Ke Holdings Inc (BEKE) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.'s second-quarter 2025 earnings conference 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 年第二季財報電話會議。（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.

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。

Thank you, operator. Good evening, and good morning, everyone. Welcome to KE Holdings Inc. or Beike's second-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 年第二季財報電話會議。該公司的財務和營運結果已在今天早些時候的新聞稿中公佈，並發佈在該公司的投資者關係網站 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. Xu will provide an overview of our business updates and financial performance. Then Mr. Peng will share more strategic thinking on our current and future developments.

參加今天電話會議的有我們的共同創辦人、董事長兼執行長彭志堅先生，以及我們的執行董事兼財務長徐濤先生。徐先生將概述我們的業務最新情況和財務業績。接下來彭總會對我們目前和未來的發展分享更多的策略思考。

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

在我繼續之前，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。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 industry in which the company is engaged to be mentioned in this call has been obtained from various publicly available official or unofficial sources.

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。

Neither the company nor any of its representatives has 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.

該公司或其任何代表均未獨立核實此類數據，其中可能涉及許多假設和限制，請注意不要過分重視此類資訊和估計。

For today's call, management will use English as the main language. Please note that the Chinese translation is for convenience purpose only. In the case of any discrepancy, management 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。如有任何差異，以管理層原始聲明為準。

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, and thank you, everyone, for joining our 2025 half year results conference call. In Q1, the real estate market continued the recovery momentum we saw at the end of last year.

謝謝 Siting，也謝謝大家參加我們的 2025 年半年業績電話會議。一季度，房地產市場延續了去年底以來的回升勢頭。

However, as we entered Q2, the momentum softened and the slowdown was largely due to international trade friction and the feeding impact of the early policy measures. Because of the high base created by the intensive easing policy in the middle of last year, the real estate market recorded a year-over-year decline in Q2.

但進入第二季度，成長動能減弱，放緩主要是由於國際貿易摩擦以及前期政策措施的傳導效應。由於去年年中密集寬鬆政策造成的高基數，第二季房地產市場較去年同期下滑。

Turning to our business performance. Our platform‘s agent and store network continued to scale along with refined operations and ecosystem improvements. Our existing home and new home business significantly outperformed the market in the first half of 2025. The proportion of the number of housing transactions from existing home sales reached a record high.

談到我們的業務表現。隨著營運的精細化和生態系統的完善，我們平台的代理商和門市網路不斷擴大。2025 年上半年，我們的現有住宅和新住宅業務表現明顯優於市場。二手房成交套數佔創歷史新高。

At the same time, our home renovation and furnishing business and the home rental service business both achieved high-quality growth. Revenue from non-housing transaction services accounted for 41% of total revenue in Q2, highlighting our diversified growth drivers.

同時，家裝業務、房屋租賃業務均實現了高品質成長。非房屋交易服務收入佔第二季總收入的41%，凸顯了我們多元化的成長動力。

Regarding our overall financial performance in Q2, our total GTV was RMB878.7 billion, representing a year-over-year increase of 4.7%. Net revenue reached RMB26 billion, up 11.3% year over year. Gross margin declined by 6 percentage points year over year to 21.9%. GAAP net income was RMB1.31 billion, falling 31.2% year over year. Non-GAAP net revenue reached RMB1.82 billion, down 32.4% year over year.

就我們第二季的整體財務表現而言，我們的總交易金額為人民幣8787億元，年增4.7%。營業淨收入達人民幣260億元，較去年成長11.3%。毛利率較去年同期下降6個百分點至21.9%。以美國通用會計準則計算，淨利為13.1億元人民幣，較去年同期下降31.2%。非美國通用會計準則淨營收為18.2億元人民幣，較去年同期下降32.4%。

Next, I'd like to elaborate on the operational updates and the financial performance of our business segments. Looking at our housing transaction services, the momentum from our proactive growth efforts has been clearly evident. During the first half of the year, the number of existing home sales on our platform rose by 26%, outpacing the market growth rate of 19% estimated by Beike Research Institute, both year over year.

接下來，我想詳細說明我們各業務部門的營運更新和財務表現。縱觀我們的房屋交易服務，我們積極主動的成長努力所帶來的勢頭已經顯而易見。上半年，我們平台的現房銷售量年增26%，高於貝殼研究院預測的19%的市場成長率。

New home orders on our platform increased by 19%, outperforming the market, which according to Beike Research Institute, declined by 6%, both year over year. The share of our existing home sales continued to rise with a proportion of total home transaction orders on platform increasing from 51% in the first half of 2021 to 76% in the same period of this year.

我們平台的新房訂單成長了 19%，表現優於市場，而根據貝殼研究院的數據，市場訂單較去年同期下降了 6%。現房銷售佔比持續提升，平台房屋交易訂單佔2021年上半年的51%提升至今年同期的76%。

Our competitive edge in the existing home market led to more stable and solid overall business performance. Our agent and store network further expanded. In the first half of the year, various high-quality industry brands joined our platform, including Guangzhou’s Hope Real Properties, Tianjin’s Baoyuan Properties, Wuxi’s Zhongshan Real Services, and Shenyang’s Yumei Properties.

在現有房屋市場的競爭優勢，使得整體業務表現更加穩定紮實。我們的代理商和店家網路進一步擴大。上半年，廣州希望置業、天津寶源置業、無錫中山置業、瀋陽裕美置業等多家優質產業品牌進駐平台。

The number of active stores on our platform increased by 30% in the first half of the year, of which active non-Lianjia stores sold by 36.8%, both year over year. The number of active agents on our platform lifted by 19.5% in the first half of the year, including a nearly 24% increase in the nongrowth non-Lianjia agents, both year over year.

上半年我們平台活躍店鋪數量成長30%，其中非鏈家活躍店舖銷售額成長36.8%，均較去年同期成長。上半年，我們平台的活躍經紀人數量年增19.5%，其中非鏈家類非成長經紀人數量較去年同期成長近24%。

For our existing home transaction services, we continue to deepen and refine our operations, leveraging our scientific management system, platform-based operations and AI-driven technological application to boost the store and agent productivity throughout home listing, customer acquisition, and conversion process.

對於我們現有的房屋交易服務，我們繼續深化和完善我們的運營，利用我們的科學管理系統、基於平台的運營和人工智能驅動的技術應用，在房屋上市、客戶獲取和轉換過程中提高門店和代理商的生產力。

On home listing side, we have tools like home maintenance score and exceptional home product to help agents better marketing home listings while focused on top listing to increase transaction conversion. On conversion side, we also implemented measures to strengthen store-level operation and network cooperation to enhance matching and transaction efficiency. These measures included the mechanism, like incorporating competition into our stores’ scientific management system, deepening the operation of co-governance councils, store point-based incentive programs, and designating quality-and-efficiency business districts.

在房源方面，我們擁有房屋維護評分和優質房屋產品等工具，幫助代理商更好地行銷房源，同時專注於頂級房源，以提高交易轉換率。在轉換方面，我們也採取措施加強門市營運和網路合作，提高配對和交易效率。這些措施包括將競爭納入門市科學管理體系、深化共治理事會運作、門市積分激勵、劃定品質效益商圈等機制。

In terms of financial performance, revenue from existing home transactions reached RMB6.7 billion in Q2, down 8.4% year over year, and remaining relatively flat quarter over quarter. GTV was RMB583.5 billion, remaining relatively stable year over year and quarter over quarter. The GTV growth outpaced revenue on a year-over-year basis, mainly due to a higher GTV contribution from existing home transaction services facilitated by connected agent for which revenue are recorded on a net basis.

財務表現方面，第二季二手房交易收入67億元，較去年同期下降8.4%，較上季基本持平。GTV為5835億元，與去年同期相比保持相對穩定。GTV 的成長速度比去年同期超過了收入，主要是由於關聯代理商促成的現房交易服務對 GTV 的貢獻較高，而該服務的收入是按淨額記錄的。

The contribution margin for existing home transaction services was 39.9% in Q2, a decline of 7.5 percentage points year over year primarily due to a higher fixed labor cost resulting from an increase in the number of Lianjia agents and the lasting impact of the agent welfare Improvement strategy we implemented since last year. Sequentially, the contribution margin grew by 1.8 percentage points due to stronger leverage as our series of cost reduction and efficiency enhancement initiatives conducted this year led to a quarter-over-quarter decrease in fixed labor costs, while revenue remained generally flat.

第二季度，現房交易服務的貢獻利潤率為39.9%，年減7.5個百分點，主要由於鍊家經紀人數量的增加導致固定人工成本上升，以及我們自去年以來實施的經紀人福利改善策略的持續影響。由於今年我們實施的一系列降本增效舉措，固定人工成本環比下降，而收入基本保持平穩，槓桿率也隨之提高，貢獻利潤率環比增長了 1.8 個百分點。

For our new home transaction services, the scale of our collaborative project remains steady. Through our AI-driven agent, Qianji, we refined the management of new home projects, revitalizing more existing projects. On customer front, we reinforced business synergies between existing new home and rental services and fine-tuned operations while launching our AI assistant, Qianzhi, to help service providers stimulate customer demand and improved matching efficiency.

對於我們的新房交易服務，我們的合作項目規模保持穩定。透過我們的人工智慧代理千機，我們精細化了新房專案的管理，啟動了更多現有專案。在客戶方面，我們加強現有新房與租房業務的協同，優化運營，同時推出人工智慧助理千智，幫助服務商激發客戶需求，提升匹配效率。

In terms of the financial performance, our new home GTV reached RMB255.4 billion in Q2, up 8.5% year over year, and 10% quarter over quarter. Revenue from new home transaction was RMB8.6 billion in Q2, rising by 8.6% year over year and 6.7% quarter over quarter. Revenue growth was in line with GTV growth year over year, demonstrating our steady monetization capabilities in new home transactions.

