的新房合約成交額年增12%，而業界則下降了22%，增速明顯優於市場。

In addition, our revenue in Q2 surpassed our GTV. This indicates, first, that we have not compromised our monetization capability to gain market share. On the contrary, our stable monetization capabilities have been validated. Second, in a buyer's market, by helping downstream agents with better incentives for new home sales can facilitate more efficiency sell-through in the current market.

此外，我們第二季的營收超過了GTV。這表明，首先，我們沒有為了獲得市場份額而損害我們的貨幣化能力。相反，我們穩定的貨幣化能力得到了驗證。其次，在買方市場中，透過幫助下游代理商更好地激勵新房銷售，可以促進當前市場更有效率的銷售。

The certainty of our business momentum stems primarily from our channel service coverage expansion and enhanced sell-through capabilities. In terms of the cooperation with the real estate companies, the relationship between brokerage channels and developers are setting the stage for a new and a new mutual beneficial model.

我們業務發展動能的確定性主要源自於我們通路服務覆蓋範圍的擴大和銷售能力的增強。在與房企的合作上，經紀通路與開發商的關係正走向一種新的、互利共贏的模式。

Historically, brokerage channels and developers had a more competitive relationship. However, as the new home market becomes a buyer's market, selling home has been more challenging and the customer needs have changed substantially. The role of the sales channel in the industry transitioned from the simply making deal to providing deep insights into the customer needs and collaborating with developers to address new buyers' pain points.

從歷史上看，經紀通路和開發商的關係更具競爭性。然而，隨著新房市場成為買方市場，出售房屋變得更具挑戰性，客戶需求也發生了巨大變化。銷售管道在行業中的角色從簡單地達成交易轉變為深入了解客戶需求並與開發商合作解決新買家的痛點。

Riding this trend, we have been advancing our reach and evaluating the depth and the breadth of our partnership with top-tier developers. This year, we further expanded the coverage of the core state-owned developers and high-quality leading real estate companies better meeting their needs with innovative new home services.

順應這一趨勢，我們不斷擴大影響力並評估與頂級開發商合作的深度和廣度。今年我們進一步擴大了對核心國有房企和優質龍頭房商的覆蓋範圍，以創新的新房服務更好地滿足他們的需求。

By the end of Q2, we doubled the number of developers we have strategically collaboration to 25 from 13 in Q2 last year. The sales from our strategic partner developers accounted for 26% of our total new home GTV in June, 11 percentage points higher than the same period of last year. In June, the number of our cooperative new home projects accounted for 62% of all new home projects across cities where we operate, excluding Beijing and Shanghai, compared with 49% in the same period last year.

截至第二季末，我們策略合作的開發人員數量從去年第二季的 13 名增加了一倍至 25 名。6月份，策略合作開發商的銷售額占我們新房GTV的26%，比去年同期高出11個百分點。6月份，我們合作新房計畫數量在我們營運所在城市（除北京、上海外）的所有新房項目中佔比為62%，而去年同期該比例為49%。

Regarding our brokerage sell-through capabilities, previously, we relied on a labor intensive approach. But this year, empowered by the technology tools, we strengthened the refined operation and promoted the conversion of a potential new home customer from the existing home market, continually boosting the new home sell-through.

關於我們的經紀銷售能力，以前，我們依賴勞動密集的方法。但今年我們借助科技手段，加強精細化運營，推動二手房市場潛在新房客戶的轉化，不斷提升新房去化率。

In terms of the man power, the number of new home agents on our platform notably increased. This year, we expanded the role of the comprehensive agent so that more agents can engage in both new and existing home business in parallel. For example, the number of the new home agents in Zhengzhoufor Q2 was around 3 times than what it was during the same period last year, incentivized by more competitive commission rates and the improved timely delivery of pre-sole homes, agents have increased the willingness to engage in new home sales.

