貝殼找房（NYSE: BEKE）週二盤前股價下跌，此前公司公佈了第四季度業績。 淨收入同比增長54.1%至311億元人民幣（42.6億美元），超出預測的40.1億美元。 移動月活躍用戶（MAU）在該季度平均爲4320萬，同比基本持平。 總交易值（GTV）達到1.14萬億元人民幣（1567億美元），同比增長55.5%，驅動因素包括所有板塊的增長。 現有房產交易的總交易值同比增長59.1%至7448億元人民幣（1020億美元），而新房交易則同比增長49.3%至3553億元人民幣（487億美元）。 家居裝修及配套業務總交易值同比增長34.7%至53億元人民幣（7億美元），新興及其他服務同比飆升50.0%至383億元人民幣（53億美元）。 毛利潤同比增長39.4%至72億元人民幣（10億美元），毛利率從25.5%降至23.0%，原因是現有房產交易服務的貢獻率下降以及新興及其他服務的貢獻率降低。 調整後EBITDA從去年同期的17億元人民幣增長到23.4億元人民幣（3.21億美元）。 調整後每ADS收益爲1.19元人民幣。按美元計算，調整後的每股收益爲0.16美元，未達預期的0.26美元。 截至2024年12月31日，現金、現金等價物、受限現金及短期投資共計616億元人民幣（84億美元）。 截至2024年12月31日，門店數量增加至51573家，同比增長17.7%，其中活躍門店增長18.3%至49693家。2024年，公司回購了價值7.16億美元的股票。 股息：公司披露董事會已批准向普通股股東和ADS股東派發每普通股0.12美元或每ADS 0.36美元的末期現金股息，登記日爲2025年4月9日。 貝殼董事會主席兼首席執行官彭永東表示，“我們的貝好家業務通過C2M（客戶到製造）模式探索在新房行業推動產品實力並降低風險。” 投資者可以通過Global X PropTech ETF（PTEC）（NASDAQ: PTEC）和Davis Fundamental ETF Trust Davis Select International ETF（DINT）（BATS: DINT）來投資該股票。 股價動向：貝殼找房股價盤前最後一次檢查下跌2.27%至24.52美元。 圖片來源：Shutterstock。

以上內容來自Benzinga Earnings專欄，原文如下：

KE Holdings Inc (NYSE:BEKE) shares are trading lower premarket on Tuesday after the company reported fourth-quarter results.

Net revenues rose 54.1% year-over-year to 31.1 billion Chinese Yuan ($4.26 billion), beating the consensus of $4.01 billion.

Mobile monthly active users (MAU) averaged 43.2 million in the quarter, relatively flat Y/Y.

Gross transaction value (GTV) reached 1.14 trillion Chinese Yuan ($156.7 billion), up 55.5% year-over-year, driven by growth across all segments.

GTV existing home transactions grew 59.1% Y/Y to 744.8 billion Chinese Yuan ($102.0 billion), while new home transactions increased 49.3% Y/Y to 355.3 billion Chinese Yuan ($48.7 billion).

Home renovation and furnishing GTV rose 34.7% Y/Y to 5.3 billion Chinese Yuan ($0.7 billion), and emerging and other services surged 50.0% Y/Y to 38.3 billion Chinese Yuan ($5.3 billion).

Gross profit increased by 39.4% Y/Y to 7.2 billion Chinese Yuan ($1.0 billion). Gross margin declined to 23.0% from 25.5% due to a reduced contribution margin from existing home transaction services and lower contribution margin from emerging and other services.

Adjusted EBITDA rose to 2.34 billion Chinese Yuan ($321 million) from 1.70 billion Chinese Yuan in the same period last year.

Adjusted earnings per ADS stood at 1.19 Chinese Yuan. In USD, adjusted EPS of $0.16 missed the consensus of $0.26.

As of December 31, 2024, cash, cash equivalents, restricted cash and short-term investments stood at 61.6 billion Chinese Yuan ($8.4 billion).

As of December 31, 2024, the number of stores rose to 51,573, a 17.7% increase Y/Y, with active stores up 18.3% to 49,693. In 2024, the company repurchased shares worth $716 million.

Dividend: The company disclosed that its board of directors has approved a final cash dividend of $0.12 per ordinary share, or $0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of April 9, 2025.

Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, said, ”Our Beihaojia business explored driving product strength and reduce risks in the new home industry through the C2M (customer to manufacturing) model.”

Investors can gain exposure to the stock via Global X PropTech ETF (NASDAQ:PTEC) and Davis Fundamental ETF Trust Davis Select International ETF (BATS:DINT).

Price Action: BEKE shares are down 2.27% at $24.52 premarket at the last check Tuesday.

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