[Dahe News·Dahe Financial Cube] (Reporter Wu Chunbo) The property market is sluggish, and the real estate brokerage industry has also been deeply affected.
html On the evening of August 25, the leading second-hand housing brokerage I Love My Home released its mid-term report. Although the year-on-year revenue decline in the first half of the year was not much, it was reflected in the net profit, which fell by more than 200%, and there was a backdoor merger in 2017. First loss after listing. Yan Yuejin, a well-known real estate industry analyst at, said that during the reporting period, the entire real estate industry was significantly poorer, and real estate intermediaries and agencies also clearly felt the pressure. I Love My Family's performance was in line with expectations.
reporters noticed that although I Love My Family’s losses in the second quarter have narrowed significantly compared with the first quarter, and it holds more than 3 billion yuan in cash, its second largest shareholder Wuba Co., Ltd. (hereinafter referred to as Wuba Company) is still A large-scale shareholding reduction plan was disclosed the day after the interim report was released.
In the past two years, Wuba Company has disclosed its shareholding reduction twice, but neither of them has been implemented.
In response to this, a reporter from Dahe Daily and Dahe Financial Cube called I Love My Home on August 29 to inquire about the reduction of 58 holdings and changes in other indicators. However, as of the time of publication, the other party had not responded.
I Love My Family's first performance loss
It lost 384 million yuan in the first half of the year
According to the interim report, during the reporting period, I Love My Family achieved revenue of 6.082 billion yuan, a decrease of 0.77% from the same period last year; the net profit attributable to the owners of the parent company was -3.84 billion, down 200.97% year-on-year.
It is worth noting that this is also the first loss for I Love My Home since its backdoor listing in 2017.
My Love My Family’s performance since its backdoor listing
Interim report data shows that My Love My Family achieved a net profit attributable to shareholders of the listed company -241 million yuan in the first quarter, and achieved a net profit attributable to shareholders of the listed company -142 million yuan in the second quarter. Operations in the first half of the year showed an improvement trend with narrowing losses.
In terms of cash flow , the company achieved net cash flow from operating activities in the first half of the year of 2.311 billion yuan, an increase of 85.4% compared with the same period last year. On a quarterly basis, net cash flow generated from operating activities in the second quarter has turned negative. In terms of
cash reserves and interest-bearing liabilities, I Love My Company held unrestricted monetary funds of 3.678 billion yuan at the end of the reporting period, with an interest-bearing liability ratio of 14.74%. The company's liquidity risk is relatively low.
At the end of the reporting period, the company's total assets were 33.042 billion yuan; the net assets attributable to shareholders of the listed company were 10.222 billion yuan, and the asset-liability ratio was approximately 68.78%.
I Love My Home said that in the first half of the year, mainly affected by the repeated impact of the epidemic, the second-hand residential brokerage business achieved revenue of 1.753 billion yuan, a year-on-year decline. However, due to differences in market positioning and supply relationships, problems in the real estate development field did not affect second-hand housing. Negative impact on real estate brokerage business.
"Because the company has adopted stabilizing and protective measures for the operation system of core markets such as Beijing and Shanghai, which have been seriously affected by the epidemic, the decline in operating costs during the same period was smaller than the decline in revenue, resulting in a reduction in the gross profit margin of the business." I love my home said.
In addition, as a supplement to the company's business segment, its new home sales business achieved revenue of 693 million yuan.
During the reporting period, the long-term rental apartment brand "Xiangyu" business had 257,000 units under management, a year-on-year increase of 4.5%, and a net increase of 1.6% from the end of 2021; the average occupancy rate in the first half of the year was 95.8% , an increase of 0.1 percentage points year-on-year; the average number of days for renting out a house in the first half of the year was 9.6 days, 0.6 days higher than the level in the first quarter; the cumulative rental transaction volume of the "living together" business in the first half of the year was 7.33 billion yuan; the revenue was 2.982 billion yuan.
public information shows that since its establishment in 2000, the business scope of I Love My Home has gradually expanded from second-hand housing transactions, and in 2017 it became the first real estate brokerage company in my country to be listed on A shares. At present, the main sources of income are four major businesses: existing residential transactions, housing asset management, new home business and commercial asset management.
.7 billion private placement plan failed
abandoned franchising and focused on direct business in key cities
Reporters noticed that with billions of monetary funds in hand, I Love My Family still launched a private placement plan in March 2021, and planned to raise no more than 7 billion 100 million yuan will be used for the company’s platform construction and offline scale expansion. The total amount of funds used for the digital construction project (Phase I) is as high as 450 million yuan, accounting for 64% of the total fundraising scale.