從人力方面來看，我們平台上新房仲介的數量明顯增加。今年我們拓展了綜合代理商的角色，讓更多的代理商可以同時從事新房和現房業務。以鄭州為例，第二季新房經紀人數量較去年同期成長約3倍，受益於佣金費率競爭力提升、樓盤交付及時性提升，經紀人參與新房銷售的意願增強。

Technology wise, we further iterate our potential customer products to help agents better identify high potential new home buyers who were likely to make a new near-term purchase, while uncovering the potential new home buyers from this new home customers, accelerating new home customers transaction efficiency.

技術上，我們進一步迭代潛客產品，幫助仲介更好地識別有近期購屋潛力的新房客戶，並從這些新房客戶中挖掘潛在的新房客戶，加速新房客戶的交易效率。

In Q2, potential new home customers identified by this product accounted for around 5% of our overall new home sales, contributing about 70% of the new home sales. Additionally, through our innovative service solutions like exchange of the old home to new ones, worry-free repayments, worry-free renovation, and home rental offerings during the housing replacement, we addressed diverse client needs surrounding new home challenges, improving the efficiency of the new home sell-through. Thank you.

第二季度，該產品識別的潛在新房客戶占我們整體新房銷售的5%左右，貢獻了新房銷售的70%左右。此外，我們也透過舊改新、無憂還款、無憂裝修、置換期間房屋租賃等創新服務解決方案，解決客戶對新房難題的多樣化需求，提高新房銷售效率。謝謝。

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(Speaking in foreign language)

（用外語講話）

Thank you for taking my question. My question is regarding the growth strategy of our home transaction service, what's the emphasize on Lianjia and non-Lianjia respectively? And how's the feedback from the store level so far? And what's the innovatives in the cities where our business are quite stable? Thank you.

感謝您回答我的問題。我的問題是，關於我們房產交易服務的成長策略，鏈家和非鍊家的重點分別是什麼？目前商店層面的回饋如何？我們的業務在哪些城市比較穩定，有哪些創新？謝謝。

Thank you, Eddy. This year, our core strategies for housing transaction business is promoting growth and building a harmonious ecosystem. In the first half of this year, we achieved notable results in scaling connected stores and exploring innovative models. In terms of scaling our agent and store network by end of Q2, the total number of active non-Lianjia stores on our platform increased to 38,900 and the number of active non-Lianjia agents rose to 308,000, up by 6% and a 2.8% respectively, compared to the end of 2023.

謝謝你，艾迪。今年我們住房交易業務的核心策略是促進成長、建構和諧生態。今年上半年，我們在拓展互聯門市規模、探索創新模式等方面取得了明顯成效。在代理商及門市網路規模擴張方面，截至第二季末，我們平台上非鏈家活躍門市總數增至 38,900 家，非鍊家活躍代理商數量增至 308,000 名，較 2023 年底分別增長 6% 和 2.8%。

In the first half of this year, we added 48 new major brands. During this period, over 6,500 new stores were signed with our platform, averaging around 1,200 new signings per month, with a 6 month retention rate of 93% for these new stores. For the newly connected stores, we provided fee discounts, installment plans and other support for those brands.

今年上半年，我們新增了48個主要品牌。在此期間，我們平台簽約新店超過6,500家，平均每月簽約新店1,200家左右，新店6個月留存率為93%。對於新接入的門市，我們為這些品牌提供費用折扣、分期付款等支援。

We also aided their operations with experienced store owners and tailor-made integration plans. In terms of efficiency, 3 months after signing up, the productivity of agents in the new stores connected since last September reached over 80% of the productivity of the agent in the existing stores on the platform. Additionally we helped stores in some key cities enhance efficiency through refined operations such as property inventory checks, quality home listing focusing, verification and reviewing.

我們也透過經驗豐富的店主和量身定制的整合計劃來協助他們的營運。效率方面，簽約3個月後，去年9月至今新接入的門市代理人效率已達到平台存量門市代理人效率的80%以上。另外，我們也透過房源盤點、優質房源聚焦、核查、審核等精細化運營，幫助一些重點城市的門市提升效率。

These were also aided by technology driven tools, including our AI housing matching and smart home listing mechanism assistant. We are also seeing good returns from the investment in-store expansion. The new stores signed in Q4 for last year have achieved a positive ROI as of June this year. Four new stores opened in Q1 this year.

