Ke Holdings Inc (BEKE) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.'s first-quarter 2025 earnings conference call. Please note that today's call, including the management's prepared remarks and question-and-answer session will all be in English. Simultaneous interpretation in Chinese is available on a separate line for the duration of the call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加KE Holdings, Inc. 2025 年第一季財報電話會議。請注意，今天的電話會議，包括管理層準備的演講和問答環節都將以英語進行。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 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 first-quarter 2025 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website, investors.ke.com.

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 2025 年第一季財報電話會議。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，並發佈在該公司的投資者關係網站 investors.ke.com 上。

On today's call, we have Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Xu will provide an overview of our strategies and business developments on behalf of our -- Mr. Stanley Peng, our Co-Founder, Chairman and Chief Executive Officer; and then Mr. Xu will discuss the financials in more detail.

參加今天電話會議的有我們的執行董事兼財務長陶旭先生。徐先生將代表我們的共同創辦人、董事長兼執行長彭志堅先生概述我們的策略和業務發展；然後徐先生將更詳細地討論財務狀況。

Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies today's call as we will make forward-looking statements. Please also note that Beike's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to the company's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

在我們繼續之前，請參閱我們收益新聞稿中的安全港聲明，該聲明適用於今天的電話會議，因為我們將做出前瞻性陳述。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 way to such information and estimate.

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為單位。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均來自各種公開的官方或非官方來源。本公司或其任何代表均未獨立核實此類數據，其中可能涉及一些假設和限制，敬請您不要過度相信此類資訊和估計。

For today's call, management will use English as a main language. Please note that the Chinese translation is for convenience purpose only. In the case of any discrepancy, management's statements in the 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 CFO, Mr. Tao Xu. Please go ahead, Tao.

現在，我將電話轉給我們的財務長陶旭先生。請繼續，陶。

Thank you, Siting. Hello, everyone. Thank you for joining Beike's First Quarter 2025 Earnings Conference Call. In the first quarter, our business continued to deliver rapid growth. This expansion was partly based on the market momentum that was fueledby the supportive policies since last September. It was also consistently driven our active growth strategy that we started in the second half of 2023.

謝謝你，Siting。大家好。感謝您參加貝殼找房 2025 年第一季財報電話會議。一季度，公司業務持續保持快速成長。這種擴張在某種程度上是基於去年9月以來支持性政策所推動的市場動能。這也持續推動了我們於 2023 年下半年啟動的積極成長策略。

In the first quarter, GTV on our platform increased by 34% and revenue rose by 42% both on a year-over-year basis. Our business continued to outperform the market in the first quarter across multiple metrics. Notably, GTV for our existinghome transition business increased by 28% year-over-year in the first quarter. According to Beike Research Institute data, the year-over-year growth of the national GTV in this segment was about 16%.

第一季度，我們平台GTV年增34%，營收年增42%。第一季度，我們的業務在多項指標上持續跑贏大盤。值得注意的是，我們現有房屋轉型業務的第一季GTV年增了28％。據北科研究院數據顯示，2019年全國該板塊GTV年增約16%。

GTV for our new home transaction business increased by 53% year-over-year versus 0.4% nationwide decline year-on-year reported by the NBS data. While the top 100 developers’ GTV for new home sales also fell by approximately 7% in the first quarter.

我們的新房交易業務GTV年增53％，而國家統計局報告的全國同比下降為0.4％。而前100家房商第一季新房銷售GTV也較去年同期下降了約7%。

We continue to see strong momentum in the growth of connected stores and agents on our platform. In the first quarter, the number of active stores surpassed 55,200, a record high, increasing over 12,600 from the same period 1 year ago. Of those, the number of connect stores increased by more than 12,300.

我們繼續看到平台上連網商店和代理商的強勁成長勢頭。一季度活躍門市數量突破5.52萬家，創歷史新高，較去年同期增加1.26萬家。其中，互聯門市新增12,300餘家。

On the agent side, the number of active agents grew by 23% year-over-year, representing a net addition of over 90,000 agents compared with the same period last year, with active agents for connected stores growing by more than 73,000 year-over-year to reach a record high.

經紀人端，活躍經紀人數量年增23%，較去年同期淨增逾9萬名，其中關聯門市活躍經紀人數量年增逾7.3萬名，創歷史新高。

We've also seen a steady improvement in efficiency at the store and agent level. In the first quarter, GTV per store per agent rose by 8% by the 14%, respectively, making the fourth consecutive quarter of year-over-year increase. For connected stores, GTV per agent was up by 18% year-over-year, translating into stronger revenue for both stores and agents.

我們也看到商店和代理商層面的效率穩定提高。一季度，人均單店GTV較去年同期分別成長8%及14%，連續四季較去年同期成長。對於連網商店，每位代理商的 GTV 年成長 18%，這意味著商店和代理商的收入都增加了。

Our platform's operational support ratio remained high with impressive year-over-year improvement. This year, we are focused on driving both scale and efficiency as dual priorities of our growth strategy. In the first quarter, traffic leads for our new home transaction services hit a new record. The enduring active market helped drive more traffic leads, with additional benefit from the higher customer satisfaction from the search results and the more personalized recommendations. By tailoring the browsing experience to each user’s scenario and profile, we made it easier for people to explore home listings in our apps that fit their needs. This improving performance also reflect users' current preference to view more home listing before making purchase decisions.

我們平台的營運支援率維持高位，較去年同期有顯著提升。今年，我們把規模和效率當作成長策略的雙重重點。一季度，新房交易服務流量線索再創歷史新高。持久活躍的市場有助於帶來更多的流量線索，同時，搜尋結果帶來的更高客戶滿意度和更個人化的推薦也為公司帶來了額外的好處。透過根據每個用戶的場景和個人資料客製化瀏覽體驗，我們讓人們更容易在我們的應用程式中瀏覽符合他們需求的房屋清單。這種不斷提升的性能也反映了用戶目前傾向於在做出購買決定之前查看更多房屋清單。

For our new home transaction business, this year, we are focusing on optimizing our collaboration with developersto better support their sell-through needs, while improving agent’s efficiency in managing customers with suitable new home projects.

對於我們的新房交易業務，今年我們專注於優化與開發商的合作，以更好地支持他們的銷售需求，同時提高經紀人管理擁有合適新房專案的客戶的效率。

In the first quarter, we concentrate our effort on high-demand projects in the market. At the same time, we continue to drive greater participation from our stores in the new home business through the incentive mechanisms.

第一季度，我們將重點放在市場需求量大的項目上。同時，我們繼續透過激勵機制推動門市更多參與新房業務。

Our One Body, Three Wings strategy maintained strong performance traction.

我們的「一體三翼」策略維持了強勁的業績成長動能。

For the home renovation and furnishing business, we have adjusted our pace this year to strategically focus on reshaping our product and delivery capabilities. Our primary goal is to make them more customer-oriented, while streamlining our organizational structure for greater efficiency.

對於家居裝修業務，我們今年調整了步伐，策略重點是重塑我們的產品和交付能力。我們的主要目標是使他們更加以客戶為中心，同時簡化我們的組織結構以提高效率。

On product front, we significantly advanced the design of our new home group renovation products in the first quarter. On delivery side, we rolled out our Project Manager Professionalism Program in 20 cities. This drove 156% year-over-year increase in average monthly order intake for project manager, reaching 2.97 compared with 1.16 in 2024. We also carried out a worker-sharing model. As a result, top-performing project managers have improved personnel income, enabling them to focus on more for service delivery and quality. In the first quarter, over 4% of our total home renovation projects orders came from referral by previous customers.

在產品方面，我們在第一季大幅推進了新家居集團裝修產品的設計。在交付方面，我們在 20 個城市推出了專案經理專業化計畫。這使得專案經理每月平均訂單量年增 156%，達到 2.97 個，而 2024 年為 1.16 個。我們也實行了工人共享模式。因此，表現優異的專案經理提高了員工收入，使他們能夠更專注於服務交付和品質。第一季度，我們超過4%的家居裝修項目訂單來自先前客戶的推薦。

In addition, our front-end organizational management efficiency improved markedly. The average month order volume per home renovation designer increased by almost 33%, moving from 0.79 in 2024 to 1.05 in the first quarter of this year and outpacing total order growth year-over-year in the home renovation business.

