贝壳-W中期报告2025

(於開曼群島註冊成立以不同投票權控制的有限責任公司) 股份代號:2423 2 3 7 18 19 22 25 26 29 86 107 109 2025630 •2025630117,224202414,68917.3%202563011,638202410,23813.7%20256304,87620243,87126.0% •2025630493202439724.1% •20256302,16220242,333202563023,21420244,086 •202563060,546202463045,94831.8%2025630358,664202463044,42332.1% •2025630557,9742024630458,69021.6%20256304491,5732024630411,47819.5% •202563054,87020246304,970 1 2(i)(ii)(iii)(iv)(v)(vi) 3(i)60(ii)(iii)14 4(i)(ii)30(iii) 5(i)(ii)(i)(ii) 202520242025202538% 202575% 2025202563058,66432%491,57319% AI 2025 AI AI 202520257516.5%32.1% 2025SKU 2,600 2025202565988%10785%8.4%2.5 AIAIAI 202520256306 2025C2MCustomer to Manufacturer 20253.9420241.7%202292025620.210.3%A 202582630502028831 (ESG) ESG20252BBBAESG 20302030202430% 2025630202439724.1%4932025630202414,68917.3%17,224 •20241314.0%2025630136202410,23813.7%202563011,638 (i)20241063.1%202563010920244,1245.4%20256304,345 (ii)2024258.0%20256302720246,11519.3%20256307,293 202412929.9%202563016720243,87126.0%20256304,876202563020243,13827.5%4,0022025630202473319.3%874 •20246416.5%202563075 •20245885.2%2025630108•20256308202416 2025630202429133.4%388 •202563011620248920256302024 •202563095202481 •202563051202444 •20245581.4%202563099 •20256301520241420256302024 •2024927.6%202563011 20256301052024106202563021.3%202426.8%ab 2024863.0%202563089 •2024413.5%202563040 •2024354.7%20256303720256302024 •20241025.2%20256301220256302024 20256301720242020256303.3%20245.1% 2025630628202438202563075.6%20249.5%2025630EBITDA840202450 202563022202423 202563032202441 EBITDA (i)(ii)(iii)(i)(ii)(iii)(iv)(v)(vi)(i)(ii)(iii)(iv)(v)(vi)(vii)EBITDA(i)(ii)(iii)(iv)(v)(vi)(vii)(viii) 202563053120241231616 2025630 2025630 202563020.81 2025630 202563044.3%2024123146.3% 20256301.9% A 2025630169.388.0 2025630482 2025630 (i)2025630449.8 (ii) 2025630 2025630 2025630131,8812025630 19852025630 2410 2025826 1. 201876 2025630 2025826 2. 2024 20251 2. 2.1(a) 202311ASU 2023-07280ASUASU202312152024121524 2.1(b) 202312ASU 2023-09740ASU5%ASU5%ASU2024121520251215 202411ASU 2024-03220-40ASUASUASU2026121520271215 2025630 2. 2.2 20241231 202420246301,861.6 2. 2.2 2.3 2024 3. 2025202463010% 202563020241231202563017.6%13.9%13.5%12.4%9.6% 202563020241231293.1346.6 20256302025630205.2265.8 20256302024123127.3%22.9%2025630202412317.9%4.9%20256302024123121.0%22.7%ASC 326 3. 202563020241231390489 20256301.9% 4. (i)202520246302.0%3.2% (ii)1)2)3)4202563073.4%25.9%0.0%0.7%2024123172.0%27.5%0.5% 5. 6. (iv) 20256300%8%202412318%(v) 7. 2025630442024123159132024123113 7. 90 8. 202563020241231 202563020241231 202412314.9%20256307.9%2025 8. 20252024630 2025630202412316.0%3.7% 20256302024123197.0%91.6% 12930596089901791802025630202412318.1%5.9% 8. 10. 11. 20252024630 11. (a) 11. 11. (b) 20252024630 12. (a) 2025202463034.29.5 12. (ii) 20256302024123147.941.420252024630 202563020241231 202520246301.28.02 (iii) 20256301122027 (iv) 2025630 12. (v) 2025630532025630 2025630 13. 2025630 14. 202563020241231 2025630205.32.38%2.48%2025630169.3 2025536400.0202563031.4LPR89 2025524600.0202563056.6LPR86 2025360350.02025630LPR55 15. 20251120256304,965.8202563020241231 16. 16. 202563020241231 18. 19. 20. 20. 20252024630 20252024630 2025630 15%2024112025112025 21. 20252024630 (a) 2018 20188202018201812282018350,225,435A20181015 21. (a) 2018 20256302018 2018 2025202463088.1304.8 202563061.30.8 21. (b) 2020 2020720202020202080,000,00010202111(i)1.0%(ii) 202242020202020200.00002A253,246,913 2 0 2 02 0 2 563 04,924,47315 2020 21. (b) 2020 20252024630611.4536.0 20256301,724.62.0 202520246301,049.0865.4 (c) 2022 20225202220222022125,692,439 202220225571,824,25053,868,189A202255 50% 21. (c) 2022 2025545,830,71234,373,035 ASC 718 20252024630A195.9481.5 202242044,315,854A51%30%30%40% 21. (c) 2022 20252024630316.9683.6 2025630728.31.9 20252024630486.7365.1 22. 25,000,000,0000.0000224,114,698,720A885,301,280BAB AB 202563062,781,318A2,830.4393.9202563053,770,353A20256302,150,225BAEverOrient International Limited1,499,580BDe Chang Trust650,645B 23. 202563020241231 23. 23. 3 24. (a) (1)iiiiii (2) 24. (a) (3)(4)(5) 24. (b) 24. (b) 2025202463010% 25. 25. 26. 20252024630 Ziroom Inc.IFM Investments LimitedIFM 26. 20247182024112520241125 (i) ACNSaaS 26. 26. 26. (ii)202563020241231 202563020241231 26. (ii)202563020241231 (b)20256300%12% 26. (iii)2022953020241231302025630 27. (a) 2025630449.8 27. (a) 2025630 6302025(i)1,079,490(ii)222,051(iii)158,1001,6271,461,268 (i)(ii)(iii) 27. (b) 20211230Chin v. KE Holdings Inc. et al., No. 1:21-cv-1119620254520254242025630 28. 202532025490.120.3620254401.6 202432024450.1170.35120244398.8 29. 202582630502028831 30. 30. 30. 30. 30. (i) (ii) 1)202011ASC3262018119129ASC 326 2)ASC 326-20ASC 460ASC 3269(1)(2)15 30