這些也得益於科技驅動的工具，包括我們的人工智慧住房匹配和智慧家庭上市機制助理。我們也看到了店內擴張投資的良好回報。去年第四季簽約的新店，截至今年6月，投資報酬率均為正值。今年第一季開設了四家新店。

Their net revenue contribution in the first half of the year has already covered the estimated expenses. The continued scaling of our agent and store network as well as diversifying our business from the housing transaction to one stop residential services, have placed the higher and more urgent demand on our platform ecosystem. This year, we further extended the coverage of the Regional Co-Governance Council to 74 cities by end of Q2.

他們上半年的淨收入貢獻已經涵蓋了預期的支出。我們的代理商和門市網路不斷擴大，業務也從住房交易多元化到一站式住宅服務，對我們的平台生態系統提出了更高、更迫切的需求。今年，我們進一步擴大區域共治委員會的覆蓋範圍，截至第二季末已達74個城市。

By working with like-minded service providers, we gather valuable suggestions for iterating platform rules, granting more power to store owners and agents in terms of their business, and for the governance and fostering healthy industry competition. With Lianjia as a testing ground of our platform, we have explored a series of innovation in the agents store model to facilitate our transmission to one stop residential services, focusing on improving agents’ income, Lianjia rolled out the large-store model.

透過與志同道合的服務商合作，我們為迭代平台規則、賦予店主和代理商更多經營權力、促進行業治理和良性競爭等收集了寶貴建議。以鏈家為平台試點，我們在代理店模式上進行了一系列創新，為推動向一站式入住服務轉型，鍊家圍繞提升代理收入，推出了大店模式。

By the first half of the year, around 51% of stores had a more than 18 agents, an increase of 5.4 percentage points from last year. Consequently, the attrition rate for Lianjia agents decreased to under 4%. This success was also the result of Lianjia's strategic approach on the large store model. Alongside the large-store model, we are implementing the various store formats to better serve demand in different community settings.

截至上半年，約51%的門市擁有18名以上代理商，較去年同期增加5.4個百分點。鏈家代理商的流失率也下降到了4%以下。這項成功也是鏈家對大店模式策略佈局的結果。除了大型商店模式外，我們還在實施各種商店模式，以更好地滿足不同社區環境的需求。

Shanghai Lianjia, for instance, explore the different store types, specifically by leveraging low cost community convenience stores that boost fast investments and targeted coverage. Shangai Lianjia increased it's service density. By end of Q2, our coverage rate of the home listing in the operation area in Shanghai increased to 87% from 76% during the same period last year. Simultaneously, we established the flagship stores with more home-related elements, becoming gateways for one stop residential services.

例如上海鏈家積極探索多種店型，尤其是利用低成本的社區便利商店，實現快速投入和精準覆蓋。上海鍊家加大服務密度。截至第二季末，我們在上海營運區域的房源覆蓋率由去年同期的76%提升至87%。同時，我們建立更多家居元素的旗艦店，成為一站式家居服務的門戶。

In addition, we are exploring higher frequency community connections by brand crossover alliance stores. Among our ventures, we have launched store staffed with agents who have home renovation expertise and designers, complemented by the display of the renovation process and technique. This approach promotes early customer acquisition for our home renovation business and forges closer ties with the community.

此外，我們正在探索透過品牌跨界聯盟店來建立更高頻率的社群連結。我們在家居裝修領域開設了專賣店，配備了擁有家居裝修專業知識的經紀人和設計師，並輔以對裝修流程和技術的展示。這種方法有利於我們家居裝修業務早期獲得客戶，並與社區建立更緊密的聯繫。

Regarding talent development, Lianjia has segmented recruitment into three key areas, including college graduates, cross-sector professionals and community experts. We offer a variety of programs to support newcomers through their initial growth period, helping to build a high quality team of the service professionals.

在人才培育方面，鏈家將招募分為三大重點領域，包括大學畢業生、跨界專業人才和社區專家。我們提供各種計劃來支持新人度過最初的成長時期，幫助建立一支高素質的專業服務團隊。

Moving on to store management leadership. As a cornerstone of our One Body, Three Wings Strategy, Lianjia has also rolled out a leadership program for store operators designed to train well rounded management talent, specializing in residential services and promote the long term career development for the service providers. Thank you.

