Ke Holdings Inc (BEKE) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.'s fourth-quarter and fiscal year 2024 earnings conference call.

女士們、先生們，大家好。感謝您參加KE Holdings Inc.的第四季和2024財年財報電話會議。

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. (Operator Instructions) Today's conference call is being recorded.

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。（操作員指示）今天的電話會議正在錄音。

I'll 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 fourth-quarter and fiscal year 2024 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website, investors.ke.com.

謝謝您，接線生。大家晚上好，早安。歡迎參加貝殼控股集團或貝殼找房2024年第四季及2024財年財報電話會議。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. Stanley Peng, our Co-Founder, Chairman, and Chief Executive Officer; and Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategies and business development, and Mr. Xu will provide additional details on the company's financial results.

今天的電話會議由我們的聯合創始人、董事長兼首席執行官彭志軍先生主持；以及我們的執行董事兼首席財務官徐濤先生。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 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.

最後，除非另有說明，本次電話會議中提到的所有數字均以人民幣計算。本次電話會議中提及的與公司所從事行業有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 purposes only. In the case of any discrepancy, management's statements 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。若有任何差異，以管理階層原文的聲明為準。

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

現在，我將把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 fourth-quarter and fiscal year 2024 earnings conference call.

謝謝你，Siting。大家好。感謝您參加貝殼找房2024財年第四季及2024財年財報電話會議。

Over the past year, China's real estate industry has matured faster. We have seen accelerated changes; some changes are abrupt. For the past 30 years, the decision-making process for buying a home was relatively simple, and the risk of making the wrong decisions were low. The main concerns for buyers was speed. When a home became available, the question was simply, whether they could secure it. In this kind of market, brokerage companies grew by scaling up because the larger the network, the easier it was to access information, connect buyers and sellers, and close deals. Buyers didn't worry much about who they are -- who they were buying from; getting the home was what mattered.

過去的一年，中國房地產業成熟速度加快。我們看到了加速的變化；有些變化是突然的。過去 30 年，買房的決策過程相對簡單，做出錯誤決策的風險較低。買家主要關心的是速度。當一間房屋可供出售時，問題很簡單：他們能否租到它。在這種市場中，經紀公司透過擴大規模來發展，因為網路越大，獲取資訊、連接買家和賣家並達成交易就越容易。買家並不太擔心他們是誰——他們從誰那裡買東西；得到一個家才是最重要的。

But now that home prices are no longer on a one-way upward trajectory, there is more uncertainty in customer decision-making, and the costs of making the wrong decision are much higher. Because of this, buyers' needs have changed. First, they want to minimize the risk of buying a home and seek greater certainty in their purchasing decisions. Second, they prioritize, living well, a subjective experience and a, feeling, that is harder to capture and measure.

但如今房價不再呈現單向上漲趨勢，顧客決策的不確定性加大，做出錯誤決策的成本也高很多。正因為如此，買家的需求改變了。首先，他們希望盡量降低買房的風險，並在購買決策中尋求更大的確定性。其次，他們優先考慮美好生活，這是一種主觀體驗和感覺，更難捕捉和衡量。

Everyone is looking for the best possible solution. Our job, first and foremost, is to build the capability to reduce customer decision-making risks and help them find the best option. This is also how we see AI technology, both in terms of its potential and how we apply it. Whether though AI or other tools, our goal is to help customers make the best decisions and, guiding them to address various life challenges through better living solutions.

每個人都在尋找最佳的解決方案。我們的首要任務是建立降低客戶決策風險的能力，並幫助他們找到最佳選擇。這也是我們看待人工智慧技術的方式，包括它的潛力和我們如何應用它。無論是透過人工智慧還是其他工具，我們的目標都是幫助客戶做出最佳決策，並透過更好的生活解決方案來引導他們應對各種生活挑戰。

Second, from the service providers' standpoint, a lot of the experience and knowledge they have built up in the past no longer applies. Consumers are asking us more questions and their concerns are more complex. They also care more about who they are buying through, how knowledgeable they are, and whether or not they are reliable industry professionals. Service providers must be able to address these issues for their customers. The old approach of merely pushing listings to sell home is no longer viable.

其次，從服務提供者的角度來看，他們過去累積的許多經驗和知識不再適用。消費者向我們提出的問題越來越多，他們的顧慮也越來越複雜。他們也更關心透過誰來購買、他們的知識水平如何以及他們是否是可靠的行業專業人士。服務提供者必須能夠為其客戶解決這些問題。僅僅透過推銷房源來銷售房屋的老方法已經不再可行。

Our assessment on the industry is that customers will become more selective about who they work with. Top-tier agents will increasingly replace low-performing ones, and technology will give the best service providers an even greater edge, accelerating industry changes. These three forces will reshape the market faster than ever. Top-tier services providers will reap the rewards of great brand premium and increased efficiency gains. At the same time, the industry will invest more in those service providers to ramp up their skills. The future isn't about rely on past experiences; the growth potential of the industry lies in the new paradigm, enhancing service quality and empowering top-performing agents. This presents both an opportunity and a new demand for the platform, requiring us to more effectively support service providers and store owners in improving efficiency.

我們對這個行業的評估是，客戶將更加挑剔合作夥伴。頂級代理商將逐漸取代表現不佳的代理商，而技術將為最佳服務提供者帶來更大的優勢，從而加速產業變革。這三股力量將比以往更快重塑市場。頂級服務提供者將獲得巨大的品牌溢價和更高的效率收益。同時，該行業將對這些服務提供者進行更多投資，以提高他們的技能。未來並不依賴過去的經驗；產業的成長潛力在於新模式、提高服務品質和增強優秀代理商的能力。這對平台來說既是一個機遇，也提出了新的需求，要求我們更有效地支援服務商和店主提高效率。

Over the past years, we have achieved scale and made efforts to improve efficiency. On one hand, we are strong in our scientific management approach. We set clear goals, break them down into precise steps, and focus on key factors that are driving results. We have embedded these in our system and use digital tools to streamline management and boost efficiency. Now, we need to bring these capabilities to store owners and our new businesses. On the other hand, while the industry's digitalization still has a long way to go, breakthroughs in AI technology have opened up exciting possibilities. We now see future potential to reshape service providers' capabilities, enhance the customer experience, and significantly improve our platform operational efficiency.

這些年來，我們不斷實現規模，並努力提高效率。一方面，我們的管理科學性強。我們設定明確的目標，將其分解為精確的步驟，並專注於推動成果的關鍵因素。我們將這些嵌入到我們的系統中，並使用數位工具來簡化管理並提高效率。現在，我們需要將這些功能帶給店主和我們的新業務。另一方面，儘管產業數位化還有很長的路要走，但人工智慧技術的突破已經開闢了令人興奮的可能性。我們現在看到了重塑服務提供者能力、增強客戶體驗以及顯著提高我們平台營運效率的未來潛力。

In 2024, we launched an active platform growth strategy. As a result, the number of active stores grew by 18.3% year over year, reaching nearly 49,700. Our agent count rose to 445,000, increasing 12.1% year over year. Despite major fluctuations in the real estate market, the numbers of stores and agents connected to our platform both reached record highs in 2024, allowing us to reach more customers than ever before. In 2024, we served 8.6 million customers. That means, on average, every hour of the year, approximately 1,000 families across the country bought, rented, or renovated a property with our help. Helping Chinese people to live well is a mission that truly matters.

2024年，我們啟動了積極的平台成長策略。因此，活躍門市數量年增18.3%，達到近49,700家。我們的代理商數量增至445,000名，年增12.1％。儘管房地產市場出現了較大波動，但 2024 年接入我們平台的商店和代理商數量均創下歷史新高，讓我們能夠接觸到比以往更多的客戶。2024年，我們服務了860萬名客戶。這意味著，平均而言，每年的每個小時，全國大約有 1,000 個家庭在我們的幫助下購買、租賃或翻新房產。幫助中國人民過好日子，這是真正重大的使命。

For the full year, our GTV totaled RMB3.35 trillion. Total revenue hit a record high of RMB93.5 billion, growing over 20% year over year. Notably, our Existing Home Transactions business also reached an all-time high, with GTV rising nearly 11% year over year to RMB2.25 trillion. Meanwhile, despite market adjustments, backed by strong trust from developers and customers, our New Home Transaction business generated RMB970 billion in GTV for the year, down just 3.3% year over year, while total revenue grew by 10% year over year.

全年GTV達3.35兆元。總營收創歷史新高，達935億元，年增超過20%。值得注意的是，我們的現房交易業務也創下了歷史新高，GTV年增近11％至人民幣2.25兆元。同時，儘管市場出現調整，但在開發商和客戶的堅定信任下，我們的新房交易業務全年實現交易金額9,700億元，年比僅下降3.3%，總收入年增10%。

Our one body, three wings strategy has achieved interim success.

我們的「一體三翼」策略取得了階段性的成功。

For our Home Renovation and Furnishing business, we continued to pursue scale growth in 2024, while establishing a positive cycle of scale, quality, and efficiency in Beijing. We completed renovation services for nearly 60,000 homes across more than 40 cities nationwide in 2024, connecting with over 70,000 home renovation workers, 8,000 designers, and 5,000 project managers. Our Home Renovation and Furnishing business achieved total revenue of RMB14.8 billion for the year, a year-over-year increase of 36%. By enhancing supply chain fulfillment management and improving our system's order dispatch capabilities, in Q4, we successfully reduced the home renovation construction timeline by over 10 days compared with last year. Additionally, our enhanced in-house aftersales maintenance capabilities enabled us to continuously elevate customer experience.

對於我們的家居裝修業務，我們在2024年繼續追求規模成長，同時在北京建立規模、品質和效率的正循環。2024年我們在全國40多個城市完成了近6萬戶家庭的裝修服務，對接了7萬多名家裝工人、8000多名設計師、5000多名專案經理。家居裝修業務全年實現總收入148億元，年增36%。透過加強供應鏈履約管理，提升系統的訂單調度能力，第四季我們成功將家裝施工時間較去年同期壓縮10天以上。此外，我們增強的內部售後維護能力使我們能夠持續提升客戶體驗。

In our home rental services, the number of rental units under management surpassed 430,000. In 2024, our revenue surged by 135% year over year to RMB14.3 billion. In terms of quality and efficiency, we have improved the experience of property owners and tenants by reshaping roles and responsibilities. Through refined operations, we saw significant improvements across various efficiency metrics, including the efficiency of second-time rentals and the average number of rental units managed per property manager.

