Ke Holdings Inc (BEKE) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc. third-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 an 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.

各位女士、先生們，大家好。感謝您參加 KE Holdings, Inc. 2025 年第三季財報電話會議。請注意，今天的電話會議，包括管理層的準備發言和問答環節，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.

現在我將把電話交給貴公司投資人關係總監李思婷女士。請繼續，選址。

Thank you, operator. Good evening and good morning, everyone. Welcome to KE Holdings or Beike's third-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.

謝謝接線生。各位晚上好/早安。歡迎參加貝殼控股（KE Holdings）2025年第三季財報電話會議。該公司財務和營運業績已於今日早些時候在新聞稿中公佈，並發佈在公司投資者關係網站 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. Pang will share more on our strategic developments and innovative initiatives.

在今天的電話會議上，我們有聯合創辦人、董事長兼執行長彭志強先生，以及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進展和財務業績。接下來，龐先生將詳細介紹我們的策略發展和創新舉措。

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.

在繼續之前，請各位參閱我們在盈利新聞稿中的“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，貝科的獲利新聞稿和本次電話會議包含對未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標的討論。請參閱本公司新聞稿，其中包含未經審計的非GAAP指標與可比較GAAP指標的調節表。

Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB. Certain statistical and other information relating to the industry in which the company is engaged to be mentioned in this call has been obtained from various publicly available official or unofficial sources. Neither the company nor any of its representatives have independently verified such data, which may involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information and estimates.

最後，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。本次電話會議中將要提及的與公司所處行業相關的某些統計數據和其他信息，均來自各種公開的官方或非官方管道。本公司及其任何代表均未對此類數據進行獨立核實，這些數據可能涉及許多假設和局限性，因此請勿過度重視此類資訊和估計。

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

今天的電話會議，管理層將使用英語作為主要語言。請注意，中文翻譯僅供參考。如有任何出入，以管理階層原文聲明為準。

With that, I will now turn the call over to our CFO, Mr. Tao Xu. Please go ahead.

接下來，我將把電話交給我們的財務長徐濤先生。請繼續。

Thank you, Siting, and thank you, everyone, for joining our third-quarter 2025 earning conference call. In Q3, under the strategy of balancing scale and efficiency, we further optimized our business structure, enhanced operational and the middle and back office efficiency through AI technology, and achieved the city level profitability in both our home renovation and the rental business before deducting headquarters expenses.

謝謝 Siting，也謝謝各位參加我們 2025 年第三季財報電話會議。第三季度，在平衡規模和效率的策略指導下，我們進一步優化了業務結構，透過人工智慧技術提高了營運和中後台效率，在扣除總部費用前，我們的房屋裝修和租賃業務均實現了城市級盈利。

The combined contribution profit to company's total gross profit reached a record high. The cost and the expenses of our core business segments were further optimized. We also significantly enhanced execution of shareholder returns with a single quarter share repurchase spending, reaching its highest level in past two years.

公司總毛利的貢獻利潤創歷史新高。我們進一步優化了核心業務部門的成本和費用。我們也大幅提高了股東回報，單季股票回購支出達到近兩年來的最高水準。

Regarding our overall financial performance in Q3, our total GTV was RMB736.7 billion, remaining flat year over year. Total revenues reached RMB23.1 billion, up 2.1% year over year. Gross margin declined by 1.3 percentage points year over year to 21.4%. GAAP net income was RMB747 million, down 36.1% year over year. Non-GAAP net income was RMB1.29 billion, down 27.8% year over year.

關於我們第三季的整體財務業績，我們的總交易額為人民幣7,367億元，與去年同期持平。總收入達人民幣231億元，年增2.1%。毛利率年減 1.3 個百分點至 21.4%。以美國通用會計準則計算，淨利為人民幣7.47億元，較去年同期下降36.1%。非GAAP淨利為人民幣12.9億元，較去年同期下降27.8%。

With that overview, I'd like to provide some details on operational and financial performance for each segment. Looking at our housing transaction services, we have been continuously enhancing the productivity and operational performance through the application of AI and other technologies, as well as in-depth operational optimization.

有了以上概述，我想詳細介紹各個業務板塊的營運和財務表現。從我們的房屋交易服務來看，我們透過應用人工智慧和其他技術以及深入的營運優化，不斷提高生產力和營運績效。

For our existing home transaction services, we upgraded our AI tool, Haoke. As of end of the third quarter this year, high-quality business opportunities identified through Haoke account for only a single-digit percentage of total potential leads yet contribute over 50% of the transaction volume on our platform.

針對我們現有的房屋交易服務，我們升級了人工智慧工具 Haoke。截至今年第三季末，透過 Haoke 發現的高品質商機僅佔潛在客戶總數的個位數百分比，但卻貢獻了我們平台上超過 50% 的交易量。

On the housing supply side, we launched innovations such as agent specialization model, which agents are assigned to specially manages home listing or serve the buyers based on their expertise, as well as innovative services including home staging and open house events. These efforts have enhanced the buyer conversion, and marketing, and the sell-through efficiency of the home listings. For our new home transaction services, we have also continuously iterate our AI agent, Qianji system, to intelligent operations and marketing, as well as AI assistant, Qianzhi.

在住房供應方面，我們推出了經紀人專業化模式等創新舉措，根據經紀人的專業知識，專門安排經紀人管理房屋掛牌或為買家提供服務；此外，我們還推出了房屋佈置和開放日活動等創新服務。這些努力提高了買家轉換率、行銷效率和房屋銷售效率。對於我們新的房屋交易服務，我們也不斷迭代我們的人工智慧代理「千機」系統，以實現智慧營運和行銷，以及人工智慧助理「千智」。

In terms of the financial performance, revenue from existing home transactions reached RMB6 billion in Q3, down 3.6% year over year and down 10.8% quarter over quarter. GTV was RMB505.6 billion, up 5.8% year over year and down 13.3% quarter over quarter. The GTV growth outpaced revenue on a yearly basis, mainly due to a higher GTV contribution from existing home transaction facilitated by connected agent for which revenues are recorded on a net basis.

從財務表現來看，第三季成屋交易收入達人民幣60億元，較去年同期下降3.6%，季減10.8%。GTV為人民幣5,056億元，較去年成長5.8%，較上季下降13.3%。GTV 的成長速度逐年超過了收入，這主要是因為透過關聯代理人促成的現有房屋交易貢獻了更高的 GTV，而這些交易的收入是按淨額記錄的。

While revenue performance outpaced the GTV quarter over quarter, mainly due to the structural shift of the revenue contribution from the rental brokerage services increase amid seasonal fluctuations, which have a relatively high take rate, the contribution margin of the existing home business was 39% in Q3, a decline of 2 percentage points year over year, primarily due to the relatively stable fixed labor costs amid the revenue decline. Sequentially, the contribution margin declined by 1 percentage point due to the decline in revenue exceeding that in the fixed labor costs.

儘管收入表現環比超過了 GTV，這主要是由於租賃經紀服務收入貢獻的結構性轉變，在季節性波動中有所增加，而該服務具有相對較高的佣金率，但現有房屋業務的貢獻毛利率在第三季度為 39%，同比下降了 2 個百分點，這主要是由於收入下降而固定勞動力成本相對穩定。由於收入下降幅度超過固定勞動成本下降幅度，邊際貢獻率較上季下降 1 個百分點。

Our new home GTV reached RMB196.3 billion in Q3, down 13.7% year over year and 23.1% quarter over quarter. Revenue from the new home transactions was RMB6.6 billion in Q3, decreasing by 14.1% year over year, and 23% quarter over quarter. Revenue performance was in line with GTV performance both year over year and quarter over quarter, reflecting our steady monetization capability in new home business. The contribution margin from new home transaction services was 24.1%, down by 0.7 percentage points year over year due to an increase in variable costs resulting from our agent benefit improvement last year.

第三季度，我們新房的商品交易總額達到人民幣1,963億元，較去年同期下降13.7%，季減23.1%。第三季新房交易收入為人民幣66億元，較去年同期下降14.1%，季減23%。營收表現與 GTV 表現同比和環比均保持一致，反映了我們在新房業務方面穩定的獲利能力。由於去年代理商福利提高導致變動成本增加，新房交易服務的貢獻毛利率為 24.1%，較去年同期下降 0.7 個百分點。

On a quarterly basis, the new home contribution margin fell by 0.3 percentage points, largely due to a higher variable cost and a smaller decline in fixed labor cost compared with the revenue. For our home renovation and furnishing services, we continued to strengthen our core capability to support long-term sustainable growth.