此外，前端組織管理效率明顯提升。每位家居裝飾設計師每月平均訂單量成長了近33%，從2024年的0.79個增加到今年第一季的1.05個，成長速度超過了家居裝潢產業總訂單量的年增率。

Our home rental services continue to achieve scale breakthroughs in the first quarter, with more than 500,000 rental units under our management. We also made solid progress in improving both default management and increasing our renewal rate.

一季度，我們的房屋租賃服務持續實現規模突破，管理的租賃房源超過50萬套。我們在改善違約管理和提高續保率方面也取得了紮實的進展。

Last quarter, I shared some thoughts on our AI development plan. Next, I'd like to provide an update on our use of AI in the first quarter.

上個季度，我分享了我們人工智慧發展計畫的一些想法。接下來，我想介紹一下我們第一季人工智慧的使用情況。

In our housing transaction business, on service to end customers, we conducted testing of our AI-powered home-seeking assistant, Pudding, in 10 cities, which is already accessible to 40% of our user traffic on our home page. Pudding was developed based on DeepSeek R1 and on our massive platform dataset and proprietary knowledge graphs. We are actively building an industry vertical database based on large models to improve Pudding’s smart response accuracy, and improved multimodal display capability to optimize the interactions between the service provider and customers. We believe that smart AI assistant will empower both homeowners and the buyers with more intelligent solutions for the home marketing and decision-making, while also helping service providers identify more accurate leads.

在房屋交易業務方面，面向終端客戶，我們在10個城市測試了人工智慧找房助手布丁，目前布丁已經涵蓋了我們首頁40%的用戶流量。Pudding 是基於 DeepSeek R1 以及我們龐大的平台資料集和專有知識圖譜開發的。我們正積極建構基於大模型的產業垂直資料庫，提升Pudding的智慧響應準確率，並提升多模態展現能力，優化服務商與客戶之間的互動。我們相信，智慧AI助理將為房主和買家提供更智慧的房屋行銷和決策解決方案，同時也幫助服務提供者找到更準確的潛在客戶。

In terms of AI tools for service providers, our agent service homebuyers were introduced (spoken in foreign language), an AI-based agent assistant. (spoken in foreign language) offers a full suite of features including customer acquisition, AI home selection, AI chat assistance and smart follow-up. These tools empower agents to activate customers, enhance their professional service capabilities and improve efficiency in connecting with customers. By end of March 2025, over 200,000 agents nationwide have used (spoken in foreign language), collectively manage over 2.5 million customers with impressive efficiency improvements.

在服務商AI工具方面，我們為代理服務購屋者推出了基於AI的代理助理（外語講）。 （外語）提供全套功能，包括客戶獲取、AI 房屋選擇、AI 聊天協助和智慧跟進。這些工具可以幫助座席啟動客戶，增強他們的專業服務能力，並提高與客戶聯繫的效率。截至2025年3月底，全國已有超過20萬名客服人員使用（外語），共管理超過250萬客戶，工作效率顯著提升。

The conversion rate from leads to formal client mandates increased by over 30% and the mandate to transaction conversion rate rose over 10%. Agents effectively using (spoken in foreign language) achieved lead-to-transaction conversion rate that was 3x higher than those not using theproduct.

線索到正式客戶委託的轉換率提升了30%以上，委託到交易的轉換率提升了10%以上。有效使用（使用外語）的代理商實現的銷售線索到交易的轉換率比不使用該產品的代理商高出 3 倍。

For agent serving homeowners, we identified a common issue, many home listings were not being properly maintained on platform due to agents’ limited time and attention, which reduced sell-through efficiency. To solve this, we leverage the AI Property Maintenance Assistant, which helps agents manage listing more efficiently and improve experience for homeowners. Within the homeowner dedicated AI service group, the assistant offers smart replies, market trend insights, report analysis and intelligent voice-based promotion.

對於經紀人服務的房主，我們發現一個共同的問題，由於經紀人的時間和注意力有限，平台上的許多房源資訊沒有得到妥善維護，從而降低了銷售效率。為了解決這個問題，我們利用人工智慧房產維護助手，幫助代理商更有效地管理房源並改善房主的體驗。業主專屬AI服務群，提供智慧回覆、市場趨勢洞察、報表分析、智慧語音推廣等功能。

As of the end of March 2025, the product has been piloted by 110,000 agents and have served 400,000 homeowners cumulatively. Home listings maintained with our AI assistant achieved a transaction conversion rate 4x that of those without it.

截至2025年3月底，該產品已在11萬名經紀人中試行，累計服務40萬戶業主。使用我們的人工智慧助理維護的房屋清單的交易轉換率是沒有使用人工智慧助理的房屋清單的 4 倍。

Additionally, our digital partner, Xiaoyi, utilize AI capabilities to enhance critical operation workflows, from contract quality inspection to automated post-signing follow-ups. The solution has driven measurable improvement in frontline service quality and efficiency, delivering over 30,000 cumulative hours in productivity savings.

此外，我們的數位合作夥伴小易利用人工智慧功能來增強關鍵作業工作流程，從合約品質檢查到自動簽約後跟進。該解決方案顯著提高了一線服務品質和效率，累計節省了超過 30,000 小時的生產力。

In our home renovation business, we launched an AI customer maintenance tool to strengthen follow-up and lead conversion during the most critical two-week window in home renovation and marketing. The AI-based lightweight BIM and the intelligent marketing solution has improved efficiency in both design and marketing.

在家裝業務方面，我們推出了AI客戶維護工具，在家居裝飾行銷最關鍵的兩週時間窗口期，加強跟進和線索轉換。基於AI的輕量化BIM及智慧行銷解決方案，提升了設計、行銷的效率。

For our home rental services, our AI assistant for post-rental support, Xiao Hui, has been tested online in 13 cities. It is already successfully handling 25% of tenant requests through intelligent automation, providing tenants with a smarter, more responsive service experience. At the same time, it enhanced efficiency through better collaboration among the various roles involved in the rental progress.

在房屋租賃服務方面，租後支援AI助理「小慧」已在13個城市上線測試。它已經透過智慧自動化成功處理了 25% 的租戶請求，為租戶提供了更智慧、更回應的服務體驗。同時，透過促進租賃過程中涉及的各個角色更好地協作，提高了效率。

I shared lots of numbers on the total volume and the average efficiency rate of our business, but these are not the key items we focus on. We care deeply about every individual customers' experience and we remain committed to enhancing our service quality.

我分享了很多關於我們業務的總量和平均效率率的數字，但這些並不是我們關注的重點。我們非常關心每一位客戶的體驗，並致力於提高我們的服務品質。

Since 2024, we introduced the Fund Custody system in our home renovation business, giving customers greater control and peace of mind. Under this model, renovation funds are frozen in customer’s personal bank account and only released to us after project milestone has been completed and approved by customers, including plumbing and electrical checks, base renovation and final acceptance. This model shifts away fromthe traditional pay first, renovate later approach in the industry.

自2024年起，我們在家居裝飾業務中引入了資金託管制度，讓客戶擁有更大的控制權和安心。在這種模式下，裝修資金被凍結在客戶的個人銀行帳戶中，只有在專案里程碑完成並獲得客戶批准後才會發放給我們，包括管道和電氣檢查、基礎裝修和最終驗收。這種模式打破了業界傳統的先付費、後再翻新的做法。

Through system's integration, customers can track their fundsonline in real time with full visibility and traceability. Any interest earned during the custody period is returned to its customer. In 2025, we rolled out our renovation fund custody service in several cities, including Beijing and Wuhan. On top of that, we have developed a fund custody solution plan framework that can be utilized by other industry peers, underscoring our commitment to driving the industry progress.

透過系統集成，客戶可以即時線上追蹤他們的資金，具有完全的可見度和可追溯性。託管期間獲得的任何利息將返還給客戶。2025年，我們在北京、武漢等多個城市推出裝修基金託管服務。除此之外，我們也制定了可供其他產業同儕借鏡的基金託管解決方案框架，彰顯了我們致力於推動產業進步的承諾。

Finally, we are encouraged by China’s technological advancements and are closely watching the evolving external macro environment. While we remain confident in our platform’s ability to deliver sustained growth over the long term under our One Body, Three Wings strategy, we are approaching the short term with cautious optimism. That is why we will continue to invest firmly in AI while taking a more measured approach to other investments this year.