在房屋租賃服務方面，管理租賃房屋數量超過43萬套。2024年，我們的營收年增135%至人民幣143億元。在品質和效率方面，我們透過重塑角色和職責，改善業主和租戶的體驗。透過精細化經營，二次出租效率、平均每位物業經理管理的出租房屋數量等各項效率指標都有了顯著提升。

Regarding our Beihaojia business, we acquired land in several cities last year. We do not intend to become developers and build many houses ourselves. Our business logic aligns closely with our insights about the industry. By exploring this business, we aim to address the high decision-making risks faced by both developers and customers during the home-buying process while meeting customers' demand for living well.

關於我們的北好家業務，我們去年在幾個城市獲得了土地。我們無意成為開發商，自己蓋很多房子。我們的商業邏輯與我們對產業的洞察緊密相關。我們探索此業務的目的是解決開發商和客戶在購屋過程中面臨的高決策風險，同時滿足客戶對美好生活的追求。

We are committed to promoting the development of more (corrected by company after the call) high-quality homes within China's residential industry while mitigating project-level risks for developers and other participants in the industry. This requires us to build capabilities in areas such as precise customer demand insights, deep user engagement, and data-driven decision-making. For instance, by aggregating characteristics and needs of home-seeking customers, we provide developers with targeted customer demands, enabling them to tailor their offerings accordingly and apply C2M customization. We will also set limits on heavy asset investments and gradually shift our business model towards a more ideal platform-based light-asset model. In November last year, we successfully launched our product solution services project in Xi'an, the first case in which we generated service revenue through our product solution services.

我們致力於推動中國住宅產業開發更多（電話後公司更正）優質住宅，同時降低開發商和產業其他參與者的專案層面風險。這要求我們在精準的客戶需求洞察、深度的使用者參與、數據驅動的決策等方面建構能力。例如，透過匯總購屋客戶的特徵和需求，向開發商提供有針對性的客戶需求，使其能夠針對性地提供產品，實現C2M客製化。我們也會限制重資產的投入，逐步轉向更理想的平台型輕資產模式。去年11月，我們在西安成功啟動產品解決方案服務項目，這是我們第一個透過產品解決​​方案服務產生服務收入的案例。

In 2024, we have also made substantial efforts in improving our relationships with various partners throughout the entire ecosystem. I believe these efforts will lay a solid foundation for our long-term success.

2024年，我們也正在改善與整個生態系統中各個合作夥伴的關係方面做出了巨大的努力。我相信這些努力將為我們的長期成功奠定堅實的基礎。

Looking ahead, we need to be more technology-driven and more human-centric. On the technology side, the rapid advancement of technologies, particularly AI, is set to transform many aspects of work, study, and daily life, including reshaping relationships with others, altering organizational structures and changing hiring philosophies, all of which may undergo transformations.

展望未來，我們需要更加以科技為驅動，更加以人為本。從技術面來看，科技的快速進步，特別是人工智慧，將改變工作、學習和生活的各個層面，包括重塑人際關係、改變組織結構、改變用人理念等，都可能發生轉變。

As the interactions between people become more increasingly valuable, the essence of genuine services embodying the ethos of, I understand you, will become even more crucial.

隨著人與人之間的交往變得越來越有價值，體現「我理解你們」精神的真誠服務本質將變得更加重要。

Addressing the industry's current pain points, such as the shifting needs of customers for residential services, heightened decision-making uncertainty, and increased expectations for service providers' capabilities, we firmly believe that advancements in AI and other technologies will effectively help us tackle these challenges. With these tools, we will be better equipped to understand customers' personalized needs, broaden the knowledge and information available to individuals, and comprehensively enhance our service quality. We will apply AI more extensively across both external and internal operations, supporting service providers in achieving higher-quality interactions. This approach will enable us to deliver genuine services while also upgrading the interfaces through which we provide such services.

針對產業當前的痛點，例如客戶對住宅服務的需求變化、決策不確定性加劇以及對服務提供者能力的期望提高，我們堅信人工智慧和其他技術的進步將有效幫助我們應對這些挑戰。有了這些工具，我們將能夠更了解客戶的個人化需求，拓寬個人可獲得的知識和訊息，全面提升我們的服務品質。我們將在內部和外部營運中更廣泛地應用人工智慧，支援服務提供者實現更高品質的互動。這種方法使我們能夠提供真正的服務，同時升級我們提供此類服務的介面。

On the humanistic side, we recognize that we operate within a service industry where the values of empathy, customer care, and a commitment to services are paramount. While technology can facilitate these values, it is essential that each service provider actively embodies the spirit of self-reliance, self-improvement, and self-respect. By providing exemplary support to frontline agents, who in turn take excellent care of customers, we can affirm our self-worth through customer satisfaction and recognition of their needs. This virtuous cycle translates into practices that are not only ethical but also creative. This humanistic quality will offer a new dimension to industry's evolution and development, making it possible to elevate consumer experiences to 10 times better, increase service providers' efficiency, tenfold, and enhance the value created by our platform, 10 times greater.

從人文角度來看，我們認識到我們所處的服務業，同理心、客戶關懷和服務承諾的價值觀至關重要。雖然科技可以促進這些價值觀的實現，但每個服務提供者都必須積極體現自力更生、自強不息、自尊自重的精神。透過為前線代理提供模範支持，而他們反過來又為客戶提供優質的服務，我們可以透過客戶滿意度和對他們需求的認可來確定我們的自我價值。這種良性循環所體現的實踐不僅合乎道德，而且富有創造力。這種人文品質將為產業的變革與發展提供一個全新的維度，使消費者的體驗提高10倍，服務提供者的效率提高10倍，平台所創造的價值提高10倍。

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

謝謝。接下來，我想把電話轉給我們的財務長徐濤，來回顧我們第四季和 2024 財年的財務狀況。

Thank you, Stanley, and thank you, everyone, for joining us. Before we dive into our Q4 performance, I would like to briefly touch on some updates for the housing market in the past year.

謝謝你，史丹利，也謝謝大家加入我們。在深入探討第四季的表現之前，我想先簡單談談過去一年房地產市場的一些最新情況。

In 2024, although the annual total transaction volume of the new home sales market was estimated to have declined by around 18%, the Chinese real estate market witnessed a significant recovery in the fourth quarter, following the stimulus package policies in September. According to National Bureau of Statistics, new home sales rose by nearly 30% quarter over quarter and achieved a 4% year-on-year growth in the fourth quarter. Meanwhile, existing homes demonstrated home buyers' preference with its proportion in total real and market transactions continuously rising, thanks to readily available feature as well as the flexible supply and price adjustment mechanism.

2024年，雖然預計全年新房銷售市場總交易量將下降18%左右，但繼9月刺激計畫政策出台後，中國房地產市場在第四季出現了明顯回暖。根據國家統計局統計，第四季度，全國新房銷售額較上季成長近30%，較去年同期成長4%。同時，二手房憑藉著隨時可購買的特點，以及靈活的供應和價格調整機制，體現出購屋者的購屋偏好，在整體房地產和市場交易中的佔比不斷上升。

According to Beike Research Institute, the proportion of existing home GTV in total market GTV has risen from 40% in 2023 to 46% in 2024. Following an increase of nearly 40% year on year in 2023, the number of transaction in existing home sales market further grew by more than 10% in 2024. Although the national transaction price of existing homes still declined year on year in 2024, the prices rose by 0.2% sequentially in the fourth quarter indicating a changing trend, with the support of policies aimed at stabilizing the market. Home upgrade demands have become stronger. For sold existing homes, the average area, and the proportion of homes with three-bedroom and above both have increased year on year in key cities.

根據貝殼研究院預測，現房GTV佔市場總GTV的比重將由2023年的40%上升至2024年的46%。繼2023年年增近40%之後，2024年現房銷售市場成交量進一步成長10%以上。2024年全國二手房成交價格雖然年比仍呈現下降趨勢，但在穩房政策的支撐下，第四季價格較上季上漲0.2%，趨勢有所轉變。住房升級需求更加強烈。從銷售二手房來看，重點城市二手房銷售平均面積、三房以上住房佔比年比均有所提升。

The opportunities in the market and Beike's positive long-term growth strategy enabled us to continue making breakthroughs in scale in 2024. Our full year revenue reached RMB93.5 billion, up 20.2% year over year. Revenues from existing and new home transaction services both grew year over year, reflecting our home transaction services' solid fundamentals. Our home renovation and furnishing, home rental services, emerging and other services acted as a new growth engine, with combined revenues rising by 64.2% year over year, contributing 33.8% of our total revenue in 2024, up 9.1 percentage points from 2023. In particular, revenue from the Home Renovation and Furnishing business was RMB14.8 billion, growing by 36.1% year over year. And revenue from our home rental services reached RMB14.3 billion, up 135% year over year.

市場的機會和貝殼找房積極的長期成長策略，讓我們在2024年繼續實現規模的突破。全年營業收入達935億元，年增20.2%。現有和新房交易服務的收入較去年同期均有所增長，反映出我們房屋交易服務基礎穩固。我們的家居裝修及裝飾、房屋租賃服務、新興服務及其他服務成為新的成長引擎，合計收入年增 64.2%，占我們 2024 年總收入的 33.8%，較 2023 年上升 9.1 個百分點。其中，家居裝飾業務營業收入為人民幣148億元，年增36.1%。其中房屋租賃服務收入達143億元，年增135%。

While achieving breakthroughs in scale, we also continuously increased our investments in improving service quality, infrastructure and researching and developing advanced technologies. We believe these efforts will lay a solid foundation for our long-term development and continue to yield returns going forward. In 2024, our gross margin was 24.6%, and our adjusted operating expense ratio was 17.7%, with an adjusted operating margin of 7.4% for the year. Our adjusted net margin reached 7.7%, bringing our full year adjusted net income to RMB7.21 billion. Earnings quality improved as well. Our net operating cash inflow in 2024 was RMB9.4 billion, 1.3 times our adjusted net income for the year, and DSO fell by three days year over year to 52 days.

