Q3 2023 KE Holdings Inc Earnings Call

November 8, 2023

Operator: Ladies and gentlemen, thank you for standing by for KE Holdings Inc, Third Quarter 2023 Earnings Conference Call. Please, note that today's call, including management's prepared remarks and question and answer session, will all be in English. Simultaneous interpretation of Chinese is available on a separate line for the duration of the call.

Please note that today's call, including management's prepared remarks and question and answer session will all be in English simultaneous interpretation of Chinese is available on a separate line for the duration of the call.

To access the call in Chinese you will need to dial into the Chinese language line. At this time all participants are in a listen only mode. Today's conference is being recorded. I would now like turn the call over to your host Ms. Siting Li; IR Director of the company. Please go ahead, Siting.

At this time all participants are in a listen only mode. Today's conference is being recorded.

I would now like turn the call over to your host Ms sitting Li IR director of the company. Please go ahead sitting.

Siting Li: Thank you, operator. Good evening and good morning, everyone, and welcome to KE Holdings or Beike's Third Quarter 2023 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, at investors.ke.com. On today's call we have Mr.

Siting Li: investors.ke.com. On today's call we have Mr.

On today's call we have Mr. Yongdong Peng; our Co-Founder, Chairman and Chief Executive Officer, and Mr. Tao Xu; our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategies, and business developments, and Mr. Xu will provide additional details on the company's financial results.

Our co founder Chairman and Chief Executive Officer, and Mr. Tao, Our executive director and Chief Financial Officer, Mr. Paul will provide an overview of our strategy and business development and Mr. Hu will provide additional detail on the company's financial results before we continue I refer you to our safe Harbor.

Before we continue, I refer to our safe harbor statement in our earnings press release, which applies to these 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 the comparable GAAP measures. lastly, unless otherwise.

No that makes sense earnings press release, and this conference call include discussions of I'm not sure the GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to the company's press release, we contains a reconciliation of our knowledge of the non-GAAP measures to the comparable GAAP measures lastly, unless otherwise.

Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB. For today's call, the management will use English, as the main language. Please note that the Chinese translation is for convenient service only. In the case of any discrepancy, management statement in the original language will prevail. With that, I will now turn the call to our Chairman and CEO, Mr. Yongdong Li Peng. Please go ahead, Mr. Yongdong Li.

Stated all figures mentioned during this conference call arching R&D for today's call with the management of all use English language with knowing that the Chinese translation as more convenient service.

In the case of any discrepancy managements statements in the original language Walter.

With that I will now turn the call to our chairman and CEO Mr. Sally.

Please go ahead Shelly.

Stanley Yongdong Peng: Thank you, Siting. Hello, everyone. Thank you for joining Beike's Third Quarter 2023 Earnings Conference call. In the third quarter, the real estate market showed a notable rebound following, the tone setting of the political portal meeting and a series of supportive politics, including modification to first time homebuyers qualifications in first tier cities. The degree of support and the implementation of this variable measures , as well at the real estate market performance, both well beyond our expectations.

Brian Thank you for joining basis sort of quarter of 2023 earnings conference call.

It's been a corner the rig to a market multiple with them following the tone of the well.

Political.

Portal meeting.

Serious parties.

The degree of support and the implementation of this variable measures , as well at the real estate market performance, both well beyond our expectations.

Our focus this year has been contemplating the future over the long term, and align our strategy with it. We're entering a new phase that we call crossing the next mountain. This phase begins as the market continues its shift from same property purchases as investment assessed to prioritizing residential housing for the quality of living itself.

Hum contemplating the future over the long term and align our strategy visit.

We're entering a new phase that a recall crossing of the NASS mountain.

This phase begins as the market continues its shift from same property purchases and investment attached to provide prioritizing residential housing for the quality of living itself.

Is this transaction, we must also involve from a transaction centric operating model to when that is dedicated to ensure better living, endurances for our customers. This is a largely untapped market with vast opportunities. It is the return to a focus on people's better living signals and promising future ahead of us.

Our branch operating model to one that is dedicated to ensure been leaving your bonuses for all customers.

This largely untapped market with vast opportunities.

It is the return to a focus on people that are leaving signals a plumber.

Since future ahead of us.

With industry and insights, we have cultivated over the years, we are well positioned to grow in the new phase encompassing many possibilities or better living. Bieke has established the industry's most powerful infrastructure, our ACM throughout our existing home transaction business.

We see many possibilities or better leaving.

Basically I guess, you said <unk> the industry's most powerful use of structure.

The AUC and throughout our existing home transaction business.

If the infrastructure, integrating our online databases and traffic networks, with offline stores and agent networks laid a solid base for us to explore new possibilities. Additionally, our management expertise for a large growth in our digital capabilities, and data driven strategies, collectively support our journey into this exciting future.

Additionally, I will imagine vinci either at the time for large groups.

Digital capabilities and data driven strategy strategies Clark.

Too many supposedly June journey into the future.

This July, we took an important step towards our objectives, by upgrading our corporate strategy to a One Body, Three Wings. This is a key step in our roadmap to becoming a well-stop residential service platform for better living. As well as we navigate the dynamic landscape, we need a deeper differentiated mindset, and knowledge base as well as a set of mutual principles and guidelines to identify core value propositions to drive us forward in the right direction.

To becoming the windstorm essential services painful for Thanksgiving and we didn't navigate the dynamic landscape, we need deeper depreciated mindshare and managers face and will instead of old mutual principles and guidelines to identify called many public issues.

To that end, there are a host of key questions, we are asking ourselves with the value can technology bring to both customers, and our service providers. Our business segments separated, but the customers are asking for a one stop solution. In what ways can unite our vertical business segment to create horizontal one-stop services that meets customers' needs? How can we maximize customers' leaving endurance and extend beyond merely delivering transactional value?

And there are a whole host of key questions, we are asking ourselves. With a value compared to knowledge to bring to both customers and our service providers.

With a value compared to knowledge to bring to both customers and our service providers.

All business segments separated.

But the customers asking for now.

I'm for a one stop solution in what ways can be.

Unite our vertical business secondly to create horizontal wingstop services that it meets customers' needs.

How can we maximize customers, leaving your difference.

Extend beyond merely delivering transactional value.

With our value proposition to different stakeholders in our industry, including our partners and our service providers. How do we focus on offerings true value and humanity care for our service providers, rather than treating people as tools and channels. We're addressing the broader residential industry, do we look for growth through physical expansion or through generating chemical reaction to drive industry wide evolution?

Our value proposition through different. Any holders industry, including all partners and service providers how.

Any holders industry, including all partners and service providers how.

How do we focus on offerings true value.

I'm, assuming you have to cure, our service providers, rather than treating people and tools and channels.

Yes exactly.

The broader residential industry do we look for cruise through physical expansion all through generating chemical reaction to drive industry wide evolution.

Then next step to posing this questions is calling on everyone in our organization to think about them, and working together to address these topics, while engaging in this crucial reflections to direct our strategy. We are also implementing the organizational modifications and business initiatives of our One Body, Three Wings strategy which will be reflected in our performance metrics.

Two to pose this question is calling on. Yeah. <unk> to think about them and working together to address these topics.

Yeah.

<unk> to think about them and working together to address these topics.

While engaging in this crucial assumptions to.

Our strategy. We are also you came in to maintain the organization organizational modifications and our business initiatives.

With the easing of COVID restrictions tones of demand drove the market recovery in the first quarter of this year. However, subsequent home transaction market activities deviated from historical seasonal trends. New home market is still facing some challenges. In the third quarter, we recorded a GTV for RMB 655.2 billion. There was a 2% and a 27% year over year decrease in existing home transactions and new home transactions, respectively, and our overall performance has exceeded the expectations. Our revenue for the quarter was RMB 17.8 billion up by 1.2% year over year. data did you say you can screw green by 23% with existing home transaction.

Which will be reserved attitude. Performance metrics. Is it easy.

Performance metrics. Is it easy.

Is it easy.

Easing of Covid restrictions.

Keyman trumped the market recovery in the first quarter of this year.

However, subsequently subsequent home transaction market activities.

From a historical.

There's no chance new home market is still facing some challenges.

In the third quarter, we recorded a G T V RMB.

655, plus 2 billion, there was a 2% and 27% year over year decrease in existing home transaction and Johan <unk>, who span to me.

Overall performance as you can see deals like these penetrations, although revenue for the corner was RMB 17 8 billion.

Year to date, GTV has grown by 23% with the existing home transaction up 28%, new home transaction up from 13%. In our efforts to manage risk and improve efficiency over the past two years, our One Body operations, which is on home transaction services, are more agile, and efficient. It's now time to broaden our collaboration with more industry partners and service providers and we then together to offering one stop residential services for better living.