最後，我們對中國的技術進步感到鼓舞，並密切關注不斷變化的外部宏觀環境。雖然我們對我們的平台在「一體三翼」策略下實現長期持續成長的能力充滿信心，但我們對短期前景持謹慎樂觀的態度。這就是為什麼我們今年將繼續堅定地投資人工智慧，同時對其他投資採取更審慎的態度。

Following last year's rapid investment and industry-wide subsidies, we are now setting clear short and middle-term ROI benchmark, to ensure the disciplined capital location. This balanced strategy will help us better position ourselves to capitalize on both market recovery opportunities and AI-driven generational productivity leaps, and safeguard our operational stability, all while protecting the interests of the shareholders who share our long-term vision. In line with that commitment, this year we will continue with active shareholder returns. Thank you.

繼去年的快速投入和全行業補貼之後，我們現在正在設定明確的短期和中期投資回報率基準，以確保紀律嚴明的資金部署。這項平衡策略將幫助我們更好地利用市場復甦機會和人工智慧驅動的生產力飛躍，維護我們的營運穩定，同時保護與我們擁有共同長期願景的股東的利益。根據這項承諾，今年我們將繼續積極回報股東。謝謝。

Next, I will review our first-quarter 2025 financials. But again, thank you, everyone, for joining us. Before we dive into our Q1 performance, I'd like to briefly touch on updates in the housing market.

接下來，我將回顧我們 2025 年第一季的財務狀況。但再次感謝大家加入我們。在深入了解第一季業績之前，我想先簡單談談房地產市場的最新情況。

In Q1, the market performance was very stable, perpetuating the continued positive influence resulted from the policies implemented in September last year. The threshold and cost for the home purchase were further lowered, exerting a stronger incentive effort on homebuyers. According to National Bureau of Statistics, new home sales remained relatively flat year-over-year in Q1, better than the substantial year-over-year decline in the same period last year.

第一季市場運作十分平穩，延續了去年9月以來政策的持續利好效應。購屋門檻和成本進一步降低，對購屋者的激勵力度加大。國家統計局數據顯示，第一季新房銷售量年比基本持平，優於去年同期大幅下滑的態勢。

Meanwhile, the existing home market remained at a high level in activity excluding the impact of the holiday, benefiting from the readily available nature of the homes. According to the Beike Research Institute, in Q1, existing home GTV rose by around 16% and the number of existing home transaction climbed by around 28%, both year-over-year. With the growth in the transaction volume, the overall supply-demand relationship improved and housing price showed a signal of bottoming out, instilling more confidence in potential homebuyers to enter the market. Demand for home upgrade was even more robust. Among the existinghome sales in key cities, the share of three-bedroom and the larger homes continue to rise year-over-year in Q1.

同時，由於房屋隨時可用，現有住房市場活躍度除受假期影響外仍保持高位。根據貝殼研究院統計，第一個季度，全國二手房GTV年增約16%，二手房成交套數較去年同期成長約28%。隨著成交量的成長，整體供需關係有所改善，房價出現觸底反彈的訊號，增強了潛在購屋者入市的信心。住房升級需求更加旺盛。一季重點城市成屋銷售中，三房及以上戶型佔比年持續上升。

Turning to our Q1 financial performance. Our total GTV was RMB843.7 billion, representing a year-on-year increase of 34%. Net revenue reached RMB23.3 billion, up 42.4% year-over-year. Gross margin declined by 4.5 percentage points year-over-year to 20.7%. GAAP net income was RMB855 million, increasing 97.9% year-over-year. Non-GAAP net income reached RMB1.39 billion, remained stable year-over-year.

談談我們的第一季財務業績。我們的總交易金額為人民幣8,437億元，較去年同期成長34%。淨營業收入達人民幣233億元，較去年成長42.4%。毛利率較去年同期下降4.5個百分點至20.7%。以美國通用會計準則計算的淨利為8.55億元人民幣，較去年同期成長97.9%。Non-GAAP淨利達13.9億元，較去年同期維持穩定。

Looking at our housing transaction services, revenue from existinghome transaction reached RMB6.9 billion in Q1, up 20% year-over-year and down 23% quarter on quarter. GTV was RMB580.3 billion, rising by 28.1% year-over-year and declining by 22.1% quarter over quarter. GTV growth outpaced the revenue year-over-year, mainly due to a decline in the revenue share of the rental brokerage services and the higher contribution from the existinghome connections GTV facilitated by connected agents. Their revenues are recorded as net revenues derived from platform services. The contribution margin from the existinghome transaction services were 38.1% in Q1, representing a decline of 6.4 percentage points year-over-year, primarily due to the increased support and the improved welfare for the service providers. This is our long-term strategy to build a harmonious ecosystem. Sequentially, the contribution margin dropped by 2.3 percentage points, attributed to the negative leverage influence due to the decline in revenue exceeding that in fixed labor cost.

從房屋交易業務來看，第一季現房交易業務收入69億元，年增20%，季減23%。交易金額為5,803億元，較去年成長28.1%，較上季下降22.1%。GTV 的成長速度超過了收入的同比增長，主要是由於租賃經紀服務的收入份額下降以及連接代理商促成的現有房屋連接 GTV 的貢獻增加。他們的收入被記錄為來自平台服務的淨收入。第一季現房交易服務貢獻利潤率為38.1%，年減6.4個百分點，主要由於加大對服務商的支持力道及福利改善。這是我們建構和諧生態系統的長期策略。貢獻利潤率較上月下降2.3個百分點，原因是收入降幅超過固定勞動成本降幅，導致槓桿率出現負向影響。

In terms of the new home transaction services, we still outperformed market. CRIC reports that the sales from the top 100 developers fell by around 7% year-over-year and 41% sequentially in Q1. In comparison, our new home GTV reached RMB232.2 billion in Q1, up 53% year over year and down 34.6% quarter on quarter, once again outperforming the industry. This was mainly due to the deepening of our collaboration with developers, and our finely tuned operational capability, and more sales confirmation from the partial subscription in last quarter.

在新房交易服務方面，我們的表現仍優於市場。CRIC報告顯示，第一季百強房企銷售額年減約7%，季減41%。相較之下，第一季我們的新房GTV達到2,322億元，年增53%，季減34.6%，再次跑贏業。這主要得益於我們與開發商的合作不斷深化，營運能力不斷提升，以及上季部分認購帶來的更多銷售確認。

Revenue from new home transactions was RMB8.1 billion in Q1 rising by 64.2% year over year and dropping by 38.2% from previous quarter. Revenue outperformed GTV year over year, demonstrating our stronger monetization capabilities, while GTV growth outpaced revenue growth sequentially due to seasonality. The contribution margin from the new home transaction services rose by 1.1 percentage point year-over-year to 23.4%, as we gained leverage from the revenue growth exceeding that of the fixed costs. Sequentially, the new home contribution margin declined by 2.2 percentage points, largely attributable to the seasonality effect. In Q1, SOE developers contributed around 54% of our new home sales revenue, increasing by around 4 percentage points year-over-year.

一季新房成交金額81億元，較去年成長64.2%，季減38.2%。營收年增率超過GTV，反映了我們更強的貨幣化能力，而由於季節性因素，GTV成長率較上季超過營收成長。新房交易服務的貢獻利潤率較去年同期上升1.1個百分點至23.4%，因為我們獲得了營收成長超過固定成本成長的槓桿作用。新房貢獻利潤率季減 2.2 個百分點，主要歸因於季節性影響。一季度，國企貢獻了我們新房銷售收入的54%左右，年增約4個百分點。

Revenue from home renovation and furnishing, home rental services, emerging and other services grew by 46.2% year over year in Q1. It accounted for 35.9% of our total revenue, compared to 35% in the same period last year. The contribution to profit from this business accounted for 32.7% of our total gross profit.

第一季度，家居裝潢及家居、房屋租賃服務、新興及其他服務收入較去年同期成長46.2%。它占我們總收入的35.9%，而去年同期為35%。該業務的利潤貢獻占我們總毛利的32.7%。

Revenue reached RMB2.9 billion for our home renovation and furniture business, increasing by 22.3% year-over-year, mainly due to the increased orders from the home renovation. Contribution margin for the home renovation and furnishing business reached a record high of 32.6%, up 2 percentage points year-over-year and a 2.8 percentage points quarter over quarter, mainly driven by the increased gross margin of our home renovation business.