在實現規模突破的同時，我們也不斷增加對改善服務品質、基礎設施以及研發先進技術的投入。我們相信這些努力將為我們的長期發展奠定堅實的基礎，並在未來繼續產生回報。2024年，我們的毛利率為24.6%，調整後的營業費用率為17.7%，全年調整後的營業利益率為7.4%。調整後淨利率達7.7%，全年調整後淨利達72.1億元。獲利品質也有所改善。2024年，我們的淨經營現金流入為94億元人民幣，為當年調整後淨收入的1.3倍，DSO較去年同期減少3天至52天。

Turning to our financial performance in Q4. Our total GTV was RMB1,143.8 billion, representing a year-over-year increase of 55.5%. Net revenue reached RMB31.1 billion, up 54.1% year over year. Gross margin declined by 2.4 percentage points year over year to 23%. GAAP net income was RMB578 million, showing a year-over-year decrease of 13.8%. Non-GAAP net income reached RMB1.34 billion, reflecting a year-over-year decrease of 21.6%.

談談我們第四季的財務業績。我們的總GTV為人民幣11,438億元，年增55.5％。營業淨收入達311億元，年增54.1%。毛利率較去年同期下降2.4個百分點至23%。美國通用會計準則淨利為5.78億元人民幣，較去年同期下降13.8%。非美國通用會計準則淨利13.4億元，較去年同期下降21.6%。

Looking at our housing transaction services, revenue from Existing Home transactions reached RMB8.9 billion in Q4, up 47.5% year over year and 43.5% quarter over quarter. GTV was RMB744.8 billion, rising by 59.1% year over year and 55.9% quarter over quarter. GTV growth surpassed revenue year over year, largely as a result of downsizing the value-added services for homeowners. GTV outperformed revenue sequentially mainly due to the structural changes, that is, the revenue share of the rental brokerage services declined due to seasonality. The contribution margin from Existing Home Transaction Services was 40.4% in Q4, representing a decline of 4.1 percentage points year over year, primarily due to increased labor costs related to our efforts to improve agents' welfare, and a decline of 0.6 percentage points quarter over quarter mainly resulting from the strategic initiatives that increased agents' incentives and variable costs.

從房屋交易服務來看，第四季現房交易收入達89億元，年增47.5%，季增43.5%。業務總收入為7,448億元，較去年同期成長59.1%，較上季成長55.9%。GTV 的成長速度逐年超過收入，這主要是由於房主加值服務規模的縮小。GTV 收入環比增長主要由於結構性變化，即租賃經紀服務的收入份額因季節性影響而下降。第四季現房交易服務的貢獻利潤率為40.4%，年減4.1個百分點，主要由於我們為改善代理商福利而做出的努力導致的勞動力成本增加；環比下降0.6個百分點，主要由於增加了代理商的激勵措施和變動成本的戰略舉措。

In terms of New Home Transaction Services, we significantly outperformed the market across various metrics. CRIC shows that sales from the top 100 developers were relatively stable year over year and increased by around 60% sequentially in Q4. In comparison, our New Home GTV reached RMB355.3 billion in Q4, up 49.3% year over year and 56.2% quarter over quarter, consistently and significantly outperforming the industry. This was mainly due to the deepening of our collaboration with developers as well as our robust and finely tuned operational capabilities. Revenue from New Home transactions was RMB13.1 billion in Q4, rising by 72.7% year over year and 69.2% from the previous quarter. Revenue outperformed GTV both year over year and sequentially, once again demonstrating our strong and steady monetization capabilities in New Home Transactions. The contribution margin from New Home Transaction Services fell by 0.8 percentage points year over year to 25.6%, largely resulting from the strategic increase in variable commissions as we placed greater emphasis on building a harmonious ecosystem and delivering better rewards to agents. Sequentially, the new home contribution margin grew by 0.9 percentage points, thanks to the leverage we gained from revenue growth. In Q4, SOE developers contributed 58% of our new home sales revenue.

在新房交易服務方面，我們的各項指標均遠優於市場。CRIC數據顯示，四季百強房企銷售額年比相對穩定，季增60%左右。相較之下，第四季我們的新房GTV達到3,553億元，年增49.3%，季增56.2%，持續大幅優於同業。這主要得益於我們與開發商的合作不斷深化，以及我們強大而精細的營運能力。第四季新房交易收入為131億元，年增72.7%，季增69.2%。營收年比和季比均超過GTV，再次證明了我們在新房交易方面強大而穩定的貨幣化能力。新房交易服務的貢獻利潤率年減0.8個百分點至25.6％，這主要是由於我們更加註重構建和諧的生態系統和為代理商提供更好的回報，策略性地增加了浮動佣金。由於營收成長帶來的槓桿作用，新房貢獻利潤率較上季成長了 0.9 個百分點。第四季度，國營開發商貢獻了我們新房銷售收入的58%。

Revenue from Home Renovation and Furnishing, home rental services, emerging and other services grew by 38.7% year over year in Q4, accounting for 29.3% of our total revenue. The contribution profit of them accounted for 24.3% of our total gross profit.

第四季度，家居裝修、房屋租賃服務、新興及其他服務的收入年增38.7%，占我們總收入的29.3%。其中貢獻利潤占我們總毛利的24.3%。

Our Home Renovation and Furnishing business maintained steady growth. In Q4, contracted sales reached RMB5.3 billion, up 34.7% year over year. Revenue reached RMB4.1 billion, increasing 12.8% year over year. Our contracted sales growth rate outpaced our revenue growth rate, driven by a sharp increase in contracted sales with the real estate market recovery in Q4, while revenue recognition lagged behind. The contribution margin for the Home Renovation and Furnishing business reached 29.8%, up 1.9 percentage points year over year, led by gross margin improvements in our furniture and home furnishing retail. Sequentially, the contribution margin for Home Renovation and Furnishing business declined 1.5%, mainly due to the decline in the proportion of high-margin home renovation revenue. Contracted sales of furniture and home furnishing retail, which are not included in our home renovation package, reached RMB1.7 billion in Q4, making up approximately 31.7% of total contracted sales, an improvement of 4.2 percentage points from the same period in 2023.

我們的家居裝修及家具業務保持穩定成長。第四季度，合約銷售額53億元，年增34.7%。營業收入達41億元，年增12.8%。我們的合約銷售額成長率超過了收入成長率，這得益於第四季度房地產市場的復甦，合約銷售額大幅增加，但收入確認卻落後。家居裝修及家具業務的貢獻利潤率達到29.8%，年增1.9個百分點，主要得益於家具和家居零售業務的毛利率提高。家居裝修及家具業務的貢獻利潤率較上月下降1.5%，主要由於高利潤率的家居裝修收入佔比下降。第四季度，未包含在我們的家居裝修套餐中的家具及家居零售合約銷售額達到 17 億元，佔合約銷售額總額約 31.7%，較 2023 年同期提升 4.2 個百分點。

Our home rental services business continued to grow at an accelerated pace in Q4. Its revenue reached RMB4.6 billion, up 108.7% year over year, benefiting from rapid growth in the number of rental units under management. By the end of Q4, the number of rental units under management exceeded 430,000, compared with over 200,000 in the same period of 2023. The contribution margin for home rental services held relatively steady at 4.6% compared with the previous quarter. In Q4, our revenue from emerging and other services decreased by 41.1% year over year and 9.9% quarter over quarter to RMB439 million.

我們的房屋租賃服務業務在第四季度持續加速成長。受惠於管理租賃單位數量的快速成長，公司營業收入達46億元，較去年同期成長108.7%。截至第四季末，管理的租賃單位數量超過 43 萬套，而 2023 年同期為 20 萬套以上。房屋租賃服務的貢獻利潤率與上一季相比保持相對穩定，為4.6%。第四季，新興及其他服務收入為4.39億元，年減41.1%，較上季下降9.9%。

Next, let's move on to our other costs and expenses in Q4. Our store costs reached RMB786 million, remaining generally stable year over year and growing by 11.8% quarter over quarter. This quarter over quarter increase was mainly due to the increase in costs associated with store renovation and maintenance. Other costs were RMB747 million, up 36.3% year over year and 48.8% quarter over quarter, primarily driven by increases in taxes and surcharges, financial services reserves, and credit losses.

接下來，讓我們討論第四季的其他成本和費用。門市成本達7.86億元，年比基本保持穩定，季增11.8%。本季環比成長主要由於店面裝修及維護相關成本的增加。其他成本為 7.47 億元，年增 36.3%，季增 48.8%，主要由於稅金及附加、金融服務準備金和信貸損失的增加。

Gross profit rose by 39.4% year over year to RMB7.2 billion. Gross margin was 23%, down 2.4 percentage points year over year. The primary reason for the decline was the year-over-year decrease in contribution margins from emerging and other services and Existing Home Transaction Services. These were partially offset by stronger leverage from relatively stable store costs and increased total revenue. Gross margin climbed by 0.3 percentage points sequentially in Q4, mainly due to increased contribution margin from New Home Transaction Services.

毛利年增39.4%至人民幣72億元。毛利率為23%，較去年同期下降2.4個百分點。下降的主要原因是新興服務和其他服務以及現有房屋交易服務的貢獻利潤率較去年同期下降。這些因素被相對穩定的門市成本和增加的總收入帶來的更強的槓桿作用部分抵消。第四季毛利率較上季上升0.3個百分點，主要由於新房交易服務的貢獻利潤率增加。

In Q4, our GAAP operating expenses totaled RMB6.2 billion, up 15.8% year over year and 39.7% sequentially. G&A expenses were RMB3 billion, increasing 11.8% year over year due to the increase of personnel expense. G&A expenses grew by 55.8% quarter over quarter, mainly due to higher personnel expense and increased bad debt provision. Sales and marketing expenses increased by 12.7% year over year to RMB2.3 billion as the increase in sales and marketing expenses for Home Renovation and Furnishing business. Quarter over quarter, sales and marketing expenses rose by 21.2%, mainly due to the growth in marketing expenses for housing transaction services and the increase in personnel expense. Our R&D expenses were RMB739 million, up 38.4% year over year and 28.9% sequentially, primarily attributable to the increase in R&D for our housing transaction services and increased investment in some pioneering research projects.

