Shell's second quarter revenue was 23.4 billion yuan, and it plans to expand and extend its share repurchase plan
2024-08-13
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On August 12, real estate transaction and service platform Beike Holdings Limited (NYSE: BEKE; 02423.HK) announced its unaudited financial results for the second quarter of 2024.
Data shows that in the second quarter, Ke Ke's total revenue was 23.4 billion yuan, a year-on-year increase of 19.9%; gross profit margin was 27.9%; net profit was 1.9 billion yuan, a year-on-year increase of 46.2%; and adjusted net profit was 2.693 billion yuan.
Shell pointed out that in the second quarter of 2024, the intensive implementation of loose policies led to an improvement in the transaction volume of the existing housing market, and the year-on-year decline in the new housing market narrowed month by month but remained under pressure. Against the backdrop of a gradual recovery in market sentiment, the contribution margin of the existing housing business increased from 44.5% to 47.5% month-on-month. In addition, the receivables turnover days for new housing were shortened from 69 days in the first quarter to 45 days.
According to the data released by Shell, the net income of the existing housing business in the second quarter was 7.3 billion yuan, an increase of 14.3% year-on-year; the net income of the new housing business was 7.9 billion yuan, a decrease of 8.8% year-on-year; the net income of home furnishings was 4 billion yuan, an increase of 53.9% year-on-year; the net income of emerging businesses and others was 900 million yuan. It is worth mentioning that due to the continuous increase in the scale and importance of housing rental services, Shell began to disclose the financial status of housing rental services separately from the first quarter of this year. Data from the second quarter of this year showed that its net income from housing rental services was 3.2 billion yuan, an increase of 167.1% year-on-year. As of the end of the second quarter, the number of managed houses of "Xinxinzu" exceeded 300,000 units, and the scale of centralized apartments under management exceeded 14,000 units. In the first half of this year, Beijing achieved a break-even at the city level.
In terms of total transaction volume, in the second quarter, Shell's total transaction volume was 839 billion yuan, a year-on-year increase of 7.5%. Among them, the total transaction volume of existing housing transactions was 570.7 billion yuan, a year-on-year increase of 25.0%.
As of June 30, 2024, KE's cash, cash equivalents, restricted funds and short-term investments had a total balance of RMB 59.7 billion.
In addition, the announcement shows that as of August 12, Shell has spent a total of approximately US$480 million to repurchase shares in 2024, and the number of repurchased shares accounts for approximately 2.75% of the total issued share capital at the end of 2023. At the same time, Shell has been approved by the board of directors to further expand and extend the existing share repurchase plan, with the repurchase authorization increased from US$2 billion to US$3 billion, and the repurchase plan period extended to August 31, 2025.
As of June 30, 2024, Beike has 44,423 active stores, an increase of 8.1% over the same period last year; the number of active brokers is 411,478, which is relatively flat compared with the same period last year. The average number of mobile monthly active users in the second quarter was 49.7 million.
In terms of corporate organizational strategy, Shell is exploring residential development from real estate transactions. In July last year, Shell upgraded its corporate strategy to "one body and three wings" and adjusted its organizational structure to form four business lines: brokerage, home improvement, Huiju, and Beihaojia. Among them, Beihaojia, as Shell's residential development service platform, has made attempts in the land auction market this year. Although it had not achieved any results in the land auction markets in Beijing and Guangzhou before, at the end of July, Shell's Beihaojia Holdings Company successfully won two commercial and residential plots in Weiyang District, Xi'an, with a total transaction price of 134 million yuan.
Shell pointed out that Beihaojia is not positioned as a traditional real estate developer, but a data-driven residential development service platform. At present, Beihaojia is in the early stage of exploration, focusing on cooperation opportunities in major first- and second-tier cities in China. The Xi'an land acquisition project is not an independent development project, but a multi-party cooperation project under the "1+2" model of Beihaojia. According to the needs of the partners, Beihaojia provides a C2M (Customer to Manufacturer) product positioning solution based on big data support, as well as funding and marketing services.
As of the close of August 12, Shell's Hong Kong stocks were priced at HK$35.85 per share, down 1.38%; Shell's US stocks rose before the market opened. As of press time, Shell's US stocks rose 6.06% to US$14.88.
The Paper reporter Ji Simin
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