【招银国际】On the right track of driving operating efficiency improvement-250827（7页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 27 Aug 2025 CMB International Global Markets|Equity Research|Company Update Ke Holdings(BEKE US)Ke Holdings(BEKE US)-On the right track of driving for operating effic

2、iency improvement On the right track of driving operating efficiency improvement Ke Holdings(Beike)2Q25 revenue rose 11%YoY to RMB26.0bn,inline with both CMBI estimates and Bloomberg consensus,mainly driven by new home transactions(+9%YoY),home rental services(+78%YoY),and home renovation and furnis

3、hing(HR&F)business(+13%YoY).Non-GAAP net profit reached RMB1.8bn in the quarter(down 32%YoY),beating CMBI estimates/consensus by 4%/6%.Although property sales still see challenges in delivering a solid recovery,and Beike is hard to be immune from the industry headwind,the company is on the right tra

4、ck of operating efficiency improvement,which should bring better earnings elasticity when the industry recovers,in our view.We lower 2025-2027E revenue/non-GAAP net profit forecast by 2-3%/6-13%to reflect more severe-than-expected industry headwind,and cut our SOTP-based target price by 5.0%to US$22

5、.6(was US$23.8)to reflect lower earnings forecasts.However,we remain positive that Beike could continue expanding its market share in housing transaction business,while the business development of HR&F,as well as home rental services are on track to drive long-term revenue and earnings growth upside

6、 for Beike.Maintain BUY.Market share gains sustained for core business in 2Q25.For existing home transactions(EHT)/new home transactions(NHT),Beike saw GTV growth of+2/+9%YoY,and revenue growth of-8%/+9%YoY.Management noted solid market share gains for both EHT and NHT in 1H25:1)for EHT,the number o