One 2% year over year year to data did you say you can screw green by 23% with existing home transaction.

80% of the new home transaction.

I'm sorry.

All efforts to managing risk and improving efficiency over the past few years I will lend body operations, which is which is on hold and transaction services.

Hey, Jim Hey, jail and the efficiency.

It is now time to broaden our collaboration with more industry partners and service providers.

Here, we will further institute standardization for people, objects and services to promote the industry and advancements of the next decades starting in the third quarter, we accelerate our store network expansions. In September alone, we added around 1,300 new- newly connected stores nationwide excluding Beijing and Shanghai.

Oh, Oh for offering when installed with essential services for better living here. We will for sure is one of them is huge standout issue for people objects and surfaces to promote these industrial investments over to Mr. Getz start standing in the corner.

We are now ready.

Oh stone networks. These patients in September alone, we added around 1300 newly annuity pronounce your stores nationwide.

Excluding Beijing and Shanghai.

In the third quarter, contracted sales from our home renovation and furnishing business reached RMB 3.26 billion, an increase of 66% year over year. Year to date, contracted sales reached RMB 9.39 billion, up 19% year over year on our pro forma basis. Additionally, contracted rental units in our rental property management services, grew from 50,000 in the third quarter of 2022 to 160,000 in the third quarter of this year.

$23 6 billion, an increase of 66, 6%.

Year over year year to date on <unk>.

I'm trying to keep sales reached RMB nine <unk> 13, 9 billion up.

19% year over year on a pro forma basis. Additionally, contracted contracted rental unit units our rental property management services grew from 50000 in the southern corner of 2022 to 160 <unk> found it either.

Many of the metrics above mentioned are derived from our emerging businesses. More importantly, the long term driver behind our business development is consistently enhanced understanding of the industry net cap. Rapid growth and s kind scalable operations have provided us with a deep understanding of the industry and the capabilities to execute on small scale testing approaches to make rapid business interaction across our service ecosystem.

Many of the matrix somehow mission. Right from our emerging businesses.

Right from our emerging businesses.

More importantly, the long term. That we're behind on business development is unconsciousness enhanced understanding of the industry names kind of ran through the course and scalable operations and providing us with a deep understanding of the industry and the capabilities to execute on small scale testing approaches to make them happy to business interaction across.

That we're behind on business development is unconsciousness enhanced understanding of the industry names kind of ran through the course and scalable operations and providing us with a deep understanding of the industry and the capabilities to execute on small scale testing approaches to make them happy to business interaction across.

The build up of SaaS system systematic capabilities means knowing which metrics to use and how many parameters we should set in the business rather than how high the parameter is set. The deep dive on a scale of our One Body business have accelerated our scientific management and competitiveness. It's the equivalent of taking 50 steps forward. However, with our emerging business, we have not only just taking our first step.

The beta on Sunseeker. Cincinnati capabilities means knowing which matters to us and how many kind of pair of meters. We showed a sense in the business rather than how high the perimeter is. Cincinnati capabilities means knowing which matters to us and how many kind of pair of meters. We showed a sense in the business rather than how high the perimeter is.

Cincinnati capabilities means knowing which matters to us and how many kind of pair of meters. We showed a sense in the business rather than how high the perimeter is.

I can state the deep dive on a scale of one body business I thought I'd rented almost scientific magazines and the competitiveness.

Equivalents I'm, taking 15% stent 50 steps forward, however, with all the emerging business, we have now only just.

It's crucial to note that, while growth and building scale are best goals, there are not sole objectives. We are also deeply understand the importance of supporting the industry ecosystem. Platform wise, while we have notably improved our efficiency and our operational capabilities over the last two years, we need to be careful about past dependence, building and maintaining synergistic relationships with all of our partners, whether they are brands, store owners or developers is of greater importance to us.

We are also deeply understand the importance of supporting the industry ecosystem pass on wise, while we have notably improved our efficiency and operational capabilities over the last two years, we need to be careful on the pad.

Although the past dependence.

Building and maintaining synergy synergistic relationships with all our partners, whether they are brands, Scotland nurse on developers.

Of greater importance to us.

We will make an adjustment to our operational strategy to better improve store owners endurance and engagement, refining our platform capabilities and empower them and [inaudible] store owner committees that ensure collaborative developments and accountants. We started Lianjia and Beike, driving by a will to make the industry better. And today, we need to adhere to underline with an understanding value in order to become an industry leader in advance productivity is essential to bring unique value to the industry.

We started doing John and it takes them cutting bone, Hawaii, a wheel to match the industry better and today, we'd need to adhere to and in line with our understanding of that and you know attitude the economy industrial either.

We are not competing against existing service providers, our business partners in the industry, but rather against low quality supply that damage the industry reputation and diminishes costumer endurance. This is why we need to work hard, to push for an overall improvement in the quality of the industry. Given our recent progress and the growing consumer demand for service and quality, we have seen tremendous promise. We also believe that in one day with a foundry advocate for this industry.

We are not competing against existing service providers, our business partners in the industry, but rather against low quality supply that damage the industry reputation and diminishes costumer endurance. This is why we need to work hard, to push for an overall improvement in the quality of the industry. Given our recent progress and the growing consumer demand for service and quality, we have seen tremendous promise. We also believe that one day, we will proudly advocate for this industry. Thank you. Next I would like to return- to turn the call over to our CFO, Xu Tao, to review our third quarter financials. Well Cynthia Stanley. Thank.

We are not competing against existing service providers, our business partners in the industry, but rather against low quality supply that damage the industry reputation and diminishes costumer endurance. This is why we need to work hard, to push for an overall improvement in the quality of the industry. Given our recent progress and the growing consumer demand for service and quality, we have seen tremendous promise. We also believe that one day, we will proudly advocate for this industry. Thank you. Next I would like to return-- to turn the call over to our CFO, Xu Tao, to review our third quarter financials.

We are not competing against existing service providers, our business partners in the industry, but rather against low quality supply that damage the industry reputation and diminishes costumer endurance. This is why we need to work hard, to push for an overall improvement in the quality of the industry. Given our recent progress and the growing consumer demand for service and quality, we have seen tremendous promise. We also believe that one day, we will proudly advocate for this industry.

We are not competing against the existing service providers.

Partners in the industry.

Rather I guess little quantity supply the damage the industrial reputation and diminishes.

I'm redoing routes.

This is why we need to work hard to push for an overall improvement in the quality of the industry.

Given our recent.

Progress and the growing consumers demand for service and quality, we have seen tremendous permits. We also believe that in one day with a foundry advocate for this industry.

We also believe that one day, we will proudly advocate for this industry. Thank you. Next I would like to return- to turn the call over to our CFO, Xu Tao, to review our third quarter financials.

Thank you. Next I would like to return-- to turn the call over to our CFO, Xu Tao, to review our third quarter financials.

Thank you Nathan I would like to return to.

I'll turn the call over to sample she told to review all of a sudden corner financials.

Well Cynthia Stanley. Thank.

Tao Xu: Thank you, Stanley, and thank you, everyone, for joining us. Before we dive into our performance, I'd like to briefly touch upon some updates on recent housing markets. The third quarter, saw the property market picked up from the bottom with month over month sequential recovery. Important policy directives were made during the Politburo meeting in late July, addressing new clients in real estate supply and the demand.

Thank you everyone for joining us. Before we dive into our Brooklyn. I'd like to briefly touch upon some update on the recent housing market.

Before we dive into our Brooklyn.

I'd like to briefly touch upon some update on the recent housing market.

The first quarter. So the property market picked up from the bottom with month over month sequential recovery.

Important policy directives.

During the part of your meeting units July.

Since end of August, a wave of supportive policies has been rolled out with many cities take steps to modify the criteria of first time homebuyer qualifications, lower down payment ratios, cut market interest rate and then relaxed purchase restriction. Market sentiment notably improved where the transaction substantially rebounding in September.

End of August.

We will pocket policies has been rolled out with many cities.

<unk> modified the criteria first time homebuyer computation.

Lower down payment resold.

Cause market interest rate under relaxed portraits restriction.

Market sentiment.

Notably improved where this transaction substantially rebounding in September.

The recovery was particularly pronounced for the distinct housing market in first tier and some strong second tier cities, where expectations for policy relaxation and the demand for housing upgrades are the most substantial. The recovery of new home market lag slightly behind it in home due to varying demands across cities and the volatilities on developer supply side. Nevertheless, since August. There's been some improvement in the new home market. The new home subscription data on powerful show that both year over year on among several months' recovery in September.

