智通财经APP获悉，贝壳-W(02423)绩后涨超3%，截至发稿，涨3.07%，报43.6港元，成交额1.46亿港元。
消息面上，贝壳发布2025年第三季度业绩，总交易额为人民币7367亿元，同比基本持平。存量房交易的总交易额为人民币5056亿元，同比增加5.8%。新房交易的总交易额为人民币1963亿元，同比减少13.7%。净收入为人民币231亿元，同比增加2.1%。净利润为人民币7.47亿元，同比减少36.1%。经调整净利润为人民币12.86亿元，同比减少27.8%。
华泰证券指出，贝壳三季度总营收231亿元（同比持平），基本符合VA一致预期（下同）。分业务看，存量房、新房、家装、租赁营收同比分别变动-4%、-14%、2%、45%。毛利率同比下降1.3pct至21.4%，主要系经纪收入占比和贡献利润率下滑（去杠杆效应）。经调整净利润达13亿（高于预期5%），主要系家装销售费用下降。该行预期4Q贝壳总营收同比-27%（去年9.26新政后高基数）。贝壳26年利润率有望显著改善，主要系经纪业务人效提升，家装业务利润改善，同时房源扩容和AI提效有望改善租赁利润。维持“买入”评级。
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