財務表現方面，第二季度，我們的新房GTV達到2,554億元，年增8.5%，較上季成長10%。第二季新房交易收入為86億元，較去年成長8.6%，較上季成長6.7%。營收成長與GTV成長保持同步，反映了我們在新房交易中穩定的貨幣化能力。

While GTV growth outpaced revenue growth sequentially due to the seasonal fluctuation of the take rate, the contribution margin from the new home transaction services fell by 0.6 percentage points year over year to 24.4% due to an increased variable cost resulting from our agent welfare improvements last year. Sequentially, the new home contribution margin rose by 1 percentage point, largely attributed to the quarter-over-quarter decline in variable cost thanks to our refined operations and the focusing sales strategy to maximize unit sales per property project this year.

雖然由於佣金率的季節性波動，GTV 成長速度連續超過營收成長，但由於去年我們代理商福利改善導致變動成本增加，新房交易服務的貢獻利潤率較去年同期下降 0.6 個百分點至 24.4%。新房貢獻利潤率環比上升 1 個百分點，這主要歸因於今年我們精細化營運和聚焦銷售策略以最大化每個房地產項目的單位銷售額，導致變動成本環比下降。

For our home renovation and furnishing business, we focus on enhancing the operations to build up our underlying capability to support our sustainable growth. On product capabilities, we analyze customer data and insights to understand their core needs. Leveraging master designs and R&D, we introduced the home renovation modules that can be flexibly configured and quickly iterated. By combining these modules with designer adjustments, we provide customers with a one-stop home renovation solution.

對於我們的家居裝修及家具業務，我們專注於加強運營，以增強我們的基礎能力，支持我們的永續成長。在產品功能方面，我們分析客戶資料和見解以了解他們的核心需求。依託大師設計研發，推出可靈活配置、快速迭代的家飾模組。透過這些模組與設計師的調整相結合，我們為客戶提供一站式家居裝飾解決方案。

On the supply chain side, our digital infrastructure enabled us to significantly streamline partner brand selection and SKU count based on customer needs. The proportion of centralized procurement grows markedly, while the overall unit purchase price declined significantly. To further improve our delivery quality, we identified over 2,600 high-quality project managers on our platform, improving their efficiency and income while elevating the end-user experience.

在供應鏈方面，我們的數位基礎設施使我們能夠根據客戶需求顯著簡化合作夥伴品牌選擇和 SKU 數量。集中採購比重明顯提升，整體採購單價明顯下降。為了進一步提升交付質量，我們在平台上甄選了超過2600名高素質專案經理，在提升專案經理效率和收入的同時，也提升了最終用戶的體驗。

Operationally, we implement quality-and-efficiency business districts’ strategy. We scored business districts based on the multiple indicators, such as building age and the housing transition volume. This allowed designers, project managers, and other service providers to focus on high-score districts, enabling them to gain deeper insight to the customer needs and the property conditions. By introducing upfront site measurements and other processes, we reshape the workflow to improve operational efficiency. We also accumulated and refined design solutions and construction guidelines, ultimately enhancing the customer experience.

在營運上，我們實施品質效益型商務區策略。我們根據建築年齡、房屋轉換量等多項指標對商圈進行評分。這使得設計師、專案經理和其他服務提供者能夠專注於高分區域，從而更深入地了解客戶需求和物業狀況。透過引入前期現場測量和其他流程，我們重塑工作流程以提高營運效率。我們也累積並完善了設計方案和施工指南，最終提升了客戶體驗。

In terms of the financial performance, revenue from our home renovation and furnishing business reached RMB4.6 billion, increasing by 13% year over year. This was mainly driven by the increase in home renovation orders, alongside with the higher average revenue per order, stemming from the increase in the average price of furniture and home furnishing retail.

財務表現方面，家居裝修業務收入達46億元，較去年成長13%。這主要是由於家居裝修訂單增加，以及家具和家居零售平均價格上漲導致每筆訂單平均收入增加。

Contribution margin for the home renovation and furnishing business reached 32.1%, up 0.8 percentage points year over year, primarily driven by a larger proportion of centralized procurement and enhanced order dispatching efficiency. Sequentially, the contribution margin fell by 0.4 percentage points, mainly attributable to a structural shift with an increased revenue contribution of furniture and home furnishing retail, which has a relatively low contribution margin.

家飾業務貢獻利潤率達32.1%，較去年同期上升0.8個百分點，主要由於集中採購比例增加及訂單調度效率提升。貢獻利潤率較上月下降0.4個百分點，主要由於結構性變化，貢獻利潤率相對較低的家具及家居零售業務收入貢獻增加。

In our home rental service business, we continued to iterate our products and apply AI to reconstruct our business process and operational funnel. On product fronts, we expanded our differentiated product portfolio, launching product zero-nine in the first half of the year to meet homeowners' various needs around the vacancy period and rental income, while balancing risk and returns for our business.

在房屋租賃業務中，我們持續迭代產品，並運用AI重構業務流程和營運漏斗。產品方面，我們拓展了差異化的產品組合，上半年推出了零至九產品，滿足業主在空置期和租金收入方面的各種需求，同時平衡業務的風險和回報。

For unit signups and occupancy, we implemented quality-driven leads allocation rules so that a better listing and a better service provider gets more leads. Customers will also benefit. We also leveraged AI capability for the intelligent collection and identification of the rental housing conditions, as well as intelligent pricing to explore a unit-signup model led by the platform’s AI.

對於單位註冊和入住率，我們實施了品質驅動的潛在客戶分配規則，以便更好的清單和更好的服務提供者獲得更多的潛在客戶。顧客也將受益。我們也利用人工智慧技術對租屋條件進行智慧收集、辨識、智慧定價，探索由平台人工智慧主導的單元簽約模式。

In terms of the operational management, we leveraged AI’s massive computing power to optimize resource dispatching, inventory, unit sales and occupancy, which enhanced both personnel productivity and the rental occupancy rates in our pilot regions.

在營運管理方面，我們利用人工智慧的強大算力，優化資源調度、庫存、銷售量、入住率等，提升了人員效率，也提升了試點地區的租賃入住率。

Our overall personal productivity improved remarkably in the first half of the year. The average number of the rental units managed per property manager rose significantly, with the number of unit signups growing by over 50% in June compared with the same period of last year.

上半年我們整體的個人生產力顯著提高。物業經理人均管理租賃房源數量大幅提升，6月簽約房源數量年增超過50%。

Regarding the financial performance, revenue from our home rental services business reached a record high of RMB5.7 billion in Q2, up 78% year over year. mainly benefiting from the rapid growth in the number of the rental units under management. By the end of Q2, we had over 590,000 rental units under our management, compared with over 310,000 in the same period of 2024.

財務表現方面，第二季度，我們的房屋租賃服務業務收入創歷史新高，達到57億元人民幣，年增78%，主要受惠於管理租賃房源數量的快速成長。截至第二季末，我們管理的租賃單位超過 59 萬個，而 2024 年同期為 31 萬個以上。

The contribution margin for home rental service was 8.4%, up 2.5 percentage points year over year and 1.6 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 service contract, the revenues of some newly managed rental units were recorded as net revenues derived from the service fee.

房屋租賃服務的貢獻利潤率為8.4%，較去年成長2.5個百分點，較上季成長1.6個百分點，主要得益於安心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，根據服務合約的本質，部分新管理的租屋單位的收入被記為服務費淨收入。

For Beihaojia business, our strategic direction is very clear and firm. We will never be a developer. Our commitment to an asset-light business model is absolute. Other than Chengdu, Beijing, and Shanghai Fengxian Xincheng project, we will not independently operate any other projects. Our role is to deliver CM product solution and marketing service for developers and other partners in industry, and we categorically do not provide any form of funding solutions. In Q2, our revenue from emerging and other services decreased by 50.6% year over year and grew by 23.5% quarter-over-quarter to RMB432 million.

對於北豪家業務，我們的策略方向非常明確、堅定。我們永遠不會成為開發商。我們絕對致力於輕資產商業模式。除成都、北京、上海奉賢新城計畫外，我們不會獨立運作任何其他計畫。我們的職責是為開發者和其他產業夥伴提供CM產品解決方案和行銷服務，我們絕對不提供任何形式的融資解決方案。第二季度，新興及其他服務收入4.32億元，年減50.6%，季增23.5%。

Now moving to other costs and expenses, profitability, cash flow, and other financial metrics in Q2. Our store cost reached RMB762 million, increasing by 11.9% year over year and remaining relatively stable quarter over quarter. The year-over-year growth was mainly from a higher store repair at the maintenance cost.

現在轉向第二季的其他成本和費用、獲利能力、現金流和其他財務指標。我們的門市成本達到人民幣7.62億元，較去年同期成長11.9%，較上季維持相對穩定。年比成長主要源自於門市維修費用的增加。

Other costs were RMB588 million, up 15.2% year over year and 7.5% sequentially, primarily due to higher basic maintenance costs of our home rental service business. Gross profit dropped by 12.5% year over year to RMB5.7 billion. Gross margin was 21.9%, down 6 percentage points year over year, primarily due to the decrease in contribution margin from existing new home transaction services. Gross margin increased by 1.2 percentage points sequentially in Q2, mainly due to the greater revenue contribution from the home renovation and furnishing business, which has a relatively high contribution margin.

