| Matthew Zhao | Senior Director, Investor Relations |
| Yongdong Peng | Chief Executive Officer |
| Tao Xu | Chief Financial Officer |
| Jiong Shao | Barclays |
| Harry Cheng | Citigroup Inc. |
| Steven Tsai | Morgan Stanley |
| Timothy Zhao | Goldman Sachs |
Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.’s Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Today’s conference call is being recorded. I would now like to turn the call over to your host today, Mr. of Director IR Zhao, the company. Matthew ahead, go Matthew. Please
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Instructions] question Barclays. first Thank Our you. Jiong Shao comes from with [Operator
is Your line open.
for much couple taking very have you a questions I if may. of Questions. Thank I my
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Okay, thank you.
much, Thank Very so Tao Xu. helpful. you
you. Thank
you. Thank
Citi. Harry Our Cheng comes next with from question
is line Your open.
Thank company Could [Interpreted] the in market business? on management’s update Besides the company you new second the first receivables. in provision various views My is My cities us has the from contaminants is for new after management Thank its about there an question the to China. accounts July, provision opportunity. home and impact of outlook on suspended management of ask been mortgage and quarter construction tune current of and collection with the this question Starting you. for of views your year? the receivables. boycott boycott give mortgage the second management fine of share home
Hello, Harry. you. I’d hear like to from
me your question. address first Let
developers. to to the by it is want bank for and the rewards by rate reiterate identify so is called of Beike. the the know Beike right high that kind payment the earlier of suffering will we Firstly, Most a rate continuously on card, a so mortgage referral impact from developers
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you, Thank management.
We a have question Stanley. from with Tsai Steven Morgan
Your line open. is
geographic coming on and you business for about which any if the internally model see could biggest the management you that to Thank now looking Also, with the the management any strategy on or XXXX taking any business, postal related we you. for update are platform at is my are and percent the Thank mentioned share consolidation the or is of this plan My bottleneck for are there quarters. that in pleasure timing Any update what’s milestone [Interpreted] you business XXXX your or before? guidance there’s where whole launch renovation the you think? there’s to, innovation on question questions. if
[Interpreted] This Stanley Peng. is
question. Let me your address quickly
the the at So XX% actually furnishing been leading significantly a whereas over home as the has so on if business, business in look the basis. But during our and firstly, has during remarks, second been prepared increased year-over-year. whole year-over-year industry you furnishing mentioned I combination declined renovation quarter, renovation
dimension was core we is business. revenue rate at a that mentioned business we another look one housing the describe already are So that from for can business transaction I our referral is issues
to when the results, cities the of second from we’re we of some the conversion the housing XX% in as than quarter special business So look of coming do even it Beijing, already these the right? a believe very reduced at been transaction referring conversion such seeing actually we full. more and also has some rate continue XX% space there has you actually But didn’t a or huge do higher, well, to
overall, conversion from referral a So and needs that dimension a has for do the customers believe the we also program another to do mandate purpose.
home it the and a We evolution at at in furnishing elements look when reasons. or for the business future three look major So business. actually decoration the four
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rather from decoration demand. continue as industrial new for at which have and Secondly, to into and shape or industrial rather we right? overall into at look also furnishing the called link the decoration pattern We the new of of the is notice both existing look the of the the furnishing correlations, home, the so and home as has well also business. the fronts than upstream So downstream, performance and furnishing we that demand home, they downstream than the which services
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will of elements. that’s quantified the second be So what the
rather paper of furniture the with correlation is two right? The quantified up mentioned X.X. correlation home factor, you in a furnishing home gradually we between of is this model, means mid- business the quantified believe look the it’s at the X.XX. you beginning with of the been factor we be our the a from the come And X look of home home to do as sales. furniture to But and business do will do single X.XX, it actually to half year, Because third believe the factors, right? we Which is will is quantified about of had of can and at other we beyond the goal furnishing every believe the Starting of And back rapidly with So execution. $X slew that increased monitor. construction roughly that platform right? and execution continue long-term dollar the revenues, if factor is is, past decades, we decoration successful
We have business. housing our improvement platform of business in the transaction model
we and X to of we to of will next grow to years, do the a believe housing we goal, business do the could terms Because furnishing continue material solid development. the progress definitely business, marketing, to on grow, years. believe show there believe as can quality, we correlation, also events, supply in for kinds and of of especially definitely grow or those we in other reality things But in – terms includes in can the sales X next the kind top to decoration focus chain, to do continue couple well offline as and lot home long-term in gradually design, ultimate right? a online terms the key X has upsells for years, the things So of for in the delivery ultimate next we business our all of on model continue of of the one in including the team’s the X the
to to run very believe, the fast on we we’re not So do tap model. business
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Timothy Our Zhao comes Goldman with next Sachs. question from
open. is line Your
you improve further as the also That have question. the impact Thank million I costs Hi, RMBXXX per elaborate think, on second on future million costing you. to quick these my helpful. as efficiency Could expect quarter. Thank be the measures, you RMBXXX the saving, what well question half, around in I you competence and be cut on measures Stanley. for would financial cost to would how Hi, taking of performance? real the Xu. Tao you mentioned your
Timothy. you, Thank Okay.
cost mentioned was focus to day Meaningful and QX. progress profitability in the in the execution strong organizational was different structure measures and in our saving series quality. the day day senior and to our junior my according remarks, a took the of teams. on repricing we I As in proportion is enhancing first delivered efficiency adjust the and organizational regional operational and agents and most We different again of conditions our adjust the operation cities
new In profit addition, new we and home our level. the prioritize home making business higher city business on
form In well XXXX. where the approximately to up more expenses the to for million office our the loss points services the reach in the of decreased amount where through breakeven expenses, Lianjia half control, same the fall. obviously, RMBXXX we of our particular to stores of XX% in this as the second on making shutdown, it’s costs continue all to this In measures QX level terms and And than year, costs and second drop the agriculture. dollar space, million the reduction run and of the the housing for decreased cost half breaking of the be level will as way And fixed saving the of expenses to for operating transaction RMBXXX year-over-year. and by the stores fixed
larger organizational again out in to initiatives QX, operating we profitability the for further carve leverage a transaction market against environment. to housing As our restructuring the and services challenge way have the
Our in Shengdu the very in the of example, business, weak market. past for central months June, time face XX first in for pockets
new the of sluggish in margin example this for you. the is home and new margin services our transaction in quarters. reflect contribution [part believe market, of followed contribution still Another improvement by [ph] in in the coming half affordable] second the at of of X% year. due recover despite which also years QX, the opportunity market our two home this the business, QX We was recovery high while gradually possibility housing Thank to
Zhao I now the closing over the the are for to will Mr. end now your today of We call remarks. host call. approaching conference Matthew turn
operator. you you, us once for Thank Thank again Yeah. joining today.
questions, to please through concludes with to and goodbye. call Beike’s you forward free If quarter. speaking look you feel have we Thank and next This the you Relations information. today’s and team contact goodbye. you Thank Investor again contact further
you conference concludes This Thank call. today’s for participating.
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