Investment Rating - The report indicates a positive investment sentiment towards the company, highlighting its commitment to shareholder returns through stock buybacks and dividends [12]. Core Insights - The company has increased its stock buyback plan from 3 billion, extending the duration until August next year, demonstrating a strong commitment to enhancing shareholder value [2][12]. - The company has repurchased a total of 1.39 billion in stock buybacks, with a significant portion of shares being canceled rather than held as treasury stock [3][4]. - The company has also declared a special dividend of $600 million, marking its first dividend distribution since its listing [12]. Business Performance - The company experienced a 25% increase in transaction volume for existing homes and a 22.3% increase in home decoration services, while new home transactions declined by 20.2% [7][8]. - The rental service revenue surged by 167.1%, contributing significantly to overall revenue growth [8]. Strategic Transformation - The company is transitioning to a one-stop residential service platform, integrating home decoration and rental services to enhance customer experience and operational efficiency [9][10]. - The company’s operational cash flow turned positive in Q2, with a total of 3.86 billion yuan in cash flow for the first half of the year [10][11]. Long-term Commitment to Shareholders - The company emphasizes its responsibility to long-term investors, showcasing a consistent positive cash flow since 2019 and a low debt ratio of 42.3% [11][12]. - The management expresses confidence in the company's growth potential and commitment to sharing success with shareholders [12][13].
贝壳-W：陪伴长期投资者，贝壳的“注销式回购”