Non-customized Research Report on the Real Estate Industry

  2014-2019年全国一手房销售面积总体呈上升趋势，2016年增速达到顶峰，较2015年上涨22.46%。2016年12月份中央经济工作会议提出“房子是用来住的，不是用来炒的”，受这一宏观政策影响，2017年一手房销售面积增幅回落至7.66%，并逐年降低保持10%以内的增速。2019年初二手房市场价格短暂延续2018年末的下跌趋势，相对应市场交易量增多。但在第二季度，中央及各地方政府陆续出台相关房地产政策后，二手房价格的市场走势从高处开始回落。

  From 2014 to 2019, the overall sales of newly-built houses in China kept growing, and the growth rate reached the peak in 2016, with an increase of 22.46% compared with 2015. In December of 2016, President Xi proposed at the Central Economic Work Conference proposed that "houses are built to be lived in, not for speculation". Influenced by this macro policy, the growth rate of the sales of newly-built houses fell to 7.66% in 2017, and had not exceeded 10% ever since. In early 2019, the growth of the price of pre-owned houses kept declining, resulting in the increase of transactions. In the second quarter, after the central and local governments introduced related real estate policies, the price of pre-owned houses began to go down from the summit.

  2019年，一二线城市受政策影响较大，市场价格整体呈下行趋势。三四线城市由于本地市场规模较小，市场敏感度较低，市场价格调整结果存在滞后于国家政策施行的情况，因而2019年三四线城市二手住宅的市场价格总体呈现上涨趋势。

  In 2019, the price of house in first-tier and second-tier cities showed a downward, thanks to the policy. On the contrary, the prices of pre-owned houses in third-tier and fourth-tier cities were rising due to two reasons. First, the markets are relatively small. Second, the markets are not as sensitive as those of first-tier and second-tier cities, thus lay behind in responding to the national policy.

  作为房地产交易中介的典型代表，贝壳找房拥有完善的内部运营及监管体制，通过与国家信息系统的对接、对外部加盟品牌的监督与背书等措施保障房源信息的真实准确性。在新房的包销模式中，贝壳建立三级兜底销售模式保障房源销售。在二手房销售中，贝壳找房大力拓展独家房源业务，通过线上估价模型及完善的售后管理体系促进业务的合规化发展。未来，贝壳将大力发展加盟商品牌，预期将迎来发展的又一高峰。

  As a typical representative of real estate agency, Beike has a sound internal operations and regulation system. In addition to that, it cooperates with the national information system and closely supervises the external brands to ensure the authenticity and accuracy of its housing information. For the sales of newly-built houses, Beike has established a three-level risk-bearing sales model to ensure successful sales. For the sales of pre-owned houses, Beike vigorously expands its exclusive houses, and promotes the compliant development of its business through online price evaluation and well-developed after-sales management system. In the future, Beike, with its focus on developing franchisee brands, is expected to witness another round of strong development.

  2019年，我爱我家实现营业收入112.4亿元，同比增长5.13%；实现利润总额8.55亿元，同比增长22.8%。在新房销售方面，我爱我家主要采取分销模式，即利用自己拥有大量客源信息的优势为开发商进行客户导流。在二手房销售中，公司在独家房源的业务拓展方面表现较为保守，独家房源在整个二手房交易中占比较小。我爱我家对房屋的估价及信息真实性的维护基本依靠经纪人的主观职业判断完成，并无严格的内部监管体系。我爱我家近两年在数字化方面的投入已达1.8亿元，未来公司每年将投入销售收入的2%用于数字化转型。

  In 2019, 5I5J had an operating revenue of 11.24 billion RMB, an increase of 5.13% year-on-year; a profit of 855 million RMB, an increase of 22.8% year on year. In terms of the sales of newly-built house, 5I5J primarily adopts a distribution model, namely distributing customers for real estate developers by taking advantage of its vast customer information. It is relatively conservative in expanding its exclusive houses, thus the transactions of exclusive houses have been in the minority. 5I5J evaluates the price of houses and checks the authenticity of its housing information based on the subjective judgment of their brokers, with no strict internal supervision system in place. It has invested 180 million RMB in digitization in the past two years. In the future, the company will invest 2% of its sales revenue in digitization transformation every year.

  作为一手房代理销售行业的龙头企业，易居于2016年开始进军二手房交易市场，其希望借助二手房业务体系形成良好的一二手联动效应，从而更好地为一手房代销业务服务。由于近年来诸多二手房中介纷纷参与一手房代销市场，导致以易居为代表的传统新房代销公司利润空间被迅速挤压。因此，易居建立房友这一平台以求吸纳加盟商入驻，获取更多的房源信息及客源，刺激一手房销售业务的开展。

  As a leading enterprise in the agency sales industry of newly-built house, E-House joined the pre-owned house market in 2016. It wishes to further drive its sales of newly-built houses by formulating a linkage between the two markets with the help of the pre-owned house business system. In recent years, many companies engaged in the sales of pre-owned houses have marched into the sales of newly-built house market, squeezing the profit margins of companies selling newly-built houses, among which E-House is a representative. Therefore, E-House has established Fangyou to attract franchisees and expand its information regarding houses and customers so as to boost the sales of newly-built houses.