第四季度，我們的GAAP營業費用總計62億元人民幣，較去年同期成長15.8%，較上季成長39.7%。一般及行政開支為人民幣 30 億元，年增 11.8%，主要因人員費用增加。一般及行政開支月增55.8%，主要由於人員開支增加及壞帳撥備增加。銷售及行銷費用年增12.7%至人民幣23億元，主要是由於家居裝修及家具業務的銷售及行銷費用增加。銷售及行銷費用較上季成長21.2%，主要由於房屋交易服務行銷費用成長以及人員費用增加。我們的研發費用為人民幣7.39億元，年增38.4％，比上一季增長28.9％，主要是由於我們住房交易服務的研發費用增加以及對一些前沿研究項目的投入增加。

In terms of profitability, GAAP income from operations totaled RMB1 billion in Q4, turning positive from a loss in the same period of last year, and increasing 39.1% sequentially. GAAP operating margin was 3.2%, increasing 4.1 percentage points from Q4 2023 and remaining flat sequentially. Non-GAAP income from operations totaled RMB1.8 billion, growing 105.1% from the same period of last year and increasing 28.7% quarter over quarter. Non-GAAP operating margin reached 5.6%, up 1.4 percentage points from Q4 2023 due to the decrease of operating expenses year over year and down 0.4 percentage points from Q3 2024 attributable to the increase of operating expenses quarter over quarter. GAAP net income totaled RMB578 million in Q4, decreasing 13.8% year over year and 50.5% quarter over quarter. Non-GAAP net income was RMB1.3 billion, down 21.6% year over year and 24.6% quarter over quarter.

獲利能力方面，第四季GAAP營業利潤10億元，較上年同期的虧損轉為獲利，較上一季成長39.1%。GAAP 營業利潤率為 3.2%，較 2023 年第四季增加 4.1 個百分點，與上一季持平。非美國通用會計準則下營業利潤為18億元人民幣，較上年同期成長105.1%，較上一季成長28.7%。非公認會計準則營業利潤率達到 5.6%，由於營業費用年減，較 2023 年第四季上升 1.4 個百分點，由於營業費用較上季增加，較 2024 年第三季下降 0.4 個百分點。第四季美國通用會計準則淨利為5.78億元人民幣，較去年同期下降13.8%，季減50.5%。非美國通用會計準則淨利13億元人民幣，較去年同期下降21.6%，季減24.6%。

Moving to our cash flow and balance sheet. Net operating cash inflow was RMB5.2 billion in Q4. The New Home DSO was 34 days in Q4, which is a testament to our effective risk management. On top of the approximately USD132 million allocated to share repurchases during Q4, our total cash liquidity remained at a high level of RMB78.7 billion, which excludes customer deposits payable.

轉向我們的現金流和資產負債表。第四季淨經營現金流入52億元。第四季新房DSO為34天，證明了我們有效的風險管理。加上第四季用於股票回購的約1.32億美元，我們的總現金流動性仍維持在787億元人民幣的高位，其中還不包括客戶應付存款。

With our robust cash reserves, we continued to reward our shareholders who have grown with us through active share buybacks, enhancing capital operation efficiency and sharing the benefits of our development with investors. In 2024, we repurchased around USD716 million worth of shares, which accounted for around 3.9% of the company's total shares outstanding at the end of 2023. We have consistently delivered on our promise to reward shareholders. Since the launch of our share repurchase program in September 2022, we have repurchased roughly USD1.63 billion in shares as of the end of 2024, accounting for about 8.6% of the company's total shares outstanding before the program began.

憑藉著雄厚的現金儲備，我們持續積極回購股份，回報與我們共同成長的股東，提升資本運作效率，與投資人分享發展成果。2024年，我們回購了價值約7.16億美元的股票，佔2023年底公司總流通股數的3.9%左右。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 2024 年底，我們已回購約 16.3 億美元的股票，約佔計畫開始前公司總流通股的 8.6%。

Building on our commitment to shareholder returns, we are pleased to announce that our Board approved a final cash dividend for 2024 of USD0.12 per ordinary share, or USD0.36 per ADS, to ordinary shareholders and ADS holders of record as of April 9, 2025. The total expected dividend payment will be approximately USD0.4 billion and will be funded from the surplus cash on our balance sheet. With this, our total shareholder returns for 2024 will significantly exceed our net income, representing around 113% of our net income for the year. We intend to provide shareholders with comprehensive returns in a long-term, proactive and stable manner, aiming to share the value we create together with our long-term shareholders.

基於我們對股東回報的承諾，我們很高興地宣布，董事會批准向截至 2025 年 4 月 9 日登記在冊的普通股股東和 ADS 持有人派發 2024 年末期現金股息，為每股普通股 0.12 美元或每股 ADS 0.36 美元。預計股息總額約 4 億美元，將從我們資產負債表上的剩餘現金中撥付資金。這樣，我們 2024 年的總股東回報將大大超過我們的淨收入，約佔當年淨收入的 113%。我們致力於長期、積極、穩定地為股東提供全面的回報，旨在與長期股東共同分享我們創造的價值。

As we advance through 2025, our financial strategy will accelerate value creation through three imperatives: first, ensure we make effective capital allocation to direct investments to, one body, three wings strategic initiatives and technology advancements, and drive sustainable growth. Second, better deploy technology to drive higher financial and risk management efficiency. Third, deliver consistent and sustainable returns to our shareholders, ensuring that our growth translates into tangible value for those who invest in our vision.

邁向2025年，我們的財務策略將透過三個要點加速價值創造：首先，確保我們進行有效的資本配置，直接投資於「一體三翼」策略舉措和技術進步，推動永續成長。二是更好運用科技手段提升財務和風險管理效率。第三，為我們的股東提供持續一致的回報，確保我們的成長能為那些投資我們願景的人轉化為有形的價值。

This is how we engineer durability. We make sure the money we retained gets filtered through this framework. It will simultaneously fuel innovation engines, harden competitive moats, and compound value to all of our stakeholders.

這就是我們設計耐久性的方式。我們確保我們保留的資金透過這個框架進行過濾。它將同時推動創新引擎、鞏固競爭護城河並為我們所有利益相關者創造複合價值。

This concludes my prepared remarks for today. Operator, we are now ready to take questions. Thank you.

我今天的準備發言到此結束。接線員，我們現在可以回答問題了。謝謝。

(Operator Instructions) Jizhou Dong, Nomura.

(操作員指令) 野村證券 (Nomura) 的 Jizhou Dong。

Thanks management for taking my questions. My question is about the utilization of the technology for Beike. So just now Stanley has mentioned that Beike is able to empower its offline stores and increase its operational efficiency through technology tools such as AI property consultant, property sourcing assistant, et cetera.

感謝管理層回答我的問題。我的問題是關於這項技術在北科的運用。所以剛才史丹利提到貝殼找房子可以透過AI置業顧問、房產尋租助理等科技工具賦能線下門店，提升門市的營運效率。

So can I ask is the management considering further introducing or collaborating with advanced AI large models such as DeepSeek to enhance and optimize the business operations of the company? Like for example, how can AI be leveraged across the different business areas such as home renovation, property recommendations, and customer services to further increase the user experiences? Thank you.

那麼請問管理層是否考慮進一步引入或與DeepSeek等先進的AI大型模型合作，以增強和優化公司的業務運營？例如，如何將AI運用到居家裝潢、房產推薦、客戶服務等不同業務領域，進一步提升使用者體驗？謝謝。

Thanks for your question. For how AI might impact our industry by enhancing efficiency and user experience, we can think about this from three perspectives: the service side, the supply side, and the platform side.

感謝您的提問。對於人工智慧如何透過提高效率和使用者體驗來影響我們的產業，我們可以從服務側、供給側和平台側三個角度來思考。

From a consumer services perspective: buying and selling real estate has become more challenging for today's clients due to increased uncertainty and risk in decision-making. As a result, clients need access to data, knowledge, know-how, or what we now refer to as intelligence. AI can effectively address the issues customers face, leading us to conclude that AI can significantly optimize the customer experience and greatly improve the quality of services on the demand side.

從消費者服務的角度來看：由於決策中的不確定性和風險增加，購買和出售房地產對於當今的客戶來說變得更具挑戰性。因此，客戶需要獲取數據、知識、技術訣竅，或我們現在所說的情報。AI可以有效解決客戶面臨的問題，這使我們得出結論：AI可以顯著優化客戶體驗，並大大提高需求面的服務品質。

And secondly, from the supply side perspective, we believe that AI will enhance the capabilities of skilled agents and accelerate the industry focus on high-quality supply.

其次，從供給面來看，我們認為人工智慧將提升熟練代理商的能力，並加速業界對優質供給的關注。

For a third one, from platform perspective, AI provides platforms with more opportunities to address efficiency challenges through innovation. We often emphasize that the core elements of the industry are quality, scale, and efficiency. Historically, our strategies through authentic property listings, building housing dictionary, service standardization, and our platform model, have resolved quality issues on the service side. We also tackled challenges of scalability on the supply side through adopting a platform business model.

第三，從平台角度來看，人工智慧為平台提供了更多透過創新解決效率挑戰的機會。我們常強調，產業的核心要素是品質、規模、效益。從歷史上看，我們透過真實房源、建房字典、服務標準化、平台模式等策略，解決了服務端的品質問題。我們也透過採用平台業務模式來解決供應方面的可擴展性挑戰。

However, the industry's most significant challenge remains efficiency. If efficiency issues are not resolved, profitability will also be a challenge. The emergence of AI can be seen as a production factor integrated into the value chain, potentially helping us tackle quality and scale problems while also addressing efficiency challenges. This can create new opportunities for the entire platform and increase its value.

然而，該行業面臨的最大挑戰仍然是效率。如果效率問題無法解決，獲利能力也將面臨挑戰。人工智慧的出現可以看作是融入價值鏈的生產要素，有可能幫助我們解決品質和規模問題，同時應對效率挑戰。這可以為整個平台創造新的機會並增加其價值。

Given these conclusions, we place great importance on the capabilities and potential of AI, and we have initiated a series of explorations. We have integrated our own residential industry data with advanced foundational models to develop our large language model, ChatHome, and our image large model, Dreamhome. We are iterating on these models and expanding their capabilities to support a variety of applications.