These recovery was particularly pronounced for the distinct housing market in first tier and some strong second tier cities, where expectations for policy relaxation, and the demand for housing upgrades are the most substantial. The recovery of new home market lag slightly behind it in home due to varying demands across cities and the volatilities on developer supply side.

Our expectation for policy relaxation, and let the amounts will how to upgrade at the most substantial.

The recovery of new home market lagged slightly behind this new home due to their borrowing demands across cities and the volatility I'll give my personal price spots. Nevertheless since August.

Nevertheless, since August, there's been some improvement in the new home market, and the new home subscription data on platform, showed both year over year and a month over months recovery in September. We have been proactively advancing our One Body Three Wings strategy. In terms of overall financial performance in Q3, we maintain resilient top line performance, with total revenue growing 1.2% year on year, reaching RMB 17.8 billion, exceeding our guidance among which we achieved a better than expected revenue for housing transaction services.

There's been some improvement in the new home market.

The new home subscription data on powerful show that both year over year on among several months' recovery in September.

We have been proactively like lung thing over one button so your wage growth strategy.

Income softball, where overall financial performance.

Q3 will intend resilient top line performance. Total revenue growing one 2% year on year, reaching RMB 17 8 billion.

Total revenue growing one 2% year on year, reaching RMB 17 8 billion.

Exceeding our guidance.

All of which led to the fact that they badly to run new warehousing to service it well.

We also made a remarkable breakthroughs for our home renovation and furniture business with revenue for which jumped in 72.1% year over year to RMB 3.2 billion. Notably, our enhanced operational capability, coupled with our careful cost discipline devised in previous years generated a gross margin of 27.4% for Q3, kicking off by 0.4 percentage points from the same period last year.

Business.

It's run off wage jumping 72, 1% year over year to RMB three 2 billion.

All the enhanced operational capability.

Oh, the resolve of careful cost discipline Dubai in previous years.

And the rates of growth Martin opportunity Southern play 4% for Q3.

Taking a 0.4 percentage points from the same period last year.

With overall revenue at a level relatively consistent with the same period last year, our GAAP net income saw a 53.4% year over year increase, reaching RMB 1,170 million, while non-GAAP net income go by 14.4% to RMB 2,159 million. Non-GAAP net margin rose by 14.4 percentage point year over year, to reach 12.1% showing a stronger profitability. Looking at our home transaction services in Q3, on national level, both existing a new home markets, saw declined quarter over quarter, and year over year due to notable quarterly disparity in market dynamics compared to previous years.

Our GAAP net income so a 63, 4% year over year increase.

Reaching RMB thousands hundreds sentiment it.

While non-GAAP net income grew by 14, 4% to RMB 2000, how good this nine minute.

non-GAAP net margin rose by one four percentage point year over year to reach 12, 1% showing cases stronger pellet.

Looking at our home transaction services in Q3, on national level, both existing a new home markets, saw declined quarter over quarter, and year over year due to notable quarterly disparity in market dynamics compared to previous years.

Looking at all of our home construction services.

In Q3 on national level, both the existing a new local market. So it declined quarter over quarter on a year over year due to notable culturally disparity in market dynamics compared with previous years.

However, benefited from our enhanced operational efficiency. Our GTV of new homes, only fell by 2.2% year over year, despite the higher base set by first tier cities in the same period last year. Revenue from existing transaction services declined by 11.9% year over year to RMB 6.3 billion. The bigger contraction of existing home revenue compared to that of GTV was primarily due to a lower contribution from the GTV served by Lianjia brand, which was a high monetization rate. Lianjia GTV fell by 13% year on year on a higher base set by four tier cities, in the same period last year, while existing home GTV sold by [inaudible] agents increased by 8.1% year over year in Q3 and the revenue on which is recordered on a net basis, resulting in a gap between the growht rate of our revenue and GTV.

Homes, only fell by two 2% year over year.

Despite the higher base set by forced theaters tickets in the same period last year.

Revenue from listing contactless services declined by 11, 9% year over year to RMB six 3 billion.

The bigger contraction off these two homerun compared with that of GTA V was for my rate due to a lower contribution from the television. So I didn't jot, Brian which has a high market penetration rates. Is that to television through by 13% year on year on a higher base, that's by forced to a stated interest and curiosity wildly.

Lianjia GTV fell by 13% year on year on a higher base set by four tier cities, in the same period last year, while existing home GTV sold by [inaudible] agents increased by 8.1% year over year in Q3 and the revenue on which is recordered on a net basis, resulting in a gap between the growht rate of our revenue and GTV.

Is that to television through by 13% year on year on a higher base, that's by forced to a stated interest and curiosity wildly.

Meanwhile, on September 26th, [inaudible] commission rate with buyers and sellers, each paying 1% of the property total transaction volume for about 12,000 ongoing transaction initiatives before the adjustment came into effect, while refunding to differences resulting from the rate adjustment, and hiring to our principle of putting customers first.

Good bye he played 1% yoga yet in Q3

Ron you have which is a cost on that basis, resulting to cap between that goes to wake up all the revenue and the T V.

Meanwhile.

On September 26.

Julien Choctaw with commissioner grades with buyers and sellers.

Each pay 1% of the property totaled because that's important. About 12000 ongoing class actually Miss it before the adjustments came into effect. While refunding the differences. We found the right adjustments. The hiring to our principle, putting customer first.

About 12000 ongoing class actually Miss it before the adjustments came into effect. While refunding the differences. We found the right adjustments. The hiring to our principle, putting customer first.

While refunding the differences. We found the right adjustments. The hiring to our principle, putting customer first.

We found the right adjustments.

The hiring to our principle, putting customer first.

The corresponding impact has already been reflected in our Q3 in home revenues. We firmly believe that by sincerely serving our customers best interest with a long term trust as they bring us lasting opportunities. Contribution market for existing home transaction services was at 48.7%, reflecting a year over year increase of 2.6 percentage points, and a quarter over quarter increase of 3.1 percentage points.

We firmly believe that that's the theatres, serving our customers that interest.

Longton talk.

Bring her lasting growth opportunities.

How to do some market new home construction services.

Is that the 48, 7%.

In fact, our year over year increase of two six percentage points on a quarter over quarter increased three one percentage points.

This is indicative how our core streamline cost structure has enable us to achieve stronger prosperity in spite of year on year decline in revenue. Let's move to our new home business. The industry is ongoing a phase o reduced supply, and continued the risk mitigation, heightened by more than 30% year over year decline in sales from the top 100 developers in Q3.

Enable us to achieve stronger prosperity is bad all year on get caught me Brad.

Let's move to our new home buttons.

So you got two ongoing updates how can we deal with the supply and continue with the risk mitigation.

By almost 30% year, albeit the clot and south from the top hundred get back in queue Sir.

We have adopted an active strategy of responding channel collaboration with developers, and continued to improve our business ecosystem, while strictly adhering to our risk control bottom lines. As a result, our new home GTV decreased by 26.5% year over year, outperforming the overall market. The decline of 24.3% in new home revenue, was smaller compared to GTV, owing to a slight increase in our monetization rate.

The internal collaboration with you afterwards.

Let's continue with the two new quality business ecosystem.

Well its duty adhering to our risk until autumn launch.

As a result of new home D. T V decreased by 26, 5% year over year outperforming the overall market.

Cloud two to four 3% and new home run was smaller compared to GB owing to a slight increase you our microstat tissue right.

Our new home business contribution margin grew slightly year over year to 25.1% despite a decline in revenue, fully demonstrating our operational resilience. In Q3, the percentage of commission income from SOE developers remained at 46%. Project with commission in advance model contribute 54% with of total commissions collected remaining at high level.

Despite declining run fully demonstrating all the operational Zeeland.

In Q3, the percentage of Commission you can call on my phone developers they may had the 46%.

Perfect with commissioning the bunk Moto guzzi.

He built 54% of the total commission collect it remains at a high level.

Regarding our emerging business, the revenue from our business, excluding home transaction services grew by 112% year over year, versus percentage to total revenue rising to over 30% in Q3, compared 50% in the same period last year. Our home renovation and the furniture business has remained on a fast track with a robust growth momentum that was not resilient on the trend of housing transaction services.

The revenue from our business, excluding home transaction services grow by 12% year over year.

What is the percentage of total revenue rising to over 30% interest at comparable rates of 50% in the same period last year.

Our home renovation in the furniture business has it really meant.

Track.

With the robust growth momentum that work now.

With a resilient on the trends local housing Patrick.