家居裝潢及家具業務收入達29億元，較去年成長22.3%，主要由於家居裝飾訂單增加。家裝業務貢獻利潤率達32.6%，創歷史新高，較去年同期上升2個百分點，較上季上升2.8個百分點，主要受惠於家裝業務毛利率的提升。

Our home rental services business continued to grow at an accelerated pace in Q1. Its revenue reached a record high of RMB5.1 billion, up 93.8% year-over-year, mainly benefiting from the rapid growth is number of rental units under management. End of Q1, the number of rental units under management exceeded 500,000 compared with over 250,000 in the same period of 2024. The contribution margin for the home rental services was 6.7%, up 1.2 percentage points year-over-year, and 2.1 percentage points quarter-over-quarter, largely due to the improved gross profit of our Carefree Rent business. As we continue to refine the Carefree Rent business model, based on the essence of the business contract, the revenue from some newly managed rental units were recorded as net revenues derived from the service fee in this quarter.

我們的第一季房屋租賃服務業務持續加速成長。其收入達到創紀錄的51億元，年增93.8％，主要受益於其管理的租賃單位數量的快速增長。第一季末，管理的租賃單位數量超過 50 萬套，而 2024 年同期為 25 萬套以上。房屋租賃服務的貢獻利潤率為6.7%，較去年成長1.2個百分點，較上季成長2.1個百分點，主要得益於無憂租屋業務毛利的提升。隨著我們不斷完善無憂租屋業務模式，根據業務合約的實質，本季部分新管理的租屋收入被計入服務費淨收入。

In Q1, our revenue from emerging and other services decreased by 50% year-over-year and 20.3% quarter over quarter to RMB350 million.

第一季度，我們的新興及其他服務收入為人民幣 3.5 億元，年減 50%，季減 20.3%。

Let's move on to our other cost expenses in Q1. Our store cost reached RMB717 million, remaining relatively stable year-over-year and the grow by 8.8% quarter-over-quarter. The sequential decrease was mainly from the lower store rental cost. Other costs were RMB547 million, up 44.4% year-over-year, primarily due to the increased tax and surcharges, and the financial service reserve and credit losses. Sequentially, other costs declined by 26.7%, largely driven by the decreases in the tax and surcharges, financial services reserves and credit losses, and the share-based compensation.

讓我們繼續討論第一季的其他成本支出。我們的門市成本達到人民幣7.17億元，較去年同期維持相對穩定，較上季成長8.8%。環比下降主要由於店面租金成本下降。其他成本為5.47億元，年增44.4%，主要由於稅金及附加增加，以及金融服務準備金和信貸損失增加。其他成本較上月下降 26.7%，主要由於稅金及附加費、金融服務準備金及信貸損失、股權激勵費用的減少。

Gross profit rose by 17% year-over-year to RMB4.82 billion. Gross margin was 20.7%, down 4.5 percentage points year-over-year. The primary reason for the decline was decrease in contribution margin from existinghome transaction services. Gross margin fell by 2.4 percentage points sequentially in Q1, mainly due to the structural reasons as the revenue contribution of new home transaction service declined.

毛利年增17%至人民幣48.2億元。毛利率為20.7%，較去年同期下降4.5個百分點。下降的主要原因是現房交易服務的貢獻毛利下降。第一季毛利率較上季下降2.4個百分點，主要由於新房交易服務收入貢獻下降等結構性原因。

In Q1, our GAAP operating expenses totaled RMB4.2 billion, up 2.9% year-over-year and down 31.3% sequentially. Notably, G&A expenses were RMB1.9 billion, decreasing by 7.2% year-over-year, mainly due to the reduced share-based compensation expenses. G&A expenses dropped by 36.7% quarter-on-quarter primarily attributable to the lower personnel expenses and decreased bad debt provision.

第一季度，我們的 GAAP 營業費用總計 42 億元，年增 2.9%，季減 31.3%。值得注意的是，一般及行政開支為人民幣19億元，較去年同期下降7.2%，主要由於股權激勵費用減少。一般及行政開支季減 36.7%，主要由於人員開支減少及壞帳準備減少。

Sales and marketing expenses increased by 9.2% year-on-year to RMB1.8 billion, resulting from the increased expenses for the home renovation and furnishing business. Quarter-over-quarter, sales and marketing expenses fell by 24.4%, mainly due to a decline in marketing expenses for housing transactionservices and reduced personal expenses. Our R&D expenses were RMB584 million, up 24.9% year-over-year, driven by higher personnel expenses and technical service fee. Sequentially, R&D expenses dropped by 21%, largely as a result of reduced personnel expenses.

銷售及行銷費用較去年同期成長9.2%至人民幣18億元，主要是由於家居裝修及家具業務費用增加所致。銷售及行銷費用較上季下降24.4%，主要由於房屋交易服務行銷費用下降及個人支出減少。我們的研發費用為人民幣5.84億元，年增24.9%，主要是因為人員費用和技術服務費的增加。研發費用較上季下降 21%，主要因人員費用減少。

In terms of the profitability, GAAP income from operations totaled RMB591 million in Q1, a remarkable increase compared with the same period of last year, decreasing by 41.6% sequentially. GAAP operating margin was 2.5%, increasing by 2.5 percentage points from Q1 2024 and falling by 0.7 percentage points quarter-over-quarter.

獲利能力方面，第一季美國通用會計準則營業利潤為5.91億元，較去年同期大幅成長，較上一季下降41.6%。GAAP 營業利潤率為 2.5%，較 2024 年第一季增加 2.5 個百分點，較上一季下降 0.7 個百分點。

Non-GAAP income from operations totaled RMB1.15 billion, growing by 19.6% from the same period of last year, and dropping by 34.6% sequentially. Non-GAAP operating margin reached 4.9%, down 0.9 percentage points from Q1 2024 and 0.7 percentage points from the previous quarter, many attributable to the gross margin decreased both year-over-year and quarter-over-quarter. GAAP net income totaled RMB855 million in Q1, risen by 97.9% year-over-year and 48.2% quarter-over-quarter. Non-GAAP net income was RMB1.39 billion, remaining stable year-over-year, and increasing 3.7% quarter-over-quarter.

非美國通用會計準則下營業利潤為11.5億元人民幣，較上年同期成長19.6%，較上一季下降34.6%。非美國通用會計準則營業利益率達4.9%，較2024年第一季下降0.9個百分點，較上一季下降0.7個百分點，主要由於毛利率年比及季均下降。第一季美國通用會計準則淨利為8.55億元人民幣，較去年同期成長97.9%，季增48.2%。非美國通用會計準則淨利為13.9億元人民幣，較去年同期維持穩定，季增3.7%。

Moving to our cash flow and balance sheet. We realized a net operating cash outflow of RMB4 billion in Q1. New Home DSO reached 63 days in Q1, remaining at a healthy level. On top of approximately USD139 million allocated to share repurchase during Q1. Our total cash liquidity remained at a high level of RMB74.3 billion, which excludes customer deposited payable.

轉向我們的現金流和資產負債表。一季度，我們實現經營性現金淨流出40億元。第一季新房DSO達到63天，維持健康水準。在第一季度，我們已撥款約 1.39 億美元用於股票回購。我們的現金流動性總額仍維持在人民幣743億元的高水準（不包括客戶存款應付款項）。

With our robust cash reserves, we continue to reward our shareholders who have grown with us through the active share buybacks, enhancing capital operation efficiency and sharing the benefit of our development with investors. In Q1, we repurchased around USD139 million worth of shares, which accounted for around 0.6% of the company's total share outstanding at the end of 2024. We have consistently delivered on our promise to rewardshareholders. Since the launch of our share repurchase program in September 2022, we have repurchased roughly USD1.76 billion in shares at the end of Q1 2025, accounting for around 9.2% of our total shares outstanding before the program began.

憑藉著雄厚的現金儲備，我們持續透過積極回購股份、提升資本營運效率、與投資者共享發展成果等方式回饋與我們共同成長的股東。第一季度，我們回購了價值約 1.39 億美元的股票，約占公司 2024 年底流通股總數的 0.6%。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 2025 年第一季末，我們已回購約 17.6 億美元的股票，約佔計畫開始前我們已發行股票總數的 9.2%。

This year, our business will focus on efficiency improvements. In financial strategy, we will ensure that our investment more efficiently to improve personnel and store productivity. We will respect every penny and make sure the money spent yields visible results. While maintaining disciplined cost and expense controls, we will continue to support the long-term business development by fully backing our One Body, Three Wings strategic initiatives, and activate exploring AI technology. At the same time, we possess the necessary resources and the intention to consistently offer the stable and sustainable returns to our shareholders.