按季度計算，新房屋貢獻毛利率下降了 0.3 個百分點，這主要是由於可變成本較高，而固定勞動成本的下降幅度相對於收入而言較小。在家居裝修和家具服務方面，我們不斷加強核心能力，以支持長期永續發展。

On the product side, we successfully replicate our productized showroom model in multiple cities. On the supply chain side, we expanded our centralized procurement categories and adopted localized sourcing standards and selection process, further reducing the overall unit purchase price. To enhance delivery quality, we focused on improving construction quality and standardizing on-site management, laying the foundation for a unified system to assess construction site quality.

在產品方面，我們已成功在多個城市複製了我們的產品化展廳模式。在供應鏈方面，我們擴大了集中採購類別，並採用了本地化的採購標準和選擇流程，進一步降低了整體單位採購價格。為了提高交付質量，我們著重於提高施工品質和規範現場管理，為建立統一的施工現場品質評估系統奠定了基礎。

In terms of the financial performance, Revenue from our home renovation and the furnishing business was RMB4.3 billion, remaining relatively flat year over year. Contribution margin for the segment reached 32%, up 0.8 percentage points year over year, primarily driven by the reduced procurement costs resulting from a larger proportion of centralized purchasing and decreased labor cost resulting from enhanced order dispatching efficiency.

從財務表現來看，我們的家居裝修和家具業務收入為人民幣43億元，與去年同期基本持平。此業務板塊的貢獻毛利率達到 32%，較去年同期成長 0.8 個百分點，主要得益於集中採購比例增加導致採購成本降低，以及訂單調度效率提高導致勞動成本下降。

Sequentially, the contribution margin remained relatively stable. For our home rental services business on product front, our new zero-nine products have been launched in 10 cities, offering property owners diversified service options. For unit signups and occupancy, we improved operational efficiency through AI-powered housing condition assessment and intelligent pricing while further promoting our quality-based traffic allocation rules to achieve faster housing turnover.

從順序上看，貢獻毛利保持相對穩定。在產品方面，我們的房屋租賃服務業務已在 10 個城市推出全新的零九產品，為業主提供多樣化的服務選擇。在單元簽約和入住方面，我們透過人工智慧驅動的房屋狀況評估和智慧定價提高了營運效率，同時進一步推廣了基於品質的流量分配規則，以實現更快的房屋週轉。

In Q3, the conversion ratio of Carefree Rent business opportunities to rental deals increased by more than 2 percentage points year over year. In terms of the operational management, we enhanced the productivity for the property managers and other personnel through further refinement of the role specialization, of labor, the iteration of operational process, and the empowerment of AI technsology.

第三季度，Carefree Rent 業務機會轉化為租賃交易的轉換率年增超過 2 個百分點。在營運管理方面，我們透過進一步完善角色專業化、勞動力分配、迭代營運流程以及應用人工智慧技術，提高了物業經理和其他人員的生產力。

Regarding financial performance, revenue from our home rental services reached a record high of RMB5.7 billion in Q3, up 45.3% year over year, driven by rapid growth due to the number of rental units under management. By end of Q3, we had over 660,000 rental units under management compared with over 370,000 in the same period of 2024. The contribution margin for home rental services was 8.7%, up 4.3 percentage points year over year and 0.3 percentage points quarter over quarter, largely driven by improved gross margin from our Carefree Rent business.

在財務表現方面，第三季我們的房屋租賃服務收入達到創紀錄的57億元人民幣，年增45.3%，主要得益於管理租賃單位數量的快速成長。截至第三季末，我們管理的租賃單位超過 66 萬套，而 2024 年同期則超過 37 萬套。房屋租賃服務的貢獻毛利率為 8.7%，較去年同期成長 4.3 個百分點，較上季成長 0.3 個百分點，主要得益於 Carefree Rent 業務毛利率的提高。

As we continued to refine the business model, we have adopted a net revenue recognition approach based on service fees for the certain newly signed properties, in line with the nature of the underlying service contracts. In Q3, our revenue from emerging and other services decreased by 18.7% year over year and 8.4% quarter over quarter to RMB396 million.

隨著我們不斷完善業務模式，我們根據相關服務合約的性質，對某些新簽署的物業採用了基於服務費的淨收入確認方法。第三季度，我們的新興市場及其他服務收入年減18.7%，季減8.4%，至人民幣3.96億元。

Now, moving to the other financial metrics in Q3, including other costs and expenses profitability and cash flow, our store costs reached RMB663 million in Q3, decreasing by 5.8% year over year and 13% quarter over quarter, mainly due to the lower store rental costs.

現在，讓我們來看看第三季的其他財務指標，包括其他成本和費用、獲利能力和現金流。第三季度，我們的門市成本達到人民幣6.63億元，較去年同期下降5.8%，較上季下降13%，主要原因是門市租金成本降低。

Gross profit dropped by 3.9% year over year to RMB4.9 billion. Gross margin was 21.4%, down 1.3 percentage points year over year. The decline was mainly due to the structural impact from a lower revenue proportion of existing home and the new home business, which have relatively high contribution margins, as well as the decrease in contribution margin from existing home business.

毛利較去年同期下降3.9%至人民幣49億元。毛利率為 21.4%，較去年同期下降 1.3 個百分點。下滑的主要原因是現有住宅和新住宅業務的收入佔比下降，而這兩項業務的貢獻毛利率相對較高，以及現有住宅業務的貢獻毛利率下降，這些因素都對收入結構產生了影響。

These were partially offset by the increase in contribution margin from the home rental services. Gross margin declined by 0.5 percentage points quarter over quarter in Q3, mainly due to the structural impact of the revenue contribution of new home transaction services declined.

這些損失部分被房屋租賃服務貢獻毛利的增加所抵銷。第三季毛利率較上季下降 0.5 個百分點，主要原因是新房交易服務收入貢獻下降的結構性影響。

In Q3, our GAAP operating expenses totaled RMB4.3 billion, down 1.8% year over year and 6.7% quarter over quarter. Notably, G&A expenses were RMB1.9 billion, relatively flat year on year and down by 10.3% quarter over quarter, primarily attributable to the decreased bad debt provisions and reduced share-based compensation expenses.

第三季度，我們的GAAP營運費用總計人民幣43億元，年減1.8%，較上季下降6.7%。值得注意的是，一般及行政費用為人民幣19億元，與去年同期基本持平，季減10.3%，主要歸因於壞帳撥備減少和股權激勵費用降低。

Sales and marketing expenses were RMB1.7 billion, down 10.7% year over year, mainly due to the lower personnel expense and reduced advertising and promotion expenses on the efficiency enhancement strategy. On a quarterly basis, the sales and marketing expenses were down 9%, mainly driven by a reduction in labor-related costs. Our R&D expenses were RMB648 million, up 13.2% year over year and 2.3% sequentially, largely driven by higher personnel expenses.

銷售及市場推廣費用為人民幣17億元，較去年同期下降10.7%，主要原因是為提高效率而採取的措施降低了人員費用和減少了廣告促銷費用。季度銷售和行銷費用下降了 9%，主要原因是勞動力相關成本的降低。我們的研發費用為人民幣6.48億元，年增13.2%，較上季成長2.3%，主要原因是人員費用增加。

In terms of the profitability, GAAP income from operations totaled $608 million in Q3, down 16.4% year over year and 42.6% quarter over quarter. GAAP operating margin was 2.6%, dropping by 0.6 percentage points from Q3 2024 and 1.4 percentage points quarter over quarter.

從獲利能力來看，第三季GAAP營業收入總計6.08億美元，年減16.4%，季減42.6%。GAAP 營業利益率為 2.6%，較 2024 年第三季下降 0.6 個百分點，較上一季下降 1.4 個百分點。

The non-GAAP income from operations totaled RMB1.17 billion, decreasing 14% year over year and 27% quarter to quarter. Non-GAAP operating margin was 5.1%, down 1 percentage point from Q3 2024, mainly due to the decline in gross margin. Non-GAAP operating margin was down 1.1 percentage points from the previous quarter, mainly due to the increase in operating expenses ratio sequentially.

非GAAP營業收入總計人民幣11.7億元，較去年同期下降14%，季減27%。非GAAP營業利益率為5.1%，較2024年第三季下降1個百分點，主要原因是毛利率下降。非GAAP營業利潤率較上一季下降1.1個百分點，主要原因是營業費用率較上季上升。

GAAP net income totaled RMB747 million in Q3, down 36.1% year over year and 42.8% quarter over quarter. Non-GAAP net income was RMB1.29 billion, falling 27.8% year over year and 29.4% quarter over quarter.