其他成本為 5.88 億元，年增 15.2%，季增 7.5%，主要由於房屋租賃服務業務基本維護成本增加。毛利年減12.5%至人民幣57億元。毛利率為21.9%，較去年同期下降6個百分點，主要由於現有新房交易服務的貢獻利潤率下降。第二季毛利率較上季上升1.2個百分點，主要由於家裝業務收入貢獻較大，且貢獻利潤率較高。

In Q2, our GAAP operating expenses totaled RMB4.6 billion up 3.1% year over year and 9.7% sequentially. Notably, G&A expenses were RMB2.1 billion, remaining flat year over year and increasing by 11% quarter over quarter, primarily attributed to an increase in bad debt provision.

第二季度，我們的 GAAP 營業費用總計 46 億元人民幣，較去年同期成長 3.1%，較上季成長 9.7%。值得注意的是，一般及行政開支為人民幣21億元，年比持平，季增11%，主要由於壞帳準備金增加。

Sales and marketing expenses amounted to RMB1.9 billion, remaining relatively stable year over year and growing by 7.1% quarter over quarter, primarily resulting from the increased sales and marketing expenses for home renovation and furnishing business. Our R&D expenses were RMB633 million, up 25.6% year over year and 8.5% sequentially, largely driven by higher personnel expenses and the taxing service fee.

銷售及市場推廣費用為人民幣19億元，較去年同期維持相對穩定，較上季成長7.1%，主要由於家居裝修及家具業務銷售及市場推廣費用增加。我們的研發費用為 6.33 億元，年增 25.6%，季增 8.5%，主要由於人員費用和稅務服務費的增加。

In terms of the profitability, GAAP income from the operations totaled RMB1.06 billion in Q2, down 47.4% from the same period of last year and up 79.4% sequentially. GAAP operating margin was 4.1%, dropping by 4.5 percentage points from Q2 2024, and rising by 1.5 percentage points quarter over quarter. Non-GAAP income from operations totaled RMB1.61 billion, falling by 42.9% from the same period of last year, and increasing by 40% sequentially.

在獲利能力方面，第二季美國通用會計準則營業利潤為10.6億元人民幣，較去年同期下降47.4%，較上一季成長79.4%。GAAP 營業利益率為 4.1%，較 2024 年第二季下降 4.5 個百分點，較上一季上升 1.5 個百分點。非美國通用會計準則下營業利潤為16.1億元人民幣，較去年同期下降42.9%，較上一季成長40%。

Non-GAAP operating margin reached 6.2%, down 5.9 percentage points from Q2 2024, mainly due to year-over-year gross margin decline. Non-GAAP operating margin rose by 1.3 percentage points from the previous quarter, mainly attributed to a sequential gross margin improvement.

非公認會計準則營業利潤率達 6.2%，較 2024 年第二季下降 5.9 個百分點，主要由於毛利率年減。非美國通用會計準則營業利益率較上一季上升1.3個百分點，主要歸因於毛利率的較上季增加。

GAAP net income totaled RMB1.31 billion in Q2, down 31.2% year over year and up 52.8% quarter over quarter. Non-GAAP net income was RMB1.82 billion, falling 32.4% year over year and increasing 30.7% quarter over quarter.

第二季美國通用會計準則淨利為13.1億元人民幣，較去年同期下降31.2%，較上季成長52.8%。非美國通用會計準則淨利為18.2億元人民幣，較去年同期下降32.4%，較上季成長30.7%。

Moving to our cash flow and the balance sheet. We generated a net operating cash inflow of RMB826 million in Q2. New home DSO reached 51 days in Q2, remaining at a healthy level. On top of spending approximately USD254 million for share repurchase and distributing USD400 million for 2024 final cash dividend during Q2. Our total cash liquidity excluding customer deposits payable, remained at a high level of around RMB70 billion.

轉向我們的現金流和資產負債表。我們第二季實現淨經營現金流入8.26億元人民幣。第二季新房DSO達到51天，維持健康水準。除在第二季花費約 2.54 億美元回購股票和發放 4 億美元 2024 年末期現金股利外。扣除應付客戶存款後，我們的總現金流動性仍維持在人民幣700億元左右的高水準。

With our robust cash reserves, we will continue to augment shareholder returns through active share buyback to further enhance capital allocation and capital operation efficiency. As of the end of Q2, we repurchased around USD394 million worth of shares this year, which accounted for around 1.7% of the company's total share outstanding at the end of 2024.

憑藉雄厚的現金儲備，我們將繼續透過積極的股票回購來增加股東回報，進一步提高資本配置和資本營運效率。截至第二季末，我們今年回購了價值約 3.94 億美元的股票，約占公司 2024 年底流通股總數的 1.7%。

We have consistently delivered on our promise to reward shareholders. Since launch of our share repurchase program in September 2022, we have repurchased around USD2 billion in share as of the end of June 2025, accounting for about 10.3% of our total share outstanding before the program began.

我們始終如一地履行回報股東的承諾。自 2022 年 9 月啟動股票回購計畫以來，截至 2025 年 6 月底，我們已回購了約 20 億美元的股票，約佔計畫開始前我們已發行股票總額的 10.3%。

Today, we are pleased to announce that our Board has approved an expansion of the existing share repurchase program. The authorization has been increased to USD5 billion as the program has been extended to August 31, 2028. Going forward, we will continue to reward our shareholders who have grown with us and share the value we create.

今天，我們很高興地宣布，董事會已批准擴大現有的股票回購計畫。由於該計劃延長至 2028 年 8 月 31 日，授權金額已增加至 50 億美元。展望未來，我們將持續回報與我們共同成長的股東，分享我們創造的價值。

Despite fluctuations in macro environment, we have delivered a top line performance that significantly outperforming the market, underpinned by our solid business fundamentals and a diversified portfolio. We are actively driving operational improvements to maximize the company's long-term value. AI-driven refined operations and ecosystem optimization are continuously unleashing the platform's long-term potential.

儘管宏觀環境波動，但由於穩固的業務基礎和多元化的投資組合，我們的營收表現仍遠超市場。我們正在積極推動營運改進，以最大化公司的長期價值。AI驅動的精細化營運和生態優化正在不斷釋放平台的長期潛力。

Our healthy cash flow and the proactive shareholder return policy demonstrate our firm commitment to long-term value creation. Looking ahead, we will join force with all partners and shareholders to seize opportunities and create greater value together. Thank you.

我們健康的現金流和積極的股東回報政策表明了我們堅定致力於長期價值創造。展望未來，我們將與各位合作夥伴、股東攜手並進，掌握機遇，共同創造更大價值。謝謝。

Next, I would like to turn the call over to our Chairman and CEO, Mr. Stanley Peng, Go ahead, sir.

接下來，我想將電話轉給我們的董事長兼執行長彭志堅先生，請講，先生。

Thank you, Tao, for the overview of our updates for the first half of the year. Now, I'd like to share the reasoning behind our initiatives and address some key interests and concerns. First, I'd like to talk about scale and efficiency.

謝謝 Tao 對我們上半年更新的概述。現在，我想分享我們倡議背後的原因，並解決一些關鍵的利益和關切。首先我想講一下規模和效率。

For our housing transaction services business, we have expanded our agent and store network very rapidly over the past few years. In the first half of the year, a large number of new brands, stores, and agents joined our network. However, we saw some softness in our efficiency indicators in housing transaction services in the second quarter.

對於我們的房屋交易服務業務，我們在過去幾年中迅速擴展了代理商和門市網路。上半年，大量新品牌、新門市、新代理商加入我們的網路。然而，我們發現第二季房屋交易服務的效率指標有些疲軟。

Our ACN and authentic listings were originally built to solve the key consumer pain points of that time. But as China's real estate market evolved, consumer needs changed dramatically, and our response didn't fully meet those emerging needs. This created an urgent need for us to shift our growth engine from scale to efficiency. The main challenge was clear, how would we raise productivity per store and per agent and increase platform efficiency while maintaining the scale of our agent and store network? Resolving this will define the next stage of our development.

我們的ACN和正品清單最初是為了解決當時消費者的關鍵痛點而建立的。但隨著中國房地產市場的發展，消費者的需求發生了巨大變化，我們的反應並沒有完全滿足這些新興需求。這就迫切要求我們把成長引擎從規模轉向效率。我們面臨的主要挑戰很明確：如何在維持代理商和門市網路規模的同時，提高每家店和每個代理商的生產力，並提高平台效率？解決這個問題將決定我們發展的下一階段。

To begin with, I want to stress that scale and efficiency are not a zero-sum trade-off. Gaining efficiency doesn't mean sacrificing scale. Reaching the current scale of our agent store network was no small feat. You would be hard-pressed to find a comparable example anywhere in the world of a company that has reached such a large presence in a single city through its own operations. So how did we accomplish it?

首先，我想強調的是，規模和效率並不是零和遊戲。提高效率並不意味著犧牲規模。要達到我們代理商網路的現有規模絕非易事。在全球任何地方，你都很難找到一家公司能夠透過自身的運營，在一個城市達到如此大的業務規模。那我們是如何實現它的呢？

In the past, the scarcest resources in the market were high-quality assets and transaction security guarantees. That is why we built our ACN and introduced authentic listings and service commitments, integrating online platform innovation, offline business execution, and disciplined scientific management to support them. By providing what was scarce, we achieved a breakthrough in scale and built a deep competitive mode. So how do we move from scale to efficiency? First, by looking at our history, we need to find out the existing strengths that we can leverage while anchoring new capabilities for today's context; second, by responding to consumers' evolving needs in China's changing real estate market, the new scarce resources are accurate market insights to help buyers make the right decisions, operational capabilities to help sellers market properties effectively, and the emotional value that comes from emphasizing with customers. Buyers want professional advice, homeowners need skilled marketing support and in the edge of AI, consumers crave emotional connection. Our task is to create clear pathways to deliver these values. As we seek a new growth paradigm, we start by challenging paradox-large organizations often sacrifice efficiency to pursue scale. We already have the drives for efficiency improvements.

