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Jacquelin829
2022-05-12
$Palantir Technologies Inc.(PLTR)$
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Jacquelin829
2022-05-10
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Jacquelin829
2022-04-30
$Palantir Technologies Inc.(PLTR)$
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Jacquelin829
2022-04-18
$小鹏汽车(XPEV)$
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Jacquelin829
2022-03-29
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@BillionaireQ:
$小鵬汽車(XPEV)$
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$特斯拉(TSLA)$
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Jacquelin829
2022-03-10
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The agency fee is so high, why does Keike still lose 500 million a year when looking for a house?
Jacquelin829
2022-03-03
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Ford Tricked Tesla Over Model E
Jacquelin829
2022-02-01
$英伟达(NVDA)$
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Jacquelin829
2021-09-19
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General Motors is trying to establish direct relationships with chipmakers in response to the core shortage crisis
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href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a>🥲","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a>🥲","text":"$特斯拉(TSLA)$🥲","images":[{"img":"https://community-static.tradeup.com/news/cc4e23341e69a2169833a0340f3ebd8a","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9065618894","isVote":1,"tweetType":1,"viewCount":2018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9069578895,"gmtCreate":1651326563461,"gmtModify":1676534890315,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>🥹","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>🥹","text":"$Palantir Technologies Inc.(PLTR)$🥹","images":[{"img":"https://community-static.tradeup.com/news/3eb914e7c5312a35e64455975644a25e","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069578895","isVote":1,"tweetType":1,"viewCount":2346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9088096932,"gmtCreate":1650288282781,"gmtModify":1676534687186,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/XPEV\">$小鹏汽车(XPEV)$</a>🥲","listText":"<a 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href=\"https://laohu8.com/S/XPEV\">$小鵬汽車(XPEV)$</a>關於小鵬：看漲🚀🚀🚀<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a><a href=\"https://laohu8.com/S/NIO\">$蔚來(NIO)$</a>","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鵬汽車(XPEV)$</a>關於小鵬：看漲🚀🚀🚀<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a><a href=\"https://laohu8.com/S/NIO\">$蔚來(NIO)$</a>","text":"$小鵬汽車(XPEV)$關於小鵬：看漲🚀🚀🚀$特斯拉(TSLA)$$蔚來(NIO)$","images":[{"img":"https://static.tigerbbs.com/4dde2ff319d2c2a471a1d2d4cd58bb8d","width":"750","height":"1334"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610306700","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038755067,"gmtCreate":1646923474422,"gmtModify":1676534177619,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038755067","repostId":"1116166991","repostType":4,"repost":{"id":"1116166991","kind":"news","weMediaInfo":{"introduction":"直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。","home_visible":1,"media_name":"豹变","id":"1099700147","head_image":"https://static.tigerbbs.com/524ae85df6244d238314a4bd6c916bb7"},"pubTimestamp":1646909689,"share":"https://ttm.financial/m/news/1116166991?lang=en_US&edition=fundamental","pubTime":"2022-03-10 18:54","market":"us","language":"zh","title":"The agency fee is so high, why does Keike still lose 500 million a year when looking for a house?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116166991","media":"豹变","summary":"2020年8月13日，贝壳在纽交所敲钟，上市前的沟通会上，创始人左晖被问及贝壳模式是否已经跑通时回答，“目前贝壳完成了从0到1，还不算完全跑通。”彼时，贝壳带着左晖改变整个行业规则，实现房产交易信息化","content":"<p><html><head></head><body>August 13, 2020,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>At the communication meeting before the New York Stock Exchange rang the bell and listing, founder Zuo Hui was asked whether the shell model had run through and replied, \"At present, the shell has completed the process from 0 to 1, which is not completely run through.\"</p><p>At that time, Keike took Zuo Hui's desire to change the rules of the entire industry and realize the informatization and transparency of real estate transactions, and ran fast. However, in May 2021, the soul figure Zuo Hui passed away due to illness, and the successor Peng Yongdong encountered internal and external troubles on the way from 1 to 2 in Keike.</p><p>The external real estate industry continues to be in a downturn, and Keike has suffered short selling in the U.S. stock market. Starting from the third quarter of 2021, the operating pressure has been fully reflected in the financial report. The costs caused by the previous expansion are difficult to digest, and Keike has even started the road of layoffs.</p><p>On March 10, 2022, Keike released its latest annual report. At the performance briefing,<b>Peng Yongdong called 2021 an \"unprecedentedly difficult\" year for Keike.</b></p><p>The net loss for the whole year of 2021 was 525 million yuan. Although the adjusted net profit was positive, reaching 2.294 billion yuan, it decreased by nearly 60% year-on-year. In addition, active agents decreased by 8.7% year-on-year, and mobile monthly active users (MAU) decreased by 22.4% year-on-year, all of which reflect the current predicament of Keike.</p><p><b>The performance is not satisfactory, and the market value of Keike has also shrunk significantly.</b>Compared with the market value of Keike's US $90.8 billion (approximately RMB 586.3 billion) on February 22, 2021, the current total market value of Keike has dropped to US $16 billion (approximately RMB 101 billion), a shrinkage of more than 80%.</p><p><b>Large losses occurred in the second half of 2021</b></p><p>Beipiao rented a house 10 times in 12 years. All kinds of unpleasant experiences, opaque information and abduction made Zuo Hui have the initial intention of being an intermediary industry. Adhering to the principle of doing \"the hard and right thing\", he grew into the \"king of intermediaries\" step by step in the midst of controversy.</p><p>Zuo Hui created a directly-operated real estate agency Lianjia, a franchised brand Deyou, and a long-term rental apartment brand Ziroom. In 2018, he launched Keike House Search and began to tell a story of \"Taobao in the real estate industry\".</p><p>As an independent third-party trading platform, Keike House Search has opened resources to all real estate intermediary companies, and established an ACN (Broker Cooperation Network). There are various real estate brokerage brands including Chain Home and Non-Chain Home in the network. On the premise of complying with rules such as full sharing of housing information, the broker service process can be refined and standardized.</p><p>After the death of chief helmsman Zuo Hui, whether Peng Yongdong can carry the banner is the focus of the outside world's attention to Keike. However, the downturn in the real estate industry and the impact of the epidemic have put pressure on Keike's operations.</p><p>According to the latest annual report data, the total turnover (GTV) of the Shell platform in 2021 will be 3.85 trillion yuan, a year-on-year increase of 10.1%, and the annual revenue will be 80.8 billion yuan, a year-on-year increase of 14.6%.</p><p>However, judging from the data of the fourth quarter, GTV decreased by more than 30% year-on-year, of which the GTV of second-hand housing business and new housing business decreased by 39.4% and 24% year-on-year respectively.</p><p>Even if revenue still grows for the whole year,<b>From the perspective of net profit, it has just achieved profitability in 2020, and it will return to a loss of 500 million yuan in 2021, which can be described as difficult.</b></p><p>After excluding the effects of interest, taxes, depreciation, amortization and equity incentive expenses,<b>Although the adjusted net profit (EBITDA) in 2021 will be 2.294 billion yuan, it has actually decreased significantly by 60% year-on-year.</b></p><p>Judging from the single-quarter data, among the four quarters of 2021, the revenue and net profit of the last three quarters are in a downward trend, especially in the third and fourth quarters, with consecutive losses of 1.765 billion yuan and 930 million yuan.</p><p><img src=\"https://static.tigerbbs.com/aae23e6b4666601ca4c9376999d003ac\" tg-width=\"832\" tg-height=\"362\" referrerpolicy=\"no-referrer\"/></p><p>In fact,<b>In the second half of the year when the large losses occurred, Keike did have a rather difficult time.</b></p><p>From the death of Zuo Hui on May 20th, to the news of the reduction of agency fees on the Internet in July, Hangzhou established an officially endorsed \"second-hand housing transaction supervision service platform\" in August, layoffs broke out in October, and suffered short selling in muddy water in December. Coupled with the impact of the real estate control policies introduced one after another during the year on the new and second-hand housing business, Keike's troubles followed one after another.</p><p>Reflected in the financial report,<b>That is, the decline in revenue in the third and fourth quarters and the decrease in gross profit margin for the whole year.</b></p><p>The data shows that the overall gross profit margin of Keike dropped from 23.92% in the previous year to 19.59%, which could not cover the total expense ratio of 21.27%, and eventually returned to losses.</p><p><img src=\"https://static.tigerbbs.com/6f4b2cc1fc564e24d7a2e21cba246721\" tg-width=\"876\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Among them, in the fourth quarter of 2021, the gross profit margin even dropped to 16.4%, which was 2.3 percentage points lower than the 18.69% in 2017.</p><p>In the ACN (Broker Cooperation Network) built by Keike, brokers of the same brand or cross-brand can participate in a transaction together in different roles, and get different commission ratios according to the roles of \"listing entry\", \"listing maintainer\", \"customer source discoverer\" and \"matchmaker\".</p><p>From the perspective of income structure, Keike mainly focused on second-hand housing transactions from the beginning. By 2019, the new housing business increased significantly, and by 2021, the proportion of new housing business has stabilized at 58%.</p><p>At the same time, in 2020, when the proportion of its new housing business exceeded that of second-hand housing for the first time, the commission paid by Keike to external real estate brokerage companies also exceeded the internal commission for the first time. In 2021, the gap between the two will continue to widen, and the proportion of external commissions in total costs has reached 49%, far exceeding the 40.51% proportion of internal commissions.</p><p>In addition to financial data, the difficulties in the second half of 2021 are also reflected in the number of employees and other aspects.</p><p>At the end of 2021, the number of employees decreased by 7.8% year-on-year from 493,000 at the end of the previous year to 454,500. Compared with 515,500 at the end of September, it was a significant decrease of more than 60,000, a decrease of 11.83%.</p><p>The number of mobile monthly active users that Internet companies are interested in also dropped from 48.2 million in the same period last year to 37.4 million, of which the sharp decrease mainly occurred in the fourth quarter.</p><p>Under the unfavorable situation, Keike at the 2021 performance briefing meeting<b>Announced a brand-new \"one body, two wings\" strategy. One body refers to the original second-hand house and new house transaction business, and the two wings refer to the home decoration and furniture product business, and the housing service business.</b></p><p>Prior to this, at the beginning of 2020, signs of Keike's layout in the field of home furnishing have begun to appear. It has launched services including bedding home improvement platform and AI design, and at the same time launched home services including cleaning, maintenance, and moving.</p><p>Judging from the different risks and pressures faced by the current most important second-hand housing business and new housing business, we can better understand why Keike urgently needs a new growth point, or a new expectation.</p><p><b>The basic market of second-hand housing is unstable, and it is even more difficult to raise commissions</b></p><p>As the \"basic market\" from the Lianjia era to the Keike era, the second-hand housing business has always been very important within Keike.</p><p>Peng Yongdong regards second-hand housing as the foundation of the whole model. \"Second-hand housing is like agriculture. A store broker is around the community, which is equivalent to sowing seeds in spring, fertilizing in summer and harvesting in autumn. It is a business with time difference, and it is constantly maintained. The closeness with the community will have a good transformation when users have needs.\"</p><p>For the whole year, the transaction volume of second-hand housing in Keike increased from 1.94 trillion yuan in the previous year to 2.06 trillion yuan, a year-on-year increase of only 6.09%, which was much lower than the year-on-year increase of 49.53% in the same period last year.</p><p>The corresponding income is divided into two parts,<b>One is the commission income from the transaction volume of chain stores, and the other is the platform service fee charged by the platform for the transaction volume of non-chain stores.</b></p><p>As the growth of transaction volume slows down, Keike's second-hand housing business revenue will only increase slightly by 4.53% to 31.948 billion yuan in 2021, and the year-on-year growth rate will also shrink.</p><p>The direct reason is that Lianjia has always been the \"main force\" of Keike's second-hand housing transaction business, but the second-hand housing transaction volume of Lianjia stores declined in the fourth quarter, and the corresponding commission income in the fourth quarter dropped from 82 billion yuan in the same period last year to 53 billion yuan.