第三季GAAP淨利總計人民幣7.47億元，年減36.1%，季減42.8%。非GAAP淨利為人民幣12.9億元，較去年同期下降27.8%，季減29.4%。

Moving to our cash flow and the balance sheet, we generated net operating cash inflow of RMB851 million in Q3. New home DSO remained at a healthy level with 54 days in Q3. In addition to spending approximately USD281 million in share repurchase during Q3, our total cash liquidity, excluding customer deposit payable, remained at around RMB70 billion.

從現金流和資產負債表來看，我們第三季實現了淨經營現金流入人民幣 8.51 億元。第三季新房應收帳款週轉天數維持在健康水平，為 54 天。除了在第三季花費約 2.81 億美元用於股票回購外，我們的現金流動總額（不包括應付客戶存款）仍維持在人民幣約 700 億元。

Facing the short-term business challenges brought by external fluctuation and internal strategic transformation, we support and reward our shareholders to consistently active share repurchase to improve the efficiency of the capital operations. From the first to third quarter of this year, we spent USD139 million, USD254 million, and USD281 million on share repurchase, respectively, with a cumulative amount of approximately USD675 million in this year, up 15.7% year over year.

面對外部波動和內部策略轉型帶來的短期業務挑戰，我們支持並獎勵股東持續積極回購股票，以提高資本運作效率。今年第一季至第三季度，我們分別花了 1.39 億美元、2.54 億美元和 2.81 億美元用於股票回購，今年累計回購金額約為 6.75 億美元，年成長 15.7%。

As of the end of Q3, the number of repurchase share accounts for about 3% of the company's total issued share at the end of 2024. Since the launch of our share repurchase program in September 2022, we had repurchased around USD2.3 billion worth of shares as of the end of September this year, accounting for about 11.5% in of our total issued shares before the program began.

截至第三季末，回購股份數量約占公司 2024 年底已發行股份總數的 3%。自 2022 年 9 月啟動股票回購計畫以來，截至今年 9 月底，我們已回購了價值約 23 億美元的股票，約佔該計畫開始前我們已發行股票總數的 11.5%。

We have made progress in Q3 this year in proactively optimizing our business structure, strengthening technology empowerment, and enhancing shareholder returns. Our forward-looking layout of the home renovation and furnishing services, and home rental services have both achieved profitability at the city level before deducting headquarter expenses in third quarter.

今年第三季度，我們在積極優化業務結構、加強技術賦能和提高股東回報方面取得了進展。我們前瞻性的家居裝修和家具服務以及房屋租賃服務佈局，在扣除總部費用之前，均已在第三季度實現了市級盈利。

The AI capabilities have shown initial results in driving the business development and improving the work efficiency of the service providers, and the middle and back-office personnel. We are also fulfilling our shareholder return commitment with greater intensity, repurchasing USD281 million in a single quarter, increasing 38.3% year over year.

人工智慧技術已初步展現出在推動業務發展和提高服務提供者以及中後台人員的工作效率方面的作用。我們也正以更大的力度履行對股東回報的承諾，在一個季度內回購了 2.81 億美元的股票，年增 38.3%。

As the industry enters a new stage of high-quality development, we are taking initiative in building a residential services ecosystem. With our combination of technological innovation, anticyclical business portfolio, and highly efficient and well-structured operational system, we are well positioned to deliver greater value to both customers and investors.

隨著產業進入高品質發展的新階段，我們正在主動建構住宅服務生態系統。憑藉我們的技術創新、反週期業務組合以及高效且結構完善的營運體系，我們有能力為客戶和投資者創造更大的價值。

Thank you. Next, I would like to turn the call to our Chairman and CEO, Stanley.

謝謝。接下來，我想把電話交給我們的董事長兼執行長史丹利。

Thank you, Tao. For sharing our business and financial developments for the third quarter, we are strategically shifting our growth engine from scale to efficiency. Today, I'd like to highlight some innovative initiatives we have rolled out across businesses to advance shift.

謝謝你，陶。為了分享我們第三季的業務和財務發展情況，我們正在策略性地將成長引擎從規模轉向效率。今天，我想重點介紹一下我們為推進轉型而在各個業務部門推出的一些創新舉措。

First, in terms of our core housing transaction services, externally, we see new demand from both buyers and sellers under the new norm for China housing market. Home sellers expect stronger marketing capabilities from us, buyers are counting on us for customer-oriented insights to support their decision-making in areas such as timing, asset planning and listing comparisons. These trends place dual requirements on our traditional agent skill model and agents who are great at supporting both buyers and sellers are extremely rare.

首先，就我們的核心房屋交易服務而言，從外部來看，在中國住房市場新常態下，買賣雙方都出現了新的需求。房屋賣家希望我們具備更強大的行銷能力，買家則指望我們提供以客戶為中心的見解，以支持他們在時機選擇、資產規劃和房源比較等方面的決策。這些趨勢對我們傳統的經紀人技能模式提出了雙重要求，能夠同時為買家和賣家提供支援的經紀人極為罕見。

Since midyear, we have been working to restructure our capabilities across both buyer and seller agents. In Shanghai, we piloted a seller and buyer agent specialization mechanism to enhance our marketing and operating excellence on the home sellers agent side first. The mechanism redefines organizational roles, commission structures and performance incentives and offer supporting tech products.

自年中以來，我們一直在努力重組買賣雙方經紀人的能力。在上海，我們率先試行了買賣雙方代理專業化機制，以提升我們在房屋賣方代理方面的營銷和營運水平。該機制重新定義了組織角色、佣金結構和績效激勵，並提供支援性技術產品。

This, in turn, allowed buyer side agents to prioritize quality listings and improved transaction conversion. The underlying logic is that, high-quality home listings are engineered, not ready made. They require skilled agents to master market analytics, pricing, property staging, owner engagement and precision marketing; second, inventory quality drives customer acquisition superior listings inherently attract more serious buyers, driving transaction speed and our brand reputation, which in turn attracts better talent to join us. Therefore, we did several things to implement this.

這使得買方經紀人能夠優先考慮優質房源，並提高交易轉換率。其基本邏輯是，高品質的房屋清單是精心打造的，而不是現成的。他們需要技術嫻熟的經紀人來掌握市場分析、定價、房產佈置、業主互動和精準營銷；其次，庫存質量推動客戶獲取，優質的房源自然會吸引更多認真的買家，從而加快交易速度，提升我們的品牌聲譽，進而吸引更優秀的人才加入我們。因此，我們採取了以下幾項措施來實現這一目標。

First, we adjusted our organizational structure and incentive mechanisms. We shifted some senior agents into hybrid roles that combined management and home seller-focused responsibilities, given them the authorities to form and lead their own teams dedicated to listing management. Under the ACN commission allocation mechanism, we raised a selling agent share from 40% to over 50%.

首先，我們調整了組織結構和激勵機制。我們將一些資深經紀人調任為混合型角色，兼顧管理和以房屋銷售為中心的職責，賦予他們組建和領導專門負責房源管理的團隊的權力。根據 ACN 佣金分配機制，我們將銷售代理的份額從 40% 提高到 50% 以上。

We are maximizing incentives top-performing agents to focus on marketing high-quality home listings. This group of home seller focused agents can earn around 25% more than before, assuming our market share remains stable. To mitigate potential pressure on buyers agents, we reduced the mandatory 10-role commission split raised the minimum commission for selling agents and offer extra incentives for selling high score listings.

我們正在最大限度地激勵業績優異的經紀人專注於推廣高品質的房源。假設我們的市佔率保持穩定，這群專注於房屋銷售的經紀人可以比以前多賺約 25%。為了減輕買方經紀人可能面臨的壓力，我們降低了強制性的 10 人佣金分成比例，提高了賣方經紀人的最低佣金，並為銷售高分房源提供額外獎勵。

Second, we provide agents with systematic support and digitalized products to help them manage listings. In the past, homeowners relationship management, listing presentation and marketing relied on agent's personnel experience that made it hard to replicate and scale. We have built an AI powered listing score system that captures and quantifies the know-how required in six key areas: home listing maintenance completeness, homeowner engagement depth, property condition, for example renovation recency, listing cross-channel marketing performance, AI power pricing competitiveness, buyers' interest, for example, the listings online, offline viewings.

其次，我們為經紀人提供系統化的支援和數位化產品，以幫助他們管理房源。過去，房主關係管理、房源展示和行銷依賴經紀人的個人經驗，這使得複製和規模化變得困難。我們建立了一個由人工智慧驅動的房源評分系統，能夠捕捉和量化六個關鍵領域所需的專業知識：房屋房源維護完整性、房主參與度、房產狀況（例如翻新時間）、房源跨通路行銷效果、人工智慧定價競爭力、買家興趣（例如線上房源、線下看房）。

These metrics help agents clearly understand what defines a high-quality listing and how to better present and market homes. Homebuyer agents can also focus on selling 9-score listings to drive better sales conversions.