基於這些結論，我們高度重視人工智慧的能力和潛力，並開始了一系列的探索。我們將自己的住宅產業數據與先進的基礎模型結合，開發了我們的大型語言模型ChatHome和我們的圖像大型模型Dreamhome。我們正在迭代這些模型並擴展其功能以支援各種應用程式。

Here are a few examples of these applications. For consumers, we're currently conducting gray box testing for Pudding, an AI-powered home-seeking assistant built on Deepseek R1 and Beike's data and our own knowledge graph, with plans to open for trial in March. This 24/7 home-seeking AI assistant combines deep industry expertise with rapid, accurate understanding of user demands and the ability to customize real-time solutions. It will help users overcome the initial challenge of high early-stage decision-making costs in home searching, while also helping agents clarify client needs and improve operational efficiency. In the Realsee VR home tour scenario, through the combination of the high-precision imaging of the new generation of Galois P4 Camera and the DeepSeek-driven intelligent model, we can leverage a more refined spatial understanding capability to enhance the intelligent assessment ability for houses and improve the user experience in VR home selection and home tour.

以下是這些應用程式的一些範例。面向消費者，我們正在對布丁 (Pudding) 進行灰盒測試，布丁是一款基於 Deepseek R1 和貝殼的數據以及我們自己的知識圖譜構建的人工智能找房助手，計劃於 3 月份開始試用。這款全天候尋找房屋的人工智慧助理結合了深厚的行業專業知識、快速、準確的用戶需求理解和客製化即時解決方案的能力。它將幫助用戶克服尋找房屋前期決策成本高的初始挑戰，同時幫助代理商明確客戶需求並提高營運效率。在Realsee VR看房場景中，透過新一代Galois P4 Camera的高精度成像與DeepSeek驅動的智慧模型結合，能夠利用更精細的空間理解能力，提升房屋的智慧評估能力，提升用戶在VR選房、看房方面的體驗。

For business partners, we've built comprehensive solutions. For example, for property agents, we've conducted gray box testing for AI assistants like AI Property Selector and AI Property Listing Maintenance Assistant in several cities. We've also launched AI-powered tools like AI Marketing Assistant and Xiaobei Training Camp, to enhance agents' capabilities in client acquisition, demand identification and personalized solutions. For Home Renovation and Furnishing business, we have implemented Sheniu, the AI design tool that can automatically generate design plans for marketing visuals, and we have our self-developed BIM system with AI-driven delivery management. We also have our cloud-based intelligent construction system that can carry out AI automated construction management monitoring, AI intelligent inspection and acceptance tools, creating an almost fully AI-enabled digital loop.

對於業務合作夥伴，我們建立了全面的解決方案。例如，針對房產仲介，我們在多個城市對「AI房產選擇器」、「AI房產清單維護助理」等AI助理進行了灰盒測試。我們也推出了人工智慧行銷助理和小貝訓練營等人工智慧工具，以增強代理商的客戶獲取、需求識別和個人化解決方案的能力。對於居家裝潢業務，我們採用了可以自動產生行銷視覺設計方案的AI設計工具神牛，並且擁有自主開發的由AI驅動的交付管理的BIM系統。我們還有基於雲端的智慧施工系統，可以進行AI自動化施工管理監控、AI智慧檢查和驗收工具，創建一個幾乎完全由AI支援的數位閉環。

For organizational efficiency, we've deployed five digital AI agents including, Sun Xiaosheng, achieving efficiency breakthroughs in areas such as business analysis and operational strategy support.

在組織效率方面，我們部署了孫曉勝等5位數位化AI智能體，在業務分析、營運策略支援等方面實現效率突破。

Let me also share some results of these applications. The first, our AI property service manager already autonomously handles 60% of rental property owner management tasks during the testing. The second, digital AI agents like Sun Xiaosheng help business analysts save 85% of their time and save nearly 20% of time for operational strategy teams. The third, AI programming tools also assist in generating 30% of R&D code.

我還想分享一下這些應用的一些結果。第一，我們的AI物業服務經理在測試中已經自主處理了60%的租賃物業業主管理任務。第二，像孫曉勝這樣的數位化AI代理，幫助業務分析師節省了85%的時間，為營運策略團隊節省了近20%的時間。第三，AI程式設計工具也協助產生30%的研發代碼。

For 2025, we plan to increase our AI investments to further strengthen the foundational capabilities of our models, data and solutions, while accelerating iterative application research and development. These steps will make our various AI assistants smarter and further promote AI integration and AI-native innovation capabilities throughout the organization.

2025年，我們計畫加大AI投入，進一步強化模型、數據與解決方案的基礎能力，同時加速迭代應用研發。這些措施將使我們的各種AI助理更加智能，並進一步促進整個組織的AI整合和AI原生創新能力。

Finally, AI facilitates a more efficient flow of information and knowledge, which will speed up the end of old models that rely on scale to exploit information gaps. We must also break our reliance on scale. On the other hand, AI advancements make it possible for us to enter a new era. We are far from where we need to be with this development, but our advantages lie in years of accumulated industry data assets, extensive application scenarios and business validation environment, and early strategic planning in the industry. In the future, we will continually expand AI's role in deeply reshaping the entire residential service process. We believe this is both Beike's responsibility as an architect of the residential industry's digital infrastructure, and critical to creating long-term value for the industry. That's my answer. Thank you.

最後，人工智慧促進資訊和知識更高效的流動，這將加速依靠規模來填補資訊空白的舊模式的終結。我們還必須擺脫對規模的依賴。另一方面，人工智慧的進步使我們有可能進入一個新時代。雖然我們距離這個發展目標還很遠，但我們的優勢在於多年累積的產業數據資產、廣泛的應用場景和業務驗證環境以及早期的產業策略佈局。未來，我們將持續拓展AI的作用，深度重塑整個居家服務流程。我們相信，這既是貝殼作為住宅產業數位化基礎設施架構師的責任，也對於為產業創造長期價值至關重要。這就是我的答案。謝謝。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆（Timothy Zhao）

(spoken in foreign language) Thank you management for taking my question. My question is regarding the property market outlook. As we have seen a pretty strong rebound of the property market since last September. Just wondering if you can share any insights on the recovery sustainability, especially regarding the trend year-to-date, and how will management team think about the market outlook for this year? And are we going to turn more optimistic about the market? Thank you.

（外語）感謝管理層回答我的問題。我的問題是關於房地產市場的前景。自去年九月以來，我們看到房地產市場出現了相當強勁的反彈。只是想知道您是否可以分享任何有關復甦永續性的見解，特別是關於今年迄今為止的趨勢，以及管理團隊如何看待今年的市場前景？我們會對市場變得更樂觀嗎？謝謝。

Thank you, Timothy. In 2024, the market saw many new changes. These can be summarized as unprecedented policy stimulus, new positive signals in Q4, and accelerated structural changes. Let's look at these changes in more detail.

謝謝你，提摩西。2024年，市場出現了許多新的變化。概括起來，就是政策刺激力度空前，第四季出現新的正面訊號，結構性變化加速。讓我們更詳細地看看這些變化。

On the policy front, 2024 has seen a stronger-than-expected policy impact. Particularly, the central government had a policy pivot on September 26 to stabilize the property market, with more intense, systematic, and swiftly implemented measures than before being rolled out.

政策方面，2024年的政策影響強於預期。尤其是9月26日中央推出穩定房地產市場的政策重點，其力度比以前更有力、系統性更強、執行更迅速。

These policy effects brought market resilience. In 2024, the existing home market nationwide saw decreasing price for increasing volume. According to estimates from the Beike Research Institute, in 2024 the number of existing home transaction units in China rose by about 15% year over year, while total GTV grew by around 2% due to price factors. Particularly, with the release of new policies on September 26, the transactions recovered quickly. In Q4, existing home GTV on our platform rose by around 60% year over year, marking a stronger and more sustained rebound than ever before. Also, the price stabilized somewhat, ticking up 0.2% in December compared to September, marking the first quarterly increase in nearly two years.

這些政策效應帶來了市場韌性。2024年全國二手房市場呈現量增價跌態勢。根據北科研究院估計，2024年中國現房交易套數年增約15%，受價格因素影響，總GTV成長約2%。尤其隨著9月26日新政策的發布，成交迅速恢復。第四季度，我們平台存量房源GTV年增約60%，反彈動能較以往更加強勁、持續。此外，價格有所穩定，12 月價格較 9 月上漲 0.2%，這是近兩年來首次出現季度上漲。

In 2024, the new home market nationwide continued to face challenges. According to official data, national new home sales declined by 18%, while new home GTV of CRIC's top 100 developers dropped by 28% in 2024. However, a robust rebound in new home GTV during Q4 helped bolster the market throughout the year.

2024年，全國新房市場持續面臨挑戰。官方數據顯示，全國新房銷量下滑18%，而2024年CRIC百大房企新房GTV下滑28%。不過，第四季新房成交量的強勁反彈，助力全年市場上漲。

Regarding transaction structure, it is increasingly dominated by existing homes. In 2024, the proportion of existing housing GTV nationwide increased to 46%, up 5 percentage points compared to 2023. Notably, this percentage exceeded 50% in the 30 top-tier cities. This was mainly due to the rapid decline in existing home prices, which made them more attractive to home buyers. Meanwhile, readily available existing homes have diverted demand away from new homes.

從交易結構來看，現房交易日益占主導地位。2024年全國存量房GTV佔比提升至46%，較2023年上升5個百分點。值得注意的是，30個一線城市這一比例均超過50%。這主要是由於現有房價快速下跌，對購屋者更具吸引力。同時，現房供應充足，轉移了新房的需求。

On the demand mix, the rise of nearly-new existing homes met increased demands of home upgraders, which is the largest segment of buyers. According to Beike's transaction data, the percentage of existing home sales with three bedrooms and above grew from 40% in 2020 to 55% in 2024. The proportion of nearly-new homes built within the last 10 years jumped from 27% in 2020 to 43% in 2024.

在需求結構上，近新現房的興起滿足了房屋升級者日益增長的需求，他們是購屋者中最大的群體。根據貝殼找房的交易數據，三房以上戶型的現房銷售量佔比從2020年的40%成長到2024年的55%。過去 10 年內建造的近乎新建的房屋比例從 2020 年的 27% 躍升至 2024 年的 43%。

For the recent market updates, let me talk about existing home market first. Based on our platform data, the existing home market has sustained the momentum, with transaction volume rebounded more than expected after the Chinese New Year holidays.