晉升為商店管理領導。作為「一體三翼」策略的重要內容，鏈家還推出了門市營運領導力項目，旨在培養全方位的住宅服務管理人才，促進服務提供者的長期職業發展。謝謝。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆（Timothy Zhao）

Great. Thank you management for taking my question and congrats on the very robust result. And my question is on your non-home transaction business, including the home renovation and furnishing as well as the home rental business. And I'm pretty glad to see that the contribution margin of both businesses expanded year-over-year in the second quarter.

偉大的。感謝管理層回答我的問題，並對非常強烈的結果表示祝賀。我的問題是關於你們的非住宅交易業務，包括房屋裝修和家具以及房屋租賃業務。我很高興看到第二季兩項業務的貢獻利潤率年比均有所擴大。

If may I ask on home renovation, what are management’s key operating focuses for this year? And what is the progress so far? And on the home rental business, could you share some color on how we should look at the unit economics of this business line? And what is the key drivers behind the profitability improvement? Thank you.

請問關於家居裝修，今年管理階層的經營重點是什麼？目前進展如何？關於房屋租賃業務，您能否分享一下我們應該如何看待這條業務線的單位經濟學？獲利能力提升的關鍵驅動因素是什麼？謝謝。

Thank you, Timothy. Let me answer your first question regarding the home renovation. Our home renovation business reached over RMB10 billion of the revenue last year with the standout performance in leading cities that validated our business capability and model. This year, we are shifting our focus on building important infrastructure and capabilities.

謝謝你，提摩西。讓我回答您關於家庭裝修的第一個問題。去年我們的家裝業務收入突破百億，並且在重點城市的出色表現驗證了我們的業務能力和模式。今年，我們的工作重點轉向建立重要基礎設施和能力。

This includes upgrading our digitalized fundamental capability and the reinventing process based on our Home SaaS system as well as optimizing our construction delivery and customize the furniture delivery capabilities. Mid-office digitalization is the artery of our entire home renovation business. It connects service providers and enable all home renovation activity to run smoothly under our continually refined and standardized process.

其中包括升級我們的數位化基礎能力和基於我們的家居SaaS系統的流程重塑，以及優化我們的建築交付和定製家具交付能力。中台數位化是我們整個家裝業務的主動脈。它連接服務提供者並使所有家居裝修活動在我們不斷改進和標準化的流程下順利進行。

Implementing mid-office digitalization through our Home SaaS system, we have iterated this system to Version 2.5 this year and are promoting it nationwide. So far it has been successfully adopted in Beijing, Shanghai, and Chengdu. Home SaaS covers five major sectors, customer sales systems, central control system, construction delivery system, and supply chain system.

透過我們的Home SaaS系統實現中台數位化，今年我們已經迭代到2.5版本，並在全國推廣。目前已在北京、上海、成都等地成功推廣。家居SaaS涵蓋五大板塊，客戶銷售系統、中控系統、施工交付系統、供應鏈系統。

Compared to previous version, Home SaaS 2.5 mainly upgrades two modules, the BIM shared service center mid-office module and the integrated material fulfillment module. Among them, the BIM shared service center mid-office module can automatically generate price quotes for the renovation based on the standardized construction drawings from BIM, thereby improving designer efficiency and reducing error rates.

相較於上一版本，Home SaaS 2.5主要升級了兩個模組，分別是BIM共享服務中心中台模組、綜合材料履行模組。其中，BIM共享服務中心中台模組可依據BIM標準化施工圖，自動產生裝修報價，提高設計師效率，降低錯誤率。

All design and construction data will be stored in the mid-office system for future iteration. In terms of the material fulfillment integration, we have promoted the standardization of the product data and achieved online unified scheduling for various main material categories to increase the certainty of material delivery. Regarding the improving our delivery capability, we shortened the delivery timelines and enacted the proactive maintenance of the construction delivery.