</p><p>By dividing the income amount of second-hand housing business by the total transaction amount, we will get a contribution rate of second-hand housing business. As can be seen from the figure, the contribution rate in the third and fourth quarters has increased significantly.</p><p><img src=\"https://static.tigerbbs.com/4cb2dd59e416eadc6168ee8654f7e938\" tg-width=\"780\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>Considering the decrease in the total transaction amount of second-hand houses, this change may be that Keike has adjusted its pricing strategy in response to the decline in transaction volume and price.</p><p>Judging from the second-hand housing business completed by chain stores and the second-hand housing business completed by non-chain stores, the pricing policies of the two parts have different changes.</p><p>Among them, the platform service rate for non-chain stores increased significantly in the third and fourth quarters, from 0.32% to 0.41% and 0.44%. This means that<b>The platform service rate charged by Keike to the second-hand housing business of non-Lianjia stores has increased.</b></p><p><img src=\"https://static.tigerbbs.com/935347df5366797ec149145292ed1e92\" tg-width=\"846\" tg-height=\"378\" referrerpolicy=\"no-referrer\"/></p><p>In the second-hand housing business, Keike's Lianjia stores still contributed more. The commission rate increased significantly in the third quarter, reaching a level of 2.86%, but in the fourth quarter it fell back to 2.72% similar to the previous level.</p><p><img src=\"https://static.tigerbbs.com/eddbea1243ed95f23b5ecc8f65442e86\" tg-width=\"838\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p>In February 2021, it was reported that shell stores in Chongqing and other places raised local intermediary service fees to no more than 1% for sellers and no more than 2% for buyers, compared with 0% for sellers and 2% for buyers before. At the same time, the loan service fee has also been adjusted from 1.5% to a fixed amount.</p><p>If this charging method is successfully adjusted, the commission of Keike can be increased according to the internal service fee sharing rules of Keike. However,<b>Since the seller can transfer the commission cost to the buyer, Keike has also been accused of using the platform's right to speak to increase the cost of buying houses for consumers</b>。 Since then, the relevant person in charge of Chongqing Keike has responded that this is only a \"guiding standard\" for the prices of its intermediary brands.</p><p>Judging from the decline in commission rates in the fourth quarter,<b>There is still great resistance to the increase in commissions in the current market, especially in the environment of sluggish overall transactions of second-hand houses and regulatory adjustments, and the negotiable space of commissions has further increased.</b></p><p>Since the beginning of 2021, Shenzhen and other cities have successively issued second-hand housing guide prices, and many other cities have experienced tightening of mortgage loans. Hangzhou, Hefei, Nanjing, Wuhan and other places even have a large-scale suspension of second-hand housing loans.</p><p>This is undoubtedly a heavy blow to Keike, which occupies a considerable share of the second-hand housing market.</p><p>In July 2021, a screenshot about the adjustment of agency fees spread on the Internet. The main content was that \"the agency fee for real estate transactions shall not exceed three times the average salary of the local society.\"</p><p>Based on the average monthly salary of 11,000 yuan in Beijing in the first quarter of 2021, the upper limit of this amount is 33,000 yuan. A second-hand house of 5 million yuan, calculated according to the original commission ratio of 2.7% in Beijing, has an agency fee of 135,000 yuan, and the gap between the two is as high as 100,000 yuan.</p><p>Although several intermediary companies soon responded that \"no relevant notice has been received at present\", the news went away, but the possible impact of the policy on intermediary agencies has dropped a \"bomb\" on investors' hearts.</p><p>At the end of July, the Ministry of Housing and Urban-Rural Development and other regulatory authorities continued to release signals to increase the rectification of market order such as housing sales, as well as anti-monopoly clouds and the diving of Chinese concept stocks. On July 23 and July 26, two consecutive trading days (Friday and Monday), Keike's stock price plunged by-10.94% and-27.9% respectively, and has not yet recovered.</p><p>In August, the \"Second-hand Housing Transaction Supervision Service Platform\" under Hangzhou Housing Insurance and Housing Authority officially launched the function of \"individual independent listing of houses\", which means that homeowners can list houses on this platform endorsed by the government and directly communicate with intended buyers, breaking the traditional intermediary sales model.</p><p>Beginning the next day, Keike's stock price plummeted again.</p><p><b>The capital chain of real estate developers is tight, and the new house business of Keike is also affected?</b></p><p>While the \"basic market\" business has been hit hard, Keike's new house business has also declined.</p><p>For the whole year, the transaction volume of Keike's new house business increased slightly by 16.31% to 1.61 trillion yuan, corresponding to revenue of 46.472 billion yuan, a year-on-year increase of 22.5%.</p><p>Why is it a small increase? Because in the past two years, the transaction volume of Keike's new house business increased by 166.24% and 84.99% year-on-year respectively, and the year-on-year growth rate of new house business income was 171.33% and 87.13% respectively.</p><p>When the Shell Platform was established in 2018, the new housing business only occupied a small part of it, because the advantage of Lianjia stores lies in the widespread distribution of second-hand housing resources around the world.</p><p>However, since 2019, Keike has used online platform traffic and extensively cooperated offline cooperation outlets to cater to the needs of real estate developers for \"destocking\", and obtained some exclusive or non-exclusive houses by paying security deposits. Many real estate brokerage companies find houses through Keike, and each sell these new houses according to its ability.</p><p>The data shows that the slowdown in the growth rate of the new home business in 2021 is mainly due to the fourth quarter. In the fourth quarter, the transaction volume of Keike's new house business fell by 20% year-on-year, resulting in the revenue contributed by this part of the business also falling to 11.3 billion yuan.</p><p><b>The real estate industry continues to regulate and control, and many real estate companies have liquidity problems. Keike, which is in the downstream, has previously been questioned that there is a greater risk of impairment of accounts receivable.</b></p><p>At the end of 2021, the balance of Keike's book accounts receivable dropped from 13.184 billion yuan at the end of the previous year to 9.325 billion yuan, but the corresponding impairment provision increased from 1.122 billion yuan to 2.151 billion yuan. The reduced accounts receivable and the increased impairment provision ratio can be regarded as Keike's answer to the market's question.</p><p>The financial report shows that Keike received 51.7 billion yuan in accounts receivable from new houses during the year. At the performance briefing meeting, the financial controller also stated that due impairment has been made for this part of assets, and there are no undisclosed bad debts.</p><p><img src=\"https://static.tigerbbs.com/38e1841be3e27cb9e1e259b2f41542ad\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Under the general environment of difficult financing and tight capital chain for real estate developers, the subsequent accounts receivable risk of Keike is still worthy of attention.</b></p><p>Although Keike did not announce its major customers, it can be seen from public reports that Sunac and Evergrande, two major real estate investors, had a close relationship with Keike in the past, and the current debt pressure of these two companies is very prominent.</p><p>In addition, similar to the logic of raising service rates for the second-hand housing business, Keike also increased the commission rate for the new housing business in the fourth quarter.</p><p>At a time when the real estate market is sluggish, Keike's price increase behavior means that it has indeed received a certain degree of recognition in the process of helping real estate developers \"destock\" and has strong bargaining power.</p><p>In the financial report released this time, Keike disclosed that the number of its stores at the end of 2021 was 51,000. Although it increased by 8.7% year-on-year, it decreased by 2,908 from 53,900 at the end of September.</p><p>In addition to the current performance difficulties, the main reason is naturally inseparable from Keike's expectations for its own business development in the future.</p><p>Overall, the biggest problem of Keike at present is, on the one hand, the \"official\" entry and uncertain real estate control policies, which restrict the growth of second-hand housing business; On the other hand, the new housing business needs to continue to pay attention to the impairment risk of accounts receivable.</p><p>In this case, for Peng Yongdong, the successor, challenges are everywhere. \"One body and two wings\" (second-hand housing and new housing transaction business) is facing a state of left and right attack, and<b>The two wings formed by home improvement are still in the embryonic form, and it is obviously too heavy to complete the task of breaking through by them</b>。</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The agency fee is so high, why does Keike still lose 500 million a year when looking for a house?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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However, in May 2021, the soul figure Zuo Hui passed away due to illness, and the successor Peng Yongdong encountered internal and external troubles on the way from 1 to 2 in Keike.</p><p>The external real estate industry continues to be in a downturn, and Keike has suffered short selling in the U.S. stock market. Starting from the third quarter of 2021, the operating pressure has been fully reflected in the financial report. The costs caused by the previous expansion are difficult to digest, and Keike has even started the road of layoffs.</p><p>On March 10, 2022, Keike released its latest annual report. At the performance briefing,<b>Peng Yongdong called 2021 an \"unprecedentedly difficult\" year for Keike.</b></p><p>The net loss for the whole year of 2021 was 525 million yuan. Although the adjusted net profit was positive, reaching 2.294 billion yuan, it decreased by nearly 60% year-on-year. In addition, active agents decreased by 8.7% year-on-year, and mobile monthly active users (MAU) decreased by 22.4% year-on-year, all of which reflect the current predicament of Keike.</p><p><b>The performance is not satisfactory, and the market value of Keike has also shrunk significantly.</b>Compared with the market value of Keike's US $90.8 billion (approximately RMB 586.3 billion) on February 22, 2021, the current total market value of Keike has dropped to US $16 billion (approximately RMB 101 billion), a shrinkage of more than 80%.</p><p><b>Large losses occurred in the second half of 2021</b></p><p>Beipiao rented a house 10 times in 12 years. All kinds of unpleasant experiences, opaque information and abduction made Zuo Hui have the initial intention of being an intermediary industry. Adhering to the principle of doing \"the hard and right thing\", he grew into the \"king of intermediaries\" step by step in the midst of controversy.</p><p>Zuo Hui created a directly-operated real estate agency Lianjia, a franchised brand Deyou, and a long-term rental apartment brand Ziroom. In 2018, he launched Keike House Search and began to tell a story of \"Taobao in the real estate industry\".</p><p>As an independent third-party trading platform, Keike House Search has opened resources to all real estate intermediary companies, and established an ACN (Broker Cooperation Network). There are various real estate brokerage brands including Chain Home and Non-Chain Home in the network. On the premise of complying with rules such as full sharing of housing information, the broker service process can be refined and standardized.</p><p>After the death of chief helmsman Zuo Hui, whether Peng Yongdong can carry the banner is the focus of the outside world's attention to Keike. However, the downturn in the real estate industry and the impact of the epidemic have put pressure on Keike's operations.</p><p>According to the latest annual report data, the total turnover (GTV) of the Shell platform in 2021 will be 3.85 trillion yuan, a year-on-year increase of 10.1%, and the annual revenue will be 80.8 billion yuan, a year-on-year increase of 14.6%.</p><p>However, judging from the data of the fourth quarter, GTV decreased by more than 30% year-on-year, of which the GTV of second-hand housing business and new housing business decreased by 39.4% and 24% year-on-year respectively.</p><p>Even if revenue still grows for the whole year,<b>From the perspective of net profit, it has just achieved profitability in 2020, and it will return to a loss of 500 million yuan in 2021, which can be described as difficult.</b></p><p>After excluding the effects of interest, taxes, depreciation, amortization and equity incentive expenses,<b>Although the adjusted net profit (EBITDA) in 2021 will be 2.294 billion yuan, it has actually decreased significantly by 60% year-on-year.</b></p><p>Judging from the single-quarter data, among the four quarters of 2021, the revenue and net profit of the last three quarters are in a downward trend, especially in the third and fourth quarters, with consecutive losses of 1.765 billion yuan and 930 million yuan.</p><p><img src=\"https://static.tigerbbs.com/aae23e6b4666601ca4c9376999d003ac\" tg-width=\"832\" tg-height=\"362\" referrerpolicy=\"no-referrer\"/></p><p>In fact,<b>In the second half of the year when the large losses occurred, Keike did have a rather difficult time.