今年我們的業務重點將放在提高效率上。在財務策略上，我們將確保我們的投資更加高效，以提高人員和商店的生產力。我們將珍惜每一分錢，確保花的錢能產生明顯的效果。在嚴控成本費用的同時，我們將繼續全力支持「一體式三翼」策略，支援公司長期業務發展，並啟動人工智慧技術的探索。同時，我們擁有必要的資源和意願，持續為股東提供穩定、可持續的回報。

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

我今天的準備發言到此結束。接線員，我們準備好回答問題了。

(Operator Instructions) Timothy Zhao, Goldman Sachs.

（操作員指示）高盛的 Timothy Zhao。

(spoken in foreign language)

（用外語說）

My question is regarding the outlook for the property market going forward. I think we note a strong rebound of the property market transactions after Chinese New Year. Just wondering from second quarter and onwards, what is your outlook for the property market, really considering the latest macro dynamics as well as the impact from the US tariff?

我的問題是關於未來房地產市場的前景。我認為我們注意到農曆新年後房地產市場交易出現強勁反彈。我只是想知道從第二季開始，考慮到最新的宏觀動態以及美國關稅的影響，您對房地產市場的前景如何？

Thank you, Tim. For Q1 market performance, with the central government’s continues effort to stabilize the real estate market, the existinghome market saw a relatively strong recovery after the Chinese New Year, and the new home market also performed stable.

謝謝你，提姆。從第一季市場表現來看，在中央持續穩定房地產市場的政策推動下，春節後成屋市場復甦較為強勁，新房市場也表現穩定。

Let me give some details. The existing home market rebounded after Chinese Lunar New Year as expected, according to Beike Research Institute, this is huge. Nationwide existing home GTV grew by 16% year-over-year in Q1, sustaining the momentum fueled by the September '26 policy stimulus.

讓我講一些細節。北科研究院表示，春節後成屋市場如期反彈，這是一個巨大的反彈。第一季全國成屋GTV年增16%，延續了9月26日政策刺激的動能。

This growth was mainly due to the cumulative impact of the earlier stimulus policies. These policies substantivelylowered the threshold and the cost of the home purchase, motivating more people to buy. Rising transaction volume also helped to balance supply demand in the short term, narrowing the decline in the home prices year-over-year and bringing the cautious buyers back to market.

這一增長主要是由於前期刺激政策的累積效應。這些政策大幅降低了購屋門檻和成本，激發了更多人的購屋熱情。成交量的回升也有助於短期內平衡供需，縮小房價年減幅，吸引謹慎的購屋者重返市場。

Existinghome prices have stayed mostly stable, dipping by 0.5% month-on-month in March. In first-tier cities like Beijing and Shanghai as well as second-tier cities with a strong net population inflows and a steady increase in the housing demand in recent years, such as Hangzhou and Chengdu, existinghome prices have picked up slightly month-over-month.

現房價格基本維持穩定，3月季減0.5%。北京、上海等一線城市以及杭州、成都等近年來人口淨流入較強、住房需求穩定成長的二線城市，現房價格較上季均回升。

For new home market in Q1, which is also very stable. According to NBS data, Q1 new home sales were flat year-over-year, down 0.4%. GTV of Top 100 real estate developers dropped by 7% year-over-year in Q1. Notably, the sales by floor area declined by over 15% year-over-year.

對於第一季的新房市場來說，也非常穩定。國家統計局數據顯示，第一季新房銷售量較去年同期持平，下降0.4%。一季百強房企GTV年減7%。值得注意的是，銷售面積較去年同期下降超過15%。

Since Q2, after the Chinese New Year, the market followed its typical seasonal pattern. Existing home transaction volume peaked in early March and gradually declined through April.

自第二季農曆新年之後，市場遵循了典型的季節性模式。現房交易量在3月初達到高峰，4月逐漸下降。

The month-over-month decrease of existing homeprices expanded somewhat, with a 1.3% drop in April as transaction volume reduced.

成屋價格較上月降幅擴大，4月因成交量減少，價格季減1.3%。

From a supply and demand standpoint, the total number of existing home listing on Beike rose in Q1, after falling in Q4 of last year. This aligns with a seasonal trend of lower inventory at year-end and higher inventory at the start of the year. It is also a natural result of the existinghome market’s expansion and the lifting of the sales restrictions, which have released more housing supply. The fastener supply of the nearly-new existing home into the market has also improved overall listing supply quality and create better conditions for buyers looking to home upgrade.

從供需角度來看，貝殼找房的現房掛牌總量在去年第四季下降之後，今年第一季有所回升。這與年底庫存較低、年初庫存較高的季節性趨勢一致。這也是現房市場擴大、限售政策解除、釋放更多房屋供應的自然結果。大量近全新現房進入市場也提高了整體房源供應質量，為尋求房屋升級的買家創造了更好的條件。

Meanwhile, we observed that increase in the market demand outpaced the increase in inventory. In April, average ratio of the home viewing to inventory was at 1.8, which is at the higher end of the historical range of the 1.6 to 1.9. This suggests stronger buyer interest and plentiful demand, with market able to absorb new inventory.

同時，我們觀察到市場需求的成長超過了庫存的成長。4月份，平均看房與庫存比率為1.8，處於1.6至1.9的歷史區間的高端。這顯示買家興趣更濃，需求充足，市場能夠吸收新的庫存。

The conversion from the home viewing to transaction has slowed, mainly due to the short-term uncertainties affecting buyer expectations, including external factors such as geopolitical tension. This has led tosoftening housing price expectations, which made the buyers more hesitant to enter the market.

房屋從看房到成交的轉換速度有所放緩，主要是由於短期不確定因素影響了買家預期，包括地緣政治緊張等外部因素。這導致房價預期減弱，使得購屋者更加猶豫是否要入市。

For future market outlook, we believe the market outlook will depend on two main factors, the impact of the international trade frictions on housing projections, and the strength and the timing of domestic countermeasures.

對於後市，我們認為市場走勢主要取決於兩個因素，一是國際貿易摩擦對樓市的影響，二是國內因應措施的力道和時機。

On a neutral scenario, we expect a typical seasonal slowdown in Q2 on a sequential quarter basis. Year-over-year, however, the existinghome market is expected to see a slight increase in existinghome transaction volume, although at a slower pace than in Q1. This is supported by the higher transaction volume in Q1, the growing supply of the high-quality nearly-new exiting homes, and the year-over-year increase in customer home viewings.

在中性情境下，我們預計第二季將出現典型的季節性放緩。不過，與去年同期相比，預計現房市場現房交易量將略有增加，儘管增幅低於第一季。這是由於第一季交易量增加、優質近乎全新的現有房屋供應量增加以及客戶看房量同比增長所致。

As the market experienced a quarter-on-quarter decline in Q2, and if external trade pressure is intensified in Q3, indicators such as the housing price, transaction volume and development investment may weaken. This could create room for further supportive policy measures in the second half of the year, which would help improve both supply and demand in property market and support stable market development.

由於第二季樓市較上月下滑，若三季外貿壓力加大，房價、成交量、開發投資等指標可能出現走弱。這將為下半年進一步推出支持性政策措施創造空間，有利於改善房地產市場的供需狀況，並支持市場穩定發展。

We're also closely monitoring the impact of the change in global trade and real estate market. In terms of home listings, the overall number of new listing on Beike platform remains stable in April, with no signs of the homeowners rushing to sell. The number of the home viewing for both existing and new homes still showed a notable year-over-year increase in April. When categorized in the cities that we cover by high and low trade dependency, we observed that since the tariffs standoff in early April, cities with high trade dependency have slowed have shown the weaker year-over-year and month-over-month home viewing performance compared to cities with low trade dependency.

我們也密切關注全球貿易和房地產市場變化的影響。房源方面，4月貝殼找房平台整體新房源數量維持平穩，未出現業主搶購的現象。4月份，無論是二手房或新房的看房數量比去年同期仍呈現明顯成長。當我們將所涵蓋的城市按貿易依賴度高和低進行分類時，我們觀察到，自 4 月初關稅僵局以來，與貿易依賴度低的城市相比，貿易依賴度高的城市的同比和環比看房表現較弱。

This indicates that while the trade frictions have caused some short-term disruption in buyer expectations in certain cities, there has not been a significant trend of the diverges overall and the homeowner sentiment remains stable. Going forward, we will continue to monitor the potential impact of the trade frictions on housing market through leading indicators such as home viewings, customer traffic and listing volume.

