Beike's 2025 Net Revenue Growth of 1%: Non-housing Business Reaches New High Ratio, Rental Achieves First Profitability

AI Collaboration: How Can AI Human-Machine Synergy Improve Shell Service Providers’ Efficiency?

On March 16, Shell released its Q4 and full-year 2025 performance data. Benefiting from a diversified and more resilient business structure, Shell’s revenue remained steady amid challenging external conditions, with net income increasing by 1% to 94.6 billion yuan (RMB), net profit reaching 2.99 billion yuan, and adjusted net profit of 5.02 billion yuan. In the real estate transaction business, second-hand transaction volume hit a new high with an 11% increase, and new home sales outperformed the market. The share of “non-property transaction businesses” rose to a record 41%. Home renovation revenue reached a historic high of 15.4 billion yuan, and the leasing business achieved profitability for the first time in a full year. With deeper AI integration and refined operations, the average second-hand transaction per agent increased from 2 to 3, professional project managers in home renovation handled over 100% more orders per month year-over-year, and asset management managers saw a over 40% increase in managed properties, all reaching historical highs.

Shell Co-Founder, Chairman, and CEO Peng Yongdong stated, “The true ability to withstand cycles does not come from scale itself but from continuously creating real value for consumers. Shell will reform its service logic, shifting from a growth model driven by store and scale to one driven by efficiency and value creation, improving overall resource conversion and unit output. Next, we will explore upgrading transaction services into full-process ‘decision-making’ services to enhance consumer service professionalism and certainty. We will reshape capabilities with AI technology, optimize resource allocation, and further amplify the professional value of service providers and platform efficiency. At the same time, we aim to build systematic services around the residential lifecycle.”

Shell Executive Director, CFO Xu Tao said, “In 2025, we implemented a series of efficiency initiatives aimed at optimizing unit economics and group cost structures to enhance the company’s future resilience. The profit margin contribution from new homes increased by 0.2 percentage points year-over-year, and the profit margin from existing homes also rebounded in Q4. Operating efficiency improved, with operating expenses as a percentage of net income decreasing by 1.4 percentage points compared to last year. In 2026, we will maintain prudent financial discipline, continue optimizing capital allocation, improve governance, and promote steady, sustainable business development.”

Focusing on Growth Quality: 11% Increase in Second-Hand Transactions to Record Highs, Rental Profitability, and Home Renovation Growth

In the context of new normal in real estate development, Shell proactively adjusts its operational pace, moving away from scale-centric growth and focusing on long-term capability building. Particularly in home renovation and leasing, the focus is on improving profitability quality and establishing sustainable, replicable business models, leading both sectors into healthier development stages.

In 2025, Shell’s existing property revenue reached 25.02 billion yuan, with second-hand property transaction volume hitting a record high, up 11% year-over-year. Throughout the year, the contribution of non-Lianjia (Shell’s secondary brand) to GTV of existing homes increased to about 63%. Non-Lianjia second-hand transaction volume grew by 15% YoY, strengthening platform attributes and making income more stable and asset-light under the platform model.

The GTV of new home transactions reached 890.9 billion yuan, continuing to outperform the market. Shell is upgrading its new home business from traditional “traffic distribution” to delivering “certainty results” for developers and buyers. Based on previous channel value focus, it now also provides early-stage project structure analysis and later-stage marketing and sales support.

Home renovation and furniture revenue reached 15.4 billion yuan, up 4.4%, with profit margins rising to 31.4%, an increase of 0.7 percentage points YoY. In 2025, Shell actively controlled the pace of home renovation and furniture business, aiming to build scalable, professional service capabilities. Through modular product systems, model showrooms, and BIM intelligent design tools, design staff productivity was continuously improved. Additionally, about 80% of main materials and 60% of auxiliary materials are now sourced through nationwide or regional procurement, enhancing bargaining power and long-term product quality stability.

By the end of 2025, Shell’s property leasing services managed over 700,000 units, a 62% YoY increase; annual net revenue reached 21.9 billion yuan, up 52.8%. Profit margins increased by 3.6 percentage points to 8.6%, achieving full-year operational profitability.

Emerging “Human-Machine Collaboration” Effect: Service Provider Efficiency Reaches New Heights

Amid the AI wave, Peng Yongdong believes AI is becoming a core productivity factor in residential services. He states that real estate transactions are not standardized commodities; they involve rational calculations and substantial emotional judgment. Both data support and genuine offline experience are necessary.

“AI cannot be ignored, nor can humans be replaced,” Peng explains. AI can maximize rational decision-making while amplifying the value of emotional, human-driven aspects. Shell has clearly adopted an “AI-human collaboration” strategic route. Leveraging AI capabilities, Shell is enhancing the professionalism of platform services, resource conversion efficiency, and unit output.

For agents, Shell has built an “AI Studio” system in real estate transactions, including AIGC for automatic marketing content generation and initial engagement, AI CRM for customer insights and strategy suggestions, and AI training tools to consolidate top agent experience, reducing capability gaps. For example, in agent services, agents previously spent significant time organizing listings and answering repetitive inquiries. Now, AI can automatically generate VR walkthroughs, property explanations, and client communication materials, freeing agents to focus more on understanding client needs and closing deals. In terms of efficiency, in 2025, the average second-hand transaction per non-Lianjia agent increased by 6%, from less than 2 in 2022 to over 3.

In leasing, Shell has established a closed-loop where AI participates in core strategies, such as rental pricing, inventory scheduling, and regional resource allocation. Pilot regions saw a 13% increase in agent efficiency for property intake, and AI-driven rental pricing improved success rates by 5.3 percentage points compared to manual pricing. Over the year, asset management managers handled over 120 properties on average per month, a 40% increase.