</b></p><p>From the death of Zuo Hui on May 20th, to the news of the reduction of agency fees on the Internet in July, Hangzhou established an officially endorsed \"second-hand housing transaction supervision service platform\" in August, layoffs broke out in October, and suffered short selling in muddy water in December. Coupled with the impact of the real estate control policies introduced one after another during the year on the new and second-hand housing business, Keike's troubles followed one after another.</p><p>Reflected in the financial report,<b>That is, the decline in revenue in the third and fourth quarters and the decrease in gross profit margin for the whole year.</b></p><p>The data shows that the overall gross profit margin of Keike dropped from 23.92% in the previous year to 19.59%, which could not cover the total expense ratio of 21.27%, and eventually returned to losses.</p><p><img src=\"https://static.tigerbbs.com/6f4b2cc1fc564e24d7a2e21cba246721\" tg-width=\"876\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Among them, in the fourth quarter of 2021, the gross profit margin even dropped to 16.4%, which was 2.3 percentage points lower than the 18.69% in 2017.</p><p>In the ACN (Broker Cooperation Network) built by Keike, brokers of the same brand or cross-brand can participate in a transaction together in different roles, and get different commission ratios according to the roles of \"listing entry\", \"listing maintainer\", \"customer source discoverer\" and \"matchmaker\".</p><p>From the perspective of income structure, Keike mainly focused on second-hand housing transactions from the beginning. By 2019, the new housing business increased significantly, and by 2021, the proportion of new housing business has stabilized at 58%.</p><p>At the same time, in 2020, when the proportion of its new housing business exceeded that of second-hand housing for the first time, the commission paid by Keike to external real estate brokerage companies also exceeded the internal commission for the first time. In 2021, the gap between the two will continue to widen, and the proportion of external commissions in total costs has reached 49%, far exceeding the 40.51% proportion of internal commissions.</p><p>In addition to financial data, the difficulties in the second half of 2021 are also reflected in the number of employees and other aspects.</p><p>At the end of 2021, the number of employees decreased by 7.8% year-on-year from 493,000 at the end of the previous year to 454,500. Compared with 515,500 at the end of September, it was a significant decrease of more than 60,000, a decrease of 11.83%.</p><p>The number of mobile monthly active users that Internet companies are interested in also dropped from 48.2 million in the same period last year to 37.4 million, of which the sharp decrease mainly occurred in the fourth quarter.</p><p>Under the unfavorable situation, Keike at the 2021 performance briefing meeting<b>Announced a brand-new \"one body, two wings\" strategy. One body refers to the original second-hand house and new house transaction business, and the two wings refer to the home decoration and furniture product business, and the housing service business.</b></p><p>Prior to this, at the beginning of 2020, signs of Keike's layout in the field of home furnishing have begun to appear. It has launched services including bedding home improvement platform and AI design, and at the same time launched home services including cleaning, maintenance, and moving.</p><p>Judging from the different risks and pressures faced by the current most important second-hand housing business and new housing business, we can better understand why Keike urgently needs a new growth point, or a new expectation.</p><p><b>The basic market of second-hand housing is unstable, and it is even more difficult to raise commissions</b></p><p>As the \"basic market\" from the Lianjia era to the Keike era, the second-hand housing business has always been very important within Keike.</p><p>Peng Yongdong regards second-hand housing as the foundation of the whole model. \"Second-hand housing is like agriculture. A store broker is around the community, which is equivalent to sowing seeds in spring, fertilizing in summer and harvesting in autumn. It is a business with time difference, and it is constantly maintained. The closeness with the community will have a good transformation when users have needs.\"</p><p>For the whole year, the transaction volume of second-hand housing in Keike increased from 1.94 trillion yuan in the previous year to 2.06 trillion yuan, a year-on-year increase of only 6.09%, which was much lower than the year-on-year increase of 49.53% in the same period last year.</p><p>The corresponding income is divided into two parts,<b>One is the commission income from the transaction volume of chain stores, and the other is the platform service fee charged by the platform for the transaction volume of non-chain stores.</b></p><p>As the growth of transaction volume slows down, Keike's second-hand housing business revenue will only increase slightly by 4.53% to 31.948 billion yuan in 2021, and the year-on-year growth rate will also shrink.</p><p>The direct reason is that Lianjia has always been the \"main force\" of Keike's second-hand housing transaction business, but the second-hand housing transaction volume of Lianjia stores declined in the fourth quarter, and the corresponding commission income in the fourth quarter dropped from 82 billion yuan in the same period last year to 53 billion yuan.</p><p>By dividing the income amount of second-hand housing business by the total transaction amount, we will get a contribution rate of second-hand housing business. As can be seen from the figure, the contribution rate in the third and fourth quarters has increased significantly.</p><p><img src=\"https://static.tigerbbs.com/4cb2dd59e416eadc6168ee8654f7e938\" tg-width=\"780\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>Considering the decrease in the total transaction amount of second-hand houses, this change may be that Keike has adjusted its pricing strategy in response to the decline in transaction volume and price.</p><p>Judging from the second-hand housing business completed by chain stores and the second-hand housing business completed by non-chain stores, the pricing policies of the two parts have different changes.</p><p>Among them, the platform service rate for non-chain stores increased significantly in the third and fourth quarters, from 0.32% to 0.41% and 0.44%. This means that<b>The platform service rate charged by Keike to the second-hand housing business of non-Lianjia stores has increased.</b></p><p><img src=\"https://static.tigerbbs.com/935347df5366797ec149145292ed1e92\" tg-width=\"846\" tg-height=\"378\" referrerpolicy=\"no-referrer\"/></p><p>In the second-hand housing business, Keike's Lianjia stores still contributed more. The commission rate increased significantly in the third quarter, reaching a level of 2.86%, but in the fourth quarter it fell back to 2.72% similar to the previous level.</p><p><img src=\"https://static.tigerbbs.com/eddbea1243ed95f23b5ecc8f65442e86\" tg-width=\"838\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p>In February 2021, it was reported that shell stores in Chongqing and other places raised local intermediary service fees to no more than 1% for sellers and no more than 2% for buyers, compared with 0% for sellers and 2% for buyers before. At the same time, the loan service fee has also been adjusted from 1.5% to a fixed amount.</p><p>If this charging method is successfully adjusted, the commission of Keike can be increased according to the internal service fee sharing rules of Keike. However,<b>Since the seller can transfer the commission cost to the buyer, Keike has also been accused of using the platform's right to speak to increase the cost of buying houses for consumers</b>。 Since then, the relevant person in charge of Chongqing Keike has responded that this is only a \"guiding standard\" for the prices of its intermediary brands.</p><p>Judging from the decline in commission rates in the fourth quarter,<b>There is still great resistance to the increase in commissions in the current market, especially in the environment of sluggish overall transactions of second-hand houses and regulatory adjustments, and the negotiable space of commissions has further increased.</b></p><p>Since the beginning of 2021, Shenzhen and other cities have successively issued second-hand housing guide prices, and many other cities have experienced tightening of mortgage loans. Hangzhou, Hefei, Nanjing, Wuhan and other places even have a large-scale suspension of second-hand housing loans.</p><p>This is undoubtedly a heavy blow to Keike, which occupies a considerable share of the second-hand housing market.</p><p>In July 2021, a screenshot about the adjustment of agency fees spread on the Internet. The main content was that \"the agency fee for real estate transactions shall not exceed three times the average salary of the local society.\"</p><p>Based on the average monthly salary of 11,000 yuan in Beijing in the first quarter of 2021, the upper limit of this amount is 33,000 yuan. A second-hand house of 5 million yuan, calculated according to the original commission ratio of 2.7% in Beijing, has an agency fee of 135,000 yuan, and the gap between the two is as high as 100,000 yuan.</p><p>Although several intermediary companies soon responded that \"no relevant notice has been received at present\", the news went away, but the possible impact of the policy on intermediary agencies has dropped a \"bomb\" on investors' hearts.</p><p>At the end of July, the Ministry of Housing and Urban-Rural Development and other regulatory authorities continued to release signals to increase the rectification of market order such as housing sales, as well as anti-monopoly clouds and the diving of Chinese concept stocks. On July 23 and July 26, two consecutive trading days (Friday and Monday), Keike's stock price plunged by-10.94% and-27.9% respectively, and has not yet recovered.</p><p>In August, the \"Second-hand Housing Transaction Supervision Service Platform\" under Hangzhou Housing Insurance and Housing Authority officially launched the function of \"individual independent listing of houses\", which means that homeowners can list houses on this platform endorsed by the government and directly communicate with intended buyers, breaking the traditional intermediary sales model.</p><p>Beginning the next day, Keike's stock price plummeted again.</p><p><b>The capital chain of real estate developers is tight, and the new house business of Keike is also affected?</b></p><p>While the \"basic market\" business has been hit hard, Keike's new house business has also declined.</p><p>For the whole year, the transaction volume of Keike's new house business increased slightly by 16.31% to 1.61 trillion yuan, corresponding to revenue of 46.472 billion yuan, a year-on-year increase of 22.5%.</p><p>Why is it a small increase? Because in the past two years, the transaction volume of Keike's new house business increased by 166.24% and 84.99% year-on-year respectively, and the year-on-year growth rate of new house business income was 171.33% and 87.13% respectively.</p><p>When the Shell Platform was established in 2018, the new housing business only occupied a small part of it, because the advantage of Lianjia stores lies in the widespread distribution of second-hand housing resources around the world.</p><p>However, since 2019, Keike has used online platform traffic and extensively cooperated offline cooperation outlets to cater to the needs of real estate developers for \"destocking\", and obtained some exclusive or non-exclusive houses by paying security deposits. Many real estate brokerage companies find houses through Keike, and each sell these new houses according to its ability.</p><p>The data shows that the slowdown in the growth rate of the new home business in 2021 is mainly due to the fourth quarter. In the fourth quarter, the transaction volume of Keike's new house business fell by 20% year-on-year, resulting in the revenue contributed by this part of the business also falling to 11.3 billion yuan.</p><p><b>The real estate industry continues to regulate and control, and many real estate companies have liquidity problems. Keike, which is in the downstream, has previously been questioned that there is a greater risk of impairment of accounts receivable.</b></p><p>At the end of 2021, the balance of Keike's book accounts receivable dropped from 13.184 billion yuan at the end of the previous year to 9.325 billion yuan, but the corresponding impairment provision increased from 1.122 billion yuan to 2.151 billion yuan. The reduced accounts receivable and the increased impairment provision ratio can be regarded as Keike's answer to the market's question.</p><p>The financial report shows that Keike received 51.7 billion yuan in accounts receivable from new houses during the year. At the performance briefing meeting, the financial controller also stated that due impairment has been made for this part of assets, and there are no undisclosed bad debts.</p><p><img src=\"https://static.tigerbbs.com/38e1841be3e27cb9e1e259b2f41542ad\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Under the general environment of difficult financing and tight capital chain for real estate developers, the subsequent accounts receivable risk of Keike is still worthy of attention.</b></p><p>Although Keike did not announce its major customers, it can be seen from public reports that Sunac and Evergrande, two major real estate investors, had a close relationship with Keike in the past, and the current debt pressure of these two companies is very prominent.</p><p>In addition, similar to the logic of raising service rates for the second-hand housing business, Keike also increased the commission rate for the new housing business in the fourth quarter.</p><p>At a time when the real estate market is sluggish, Keike's price increase behavior means that it has indeed received a certain degree of recognition in the process of helping real estate developers \"destock\" and has strong bargaining power.