Contracted sales reached RMB 3.3 billion in Q3, a year over year increase of 55.6%, with fast delivery accelerate revenue cognition. Revenue grew at a higher rate of 72.1% year over year, reaching RMB 3.2 billion a quarter over quarter increase of 21%. In Q3, Shanghai deposited two months with revenue exceeding RMB 100 million, becoming the third city following Beijing and Hangzhou to achieve monthly revenue surpassing RMB 100 million.

With fast deliveries accelerated run.

Revenue the commission.

Revenue grew at a higher rate of 72, 1% year over year, reaching RMB three 2 billion.

Quarter over quarter increase.

Two 7%.

In Q3, so hot the path of the two miles so it's around exceeding RMB Hunter many economies.

Chlorine, but you're in the Hangzhou Torchy monthly revenue as the policy RMB 100 million.

Other cities are also growing rapidly, cities including Wuhan, Chengdu and Guangzhou achieving a quarter over quarter revenue growth of over 50% in Q3. Our customer acquisition capability continues to improve with both Beijing and Shanghai achieving this lease conversion rate in the middle to high single digit percentage. The percentage of contract sales contributed by our home transaction services continue to increase to about 45% of total GTV.

Citizens, including hot come to on the Guangzhou, achieving a quarter over quarter revenue growth of over 50% in Q3.

Our customer acquisition capability continued to improve with both Beijing and Shanghai the tubing business leads conversion rate in the middle to high single digit percentage.

The percentage will become quite stout Coca deal with by all of our hometown extra services continue to continue to increase to about 45% of total T V.

The sales of decoration home furniture increased by 93% to RMB 920 million with a proportion of 28%. The contribution margin for home renovation and furniture business in Q3, remains at 29.1%. A further solidified foundation in product design, and SKU assembly is developing a positive cycle to offer profitability across the leading cities. Ten cities included Beijing, Shanghai and Hangzhou realized the positive city level profit in Q2 and Q3 consecutively.

The contribution margin for home renovation and a bunch of business in Q3. Inside the 29, 1%. Before the solid foundation, we put out. It's got a nice scale assembly developing a public cycle off of profitability across the leading safety.

Inside the 29, 1%. Before the solid foundation, we put out. It's got a nice scale assembly developing a public cycle off of profitability across the leading safety.

Before the solid foundation, we put out.

It's got a nice scale assembly developing a public cycle off of profitability across the leading safety.

Sensei is equally the Beijing, Shanghai and Hangzhou.

Lies the path to a particular level of profit in Q2 and Q3 concepts.

Among the top ten cities in terms of the contract sales, seven of them have positive operating profits. The breakthroughs we have made have given us greater confidence in our strategy. In October we announced the proposed acquisition of Kongjian and the deal is subject to the customary closing conditions. This will strive to bring higher quality offering to the residential industry. In Q3, our net revenue from emerging and other services increased by 202.7% year over year to RMB 2.4 billion, primarily proposed by the expansion of our rental property management services, contribution margin remains stable at 25.3% year over year.

Among the top 10 cities in terms of the contract itself.

Then I have a positive operating profit.

The breakthroughs we have made has given us greater confidence you know all of us.

Brett.

In October where now the proposed acquisition of bike would you.

The deal is subject to the cut mastery clothing condition.

This is the world's scribed to bring higher coffee offering to the right potential isn't that streak.

Okay.

Can you go through it.

Although <unk> revenue from the merchant and author services.

Chris by 202, 7% year over year to RMB, two 4 billion.

Well my lethal powered by the dysfunction of all were run through a puppy mentioned that services.

Contribution margin remained stable at 25, 3% year over year.

The total of our store cost and other costs remain stable in Q3. Our gross profit grew by 2.6% year over year, reaching RMB 4.9 billion, as a result of our increased operating leverage. Our gross margin ticket up to 27.4% compared with 27% in the same period last year. In terms of expense year over year, our GAAP operating expenses for Q3 totaled RMB 4 billion, increasing 12% from the same period last year.

Oh of course puppies grow by two 6% year over year, reaching RMB four 9 billion.

It's also a while but you create operating leverage.

Our gross market ticket to Tuesday, seven 4% compared with 27% in the same period last year.

In terms of.

Year over year, our GAAP operating expenses for Q3 totaled RMB 4 billion.

Increasing 12% from the same period last year.

Our non-GAAP operating expenses amounted to RMB 3.1 billion, up 14% year over year, primarily due to the structural impact of the increased proportion from new business including home renovation and furniture. Looking at quarter over quarter performance, we have maintained effective cost control in our home construction services, notably with the RMB 32 million, better provisions written back during Q3, providing us with an improved operational leverage.

Leading home resolution 22.

Looking at Kosovo to perform that way.

Have a min Chen effective cost control in all of home care services.

Notably with the RMB 32 million bad debt provisions, reaching back during Q3.

Providing us with improved operational leverage.

In terms of the profitability, on the GAAP measures, our income from operations for Q3 was RMB 911 million, compared with RMB 1.2 billion in the same period last year. Our operating margin was at 5.1%, compared with 6.9% in the same period last year. Our non-GAAP income from operations was RMB 1,886 million, compared with RMB 2,108 million in the same period last year. Non-GAAP operating margin was 10.6%, compared with 12% same period last year.

Income from operations for Q3 was RMB 911 million. Compared with RMB, one 2 billion at the same period last year.

Compared with RMB, one 2 billion at the same period last year.

Our operating margin was five 1%.

Compare with six 9% in the same period last year.

Our non-GAAP income from operations was RMB.

886 million.

Compared with RMB 2000, 208 million in the same period last year.

non-GAAP operating margin was 10, 6% compared with 12% same period last year.

The dip was mainly due to our investment in new business, including home renovation and furniture, which was in ramp up period. Our GAAP net income for the quarter reached RMB 1,170 million reflecting a significant growth of 63.4% year over year. Our non-GAAP net income increased by 14.4% year over year, reaching RMB 2,159 million. Non-GAAP net margin rose by 1.4 percentage points year over year to reach 12.1%.

Which would you ramp up period.

Our GAAP net income for the quarter reached RMB Sultan hundreds uncommitted.

Reflecting our significant growth.

324% year over year.

non-GAAP net income increased by 14, 4% year over year, reaching RMB 2150 9 million.

non-GAAP net market goes up by one four percentage points year over year to reach 12.1%.

Now, let me highlight our cash flow and balance sheet metrics. Excluding customer deposit payable, we realize the net operating cash inflow of RMB 2,658 million in Q3. The new home cash collection surpassed the new home revenue for ninth consecutive quarter with a cash to income ratio for the rising to 1.21. New home DSO for the first three quarters was the 52 days. In Q3, we spent approximately USD $162 million in share repurchase and around the USD $200 million in special cash dividends.

Coating customer deposit payable.

All lives and that operating cash flow I'll find the 2650 8 million in Q3.

The new home catch collapses the path the new home revenue for nine consecutive quarters.

It's attached to income ratio rising to one point to what.

Yeah. So for the fourth quarter was 52 days.

In Q3, we spent approximately U S dollar <unk> hundred 62 million share repurchase and around the U S. Dollar 200 million special cash dividend.

On top of that, our total cash liquidity, which includes customer deposit payable amounted to RMB 79.8 billion, up RMB 440 million from Q2. Over the recent period, supported by our solid cash reserves and prudent financial management will demonstrate our commitment to efficient capital allocation, and delivering returns to our investors through the active share buybacks and the dividend repatriation.

All of the risks in the period supported by our solid track with those.

Our prudent financial management.

Well it demonstrate our commitment to efficient capital allocation and that you didn't really tuned chihuahuas investors. So as the active share buybacks and the dividend repatriation.

This September alone, our total stock repurchase amount over USD $130 million. Since the initiation of our share repurchase program in September 2022, as on September this year, the total number of shares that we have cumulatively repurchased amounted to about 3.91% of companies total share prior to lunch our program.

Our total stock repurchases amount over a U S dollar hundreds that came in.

Since the initiation of our share repurchase program in September to get you do too.

September this year.

The total number of shares that we have accumulatively repurchase amounted to about $3 nine 1% of Companys total share probably too long traveler program.

Moreover, recently we have completed a special cash dividend distribution totaling around USD $200 million. Looking at our guidance for the fourth quarter. We expect the total revenue to be between RMB 18 billion and RMB $18.5 billion, representing an increase of approximately 7.5% to 10.5% from the same period of 2022. This forecast includes the potential impact of the real estate related policies, and the macroeconomic status that constitutes the current and preliminary view of our business and the market conditions, which are subject to change.

It's Houston totaling around U S dollar 200 meeting.

Looking at our guidance for the fourth quarter.