對於最近的市場更新，讓我先談談現有房屋市場。根據我們平台的數據，現房市場延續了強勁勢頭，春節假期後成交量反彈超預期。

To specifically look at the existing home transaction volume. During the four weeks following Spring Festival, the transaction volume of existing homes rose by around 40% year-over-year. Among which the Tier 1 cities grew by 50%, while Tier 2 cities such as Chengdu, Ningbo, and Tianjin also had robust growth.

具體要看現房成交量。春節後四周，現房成交量較去年同期成長約40%。其中一線城市成長50%，成都、寧波、天津等二線城市也成長強勁。

Notably, the peak weekly transaction volume surpassed the October high following the September 26 policy stimulus, reaching the highest level since March 2023, when the market experienced a pent-up demand-driven rebound. Overall, the market followed seasonal trends, with the momentum starting to moderate in the fourth week after the Spring Festival, while decline was marginal, sustaining a high level.

值得注意的是，每週交易量高峰超過了 9 月 26 日政策刺激措施實施後的 10 月高點，達到 2023 年 3 月以來的最高水平，當時市場經歷了被壓抑的需求驅動的反彈。整體來看，市場呈現季節性走勢，春節後第四週漲勢開始回落，但跌幅較小，仍維持在高點。

Regarding the home prices, the existing home prices slightly decreased by 0.4% month on month, with the dip being notably smaller than the average monthly declines in 2024. We can refer to Beike's Sentiment Index, which we compile based on the proportion of price increase adjustments among all listing price adjustments made by homeowners. The index rebounded rapidly in October last year. After reaching a low point during the Spring Festival, it has been gradually recovering, with first-tier cities showing relatively higher sentiment levels, and Shenzhen exceeding 15%.

房價方面，現房價月增0.4%，跌幅明顯小於2024年月均跌幅。我們可以參考貝殼找房子的情緒指數，該指數是我們根據房主所有掛牌價格調整中漲價幅度的比例編制的。該指數去年10月迅速反彈。春節期間跌至低點後，逐步回暖，一線城市景氣度相對較高，深圳超過15%。

New home market recovered mildly in a traditional off-season. During the four weeks after the holidays, new home subscriptions increased by over 10% year over year. Pricewise, the new home prices stabilized sequentially in February.

傳統淡季，新房市場溫和復甦。假期後四周內，新房認購量年增超過10%。價格方面，2月新房價月增。

Regarding the market outlook in the year 2025. We believe the market may start to bottom out in 2025. In our view, the prerequisite for overall market stabilization is achieving stability in existing home prices. According to our survey, insufficient confidence in housing price expectations is the biggest obstacle preventing people from purchasing homes.

關於2025年的市場展望。我們相信市場可能在 2025 年開始觸底。我們認為，實現整體市場穩定的前提是實現現房價格的穩定。根據我們的調查，房價預期信心不足是阻礙居民購屋的最大障礙。

We believe the stabilization of existing housing prices depends on two factors. First, a balanced supply and demand dynamic with healthy market liquidity. Second, improved homeowner confidence, with less people cutting prices steeply due to urgent sales. The Beike Sentiment Index, as a leading indicator, would be a useful tool in this regard. The index above 20 for at least six months would demonstrate a market consensus on price stabilization.

我們認為存量房價的穩定性取決於兩個因素。一是供需格局基本平衡，市場流動性良好。其次，購屋者信心增強，急於出售而大幅降價的購屋者減少。貝殼找房信心指數作為領先指標，在這方面將會是個有用的工具。該指數至少六個月維持在20以上將顯示市場對價格穩定的共識。

Then, further policy refinements will stimulate homebuyers demand, driving transaction volume recovery. In some cities, the market will be shifting from price cuts for volume to increased transactions with stable prices. Our recent surveys indicate that the proportion of buyers planning home purchases within a year has risen to a two-year high. This reflects stronger market confidence in the short term. We will continue to monitor home viewing activity and transaction volume as key indicators.

其次，進一步完善政策將刺激購屋需求，推動交易量回升。部分城市市場將由降價求量轉向成交增加、價格平穩轉變。我們最近的調查顯示，計劃在一年內購屋的購屋者比例已升至兩年來的最高水準。這反映出短期內市場信心增強。我們將繼續監測看房活動和交易量作為關鍵指標。

At last, stable existing home prices will also help stabilize the prices of new home. Coupled with policies optimizing new home supply and housing repurchase programs, this will support new home sales and investment recovery, helping to restore developers' investment and development capabilities.

最後，現房價格的穩定性也有助於新房價的穩定。再加上優化新房屋供應和房屋回購計畫的政策，這將支持新房屋銷售和投資復甦，有助於恢復開發商的投資和開發能力。

Achieving this stabilization chain will require more conventional counter-cyclical policies in the macroeconomic and real estate sectors to restore consumer confidence and expectations.

要實現這一穩定鏈需要在宏觀經濟和房地產領域採取更多常規的逆週期政策來恢復消費者信心和預期。

In a neutral scenario, we expect the existing home market to realize moderate recovery in 2025, while the new home market adjustment may continue due to the complexity of risks, but its year-over-year decline may narrow.

在中性情境下，我們預期2025年現房市場將實現溫和復甦，而新房市場因風險複雜性可能持續調整，但同比降幅或將收窄。

Meanwhile, we expect further structural divergences in housing transactions in 2025, reinforcing the dominance of existing homes. In particular, larger, relatively-new secondary homes that meet buyers' home upgrade needs will become top choices. The new home market will accelerate supply-side innovation, offering upgraded products that better match evolving demand. Thank you.

同時，我們預計2025年房屋交易將進一步出現結構性分化，現有住宅的主導地位將進一步鞏固。尤其是面積較大、相對較新、符合買家購屋升級需求的二手房屋將成為首選。新房市場將加速供給面創新，提供更符合不斷變化的需求的升級產品。謝謝。

Griffin Chan, Citi.

花旗銀行的 Griffin Chan。

(spoken in foreign language) I'm going to translate my questions. So it's about the agency business. We have observed a continuous increase in the number of agents and stores on the Beike platform. The company has made a lot of effort and investments, and it is quite aggressive. What kind of growth did the company achieve in 2024 as a result of these investments? Will the company follow the same growth strategy in 2025, or will we consider some other, like AI, improving the efficiency as well as having a higher growth? Thank you.

（用外語說）我要翻譯我的問題。所以這是關於代理業務的。我們觀察到貝殼平台的代理商和門市數量持續增加。該公司已經付出了很多努力和投入，而且相當積極。由於這些投資，公司在 2024 年實現了什麼樣的成長？公司在 2025 年會遵循相同的成長策略嗎，還是會考慮其他策略，例如人工智慧，既能提高效率，又能實現更高的成長？謝謝。

Thank you, Griffin. In 2024, the main focuses of our Housing Transaction Services were promoting growth and optimizing ecosystem. With that in mind, we achieved remarkable growth in our performance, demonstrating our ability to continuously outperform the market. Our success also helped the agents and stores on our platform partially offset the impacts of market contractions.

謝謝你，格里芬。2024年，我們住房交易服務的主要重點是促進成長和優化生態系統。基於此，我們的業績取得了顯著成長，展現出我們持續超越市場的能力。我們的成功也幫助我們平台上的代理商和商店部分抵消了市場萎縮的影響。

One of our key focuses last year was expanding the agent and store network. We introduced targeted incentive packages tailored to stores of different sizes to attract industry players. By the end of 2024, the number of active non-Lianjia stores on our platform exceeded 44,000 and that of active non-Lianjia agents reached 331,000, up 20% and 11% year over year, respectively. Notably, four big new brands joined the platform, each with over 100 stores.

去年我們的重點之一是擴大代理商和商店網路。我們針對不同規模的門市推出了針對性的激勵方案，以吸引產業參與者。截至2024年底，我們平台上活躍的非鏈家店鋪數量超過4.4萬家，活躍的非鏈家代理商數量達到33.1萬名，分別年增20%和11%。值得注意的是，四個大新品牌加入了該平台，每個品牌都有超過 100 家門市。

Our goal in expanding the network is to enable industry participants to enhance their operational efficiency. That is by leveraging our customer traffic, cooperation network effect, practical tools for operations and management, and diversified business opportunities within the broader residential services sector.

我們擴大網路的目標是使產業參與者能夠提高營運效率。即利用我們的客戶流量、合作網絡效應、實用的營運和管理工具以及更廣泛的住宅服務領域的多樣化業務機會。

Within three months of joining, the per-agent efficiency of newly connected stores reached over 80% of the efficiency level of those already connected stores. Also, around 13% of newly connected stores could double the average productivity level of platform's existing stores within six months of joining the platform, becoming high-productivity stores.

加入三個月內，新進駐門市人均效率達到已進駐門市效率的80%以上。另外，約有13%的新進駐門市在加入平台的六個月內，能夠使平台現有門市的平均生產效率水準提高一倍，成為高生產效率門市。

Thus, our store network expansion has delivered strong investment returns. The payback period for the investments for new stores connected in the first half of the year was at six months, with a cumulative store attrition rate of only 5% within six months of connection.

因此，我們的門市網路擴張帶來了強勁的投資回報。上半年新接入門店的投資回收期為6個月，接入半年內累積門市流失率僅5%。

With a larger network of stores and agents, we leverage digitalized scientific management to help store owners expand home listing coverage and improve conversion rates. As the scale of our agent-store network continues to expand, it becomes even more critical to deepen ecosystem governance and strengthen our relationships with all stakeholders.

憑藉更龐大的門市和代理商網絡，我們利用數位化的科學管理，幫助店主擴大房源覆蓋率，提高轉換率。隨著我們的代理店網絡規模不斷擴大，深化生態系統治理和加強與所有利害關係人的關係變得更加重要。

On our governance mechanisms: we expanded the operations of our Regional Co-Governance Councils, enabling store owners to better participate in decision-making of some platform rules and enhancing engagement. Additionally, our store points-based reward program was successfully rolled out in nine pilot cities. And by year-end, 46% of connected stores received reward benefits, averaging RMB10,000 in equivalent value per store.