</p><p>In the financial report released this time, Keike disclosed that the number of its stores at the end of 2021 was 51,000. Although it increased by 8.7% year-on-year, it decreased by 2,908 from 53,900 at the end of September.</p><p>In addition to the current performance difficulties, the main reason is naturally inseparable from Keike's expectations for its own business development in the future.</p><p>Overall, the biggest problem of Keike at present is, on the one hand, the \"official\" entry and uncertain real estate control policies, which restrict the growth of second-hand housing business; On the other hand, the new housing business needs to continue to pay attention to the impairment risk of accounts receivable.</p><p>In this case, for Peng Yongdong, the successor, challenges are everywhere. \"One body and two wings\" (second-hand housing and new housing transaction business) is facing a state of left and right attack, and<b>The two wings formed by home improvement are still in the embryonic form, and it is obviously too heavy to complete the task of breaking through by them</b>。</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7684fc8450e05a2fad9d4c88589e041d","relate_stocks":{"BK4509":"腾讯概念","BK4526":"热门中概股","BEKE":"贝壳","BK4505":"高瓴资本持仓","BK4548":"巴美列捷福持仓","BK4079":"房地产服务","BK4504":"桥水持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116166991","content_text":"2020年8月13日，贝壳在纽交所敲钟，上市前的沟通会上，创始人左晖被问及贝壳模式是否已经跑通时回答，“目前贝壳完成了从0到1，还不算完全跑通。”彼时，贝壳带着左晖改变整个行业规则，实现房产交易信息化、透明化的愿望，快速狂奔。然而，2021年5月，灵魂人物左晖因病离世，接棒者彭永东在贝壳从1到2的路上，遭遇了内忧外患。外部地产行业持续低迷，贝壳在美股遭遇做空，从2021年三季度开始经营压力在财报上全面体现，此前扩张带来的成本难以消化，贝壳甚至开启了裁员之路。2022年3月10日，贝壳发布了最新年报，业绩说明会上，彭永东称2021年为贝壳“空前艰难”的一年。2021年全年5.25亿元人民币的净亏损，虽然调整后净利润为正，达到22.94亿元人民币，但是同比下降了近60%。此外，活跃代理同比减少8.7%，以及移动端月活（MAU）同比下滑22.4%，无不体现着贝壳当下的困境。业绩不尽如人意，贝壳的市值也大幅缩水。相比2021年2月22日贝壳908亿美元（约合人民币5863亿元）的市值，目前贝壳的总市值已跌至160亿美元（约合人民币1010亿元），缩水八成有余。大幅亏损出现在2021年下半年北漂12年里租房10次，各种不愉快的经历，信息不透明和坑蒙拐骗，让当年的左晖产生了做中介行业的初心。秉持做“艰难而正确的事”的原则，他在争议中，一步步成长为“中介之王”。左晖打造出直营的房产中介链家、做加盟的品牌德佑，以及长租公寓品牌自如，并在2018年上线了贝壳找房，开始讲一个“地产界淘宝”的故事。贝壳找房作为独立的第三方交易平台，向所有地产中介公司开放资源，建起了一个ACN（经纪人合作网络），网络内有包括链家和非链家在内各类地产经纪品牌，在遵守房源信息充分共享等规则的前提下，得以将经纪人服务流程细化、标准化。总舵手左晖离世后，彭永东能否扛起大旗是外界关注贝壳的重点，然而，房地产行业的不景气叠加疫情影响，让贝壳的经营承压。最新年报数据显示，2021年贝壳平台总成交额（GTV）3.85万亿元，同比增长10.1%，全年收入808亿元，同比增长14.6%。但从第四季度数据来看，GTV同比减少三成多，其中二手房业务和新房业务的GTV同比降幅分别为39.4%和24%。即便全年收入仍有增长，但从净利润角度来看，2020年刚刚实现了盈利，2021年就再次回到5亿元亏损状态，可谓艰难。剔除利息、税收、折旧、摊销以及股权激励费用的影响后，虽然2021年经调整净利润（EBITDA）为22.94亿元，但是同比实际上大幅减少了六成。从单季度数据来看，2021年4个季度中，后三个季度的收入和净利润都处于下滑趋势，尤其是第三、四季度，连续出现17.65亿元和9.3亿元的亏损。事实上，大幅亏损出现的下半年，贝壳确实过得相当艰难。从5月20日左晖离世开始，到7月网上传出中介费下调的消息，8月杭州成立官方背书的“二手房交易监管服务平台”，10月爆出裁员，12月遭遇浑水做空。再加上年内陆续出台的房地产调控政策对新房及二手房业务的影响，贝壳的麻烦接踵而至。反映到财报上，就是第三、四季度收入下滑和全年毛利率的降低。数据显示，贝壳整体毛利率从上年的23.92%降至19.59%，无法覆盖合计21.27%的费用率，最终重返亏损。其中2021年第四季度，毛利率甚至降到了16.4%，比2017年的18.69%还要低出2.3个百分点。在贝壳构建的ACN（经纪人合作网络）中，同品牌或跨品牌的经纪人可以以不同角色共同参与到一笔交易中，并按照“房源录入者”、“房源维护者”、“客源发现者”、“撮合成交者”等角色，获得不同的佣金比例。从收入结构来看，贝壳从一开始以二手房交易业务为主，到2019年新房业务大幅增长，再到2021年，新房业务占比已经稳定在58%。与此同时，其新房业务占比首次超过二手房的2020年，贝壳向外部房产经纪公司支付的分佣也首次超过了内部佣金。2021年两者差距继续扩大，外部佣金占总成本比例已经达到49%，远超内部佣金的40.51%的比重。财务数据之外，2021年下半年的艰难，还体现在员工人数等方面。2021年末，员工人数较上年末的49.3万人同比减少了7.8%至45.45万人，相比9月末的51.55万人，更是大幅减少了超6万人，降幅达11.83%。互联网公司看中的移动端月活人数，也从上年同期的4820万人次降至3740万人次，其中大幅减少主要发生在四季度。不利局面下，贝壳在2021年业绩说明会上宣布了全新的“一体两翼”战略。一体指的是原有的二手房及新房交易业务，两翼指的是家居装修和家具产品业务，及以住房服务业务。在这之前的2020年初，贝壳布局家居领域的迹象已经开始显现，其已推出了包括被窝家装平台和AI设计等服务，同时上线了保洁、维修、搬家在内的住家业务。从目前最主要的二手房业务和新房业务面临的不同风险与压力来看，更能理解贝壳为什么急需一个全新的增长点，或者说一个新的期待。二手房基本盘不稳，想上调佣金难上加难作为从链家时代到贝壳时代的“基本盘”，二手房业务在贝壳内部一直很重要。彭永东将二手房看作是整个模式的基础，“二手房像农业一样，一个门店经纪人在社区周围，相当于春天要播种、夏天要施肥、秋天要收获，它是具有时间差的生意，不断维系与社区的紧密度，当用户有需求的时候，就会有很好的转化。”全年来看，贝壳二手房交易额从上年1.94万亿元增至2.06万亿元，同比增幅只有6.09%，大大低于去年同期49.53%的同比增幅。对应的收入分为两部分，一是链家门店交易额中的佣金收入，二是平台针对非链家门店交易额收取的平台服务费。随着交易额增长放缓，2021年贝壳二手房业务收入也只小幅增长4.53%至319.48亿元，同比增幅同样缩水。直接原因主要在于，链家一直是贝壳旗下二手房交易业务的“主力军”，但第四季度链家门店的二手房交易额下滑，对应的第四季度佣金收入从去年同期820亿元降至530亿元。用二手房业务收入金额除以总交易金额，会得到一个二手房业务的贡献率，图中可看出，第三、四季度的贡献率有明显的提高。考虑到二手房总交易金额的降低，这一变化或是贝壳应对交易量价下滑的问题而调整了自己的定价策略。从链家门店完成的二手房业务，以及非链家门店完成的二手房业务来看，两部分的定价政策有着不同的变化。其中针对非链家门店的平台服务费率在第三、四季度出现了明显提升，从0.32%的水平提高至0.41%和0.44%。这意味着贝壳向非链家门店成交的二手房业务收取的平台服务费率提高了。二手房业务中，贡献更大的仍然是贝壳旗下的链家门店，佣金率在三季度曾有过一个明显的提高，达到2.86%的水平，但四季度又回落至与此前相近的2.72%。2021年2月曾有消息称重庆等地贝壳系门店上调当地中介服务费至卖方不高于1%，买方不高于2%，而此前为卖方0%，买方2%。同时，贷款服务费也从1.5%调整为一个固定金额。这种收费方式如果成功调整，按照贝壳内部的服务费分成规则，贝壳的佣金就能有所提高。不过，由于卖方可以把佣金成本转移到买方，贝壳也被指责利用平台话语权，提高了消费者的购房成本。此后重庆贝壳相关负责人回应称，这只是对旗下各个中介品牌的价格“指导标准”。从四季度佣金率的回落来看，上调佣金在当前市场上的阻力依然较大，尤其是二手房整体成交低迷、监管调整的大环境下，佣金的可谈判空间进一步增大。自2021年年初开始，深圳等城市陆续发布了二手房指导价，另有多个城市出现房贷收紧的情形。杭州、合肥、南京、武汉等地甚至出现二手房大面积停贷。这对在二手房交易市场占据可观份额的贝壳而言，无疑是一个沉重打击。2021年7月，一张关于调整中介费的截图在网上传播开来，主要内容是“房产交易中介费不得超过当地社平工资的3倍。”以北京地区2021年一季度1.1万元的月均工资计算，那么这个金额上限就在3.3万。一套500万元的二手房，按照北京地区原来2.7%的佣金比例计算，中介费13.5万元，两者差距高达10万元。虽然很快几家中介公司回应“目前没有接到相关通知”，这个消息不了了之，但政策对于中介机构可能产生的影响，却已在投资者心里投下了“炸弹”。叠加7月末住建部等监管部门持续释放加大对房屋买卖等市场秩序整治的信号，以及反垄断阴云、中概股跳水，7月23日和7月26日两个连续交易日（周五和周一），贝壳的股价分别出现-10.94%和-27.9%的大跳水，至今仍未恢复元气。8月，杭州住保房管局旗下“二手房交易监管服务平台”，正式上线了“个人自主挂牌房源”的功能，意味着房主可以在这个由政府背书的平台上挂牌房源，直接与意向购房者沟通，打破了传统的中介销售模式。次日开始，贝壳股价再次大跌。地产商资金链紧张，贝壳新房业务也受影响？“基本盘”业务备受打击的同时，贝壳的新房业务也出现了回落。全年来看，贝壳新房业务交易额小幅增长16.31%至1.61万亿元，对应收入464.72亿元，同比增长了22.5%。为什么说是小幅增长？因为此前两年，贝壳新房业务交易额同比增幅分别高达166.24%和84.99%，新房业务收入的同比增幅则分别为171.33%和87.13%。2018年贝壳平台成立时，新房业务还只占据其中很小一部分，因为链家门店的优势还是在于广布各地的二手房资源。但从2019年开始，贝壳利用线上平台流量和广泛合作的线下合作网点，迎合房地产开发商“去库存”的需求，通过支付保证金等方式，拿到一些独家或非独家的房源，众多房产经纪公司们通过贝壳找房，各凭本事销售这些新房房源。数据显示，2021年新房业务增速放缓主要是第四季度背的锅。在第四季度，贝壳新房业务交易额同比下降两成，导致这部分业务贡献的收入也下降至113亿元。房地产行业持续调控，不少房企出现流动性问题，处于下游的贝壳，此前曾被质疑存在较大的应收账款减值风险。2021年末，贝壳账面应收账款余额从上年末的131.84亿元降至93.25亿元，但相应的减值准备从11.22亿元提高至21.51亿元。减少的应收账款和提高的减值准备比例，可以算是贝壳针对市场这一质疑给出的答复。财报显示，贝壳在年内获得新房应收账款回款517亿元，业绩说明会上，财务负责人也表示对这部分资产计提了应有的减值，不存未披露坏账的情况。地产商融资艰难、资金链紧张的大环境下，后续贝壳的应收账款风险仍值得关注。虽然贝壳并没有公布自己的大客户，不过从公开报道中能看到，融创和恒大两家地产大户，过去与贝壳关系密切，而这两家现在的债务压力都很突出。除此之外，和二手房业务上调服务费率的逻辑相似，贝壳在第四季度也提高了新房业务的佣金率。在房地产市场并不景气的当下，贝壳的这种提价行为，意味着其在助力房地产开发商“去库存”的过程中，确实得到了一定程度的认可，并且拥有较强的议价权。此次公布的财报中，贝壳披露2021年末旗下门店数量为5.1万家，虽然同比增长了8.7%，但较9月末的5.39万家减少了2908家。主要原因除了当下的业绩困境，自然也离不开贝壳对接下来自身业务发展的预期。总体来看，贝壳目前最大的问题，一方面是“官方”入局和不确定的房地产调控政策，对二手房业务增长形成制约；另一方面新房业务需要持续关注应收账款的减值风险。这种情况下，对于接棒者彭永东来说，挑战无处不在。“一体两翼”中一体（二手房及新房交易业务）面临左右夹击的状态，而家装家居形成的两翼目前还处于雏形，要靠其完成突围的任务，显然是过于沉重了。","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033248077,"gmtCreate":1646297415410,"gmtModify":1676534114175,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033248077","repostId":"1183466445","repostType":2,"repost":{"id":"1183466445","kind":"news","pubTimestamp":1646297349,"share":"https://ttm.financial/m/news/1183466445?lang=en_US&edition=fundamental","pubTime":"2022-03-03 16:49","market":"us","language":"en","title":"Ford Tricked Tesla Over Model E","url":"https://stock-news.laohu8.com/highlight/detail?id=1183466445","media":"TheStreet","summary":"The premium electric vehicle maker wanted to name its entry-level car Model E.","content":"<html><head></head><body><p>Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.</p><p>The reorganization was obvious and expected. Both divisions will be headed by the Ford parent company.</p><p>Nothing interesting so far. But wait.</p><p>Things are about to take an interesting turn. The electric vehicle division will be called Ford e.</p><p>Does that ring a bell? Let's say it this way: doesn't it remind you of a competitor? A very noisy and powerful competitor?</p><p>Yes, it is Tesla we are talking about. Apart from its very first model, the Roadster, the vehicles marketed by Elon Musk's company had names taken from the alphabet until Ford showed up.</p><p>Model S for the luxury sedan, and the Model X for the luxury SUV/crossover.</p><p>After the Model X, Tesla wanted to introduce an entry-level vehicle to the market.</p><p>"We have the S and the X and then a friend asked me at a party 'hey what are you going to call the third-generation car?" Musk told CNNMoney in 2014. "Well we've got the S and the X so we might as well make it the E."</p><p><img src=\"https://static.tigerbbs.com/8ca75b4fff71f7a67652ac61dcf60d86\" tg-width=\"900\" tg-height=\"506\" width=\"100%\" height=\"auto\"/></p><p><b>'Ford's Killing Sex'</b></p><p>But this car will eventually be called Model 3, thus breaking with the letters.</p><p>So what went wrong?</p><p>When Tesla wanted to register the trademark, the firm encountered unexpected opposition: Ford. The Dearborn, Michigan, automaker blocked the initiative.</p><p>We let Musk explain the rest</p><p>"Ford gave us a call and said they're gonna sue us for using Model E. And we're like, Ford's killing SEX. I mean, that's terrible!'" Musk told CNNMoney.</p><p>To prevent Tesla from using the letter E, Jim Farley's company mentioned a 2010 agreement between the two companies according to which Tesla could not use the letter E as the name of vehicles,reported Automotive News.</p><p>Ford then explained that there was a risk of confusion between Model E and its iconic Model T vehicle, a mass marketed car introduced in 1908.</p><p>The Ford Model T was a small, lightweight vehicle that dominated sales in America until 1927. The Model T was initially offered as a touring car, a Tourabout and a Runabout.</p><p>Nicknamed the "Tin Lizzie," the Model T had seating room for five people and had low, trim body lines.</p><p>The price for a Model T Touring vehicle was $290 or $580 for the Tudor sedan.</p><p>Drivers at the time could also enroll in a program called the “Ford Weekly Purchase Plan,” where the customer could make a deposit of five dollars at many authorized Ford Dealers across America to purchase a new Ford Model T.</p><p>The Model T made Ford Motor Company into an industrial powerhouse.</p><p>After 19 years and more than 15 million vehicles, production ended on the Model T on May 26, 1927.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ford Tricked Tesla Over Model E</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFord Tricked Tesla Over Model E\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-03 16:49 GMT+8 <a href=https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.The ...</p>\n\n<a href=\"https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183466445","content_text":"Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.The reorganization was obvious and expected. Both divisions will be headed by the Ford parent company.Nothing interesting so far. But wait.Things are about to take an interesting turn. The electric vehicle division will be called Ford e.Does that ring a bell? Let's say it this way: doesn't it remind you of a competitor? A very noisy and powerful competitor?Yes, it is Tesla we are talking about. Apart from its very first model, the Roadster, the vehicles marketed by Elon Musk's company had names taken from the alphabet until Ford showed up.Model S for the luxury sedan, and the Model X for the luxury SUV/crossover.After the Model X, Tesla wanted to introduce an entry-level vehicle to the market.\"We have the S and the X and then a friend asked me at a party 'hey what are you going to call the third-generation car?\" Musk told CNNMoney in 2014. \"Well we've got the S and the X so we might as well make it the E.\"'Ford's Killing Sex'But this car will eventually be called Model 3, thus breaking with the letters.So what went wrong?When Tesla wanted to register the trademark, the firm encountered unexpected opposition: Ford. The Dearborn, Michigan, automaker blocked the initiative.We let Musk explain the rest\"Ford gave us a call and said they're gonna sue us for using Model E. And we're like, Ford's killing SEX. I mean, that's terrible!'\" Musk told CNNMoney.To prevent Tesla from using the letter E, Jim Farley's company mentioned a 2010 agreement between the two companies according to which Tesla could not use the letter E as the name of vehicles,reported Automotive News.Ford then explained that there was a risk of confusion between Model E and its iconic Model T vehicle, a mass marketed car introduced in 1908.The Ford Model T was a small, lightweight vehicle that dominated sales in America until 1927. The Model T was initially offered as a touring car, a Tourabout and a Runabout.Nicknamed the \"Tin Lizzie,\" the Model T had seating room for five people and had low, trim body lines.The price for a Model T Touring vehicle was $290 or $580 for the Tudor sedan.Drivers at the time could also enroll in a program called the “Ford Weekly Purchase Plan,” where the customer could make a deposit of five dollars at many authorized Ford Dealers across America to purchase a new Ford Model T.The Model T made Ford Motor Company into an industrial powerhouse.After 19 years and more than 15 million vehicles, production ended on the Model T on May 26, 1927.","news_type":1,"symbols_score_info":{"F":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9093499740,"gmtCreate":1643681659436,"gmtModify":1676533843412,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$</a>👍","listText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$</a>👍","text":"$英伟达(NVDA)$👍","images":[{"img":"https://static.itradeup.com/news/426ed5a1589aa2bc66818bc271efdbe9","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093499740","isVote":1,"tweetType":1,"viewCount":2800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":887503421,"gmtCreate":1632057571763,"gmtModify":1676530693714,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581716047876696","authorIdStr":"3581716047876696"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/887503421","repostId":"2168740775","repostType":4,"repost":{"id":"2168740775","kind":"news","pubTimestamp":1631934658,"share":"https://ttm.financial/m/news/2168740775?lang=en_US&edition=fundamental","pubTime":"2021-09-18 11:10","market":"us","language":"zh","title":"General Motors is trying to establish direct relationships with chipmakers in response to the core shortage crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=2168740775","media":"TechWeb.com.cn","summary":"巴拉在一次在线采访中表示：“我们将对我们的供应链进行一些相当重大的转变。我们已经在更深入地研究分层供应基础，因为通用汽车通常不会（直接）购买芯片，而是我们的供应商购买。但现在我们正在与制造商建立直接关系。”通用汽车表示，由于半导体芯片持续短缺，其正在削减其他六家北美装配厂的产量。据称，通用汽车一些新款汽车所用芯片数量比其他汽车多出30%。","content":"<p>According to the Financial Associated Press, on September 17, local time,<a href=\"https://laohu8.com/S/GM\">General Motors</a>Chief Executive Mary Barra said the company plans to make supply chain adjustments in response to the ongoing semiconductor chip crisis that has forced its company to slash production.