過去，市場上最稀缺的資源是優質資產和交易安全保障。因此，我們建立了ACN，並推出了真正的房源和服務承諾，整合了線上平台創新、線下業務執行以及嚴謹的科學管理來為其提供支援。透過提供稀缺的東西，我們實現了規模的突破，並建立了深度競爭模式。那我們要如何從規模走向效率呢？首先，透過回顧我們的歷史，我們需要找出可以利用的現有優勢，同時將新的能力錨定在當今的環境中；其次，透過響應中國不斷變化的房地產市場中消費者不斷變化的需求，新的稀缺資源是準確的市場洞察力，以幫助買家做出正確的決策，運營能力，以幫助賣家有效地營銷房產，以及來自與客戶強調的情感價值。買家需要專業的建議，房主需要熟練的行銷支持，而在人工智慧的邊緣，消費者渴望情感聯繫。我們的任務是創造清晰的途徑來實現這些價值觀。當我們尋求新的成長模式時，我們首先要挑戰一個悖論——大型組織往往會犧牲效率來追求規模。我們已經有了提高效率的動力。

First, the transformation of customer demands acts as a natural form of selection. Second, AI-led innovation is delivering real productivity gains. As a new means of production, AI is becoming increasingly powerful, capable of replacing traditional means of production. These two forces enable us to raise efficiency while maintaining the scale of our agent and store network. Our endgame is clear, but how we get there is still being defined. Going forward, we will commit our energy and resources to those areas to reshape our growth path.

第一，客戶需求的轉變是自然選擇。其次，人工智慧主導的創新正在帶來真正的生產力提升。人工智慧作為新的生產資料，其功能日益強大，有能力取代傳統的生產資料。這兩股力量使我們能夠在保持代理商和門市網路規模的同時提高效率。我們的最終目標很明確，但如何實現這一目標仍有待確定。未來，我們將把精力和資源投入這些領域，重塑我們的成長道路。

Now I'd like to dive into the logic behind some of the business initiatives we are working on. I will start with the home renovation business. As Tao mentioned, our strategy centers on community-centric operations and our full services premium store model. Our rationale reflects a major emerging trend. It's a shift from a traffic-driven mindset to a local community-centric approach.

現在我想深入探討我們正在進行的一些商業計劃背後的邏輯。我先從家居裝修業務開始。正如陶所說，我們的策略以社區為中心的營運和全方位服務的高端商店模式為中心。我們的理由反映了一個重要的新興趨勢。這是從交通驅動思維轉向以當地社區為中心的方法的轉變。

We have begun piloting this model through our first full-service home renovation premium store in Beijing. In the premium store, we put in showrooms with our modular renovation products, so potential customers can see real replicable home renovations based on typical local floor plans in the community.

我們已開始在北京第一家提供全方位服務的家居裝修高端店試行這種模式。在高端商店中，我們設立了展示模組化裝修產品的展廳，以便潛在客戶可以看到基於社區中典型的當地平面圖的真正可複製的家居裝修。

Our organizational structure has adapted accordingly. Designers, project managers and workers are now dedicated to specific communities, gain knowledge and experience of both properties and customers there. The key here is to deepen our engagement, locking in high-value areas and strengthening our presence to become customers' first choice in the region, ultimately occupying their mind share.

我們的組織結構也進行了相應調整。設計師、專案經理和工人現在致力於特定社區，獲取那裡的房產和客戶的知識和經驗。這裡的關鍵是深化我們的參與，鎖定高價值領域並加強我們的存在，成為該地區客戶的首選，最終佔據他們的心智份額。

Our goal is to bridge the distance between our services and the users. We want to bring them closer physically, psychologically, and in decision-making, so we can evolve from a city level renovation service provider to a community level partner whose interests are deeply aligned with the customers. Specifically:

我們的目標是縮短我們的服務與使用者之間的距離。我們希望在物質上、心理上和決策上拉近客戶的距離，從而從城市級的裝修服務提供者發展成為與客戶利益深度契合的社區級合作夥伴。具體來說：

By opening our home renovation premium store adjacent to our existing home transaction contract signing centers, we have reduced the physical distance to our customers. This tell our customers, we are the right down the street, not a large distant company they have to drive an hour to reach. This builds trust and convenience at the same time.

透過在現有房屋交易簽約中心附近開設我們的家居裝修精品店，我們縮短了與客戶的物理距離。這告訴我們的客戶，我們就在街上，而不是他們必須開車一小時才能到達的遙遠的大公司。這同時建立了信任與便利。

Our community-based premium store and community-specific service providers are well versed in the floor plans and customer needs, so they can offer tailored home renovation design plans even before customers purchase homes. This shortens the decision-making distance for customers. Why is it?

我們的社區精品店和社區服務商，熟知小區戶型和客戶需求，在客戶購屋前就能提供量身訂製的家裝設計方案。這縮短了顧客的決策距離。為什麼呢？

Because the biggest pain points in traditional home renovation is uncertainty. Customers often don't know the final cost, what their homes will look like, or whether the service will be reliable.

因為傳統家裝最大的痛點就是不確定性。客戶通常不知道最終成本、他們的房子會是什麼樣子，或者服務是否可靠。

We solved this with two innovative services, community showroom designer designs and pre-signing measurement and drawing. Community showrooms designs say to potential customers, your neighbor’s home with the same floor plan as yours has already been renovated with visible results, clear prices, and proven satisfaction. No guesswork is needed. Our pre-signing measurement and drawing flips the traditional payments first, service letter model. We demonstrate value upfront by providing professional measuring and design renderings before customers commit. This gives people great security and confidence right from the start. Our strategy also reduced the psychological distance for users. With a physical store, proven cases and a professional consulting team in the community, our brand is no longer a cold, impersonal advertisement. It becomes a real tangible presence customers can interact with any time. The assets we gain from this kind of deepen operation are more powerful than marketing, turning onetime transactional customers into long-term interactive community users. These are just some of the way we think about our initiatives in the home renovation business.

我們透過兩項創新服務解決了這個問題，即社區展廳設計師設計和簽約前測量和繪圖。社區展示廳的設計告訴潛在客戶，您的鄰居的房子與您的房子有相同的平面圖，並且已經過翻新，效果明顯、價格明確、滿意度得到保證。無需猜測。我們的簽約前測量和繪圖顛覆了傳統的先付款、服務信函模式。我們在客戶承諾之前提供專業的測量和設計效果圖來預先展示價值。這從一開始就給人們帶來了極大的安全感和信心。我們的策略也減少了使用者的心理距離。有了實體店、有案例、有社群的專業顧問團隊，我們的品牌不再是冰冷的、沒有人情味的廣告。它成為一個真實的、有形的存在，客戶可以隨時與之互動。這種深化營運帶給我們的資產比行銷更有力，能夠把曾經的交易型客戶轉化為長期的社群互動用戶。這些只是我們對居家裝修業務舉措的一些思考。

Next, I'd like to talk about how we view the home rental business. Tao has already covered much of our progress in this segment, including product interaction and broader user of AI to boost property managers’ efficiency and streamline other operations.

接下來我想講一下我們對房屋租賃業務的看法。Tao 已經介紹了我們在這一領域的許多進展，包括產品互動和更廣泛的人工智慧用戶，以提高物業經理的效率並簡化其他操作。

Why do we pursue maximum efficiency in this business? Because under the traditional management model, our Carefree Rent business inevitably faces diseconomies of scale. Once the numbers of units reach a certain level, complexity may rise sharply due to the nonstandard nature of our products, the service provider abilities and sales negotiations.

為什麼我們在這個產業中追求效率最大化？因為在傳統的管理模式下，我們無憂租屋業務不可避免地面臨規模不經濟的問題。一旦單位數量達到一定水平，由於我們產品的非標準性質、服務提供者的能力和銷售談判，複雜性可能會急劇上升。

At the same time, the rental business operates on thin service fee profit margin, which cannot absorb losses from nonstandard operations and low efficiency. These three major challenges from iron triangle that compels us to break through the traditional model and pursue maximum operational efficiency. So how do we achieve maximum efficiency?

同時，租賃業務的服務費利潤率很低，無法彌補營運不規範、效率低下的損失。這三大鐵三角挑戰迫使我們必須突破傳統模式，追求最高的營運效率。那我們要如何才能實現最高效率呢？

In Phase 1, we restructured our organization, moving away from the all-in-one manager model to six specialized roles. Fully aligned with the logical of our can, this division improved professional skills, reduced service variance, and embedded these capabilities into our platform.

在第一階段，我們重組了組織，從一體化管理模式轉變為六個專業角色。該部門完全符合我們的邏輯，提高了專業技能，減少了服務差異，並將這些能力嵌入到我們的平台中。

In Phase 2, we optimized our product model, shifting from the high-risk, nonstandard, vacancy-prone lease-out model to a steady rent pass-through model with unified service fees. This stabilized revenue per property, aligned team goals and remove the obstacles for scaling growth. We also digitalized process through our SaaS system, accumulating structured data to fill AI applications.

第二階段，我們優化了產品模式，從高風險、不規範、空置率高的租賃模式轉變為統一服務費的穩健租金轉嫁模式。這穩定了每個房產的收入，協調了團隊目標並消除了擴大成長的障礙。我們也透過我們的SaaS系統將流程數位化，累積結構化資料來填入AI應用程式。

In Phase 3, we began to build intelligence into operations, deploying our AI human model where AI handles standardization, pricing, auditing, and 24/7 virtual services. We hope that AI could cover 80% of standardized work, while people can focus on trust in irregular cases and high-quality service. The logic tying all of this together is about transforming a nonstandard offline industry full of uncertainty into a data- and intelligence-driven business with more certainties.