這表明，雖然貿易摩擦對部分城市購屋預期造成短期衝擊，但整體來看並未出現明顯分化趨勢，購屋情緒保持穩定。未來，我們將繼續透過看房量、客流量、掛牌量等領先指標，監測貿易摩擦對房地產市場的潛在影響。

We observed a notable de-escalation in recent US-China trade tensions, which should help stabilize the business and the consumer expectations in near term. In our view, we believe that the intentional trade frictions represent a long-term, dynamic process with uncertainties and the potential for improvement. During the upcoming 90 days negotiation window, we will closely monitor the developments, track the resulting impact and assess the potential implication for both real estate market and our company on an ongoing basis.

我們觀察到近期中美貿易緊張局勢明顯緩和，這將有助於在短期內穩定商業和消費者預期。我們認為，有意貿易摩擦是一個長期的、動態的過程，具有不確定性，也有改善的潛力。在即將到來的 90 天談判期內，我們將密切關注事態發展，追蹤由此產生的影響，並持續評估對房地產市場和我們公司的潛在影響。

In the medium to long term, we maintain a cautiously optimistic outlook, trusting that both China and the US will continue to move toward each other based on the positive progress made so far. Meanwhile, the continued implementation of domestic supportive policies is expected to further boost the customer confidence. Together, this is expected to mitigate the impact of the trade risk of the property market, helping to consolidate the initial stabilization of the existinghome market and ease pressure on the new home market. Thank you.

從中長期來看，我們保持謹慎樂觀的態度，相信中美雙方將在目前的積極進展基礎上繼續相向而行。同時，國內支持政策的持續實施可望進一步提振消費者信心。預計此舉將緩解房地產市場貿易風險的影響，有助於鞏固現房市場初步穩定的局面，並緩解新房市場的壓力。謝謝。

Xiaodan Zhang, CICC.

張曉丹，中金公司。

(spoken in foreign language)

（用外語說）

My question is regarding the housing transaction services business. So could management elaborate on the expansion plan for this year in terms of housing agents and the agency stores? And on top of that, how will you continuously improve the efficiency of those existing and newly connected agents and stores on the platform?

我的問題是關於住房交易服務業務的。那麼管理層能否詳細說明今年房屋中介和代理店方面的擴張計劃？在此基礎上，如何不斷提昇平台上現有和新接入的代理商、門市的效率？

Thank you, Sophie. This year, we will continue to promote healthy growth in our agent-store network to support the sustained expansion of our housing contraction services. At the same time, we will place greater emphasis on the cost-effectiveness of the store expansion. Our aim is to enhance efficiency and the income of platform stores and agents, thereby by increasing the stability of agents’ careers, providing better services to customers and achieving more sustainable long-term growth for our platform.

謝謝你，索菲。今年我們將繼續推動代理店網路的健康成長，以支持房屋承包服務的持續拓展。同時，我們會更重視門市拓展的成本效益。我們的目標是提高平台門市和代理商的效率和收入，進而提高代理商職涯的穩定性，為客戶提供更好的服務，實現平台更永續的長期成長。

In terms of the agent and store network expansion, by the end of this Q1, the number of active stores on our platform increased by nearly 30% year-over-year, and the number of active agents grew by 23% year-over-year. The growth was mainly driven by the non-Lianjiasegment: 33% year-over-year increase in active non-Lianjia stores and a 24% year-over-year increase in active non-Lianjia agents on our platform.

在代理商和門市網路拓展方面，截至本季末，我們平台活躍門市數量較去年同期成長近30%，活躍代理商數量較去年同期成長23%。成長主要由非鏈家業務推動：我們平台上活躍的非鏈家門市數量較去年同期成長 33%，活躍的非鍊家代理商數量較去年同期成長 24%。

In Q1, several major brands joined our platform. This includes our collaboration with Zhongyuan's sub-brand Baoyuan, and Kunzhiwu, a brokerage company in Kunshan, Suzhou. This shows the core value of our platform in buyside market, which is our stronger existing home business operation, agent connection network and digital empowerment capabilities.

第一季度，有幾個主要品牌加入了我們的平台。其中包括我們與中原旗下的寶源，以及蘇州崑山的經紀公司昆之屋的合作。這體現了我們平台在買方市場的核心價值，即我們更強大的現有家庭業務營運、代理商連接網路和數位賦能能力。

In Q1, our efficiency efforts paid off in the stable market environment. The average number of transaction per agent rose notably in Q1. This helped offset the decline in average housing unit prices. As a result, existing home GTV per agent grew by over 9% year-over-year in Q1. The average number of agents also rose by 18% year-over-year. Together, these factors led to a 28% year-over-year increase in existing home GTV on our platform, clearly outperforming the 16% increase in nationwide GTV as estimated by Beike Research Institute.

第一季度，在穩定的市場環境下，我們的效率努力得到了回報。第一季代理人平均交易筆數明顯上升。這有助於抵消平均住房單價的下降。因此，第一季每位經紀人的現房GTV年增超過9%。代理商平均數量也比去年同期增加了18%。上述因素共同推動我們平台存量房源GTV年增28%，明顯優於貝殼研究院測算的全國GTV 16%的增幅。

Our platform's efficiency-focused mechanism also start to show results. The share of the high-performing stores increased from 16.7% at the end of 2024 to 18.4% in Q1. On average, these stores were about 2.5x more productive that of other stores on the platform in their respective cities.

我們平台注重效率的機制也開始顯現成效。高績效商店的份額從 2024 年底的 16.7% 增加到第一季的 18.4%。平均而言，這些商店的生產力比其所在城市平台上的其他商店高出約 2.5 倍。

To improve the efficiency, we refined our internal management. We use the digital tools such as Online Store Owner Workshop and AI Property Listing Assistant, along with offline property listing sessions to facilitate the circulation of home listings, thereby accelerating sales. We also improved platform operation through the building mechanisms like point-based incentive program and Regional Co-Governance Council. This encourages the store owners to keep growing business and work more closely with each other.

為了提高效率，我們改善了內部管理。我們利用線上店主工作坊、AI房源助理等數位工具，結合線下房源展示會，促進房源流通，進而加速銷售。並透過積分激勵、區域共治委員會等機制建設，完善平台運作。這鼓勵店主繼續發展業務並彼此更緊密地合作。

Our store retention rate remained healthy for both of the new stores. Our existing stores’ attrition rate dropped to 2.9% in Q1, down 6% sequentially and 38% year-over-year. And the 6-month retention rate for newly connected stores in first half of 2024 was 94%, showing the long-term value of our platform support.

兩家新店的店鋪保留率均維持良好。我們現有門市的流失率在第一季下降至 2.9%，季減 6%，年減 38%。2024年上半年新接入門店的6個月留存率為94%，彰顯了我們平台支援的長期價值。

For the full year, we reasonably foresee that the number of Lianjia's agents and store will remain largely stable. Meanwhile, we expect a modest increase in scale of on-Lianjia agents and stores with targeted expansion in certain key regions.

對於全年而言，我們合理地預期鏈家的代理商和門市數量將基本保持穩定。同時，我們預期鍊家線上代理商和門市規模將適度成長，並在某些重點區域進行有針對性的擴張。

On top of the stable agent and store networking, improving efficiency will be of our core goal this year and beyond. This year, we will provide more targeted support to store owners to help them improve regional competitiveness. At the same time, under our points-based incentive system, we aim to develop more high-performance stores, aiming to upgrade the overall structure of our store network.

除了穩定的代理商和門市網路之外，提高效率將是我們今年及以後的核心目標。今年我們將為店主提供更有針對性的支持，幫助他們提升區域競爭力。同時，透過積分激勵體系，我們致力於發展更多高績效門市，從而升級門市網路的整體結構。

In the long run, the large-store model will be a key strategy for enhancing our productivity. In the future, our platform will host more high-performing large stores, each with over 10 agents. These stores will attract more top tenants. These large stores boast high efficiency and strong staff retention, allowing owners to achieve better income and stay in business longer. Those storeowners can better support agents, ensuring their income stability and enabling them to provide superior service to customers.