</p><p>\"We're going to make some pretty significant shifts in our supply chain,\" Barra said in an online interview. \"We're already looking deeper into the tiered supply base, because GM doesn't normally buy chips (directly), it's our suppliers buying. But now we're building a direct relationship with manufacturers.\"</p><p><img src=\"https://static.tigerbbs.com/3ba96c8e7dd85f0f852db94c64871df3\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>General Motors said it is cutting production at six other North American assembly plants amid an ongoing shortage of semiconductor chips. Barra said Friday that the problem can be fixed, but it will take some time. It is said that some of GM's new cars use 30% more chips than others. \"As customer demand shifts, we need more and more semiconductors,\" Barra said, and GM is looking at short-, medium-and long-term solutions.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>General Motors is trying to establish direct relationships with chipmakers in response to the core shortage crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGeneral Motors is trying to establish direct relationships with chipmakers in response to the core shortage crisis\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TechWeb.com.cn</strong><span class=\"h-time small\">2021-09-18 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the Financial Associated Press, on September 17, local time,<a href=\"https://laohu8.com/S/GM\">General Motors</a>Chief Executive Mary Barra said the company plans to make supply chain adjustments in response to the ongoing semiconductor chip crisis that has forced its company to slash production.</p><p>\"We're going to make some pretty significant shifts in our supply chain,\" Barra said in an online interview. \"We're already looking deeper into the tiered supply base, because GM doesn't normally buy chips (directly), it's our suppliers buying. But now we're building a direct relationship with manufacturers.\"</p><p><img src=\"https://static.tigerbbs.com/3ba96c8e7dd85f0f852db94c64871df3\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>General Motors said it is cutting production at six other North American assembly plants amid an ongoing shortage of semiconductor chips. Barra said Friday that the problem can be fixed, but it will take some time. It is said that some of GM's new cars use 30% more chips than others. \"As customer demand shifts, we need more and more semiconductors,\" Barra said, and GM is looking at short-, medium-and long-term solutions.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091809515877572ab2&s=b\">TechWeb.com.cn</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b52dcf2364ab7b67870432b56c8df399","relate_stocks":{"159813":"芯片","GM":"通用汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021091809515877572ab2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2168740775","content_text":"据财联社消息，当地时间9月17日，通用汽车首席执行官玛丽·巴拉表示，该公司计划对供应链进行调整，以应对持续的半导体芯片危机，该危机已迫使其公司大幅减产。\n巴拉在一次在线采访中表示：“我们将对我们的供应链进行一些相当重大的转变。我们已经在更深入地研究分层供应基础，因为通用汽车通常不会（直接）购买芯片，而是我们的供应商购买。但现在我们正在与制造商建立直接关系。”\n\n通用汽车表示，由于半导体芯片持续短缺，其正在削减其他六家北美装配厂的产量。巴拉周五表示，这个问题是可以解决的，但还需要一段时间。据称，通用汽车一些新款汽车所用芯片数量比其他汽车多出30%。“随着客户需求的转变，我们需要越来越多的半导体，”巴拉说，通用汽车正在寻找短期、中期和长期的解决方案。","news_type":1,"symbols_score_info":{"159813":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9093499740,"gmtCreate":1643681659436,"gmtModify":1676533843412,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581716047876696","idStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$</a>👍","listText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$</a>👍","text":"$英伟达(NVDA)$👍","images":[{"img":"https://static.itradeup.com/news/426ed5a1589aa2bc66818bc271efdbe9","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093499740","isVote":1,"tweetType":1,"viewCount":2800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9033248077,"gmtCreate":1646297415410,"gmtModify":1676534114175,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581716047876696","idStr":"3581716047876696"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033248077","repostId":"1183466445","repostType":2,"repost":{"id":"1183466445","kind":"news","pubTimestamp":1646297349,"share":"https://ttm.financial/m/news/1183466445?lang=en_US&edition=fundamental","pubTime":"2022-03-03 16:49","market":"us","language":"en","title":"Ford Tricked Tesla Over Model E","url":"https://stock-news.laohu8.com/highlight/detail?id=1183466445","media":"TheStreet","summary":"The premium electric vehicle maker wanted to name its entry-level car Model E.","content":"<html><head></head><body><p>Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.</p><p>The reorganization was obvious and expected. Both divisions will be headed by the Ford parent company.</p><p>Nothing interesting so far. But wait.</p><p>Things are about to take an interesting turn. The electric vehicle division will be called Ford e.</p><p>Does that ring a bell? Let's say it this way: doesn't it remind you of a competitor? A very noisy and powerful competitor?</p><p>Yes, it is Tesla we are talking about. Apart from its very first model, the Roadster, the vehicles marketed by Elon Musk's company had names taken from the alphabet until Ford showed up.</p><p>Model S for the luxury sedan, and the Model X for the luxury SUV/crossover.</p><p>After the Model X, Tesla wanted to introduce an entry-level vehicle to the market.</p><p>"We have the S and the X and then a friend asked me at a party 'hey what are you going to call the third-generation car?" Musk told CNNMoney in 2014. "Well we've got the S and the X so we might as well make it the E."</p><p><img src=\"https://static.tigerbbs.com/8ca75b4fff71f7a67652ac61dcf60d86\" tg-width=\"900\" tg-height=\"506\" width=\"100%\" height=\"auto\"/></p><p><b>'Ford's Killing Sex'</b></p><p>But this car will eventually be called Model 3, thus breaking with the letters.</p><p>So what went wrong?</p><p>When Tesla wanted to register the trademark, the firm encountered unexpected opposition: Ford. The Dearborn, Michigan, automaker blocked the initiative.</p><p>We let Musk explain the rest</p><p>"Ford gave us a call and said they're gonna sue us for using Model E. And we're like, Ford's killing SEX. I mean, that's terrible!'" Musk told CNNMoney.</p><p>To prevent Tesla from using the letter E, Jim Farley's company mentioned a 2010 agreement between the two companies according to which Tesla could not use the letter E as the name of vehicles,reported Automotive News.</p><p>Ford then explained that there was a risk of confusion between Model E and its iconic Model T vehicle, a mass marketed car introduced in 1908.</p><p>The Ford Model T was a small, lightweight vehicle that dominated sales in America until 1927. The Model T was initially offered as a touring car, a Tourabout and a Runabout.</p><p>Nicknamed the "Tin Lizzie," the Model T had seating room for five people and had low, trim body lines.</p><p>The price for a Model T Touring vehicle was $290 or $580 for the Tudor sedan.</p><p>Drivers at the time could also enroll in a program called the “Ford Weekly Purchase Plan,” where the customer could make a deposit of five dollars at many authorized Ford Dealers across America to purchase a new Ford Model T.</p><p>The Model T made Ford Motor Company into an industrial powerhouse.</p><p>After 19 years and more than 15 million vehicles, production ended on the Model T on May 26, 1927.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ford Tricked Tesla Over Model E</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFord Tricked Tesla Over Model E\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-03 16:49 GMT+8 <a href=https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.The ...</p>\n\n<a href=\"https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/technology/ford-tricked-tesla-over-model-e","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183466445","content_text":"Ford has announced the separation of its electric vehicle (BEV) manufacturing activities from that of the production of internal combustion cars (ICE) or gasoline cars into two separate units.The reorganization was obvious and expected. Both divisions will be headed by the Ford parent company.Nothing interesting so far. But wait.Things are about to take an interesting turn. The electric vehicle division will be called Ford e.Does that ring a bell? Let's say it this way: doesn't it remind you of a competitor? A very noisy and powerful competitor?Yes, it is Tesla we are talking about. Apart from its very first model, the Roadster, the vehicles marketed by Elon Musk's company had names taken from the alphabet until Ford showed up.Model S for the luxury sedan, and the Model X for the luxury SUV/crossover.After the Model X, Tesla wanted to introduce an entry-level vehicle to the market.\"We have the S and the X and then a friend asked me at a party 'hey what are you going to call the third-generation car?\" Musk told CNNMoney in 2014. \"Well we've got the S and the X so we might as well make it the E.\"'Ford's Killing Sex'But this car will eventually be called Model 3, thus breaking with the letters.So what went wrong?When Tesla wanted to register the trademark, the firm encountered unexpected opposition: Ford. The Dearborn, Michigan, automaker blocked the initiative.We let Musk explain the rest\"Ford gave us a call and said they're gonna sue us for using Model E. And we're like, Ford's killing SEX. I mean, that's terrible!'\" Musk told CNNMoney.To prevent Tesla from using the letter E, Jim Farley's company mentioned a 2010 agreement between the two companies according to which Tesla could not use the letter E as the name of vehicles,reported Automotive News.Ford then explained that there was a risk of confusion between Model E and its iconic Model T vehicle, a mass marketed car introduced in 1908.The Ford Model T was a small, lightweight vehicle that dominated sales in America until 1927. The Model T was initially offered as a touring car, a Tourabout and a Runabout.Nicknamed the \"Tin Lizzie,\" the Model T had seating room for five people and had low, trim body lines.The price for a Model T Touring vehicle was $290 or $580 for the Tudor sedan.Drivers at the time could also enroll in a program called the “Ford Weekly Purchase Plan,” where the customer could make a deposit of five dollars at many authorized Ford Dealers across America to purchase a new Ford Model T.The Model T made Ford Motor Company into an industrial powerhouse.After 19 years and more than 15 million vehicles, production ended on the Model T on May 26, 1927.","news_type":1,"symbols_score_info":{"F":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9064627806,"gmtCreate":1652318373605,"gmtModify":1676535077257,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581716047876696","idStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>🥲","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>🥲","text":"$Palantir Technologies Inc.(PLTR)$🥲","images":[{"img":"https://community-static.tradeup.com/news/921da872ef30870643d7c3421b3d2ded","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9064627806","isVote":1,"tweetType":1,"viewCount":2012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9065618894,"gmtCreate":1652186385618,"gmtModify":1676535047619,"author":{"id":"3581716047876696","authorId":"3581716047876696","name":"Jacquelin829","avatar":"https://static.tigerbbs.com/3c5b208c710d84f783b38c63f9ec7602","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581716047876696","idStr":"3581716047876696"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$</a>🥲","listText":"<a 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18:54","market":"us","language":"zh","title":"The agency fee is so high, why does Keike still lose 500 million a year when looking for a house?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116166991","media":"豹变","summary":"2020年8月13日，贝壳在纽交所敲钟，上市前的沟通会上，创始人左晖被问及贝壳模式是否已经跑通时回答，“目前贝壳完成了从0到1，还不算完全跑通。”彼时，贝壳带着左晖改变整个行业规则，实现房产交易信息化","content":"<p><html><head></head><body>August 13, 2020,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>At the communication meeting before the New York Stock Exchange rang the bell and listing, founder Zuo Hui was asked whether the shell model had run through and replied, \"At present, the shell has completed the process from 0 to 1, which is not completely run through.\"</p><p>At that time, Keike took Zuo Hui's desire to change the rules of the entire industry and realize the informatization and transparency of real estate transactions, and ran fast. However, in May 2021, the soul figure Zuo Hui passed away due to illness, and the successor Peng Yongdong encountered internal and external troubles on the way from 1 to 2 in Keike.</p><p>The external real estate industry continues to be in a downturn, and Keike has suffered short selling in the U.S. stock market. Starting from the third quarter of 2021, the operating pressure has been fully reflected in the financial report. The costs caused by the previous expansion are difficult to digest, and Keike has even started the road of layoffs.</p><p>On March 10, 2022, Keike released its latest annual report. At the performance briefing,<b>Peng Yongdong called 2021 an \"unprecedentedly difficult\" year for Keike.</b></p><p>The net loss for the whole year of 2021 was 525 million yuan. Although the adjusted net profit was positive, reaching 2.294 billion yuan, it decreased by nearly 60% year-on-year. In addition, active agents decreased by 8.7% year-on-year, and mobile monthly active users (MAU) decreased by 22.4% year-on-year, all of which reflect the current predicament of Keike.</p><p><b>The performance is not satisfactory, and the market value of Keike has also shrunk significantly.</b>Compared with the market value of Keike's US $90.8 billion (approximately RMB 586.3 billion) on February 22, 2021, the current total market value of Keike has dropped to US $16 billion (approximately RMB 101 billion), a shrinkage of more than 80%.