在第三階段，我們開始將智慧融入運營，部署我們的人工智慧人類模型，其中人工智慧負責標準化、定價、審計和全天候虛擬服務。我們希望人工智慧能夠涵蓋80%的標準化工作，而人們可以專注於對非典型案例的信任和高品質的服務。這一切的邏輯，就是要把一個充滿不確定性、不規範的線下產業，轉變為一個由數據和智慧驅動、確定性更強的產業。

At its core, our system reduced reliance on individual experience, smoothing out fluctuations in service quality and customer experience. Efficient operations and consistent service quality create a growth flywheel, reinforcing the synergies across the home rental business, home renovation, and housing transactions. Our vision is to build an AI-driven rental platform by combining AI, IoT hardware, and operating processes. We hope this platform will give the rental industry a proven and scalable profit model. Meanwhile, the pursuit of operational excellence will inevitably compel our whole organization to develop more efficient operational mechanisms. We also hope it can be an example for the traditional service industry, showing how structure, model design and technology can solve issues like non-standardized nature and diseconomies of scale.

從本質上講，我們的系統減少了對個人經驗的依賴，平滑了服務品質和客戶體驗的波動。高效的營運和一致的服務品質創造了成長飛輪，增強了房屋租賃業務、房屋裝修和房屋交易之間的協同效應。我們的願景是結合人工智慧、物聯網硬體和營運流程，建立一個人工智慧驅動的租賃平台。我們希望這個平台能夠提供租賃業一個經過驗證的、可擴展的獲利模式。同時，追求卓越營運必然會迫使我們整個組織開發更有效率的營運機制。我們也希望它能對傳統服務業起到一個示範作用，展示如何透過結構、模型設計和技術來解決非標準化、規模不經濟等問題。

Now moving to our Beihaojia business. Why are we pursuing this business? We will not be developers. To be clear, we will not be adopting an asset-heavy model. The traditional real estate developer business used to depend on land and money. In today's market, there is a new variable, a customer-oriented mindset. Because we are so close to our customers, we can collect more customer insights and data to add value to this third variable. In the early stage of this business, we ran two self-operated projects to test our understanding and to see what value we could create for this third factor.

現在轉到我們的北豪佳業務。我們為什麼要從事這項業務？我們不會成為開發商。需要明確的是，我們不會採用重資產模式。傳統的房地產開發業務過去依賴土地和資金。當今市場出現了一個新的變量，即以客戶為中心的思維模式。因為我們非常接近我們的客戶，所以我們可以收集更多的客戶洞察和數據來為這個第三個變數增加價值。在這個業務的早期，我們做了兩個自營項目來檢驗我們的理解，看看這個第三個因素能創造什麼價值。

Genuine customer needs are at the very core of our product design and construction. We leverage our robust data and AI-powered capabilities, including pricing prediction, unit mix optimization and potential customer insights to deeply understand our target customer needs. Our project positioning, product design, and construction adheres to the authentic customer needs, including many small details traditional developers might overlook, but that we consider critical to long-term living experience.

真正的客戶需求是我們產品設計和製造的核心。我們利用強大的數據和人工智慧功能，包括定價預測、單位組合優化和潛在客戶洞察，深入了解目標客戶的需求。我們的專案定位、產品設計和施工都遵循客戶的真實需求，包括許多傳統開發商可能忽略但我們認為對長期生活體驗至關重要的小細節。

In our Chengdu Beichen project, we have dedicated meticulous design and construction efforts to over 108 quality-driven details that many things minor yet meaningful. This spans from urban integration of architecture design, landscape planning, homecoming journey experiences, interior spatial planning to AIoT-enabled sensory system covering sites, sound, smell, taste, touch, consciousness as well as lifestyle scenarios and property services. This productization capability is something that's becoming crucial as the market shift to buyers. This means the supply side must offer differentiated, not homogeneous products. And this is how we add value to the industry through the third variable of production, beyond land and money. Finally, we now stand at a crucial turning point. Balancing scale and efficiency, adapting to evolve customer demands and keeping pace with rapid technology development are all issues we must address. we have already started exploring and testing new approaches across our business. While maintaining the scale advantage of our platform, we aim to revamp our service interface through community-centric operations, unlock organizational efficiencies with AI, rebuild our product logic with a customer-centric mindset, and continuously shape new paradigms in the residential service industry.

在成都北辰工程中，我們傾注了細緻的設計和施工精力，對超過108個品質驅動的細節進行了細緻的設計和施工，這些細節雖然細微，但卻意義非凡。從城市一體化的建築設計、景觀規劃、回家旅程體驗、室內空間規劃，到基於AIoT的感知系統，涵蓋場地、聲音、氣味、味覺、觸覺、意識以及生活場景和物業服務。隨著市場向買家轉變，這種產品化能力變得至關重要。這意味著供應方必須提供差異化而非同質化的產品。這就是我們如何透過土地和金錢以外的第三個生產變數為產業增加價值。最後，我們現在正處於一個關鍵的轉折點。平衡規模和效率、適應不斷變化的客戶需求以及跟上快速的技術發展都是我們必須解決的問題。我們已經開始在整個業務中探索和測試新的方法。在維持平台規模優勢的同時，我們致力於透過以社區為中心的營運重塑服務介面，以人工智慧解鎖組織效率，以客戶為中心的思維重塑產品邏輯，不斷塑造居民服務產業的新典範。

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

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。

(Operator Instructions) Timothy Zhao, Goldman Sachs.

（操作員指示）高盛的 Timothy Zhao。

Congrats on the solid results and very excited to hear about your new approach in growing the business in the future. I think my question is on the secondary home. Just wondering if management can provide us any overview on the second quarter secondary home market. And how should we expect the trajectory into the second half of this year? What kind of policy tools that we can expect for the rest of this year?

恭喜您所取得的堅實成果，並非常高興聽到您未來發展業務的新方法。我想我的問題是關於第二個家。只是想知道管理層是否可以為我們提供有關第二季度二手房市場的概述。那麼，我們該如何預測今年下半年的發展軌跡呢？今年剩餘時間我們可以期待哪些政策工具？

(spoken in foreign language)

（用外語說）

Thank you, Timothy. Let me first take a brief look on the market in the first half. The total value of the housing transaction nationwide was stable overall. The market was off to a good start in Q1, sustaining the recovery momentum from the Q4 of last year, but both number and the price of transaction weakened significantly in this Q2. Divergence also intensified.

謝謝你，提摩西。我先簡單介紹一下上半年市場的狀況。全國房屋成交總額大致穩定。第一季市場開局良好，延續了去年第四季的復甦勢頭，但第二季成交量和價格都明顯走弱。分歧也愈演愈烈。

Based on NBS data, new home sales nationwide dropped by 5.2% year over year in the first half. CRIC Research indicates the top 100 developers saw steeper declines, posting a 10.9% in the first half sales slump that intensified to 14.5% year on year in this Q2. The existing home market holds up relatively well. According to Beike Research Institute in the first half, the total value of online registered transaction for existing homes rose 8.3% year over year. This was driven by a 19% increase in the number of transactions, even though average price fell by 9%, both year over year.

根據國家統計局數據，上半年全國新房銷售量較去年同期下降5.2%。克而瑞研究中心數據顯示，百大企業銷售額年減幅度更大，上半年年減10.9%，第二季年減幅度進一步擴大至14.5%。現有房屋市場表現相對良好。北科研究院數據顯示，上半年，二手房網路掛牌交易總額較去年同期成長8.3%。這是由於交易數量增加了 19%，儘管平均價格比去年同期下降了 9%。

That said, momentum slowed in this Q2. The transaction value growth rate dipped to just 2%, and the number of transactions also slipped to a 12% gain. In June, the number of transactions decreased by 8% year over year. And the home prices dropped further month over month by 1.7%. Rent has been more stable than home prices. Nationwide rental yield has been steadily rebounding since the year of 2021. In June this year, it reached a high of 2.5%, about 40% higher than its lowest point, creating value support for the home prices. Structurally, existing home continued to perform better than new homes. Existing home transaction tended to have a large average GFA, lower total price and the higher share of the nearly-new existing homes. Population movements from lower to higher tier cities remain steady, and we continued to see wild differences across cities in terms of the housing price, inventory sell-through and the land auction premiums. Our key indicators like homeowner price adjustments prosperity index and the agent confidence index showed a weak market sentiment. The fading efforts of the new policies, China US trade tensions, short-term policy vacuums and the seasonal market correction sapped market momentum. Reinforced expectations for price declines constrained market recovery. All of this added to a strong downward pressure for the market.

儘管如此，第二季的成長勢頭有所放緩。交易價值成長率下降至僅 2%，交易數量也下滑至 12%。6月份，交易數量較去年同期下降8%。房價季減1.7%。租金比房價更穩定。自2021年以來，全國租金收益率穩定回升。今年6月更是達到了2.5%的高點，比最低點高出約40%，為房價創造了價值支撐。從結構上看，現有住宅的表現仍然優於新住宅。現房成交呈現平均建築面積較大、總價較低、近新現房佔較高的現象。人口從低線城市向高線城市的流動保持穩定，我們繼續看到不同城市在房價、庫存銷售和土地拍賣溢價方面存在巨大差異。我們的關鍵指標，如房主價格調整景氣指數和代理商信心指數，都顯示市場情緒疲軟。新政策效應減弱、中美貿易緊張局勢、短期政策真空以及季節性市場調整削弱了市場動力。價格下跌預期增強，抑制了市場復甦。所有這些都為市場增添了強大的下行壓力。

Since the beginning of July, the market downturn has picked up speed. The number of existing home transaction fell by over 5% month over month while the prices dropped by 1.5%. New home subscriptions fell by 25% month-over-month, signaling a period of sharp correction. Looking ahead, the market’s path will still depend on the pace of the future policies on the supply-demand balance improvement. Both are key to restore confidence, which in turn influence buying behavior and the price trend.