這些指標可以幫助經紀人清楚了解高品質房源的定義，以及如何更好地展示和推廣房屋。購屋經紀人還可以專注於銷售評分9分以上的房源，以提高銷售轉換率。

In terms of results, in September, high score listings accounted for more than 75% of transactions in Shanghai. Our average market coverage in Shanghai hit record high in Q3 increased 1.2 percentage points year-over-year and 2.6 percentage points; quarter on quarter. The experience of homeowners looking to sell quickly also improved. Many homeowners reached out to us proactively to learn how to raise their listing scores, buyers also naturally prefer high-scoring listings create creating a positive cycle and benefits everyone involved. The home sale buyer side agent specialization in Shanghai is an important initiative designed to meet the changing needs of our customers and marks a milestone in our shift from scale to efficiency.

從結果來看，9 月上海高分房源的交易量佔比超過 75%。第三季度，我們在上海的平均市場覆蓋率創歷史新高，年增 1.2 個百分點，季增 2.6 個百分點。希望快速出售房屋的房主體驗也得到了改善。許多屋主主動聯繫我們，了解如何提高他們的房源評分，買家自然也更喜歡高評分的房源，這形成了一個良性循環，使所有相關人員都受益。在上海推出的房屋買賣買方代理專項化是一項重要的舉措，旨在滿足客戶不斷變化的需求，標誌著我們從規模化向效率化轉型的一個里程碑。

We will continue to track its progress and explore new initiatives on the homebuyers agent side. In addition, we tried innovative approaches to make our new business more efficient. For example, in our home rental business, Q2 marked the first time we recorded breakeven at at the city level excluding headquarter costs, and Q3 this segment contributed over RMB100 million in profits.

我們將繼續追蹤其進展，並探索購屋代理的新舉措。此外，我們也嘗試了創新方法，以提高新業務的效率。例如，在我們的房屋租賃業務中，第二季度我們首次在城市層面實現了盈虧平衡（不包括總部成本），第三季度該業務板塊貢獻了超過1億元人民幣的利潤。

Carefree rent, our decentralized long-term rental business housing businesses inherently faces challenges, including relatively low average selling price, nonstandard products and services, extensive service coverage and high maintenance costs. Traditionally requiring heavy manpower and variable cost investment for scaling and operating. This sector has struggled with economics of scale industry-wide with no established best practices yet. As newcomers, we embraced this as an opportunity to build an AI-native operation from inception enabling parallel developmental business capabilities frontline operations and AI intelligence through our organizational restructuring, process optimization and AI-powered products.

無憂租房，我們分散的長期租賃業務住房業務本身就面臨著挑戰​​，包括平均售價相對較低、產品和服務不規範、服務覆蓋範圍廣、維護成本高等。傳統上，規模化和營運需要大量的人力和可變成本投資。該行業一直難以實現規模經濟，目前還沒有建立起最佳實踐。作為新來者，我們抓住這個機會，從零開始建立人工智慧原生運營，透過組織結構重組、流程優化和人工智慧驅動的產品，實現並行開發業務能力、前線營運和人工智慧智慧。

We are pioneering an ultra-efficiencient, economically sustainable model, early results demonstrate significant improvements offering valuable insights for our offering valuable insights for our other platform businesses.

我們正在開創一種超高效、經濟可持續的模式，初步結果表明，這種模式具有顯著的改進作用，並為我們其他平台業務提供了寶貴的見解。

I'll walk you through three major AI-driven breakthroughs across different dimensions. First, AI has been fully integrated into our rental services business, enabling end-to-end intelligent decision-making and business operations for rental unit sign-ups, AI now powers critical processes, including property lead identification, personnel management and deployment property evaluation, pricing strategies and homeowner communication.

我將帶你了解人工智慧在不同維度上的三大重大突破。首先，人工智慧已完全融入我們的租賃服務業務，實現了租賃單元註冊的端到端智慧決策和業務運營；人工智慧現在為關鍵流程提供支持，包括房產線索識別、人員管理和部署、房產評估、定價策略和房主溝通。

For example, previously, personnel management and operational relied heavily on the experience level with supervisors is deciding which agent was responsible for which area. Now through AI-driven grid management support supported by our unique dynamic domain data and modeling capabilities, AI can make data-driven determinations. It evaluates factors such as a number and quality of property leads, local supply-demand relationships and personnel capabilities and models.

例如，以前，人事管理和營運很大程度上依賴主管的經驗水平來決定哪個代理人負責哪個領域。現在，借助我們獨特的動態領域數據和建模能力所支援的人工智慧驅動的電網管理支持，人工智慧可以做出數據驅動的決策。它會評估諸如房產線索的數量和品質、當地供需關係以及人員能力和模式等因素。

Based on these data sets it determines the optimal personnel assignments regional coverage and organizational structure. AI can simulate up to 90,000 design scenarios per minute, automatically generating the most efficient staffing and operational strategies. This has greatly improved how we allocate our service personnel deployment, configuration and operational scope.

根據這些資料集，它確定最佳的人員配置、區域覆蓋範圍和組織結構。人工智慧每分鐘可模擬多達 90,000 個設計方案，自動產生最有效的人員配備和營運策略。這極大地改善了我們分配服務人員部署、配置和作戰範圍的方式。

We also use AI to guide and execute our core business strategies and that is helping us move forward fully intelligent operations for rental units signed up, we roll out AI power rental unit sign up assistant that use real-time data and algorithms to predict market demand, property inventory and price trends, it generates automated sign-up strategies and dynamic pricing recommendations, delivering tailored plans for each property through adaptive decision models as market conditions change, such as customer demand, property, inventory and pricing, AI can guide our operations team to make timely adjustments. For example, when there is an oversupply of three bedroom units in a certain area, the system automatically triggers price controls and sign up restrictions, when unit types are in short supply, AI reactivate dormant property leads. Our upcoming AI cloud butler will also automatically contact homeowners of these reactivated properties.

我們也利用人工智慧來指導和執行我們的核心業務策略，這有助於我們推進已簽約租賃單元的全面智慧營運。我們推出了人工智慧驅動的租賃單元簽約助手，該助手利用即時數據和演算法來預測市場需求、房產庫存和價格趨勢，產生自動簽約策略和動態定價建議，並透過自適應決策模型，隨著市場條件（如客戶需求、房產、庫存和價格）的變化，為每個房產提供量身定制的方案。人工智慧可以指導我們的營運團隊及時做出調整。例如，當某個地區的三房單位供應過剩時，系統會自動觸發價格控制和簽約限制；當單位類型供應短缺時，人工智慧會重新啟動休眠的房產線索。我們即將推出的AI雲管家服務也會自動聯繫這些重新啟用房產的業主。

In Ningbo, where we begin pilot operations in August, our workforce decreased by 10%, while new rental sign-up units grew up 10% even in the off-peak season. For rental unit leasing, our AI inventory management system frequently monitors inventory and directly takes over managing high risk or low maintenance properties. It dynamically adjust pricing and targeted discounts while optimizing traffic to speed up leasing. In Q3, this capabilities accelerated the lease out of 350,000 units across 11 cities with 90% price adjustment adoption. These efforts generated over RMB100 million in nationwide cost savings.

在寧波，我們從 8 月開始試運營，我們的員工人數減少了 10%，而即使在淡季，新簽約租賃單位的數量也增加了 10%。對於租賃單元，我們的人工智慧庫存管理系統會定期監控庫存，並直接接管高風險或低維護成本房產的管理。它會動態調整價格和定向折扣，同時優化流量，以加快租賃速度。第三季度，這項功能加速了 11 個城市 35 萬套房屋的租賃，價格調整的採用率達到 90%。這些措施在全國節省了超過1億元的成本。

Second, we use AI and technology to solve the industries long-standing problems with non standardation, enable high-quality, scalable growth. The home rental industry has several characteristics, home listings are scattered and each home have different and complex internal conditions, making the products nonstandard. Service providers are many and their levels vary. So the workforce is also nonstandard. Market price fluctuates and traditional pricing relies on frontline staff on-site judgment, leading to nonstandard pricing, operational process are mostly offline and complex making sales strategies and service execution nonstandard as well.

