Produced by Huabo Business Review.
Recently, Xu Wangang, vice chairman of Beike and CEO of Beihaojia, who took office in July this year, disclosed for the first time the business status of Beihaojia, the "third wing" of "one body and three wings", at an industry meeting in Guangzhou.
It is understood that Bei Haojia will not be directly involved in real estate development, its operating philosophy is to invest in real estate projects in the form of limited partnerships, and provide advice for the later product design and marketing of real estate development projects through a large number of real estate transactions, shows and customer preferences owned by the Beike platform. The income** of Bei Haojia is the return on capital of the initial equity investment and various commissions in the later stage of the project.
In other words, Beike's "intermediary" business not only achieves the field of real estate transactions, but also extends to the field of real estate development. In order to pave the way for Bei Hao's family, Beike recruited executives from Vanke, Longfor, and Jinmao. According to the analysis of industry insiders, the team configuration of Bei Haojia is almost the same as that of real estate companies.
However, there is a lot of pressure behind Beike's layout in the real estate industry chain.
The performance recovery is not smooth, and the home improvement and home furnishing have tasted the sweetness for the first time
According to the financial data disclosed by Beike in the third quarter of 2023, Beike achieved revenue of 178100 million yuan, a year-on-year increase of only 12%；The net profit attributable to the parent company was 115.8 billion yuan. Compared to the previous two quarters42% high growth rate, the third quarter growth rate was very slow.
In fact, in 2022, Shell will suffer a "Waterloo", with an annual revenue of **2487%, with a loss of nearly 1.4 billion yuan. Due to the slow growth in the third quarter, the cumulative revenue of Shell in the first three quarters of 2023 was 575700 million yuan, still lower than 629 in the same period in 2021700 million.
Judging from the specific data, in the third quarter, Beike's two main businesses, the stock housing business and the new housing business, both declined to varying degrees. During the reporting period, external commission income was $6.3 billion, compared to $7.2 billion in the same period in 2022**119%；Revenue from new home business was $5.9 billion, down 24.4 percent year-on-year from $7.8 billion in the same period of 20223%。
Shell attributed it to weak market sentiment, especially for property transactions. However, Beike also said that after many high-tier cities introduced supportive policies, the housing-related market showed signs of recovery on a month-on-month basis, especially in September. Shells still seem to be confident about the future.
Despite the decline in its main business, Beike's home improvement and home furnishing business has a good growth momentum. According to the data, in the third quarter of 2023, Beike's home improvement and home furnishing business achieved revenue of 3.2 billion yuan, an increase of 72 over the same period in 20221%。
It is worth noting that back in October of this year, Shell spent 15500 million yuan to acquire love space, increase the home improvement and home furnishing track. In the opinion of analysts, due to the setback in the development of its main business, Beike has been seeking to open up a new track in recent timesWith the gradual increase in the proportion of home improvement and home furnishing business, Beike is also accelerating its march into the upstream and downstream of the real estate industry chain.
The dragon slayer boy eventually became an evil dragon?Beike's compliance issues and internal issues remain to be resolved
The reason why Zuo Hui, the founder and former chairman of Beike, chose to be a real estate agent was because of his unpleasant experience when renting a house in Beipiao, so he wanted to break the phenomenon of opaque information and deception of real estate agents. However, when Zuo Hui died in 2021, he was not recognized by the general public, but was scolded by all kinds of laughter.
From his dismissal of Hu Jinghui, vice president of I Love My Family, who criticized the chaos in the industry, to the free formaldehyde room, to the pit abduction and high rates of Lianjia and Shell, netizens took this opportunity to vent their dissatisfaction with him. What is even more ironic is that just a few months before Zuo Hui's death, many cities in Shell announced the implementation of a 3% rate, which attracted a lot of anger. Zuo Hui seems to be at odds with his ideals.
At that time, some netizens commented: Those who scolded Zuo Hui bought and sold houses, and those who praised Zuo Hui were all engaged in real estate, and you can see at a glance what role Zuo Hui and Shell played. And the bad impression left by Zuo Hui and Beike on the public may also affect the development of their new business.
On December 24, the Black Cat complaint platform showed that a consumer said that he had not registered with Beike to find a house, but received information about the completion of Beike's housing transaction and loan approval. The consumer was very puzzled: "I have never registered with Beike to find a house, and I don't have a verification code, how can others use my mobile phone number to trade houses and approve loans?""This means that Shell may be suspected of violating personal privacy.
Beike's new business, Beihaojia, relies on "a large number of real estate transactions, showings and customer preferences". When Beike moves forward with its own new business, will it further infringe on consumer privacy?Will it harm the interests of consumers?
Not only that, as early as 2021, it was reported that Beike cooperated with the anti-monopoly investigation of relevant departments. As Beike's new business strengthens its involvement in the real estate industry chain, will Beike trigger an anti-monopoly investigation again?
In addition to these problems, Shell's management may also face internal friction problems. In October 2022, a netizen who claimed to be an employee of Beike posted an article criticizing Beike's "pseudo-executives" for being superficial and vegetarian, pointing directly at Ye Yupeng, director of Tangqiao Region of Shanghai Lianjia's Shanghai Middle East Business Department, and cited a large number of examples. Under the article, many netizens suspected of being Shell employees echoed the response.
Under internal and external pressure, Shell is facing severe challenges.