</p><p><b>Large losses occurred in the second half of 2021</b></p><p>Beipiao rented a house 10 times in 12 years. All kinds of unpleasant experiences, opaque information and abduction made Zuo Hui have the initial intention of being an intermediary industry. Adhering to the principle of doing \"the hard and right thing\", he grew into the \"king of intermediaries\" step by step in the midst of controversy.</p><p>Zuo Hui created a directly-operated real estate agency Lianjia, a franchised brand Deyou, and a long-term rental apartment brand Ziroom. In 2018, he launched Keike House Search and began to tell a story of \"Taobao in the real estate industry\".</p><p>As an independent third-party trading platform, Keike House Search has opened resources to all real estate intermediary companies, and established an ACN (Broker Cooperation Network). There are various real estate brokerage brands including Chain Home and Non-Chain Home in the network. On the premise of complying with rules such as full sharing of housing information, the broker service process can be refined and standardized.</p><p>After the death of chief helmsman Zuo Hui, whether Peng Yongdong can carry the banner is the focus of the outside world's attention to Keike. However, the downturn in the real estate industry and the impact of the epidemic have put pressure on Keike's operations.</p><p>According to the latest annual report data, the total turnover (GTV) of the Shell platform in 2021 will be 3.85 trillion yuan, a year-on-year increase of 10.1%, and the annual revenue will be 80.8 billion yuan, a year-on-year increase of 14.6%.</p><p>However, judging from the data of the fourth quarter, GTV decreased by more than 30% year-on-year, of which the GTV of second-hand housing business and new housing business decreased by 39.4% and 24% year-on-year respectively.</p><p>Even if revenue still grows for the whole year,<b>From the perspective of net profit, it has just achieved profitability in 2020, and it will return to a loss of 500 million yuan in 2021, which can be described as difficult.</b></p><p>After excluding the effects of interest, taxes, depreciation, amortization and equity incentive expenses,<b>Although the adjusted net profit (EBITDA) in 2021 will be 2.294 billion yuan, it has actually decreased significantly by 60% year-on-year.</b></p><p>Judging from the single-quarter data, among the four quarters of 2021, the revenue and net profit of the last three quarters are in a downward trend, especially in the third and fourth quarters, with consecutive losses of 1.765 billion yuan and 930 million yuan.</p><p><img src=\"https://static.tigerbbs.com/aae23e6b4666601ca4c9376999d003ac\" tg-width=\"832\" tg-height=\"362\" referrerpolicy=\"no-referrer\"/></p><p>In fact,<b>In the second half of the year when the large losses occurred, Keike did have a rather difficult time.</b></p><p>From the death of Zuo Hui on May 20th, to the news of the reduction of agency fees on the Internet in July, Hangzhou established an officially endorsed \"second-hand housing transaction supervision service platform\" in August, layoffs broke out in October, and suffered short selling in muddy water in December. Coupled with the impact of the real estate control policies introduced one after another during the year on the new and second-hand housing business, Keike's troubles followed one after another.</p><p>Reflected in the financial report,<b>That is, the decline in revenue in the third and fourth quarters and the decrease in gross profit margin for the whole year.</b></p><p>The data shows that the overall gross profit margin of Keike dropped from 23.92% in the previous year to 19.59%, which could not cover the total expense ratio of 21.27%, and eventually returned to losses.</p><p><img src=\"https://static.tigerbbs.com/6f4b2cc1fc564e24d7a2e21cba246721\" tg-width=\"876\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Among them, in the fourth quarter of 2021, the gross profit margin even dropped to 16.4%, which was 2.3 percentage points lower than the 18.69% in 2017.</p><p>In the ACN (Broker Cooperation Network) built by Keike, brokers of the same brand or cross-brand can participate in a transaction together in different roles, and get different commission ratios according to the roles of \"listing entry\", \"listing maintainer\", \"customer source discoverer\" and \"matchmaker\".</p><p>From the perspective of income structure, Keike mainly focused on second-hand housing transactions from the beginning. By 2019, the new housing business increased significantly, and by 2021, the proportion of new housing business has stabilized at 58%.</p><p>At the same time, in 2020, when the proportion of its new housing business exceeded that of second-hand housing for the first time, the commission paid by Keike to external real estate brokerage companies also exceeded the internal commission for the first time. In 2021, the gap between the two will continue to widen, and the proportion of external commissions in total costs has reached 49%, far exceeding the 40.51% proportion of internal commissions.</p><p>In addition to financial data, the difficulties in the second half of 2021 are also reflected in the number of employees and other aspects.</p><p>At the end of 2021, the number of employees decreased by 7.8% year-on-year from 493,000 at the end of the previous year to 454,500. Compared with 515,500 at the end of September, it was a significant decrease of more than 60,000, a decrease of 11.83%.</p><p>The number of mobile monthly active users that Internet companies are interested in also dropped from 48.2 million in the same period last year to 37.4 million, of which the sharp decrease mainly occurred in the fourth quarter.</p><p>Under the unfavorable situation, Keike at the 2021 performance briefing meeting<b>Announced a brand-new \"one body, two wings\" strategy. One body refers to the original second-hand house and new house transaction business, and the two wings refer to the home decoration and furniture product business, and the housing service business.</b></p><p>Prior to this, at the beginning of 2020, signs of Keike's layout in the field of home furnishing have begun to appear. It has launched services including bedding home improvement platform and AI design, and at the same time launched home services including cleaning, maintenance, and moving.</p><p>Judging from the different risks and pressures faced by the current most important second-hand housing business and new housing business, we can better understand why Keike urgently needs a new growth point, or a new expectation.</p><p><b>The basic market of second-hand housing is unstable, and it is even more difficult to raise commissions</b></p><p>As the \"basic market\" from the Lianjia era to the Keike era, the second-hand housing business has always been very important within Keike.</p><p>Peng Yongdong regards second-hand housing as the foundation of the whole model. \"Second-hand housing is like agriculture. A store broker is around the community, which is equivalent to sowing seeds in spring, fertilizing in summer and harvesting in autumn. It is a business with time difference, and it is constantly maintained. The closeness with the community will have a good transformation when users have needs.\"</p><p>For the whole year, the transaction volume of second-hand housing in Keike increased from 1.94 trillion yuan in the previous year to 2.06 trillion yuan, a year-on-year increase of only 6.09%, which was much lower than the year-on-year increase of 49.53% in the same period last year.</p><p>The corresponding income is divided into two parts,<b>One is the commission income from the transaction volume of chain stores, and the other is the platform service fee charged by the platform for the transaction volume of non-chain stores.</b></p><p>As the growth of transaction volume slows down, Keike's second-hand housing business revenue will only increase slightly by 4.53% to 31.948 billion yuan in 2021, and the year-on-year growth rate will also shrink.</p><p>The direct reason is that Lianjia has always been the \"main force\" of Keike's second-hand housing transaction business, but the second-hand housing transaction volume of Lianjia stores declined in the fourth quarter, and the corresponding commission income in the fourth quarter dropped from 82 billion yuan in the same period last year to 53 billion yuan.</p><p>By dividing the income amount of second-hand housing business by the total transaction amount, we will get a contribution rate of second-hand housing business. As can be seen from the figure, the contribution rate in the third and fourth quarters has increased significantly.</p><p><img src=\"https://static.tigerbbs.com/4cb2dd59e416eadc6168ee8654f7e938\" tg-width=\"780\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>Considering the decrease in the total transaction amount of second-hand houses, this change may be that Keike has adjusted its pricing strategy in response to the decline in transaction volume and price.</p><p>Judging from the second-hand housing business completed by chain stores and the second-hand housing business completed by non-chain stores, the pricing policies of the two parts have different changes.</p><p>Among them, the platform service rate for non-chain stores increased significantly in the third and fourth quarters, from 0.32% to 0.41% and 0.44%. This means that<b>The platform service rate charged by Keike to the second-hand housing business of non-Lianjia stores has increased.</b></p><p><img src=\"https://static.tigerbbs.com/935347df5366797ec149145292ed1e92\" tg-width=\"846\" tg-height=\"378\" referrerpolicy=\"no-referrer\"/></p><p>In the second-hand housing business, Keike's Lianjia stores still contributed more. The commission rate increased significantly in the third quarter, reaching a level of 2.86%, but in the fourth quarter it fell back to 2.72% similar to the previous level.</p><p><img src=\"https://static.tigerbbs.com/eddbea1243ed95f23b5ecc8f65442e86\" tg-width=\"838\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p>In February 2021, it was reported that shell stores in Chongqing and other places raised local intermediary service fees to no more than 1% for sellers and no more than 2% for buyers, compared with 0% for sellers and 2% for buyers before. At the same time, the loan service fee has also been adjusted from 1.5% to a fixed amount.</p><p>If this charging method is successfully adjusted, the commission of Keike can be increased according to the internal service fee sharing rules of Keike. However,<b>Since the seller can transfer the commission cost to the buyer, Keike has also been accused of using the platform's right to speak to increase the cost of buying houses for consumers</b>。 Since then, the relevant person in charge of Chongqing Keike has responded that this is only a \"guiding standard\" for the prices of its intermediary brands.</p><p>Judging from the decline in commission rates in the fourth quarter,<b>There is still great resistance to the increase in commissions in the current market, especially in the environment of sluggish overall transactions of second-hand houses and regulatory adjustments, and the negotiable space of commissions has further increased.</b></p><p>Since the beginning of 2021, Shenzhen and other cities have successively issued second-hand housing guide prices, and many other cities have experienced tightening of mortgage loans. Hangzhou, Hefei, Nanjing, Wuhan and other places even have a large-scale suspension of second-hand housing loans.</p><p>This is undoubtedly a heavy blow to Keike, which occupies a considerable share of the second-hand housing market.</p><p>In July 2021, a screenshot about the adjustment of agency fees spread on the Internet. The main content was that \"the agency fee for real estate transactions shall not exceed three times the average salary of the local society.\"</p><p>Based on the average monthly salary of 11,000 yuan in Beijing in the first quarter of 2021, the upper limit of this amount is 33,000 yuan. A second-hand house of 5 million yuan, calculated according to the original commission ratio of 2.7% in Beijing, has an agency fee of 135,000 yuan, and the gap between the two is as high as 100,000 yuan.</p><p>Although several intermediary companies soon responded that \"no relevant notice has been received at present\", the news went away, but the possible impact of the policy on intermediary agencies has dropped a \"bomb\" on investors' hearts.</p><p>At the end of July, the Ministry of Housing and Urban-Rural Development and other regulatory authorities continued to release signals to increase the rectification of market order such as housing sales, as well as anti-monopoly clouds and the diving of Chinese concept stocks. On July 23 and July 26, two consecutive trading days (Friday and Monday), Keike's stock price plunged by-10.94% and-27.9% respectively, and has not yet recovered.</p><p>In August, the \"Second-hand Housing Transaction Supervision Service Platform\" under Hangzhou Housing Insurance and Housing Authority officially launched the function of \"individual independent listing of houses\", which means that homeowners can list houses on this platform endorsed by the government and directly communicate with intended buyers, breaking the traditional intermediary sales model.</p><p>Beginning the next day, Keike's stock price plummeted again.</p><p><b>The capital chain of real estate developers is tight, and the new house business of Keike is also affected?</b></p><p>While the \"basic market\" business has been hit hard, Keike's new house business has also declined.</p><p>For the whole year, the transaction volume of Keike's new house business increased slightly by 16.31% to 1.61 trillion yuan, corresponding to revenue of 46.472 billion yuan, a year-on-year increase of 22.5%.</p><p>Why is it a small increase? Because in the past two years, the transaction volume of Keike's new house business increased by 166.24% and 84.99% year-on-year respectively, and the year-on-year growth rate of new house business income was 171.33% and 87.13% respectively.</p><p>When the Shell Platform was established in 2018, the new housing business only occupied a small part of it, because the advantage of Lianjia stores lies in the widespread distribution of second-hand housing resources around the world.