We expect total revenue to be between RMB 18 billion and the $18 5 billion.

Representing an increase of approximately seven 5% to 10, 5% from the same period opportunity to do too.

This forecast includes the potential impact of the real estate related policies.

And the macro economy exactly to that constitute the card and the preliminary view of our business and the market condition, which is subject to change.

The property market transformation, and upgrade towards living and the strengths of our organization structure have all bolstered our aspiration, and momentum for continuous growth. Our focus remains on expanding connections with top tier industry capability, and fostering a cooperative ecosystem of the furnace and the win-win scenarios. We are simultaneously developing a high quality service provider talent pool, and formally dedicating resources in infrastructure development.

The strength of all of that this is Roger Humboldt both to arrest the progression and the momentum for continuous growth.

Our focus remains on the spunk in connection with pulp here.

Ability and fostering a cooperative ecosystem of Barney under weighing things narrows.

Well see in the attendance. Thank you buy it in a high quality service provider had improved on the formerly dedicated resources.

As we thrive in the vast residential sector, we are positioned to expand into the significant opportunity that lies ahead. Our ability to effective balance scale, efficiency and financial stability has been first validated during the market fluctuations over the past few years. Under this volatility, we also achieved a consistent improvement in business growth, profitability, and cash flow. Looking forward, we will maintain our disciplined approach to financial management, further enhance our capital allocation efficiency.

So we thrive means of Boston residential sector as well.

Well positioned to respond to this opportunity.

Opportunity that lie Ohio.

Our ability to eat back to balanced scale efficiency and that's the natural stability has been both a validated given some market fluctuations over past few years.

Oh, that's just a blip.

Also achieved the consistent improvement in business grows.

Profitability.

On cash flow.

Looking forward, we will maintain our disciplined approach to financial management.

To enhance all of our capital allocation Fisher.

We will prioritize our investments in business areas, that can bring key outputs and the values, investing in growth, investing the future. We'll also show the benefit of the development with our shareholders. We believe this will enable us to achieve organic and substantial growth, creating long term value our shareholders. This concludes our prepared remarks. Now, we will open for the questions. Operator, please go ahead.

Investing in growth.

In the future.

Well also shows the benefit of the amendments with all of our shareholders.

We believe this will enable us to achieve organic and a substantial growth, creating long term value for all of our shareholders.

This concludes our prepared remarks now well open for questions. Operator. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone, and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. As a reminder, we only accept questions on the English language line. For the benefit of all participants on today's call, please limit yourself to one question, and if you have additional questions, please, you can reenter the queue. If you're going to ask the question in Chinese, please follow with an English translation. Your first question comes from Timothy Zhao with Goldman Sachs. Please go ahead.

We wish to ask a question. Please press star one on your telephone and wait for your name to be announced if.

If you wish to cancel your request please press star two.

If you're on a speakerphone please pick up the handset to ask your question.

As a reminder, we only accept questions on the English language line for the benefit of all participants on today's call. Please limit yourself to one question and if you have additional questions. Please read you can reenter the queue.

For the benefit of all participants on today's call, please limit yourself to one question, and if you have additional questions, please, you can reenter the queue. If you're going to ask the question in Chinese, please follow with an English translation. Your first question comes from Timothy Zhao with Goldman Sachs. Please go ahead.

If you're going to ask the question in Chinese please follow with an English translation.

Your first question comes from Timothy Zhao with Goldman Sachs. Please go ahead.

Timothy Zhao: [Foreign Language] Thank you, management for taking my question, and congrats on the very strong results. Just one question. Could you provide us an overview of the housing interest in the market in the past quarter and what is our outlook for the fourth quarter this year? And after the mortgage easing policy announced in the third quarter, what is the measurement observation in terms of the policy impact on home transactions. Thank you.

Now it could be exercise comprehends that. I'll now quantified outcomes for their selfless with me on the call Chi-ching.

I'll now quantified outcomes for their selfless with me on the call Chi-ching.

Thank you Sir.

Thanks for taking my question and congrats on the very strong results are just one question Quinn mentioned provide us an overview of the halting physical market in the past called her and what is our outlook for the fourth quarter. This year and after the market easing policy announced in the third quarter. What is the measurement observation to himself the policy impact.

Home transactions. Thank you.

Thank you, Timothy. Regarding your question, we noted that the investors pay close attention to the market change in property mortgage, I can share some of our perspectives. In terms of the policy, there has been relaxation, or even remove of the restrictions on housing transaction in certain second tier cities since the July Politburo meeting. From the end of August to early September, first tier cities have implemented policies to recognize households with mortgage record but no local property ownership as first time buyers.

Tao Xu: Thank you, Timothy. Regarding your question, we noted that the investors pay close attention to the market change in property mortgage, I can share some of our perspectives. In terms of the policy, there has been relaxation, or even remove of the restrictions on housing transaction in certain second tier cities since the July Politburo meeting.

In terms of the policy there has been relaxation or EBIT remove the restriction on Hudson contactor immune system second tier cities. It seems that dry powder, if you ever meeting bump.

Pumps ends of August during September.

From the end of August to early September, first tier cities have implemented policies to recognize households with mortgage record but no local property ownership as the first time buyers. Additionally, Guangzhou being the first among tier 1 cities has eased its home purchase restriction in September. Moreover, mortgage rates for both first, and second time home in top 100 cities decreased by 25 and 34 basis points, respectively, year over year.

First tier cities.

<unk> policies to victimize household with mortgage cracker, but no local property ownership is the first time homebuyers.

Additionally, Guangzhou being the first among tier one city.

Husky is the home purchase restrictions in September.

Moreover, mortgage rate for both first and second home.

In the third quarter, the existing home market improved from its June performance, driven by the anticipation of supported policies to come and subsequent policy release. To elaborate this, number of existing home transactions grew by single digits, a month over month in both July and August.

Use of quota.

The whole market you pool finally, Joe performance.

Do you mean by the anticipation of the pocket policies to calm and subsequently passed do you need.

To elaborate.

A number of existing home transaction grow by single digits, a month or a month in both July and August.

This update shows that things are stabilizing, and the recovery due to the expectation for new policies. After its relaxed, first time home buying qualification policy was implemented in September, our platform so an upward surge in existing home sales with growth rate of 25% compared to previous month, and 32% compared to last year. In particular for the first tier city.

This update shows that things are stabilizing, and the recovery due to the expectation for new policies. After relaxed, first time home buying qualification policy was implemented in September, our platform saw an operate surge in existing home sales, with growth rate of 25% compared to previous month, and 32% compared to last year.

After his relax.

Of course.

Home buyer qualification policy was implemented in September our platform. So the operator Serge.

New home sales.

Let's go through a 25% compared to previous months.

32% compared to last year.

In particular, for the first tier cities, the recovery actually starts quite early, and they also rebounded most in September. After Politburo meeting at the end of July, this city has already seen certain market recovery expectations. The number of the home showing and the listing increased by 5% to 10% from July to August, while transaction volume in September grew by over 30% month over month.

In particular for the first tier city.

The recovery actually starts quite early on is that also rebounded most of your September.

That's the part of people meeting at the end of July This city has already seen certain market recovery expectations.

The number of the home showing on the listing increased by 5% to 10% from July to August.

Stroger second tier cities like Nanjing, Hefei, Wuhan and Hangzhou, relaxe their home buying restrictions in September. That was a stronger recovery in transaction volume of 25% growth month over month. This also demonstrates the effectiveness of the policy measures. For home prices, according to data from Baker Research Institute, Beijing and Shanghai start to stabilize in July and in September, they even increased by 1.6% and 1.9% respectively compared to July.

Congress second tier cities like 19, coffee Hot Hangzhou relaxed their home buying restrictions due September led to a stronger recovery in transaction volume opportunities, 5% growth month over month.

This also demonstrate the effectiveness of the post matters.

For home prices. According to data from Baker resist the kids stay tuned the Shanghai start to stabilize in the July August September the evening increased by one 6% and a one 9% respectively compared to July.

While many other cities across the country still saw a decrease in the home prices, the rate of decline has slow down in September. The new home market in the third quarter of 2023 has also shown signs of rebound following the resurgence in existing home market. A notably disparity was seen in both supply and demand side.

So a decrease in home prices.

The decline.

Slow down in September.

The new home market.

So the total between the two this week.

Also so the signs of rebound falling to researchers who used to do home market.

Well not all disparity what's seen in both supply and demand side.

Subscriptions for new homes experience of more than double digit month over month recovery in August. However, in September the new home subscription volume on the Beike platform increased by more than 40% month over month, and 15% year over year. This is a significant divergence from the historical month over month decline with September over the last three years

That double digit amongst over months recovering in August.