其次，我們利用人工智慧和技術解決產業長期存在的非標準化問題，實現高品質、可擴展的成長。房屋租賃行業具有幾個特點，房屋資訊分散，每套房屋的內部條件各不相同且複雜，導致產品不標準化。服務提供者眾多，水平參差不齊。因此，勞動力組成也不符合標準。市場價格波動，傳統定價依賴第一線員工現場判斷，導致定價不規範；營運流程大多離線且複雜，使得銷售策略和服務執行也不規範。

These are the traditional constraints of the industry, but with the progress of AI we see changes to achieve both standardization and personalization at the same time. At the property quality and risk assessment stage, we have achieved human AI integration with AI now leading the entire unit sign up workflows.

這些是該行業傳統的限制因素，但隨著人工智慧的發展，我們看到標準化和個人化正在同時實現。在房產品質和風險評估階段，我們已經實現了人機融合，人工智慧現在主導著整個單元簽約工作流程。

Our AI property evaluation assistant users visual recognition and multi-model analysis to intelligently capture indoor features, assess property conditions and evaluate potential risks. It also incorporates market data to generate intelligent, AI-driven pricing recommendations. Beyond analyzing photos the system can interpret property attributes holistically, helping address challenges such as inconsistent product standards, vary personnel capabilities and pricing accuracy.

我們的人工智慧房產評估助理利用視覺識別和多模型分析，聰明地捕捉室內特徵，評估房產狀況並評估潛在風險。它還整合了市場數據，以產生智慧的、人工智慧驅動的定價建議。除了分析照片外，系統還可以全面解讀房產屬性，幫助解決產品標準不一致、人員能力差異和定價準確性等挑戰。

In the homeowner communication phase, we launched the AI negotiation Assiastant. This tool package AI-driven property assessment, dynamic pricing and competitive market data into tailored home sign-up strategies and negotiation scripts helping our service providers communicate and negotiate with homeowners more effecrively. This provides a more professional and friendly experience for our clients equipping new service providers with the tools they need to grow quickly and learn how to address nonstandard sales issues. We piloted this feature in Ningbo, and unit sign up productivity rose by over 10 percentage points in Q3 compared with Q2, rank No.1 nationwide.

在與業主溝通階段，我們推出了人工智慧談判助理。該工具包將人工智慧驅動的房產評估、動態定價和競爭市場數據整合到量身定制的房屋登記策略和談判腳本中，幫助我們的服務提供者更有效地與房主溝通和談判。這為我們的客戶提供了更專業、更友善的體驗，使新的服務提供者能夠獲得快速發展所需的工具，並學習如何解決非標準銷售問題。我們在寧波試行了這項功能，第三季單元註冊效率比第二季提高了10個百分點以上，位居全國第一。

Third, we achieved a leap in efficiency by adopting different AI applications. During the sign-up stage, our AI Review system has replaced manual review, enabling fully automated risk control. As of September, the AI review function cover 11 cities, processing each case in just 20 seconds on average, making a 60-fold efficiency gain, saving more than 33,000 work hours and intercepting more than 16,000 risky properties. In the leasing stage, we use AI to power content lead marketing, expanding lead generation while reducing labor needs. AI intelligently analyzes and identify high-quality leads enhancing leasing efficiency.

第三，我們透過採用不同的人工智慧應用，實現了效率的飛躍。在註冊階段，我們的人工智慧審核系統取代了人工審核，並實現了完全自動化的風險控制。截至9月，人工智慧審核功能已涵蓋11個城市，平均每案僅需20秒即可處理完畢，效率提高了60倍，節省了超過33,000個工時，攔截了超過16,000處風險房產。在租賃階段，我們利用人工智慧來推動內容行銷，擴大潛在客戶開發，同時減少勞動需求。AI智慧分析並識別高品質潛在客戶，從而提高租賃效率。

The AI-driven operational system in our home rental services has enabled us to see the possibility of scalable yet personalized services for previously fragmented, non-standardized demand, demonstrating the potential for traditional industries to overcome diseconomies of scale through technological innovation we now integrate AI across our entire home rental services process and are replicating the system across 13 key cities. Only through continuous innovation can we navigate industry cycle. By implementing home buyer-seller agent specialization and AI-driven home rental operations. We have forged a new path tthat reengineers workflows through technology and fuels scale through efficiency.

我們房屋租賃服務中採用的人工智慧驅動營運系統，使我們能夠為先前分散、非標準化的需求提供可擴展且個人化的服務，這表明傳統產業有潛力透過技術創新克服規模不經濟。我們現在將人工智慧整合到整個房屋租賃服務流程中，並將系統複製到 13 個重點城市。只有持續創新，我們才能應對產業週期。透過實施房屋買賣代理專業化和人工智慧驅動的房屋租賃業務。我們開闢了一條新道路，透過科技重新設計工作流程，並透過提高效率來擴大規模。

Moving forward, we will deepen AI integration across business scenarios to advance both service providers capabilities and consumer experience. As China's housing service industry undergoes this next evolution, we are afforded a historical opportunity to further its transformation guided by our commitment to technology-powered, high-quality growth and its potential to unlock infinite possibilities for modern living services.

展望未來，我們將深化人工智慧在各個業務場景中的融合，以提升服務提供者的能力和消費者的體驗。隨著中國住房服務業進入下一個發展階段，我們迎來了一個歷史性的機遇，可以進一步推動其轉型，秉承我們對技術驅動、高品質成長的承諾，並充分發揮其潛力，為現代生活服務釋放無限可能。

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

我的發言到此結束。操作員，我們現在可以開始接受提問了。

(Operator Instructions) John Lam, UBS.

（操作說明）John Lam，瑞銀集團。

(spoken in foreign language)

（用外語說）

So let me translate my questions. So for the new home business, in the past, the company has been achieving or outperforming the market in terms of the alpha, but it seems that the magnitude of the alpha has been diminishing. May I know what's the reason why? And also how should we -- or how should investors look at the company’s mew home business growth potential? Thank you.

讓我來翻譯一下我的問題。因此，就新房業務而言，過去該公司在超額收益方面一直達到或超過市場水平，但超額收益的幅度似乎一直在下降。請問原因是什麼？我們（或投資者）應該如何看待該公司新的家庭業務成長潛力？謝謝。

Thank you, John. Although the near-term performance of our new home transaction business has been affected by the market volatility. We remain confident in its ability to outperform the market in the long run. China's new home market has gradually matured in past two years with supply side risk steadily easing against this backdrop we have shifted from a cautious approach to a more growth-driven strategy.

謝謝你，約翰。儘管我們新房交易業務的近期表現受到了市場波動的影響。我們仍然相信，從長遠來看，它有能力跑贏大盤。過去兩年，隨著中國新房市場供應面風險的逐步降低，市場日益成熟。在此背景下，我們已從謹慎的做法轉向更加重視成長的策略。

Our new home transaction business has significantly outperformed the broader market in past few quarters until this second quarter with higher brokerage penetration in the industry. Our broader housing transaction service network and more collaborative projects. In this Q3, our year-on-year growth narrowed relatively to the market. mainly due to the several factors.

在過去幾季中，我們的新房交易業務表現顯著優於大盤，但隨著行業內經紀業務滲透率的提高，第二季的情況有所改善。我們更廣泛的房屋交易服務網絡和更多合作項目。第三季度，我們的年增速相對於市場有所放緩，主要原因是以下幾個因素。

First, customers on our platform, often look at both new and existing home before making a purchase decision. Recently, the prices of existing homes have been considerably more attractive to the prices of comparable new homes, leading both first-time buyers and the home upgraders to choose is new homes.

首先，我們平台上的客戶在做出購買決定之前，通常會同時查看新房和二手房。近年來，二手房的價格比同等條件的新房價格更具吸引力，這使得首次購房者和房屋升級者都傾向於選擇新房。

Second, this is a base effect. The platform's new home transaction had a relatively higher base in last Q3 as many policy-driven new home subscriptions in Q2 were transacted in Q3, causing a timing mismatching with the market data.

其次，這是基礎效果。由於第二季許多受政策驅動的新房認購都在第三季完成交易，導致該平台第三季的新房交易基數相對較高，與市場數據有時間錯配。

Third, of course, it is important to note that in recent years, our new home business has grown rapidly from a lower base as we made significant gains in brokerage penetration. The scale of our collaborative projects and our sell through network and capabilities. We estimate that the brokerage channel penetration ratio in the new home market has grown to over 50% this year from approximately 30% a few years ago. In cities we operate in, the coverage of our collaborative project has expanded to over 70% from roughly 39% in 2023.