</p><p>However, since 2019, Keike has used online platform traffic and extensively cooperated offline cooperation outlets to cater to the needs of real estate developers for \"destocking\", and obtained some exclusive or non-exclusive houses by paying security deposits. Many real estate brokerage companies find houses through Keike, and each sell these new houses according to its ability.</p><p>The data shows that the slowdown in the growth rate of the new home business in 2021 is mainly due to the fourth quarter. In the fourth quarter, the transaction volume of Keike's new house business fell by 20% year-on-year, resulting in the revenue contributed by this part of the business also falling to 11.3 billion yuan.</p><p><b>The real estate industry continues to regulate and control, and many real estate companies have liquidity problems. Keike, which is in the downstream, has previously been questioned that there is a greater risk of impairment of accounts receivable.</b></p><p>At the end of 2021, the balance of Keike's book accounts receivable dropped from 13.184 billion yuan at the end of the previous year to 9.325 billion yuan, but the corresponding impairment provision increased from 1.122 billion yuan to 2.151 billion yuan. The reduced accounts receivable and the increased impairment provision ratio can be regarded as Keike's answer to the market's question.</p><p>The financial report shows that Keike received 51.7 billion yuan in accounts receivable from new houses during the year. At the performance briefing meeting, the financial controller also stated that due impairment has been made for this part of assets, and there are no undisclosed bad debts.</p><p><img src=\"https://static.tigerbbs.com/38e1841be3e27cb9e1e259b2f41542ad\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Under the general environment of difficult financing and tight capital chain for real estate developers, the subsequent accounts receivable risk of Keike is still worthy of attention.</b></p><p>Although Keike did not announce its major customers, it can be seen from public reports that Sunac and Evergrande, two major real estate investors, had a close relationship with Keike in the past, and the current debt pressure of these two companies is very prominent.</p><p>In addition, similar to the logic of raising service rates for the second-hand housing business, Keike also increased the commission rate for the new housing business in the fourth quarter.</p><p>At a time when the real estate market is sluggish, Keike's price increase behavior means that it has indeed received a certain degree of recognition in the process of helping real estate developers \"destock\" and has strong bargaining power.</p><p>In the financial report released this time, Keike disclosed that the number of its stores at the end of 2021 was 51,000. Although it increased by 8.7% year-on-year, it decreased by 2,908 from 53,900 at the end of September.</p><p>In addition to the current performance difficulties, the main reason is naturally inseparable from Keike's expectations for its own business development in the future.</p><p>Overall, the biggest problem of Keike at present is, on the one hand, the \"official\" entry and uncertain real estate control policies, which restrict the growth of second-hand housing business; On the other hand, the new housing business needs to continue to pay attention to the impairment risk of accounts receivable.</p><p>In this case, for Peng Yongdong, the successor, challenges are everywhere. \"One body and two wings\" (second-hand housing and new housing transaction business) is facing a state of left and right attack, and<b>The two wings formed by home improvement are still in the embryonic form, and it is obviously too heavy to complete the task of breaking through by them</b>。</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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However, in May 2021, the soul figure Zuo Hui passed away due to illness, and the successor Peng Yongdong encountered internal and external troubles on the way from 1 to 2 in Keike.</p><p>The external real estate industry continues to be in a downturn, and Keike has suffered short selling in the U.S. stock market. Starting from the third quarter of 2021, the operating pressure has been fully reflected in the financial report. The costs caused by the previous expansion are difficult to digest, and Keike has even started the road of layoffs.</p><p>On March 10, 2022, Keike released its latest annual report. At the performance briefing,<b>Peng Yongdong called 2021 an \"unprecedentedly difficult\" year for Keike.</b></p><p>The net loss for the whole year of 2021 was 525 million yuan. Although the adjusted net profit was positive, reaching 2.294 billion yuan, it decreased by nearly 60% year-on-year. In addition, active agents decreased by 8.7% year-on-year, and mobile monthly active users (MAU) decreased by 22.4% year-on-year, all of which reflect the current predicament of Keike.</p><p><b>The performance is not satisfactory, and the market value of Keike has also shrunk significantly.</b>Compared with the market value of Keike's US $90.8 billion (approximately RMB 586.3 billion) on February 22, 2021, the current total market value of Keike has dropped to US $16 billion (approximately RMB 101 billion), a shrinkage of more than 80%.</p><p><b>Large losses occurred in the second half of 2021</b></p><p>Beipiao rented a house 10 times in 12 years. All kinds of unpleasant experiences, opaque information and abduction made Zuo Hui have the initial intention of being an intermediary industry. Adhering to the principle of doing \"the hard and right thing\", he grew into the \"king of intermediaries\" step by step in the midst of controversy.</p><p>Zuo Hui created a directly-operated real estate agency Lianjia, a franchised brand Deyou, and a long-term rental apartment brand Ziroom. In 2018, he launched Keike House Search and began to tell a story of \"Taobao in the real estate industry\".</p><p>As an independent third-party trading platform, Keike House Search has opened resources to all real estate intermediary companies, and established an ACN (Broker Cooperation Network). There are various real estate brokerage brands including Chain Home and Non-Chain Home in the network. On the premise of complying with rules such as full sharing of housing information, the broker service process can be refined and standardized.</p><p>After the death of chief helmsman Zuo Hui, whether Peng Yongdong can carry the banner is the focus of the outside world's attention to Keike. However, the downturn in the real estate industry and the impact of the epidemic have put pressure on Keike's operations.</p><p>According to the latest annual report data, the total turnover (GTV) of the Shell platform in 2021 will be 3.85 trillion yuan, a year-on-year increase of 10.1%, and the annual revenue will be 80.8 billion yuan, a year-on-year increase of 14.6%.</p><p>However, judging from the data of the fourth quarter, GTV decreased by more than 30% year-on-year, of which the GTV of second-hand housing business and new housing business decreased by 39.4% and 24% year-on-year respectively.</p><p>Even if revenue still grows for the whole year,<b>From the perspective of net profit, it has just achieved profitability in 2020, and it will return to a loss of 500 million yuan in 2021, which can be described as difficult.</b></p><p>After excluding the effects of interest, taxes, depreciation, amortization and equity incentive expenses,<b>Although the adjusted net profit (EBITDA) in 2021 will be 2.294 billion yuan, it has actually decreased significantly by 60% year-on-year.</b></p><p>Judging from the single-quarter data, among the four quarters of 2021, the revenue and net profit of the last three quarters are in a downward trend, especially in the third and fourth quarters, with consecutive losses of 1.765 billion yuan and 930 million yuan.</p><p><img src=\"https://static.tigerbbs.com/aae23e6b4666601ca4c9376999d003ac\" tg-width=\"832\" tg-height=\"362\" referrerpolicy=\"no-referrer\"/></p><p>In fact,<b>In the second half of the year when the large losses occurred, Keike did have a rather difficult time.</b></p><p>From the death of Zuo Hui on May 20th, to the news of the reduction of agency fees on the Internet in July, Hangzhou established an officially endorsed \"second-hand housing transaction supervision service platform\" in August, layoffs broke out in October, and suffered short selling in muddy water in December. Coupled with the impact of the real estate control policies introduced one after another during the year on the new and second-hand housing business, Keike's troubles followed one after another.</p><p>Reflected in the financial report,<b>That is, the decline in revenue in the third and fourth quarters and the decrease in gross profit margin for the whole year.</b></p><p>The data shows that the overall gross profit margin of Keike dropped from 23.92% in the previous year to 19.59%, which could not cover the total expense ratio of 21.27%, and eventually returned to losses.</p><p><img src=\"https://static.tigerbbs.com/6f4b2cc1fc564e24d7a2e21cba246721\" tg-width=\"876\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Among them, in the fourth quarter of 2021, the gross profit margin even dropped to 16.4%, which was 2.3 percentage points lower than the 18.69% in 2017.</p><p>In the ACN (Broker Cooperation Network) built by Keike, brokers of the same brand or cross-brand can participate in a transaction together in different roles, and get different commission ratios according to the roles of \"listing entry\", \"listing maintainer\", \"customer source discoverer\" and \"matchmaker\".</p><p>From the perspective of income structure, Keike mainly focused on second-hand housing transactions from the beginning. By 2019, the new housing business increased significantly, and by 2021, the proportion of new housing business has stabilized at 58%.</p><p>At the same time, in 2020, when the proportion of its new housing business exceeded that of second-hand housing for the first time, the commission paid by Keike to external real estate brokerage companies also exceeded the internal commission for the first time. In 2021, the gap between the two will continue to widen, and the proportion of external commissions in total costs has reached 49%, far exceeding the 40.51% proportion of internal commissions.</p><p>In addition to financial data, the difficulties in the second half of 2021 are also reflected in the number of employees and other aspects.</p><p>At the end of 2021, the number of employees decreased by 7.8% year-on-year from 493,000 at the end of the previous year to 454,500. Compared with 515,500 at the end of September, it was a significant decrease of more than 60,000, a decrease of 11.83%.</p><p>The number of mobile monthly active users that Internet companies are interested in also dropped from 48.2 million in the same period last year to 37.4 million, of which the sharp decrease mainly occurred in the fourth quarter.</p><p>Under the unfavorable situation, Keike at the 2021 performance briefing meeting<b>Announced a brand-new \"one body, two wings\" strategy. One body refers to the original second-hand house and new house transaction business, and the two wings refer to the home decoration and furniture product business, and the housing service business.</b></p><p>Prior to this, at the beginning of 2020, signs of Keike's layout in the field of home furnishing have begun to appear. It has launched services including bedding home improvement platform and AI design, and at the same time launched home services including cleaning, maintenance, and moving.</p><p>Judging from the different risks and pressures faced by the current most important second-hand housing business and new housing business, we can better understand why Keike urgently needs a new growth point, or a new expectation.</p><p><b>The basic market of second-hand housing is unstable, and it is even more difficult to raise commissions</b></p><p>As the \"basic market\" from the Lianjia era to the Keike era, the second-hand housing business has always been very important within Keike.</p><p>Peng Yongdong regards second-hand housing as the foundation of the whole model. \"Second-hand housing is like agriculture. A store broker is around the community, which is equivalent to sowing seeds in spring, fertilizing in summer and harvesting in autumn. It is a business with time difference, and it is constantly maintained. The closeness with the community will have a good transformation when users have needs.\"</p><p>For the whole year, the transaction volume of second-hand housing in Keike increased from 1.94 trillion yuan in the previous year to 2.06 trillion yuan, a year-on-year increase of only 6.09%, which was much lower than the year-on-year increase of 49.53% in the same period last year.</p><p>The corresponding income is divided into two parts,<b>One is the commission income from the transaction volume of chain stores, and the other is the platform service fee charged by the platform for the transaction volume of non-chain stores.</b></p><p>As the growth of transaction volume slows down, Keike's second-hand housing business revenue will only increase slightly by 4.53% to 31.948 billion yuan in 2021, and the year-on-year growth rate will also shrink.</p><p>The direct reason is that Lianjia has always been the \"main force\" of Keike's second-hand housing transaction business, but the second-hand housing transaction volume of Lianjia stores declined in the fourth quarter, and the corresponding commission income in the fourth quarter dropped from 82 billion yuan in the same period last year to 53 billion yuan.</p><p>By dividing the income amount of second-hand housing business by the total transaction amount, we will get a contribution rate of second-hand housing business. As can be seen from the figure, the contribution rate in the third and fourth quarters has increased significantly.</p><p><img src=\"https://static.tigerbbs.com/4cb2dd59e416eadc6168ee8654f7e938\" tg-width=\"780\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>Considering the decrease in the total transaction amount of second-hand houses, this change may be that Keike has adjusted its pricing strategy in response to the decline in transaction volume and price.