贝壳控股(BEKE)今日盘中大跌5.88%，主要受到公司发布的2025年第一季度财报影响。尽管业绩实现增长，但毛利率下滑引发了投资者担忧。
根据财报，贝壳一季度实现总交易额8,437亿元人民币，同比增长34.0%；净收入233亿元，同比增长42.4%；净利润8.55亿元，同比增长97.9%。然而，公司毛利率从去年同期的25.2%下降至20.7%，这成为拖累股价的主要因素。
毛利率下滑主要源于两个原因：一是贡献利润率较高的存量房业务占比下降；二是固定薪酬成本占存量房业务收入比例提高。这表明公司在扩大业务规模的同时，面临着一定的成本压力。尽管如此，贝壳仍在积极推进"一体三翼"战略，并加大对AI技术的投入，以提升长期竞争力。
值得注意的是，贝壳在一季度继续进行股票回购，回购金额约1.4亿美元，显示出管理层对公司价值的信心。但这似乎未能有效提振投资者情绪。整体而言，贝壳一季度业绩虽然实现了营收和利润的双增长，但利润率的下滑引发了市场对其未来盈利能力的担忧，导致股价承压。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.