However in September the new home subscription volume on a bigger platform increased by more than 40% month over month, and the 15% yeah yeah.

This is a significant divergence from the historical month over month decline with September over the last three years

This is a significant divergence from the historical month over month decline.

The September over the last three years.

Indicating that the September through a bump was largely driven by a pulse support the include the market sentiment grocers and seasonality.

Transaction based typically lags behind the subscription data by about three weeks. Accordingly, more positive change in transaction data is restarted in October. A closer look indicates that the new home market displays a high degree of disparity. In September, one year, year over year growth rate for new homes subscriptions was through the roof in first tier cities by the 49%

October.

A closer look E T K.

That's the new home market displace a height grill.

In September, one year, year over year growth rate for new homes subscriptions was through the roof in first tier cities by the 49%, pretty solid in stronger second tier cities at 20%, but the negative 18% for other low tier cities. The demand for home upgrades is higher in first tier cities.

In September one year.

Yeah over here gross rate for new homes per prescriptions was through the roof in first tier cities by the 14, 9%.

Pretty solid and stronger second tier cities at the 20%, but the 1918 per cent for author low tier cities.

The demand for a whole month Grace is higher your first tier cities. So.

The first time home buyer qualification policy helped pumped more liquidity into this respective new home market, and gave a big boost to those top tier cities like Guangzhou, Nanjing and Changsha that have stronger fundamentals, but when they start on purchase restriction in the leading cities, it also caused the taking away some demand from neighboring low tier cities.

And they gave a big boost to the top tier cities like Guangzhou 19 on the tongue shop that have stronger fundamentals.

But the wins that you stop on purchase restrictions ease at the Beijing City.

It's also caused the taking away some of the mall from neighboring low tier cities.

As new home sales market being heavily influenced by the supply side, as relates to significant fluctuations in high frequency data, whilst its in home market shows more consistency, making a better indicator for overall market activities. Looking ahead, the positive effect of new policies will continue to unfold.

At least to cyclical fluctuations you high frequency data well.

So this new home market that shows more consistency.

Making it a better indicator for overall market activities.

Looking ahead.

Party side, so new policies will continue to a vote today.

The date of existing home transaction in October has been pretty consistent on a weekly basis, with a gradual increase. Nevertheless, it is important to remember that it takes time for policies to be kicked in, and for demands to turn into actual sales, yearly spanning several months.

With the gradual increase.

Nevertheless, it is important to them.

Remember that it takes time for policies to be picky, and 40 miles, which would turn into actual sales.

You're already spending several months.

The uncertainty in new home price trends, will make potential buyer cautious, and the doubt wait and see attitude. To keep up with and stimulate home buying, and upgrading objectives, and attract more buyers to the market. we need further policie support, stable housing price and property doesn't match the changing needs of consumers for better living conditions.

I thought Oh wait tendency attitude.

To keep up with and stimulate home buying and operating activities.

Although attract more buyers market.

Need to further Polish support Steve.

Stable housing crisis, and the property doesn't match, the changing needs of consumers for better leaving condition.

Additionally, easing new purchase the restrictions in different cities, along with the revised qualification for first time homebuyers are expected to boost reasonable demand for first homes, and further activate the transaction in the market. Thank you.

He sees them purchase the restriction you different cities along with the revised qualification for first time homebuyers.

I need you to boost reasonable demand for homes in the fourth or activate the transaction.

Thank you.

Okay. Okay. Okay. Thank you. Your next question comes from John Lam with UBS. Please go ahead. She says she runs will go on tax rate.

Operator: Thank you. Your next question comes from John Lam with UBS. Please go ahead.

Okay. Okay. Thank you. Your next question comes from John Lam with UBS. Please go ahead.

Okay. Thank you. Your next question comes from John Lam with UBS. Please go ahead.

Thank you. Your next question comes from John Lam with UBS. Please go ahead.

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She says she runs will go on tax rate.

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How long is it enough to call so, let's see what the schedule inch Michelle Ah.

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Crazy with Houston.

Each one of them.

Thank you Helen.

[Foreign language]. So thank you for taking my questions, and also congrats for the great results. And the question is more regarding the new home business. So how do we see the property developers for their sales strategy in the upcoming fourth quarter strong season? And also how do they think about the cooperation with the channel? Regarding on the recent relaxation of the price gap for both property price, and also land price? Would that mean that this is positive to your new home business?

John Lam: [Foreign language]. So thank you for taking my questions, and also congrats for the great results. And the question is more regarding the new home business. So how do we see the property developers for their sales strategy in the upcoming fourth quarter strong season? And also how do they think about the cooperation with the channel?

And.

I think it's more of a car they want their new home business. So how do we see the uptick developers what their sales strategy in the upcoming film quite a strong season and also how did you think about the cooperation with the channel.

Regarding on the recent relaxation of the price gap for both property price, and also land price? Would that mean that this is positive to your new home business? Regarding on the operation, Beike has been the industry leader for the new home business, so any area for further improvement that could share to investors? Thank you.

Regarding on the recent relaxation of the prices kept football.

And also on NPI, but doesn't mean that this is a positive to your new homelessness.

Regarding on the operation, Beike has been the industry leader for the new home business, so any area for further improvement that could share to investors? Thank you.

Being the industry leader for the new home business, so any areas for further improvement.

It's a good chance we may stop thank.

Thank you.

Tao Xu: Thank you, John. The current new home market is complex, and consistently changing, which poses significant challenges for our involved in the industry. Although new home generally offer better design and quality compared with existing ones. In cities where are risks associated with delivery pursued home on time, consumers tend to lean towards buying existing homes.

Thank you, John. The current new home market is complex, and so consistently changing, which poses significant challenges four our involved in the industry. Although new homes generally offer better design and quality compared with existing ones. In cities where there are risks associated with delivery pursued home on time, consumers tend to lean towards buying these new homes.

The new home market is complex and so consistently 20, which had posted different passengers fly everybody.

Welcome to the industry.

Well, it's all new home journey.

January offered a better teacher in hockey compare with the existing one you can see a case, where it's a risk associated with delivery cornerstone home on time.

In key cities the percentage of consumers interested in purchasing new home has dropped from 33% in 2021 to 70% in September. In one of our core central cities, the proportion of the transaction in these new homes are rising from 25% in September 2021 to 70% this year.

In K C D. So for.

Pedro will consumers interested in purchasing new home has dropped from 33% in 'twenty 'twenty, 1% to 17% which is September.

Meanwhile, Barbara Kohl's Central since stated.

The proposal the transaction you just new homes at the right thing from two 5% in September 22 to one 2%.

You stated.

In a city like Chengdu, where timely delivery of appraisal hold is ensured more effectively, people still prefer buying new homes. However, the situation has emerged where prices of new home are significantly higher than those of the existing homes. This creates a large price gap that handles new home upgrades or reduce developer motivation to increase even inventory and offer promotions. There are also cities where demand for new homes

In a city like Chengdu, where timely delivery of appraisal hold is ensured more effectively, people still prefer buying new homes. However, the situation has emerged where prices of new home are significantly higher than those of the existing homes. This creates a large price gap that handles new home upgrades, or reduce developer motivation to increase even-- inventory, and offer promotions.

However, the situation has been months where prices. So if the new homes are significantly higher than total homes.

This creates a large price gap.

Handlers new home.

Home upgrades overdue give upwards motivation to increase you bet inventory on Oprah promotions.

There are also cities where demand for new homes has considerably improved this year, such as Shenzhen. The weekly subscription volume of the new homes in Shenzhen reached a record high by the end of September. However, a considerable proportion of this recently increased demand has already been met through the talent housing supply. In response to market challenges, most big national and local developers are paid to really step up their sales game by the end of the year with more promotions, along with policy support.

They're also seeking work demand for new homes.

Considerably improves this year.

I understand that.

So weekly subscription vulnerable to new homes NUCYNTA.

Rich the retro hot band of September However, a considerable proportion of the recently increased demand that's already been met Susan Thailand housing supply.

In response to market challenges, most big national, and local developers are paid to really step up their sales game by the end of the year with more promotions, along with policy support. On the other hand, some smaller local developers are taking easy starting in early September, following current policies, some developers have taken the initiatives to start promoting their protects, but we don't expect them to primarily rely on the significant price reductions.

In response to market tenders.

In response to market tenders. Most big National and the local do you have a. Bad to really step up their sales gain. And so for the year with the more promotions. Along with policy support on the other hand, some smaller local developers are taking easy starting.