</p><p>Judging from the second-hand housing business completed by chain stores and the second-hand housing business completed by non-chain stores, the pricing policies of the two parts have different changes.</p><p>Among them, the platform service rate for non-chain stores increased significantly in the third and fourth quarters, from 0.32% to 0.41% and 0.44%. This means that<b>The platform service rate charged by Keike to the second-hand housing business of non-Lianjia stores has increased.</b></p><p><img src=\"https://static.tigerbbs.com/935347df5366797ec149145292ed1e92\" tg-width=\"846\" tg-height=\"378\" referrerpolicy=\"no-referrer\"/></p><p>In the second-hand housing business, Keike's Lianjia stores still contributed more. The commission rate increased significantly in the third quarter, reaching a level of 2.86%, but in the fourth quarter it fell back to 2.72% similar to the previous level.</p><p><img src=\"https://static.tigerbbs.com/eddbea1243ed95f23b5ecc8f65442e86\" tg-width=\"838\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/></p><p>In February 2021, it was reported that shell stores in Chongqing and other places raised local intermediary service fees to no more than 1% for sellers and no more than 2% for buyers, compared with 0% for sellers and 2% for buyers before. At the same time, the loan service fee has also been adjusted from 1.5% to a fixed amount.</p><p>If this charging method is successfully adjusted, the commission of Keike can be increased according to the internal service fee sharing rules of Keike. However,<b>Since the seller can transfer the commission cost to the buyer, Keike has also been accused of using the platform's right to speak to increase the cost of buying houses for consumers</b>。 Since then, the relevant person in charge of Chongqing Keike has responded that this is only a \"guiding standard\" for the prices of its intermediary brands.</p><p>Judging from the decline in commission rates in the fourth quarter,<b>There is still great resistance to the increase in commissions in the current market, especially in the environment of sluggish overall transactions of second-hand houses and regulatory adjustments, and the negotiable space of commissions has further increased.</b></p><p>Since the beginning of 2021, Shenzhen and other cities have successively issued second-hand housing guide prices, and many other cities have experienced tightening of mortgage loans. Hangzhou, Hefei, Nanjing, Wuhan and other places even have a large-scale suspension of second-hand housing loans.</p><p>This is undoubtedly a heavy blow to Keike, which occupies a considerable share of the second-hand housing market.</p><p>In July 2021, a screenshot about the adjustment of agency fees spread on the Internet. The main content was that \"the agency fee for real estate transactions shall not exceed three times the average salary of the local society.\"</p><p>Based on the average monthly salary of 11,000 yuan in Beijing in the first quarter of 2021, the upper limit of this amount is 33,000 yuan. A second-hand house of 5 million yuan, calculated according to the original commission ratio of 2.7% in Beijing, has an agency fee of 135,000 yuan, and the gap between the two is as high as 100,000 yuan.</p><p>Although several intermediary companies soon responded that \"no relevant notice has been received at present\", the news went away, but the possible impact of the policy on intermediary agencies has dropped a \"bomb\" on investors' hearts.</p><p>At the end of July, the Ministry of Housing and Urban-Rural Development and other regulatory authorities continued to release signals to increase the rectification of market order such as housing sales, as well as anti-monopoly clouds and the diving of Chinese concept stocks. On July 23 and July 26, two consecutive trading days (Friday and Monday), Keike's stock price plunged by-10.94% and-27.9% respectively, and has not yet recovered.</p><p>In August, the \"Second-hand Housing Transaction Supervision Service Platform\" under Hangzhou Housing Insurance and Housing Authority officially launched the function of \"individual independent listing of houses\", which means that homeowners can list houses on this platform endorsed by the government and directly communicate with intended buyers, breaking the traditional intermediary sales model.</p><p>Beginning the next day, Keike's stock price plummeted again.</p><p><b>The capital chain of real estate developers is tight, and the new house business of Keike is also affected?</b></p><p>While the \"basic market\" business has been hit hard, Keike's new house business has also declined.</p><p>For the whole year, the transaction volume of Keike's new house business increased slightly by 16.31% to 1.61 trillion yuan, corresponding to revenue of 46.472 billion yuan, a year-on-year increase of 22.5%.</p><p>Why is it a small increase? Because in the past two years, the transaction volume of Keike's new house business increased by 166.24% and 84.99% year-on-year respectively, and the year-on-year growth rate of new house business income was 171.33% and 87.13% respectively.</p><p>When the Shell Platform was established in 2018, the new housing business only occupied a small part of it, because the advantage of Lianjia stores lies in the widespread distribution of second-hand housing resources around the world.</p><p>However, since 2019, Keike has used online platform traffic and extensively cooperated offline cooperation outlets to cater to the needs of real estate developers for \"destocking\", and obtained some exclusive or non-exclusive houses by paying security deposits. Many real estate brokerage companies find houses through Keike, and each sell these new houses according to its ability.</p><p>The data shows that the slowdown in the growth rate of the new home business in 2021 is mainly due to the fourth quarter. In the fourth quarter, the transaction volume of Keike's new house business fell by 20% year-on-year, resulting in the revenue contributed by this part of the business also falling to 11.3 billion yuan.</p><p><b>The real estate industry continues to regulate and control, and many real estate companies have liquidity problems. Keike, which is in the downstream, has previously been questioned that there is a greater risk of impairment of accounts receivable.</b></p><p>At the end of 2021, the balance of Keike's book accounts receivable dropped from 13.184 billion yuan at the end of the previous year to 9.325 billion yuan, but the corresponding impairment provision increased from 1.122 billion yuan to 2.151 billion yuan. The reduced accounts receivable and the increased impairment provision ratio can be regarded as Keike's answer to the market's question.</p><p>The financial report shows that Keike received 51.7 billion yuan in accounts receivable from new houses during the year. At the performance briefing meeting, the financial controller also stated that due impairment has been made for this part of assets, and there are no undisclosed bad debts.</p><p><img src=\"https://static.tigerbbs.com/38e1841be3e27cb9e1e259b2f41542ad\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Under the general environment of difficult financing and tight capital chain for real estate developers, the subsequent accounts receivable risk of Keike is still worthy of attention.</b></p><p>Although Keike did not announce its major customers, it can be seen from public reports that Sunac and Evergrande, two major real estate investors, had a close relationship with Keike in the past, and the current debt pressure of these two companies is very prominent.</p><p>In addition, similar to the logic of raising service rates for the second-hand housing business, Keike also increased the commission rate for the new housing business in the fourth quarter.</p><p>At a time when the real estate market is sluggish, Keike's price increase behavior means that it has indeed received a certain degree of recognition in the process of helping real estate developers \"destock\" and has strong bargaining power.</p><p>In the financial report released this time, Keike disclosed that the number of its stores at the end of 2021 was 51,000. Although it increased by 8.7% year-on-year, it decreased by 2,908 from 53,900 at the end of September.</p><p>In addition to the current performance difficulties, the main reason is naturally inseparable from Keike's expectations for its own business development in the future.</p><p>Overall, the biggest problem of Keike at present is, on the one hand, the \"official\" entry and uncertain real estate control policies, which restrict the growth of second-hand housing business; On the other hand, the new housing business needs to continue to pay attention to the impairment risk of accounts receivable.</p><p>In this case, for Peng Yongdong, the successor, challenges are everywhere. \"One body and two wings\" (second-hand housing and new housing transaction business) is facing a state of left and right attack, and<b>The two wings formed by home improvement are still in the embryonic form, and it is obviously too heavy to complete the task of breaking through by them</b>。</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7684fc8450e05a2fad9d4c88589e041d","relate_stocks":{"BK4509":"腾讯概念","BK4526":"热门中概股","BEKE":"贝壳","BK4505":"高瓴资本持仓","BK4548":"巴美列捷福持仓","BK4079":"房地产服务","BK4504":"桥水持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116166991","content_text":"2020年8月13日，贝壳在纽交所敲钟，上市前的沟通会上，创始人左晖被问及贝壳模式是否已经跑通时回答，“目前贝壳完成了从0到1，还不算完全跑通。”彼时，贝壳带着左晖改变整个行业规则，实现房产交易信息化、透明化的愿望，快速狂奔。然而，2021年5月，灵魂人物左晖因病离世，接棒者彭永东在贝壳从1到2的路上，遭遇了内忧外患。外部地产行业持续低迷，贝壳在美股遭遇做空，从2021年三季度开始经营压力在财报上全面体现，此前扩张带来的成本难以消化，贝壳甚至开启了裁员之路。2022年3月10日，贝壳发布了最新年报，业绩说明会上，彭永东称2021年为贝壳“空前艰难”的一年。2021年全年5.25亿元人民币的净亏损，虽然调整后净利润为正，达到22.94亿元人民币，但是同比下降了近60%。此外，活跃代理同比减少8.7%，以及移动端月活（MAU）同比下滑22.4%，无不体现着贝壳当下的困境。业绩不尽如人意，贝壳的市值也大幅缩水。相比2021年2月22日贝壳908亿美元（约合人民币5863亿元）的市值，目前贝壳的总市值已跌至160亿美元（约合人民币1010亿元），缩水八成有余。大幅亏损出现在2021年下半年北漂12年里租房10次，各种不愉快的经历，信息不透明和坑蒙拐骗，让当年的左晖产生了做中介行业的初心。秉持做“艰难而正确的事”的原则，他在争议中，一步步成长为“中介之王”。左晖打造出直营的房产中介链家、做加盟的品牌德佑，以及长租公寓品牌自如，并在2018年上线了贝壳找房，开始讲一个“地产界淘宝”的故事。贝壳找房作为独立的第三方交易平台，向所有地产中介公司开放资源，建起了一个ACN（经纪人合作网络），网络内有包括链家和非链家在内各类地产经纪品牌，在遵守房源信息充分共享等规则的前提下，得以将经纪人服务流程细化、标准化。总舵手左晖离世后，彭永东能否扛起大旗是外界关注贝壳的重点，然而，房地产行业的不景气叠加疫情影响，让贝壳的经营承压。最新年报数据显示，2021年贝壳平台总成交额（GTV）3.85万亿元，同比增长10.1%，全年收入808亿元，同比增长14.6%。但从第四季度数据来看，GTV同比减少三成多，其中二手房业务和新房业务的GTV同比降幅分别为39.4%和24%。即便全年收入仍有增长，但从净利润角度来看，2020年刚刚实现了盈利，2021年就再次回到5亿元亏损状态，可谓艰难。剔除利息、税收、折旧、摊销以及股权激励费用的影响后，虽然2021年经调整净利润（EBITDA）为22.94亿元，但是同比实际上大幅减少了六成。从单季度数据来看，2021年4个季度中，后三个季度的收入和净利润都处于下滑趋势，尤其是第三、四季度，连续出现17.65亿元和9.3亿元的亏损。事实上，大幅亏损出现的下半年，贝壳确实过得相当艰难。从5月20日左晖离世开始，到7月网上传出中介费下调的消息，8月杭州成立官方背书的“二手房交易监管服务平台”，10月爆出裁员，12月遭遇浑水做空。再加上年内陆续出台的房地产调控政策对新房及二手房业务的影响，贝壳的麻烦接踵而至。反映到财报上，就是第三、四季度收入下滑和全年毛利率的降低。数据显示，贝壳整体毛利率从上年的23.92%降至19.59%，无法覆盖合计21.27%的费用率，最终重返亏损。其中2021年第四季度，毛利率甚至降到了16.4%，比2017年的18.69%还要低出2.3个百分点。在贝壳构建的ACN（经纪人合作网络）中，同品牌或跨品牌的经纪人可以以不同角色共同参与到一笔交易中，并按照“房源录入者”、“房源维护者”、“客源发现者”、“撮合成交者”等角色，获得不同的佣金比例。从收入结构来看，贝壳从一开始以二手房交易业务为主，到2019年新房业务大幅增长，再到2021年，新房业务占比已经稳定在58%。与此同时，其新房业务占比首次超过二手房的2020年，贝壳向外部房产经纪公司支付的分佣也首次超过了内部佣金。2021年两者差距继续扩大，外部佣金占总成本比例已经达到49%，远超内部佣金的40.51%的比重。财务数据之外，2021年下半年的艰难，还体现在员工人数等方面。2021年末，员工人数较上年末的49.3万人同比减少了7.8%至45.45万人，相比9月末的51.55万人，更是大幅减少了超6万人，降幅达11.83%。互联网公司看中的移动端月活人数，也从上年同期的4820万人次降至3740万人次，其中大幅减少主要发生在四季度。不利局面下，贝壳在2021年业绩说明会上宣布了全新的“一体两翼”战略。一体指的是原有的二手房及新房交易业务，两翼指的是家居装修和家具产品业务，及以住房服务业务。在这之前的2020年初，贝壳布局家居领域的迹象已经开始显现，其已推出了包括被窝家装平台和AI设计等服务，同时上线了保洁、维修、搬家在内的住家业务。从目前最主要的二手房业务和新房业务面临的不同风险与压力来看，更能理解贝壳为什么急需一个全新的增长点，或者说一个新的期待。二手房基本盘不稳，想上调佣金难上加难作为从链家时代到贝壳时代的“基本盘”，二手房业务在贝壳内部一直很重要。彭永东将二手房看作是整个模式的基础，“二手房像农业一样，一个门店经纪人在社区周围，相当于春天要播种、夏天要施肥、秋天要收获，它是具有时间差的生意，不断维系与社区的紧密度，当用户有需求的时候，就会有很好的转化。”全年来看，贝壳二手房交易额从上年1.94万亿元增至2.06万亿元，同比增幅只有6.09%，大大低于去年同期49.53%的同比增幅。对应的收入分为两部分，一是链家门店交易额中的佣金收入，二是平台针对非链家门店交易额收取的平台服务费。随着交易额增长放缓，2021年贝壳二手房业务收入也只小幅增长4.53%至319.48亿元，同比增幅同样缩水。直接原因主要在于，链家一直是贝壳旗下二手房交易业务的“主力军”，但第四季度链家门店的二手房交易额下滑，对应的第四季度佣金收入从去年同期820亿元降至530亿元。用二手房业务收入金额除以总交易金额，会得到一个二手房业务的贡献率，图中可看出，第三、四季度的贡献率有明显的提高。考虑到二手房总交易金额的降低，这一变化或是贝壳应对交易量价下滑的问题而调整了自己的定价策略。从链家门店完成的二手房业务，以及非链家门店完成的二手房业务来看，两部分的定价政策有着不同的变化。其中针对非链家门店的平台服务费率在第三、四季度出现了明显提升，从0.32%的水平提高至0.41%和0.44%。这意味着贝壳向非链家门店成交的二手房业务收取的平台服务费率提高了。二手房业务中，贡献更大的仍然是贝壳旗下的链家门店，佣金率在三季度曾有过一个明显的提高，达到2.86%的水平，但四季度又回落至与此前相近的2.72%。2021年2月曾有消息称重庆等地贝壳系门店上调当地中介服务费至卖方不高于1%，买方不高于2%，而此前为卖方0%，买方2%。同时，贷款服务费也从1.5%调整为一个固定金额。这种收费方式如果成功调整，按照贝壳内部的服务费分成规则，贝壳的佣金就能有所提高。不过，由于卖方可以把佣金成本转移到买方，贝壳也被指责利用平台话语权，提高了消费者的购房成本。此后重庆贝壳相关负责人回应称，这只是对旗下各个中介品牌的价格“指导标准”。从四季度佣金率的回落来看，上调佣金在当前市场上的阻力依然较大，尤其是二手房整体成交低迷、监管调整的大环境下，佣金的可谈判空间进一步增大。自2021年年初开始，深圳等城市陆续发布了二手房指导价，另有多个城市出现房贷收紧的情形。杭州、合肥、南京、武汉等地甚至出现二手房大面积停贷。这对在二手房交易市场占据可观份额的贝壳而言，无疑是一个沉重打击。2021年7月，一张关于调整中介费的截图在网上传播开来，主要内容是“房产交易中介费不得超过当地社平工资的3倍。”以北京地区2021年一季度1.1万元的月均工资计算，那么这个金额上限就在3.3万。一套500万元的二手房，按照北京地区原来2.7%的佣金比例计算，中介费13.5万元，两者差距高达10万元。虽然很快几家中介公司回应“目前没有接到相关通知”，这个消息不了了之，但政策对于中介机构可能产生的影响，却已在投资者心里投下了“炸弹”。叠加7月末住建部等监管部门持续释放加大对房屋买卖等市场秩序整治的信号，以及反垄断阴云、中概股跳水，7月23日和7月26日两个连续交易日（周五和周一），贝壳的股价分别出现-10.94%和-27.9%的大跳水，至今仍未恢复元气。8月，杭州住保房管局旗下“二手房交易监管服务平台”，正式上线了“个人自主挂牌房源”的功能，意味着房主可以在这个由政府背书的平台上挂牌房源，直接与意向购房者沟通，打破了传统的中介销售模式。次日开始，贝壳股价再次大跌。地产商资金链紧张，贝壳新房业务也受影响？“基本盘”业务备受打击的同时，贝壳的新房业务也出现了回落。全年来看，贝壳新房业务交易额小幅增长16.31%至1.61万亿元，对应收入464.72亿元，同比增长了22.5%。为什么说是小幅增长？因为此前两年，贝壳新房业务交易额同比增幅分别高达166.24%和84.99%，新房业务收入的同比增幅则分别为171.33%和87.13%。2018年贝壳平台成立时，新房业务还只占据其中很小一部分，因为链家门店的优势还是在于广布各地的二手房资源。但从2019年开始，贝壳利用线上平台流量和广泛合作的线下合作网点，迎合房地产开发商“去库存”的需求，通过支付保证金等方式，拿到一些独家或非独家的房源，众多房产经纪公司们通过贝壳找房，各凭本事销售这些新房房源。数据显示，2021年新房业务增速放缓主要是第四季度背的锅。在第四季度，贝壳新房业务交易额同比下降两成，导致这部分业务贡献的收入也下降至113亿元。房地产行业持续调控，不少房企出现流动性问题，处于下游的贝壳，此前曾被质疑存在较大的应收账款减值风险。2021年末，贝壳账面应收账款余额从上年末的131.84亿元降至93.25亿元，但相应的减值准备从11.22亿元提高至21.51亿元。减少的应收账款和提高的减值准备比例，可以算是贝壳针对市场这一质疑给出的答复。财报显示，贝壳在年内获得新房应收账款回款517亿元，业绩说明会上，财务负责人也表示对这部分资产计提了应有的减值，不存未披露坏账的情况。地产商融资艰难、资金链紧张的大环境下，后续贝壳的应收账款风险仍值得关注。虽然贝壳并没有公布自己的大客户，不过从公开报道中能看到，融创和恒大两家地产大户，过去与贝壳关系密切，而这两家现在的债务压力都很突出。除此之外，和二手房业务上调服务费率的逻辑相似，贝壳在第四季度也提高了新房业务的佣金率。在房地产市场并不景气的当下，贝壳的这种提价行为，意味着其在助力房地产开发商“去库存”的过程中，确实得到了一定程度的认可，并且拥有较强的议价权。此次公布的财报中，贝壳披露2021年末旗下门店数量为5.1万家，虽然同比增长了8.7%，但较9月末的5.39万家减少了2908家。主要原因除了当下的业绩困境，自然也离不开贝壳对接下来自身业务发展的预期。总体来看，贝壳目前最大的问题，一方面是“官方”入局和不确定的房地产调控政策，对二手房业务增长形成制约；另一方面新房业务需要持续关注应收账款的减值风险。这种情况下，对于接棒者彭永东来说，挑战无处不在。“一体两翼”中一体（二手房及新房交易业务）面临左右夹击的状态，而家装家居形成的两翼目前还处于雏形，要靠其完成突围的任务，显然是过于沉重了。","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