進入7月以來，市場下行速度加快。二手房成交量較上月下降超過5%，價格月減1.5%。新房簽約量較上季下降25%，預示進入大幅調整期。展望未來，市場的走向仍將取決於未來供需平衡改善政策的步伐。兩者都是恢復信心的關鍵，進而影響購買行為和價格趨勢。

On June 13, the State Council Executive Meeting once again emphasized the need to double down on stabilizing the market, signaling the potential for stronger policy support. On top of current policies that remain in place, there is still room for new stronger policies aimed at boosting demand and improved supply.

6月13日，國務院常務會議再次強調要加強市場力度，政策支持力道或將進一步加強。除了現行政策之外，仍有空間推出新的更有力的政策來刺激需求和改善供應。

On demand side, leading cities have further relaxed the purchase restrictions, Urban renewal, relocation vouchers and purchase subsidy can also unlock potential home buying demand. On supply side, high-quality housing from the fourth generation houses and nearly new existing home supply enabled by the easing of sales restrictions could elevate supply side quality and potentially market sentiment and transaction volume. Proactive policy can help counteract the market downward trend and support a shift towards recovery.

需求端，頭部城市限購政策進一步放寬，都市更新、安居券、購屋補貼等政策也能釋放潛在的購屋需求。在供應方面，第四代房屋的高品質住房和放寬銷售限制帶來的近乎全新的現有住房供應可能會提升供應質量，並可能提升市場情緒和交易量。積極的政策可以幫助抵消市場下行趨勢並支持轉向復甦。

John Lam, UBS.

瑞銀集團（UBS）的 John Lam。

(spoken in foreign language) So let me translate my question in English. So could management share about under the backdrop of the sector downturn regarding the property sector, is there anything that the management team has done to deliver the offer to investors? For example, would be like the market share, agent productivity or store productivities? And also how does the management think about the growth strategy for both the agents and also the number of stores?

（用外語說）那麼讓我用英語翻譯我的問題。那麼管理層能否分享一下，在房地產行業不景氣的背景下，管理團隊做了什麼來向投資者提供優惠？例如，市場佔有率、代理商生產力或商店生產力？管理階層如何考慮代理商和商店數量的成長策略？

We hope to outperform the market for a long time to come and have taken steps to achieve that. I will answer your question from two angles: scale and efficiency. First, the continuous expansion of our platform agent store network over the past few years has fueled the fast business growth. Going forward, we will slow the pace of our store and agent growth and focus more on efficiency for sustainable development.

我們希望在未來很長一段時間內跑贏市場，並採取措施實現這一目標。我從規模和效率兩個角度來回答你的問題。首先，過去幾年我們平台代理店網路的不斷擴張，推動了業務的快速成長。未來，我們將放慢門市和代理商的成長速度，更加重視效率，實現永續發展。

This strategy will vary by city. In places where store network coverage is already high, we will impose higher quality and ROI requirements to onboard new stores. In few cities where store network coverage is still relatively low, we'll continue to make strategic investments. By the end of the year, we expect to keep our store and agent number stable outside of Beijing and Shanghai. In those two cities, where agent growth has been strong over the past few years, we are consolidating lower-performing stores and phasing out lower-performing agents.

該策略因城市而異。在門市網路覆蓋率已經很高的地方，我們將對新店的入駐提出更高的品質和投資報酬率要求。在少數門市網路覆蓋率仍較低的城市，我們將持續進行策略性投資。到今年年底，我們預計北京和上海以外的門市和代理商數量將保持穩定。在這兩個城市，過去幾年代理商成長強勁，我們正在整合業績較差的門市，並逐步淘汰業績較差的代理商。

I believe it's time to shift our growth focus from scale to efficiency, starting with deeper operational efforts in the short term. In long term, we expect the technology to drive the industry-wide gains in total factor productivity. In details, we will implement in-depth, systematic scientific management operations, particularly by enhancing operations that add competitive dimensions. This involves managing process that influence competitive outcomes such as focusing on properties, customers, and improving collaboration and matching to enhance the competitiveness of individual store on our platform. And we will also continue to strengthen our key operation initiatives such as our points-based store incentive system, regional co-governance council, management of high-quality business districts, and separation of agent role for homeowners and buyers, which we piloted in Shanghai. These projects are helping us improve our ecosystem and guide service providers’ behavior. For example, store in high-quality business district had 1.44 times the average productivity of other stores, compared with less than 1.4 times in the second half of 2024. Over the long term, technology will be key to enhancing our efficiency and consistently deliver alpha. We see that advances in large AI modle technology, combined with our unique scenarios and data in residential service sector have strong potential in reshaping user experience, boosting efficiency, spring transformation in the real estate industry. We have established the AI project matrix that develop different AI applications simultaneously for different roles on our C-end and B-end, on both strategic and operational levels. Some of these applications have demonstrated good results. One example is our AIGC marketing and AI-driven CRM products that address customer acquisition and the conversion of agents. We have built an intelligent AIGC marketing agent for real estate agents to support customer acquisition through self-media, private domain traffic operations, and lead conversion. It offers a full set of tools, helping agents create multimodal content for multichannel customer acquisition, perform better data analysis and lead identification, analyze leads and create ice-breaker scripts and generate price trend automatically. Our intelligent AI-powered CRM agent strengthen customer acquisition and conversion for all customer-facing roles. Here, I refer to our brokerage agent as brokers to avoid any confusion. For existing home brokers, our AI CRM improves customer management through our constantly evolving multi-agent system powered by our user data. It gives brokers personalized guidance ranging from market insights and customer strategy to recommended actions. This input helps brokers understand users' needs, gauge their intentions, and sport new opportunities. It also automates personalized follow-up tasks to drive transactions. By the end of June 2025, Like, one of our AI-driven CRM product application, was in use across 69 cities with empowering over 335,000 brokers. The product’s penetration rate exceeded 75% across Beijing and Shanghai. In Xi’an, for example, brokers who use Like extensively achieve a 30% higher conversion rate for formal customer mandates and about 20% higher conversion rate for showing, compared with brokers that use the product less frequently. For new homes, we have AI-driven CRM agent, Qianji and Qianzhi that help new home sales managers improve listing management efficiency and strengthen both matching and marketing for new home products. On our consumer side, for example, our Pudding AI online service assistant now provides real estate market analysis, citywide home search, regional analysis, home listing comparisons, preliminary matching of home listing and agents. We began gray-box testing in May, making Pudding available to select users in 11 cities. In July, its MAU reached 780,000, up 10% from June. Conversation volume grew by 59% and average time spent per user was up 14%. Pudding now supports multi-language, multi-modal services. We're also transforming Pudding to allow it to proactively explore customer needs and handle tasks while providing more precise, high-quality instructive answers. These enhancements will help users make decisions and move transaction forward. Pudding is our first to-C trial in offering AI-powered services, and we are making extensive efforts to offer more important services to the industry. We believe AI is the most crucial driver for our next-generation productivity improvements. We will keep you updated on our internal progress. Thank you.

我認為現在是時候將我們的成長重點從規模轉向效率了，從短期內更深入的營運努力開始。從長遠來看，我們預計該技術將推動整個產業全要素生產力的提高。具體來說，我們將實施深入、系統性的科學管理行動，特別是加強增加競爭力的行動。這涉及影響競爭結果的管理流程，例如專注於物業、客戶以及改善協作和匹配，以增強我們平台上單一商店的競爭力。我們也將繼續強化我們的關鍵營運舉措，例如我們的積分門市激勵制度、區域共治委員會、優質商圈管理以及在上海試點的業主與買家代理人分離等。這些項目正在幫助我們改善生態系統並指導服務提供者的行為。例如，優質商圈門市的生產效率是其他門市平均生產效率的1.44倍，而2024年下半年數字還不到1.4倍。從長遠來看，科技將成為提高我們的效率和持續提供卓越成果的關鍵。我們看到，大型AI模型技術的進步，結合我們在住宅服務領域獨特的場景和數據，在重塑使用者體驗、提升效率、推動房地產產業轉型升級方面具有強大的潛力。我們建立了AI專案矩陣，在策略和營運層面，針對C端和B端的不同角色，同時發展不同的AI應用。其中一些應用已顯示出良好的效果。一個例子是我們的 AIGC 行銷和 AI 驅動的 CRM 產品，它們解決了客戶獲取和代理商轉換的問題。我們為房地產經紀人打造了智慧AIGC行銷代理，支援自媒體獲客、私域流量營運、線索轉換。它提供全套工具，幫助代理商創建多模式內容以進行多通路客戶獲取，執行更好的數據分析和潛在客戶識別，分析潛在客戶並創建破冰腳本並自動產生價格趨勢。我們由人工智慧驅動的 CRM 代理增強了所有面向客戶角色的客戶獲取和轉換能力。在這裡，我將我們的經紀代理人稱為經紀人，以避免任何混淆。對於現有的房屋經紀人，我們的 AI CRM 透過由用戶資料驅動的不斷發展的多代理系統改善客戶管理。它為經紀人提供個人化指導，包括市場洞察、客戶策略和推薦行動。這些輸入有助於經紀人了解使用者的需求、判斷他們的意圖並帶來新的機會。它還可以自動執行個人化的後續任務來推動交易。截至2025年6月底，我們的一款人工智慧CRM產品應用Like已覆蓋69個城市，為超過33.5萬名經紀人賦能。該產品在北京、上海兩地的普及率超過75%。例如在西安，與使用頻率較低的經紀人相比，大量使用「讚」的經紀人的正式客戶委託轉換率高出 30%，展示轉換率高出約 20%。對於新房，我們擁有人工智慧驅動的 CRM 代理“千機”和“千智”，可幫助新房銷售經理提高房源管理效率，並加強新房產品的匹配和營銷。例如在消費者端，我們的布丁AI線上服務助理現在提供房地產市場分析、全市房源搜尋、區域分析、房源對比、房源與經紀人初步匹配等功能。我們從 5 月開始進行灰盒測試，讓 Pudding 在 11 個城市向特定用戶開放。7月份，其月活躍用戶達78萬，較6月份成長10%。對話量增加了 59%，每個用戶的平均花費時間增加了 14%。Pudding現在支援多語言、多模式服務。我們也正在對Pudding進行改造，讓它能夠主動探索客戶的需求，處理任務，同時提供更精準、更高品質的指導性答案。這些增強功能將幫助用戶做出決策並推動交易向前發展。Pudding 是我們在提供人工智慧服務的 to-C 領域的首次嘗試，我們正在大力努力為業界提供更重要的服務。我們相信人工智慧是我們下一代生產力提升的最重要驅動力。我們將隨時向您通報我們的內部進度。謝謝。

Griffin Chan, Citi.