所有設計和施工資料都將儲存在中台系統中，以供將來迭代。在物料履行一體化方面，推廣產品資料標準化，實現各主要物料類別的線上統一調度，提高物料交付的確定性。在提升交付能力方面，我們縮短了交貨時間，並實施了施工交付的主動維護。

This year, with the higher order dispatch efficiency and streamlined construction process, we reduced the construction timelines. The combined construction period for basic construction and the main material reduced from around 111 days last year to around 100 days in this Q2. We also implemented proactive maintenance service nationwide.

今年我們提高訂單調度效率，簡化施工流程，壓縮施工工期。基本建設及主材工期由去年同期的111天左右壓縮到今年第二季的100天左右。我們也在全國範圍內實施了主動維護服務。

We now provide free maintenance and repair to customers’ home at the 5th and 22nd month after the construction to address the common issues like wall cracks, our goal is to detect and repair them early. In addition, our after-sales team has grown from over 200 by the end of last year to more than 400 people by June this year and we plan to keep expanding.

我們現在為客戶房屋在施工後的第 5 個月和第 22 個月提供免費維護和維修，以解決牆壁裂縫等常見問題，我們的目標是儘早發現並修復這些問題。另外，我們的售後團隊從去年底的200多人發展到今年6月的400多人，我們計畫繼續擴大。

We also substantially enhanced our capability in customized furniture delivery. By setting relevant standard and enhancing training, we improved the success rate of one-time installation to around 80% in the first half of this year. The home renovation process is complex, It involves a wide range of personnel and diverse products.

我們也大幅提升了訂製家具的配送能力。透過制定相關標準、加強培訓，今年上半年我們把一次性安裝的成功率提高到了80%左右。家裝流程複雜，涉及人員廣泛，產品多元。

Transforming the industry cannot be accomplished through a single breakthrough. It requires continuous development of various capabilities across mid-office digitalization, project delivery and product development. In the long run, these endeavors will eventually bring about high quality change.

產業的轉型不可能靠一次突破就能實現。它需要不斷發展中台數位化、專案交付和產品開發等各項能力。從長遠來看，這些努力最終將帶來高品質的改變。

Regarding your second question for our rental business, in Q2, revenue from the Beike’s rental service reached RMB3.19 billion, increasing by 167% year-over-year and 21% quarter-over-quarter. This growth came from the rapid increase in the number of home units that we managed and operate. Under our Carefree Rent model, We were managing over 300,000 units by end of Q2 compared with over 240,000 last quarter and over 120,000 at the same time last year.

關於你提到的第二個問題，關於我們租賃業務，第二季貝殼租賃收入達到31.9億元，年增167%，季增21%。這一增長源於我們管理和運營的家庭單位數量的快速增加。在我們的無憂租賃模式下，截至第二季末，我們管理的房屋超過 30 萬套，而上季為 24 萬套，去年同期為 12 萬套。

The number of units managed under our centralized long term apartments had reached over 14,000 by the end of Q2 compared to over 7,000 in the same period last year. In terms of our Carefree Rent model, we improved our business unit economy. We provided service offering to address tenants’ major pain points such as home maintenance and the rental change to enhance our service quality, while providing timely and high quality response to tenants’ issue.

截至第二季末，我們集中式長期公寓管理的單位數量已超過 14,000 套，而去年同期為 7,000 套以上。就我們的無憂租賃模式而言，我們改善了業務部門的經濟。我們針對租戶的房屋維護、租金變動等痛點提供服務，提升服務質量，同時對租戶的問題提供及時、高品質的回應。

This led to a roughly 20% decline in customer compliance in June compared to the beginning of the year. We meaningfully improved the leasing efficiency and cut vacancy costs through the following efforts. Number one, on the product front, we have been consistently expanding the coverage of our new product model since last year, which incurs no vacancy period.

這導致 6 月客戶合規率與年初相比下降了約 20%。我們透過以下努力，實際提高租賃效率，降低空置成本。第一，在產品方面，我們從去年以來就一直在擴大新產品型號的覆蓋範圍，不存在任何空缺期。

Its share increased about 6 percentage point in Q2 from Q1, reaching 26%. This effectively reduced the vacancy cost and enhanced our resilience against the rental price changes. The proportion of these type of product model will continue to increase in the future. Number two, the success rate of the first time rentals after commencement of our property management contracts increased from 82.2% in Q1 to 86.6% in Q2, and the amortized compensation cost per unit also decreased.