In response to market tenders. Most big National and the local do you have a. Bad to really step up their sales gain. And so for the year with the more promotions. Along with policy

Most big National and the local do you have a.

Bad to really step up their sales gain.

And so for the year with the more promotions.

Along with policy support on the other hand, some smaller local developers are taking easy starting.

support on the other hand, some smaller local developers are taking easy starting.

Starting in early September following current policies.

Okay Viper has taken initiatives to start promoting without protect.

We don't use batch and to prod to primarily the significant price reductions.

In terms of the developers working with our brokerage services, the penetration rate for brokerage market to the new home market has been on the rise this year. For instance, in Q3, the penetration rate of broker service in Shenzhen increased by 6% compared to the same period last year, while Chengdu witnessed a growth of 10% to 15% year over year.

Penetration rate for Brooklyn market.

Towards the new home market has been on the rise this year.

And then in Q3, the penetration rate of brokers serviced NUCYNTA increased by 6% compared to the same period last year welcome to what's nice growth off of 10% to 15% year over year.

Although developer sentiment may fluctuate due to the market change, a relatively stable and balanced cooperative relationship has been stablished. From Beike's perspective, our goal is to stablish a mutually beneficial partnership with developers, where we can cooperatively create additional value for customers. The low satisfaction level among customers regards to the new home product is one of the main reason why market lacks momentum.

Bumpy Christmas basket, our goal is to establish a mutually beneficial partnership with the evaporates, where are we can collaboratively with them cooperatively, creating additional value for customers.

Low satisfaction level, among customer regardless of the new home product as well as the main reason why monkey Lake some momentum.

By gaining deeper insight into the customer preference through interactive data analysis, and extensive research, we can develop better products that cater to the new home housing upgrade needs, while also enhancing the overall experience. Recent projects like Chengdu [inaudible] one of riverside, Wuhan Tiandi, and Beijing One Sino Park demonstrate the high quality of new home products still generate significant demand in today's market.

Tycho towards a new home how to upgrade needs well.

Well also you have to sell all of our experience.

Chris important I could do one OTC rubricyte, who hung.

One can do and the paging Wednesday know park demonstrates the high cost of new home products still generate significant amount in today's market.

This divergence indicates a clear direction for future development in the new home market. Additionally, if 1.0 for area to land area ratio restriction is to be removed, or largely public area, it can really help boost the development of high quality low density residential property in future housing market. This will stimulate improvement in demand, and enable residents to experience a leap forward in their future housing experience.

New home market.

With you soon at 1.0 for IRA to lend I ratio restriction to be removed or largely populate eylea.

It can really help boost the development of a high quality low density residential property in future Hot market.

Our stimulated improvement in demand and enable residents to spirits leap for Utah future hunting spirit.

Going forward, as we consolidate and deepen our fundamental work in core areas, such as commissioning the bonds cooperation with state owned developers, and focused sales strategy, we will prioritize enhancing our new home market coverage and the sell through to withstand potential market downturn risks. Our strategy will primarily cover the following:

We will for archiving heightened all the new home market coverage on the sell through to withstand potential market down two risks.

Our strategy will primarily cover the following: Number one. The new partnership with you about. Let's see if I could move on the local autonomy to a centralized amendments. He will work closely with the IV unable to establish deep and meaningful collaboration. Number two was a pillar of our strategy and policies to reduce T D. Number three refund operation management.

Our strategy will primarily cover the following:

Number one, building new partnership with developers as developers move from local autonomy to a centralized management, we will work closely with them at every level to stablish deep and meaningful collaborations. Number two, we will tailor our strategy, and policies to individual cities. Number three, refund operation management, we will beat up our infrastructure starting with our housing dictionary, ecosystem, standardized process, and building the skills to make the products that the customer will love. Thank you.

Number one.

The new partnership with you about.

Let's see if I could move on the local autonomy to a centralized amendments.

He will work closely with the IV unable to establish deep and meaningful collaboration.

Number two was a pillar of our strategy and policies to reduce T D.

Number three refund operation management.

It will be spot our infrastructures talking with all of our housing dictionary ecosystem.

Then, thereby pro side on the building the SKU to make the product.

Well thank you.

Operator: Thank you. Your next question comes from Miranda Zhuang with Bank of America Securities. Please go ahead.

Thank you. Your next question comes from Miranda with Banc of America Securities. Please go ahead.

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Jonathan Gulf Nations from John and Jeremy. Thank you, Jonathan I don't see a whole.

What element that I told you that I take a column. So she had some warmed up just yet.

Miranda Zhuang: [Foreign language]. Thank you. So my question is like historically we have seen M&A was used to grow companies, home brokerage business, and company recently also announced a proposal to acquire Kongjian Zhihui to further grow the home furnishing business. So can management share your thoughts about the importance of M&A versus organic growth in your growth strategy and also your thoughts about the future investment and the pace of it? Thank you.

So can management share your thoughts about the importance of M&A. That's just organic growth in your growth strategy and also your thoughts about the future investment in the pace of it. Thank you.

Okay. I'm Stanley. Thank you for your question. So generating sustainable internal innovation, and organic growth is definitely a long term goal for us. In the process of achieving the long term goal, we have some phased strategy opportunities that we need to achieve to revolutionize the home innovation and the furnishing industry. We need to have ample scale, and business density in a single city. This allows us to experiment, refine and enhanced our competences promptly. Acquisitions are the most suitable route to achieve

Stanley Yongdong Peng: Okay. I'm Stanley. Thank you for your question. So generating sustainable internal innovation, and organic growth is definitely a long term goal for us. In the process of achieving the long term goal, we have some phased strategy opportunities that we need to achieve to revolutionize the home innovation and the furnishing industry. We need to have ample scale, and business density in a single city.

All are generating some tangible internal innovation and organic growth is definitely a long term goal for us.

The process of lunch, even the long term goal, we have some phase to stretch into two tiers and we need to achieve.

For it to a real lot revolutionize another home innovation furnishing industry, we need to have ample skill and a business density in a single city.

This allows us to experiment, refine, and enhanced our competences promptly. Acquisitions are the most suitable route to achieve this short term strategic opportunity. Hence, our emphasize on acquisitions isn't mainly for immediately the revenue of financial growth, but to attain the necessary scale and density as a fertile piece of land to force the industry innovation.

This allows us to experiment is fine I mean has it all.

Competencies promptly.

In addition, most of the Super Bowl group.

To achieve this short term strategic opportunity has or emphasize aqua dishes isn't merely for immediate time around new off financial groups, but who attend the necessary scale and density as a floods.

So tayo a piece of land to foster industry our innovation.

I's very difficult to kick-start industry transformation results, and existing scale. Many capabilities can only grow out with certain operational scale, but in the home renovation sector, very kind of scale has been pretty rare historically. Furthermore, the requirement for achieving a billion, 30 billion, or 50 billion scale in one city differ across various capabilities.

Existing scale many capabilities can only grow.

There's certain operational skill, but are in the home renovation sector that economies of scale has been a pretty rare historically for tomorrow. Harman for achieving a bidding I studied bidding on 15 billion scaling out in one city gear for a cross.

Harman for achieving a bidding I studied bidding on 15 billion scaling out in one city gear for a cross.

It's like evolution, we must remain agile, and non-conformity to establish norms. For example, with a strong presence a city or region. We can reestablish the entire sales supply chain, and delivery process, which allow us to tap into economies of scale, addressing deep-rooted the industry challenges, and preparing a way for our transformative business methodology.

For example, with a strong presence in the city or a region. We can finish the entire scaled supply chain and delivery process, which allow us to tap into economical scale.

Looking ahead, if acquisition can help us more effectively achieve our fast strategic objectives, then they are crucial and valuable. However, we are just a means to reach a grander vision not the end goal. Right now, the acquisition brings in a necessary resource and like minded individuals. I think these are important assets for transforming the industry. That's my answer. Thank you.

Rich a grander vision and all of that and go well know acquisitions brings in a necessary resource and high commodity like minded individuals and I think that the these impulses and that's S from transforming the industry.

Operator: Thank you. Your next question comes from Xiaodan Zhang with CICC. Please go ahead.

Okay. Thank you. Your next question comes from Sheldon Zhang with C. ICC. Please go ahead.

Thank you. Your next question comes from Sheldon Zhang with C. ICC. Please go ahead.

Hey, Glenn it's Oh, Okay, that's right. Oh, and then eventually you actually take a ceiling yet with that right. All of them kind of answer questions that you have is that all of the Delta, Ohio that shows a class on me and thought that social issue that you don't see I don't know if he knows what she needs to attach all you would actually go down to a wireless will tell what that he doesn't seem quite as soon as that sounds that you acquired or you could change that. No I just want to thank

Oh, and then eventually you actually take a ceiling yet with that right.