花旗銀行的 Griffin Chan。

(spoken in foreign language) So my question is about how will the property new develop models such as companies property sales or promote of the quality house create new opportunities for Beike, for example, in demand forecast or even for the product design?

（外語）所以我的問題是，房地​​產新發展模式，例如公司房地產銷售或優質住宅的推廣，將如何為貝殼創造新的機會，例如在需求預測甚至產品設計方面？

Thank you, Griffin. This year, supply side policies in real estate have accelerated push better living quality, especially through high-quality homes and move-in-ready new homes. These measures are being implemented at a faster pace. Residential products that meet new national standards have performed well and the pilot sales of the move-in-ready new homes in Xinyang have set a good example.

謝謝你，格里芬。今年以來，房地產供給面政策加速推動居住品質提升，特別是高品質住宅、拎包入住的新房建設。這些舉措正在加快推進。符合新國標的住宅產品銷售表現良好，信陽市即開即住新房試點銷售起到了示範作用。

Surveys show that among the factors holding back buyers, price expectation accounted for nearly 50%, while home suitability accounts for around 20%. As new home products better meet home upgrader’s suitability demands and the system for selling move-in-ready new home gradually expands, we expect to see reduced quantity and improved quality supply.

調查顯示，在影響購屋者購屋意願的因素中，價格預期佔近50%，房屋合適度約佔20%。隨著新房產品更能滿足住房升級者的適用性需求，以及可拎包入住的新房銷售系統的逐步擴大，我們預計供應數量將減少，品質將提高。

This new model set much higher requirements on developers from securing funding and ensuring project returns, to understanding upgrade needs, product positioning and pricing, and sell-through marketing. This will further highlight the value of Beike brings to developers. In terms of the impact of the current brokerage model, in the short term, in fourth-tier cities, new home products that met the new standard will have a lower brokerage sell-through proportion and commission rate than the products under the old standard.

這種新模式對開發商從資金保障、專案回報、到理解升級需求、產品定位與定價、以及銷售行銷都提出了更高的要求。這將進一步凸顯貝殼為開發者帶來的價值。從現行經紀模式的影響來看，短期內，在四線城市，符合新標準的新房產品的經紀去化比例和佣金率將低於舊標準下的產品。

Nevertheless, in most cities, new-standard products currently only accounts for around 10% of units and their presence will push old-standard products to raise their brokerage service penetration ratio. As a consequence of this, the overall impact on the brokerage channel sales market is relatively small. When new standard products make up over 30% of the project launch in the city, for example, as they do in Xi’an, the brokerage penetration and commission rate will match those of old standard products. The fast sell-through of the new regulation products can boost agents' confidence in new home products, forming a virtuous cycle. Opportunities for cooperation model upgrades. The industry’s new model will also drive upgrades in how we work with developers beyond the broker channel sales model. Our goal is to offer the tailored service for managing the full project life cycle based on each developer's needs and project type. This will further highlight the value of Beihaojia business from its CRM product solution to its integrated online-offline marketing services.

但目前在大部分城市，新規產品保有量僅佔10%左右，其存在將推動老規產品提升經紀服務滲透率。因此，對經紀通路銷售市場整體影響相對較小。例如，當新標準產品佔該城市新開盤項目的30%以上時，就像西安的情況一樣，經紀滲透率和佣金率將與舊標準產品持平。新規產品的快速銷售，可以增強代理商對新房產品的信心，形成良性循環。合作模式升級的機會。產業的新模式也將推動我們與開發商合作方式的升級，超越經紀通路銷售模式。我們的目標是根據每個開發人員的需求和專案類型提供管理整個專案生命週期的客製化服務。這將進一步凸顯貝好家業務從CRM產品解決方案到線上線下一體化行銷服務的價值。

Pricing forecast capability. We leverage a systematic modeling approach, including a subjective factor-eliminated pricing model with a rolling review and calibration mechanism, and the comparable price trend analysis based on authentic home market data. Our algorithm strip out structural factors so that the prices are comparable both across market and over time.

定價預測能力。我們採用系統化的建模方法，包括具有滾動審查和校準機制的主觀因素消除定價模型，以及基於真實國內市場數據的可比較價格趨勢分析。我們的演算法剔除了結構性因素，因此價格在各個市場和各個時間段內都具有可比性。

This pricing capability helps developers objectively access price trends and set accurate prices, avoiding profit loss from the mispricing. When competition in selling move-in-ready new home intensifies, it can also improve the project’s value for money positioning. For example, in Nanjing and Wuhan, new standard products are noticeably more competitive, exhibiting independent price trends. Beike's price forecasting capabilities enable granular segmentation analysis to better characterize some market dynamics. Today, our pricing model already has a fairly high level of accuracy. Regarding the unit mix forecasting capability, we apply matching learning algorithm to model and forecast customers' housing unit needs, drawing on both potential customer behavior and historical transaction data. In June 2025, the compliance rate of our sample simulations continued to rise. Our goal for the year of 2026 is to have a full plot and market coverage to help developers plan unit mixes more accurately, avoid inventory buildup and speed up sales of move-in-ready new homes. Regarding the customer insights, we can clearly define and pinpoint potential customer for building projects in specific district along with their needs and profiles. This includes identifying their purchasing power, preferred housing unit type, location, age, purchase purpose, family size and so on. Using our potential customer model, we can forecast the high purchase-intent buyers in the next 90 days for any given district and their specific needs. This gives developers the information they need to enhance competitiveness by targeting the right demographic and designing, optimizing products that meets the new standard requirements.

這種定價能力可以幫助開發商客觀地了解價格趨勢並設定準確的價格，避免因錯誤定價而造成的利潤損失。當可拎包入住的新房銷售競爭加劇時，它也可以提高專案的性價比定位。例如在南京、武漢等地，新標準產品的競爭力明顯增強，呈現獨立的價格走勢。貝殼找房的價格預測功能可以實現細粒度的細分分析，從而更好地表徵某些市場動態。今天我們的定價模型已經具有相當高的準確度。對於單元組合預測能力，我們應用匹配學習演算法來建模和預測客戶的住房單元需求，同時利用潛在客戶行為和歷史交易資料。2025年6月，我們樣本模擬的達標率持續上升。我們 2026 年的目標是實現全面的地塊和市場覆蓋，以幫助開發商更準確地規劃單元組合，避免庫存積壓，並加快可入住新房的銷售。關於客戶洞察，我們可以清楚地定義和確定特定地區建築專案的潛在客戶以及他們的需求和概況。這包括確定他們的購買力、首選住房類型、位置、年齡、購買目的、家庭規模等。使用我們的潛在客戶模型，我們可以預測未來 90 天內任何特定地區的高購買意願買家及其特定需求。這為開發人員提供了所需的信息，透過瞄準正確的人口統計數據並設計、優化符合新標準要求的產品來增強競爭力。

At the current stage, we hope to help developers position their products accurately at early stage, reducing the cost of the later-stage adjustments and improving product alignment with the market demand. Looking ahead, we will focus on building customization and community operation capabilities to help developers stand out in the move-in-ready new home market. By complementing developers with our strength in move-in-ready new home sell-through, regulatory adaptation and bottom line protection, our value to developers will extend from brokerage to product source. Thank you.

現階段我們希望能幫助開發者在前期精準定位產品，降低後製調整的成本，讓產品更貼合市場需求。展望未來，我們將專注於打造客製化和社區營運能力，幫助開發商在拎包入住的新房市場中脫穎而出。透過利用我們在可拎包入住的新房銷售、監管適應和底線保護方面的優勢來補充開發商，我們對開發商的價值將從經紀擴展到產品來源。謝謝。

Daniel Chen, JPMorgan.

摩根大通的 Daniel Chen。

(spoken in foreign language) So my question is on the home renovation and furnishing business. We have seen that the margin improvement has been strong on a year-over-year basis, and revenue growth is healthy. So what's the key growth driver behind? Is there further room for cost optimization. Meanwhile, are we going to expand the city coverage? Or are we going to further optimize our store network?