第二季其份額較第一季增加約6個百分點，達到26%。這有效降低了空置成本並增強了我們應對租金價格變化的能力。未來該類型產品型號的佔比還會持續增加。第二，物業管理合約生效後的首次出租成功率由第一季的82.2%提升至第二季的86.6%，單位攤提補償成本也有所下降。

Number three, as we advance our Carefree Rent model, our operational focus has shift from the first time rentals to re-renting the same property, focusing on lease renewal and presale rates, our business process is divided into the different stages with proactive intervention before the leasing ending. This increase the turnover rate of the re-rented property from 3.1% in Q1 to 3.9% in Q2.

第三，隨著我們推進無憂租房模式，我們的營運重點從首次租賃轉向同一房產的二次租賃，專注於續租和預售率，我們的業務流程分為不同的階段，在租賃結束前進行主動幹預。這使得轉租房產的周轉率從第一季的3.1％上升到第二季的3.9％。

And the time required to rent out a property for the second time decreased from 9.8 days at the end of Q1 to 7.5 days at the end of Q2, accelerating the rental efficiency while lowering the vacancy cost. Number four, we also build up the rental capabilities through the dedicated positions and improve the productivity. We have strengthened the dedicated rental agents, nurturing stable rental channels by leveraging top performing agents with strong commitment and capability in Carefree Rent.

而房屋二次出租時間則由第一季末的9.8天縮短至第二季末的7.5天，加快了租賃效率，同時也降低了空置成本。第四，我們也透過專門的職位增強租賃能力，提高生產效率。我們加強了專職租賃代理商的建設，透過 Carefree Rent 中具有強烈承諾和能力的頂級代理商，培育穩定的租賃管道。

We also established a dedicated team of account managers for more targeted rental occupancy, achieving the greater efficiency in business lead in utilization and targeted rental of the key listings while reducing the vacancy rates. The productivity of our account managers in facilitating renting out improved from an average of 8.8 units per month at the end of Q1 to 10.2 units per month at the end of Q2.

我們也成立了專門的客戶經理團隊，更精準地進行租賃入住，實現了業務領先利用率的提高和重點房源的定向租賃，同時降低了空置率。我們的客戶經理在促進租賃方面的生產力從第一季末的平均每月 8.8 個單位提高到第二季末的每月 10.2 個單位。

In Q2, the proportion of the combined rental occupancy by dedicated rental agent and account manager grew to 60%, an increase of 6 percentage points from Q1. Beijing also achieved a breakeven in the first half of the year by a managerial accounting on the city level.

第二季度，專職租屋代理商和客戶經理的租賃入住率合計佔比上升至60%，較第一季上升了6個百分點。北京也透過市級管理核算，在上半年實現了收支平衡。

By end of June, the number of units managed by Carefree rent in Beijing reached nearly 76,000 with an occupancy rate of 98.2%. Despite the scaling up of the number of properties under management, which has led to a front leading of various costs. We achieved breakeven in Beijing, this has substantially increased our confidence in the business. Thank you.

截至6月底，北京地區無憂租屋管理房源近7.6萬間，出租率達98.2%。儘管管理的物業數量不斷增加，導致各項成本的前端化。我們在北京實現了損益平衡，這大大增強了我們對業務的信心。謝謝。

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.

謝謝。我們現在即將結束電話會議。現在，我將把電話轉給今天的發言人、主持人李思婷女士，請她致結束語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact Beike's Investor Relations team through the contact information provided on our website. This concludes today's call, and we look forward to speaking with you again next quarter. Thank you and goodbye.

再次感謝您今天的參與。如果您還有任何其他問題，請隨時透過我們網站上提供的聯絡資訊聯絡北科的投資者關係團隊。今天的電話會議到此結束，我們期待下個季度再次與您交談。謝謝你，再見。