第三，當然，值得注意的是，近年來，隨著我們在經紀業務滲透率方面取得重大進展，我們的新房業務在較低的基數上實現了快速增長。我們合作專案的規模以及我們的銷售網絡和能力。我們估計，今年新房市場中經紀通路的滲透率已從幾年前的約 30% 成長到 50% 以上。在我們開展業務的城市中，我們的合作項目覆蓋率已從 2023 年的約 39% 擴大到 70% 以上。

To achieve further growth in a higher base, we have several key opportunities. First, we plan to expand into more cities and broaden our target market; second, brokerage channel penetration in China still lags behind developed markets, leaving ample room for growth. Third, we leverage refined operation management to enhance the service capability for the new home customers and the sell-through efficiency as well as to improve our coverage and sell-through capacity for high-end products.

為了在更高的基數上進一步成長，我們有幾個關鍵機會。首先，我們計畫拓展到更多城市，擴大目標市場；其次，中國經紀通路的滲透率仍落後於已開發市場，還有很大的成長空間。第三，我們利用精細化的營運管理來提升對新房客戶的服務能力和銷售效率，並提高高端產品的覆蓋範圍和銷售能力。

Now let's take a closer look at the details. First, we are piloting lighter product offerings to tap in more lower-tier cities, through what we call B+ products. Our platform business still has over 150 prefecture- and county-level markets not yet to be covered. Building on our commitment to authentic listings, the B+ pilot equips local brokerage stores and agents in more cities with system capability, traffic support and commercialization tools. This lighter operational approach enables more flexible collaboration on home listings and sales and the new home sales with our channel partners. As of September '25, our B+ business has been piloted in 4 cities, and we plan to expand over 30 cities by end of the year, unlocking additonal market opportunities.

現在讓我們仔細看看細節。首先，我們正在試行更輕量級的產品，以開拓更多低線城市市場，我們稱之為 B+ 產品。我們的平台業務仍有超過 150 個地級市、縣級市場尚未涵蓋。秉承我們對真實房源的承諾，B+ 試點計畫為更多城市的本地經紀公司和經紀人配備了系統功能、流量支援和商業化工具。這種更輕量級的營運方式能夠讓我們與通路夥伴在房屋掛牌、銷售和新房銷售方面進行更靈活的合作。截至 2025 年 9 月，我們的 B+ 業務已在 4 個城市進行了試點，我們計劃在年底前擴展到 30 多個城市，從而釋放更多市場機會。

Second, we see room to grow our sales contribution with collaborative projects. On to customer end, we will optimize content development and operational strategy for our new home business to reach more buyers and increased conversion rates. Under to business end, we will iterate our partnership models and product offerings for developers.

其次，我們認為透過合作項目可以提高我們的銷售貢獻。在客戶方面，我們將優化新家居業務的內容開發和營運策略，以吸引更多買家並提高轉換率。從業務角度來看，我們將不斷迭代我們的合作模式和開發者導向的產品。

Third, both supply and demand in new home markets are increasingly shifting towards the home upgrade projects. On supply side, we will more precisely identify these projects and boost their exposure to both agents and customers. We then match suitable agent to these upgrade projctes and direct more customer traffic to them. creating a closed loop among homes, agents and customers. This approach will also help agents strengthen their sales capability for upgrade products narrow the price gap between our platform average new home unit and the broader market. Thank you.

第三，新房市場的供需都在不斷轉向房屋升級改造工程。在供應方面，我們將更精準地識別這些項目，並提高它們在代理商和客戶中的曝光度。然後，我們將合適的經紀人與這些升級項目進行匹配，並將更多客戶流量引向這些項目，從而在房屋、經紀人和客戶之間形成閉環。這種方法也有助於代理商提高升級產品的銷售能力，縮小我們平台平均新房單位與更廣泛市場之間的價格差距。謝謝。

Griffin Chan, Citi.

Griffin Chan，花旗集團。

Hi. (spoken in foreign language)

你好。（用外語說）

Yeah, I'm going to translate my questions. So this is Griffin from Citi Property Team. So how did the leasing service business managed to turn last year losses into the operating profit by third quarter this year? And what opportunity remains through the improvement going forward?

是的，我會翻譯我的問題。這位是花旗房地產團隊的格里芬。那麼，租賃服務業務是如何在今年第三季轉虧為盈的呢？未來改進過程還有哪些機會？

Yes. Thank you, Griffin. The profitability of our home rental services improved significantly this year, excluding headquarter allocations, city level operating profit breakeven in Q2 and become profitable in this Q3. First, we benefited from economies of scale from rapid growth in both scale and revenue. The total number of managed units exceeding 660,000 by end of Q3, up 75% year over year.

是的。謝謝你，格里芬。今年，我們的房屋租賃服務獲利能力顯著提高，不包括總部撥款，第二季度城市級營業利潤實現盈虧平衡，第三季度實現盈利。首先，我們受益於規模經濟，這得益於規模和收入的快速成長。截至第三季末，管理單位總數超過 66 萬套，較去年同期成長 75%。

Revenue from our home rental services business reached RMB5.7 billion in Q3 up 45.3% year over year. The contribution profit from our home rental services also rose significantly to nearly 500 million in Q3, up 186% year over year, which contributed a margin of 8.7%, up 4.3 percentage points year over year.

第三季度，我司房屋租賃服務業務收入達人民幣57億元，年增45.3%。第三季度，我們房屋租賃服務的貢獻利潤也大幅成長至近 5 億，年增 186%，貢獻了 8.7% 的利潤率，年增 4.3 個百分點。

On one hand, the light-asset model of our Carefree Rent business has given us a higher margin, lower risk revenue structure. Starting in Q1 this year, the revenue from newly added rental units and renewed existing unit under the Carefree Rent has been accounted for on a net basis.

一方面，我們 Carefree Rent 業務的輕資產模式為我們帶來了更高的利潤率、更低的風險收入結構。從今年第一季開始，根據「無憂租金」計畫新增出租單位和續租現有單位的收入均以淨額計算。

In Q3, rental units under the net revenue accounting method made up 25% of the total unit under management, up 10 percentage points quarter over quarter contributing approximately RMB470 million in revenue. This structure shift drove RMB130 million increase in Carefree Rent’s Q3 contribution profit and lifted its contribution margin by 3 percentage points.

第三季度，以淨收入會計方法計算的租賃單位佔管理單位總數的25%，季增10個百分點，貢獻了約4.7億元人民幣的收入。這項結構調整使 Carefree Rent 第三季貢獻利潤增加了 1.3 億元人民幣，貢獻利潤率提高了 3 個百分點。

At the same time, 2025 has been a year of improving operational efficiency. Streamline a highly efficient operation have driven the reduction in several cost ratio, adding about RMB170 million to contribution profit and increasing contribution margin by roughly 1.5 percentage points. Excluding rental costs recognized on a gross basis, the main cost of Carefree Rent are labor cost, channel cost, post rental, installation and default costs. The improvement was mainly driven by the optimized operation labor costs.

同時，2025年是提高營運效率的一年。精簡且有效率的營運流程降低了多項成本比率，為貢獻利潤增加了約1.7億元人民幣，並使貢獻毛利率提高了約1.5個百分點。除以總額確認的租金成本外，Carefree Rent 的主要成本包括人工成本、通路成本、租賃後成本、安裝成本和違約成本。這項改進主要得益於營運人工成本的優化。

In Q3, the average monthly number of units managed per property manager exceeded 130 compared with over 90 in the same period last year. In the first 3 quarters of this year, average monthly efficiency in unit signups and occupancy rose by approximately and 28% year over year, respectively. The default cost ratio declined by 0.1 percentage points. benefiting from our strong leasing capability.

第三季度，每位物業經理平均每月管理的單位數量超過 130 套，而去年同期為 90 多套。今年前三個季度，單元簽約量和入住率的月均效率分別年增約 28%。違約成本率下降了0.1個百分點，這得益於我們強大的租賃能力。

In Q3, initial leasing success rate improved by 0.9 percentage points year-over-year. So far this year, contribution profit from our home rental business segment has grown much faster than operating expenses. These expenses mainly comprise headquarter and the city level staff compensation and R&D with a quite low expense ratio. A series of operating management tools have consistently improved the productivity of our middle and back-office personnel. The average number of units on the management by each middle and back-office personnel rose by 7.5% year over year, while the overall operating expense ratio declined year-over-year.

第三季度，首次租賃成功率年增0.9個百分點。今年以來，我們房屋租賃業務的貢獻利潤成長速度遠超營運支出。這些費用主要包括總部和市級員工薪資和研發費用，費用率相當低。一系列營運管理工具持續提高了我們中後台人員的工作效率。每位中後台人員管理的平均單元數年增 7.5%，而整體營運費用率較去年同期下降。

In the coming years, there is a significant room to improve the contribution margin in our Carefree Rent business. The key drivers will be the continuous growth potential of the rental unit scale of the Carefree Rent and ongoing improvement of our operational efficiency. From a per-unit UE optimization perspective, we are diversifying our channels for renting out our property to reach broader tenant demographics, increasing the share of our in-house rental occupancy team and reducing reliance on the concentrated broker channels. This is expected to lower the per unit channel cost ratio.