在治理機制方面，我們擴大了區域共治委員會的運作，使店主能夠更好地參與一些平台規則的決策，並增強參與度。此外，我們的店鋪積分獎勵計畫已在 9 個試點城市成功推行。截至年末，46%的接入門店獲得獎勵福利，平均每家店獲得等值1萬元人民幣的獎勵福利。

We also created tools like the Online Store Owner Workshop to simplify their management process, with functions such as dashboard and traffic lead management. The satisfaction level of connected brands and stores improved throughout the year, rising by 4% from Q1 to Q4. Additionally, the monthly store attrition rates in cities excluding Beijing and Shanghai declined by 0.2 percentage points in 2024 compared with 2023, while monthly agent attrition rates dropped by 1.7 percentage points year over year.

我們還創建了線上商店所有者研討會等工具來簡化他們的管理流程，具有儀表板和流量引導管理等功能。連網品牌和門市的滿意度全年都有所提升，第四季比第一季上升了4%。此外，2024年北京、上海以外城市的月門市流失率較2023年下降0.2個百分點，每月代理商流失率年減1.7個百分點。

As Lianjia continues to serve as a key growth engine, a talent hub, and an innovation leader in the industry, we further solidified this positioning in 2024. By the end of 2024, Lianjia had over 114,000 active agents, marking a net increase of over 16,000 agents, up 17% year over year. The average monthly attrition rate of Lianjia agents nationwide decreased by 0.7 percentage points year over year to a low of 3.4%.

隨著鏈家繼續充當行業的關鍵成長引擎、人才中心和創新領導者的角色，我們在 2024 年進一步鞏固了這一定位。截至2024年底，鏈家活躍代理人數逾11.4萬名，淨增逾1.6萬名，較去年同期成長17%。鏈家全國代理商月平均流失率較去年同期下降0.7個百分點至3.4%的低點。

As transactions slowed and requirements for agents became more demanding, our solution was to leverage the large-store model to enhance organizational efficiency. This model was first implemented in Lianjia, with the average number of agents per store rising to 20 by the end of 2024. Store structure continued to optimize, with the proportion of large stores reaching over 50%, an increase of 8.6 percentage points year over year. The average commission per Lianjia store reached 2.53 times that of connected stores, reflecting a 5.9% year over year growth.

隨著交易放緩以及對代理商的要求越來越高，我們的解決方案是利用大店模式來提高組織效率。該模式首先在鏈家落地，預計到2024年底，平均每家店代理人數量將提升至20人。門市結構持續優化，大店佔比達50%以上，較去年成長8.6個百分點。鏈家門市平均佣金達到接入門店的2.53倍，較去年同期成長5.9%。

Talent development remains a key investment area for Lianjia. We launched a three-year leadership development program for Lianjia store managers. This initiative is to strengthen store efficiency and help enhance the platform's ability to retain top-performing store managers.

人才發展依然是鏈家的重點投資領域。我們啟動了為期三年的鏈家門市經理領導力發展計畫。此舉旨在提高商店效率並幫助增強平台留住優秀商店經理的能力。

In 2025, growth and ecosystem will continue to be the key words for our housing transaction services. Meanwhile, we also strive to enhance efficiency.

2025年，成長和生態系統將繼續成為我們住房交易服務的關鍵字。同時，我們也努力提高效率。

We will continue to ensure steady growth in our store and agent network. Meanwhile, we will increasingly drive business growth through efficiency improvements, leveraging ecosystem collaboration and digital tools. This includes implementing a comprehensive long-term store incentive program, such as a points-based reward system, to convert scale advantages into efficiency gains. Also, by utilizing more refined management tools, we will empower store owners with enhanced operational capabilities, improving regional penetration and helping more agents and stores increase their income.

我們將繼續確保我們的商店和代理商網路的穩定成長。同時，我們將透過提高效率、利用生態系統協作和數位工具不斷推動業務成長。這包括實施全面的長期門市激勵計劃，例如基於積分的獎勵制度，以將規模優勢轉化為效率收益。同時透過更精細的管理工具，賦能店主提升營運能力，提高區域滲透率，幫助更多代理商和門市增加收入。

Regarding Lianjia's development, we will continue to strengthen the large-store model, validating its scalability within Lianjia and promoting it to those connected stores. At the same time, Lianjia will further support the growth of our three-wing businesses, achieving breakthroughs in the community-focused model for home renovation and rental services in Beijing and Shanghai, setting industry benchmarks. Thank you.

對於鍊家的發展，我們將繼續強化大店模式，驗證其在鍊家內部的可擴展性，並將其推廣至鍊家接入的門市。同時，鏈家將進一步支撐三翼業務發展，在北京、上海兩地以社區為核心的家裝租房服務模式取得突破，樹立產業標竿。謝謝。

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(spoken in foreign language) Thank you management for taking my question. My question is about the Home Rental business. We have achieved rapid growth in the home rental business. What's the key advantage to drive this strong growth? We observed that the Home Rental market remained challenging with declining rents and the persistent oversupplies. How can we maintain the stability of the Home Rental business, and at the same time improve profitability under such conditions? Thank you.

（外語）感謝管理層回答我的問題。我的問題是關於房屋租賃業務的。我們的房屋租賃業務取得了快速成長。推動這一強勁成長的關鍵優勢是什麼？我們觀察到，房屋租賃市場仍充滿挑戰，租金下降，供應持續過剩。在這樣的條件下，如何維持民宿業務的穩定，同時提升獲利能力？謝謝。

Thank you, Eddy. In 2024, our home rental business achieved a significant scale-up and operational breakthroughs, particularly in our Carefree Rent service. Centered on service and efficiency, we established a solid foundational framework for our business model.

謝謝你，艾迪。2024年，我們的房屋租賃業務實現了規模化和營運上的重大突破，尤其是無憂租屋服務。我們以服務和效率為中心，建立了堅實的商業模式基礎架構。

Scale-wise, revenues of our home rental services reached RMB14.3 billion, growing 135% year over year, primarily driven by the expansion of Carefree Rent. The number of managed units under Carefree Rent exceeded 420,000 by the end of 2024, compared to over 200,000 units a year ago.

從規模來看，房屋租賃業務收入達143億元，年增135%，主要得益於無憂租屋業務的擴張。截至 2024 年底，Carefree Rent 旗下管理的房源數量超過 42 萬套，而一年前這一數量為 20 萬套以上。

As we operate a larger scale of properties, we have developed a deeper understanding of the high-frequency, nonstandard nature, long cycle and complexity of rental services. To address this, we have broken down the nonstandard services to standardized actions, undertaken by service providers who were assigned specific roles through specialization, thereby improving efficiency.

隨著我們營運物業規模的擴大，我們對租賃服務的高頻性、非標準化、長週期性和複雜性有了更深入的認識。為了解決這個問題，我們將非標準化的服務分解成標準化的動作，透過專業化分工，將服務提供者分配到特定的角色，從而提高效率。

For instance, offline rental services such as property handover, rental inspections, and face-to-face key exchanges are handled by rental stewards to ensure standardized handover procedures.

例如，房屋交接、租屋驗收、面對面鑰匙交換等離線租屋服務均由租屋管家負責，確保交接流程標準化。

While rental service managers handle tenant requests through centralized online management, providing 24/7 support. By year-end, nighttime service orders accounted for over 16%, aligning better with tenants' schedules. We also deployed AI emotion radar tools to detect tenant dissatisfaction and proactively improve service mechanisms.

租賃服務經理透過集中線上管理處理租戶請求，提供全天候支援。截至年底，夜間服務訂單佔比超過16%，更貼合租戶的生活節奏。我們也部署了人工智慧情緒雷達工具來偵測租戶不滿情緒並主動改善服務機制。

With that, our property managers can focus on rental unit signups and occupancy, without being distracted by rental affairs. By the end of 2024, their efficiency of new unit signups increased 29% year over year, driving rapid growth in total housing units of Carefree Rent.

這樣，我們的物業經理就可以專注於租賃單位的登記和入住情況，而不會被租賃事務分散注意力。截至2024年底，其新房簽約效率年增29%，帶動無憂租屋總房源快速成長。

Beyond organizational capabilities, we have developed the intelligent 'AIMS' system, utilizing AI technology to empower operations. From pricing strategies for property acquisition, inventory management, to leasing strategies, we deployed intelligent algorithms to dynamically manage traffic, pricing, and marketing strategies, enhancing labor efficiency and asset turnover. For example, in pilot cities, the system has increased operating efficiency of the service providers and managers by 40%, improved the property turnover rate by 7.7%, and shortened the turnover cycle by 11.3% since its launch.

除了組織能力之外，我們還開發了智慧化的‘AIMS’系統，利用AI技術賦能營運。從物業收購的定價策略、庫存管理到租賃策略，我們部署智慧演算法來動態管理流量、定價和行銷策略，提高勞動效率和資產週轉率。例如，在試點城市，系統上線以來，服務商和管理者營運效率提升40%，物業週轉率提高7.7%，週轉週期縮短11.3%。

From a financial perspective, our Rental business saw a sequential improvement in contribution margin in Q4. As the impact of the Q3 summer rental peak faded, the Carefree Rent experienced a quarter-over-quarter decline in new home signups and leasing. This led to a decline in expenses for operational staff as a percentage of net rental income, resulting in margin improvement.

從財務角度來看，我們的租賃業務第四季的貢獻利潤率連續提高。隨著第三季暑期租屋高峰影響消退，無憂租屋新房簽約量和租售量均較上季下降。這導致營運員工支出佔淨租金收入的百分比下降，從而提高了利潤率。

On a full year basis, core operational metrics of Carefree Rent improved significantly. Enhanced tenant services boosted customer retention. The customer complaint rate at the end of the year decreased by more than 20% compared to the beginning of 2024. and We also conducted cost structure optimization. Improved service quality drove the 2024 tenant renewal rate to 54.4%, and a 2 percentage point increase year over year, reducing the channel cost of re-leasing.

從全年來看，無憂租房的核心營運指標大幅提升。增強的租戶服務提高了客戶保留率。年末顧客投訴率較2024年初下降20%以上，同時進行了成本結構優化。服務品質提升帶動2024年租戶續約率達54.4%，較去年同期提升2個百分點，降低了轉租通路成本。

Regarding the management of rental costs due to vacancies. On one hand, we focused on enhancing re-renting capabilities. This helped significantly reduce turnover time. Even in the Q4 off-season, the average vacancy period decreased from nearly 15 days at the beginning of the year to under 12 days in Q4.