All of them kind of answer questions that you have is that all of the Delta, Ohio that shows a class on me and thought that social issue that you don't see I don't know if he knows what she needs to attach all you would actually go down to a wireless will tell what that he doesn't seem quite as soon as that sounds that you acquired or you could change that.

No I just want to thank them. So the company has made remarkable progress in standardization and digitalization of your core business in the past years. So how shall we think of it in terms of the English have hung around in my vision business. It would be great. If you can share with us some of the milestones do you have achieved thank you.

No I just want to thank

Xiaodan Zhang: [Foreign language] So the company has made remarkable progress in standardization and digitalization of your core business in the past years. So how should we think of it in terms of the emergent home renovation business? It would be great if you can share with us some of the milestones you have achieved. Thank you.

Thank you, Sophie. To start with the home renovation supply chain is long and complicated. Not all stage, can or should be standardized. We can break it down into three categories, standardization, personalization, and betweenness. Standardization is enacted on pricing, construction practices and streamlined processes of rules.

Tao Xu: Thank you, Sophie. To start with the home renovation supply chain is long and complicated. Not all stage, can or should be standardized. We can break it down into three categories, standardization, personalization, and betweenness.

To start with the home renovations to play 10 years la and the complicated.

Navajo stage, he can or should be spent their lives.

We can break it down into three categories.

They haven't station personalization and between years.

Standardization, is enacted in pricing, construction practices, and streamlined processes of rules. Personalization, within this offering is emphasized by our tailored design solution and the rich variety of products that are offered.

Penetration is in active pricing customer practice on a streamlined process abuse.

Personalization, we think this offering is off for a spot buy all were tailored to each time solution on the rich variety of products to the oilfield.

The degree of the standardization or personalization for renovation mature lies somewhere in between these two rings. Mature selection based on stringent criteria, while still providing our costumers with the ongoing diversity to make a personalized choice that makes their individuals tests.

Mature selection based on stringent quite sure why.

I'll steal providing all of our customers with the umbo diversity to make a personal house twice that in Mexico and get videotapes.

For areas that need standardization, we need to reshape the process and set standards. We will define distinct roles within our operation flow, establishing a set of mechanisms for collaboration, path allocation and the gate incentives.

Well it would be fun statistic, the rows, reaching our operation flow, establishing a stack up in the kind of is it full collaboration talks on allocation on the gate.

Incentives.

For example, in terms of the role definition and the fee settlement for renovation construction, it used to be common practice in the renovation industry for the project managers to bring their own team of workers in control to the workshop. While the renovation company only dealt with payments with the project manager.

It used to be common practice into renovation that street, but to put your managers to brings our own team of walkers into control. So it workshop walnuts granulation commie only dealt with payments with a protein manager.

This open resulted in project managers starting off a loss position, when they took on the new protect. This lead to several issues. Their focus pulled into the actual charts and the tasks for more profits and the manager access labor schedule for other projects. Additionally, Minerva endometrial copies heavily mediate the expertise you meant walkers and leading to the cocky issues.

This open resulted in project managers starting off a loss position, when they took on the new protect. This lead to several issues. Their focus gets pulled into the actual charts and the tasks for more profits and the manager access labor schedule for other projects.

This latest several issues.

Dr Falk.

Yeah, I suppose into the actual talks on the task for a more perfect at the manager accent Nabors Sky to bother perfect.

Additionally, Minerva endometrial copies heavily mediate the expertise you meant walkers and leading to the cocky issues.

Additionally, many renovation companies have limited expertise in managing workers, leading to the quality control issues. On our platform our project manager role is to ensure a project goes smoothly, and the customers are happy. And they're not allowed to touch money. Their job is to manage project timelines, ensuring labors are delivering quality craftsmanship and so on.

On our platform I'll put them under role is to ensure a project goes smoothly and the customer a high peak.

I'm not allowed to put money.

So our job is to manage a project timelines.

All of which improve customer satisfaction. While the platform is responsible for dispatch orders, setting up standards and certifying workers qualification, implementing evaluation, and the reward system, et cetera.

All of which improve customer satisfaction.

Once the platform is responsible for the spectrum older second.

That's not the thunders, London to define Walker's colocation.

Preventing the valuation under the worst systems et cetera on.

And complete the salary settlement based on the performance system centered around the cost services, as such, we redefined the roles, workflows, standards and the incentive mechanism within the industry. Regarding the digitalization it is essential a manifestation of in depth, industry understanding and the serves that means to facilitate the implementation of a standardization.

Such we redefined the Roes will close standard under incentive makena waste in the industry.

Regarding the utilization it is essentially.

Manifestation of indeed, we've got some understanding on the soap that the means to facilitate implementation of standardization.

Here, let's take the example of project manager, and the workers for illustration again. This part of the digitalization is now achieved throughout the home staff system. This module covers a various sub module such as project schedule management, material dispatching, and the construction quality control, it enables augmented assignment of tasks, tracking of the main material orders, acceptance inspections, certification process et cetera, providing a streamlined management approach.

This part of the Digitalization has now achieved through all the Homestar system.

This multiyear covers the virus sub motive sunshine proteins schedule management.

Matilda dispatching.

And our construction quality control. Did he Naples augmented seminar task. Tracking of the men material orders. Acceptance inspections. Gratification processes et cetera.

Did he Naples augmented seminar task.

Tracking of the men material orders.

Acceptance inspections.

Gratification processes et cetera.

Providing a streamlined mentoring new approach.

Additionally, it encompass digital time management for both workers, and project managers, including scoring system performance incentives, training certification, and more. The home staff system will be upgraded to version 2.5 in November. This new version combines expertise of both Chengdu and the Beike, making it the most compatible, and inclusive of the various modules like construction delivery, customer acquisition, sales centralized design control, supply chain delivery, employment tools, and the data strategy.

Simplification at the moment.

So homestar system will be upgraded to version 2.5 November.

This new version combined expertise of both some duet debate cool, making it the most compatible.

Inclusive of the various module like construction to be every customer acquisition.

House centralized design control.

Supply chain delivery, and probably choose and I think our strategy.

Moving forward. Our focus will be on will be on developing the designer, and the delivery middle office module in order to standardize workflow process and achieve what you see is what you'll get design approach. This will also save designers time in reputable workers and improve our interaction with client design solutions, which they care more and more these days. Lastly, we want to reiterate that so koegel for sanitation and our system attrition that we start to show.

Our focus will be on the button, the designer and the delivery Mito off smoking.

In order to spend their lives workflow processes on that to what do you see is what you would get to keep our approach.

This will also ship, then theres pot and reputable walkers and improve over <unk>.

Action with crime defense solutions, which they care more and more with these days.

Lastly, we want to reiterate that the core goal for standardization, and systemization, that we stablish a customer centric digital infrastructure, that supports the industry ongoing development. This infrastructure should be able to accommodate the diverse industry players, allowing participants across the value chain to operate on that streamlined and well structured a guidelines, as we gain deeper understanding of the industry, through experiments and its provision in various cities as well as the coalition of our ideas following the merger and acquisition. We will continue rapidly iterate process standardization and digitalization. Yeah. Thank you.

Lastly, we want to reiterate that the core goal for standardization, and systemization, that we stablish a customer centric digital infrastructure, that supports the industry ongoing development. This infrastructure should be able to accommodate the diverse industry players, allowing participants across the value chain to operate on that streamlined and well structured a guidelines, as we gain deeper understanding of the industry, through the experiments and its provision in various cities as well as the coalition of our ideas following the merger and acquisition. We will continue rapidly iterate the process of standardization, and the digitalization. Thank you.

Lastly, we want to reiterate that so koegel for sanitation and our system attrition that we start to show.

Customer centric digital infrastructure, such as opposed to you got your ongoing development.

Just the infrastructure should be able to accommodate the diverse.

You've got two players, although you participants across the value chain to operate on that streamlines under well structured a guideline.

That's a weekend deeper understanding of the industry, so experiments and its provision.

Cities.

Well at the Cold EEZE worldwide theater, following the merger and acquisition.

We will continue rapidly iterate process standardization and digitalization.

We will continue rapidly iterate the process of standardization, and digitalization. Thank you.

Yeah.

Thank you.

Operator: 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.

I will now turn the call over to your speakers today, Ms sitting Lee for closing remarks.

Siting Li: 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 next quarter. Again, thank you, and goodbye. Okay.

Thank you once again for joining us today.

Other questions. Please feel free to contact the Investor Relations team.

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

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