未來幾年，我們的 Carefree Rent 業務的貢獻毛利率還有很大的提升空間。關鍵驅動因素將是 Carefree Rent 租賃單位規模的持續成長潛力以及我們營運效率的不斷提高。從單位使用者效率優化的角度來看，我們正在拓展出租房產的管道，以覆蓋更廣泛的租戶群體，增加內部租賃入住團隊的份額，並減少對集中經紀管道的依賴。預計這將降低單位通路成本率。

In addition, labor costs remains a large part of per-unit UE and there is still room for further reduction of the cost ratio. We see the potential to nearly double the number of units managed per property manager moving towards an average over 200 units per person.

此外，勞動成本仍然是單位使用成本的很大一部分，成本比率還有進一步降低的空間。我們看到，每位物業經理管理的單位數量有可能翻一番，平均每人管理的單位數量將超過 200 套。

Furthermore, we will keep is exploring and rexpanding diverse value-added services with the home rental ecosystem. We will continue to invest in AI and online digital capability within our home rental service, while other operating expenses should stay relatively stable. As the business continues to scale, and we further optimize per unit UE. We expect our home rental service to maintain a strong operating leverage in the year ahead. Thank you.

此外，我們將繼續探索並擴展房屋租賃生態系統中的各種增值服務。我們將繼續投資房屋租賃服務的AI和線上數位能力，而其他營運費用應保持相對穩定。隨著業務規模的不斷擴大，我們將進一步優化每個用戶單元 (UE)。我們預計未來一年我們的房屋租賃服務將維持強勁的營運槓桿作用。謝謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Thank you very much for taking my questions. My question is around your renovation business. You have done very well in cities like Beijing and Shanghai. And I was just wondering for it to do well in those cities? Is that because you have high market share with your Linja brand in those cities?

非常感謝您回答我的問題。我的問題是關於您的裝修業務的。你在北京、上海這樣的城市都做得非常好。我只是想知道它在那些城市的表現會如何？是因為你們的 Linja 品牌在這些城市擁有很高的市場佔有率嗎？

And what sort of -- do you think that's a key reason. And do you think for cities outside Shanghai and Beijing, how would you kind of motivate your agents to cross-sell or to sell the renovation business when you don't have such a high market share.

你認為這是關鍵原因嗎？那麼，對於上海和北京以外的城市，當市場佔有率不高時，您會如何激勵您的代理商進行交叉銷售或銷售裝修業務呢？

Thank you, Shao Jiong. First of all, it is important to note that the home renovation market in second tier and third tier cities represent a critical long-term growth driver for our future home renovation business. carrying irreplaceable strategy value. From a market fundamental perspective, compared to the first tier cities, the cost of purchasing a similar size of property is much lower in smaller cities. Based on the latest data from our platform, the average price of in existing home in Beijing and Shanghai is around RMB4 million versus just over RMB1 million in other cities. This price gap presents a meaningful opportunity as customers in second and third tier cities can allocate a relatively larger budget for the home renovation.

謝謝你，邵炯。首先，值得注意的是，二、三線城市的房屋裝修市場是我們未來房屋裝修業務的關鍵長期成長動力，具有不可取代的策略價值。從市場基本面來看，與第一線城市相比，在小城市購買同等規模的房產成本要低得多。根據我們平台的最新數據，北京和上海現有房屋的平均價格約為人民幣400萬元，而其他城市的平均價格略高於人民幣100萬元。這種價格差距為二、三線城市的顧客提供了一個重要的機會，因為他們可以為房屋裝修分配相對更大的預算。

In 2024, we recorded approximately 1 million existing home transaction outside of Beijing and Shanghai. In these cities, home renovation contract orders generated through our agent network only accounted for around 30% of overall home renovation contract orders. Our conversion rate from existing home transaction to home renovation contract in these cities were just less than 5% compared to over 20% and 10% in Beijing and Shanghai, respectively.

2024年，我們在北京和上海以外的地區記錄了約100萬套二手房交易。在這些城市，透過我們的代理商網路產生的房屋裝修合約訂單僅佔房屋裝修合約訂單總數的約 30%。在這些城市，我們從現有房屋交易到房屋裝修合約的轉換率略低於 5%，而北京和上海的轉換率分別超過 20% 和 10%。

Our strategic rationale is clear: larger-scale expansion into additional cities will only begin once home renovation business underlying operational capability are mature and the model has been fully proven in core cities. Therefore, our resources are highly concentrated in core cities at this moment as we have not yet made a big effort to drive traffic for our home renovation business through non-Lianjia agent channel in the second and third tier cities so far.

我們的策略理由很明確：只有當房屋裝修業務的基本營運能力成熟，並且該模式在核心城市得到充分驗證後，才會開始更大規模地擴展到其他城市。因此，目前我們的資源高度集中在核心城市，因為我們還沒有大力透過二、三線城市的非聯家代理管道來推動我們家裝業務的流量。

This approach is to ensure that every step of our growth is solid and sustainable. Meanwhile, we have put in place a multi-dimensional, systematic operational framework to engage with and motivate non-Lianjia agents. It includes three components.

這樣做是為了確保我們發展的每一步都穩健且可持續。同時，我們建立了一個多維度、系統性的營運框架，以吸引和激勵非連家代理人。它包含三個部分。

First, we aim to deepen our operational teams understanding and expertise in home renovations. Our operation teams have also shared the knowledge and proven operational capability to connected store owners and agents, fostering an ecosystem marked by professional collaboration and shared competency.

首先，我們的目標是加深營運團隊對房屋翻新的理解和專業知識。我們的營運團隊也與合作的店主和代理商分享了知識和成熟的營運能力，從而培育了一個以專業合作和能力共享為特徵的生態系統。

Second, we rolled out innovative incentive program to build an online brand promotion matrix. By offering incentives such as Beike coins, we encourage more connected store agents to visit our offline home renovation stores and showcase our service through the short video, which they will also upload to the leading social media platforms such as Douyin.

其次，我們推出了創新的激勵計劃，以建立線上品牌推廣矩陣。透過提供貝科幣等獎勵，我們鼓勵更多連網門市代理商到訪我們的線下家居裝潢店，並透過短影片展示我們的服務，他們也會將短影片上傳到抖音等主流社群媒體平台。

Since launch of this program in the late April of this year, more than 30,000 agents in over 30 cities have uploaded over 50,000 videos. This has cultivated a positive environment of full participation and widespread promotion.

自今年四月下旬該計畫啟動以來，已有超過 30 個城市的 3 萬多名經紀人上傳了超過 5 萬個影片。這營造了全民參與和廣泛宣傳的積極氛圍。

Lastly, on top of improving agent capability we are leveraging AI to boost the contract conversion efficiency. Using AI, we assess key attributes of the property within the store owners' coverage area such as property age, layout, condition and assign quantitative scores. This allows us to accurately identify high-scoring homes with a higher likelihood of generating home renovation business.

最後，除了提高代理能力外，我們還利用人工智慧來提高合約轉換效率。利用人工智慧，我們評估商店所有者覆蓋區域內物業的關鍵屬性，例如物業的年齡、佈局、狀況，並給予量化評分。這使我們能夠準確識別得分高的房屋，這些房屋更有可能帶來房屋翻新業務。

Feedback from the pilot cities has been extremely positive, while high-scoring homes constitute only low single digit of the total home renovation leads, they contribute to over 20% of our preliminary home renovation contracts underscoring AI value in boosting our operational efficiency.

試點城市的回饋非常積極，雖然高分房屋僅佔房屋翻新線索總數的個位數，但它們貢獻了我們初步房屋翻新合約的 20% 以上，這凸顯了人工智慧在提高我們營運效率方面的價值。

In Q3 this year, our home renovation leads from non-Lianjia agent channels achieved year-over-year growth and the lead to contract conversion rates increased compared with last year's average. In the short term, our approach for the home renovation business remains relatively conservative. In the long run, once our home renovation service met our established high standards across customer experience, product competitiveness and the delivery quality, we will initiate a more proactive traffic diversion strategy through non-Lianjia agent channels in the cities outside of Beijing and Shanghai.