（以外語說）所以我的問題是關於家居裝修和家具業務的。我們看到利潤率較去年同期大幅提升，營收成長健康。那麼背後的關鍵成長動力是什麼？是否還有進一步成本優化的空間。同時，我們是否會擴大城市覆蓋範圍？或者我們要進一步優化我們的門市網路？

Thank you, Daniel. The home renovation and furnishing business maintained a relatively high growth rate in the first half of this year. Scale-wise, with revenue reached RMB7.51 billion, up 16.5% year over year. On the profitability front, the segment profit margin was 32.3% in the first half of the year, rising by 1.3 percentage points from the same period of last year. Operational efficiency also improved significantly at a city level in Q2. Operational efficiency enhancement is a focus of our home renovation business this year. We have implemented a series of initiatives aimed at enhancing fundamentals like our product and delivery capability, streamlining our organizational structure and amplifying management and operational efficiency. These efforts have led to continuous improvement in our performance. Here, I'd like to elaborate.

謝謝你，丹尼爾。家裝業務今年上半年維持了較高的成長速度。從規模來看，營業收入達75.1億元，年增16.5%。獲利方面，上半年分部利潤率為32.3%，較去年同期上升1.3個百分點。第二季城市層級的營運效率也顯著提升。提升營運效率是我們今年家裝業務的重點。我們實施了一系列舉措，旨在增強產品和交付能力等基本面，精簡組織結構，提高管理和營運效率。這些努力使我們的業績不斷提高。這裡我想再詳細說。

In terms of cost, the home renovation business’s expense mainly include material and labor costs. For materials, we cut procurement costs by consolidating brands and SKUs and moving to centralized procurement. By leveraging customer insight to streamline brand selection and SKU counts, we have consolidated procurement to three or few brands for most categories and achieved significant SKU reduction. Centralized procurement rate for primary and auxiliary materials reached more than 60% in Q2 2025 compared with over 20% in the same period of last year. This increased procurement volume per SKU in each category has led to a significant decrease in the unit price of some products that were awarded contracts. On the labor side, we have improved service providers' work efficiency by optimizing our order dispatching rules, enhancing the system's order-distribution capability and focusing project manager service area on specific business districts. Also, we are allocating more resources to high-quality service providers. In Q2 2025, average monthly order intake per professional project manager was more than double last year's average, driving significant improvement in both their efficiency and income. In terms of the sales and marketing expenses, these mainly cover the sales personnel cost for designers and customer managers and the store and broker channel costs.

從成本方面來看，家裝業務的開支主要包括材料費和人工費。對於材料，我們透過整合品牌和SKU並轉向集中採購來降低採購成本。透過利用客戶洞察力來簡化品牌選擇和 SKU 數量，我們將大多數類別的採購整合到三個或幾個品牌，並實現了 SKU 的顯著減少。2025年第二季度，主輔材料集中採購率達60%以上，去年同期為20%以上。各品類單價採購量的增加，導致部分得標商品單價大幅下降。在人力方面，我們透過優化訂單調度規則，提升系統的訂單分發能力，以及將專案經理服務區域聚焦於特定商圈，提升了服務商的工作效率。此外，我們正在向優質服務提供者分配更多資源。2025年第二季度，每位專業專案經理每月平均訂單量是去年平均值的兩倍多，推動了他們的效率和收入的顯著提升。銷售及行銷費用方面，主要包括設計師、客戶經理等銷售人員費用及門市及經紀通路費用。

As a percentage of revenue, sales personnel cost for designers and other roles significantly decreased year-over-year, primarily due to our agile transformation of the home renovation business’s organization structure. We streamlined the designer team, optimized the overall home renovation business workflow, eliminated certain roles in sales process and shifted the functions towards agents. Our digital tools such as AI Proposal and Lightweight BIMhave significantly improved operational efficiency in the sales process. The average monthly order volume per designer has increased from around 0.8 orders last year to over 1.2 orders in the second quarter of this year. To optimize store cost, we closed some underperforming large stores and pilot small-sized premium home renovation store near our home transaction contract signing center, where we integrated master-design productized showrooms. We hope to strengthen the synergy between our housing transaction business and the new initiatives, reducing store costs and improving sales per unit area, while exploring a new one-stop full-service home renovation model. For G&A expenses, we also made some structural enhancements, expanding service scope of middle- and back-office personnel. The average number of orders supported by each middle- and back-office personnel increased by 70% year over year in this Q2.

作為收入的百分比，設計師和其他職位的銷售人員成本同比大幅下降，這主要歸功於我們對家裝業務組織結構的敏捷轉型。我們精簡了設計師團隊，優化了整體家裝業務流程，減少了銷售環節中的部分職位，並將職能轉移到代理商。我們的AI Proposal、輕量級BIM等數位化工具顯著提高了銷售流程的營運效率。每位設計師每月平均訂單量由去年的0.8單左右提升至今年第二季的1.2單以上。為優化門市成本，我們關閉了部分業績不佳的大型門市，並在房屋交易簽約中心附近試辦小型精品家飾店，整合大師設計的產品化展廳。我們希望加強房屋交易業務與新措施的協同，降低門市成本，提高單位面積銷售額，同時探索一站式全服務家裝新模式。對於一般及行政開支，我們也進行了一些結構性改進，擴大了中後台人員的服務範圍。本季中後台平均每位人員支援的訂單數較去年同期成長70%。

These initiatives enabled us to achieve better operational results while continuously improving the service quality. In Q2 this year, the customer complaint rate of our home renovation and furnishing business dropped to below 10% from over 25% in the same period last year. We have seen a significant improvement in the Unit Economies at the city level. In Beijing area, revenue increased from over CNY700 million in the first half of 2023 to CNY1.15 billion in the first half of 2024 and exceeded CNY1.5 billion in the first half of this year, representing a year-over-year growth rate of over 30%. The gross profit margin in the first half of 2023, 2024 and 2025 were 35%, 36.1% and 36.3%, respectively. The operating profit margin at the city level rose from around 5% in the first half of 2023 to over 11% in the same period of 2025. The remarkable improvement in the model cities UE has boosted our confidence in our business’s continuous operation and the future success. There is still plenty of room for the operational efficiency improvement. Moving forward, our focus will shift from organizational structure optimization this year to implementing ongoing innovation in business models, products and technology.

這些措施使我們在不斷提升服務品質的同時，也取得了更好的經營績效。今年第二季度，我們家裝業務的客戶投訴率由去年同期的25%以上下降到10%以下。我們看到城市層級的單位經濟有了顯著改善。北京地區營收從2023年上半年的7億多元成長到2024年上半年的11.5億元，今年上半年突破15億元，年增超過30%。2023年、2024年及2025年上半年毛利率分別為35%、36.1%及36.3%。城市層級的營業利益率從2023年上半年的5%左右上升至2025年同期的11%以上。示範城市UE的顯著提升，增強了我們對企業持續經營和未來成功的信心。營運效率仍有很大提升空間。展望未來，今年我們的工作重點將從組織架構優化轉向商業模式、產品和技術的持續創新。

Xiaodan Zhang, CICC.

張曉丹，中金公司。

(spoken in foreign language) And we know that since its launch in the end of 2023, Beihaojia has brought a number of projects to the market. Drawing on the operational experience accumulated over the past year, or so could management share the future plans for Beihaojia and specifically, what business model will it adopt? And will there be an upper limit on the investment budget for individual projects.

（外語）我們知道，自2023年底推出以來，北好家已經向市場推出了多個項目。結合過去一年來累積的營運經驗，管理階層能否分享一下北好家未來的規劃，具體會採用什麼樣的商業模式？個別項目的投資預算是否有上限？

Thank you, Xiaodan. We have been very clear about our Beihaojia strategic direction, we're adamant about not being developers. In terms of business models, we are dedicated to asset-light business model. Except for our Chengdu Financial City project, on the Shanghai Fengxian project. We will not independently operate other projects.

謝謝你，小丹。我們對北好家的戰略方向非常明確，我們堅決不做開發商。在商業模式上，我們致力於輕資產商業模式。除了我們的成都金融城項目，還有上海奉賢項目。我們不會獨立運作其他項目。

The C2M model do not provide funding solutions. We will continue to explore platform model that offers full front-to-back-end services for developers, construction contractors, property owners and other partners, including product solutions and marketing services. Our product solutions cover C2M product positioning and design plans backed by AI and big data. Our marketing services are integrated the online-offline promotional services for more efficient customer acquisition. Regarding the data capital, which I know is a concern from all of you, we will set strict limits on the peak total investment from our own funds. Based on the amount already deployed by group as of June 30, we will invest no more than RMB1 billion in additional self-owned funds. After the exit of two proprietary development projects in Chengdu and Shanghai, the limit of our capital occupation for this business will be reduced by the investment amount of these two projects, further lowering our aggregate self-owned funding cap. Thank you.

C2M模式不提供資金解決方案。我們將繼續探索平台模式，為開發商、建築承包商、業主和其他合作夥伴提供從前端到後端的全方位服務，包括產品解決方案和行銷服務。我們的產品解決方案涵蓋基於AI和大數據的C2M產品定位和設計方案。我們的行銷服務整合了線上線下推廣服務，以更有效地獲取客戶。關於數據資本，我知道這是大家關心的問題，我們會對自有資金的最高總投資額進行嚴格的限制。在截至6月30日集團已部署金額基礎上，新增不超過10億元自有資金。在成都、上海兩個自營開發項目退出後，公司該業務的資金佔用限額將相應減少該兩個項目的投資額度，進一步降低公司自有資金佔用限額。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，我將把電話交給今天的演講主持人李思婷女士，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 information provided on our website. This concludes today's call, and we look forward to speaking with you again next quarter. Thank you, and goodbye.

再次感謝您今天加入我們。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資訊聯絡北科投資者關係團隊。今天的電話會議到此結束，我們期待下個季度再次與您交談。謝謝，再見。