從長遠來看，大店模式將是我們提升生產力的關鍵策略。未來我們的平台會接取更多業績優秀的大型門市，每家店都有10個以上的代理商。這些商店將吸引更多頂級租戶。這些大型門市效率高、員工留任率高，讓店主能夠獲得更好的收入，並且經營時間更長。這些店主可以更好地支援代理商，確保他們的收入穩定並使他們能夠為客戶提供優質的服務。

The platform's various residential service will also offer agent diversified opportunities for additional income.

平台的多樣化住宅服務也將為經紀人提供多樣化的額外收入機會。

Additionally, we firmly believe that breakthroughs in AI will present opportunities for transformative improvements in industrial productivity. We have already developed a variety of AI applications to support our service providers, and we will continue to accelerate development to redefine the capabilities of the quality service providers and drive their efficiency gain.

此外，我們堅信人工智慧的突破將為工業生產力的變革性提升帶來機會。我們已經開發了多種人工智慧應用程式來支援我們的服務供應商，我們將繼續加快開發，以重新定義優質服務提供者的能力並推動他們的效率提升。

This year, in a volatile market, we aim to increase the average number of transactions per connected agent to maintain stable per capital commissions. Over the next 2 to 3 years, we plan to increase the proportion of large and high-quality stores. These stores will have more stable high-performing agents with high efficiency, with store productivity being 2 to 3x of the current average. We anticipate within 3 years this will lead to approximately a 20% improvement in efficiency of those connected agents on our platform. Thank you.

今年，在動盪的市場中，我們的目標是增加每個連接代理商的平均交易數量，以保持穩定的人均佣金。未來2-3年，我們計劃增加大店、精品店的比例。這些門市將擁有更穩定、高效的高績效代理商，門市生產力將是目前平均水準的2到3倍。我們預計，在 3 年內，這將使我們平台上連接代理的效率提高約 20%。謝謝。

Jizhou Dong, Nomura.

董吉週，野村。

(spoken in foreign language)

（用外語說）

Thank you management for taking my question. Beike’s home renovation and furnishing business achieved 20-plus percent year-on-year growth in the first quarter, with 2 percentage point improvement in contribution margin. Could management share more specifics of the segment's operation as well as the outlook on the margin in the future. And in addition, management has shared a lot of the ideas of Beike using AI to drive its business and improve service quality. Looking into the next few quarters, could management update us more on bigger strategy and investment plan for AI from both t-B and to-C perspective?

感謝管理層回答我的問題。貝殼找房家裝業務第一季年增20%以上，貢獻利潤率提升2個百分點。管理層能否分享有關該部門運營的更多細節以及未來利潤率的前景？此外，管理層也分享了許多關於貝殼找房如何利用人工智慧推動業務發展、提升服務品質的想法。展望未來幾季，管理階層能否從 t-B 和 to-C 的角度向我們詳細介紹 AI 的更大策略和投資計畫？

Thank you, Jizhou. Our home renovation and furniture business demonstrated excellent performance in Q1. In terms of scale, the revenue amounted to RMB2.9 billion, up 22.3% year over year. Cities such as Beijing, Guangzhou and Zhengzhou performed especially well and each achieved over 50% year-over-year growth in revenue.

謝謝你，濟州。我們的家居裝修和家具業務在第一季表現優異。從規模來看，營業收入達29億元，年增22.3%。北京、廣州、鄭州等城市表現尤為突出，營收年增均超過50%。

Regarding profitability, the contribution margin for the home renovation and furnishing business reached 32.6% in Q1, an increase of 2 percentage points compared to the same period last year, reaching a record high and reflecting our capability of the refined operation and management.

獲利能力方面，第一季家裝業務貢獻利潤率達32.6%，較去年同期提升2個百分點，創歷史新高，體現了精細化營運管理的能力。

We believe that the AI has extensive application scenarios in the home renovation and furnishing. We're also continuously deepening the application of AI, such as the contract conversion, construction process and internal management. Let me elaborate for details.

我們相信AI在家裝家居領域有著廣泛的應用場景。我們也不斷深化人工智慧的應用，例如合約轉換、施工流程和內部管理等。讓我詳細說明一下。

First, in the early stage of the contract conversion. Previously, the designers conducted the initial communication with customers through the two-dimensional black-and-white floor plans. he overly professional drawing reduced the customers' perception and affected the efficiency of the contract conversion. Currently, empowered by AI when customers visits our off-line store for the first time, designers can rapidly formulate an AI proposal based on the customers' preference for decoration style and home layout. This AI proposal encompasses various type of the three-dimensional color- rendered design drawing, dynamic and static space analysis, storage and smart device layout plan. This significantly enhanced the experience of first-time store visitors and thereby boost contract conversion rate. Taking Wuhan as an example, the time period from first-time visiting store to signingpreliminary contract was shortened from previously 10 days to within 6 days in March.

第一，在合約轉換的初期。此前，設計師透過黑白的二維平面圖與客戶進行初步溝通。過於專業的繪圖降低了客戶的觀感，影響了合約轉換的效率。目前，在AI的賦能下，當顧客首次來到我們的線下門市時，設計師就能依照顧客對裝潢風格、居家佈置的喜好，快速制定AI方案。此AI方案涵蓋各類三維彩色渲染設計圖、動靜態空間分析、儲存以及智慧型裝置佈局規劃等。這大大增強了首次到店顧客的體驗，從而提高了合約轉換率。以武漢為例，從首次到店到簽訂初步合約的時間從之前的10天縮短到3月的6天內。

Secondly, in the construction process, we have developed an intelligent construction system. Real-time online inspections are realized by installing cameras on spot. AI also realize automatic management in core construction operations, such as the real name on-the-job certification, the inspection of the site cleanliness, and the noise recognition. In addition, by equipping staff with smart inspection devices, we assist in standardizing the home renovation acceptance process. Through AI recording technology, we can reconstruct the acceptance process, enabling traceable and quantifiable evaluation of the construction quality. Taking Beijing as an example, the acceptance accuracy rate has increased by more than 2 percentage points compared with before.

其次，在施工過程中，我們開發了智慧施工系統。透過在現場安裝攝影機，實現即時線上檢測。AI也實現了實名制上崗認證、現場清潔度檢查、噪音識別等核心施工作業的自動化管理。此外，我們也透過為工作人員配備智慧驗收設備，協助規範家事驗收流程。透過AI記錄技術，重建驗收流程，實現工程品質可追溯、可量化評估。以北京為例，受理準確率較之前提高了2個百分點以上。

Meanwhile, in terms of the internal management, we have multiple AI employees. Sun Xiaosheng, as an operating management AI employee, enhances the efficiency of the team management by automatically summarizing and commenting on daily reports, and reminding about the pending matters through AI. Sun Xiaosheng has collected and commented on more than 20,000 daily reports, saving the team more than 18,000 hours within half a year. Xiao Caishen, as the order-following AI employee, realizes functions such as information distribution and automatic order assignment through the information collection and AI analysis capabilities. Xiao Caishen had distributed information over 5,000 times and some timely reminders over 10,000 times within half a year.

同時，在內部管理方面，我們有多位AI員工。孫小勝是一名營運管理AI員工，透過AI自動彙整點評日報、提醒待辦事項等，提升了團隊管理效率。孫曉勝累計收集、點評了2萬多份日報，半年內為團隊節省了1.8萬多個小時的時間。小財神作為跟單AI員工，透過資訊收集和AI分析能力，實現資訊分發、自動訂單分配等功能。半年來，小財神發放訊息5000餘次，及時提醒10,000餘次。

In the future, our AI exploring for home renovation business will be concentrated on the following aspects: more accurate insights and analysis of the customer demands, and the more efficient design powered by AI. We aim to achieve a better personalized solution from demand to design, and comprehensively enhance professionalism and the efficiency of our services. Thank you.

未來我們在家居裝飾業務的AI探索將集中在以下幾個方面：更精準的洞察和分析客戶需求，以及更有效率的AI設計。我們力求從需求到設計實現更完善的個人化解決方案，全面提升服務的專業與效率。謝謝。

John Lam, UBS.

瑞銀集團（UBS）的 John Lam。

(spoken in foreign language)

（用外語說）

So let me translate my questions. So my question is regarding on Beihaojia. So we see that Beihaojia has already participated the numerous new home projects. So just wanted to see how Beihaojia contribute to the new home development? And also regarding on the C2M business, how the business is being reflected?