今年第三季度，我們來自非聯家代理通路的房屋裝修線索實現了同比增長，線索到合約的轉換率也比去年平均水平有所提高。短期內，我們在家居裝修業務方面仍將採取相對保守的策略。從長遠來看，一旦我們的房屋裝修服務在客戶體驗、產品競爭力和交付品質方面達到我們既定的高標準，我們將在北京和上海以外的城市，透過非聯家代理管道啟動更積極的流量分流策略。

Timothy Zhao, Goldman Sachs.

Timothy Zhao，高盛集團。

Great. Good evening management team. My question is about your cost and expenses. Could you further elaborate what are the measures for the company to control costs and any effect or outcome that you have seen so far? And what we should expect from this cost and expense line going forward?

偉大的。各位管理團隊成員晚上好。我的問題是關於您的成本和費用。您能否進一步詳細說明公司為控製成本採取了哪些措施，以及目前為止您觀察到的任何效果或結果？那麼，未來我們該對這項成本和費用項目抱持什麼樣的預期呢？

Yes. under the strategic guidance of our operational efficiency enhancement, all businesses have orderly implement a series of optimization measures and achieve phase results. Now, I'd like to elaborate on the cost reduction achievements of each business line and overall operating expenses in the third quarter of 2025.

是的。在我們提升營運效率的策略指導下，各業務部門有序地實施了一系列優化措施，並取得了階段性成果。現在，我想詳細說明各業務線在 2025 年第三季的成本削減成果和整體營運費用。

For our existing home transaction services, we continue to boost the productivity of our Lianjia team and the organizational optimization has driven a notable decline in labor cost. Organizational optimization has directly led to a cost reduction with the fixed labor costs in Q3, decreasing by more than 20% compared with the peak in Q4 last year.

對於我們現有的房屋交易服務，我們不斷提高聯家團隊的生產力，組織優化也顯著降低了勞動成本。組織優化直接降低了成本，第三季固定勞動成本較去年第四季的高峰下降了 20% 以上。

And the labor efficiency, has been continuously improved. For new home transaction services, we have both streamlined fixed labor costs and the variable cost structure through streamlining the organizational structure of new home operation team. We have achieved a reduction of more than 40% in relevant fixed labor cost compared to peak in Q4 last year.

勞動效率也一直在不斷提高。對於新房交易服務，我們透過精簡新房營運團隊的組織結構，既降低了固定人工成本，也降低了變動成本結構。與去年第四季的高峰相比，我們已將相關固定勞動成本降低了 40% 以上。

On the variable cost side, the gross profit margin per project has been steadily increased by focusing sales strategy to maximize unit sales per single housing project. The commission split of non-Lianjia channels has decreased by more than 1 percentage point from the peak in Q1 this year. For our home renovation and furnishing business, we have effectively lowered the material cost through supply chain integration by streamlining partner brand selection and SKU counts, we have achieved significant cost savings in procurement. Our centralized purchasing category has expanded from 4 as of Q2 to 13 as of Q3 covering core categories such as wooden doors, flooring and tiles. The procurement unit price of some products has decreased by over 20%.

在變動成本方面，透過集中銷售策略最大限度地提高單一房屋專案的單位銷量，每個專案的毛利率穩步提高。非聯家頻道的佣金分成比例較今年第一季的高峰下降了超過 1 個百分點。對於我們的家居裝修和家具業務，我們透過供應鏈整合，簡化合作夥伴品牌選擇和 SKU 數量，有效降低了材料成本，並在採購方面實現了顯著的成本節約。我們的集中採購類別已從第二季的 4 個類別擴展到第三季的 13 個類別，涵蓋木門、地板和瓷磚等核心類別。部分產品的採購單價下降了20%以上。

The effectiveness of the cost optimization has been reflected in the financial data with the proportion of material-related costs as a percentage of revenue in Q3 decreasing by about 1 percentage point compared to last year's average. For our home rental services, cost reduction has been driven by both technological empowerment and business model refinement.

成本優化的有效性已在財務數據中得到體現，第三季度材料相關成本佔收入的百分比比去年同期平均水平下降了約 1 個百分點。對於我們的房屋租賃服務而言，成本降低是透過技術賦能和商業模式改進共同實現的。

We have improved the efficiency of the rental housing turnover management through AI empowerment and task specialization of the service providers. The proportion of operating labor costs to revenue in Q3 decreased by around 1 percentage point year over year. For store cost, we have reduced fixed expenses through the refined management and closed underperforming stores.

我們透過人工智慧賦能和服務提供者的任務專業化，提高了租賃住房週轉管理的效率。第三季營運人工成本佔營收的比例較去年同期下降約 1 個百分點。在門市成本方面，我們透過改進管理降低了固定費用，並關閉了業績不佳的門市。

The number of active Lianjia store has been decreased from around 5,600 as of Q4 last year to less than 5,200 as of Q3 this year. a decrease of around 8%. Meanwhile, we have actively promoted rent negotiation for existing Lianjia stores and achieved average rent reduction of over 10%.

截至去年第四季末，聯家活躍門市數量約為5,600家，而截至今年第三季末，已不足5,200家，降幅約8%。同時，我們積極推動現有聯家門市的租金談判，平均租金降低了 10% 以上。

Regarding the control of the operating expenses and R&D investments, For G&A expenses, we have achieved efficient cost control through the organizational optimization. On a non-GAAP basis, the G&A expenses of the home renovation business have decreased by more than RMB100 million compared to the peak in Q3 last year. This was mainly due to the adjustment of the organizational structure. The headquarters G&A has also been optimized based on the market conditions. For sales and marketing expenses, both marketing spending optimization and the improvement of the labor efficiency have been implemented.

在控制營運費用和研發投資方面，對於一般及行政費用，我們透過組織優化實現了有效的成本控制。以非GAAP準則計算，家裝業務的G&A費用較去年第三季的峰值減少了1億元以上。這主要是由於組織結構的調整。總部一般及行政費用也根據市場情況進行了優化。在銷售和行銷費用方面，我們既實施了行銷支出優化，也提高了勞動效率。

On non-GAAP basis, the sales and market expenses of the housing transaction business have decreased by around RMB90 million compared to the peak in Q3 last year, mainly through the optimization of the advertising and the marketing placements. The related advertising and promotion expenses have declined by more than 20% compared to the peak in Q3 last year. The sales and marketing expenses for home renovation business have decreased more significantly by more than RMB100 million compared to the peak in Q3 last year.

以非GAAP準則計算，房屋交易業務的銷售和市場費用較去年第三季的高峰減少了約9,000萬元人民幣，主要得益於廣告和行銷投放的最佳化。與去年第三季的高峰相比，相關的廣告和促銷費用下降了20%以上。與去年第三季的高峰相比，家裝業務的銷售和行銷費用下降幅度更大，超過人民幣1億元。

The core driving factors, including AI technology enhancing the operational efficiency of the designers and other front-end staff as well as organizational optimization that improved the workforce structure. For R&D expenses, on non-GAAP basis, the expenses in Q3 increased by around RMB79 million year over year as the scale of R&D team has expanded steadily.

核心驅動因素包括人工智慧技術提高了設計師和其他前端人員的營運效率，以及組織優化改善了勞動力結構。就研發費用而言，以非GAAP準則計算，第三季費用較去年同期成長約人民幣7,900萬元，因為研發團隊規模穩定擴大。

As of Q3, there were more than 2,300 R&D related personnel, an increase of more than 100 compared with Q3 last year, among which the number of AI-related R&D personnel exceed 600, doubling compared to the same period last year. R&D resources continue to be tilted towards the core areas with R&D investment related to AI in Q3, exceeding RMB150 million, nearly doubling compared to the same period last year. Our operational efficiency enhancement strategy has a clear execution path. We firmly believe that when the market environment stabilizes, our continuous operation optimization will fully release the operating leverage effort. Thank you.

截至第三季度，研發相關人員超過2,300人，比去年同期增加100多人，其中人工智慧相關研發人員超過600人，比去年同期翻了一番。研發資源持續向核心領域傾斜，第三季人工智慧相關研發投入超過1.5億元人民幣，與去年同期相比幾乎翻了一番。我們的營運效率提升策略有明確的執行路徑。我們堅信，當市場環境穩定下來後，我們持續的營運優化將充分釋放營運槓桿作用。謝謝。

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

電話會議即將結束。現在我將把電話交給今天的發言人李思婷女士，請她作總結發言。

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.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過我們網站上提供的聯絡方式聯絡貝殼投資者關係團隊。

This concludes today's call and we look forward to speaking with you again next quarter. Thank you and good-bye.

今天的電話會議到此結束，我們期待下個季度再次與您交流。謝謝，再見。