關於空置租金成本的管理。一方面，我們注重提升再租賃能力。這有助於顯著減少週轉時間。即便是第四季的淡季，平均空置期也由年初的近15天下降至第四季的12天以下。

On the other hand, we continuously upgraded our product model. The coverage of our new product model, which incurs no vacancy period, continued to rise in Q4. This model enhanced our resilience against rental price volatility and reduced vacancy risks. The deposit cost per unit of our new Carefree Rent product model also dropped. This was mainly due to the increased initial leasing success rate, which rose to over 80% in 2024, up by 8 percentage points year on year.

另一方面，我們不斷升級產品模式。我們的新產品型號（無空置期）的覆蓋率在第四季持續上升。這種模式增強了我們抵禦租金價格波動的能力並降低了空置風險。我們新的 Carefree Rent 產品模式的每單位押金成本也下降了。主要由於首次租賃成功率提升，2024年租賃成功率升至80%以上，較前一年上升8個百分點。

For 2025, first of all, we still have high hopes for the number of rental units managed under Carefree Rent. Meanwhile, we will continue to balance scale and operation. To that end, we need to strengthen our value proposition for both tenants and property owners. The key lies in heightening our service quality and boosting re-renting efficiency. For tenant, we will further refine our role-specialization model and tailor service standards for different customer segments.

對於2025年，首先，我們對於Carefree Rent管理的租賃單位數量還是抱持著很高的期望。同時我們也會繼續平衡規模和營運。為此，我們需要加強對租戶和業主的價值主張。關鍵在於提升服務質量，提高轉租效率。對於租戶，我們將進一步完善角色專業化模型，並針對不同客戶群制定不同的服務標準。

For leasing efficiency, we will focus on talent development in leasing channels, leveraging AI to enhance secondary leasing efficiency, and expanding external traffic channels and value-added services, such as cosmetic home decoration, to increase leasing certainty. Thank you.

租賃效率方面，我們會著重租賃通路的人才建設，利用AI提升二級租賃效率，同時拓展外部流量管道及美妝家裝等增值服務，增加租賃確定性。謝謝。

Sophie Zhang, CICC.

張女士，中國義大利商會會員。

(spoken in foreign language) Thanks management for taking my question. And my question is regarding the Home Renovation business. The Home Renovation segment has maintained solid growth during the past year after surpassing the revenue threshold of RMB10 billion in 2023. So can management share the main drivers behind the growth and also the strategic plan of this business in 2025? Thank you.

（外語）感謝管理層回答我的問題。我的問題是關於家居裝修業務的。家居裝修業務在 2023 年突破人民幣 100 億元的收入門檻後，在過去一年中保持了穩健的成長。那麼管理階層能否分享成長背後的主要驅動力以及 2025 年該業務的策略計畫？謝謝。

Thank you, Sophie. In 2024, our Home Renovation and Furnishing Business achieved robust growth. In terms of scale, our revenue reached RMB14.8 billion in 2024, up 36.1% year over year. Contracted sales amounted to RMB16.9 billion, marking a year over year increase of 27.3%. Specifically, contracted sales exceeded RMB3 billion in Beijing, RMB2 billion in Hangzhou, and RMB1 billion in Shanghai and Chengdu. Five other cities also achieved contracted sales above RMB500 million each. As for profitability, the contribution margin for the Home Renovation and Furnishing business reached 30.7% in 2024, an improvement of 1.7 percentage points compared to the same period last year. Taking Beijing as an example, in 2024, the contribution margin of Home Renovation and Furnishing business reached approximately 35%, and the pre-tax profit margin excluding the headquarter cost reached over 5%.

謝謝你，索菲。2024年，我們的家居裝修及家具業務實現強勁成長。從規模來看，2024年我們的營收達到148億元，年增36.1%。合約銷售額達人民幣169億元，較去年成長27.3%。其中，北京合約銷售額超過30億元，杭州超過20億元，上海、成都都超過10億元。另有5個城市的合約銷售額也均超過5億元。獲利能力方面，2024年家居裝修及家具業務的貢獻利潤率達30.7%，較去年同期提升1.7個百分點。以北京為例，2024年家飾業務貢獻毛利達35%左右，扣除總部成本的稅前利潤率達5%以上。

The breakthroughs in our Home Renovation and Furnishing business are primarily attributable to the highly efficient synergies between our housing transaction services and new businesses, as well as our enhanced construction delivery capabilities and support from our underlying digital platform. Let me share some additional details.

家居裝修及家具業務的突破，主要得益於房屋交易服務與新業務的高效協同，以及建設交付能力的提升和底層數位平台的支持。讓我分享一些額外的細節。

First, deeper integration of our housing transaction services and renovation services significantly strengthened our customer acquisition ability and drove rapid growth in contracted sales. We encouraged our agents to recommend our new businesses by points-based incentive model. As a result, there has been an increase in the proportion of contracted sales by agent referrals to the total contracted sales.

一是房屋交易服務與裝修服務深度融合，獲客能力顯著增強，帶動合約銷售額快速成長。我們透過積分激勵模式鼓勵代理商推薦我們的新業務。因此，透過代理商推薦達成的合約銷售額佔總合約銷售額的比例有所上升。

Second, as our contracted sales grew, we needed to strengthen our delivery capabilities. To accomplish this, we optimized dispatch efficiency and workflow, further shortening construction timelines. Our average construction timeline is around 94 days in Q4 2024, representing a decline of over 10 days in the same period last year.

第二，隨著合約銷售額的成長，我們需要加強交付能力。為此，我們優化了調度效率和工作流程，進一步縮短了施工時間。2024 年第四季度，我們的平均施工時間表約為 94 天，比去年同期減少了 10 多天。

Meanwhile, we continued to iterate our Home SaaS system and launched Version 2.5 nationwide. By standardizing product management and unifying drawing rules, we have improved the system's underlying data foundation. This ultimately enabled us to produce automated BIM design construction drawings and price quotes, and unified online material scheduling.

同時，我們持續迭代家庭SaaS系統，並在全國範圍內上線2.5版本。透過規範產品管理、統一繪圖規則，完善了系統底層資料基礎。這最終使我們能夠產生自動化的BIM設計施工圖和價格報價，以及統一的線上材料調度。

About the business outlook for the year 2025, we have achieved further breakthroughs in business scale last year. And in 2025, our core goal for our full-service renovation business is to enhance product strength and improve delivery quality with a customer-centric approach and improve management and operational efficiency. To that end, we intend to implement the following key initiatives:

關於2025年的業務展望，去年我們在業務規模上實現了進一步的突破。而在2025年，我們全裝修業務的核心目標是：以客戶為中心，提升產品力、提升交付質量，提升管理與營運效率。為此，我們打算實施以下重點措施：

First, improve product strength with business model iteration and showroom upgrade. We plan to establish a strong brand image as a full-service home renovation provider. Based on our insights into customers' needs, we aim to provide comprehensive renovation solutions, rather than simply selling different products. At the same time, we expect to upgrade our showrooms. We plan to implement showroom as the core display of our offline store. We will collaborate with professional designers to create realistic showroom and display various renderings to enhance the offline experience of customers.

一是隨著商業模式迭代、展廳升級提升產品力。我們計劃作為全方位服務家居裝修供應商建立強大的品牌形象。基於對客戶需求的洞察，我們致力於提供全面的裝修解決方案，而不是簡單地銷售不同的產品。同時，我們希望升級我們的展廳。我們計劃將展廳作為線下門市的核心展示。我們將與專業設計師合作，打造逼真的展廳，展現各種效果圖，提升顧客的線下體驗。

Second, enhance delivery capabilities and promote professionalism of projects managers. We believe that long-term stable cooperation with project managers is the fundamental guarantee for the quality of home renovation delivery. We intend to take full-time project managers as the core to enhance delivery quality. And we will motivate their initiative through order allocation incentive mechanisms, to improve service providers' delivery satisfaction and reduce customer complaint rates. Meanwhile, project managers should be responsible for delivery quality and orders recommended by previous customers.

二是增強交付能力，提升專案經理的專業化程度。我們相信與專案經理長期穩定的合作是家裝交付品質的根本保障。我們意圖以專職專案經理為核心來提升交付品質。並透過訂單分配激勵機制，激發服務商的積極性，提高服務商的配送滿意度，降低客戶投訴率。同時，專案經理要對交付品質和先前客戶推薦的訂單負責。

Third, enhance operational efficiency. We have found that previously, there were too many service providers connecting with customers but lacking a main person in charge. With that, we have defined the store manager as the first manager, who is fully responsible for customer needs, contract conversion, quality delivery, and business management, achieving an end-to-end management loop. We have defined the designer as the first person in charge of renovation solutions and conversion. We will strengthen designer training and conduct professional certification to enhance their capabilities of full-service home renovation design skills. We have also defined the project manager as the first person in charge of quality delivery. They will focus more on the overall management of project construction period and construction quality. At the same time, we place greater emphasis on cultivating business districts. We intend to focus on key business districts, gain a thorough understanding of houses' layout structure and common renovation problems in advance, and make the service scope of designers and project managers more concentrated, thereby improving service efficiency and quality.

三是提升營運效率。我們發現，之前對接客戶的服務商太多，但是缺少一個主要的負責人。我們將店長定義為第一任管理者，全面負責客戶需求、合約轉換、品質交付、業務管理，實現端到端的管理閉環。我們把設計師定義為裝修方案和改造的第一負責人。加強設計師培訓，進行職業認證，提升設計師全程家居裝飾設計能力。我們也將專案經理定義為品質交付的第一負責人。他們將更加重視專案工期和施工品質的全面管理。同時，我們更加重視商圈的培育。我們試圖聚焦重點商圈，事先深入了解房屋戶型結構、裝修常見問題，讓設計師和專案經理的服務範圍更加集中，進而提升服務效率與品質。

We have always believed that quality is the foundation of the Home Renovation and Furnishing business. Only on a solid foundation can a strong and long-lasting building be constructed. We will continue to move forward in our pursuit of quality with even greater determination and confidence in our future development path. Thank you.

我們始終堅信品質是居家裝潢和裝飾業務的基礎。只有在堅實的基礎上才能建造堅固、持久的大廈。我們將以更堅定的決心和信心，繼續在品質追求中前行，對未來的發展之路充滿信心。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演講主持人李思婷女士，請她致結束語。

Thank you, operator. Thank you once again for joining us today. If you have 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.

謝謝您，接線生。再次感謝您今天的參與。如果您還有其他問題，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。