那麼讓我翻譯一下我的問題。我的問題是關於「北好家」的。所以我們看到北豪家已經參與了無數的新房計畫。所以只是想看看北好家對新房開發有何貢獻？還有關於C2M業務，業務是如何體現的？

Thank you, John. Beihaojia business model provides C2M new home product solution for partners like developers. We use intelligent algorithm and massive database to deeply understand our targeted customers' needs and the preference. Our tools help predicted the type of home customers wanted and the price they expect. Developers use this insight to guide project positioning and product design, making the new home offering more catered to customer demand.

謝謝你，約翰。貝好家商業模式為開發商等合作夥伴提供C2M新家居產品解決方案。我們利用智慧演算法和海量資料庫來深入了解目標客戶的需求和偏好。我們的工具有助於預測客戶想要的房屋類型和他們期望的價格。開發商利用這些洞察來指導專案定位和產品設計，使新房產品更能滿足客戶的需求。

So far, Beihaojia has participated in nine purchases across different models. Two are self-operated projects aimed at more comprehensive validating our C2M capabilities. Five projects involve equity partners, which Beihaojia primarily focused on the product position using C2M; and the rest two projects are purely light-asset model, wherewe do not engage any investment, but instead provide a product positioning solution to panels and charter service fees.

截至目前，貝豪嘉已參與了9次不同車款的採購。其中兩個是自營項目，旨在更全面地驗證我們的C2M能力。5個專案涉及股權合夥人，其中北好家主要聚焦C2M的產品定位；其餘兩個項目是純輕資產模式，我們不進行任何投資，只是提供電池板和包機服務費的產品定位解決方案。

Regarding the funding use, across the seven investment involved projects, the total investments have reached about RMB2.3 billion. The end of this Q1, we have recovered nearly RMB500 million from two of them. Net investments from our own funds stands at over RMB1.8 billion.

從資金使用情況來看，本次投資涉及的7個項目，總投資額約23億元。截至今年第一季末，我們已從其中兩家公司收回了近5億元人民幣。自有資金淨投資逾18億元。

Among these, our first equity partnership, new home projects, which we collaborate with PowerChina Real Estate on the Beijing Chang'an Huaxi Mansion in Mentougou district of Beijing city, achieved a complete sell-out of all initial units on the first day of launch. The project delivered an IRR of nearly 30% at the shareholder level, demonstrating how our C2M service capability provides partners with enhanced sales and operation certainty.

其中，與中國電建地產合作的首個股權合作新房計畫——位於北京市門頭溝區的北京長安華熙府，開盤首日即實現首套房源全數售罄。該專案在股東層面實現了近30%的內部收益率，反映了我們的C2M服務能力如何為合作夥伴提供增強的銷售和營運確定性。

In building C2M capabilities, we have two key advantage.

在建構C2M能力方面，我們有兩個關鍵優勢。

First, we have a deep outstanding of the needs of potential consumers. This came from our unique database built on massive online and offline traffic of our platform. It also draws from the rich customer interactions in our brokerage, home renovation and rental services. Together, these form the foundation of our core data infrastructure.

首先，我們深刻洞察潛在消費者的需求。這是因為我們平台是基於海量線上線下流量所建立的獨特資料庫。它也藉鑒了我們經紀、家居裝修和租賃服務中豐富的客戶互動。這些共同構成了我們核心資料基礎設施的基礎。

With these data, we can analyze key indicators such as the source quantity, purchasing power and the specific product needs of potential customers in a more timely, intuitive, and competitive manner.

透過這些數據，我們可以更及時、直覺、更有競爭力地分析出貨源數量、購買力、潛在客戶的特定產品需求等關鍵指標。

This level of detailed customer insight helps developers make a more accurate decisions and allocate resources more effectively in areas such as land acquisition assessment, unit mix planning and product design, ultimately leading to the greater operational certainty.

這種詳細的客戶洞察有助於開發商在土地收購評估、單位組合規劃和產品設計等領域做出更準確的決策，更有效地分配資源，最終實現更大的營運確定性。

Our second advantage is strong market knowledge and price ability. We use actual transaction price of the existinghome along with more real-time and upstream data like homeowners’ listing price and the price adjustment. We then apply algorithm models to build valuation models for different geographic districts. These models can more accurately estimate project and sector value and update quickly based on the change in the market.

我們的第二個優勢是強大的市場知識和定價能力。我們使用現有房屋的實際交易價格以及更多即時和上游數據，例如房主的掛牌價格和價格調整。然後，我們應用演算法模型為不同的地理區域建立估值模型。這些模型可以更準確地估計項目和產業價值，並根據市場的變化快速更新。

This approach aligns more closely with the price formation logic in a buyer’s market. Existing home prices are largely unaffected by policies of developer strategy and instead result from decentralized and free negotiations between buyer and seller. In a market dominated by existinghome transactions, existinghome prices often give a more accurate multi-layered view of the market than new home market data. This helps us better predict market trends.

這種方法與買方市場的價格形成邏輯更加吻合。現有房價基本上不受開發商策略政策的影響，而是買賣雙方分散、自由談判的結果。在以現房交易為主的市場中，現房價格往往比新房市場數據更能準確反映出市場的多層次狀況。這有助於我們更好地預測市場趨勢。

Based on these two advantages, we have refined our core C2M tools. We will continue to improve their accuracy and professionalism over time.

基於這兩個優勢，我們完善了我們的核心C2M工具。我們將不斷提高其準確性和專業性。

We also support our C2M model with more innovative ways to reach customers.

我們也透過更具創新性的方式來接觸客戶，從而支援我們的 C2M 模式。

While our agent network connects us with customers, we are also building an online community called Build a Better Home Together within our application. This enables users to directly participate in evaluation and co-creation of new home product designs. For example, in our Fengxian project in Shanghai, users can visit the Building a Better Home Together page. They can view and compare two home design plans, engaging in the design process of the future dream homes. This model lets us connect with customers much earlier than traditional methods. It also makes their preference reflected in the new home products.

在我們的代理商網路將我們與客戶聯繫起來的同時，我們也在應用程式內建立了一個名為「共建美好家園」的線上社群。這使得使用者能夠直接參與新家居產品設計的評估和共同創造。例如，在我們上海奉賢計畫中，使用者可以造訪「共建美好家園」頁面。他們可以查看和比較兩個家居設計方案，參與未來夢想家園的設計過程。這種模式讓我們比傳統方法更早與客戶建立聯繫。這也使得他們的偏好在新家居產品中得到體現。

We have already provided our first C2M product solution service in Xi'an project through which we earn service fees, showing stronger market recognition from our business approach.

我們已在西安專案提供首個C2M產品解決方案服務並賺取服務費，市場對我們的業務模式認可度更高。

In Xi'an project, Beihaojia provides a full set of product solutions that include customer service, product designpositioning, cost optimization, price forecasting and market services. We also gave targeted project planning advice, such as optimizing the elevator-to-household ratio, enhancing the landscape and adjusting unit sizes, trying to address the key developer pain points such as fast capital recovery, product premium, and the product competitiveness.

在西安專案中，貝豪嘉提供了包括客戶服務、產品設計定位、成本優化、價格預測、市場服務等全套產品解決方案。並針對專案規劃提出針對性建議，如優化電梯戶比、提升景觀、調整戶型等，力求解決開發商快速回本、產品溢價、產品競爭力等關鍵痛點。

Last but not least, as the newcomer to the industry, Beihaojia remains humble and respectful of the market. Although the business line has been established for less than two years, we have already seen promising results in several projects. These early signs have gradually validated our capability path and strengthened our confidence in continuous optimization and moving forward. Thank you.

最後但同樣重要的一點是，身為產業新人，北好家依然保持著謙遜的態度，尊重市場。雖然該業務線成立不到兩年，但我們已經在多個專案中看到了可喜的成果。這些早期跡象逐漸驗證了我們的能力路徑，也增強了我們持續優化、不斷前進的信心。謝謝。

We are now approaching the end of the conference call. I will now turn the call over to your host today, Ms. Siting Li for closing remarks.

我們現在即將結束電話會議。現在，我將把電話交給今天的主持人李思婷女士，請她致閉幕詞。

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 inflammation provided on our website. This concludes today's call, and we look forward to speaking with you next quarter. Thank you, and goodbye.

再次感謝您今天加入我們。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方式聯繫北科投資者關係團隊。今天的電話會議到此結束，我們期待下個季度與您交談。謝謝，再見。