  凯盛研究金融组将于2020年7月出版《房地产行业研究报告》。本报告共分为三大板块，第一大板块对近几年的一手房及二手房市场交易情况进行梳理，分析疫情对中国房地产市场的影响及预测2020年下半年市场发展趋势。第二大板块选取三家代表性房地产交易中介平台—贝壳找房、我爱我家、易居房友，对这三家公司的运营模式、内部监管机制及未来发展战略等方面进行分析。第三大板块对三家标的公司的经营情况进行对比分析并提供分析师投资建议。本报告通过专家访谈，结合房地产市场发展背景，针对房屋交易中介平台的经营模式、现阶段面临的挑战及未来战略规划作详细阐述。

  In July of 2020, Capvision’s Finance Research Team will publish the“Non-customized Research Report on the Real Estate Industry“. The report consists of three parts. The first part provides a summary of the transaction situation of the newly-built and pre-owned houses in recent years, analyzes the impact brought to China’s real estate market by COVID-19, and forecasts the market development trend in the second half of 2020. In the second part, three case analysis will be presented, namely Beike, 5I5J and E-House. Their operations models, internal supervision mechanisms and future development strategies will be analyzed. The third part makes a comparative analysis of the operations of the three target companies and offers due investment suggestions. Based on the development trends of real estate market, the report utilizes interviews with industry experts to present an elaborate analysis of real estate agency platforms’ operations models, challenges and future strategic planning.

  本报告从公司分析及专家访谈入手，结合大量数据、一手信息及历次项目研究的经验撰写而成。报告正文内容约44页，适合需要系统了解房地产交易服务行业代表性企业的发展现状及未来发展重心的客户参考。

  The report utilizes case analyses, interviews with industry experts, vast data, first-hand information, and previous project experience. The report totals 44 pages, and will be most beneficial to clients interested in understanding the status quo and future development focus of representative enterprises in the real estate transaction service industry.

◆ 报告目录 Contents

·        1. 房地产行业分析 Analysis of the real estate industry

  1.1 全国商品房（一手房）销售情况 Sales of commercial housing (newly-built houses) in China

  1.2 全国二手房交易情况：挂牌量 Pre-owned house transaction in China: listing volume

  1.3 全国二手房交易情况：挂牌价 Pre-owned house transaction in China: listing price

  1.4 疫情下的房地产市场概况 Overview of the real estate market under the impact of COVID-19 epidemic

  1.5 面对疫情，国家的应对政策及2020下半年房市趋势预测 National policy responses to COVID-19 epidemic and the forecast of housing market in the second half of 2020

  1.6 2019年房地产行业政策梳理 Review of policies on the real estate industry in 2019

  1.7 2019年房地产行业政策梳理：地方政策 Review of policies on the real estate industry in 2019: local policies

  1.8 2019年有关房地产企业融资的监管政策 Regulatory policies on the financing of real estate enterprise in 2019

·        2. 房地产服务行业案例分析 Case analysis of the real estate service industry

  2.1 贝壳找房 Beike

    2.1.1 贝壳找房平台简介 Introduction to Beike

    2.1.2 贝壳找房与链家的关系 Relationship between Beike and Lianjia

    2.1.3 贝壳找房融资历程 Beike’s financing process

    2.1.4 贝壳找房的商业策略 Beike ‘s commercial strategies

    2.1.5 贝壳找房的服务特点（一）--确保房源信息的真实性 Service features of Beike (1) –housing information with high authenticity

    2.1.6 贝壳找房的服务特点（二）--楼盘字典&ACN网络 Service features of Beike (2) – housing dictionary & ACN network

    2.1.7 贝壳找房的运营模式—新房买卖 Beike’s operations model – sales of newly-built houses

    2.1.8 贝壳找房的运营模式—二手房买卖 Beike’s operations model – sales of pre-owned houses

    2.1.9 贝壳找房的流量策略 Beike’s flow strategies

    2.1.10 贝壳找房未来发展战略 Beike’s future development strategies

  2.2 我爱我家 5I5J

    2.2.1 我爱我家公司简介 Introduction to 5I5J

    2.2.2 我爱我家经营情况 5I5J’s operations situation

    2.2.3 我爱我家的科技布局 5I5J’s technology layout

    2.2.4 我爱我家的运营模式 5I5J’s operations model

    2.2.5 我爱我家对房源信息的维护及房屋估价 5I5J’ s maintenance of house information and evaluation of house prices

    2.2.6 我爱我家的流量端口及未来发展战略 5I5J ‘s flow port and future development strategies

  2.3 易居 E-House

    2.3.1 易居企业集团简介 Introduction to E-House

    2.3.2 易居企业集团的经营情况 E-House’s operations situation

    2.3.3 易居的运营模式—一手房代销 E-House’s operations model –agency sales of newly-built houses

    2.3.4 易居的运营模式—二手房业务 E-House’s operations model- pre-owned house business

    2.3.5 房地产经纪网络服务平台—房友的发展现状及运营模式 Real estate brokerage network service platform- development status and operations model of Fangyou

    2.3.6 房地产经纪网络服务平台—房友的内部监管机制 Real estate brokerage network service platform- internal supervision mechanism of Fangyou

    2.3.7 易居的未来发展战略及竞争优劣势 E-House’s future development strategies and competitive strengths and weaknesses

·        3. 投资建议 Investment suggestions

  3.1 三家公司经营情况对比及分析 Comparative analysis of the operations of the three companies

  3.2 投资建议 Investment Suggestions