At that time, I Love My Home also stated on the Huayi platform: "The company will increase the layout of self-operated stores and franchised stores in the future, and achieve simultaneous growth in store scale and quality in 2021."
In addition, due to Policy regulation has been combined with epidemic prevention and control, and real estate intermediaries have encountered a downward cycle in recent years. In order to increase the intensity of online contactless brokerage services, real estate agencies have launched emerging sales forms such as VR house viewing and live broadcast of house purchase and rental.
In fact, I Love My Home began to deploy in the digital market in 2018. The current investment scale is close to 1 billion yuan, and IT personnel account for more than 70% of the headquarter’s headcount. As a result, I Love My Home has successively completed the exploration of intelligent development paths and achieved business focus. It has become the second real estate brokerage platform company in the industry that integrates the entire business process to provide end-to-end services.
At the same time, Lianjia’s Shell House Search is launched on US stock , Anjuke , 58 local and other real estate agency apps of different forms are also constantly entering the market, pushing the digital competition among real estate brokerage companies to fierce competition. Data from
's mid-term report shows that during the reporting period, the performance of "I Love My Home Cloud Data Co., Ltd.", a wholly-owned subsidiary of My Love My Home, was still in the red, and the related losses were approximately 313 million yuan.
On the evening of July 7 this year, I Love My Home announced that it passed the "Proposal on Terminating the Non-Public Issuance of A Shares in 2021 and Withdrawing Application Materials" on that day. The reason for the termination was "the market situation and the capital market environment." change.”
Previously on June 20, I Love My Home planned to shrink its franchise business, and based on the changes in the epidemic and the actual situation of the urban real estate market, it would terminate the franchise business in Hefei, Yantai , and Changsha City, and focus on direct business in key cities. The second largest shareholder of
is unwilling to wait?
" Yao Jinbo " plans to reduce its holdings at a loss
Yan Yuejin said that in the context of the downward pressure on the entire real estate industry, it is recommended that I Love My Home increase business innovation to ensure the stable development of the company and continue to enhance the company's market competition. ability.
But in fact, as an important shareholder of I Love My Family, Wuba Company led by Yao Jinbo is not willing to leave more room for development.
reporters noticed that the day after the release of I Love My Home News, Wuba Company, the company's second largest shareholder, announced its shareholding reduction plan, which planned to reduce the company's shares to no more than 77.496 million shares, and the shareholding reduction ratio would not exceed the company's total shares. 3.29%. The reason for the reduction is "the need for group asset integration."
If this shareholding reduction plan is completed according to the highest proportion, Wuba Company’s shareholding proportion will be reduced to 4.99% of the shares. This also means that Wuba Company’s subsequent reduction of holdings will no longer need to be announced.
html At the close of trading on August 26, the share price of I Love My Family was 2.57 yuan per share. Compared with Wuba Company’s transfer price of 7.12 yuan in 2018, Wuba Company’s reduction of holdings this time was a huge loss.reporters found that since August 2020 to the present, Wuba Company has announced three times to reduce its holdings. The first two plans ended in vain, but the corresponding stock price has been declining, and the closing price on the corresponding announcement day has been from around 5 yuan. down to the current price of 2.57 yuan.
National Enterprise Credit Information Publicity System shows that the legal representative of Wuba Company is Yao Jinbo, which is a wholly-owned subsidiary of Beijing Wuba Information Technology Co., Ltd. . As an important platform for foreign investment of the "Wuba Series", Wuba Company also invests We have adopted , Baojia Car Rental, , Miaohuifang, Zhichejun and Yitou Media and other non-"58 series" companies.
Since 2021, faced with the downward dilemma of the property market, the performance of real estate agency companies has collectively plummeted. Take I Love My Family as an example. In the first seven months of this year, the number of online sign-ups in the eight directly operated cities where the company’s business is mainly deployed, including Beijing, Shanghai and Hangzhou, dropped by 45% year-on-year. Affected by the epidemic, its two core markets of Beijing and Shanghai Business activities cannot be carried out normally, and the market rhythm is seriously disrupted.
Industry insiders believe that although the current policies to support the property market in many places in China are still strengthening, which will help accelerate the market recovery in the second half of the year, with the advent of the era of stock in the property market, overall the glorious situation of the real estate brokerage industry in the past few years will be difficult to reproduce.The "National Real Estate Economic Industry Quarterly Report (First Quarter of 2022)" released by
58 Anjuke Real Estate Research Institute shows that in the first quarter of 2022, the number of real estate brokerage companies nationwide continued to decrease, with a month-on-month decrease of 12.1% in March.
The aforementioned industry insiders said that despite recent favorable real estate policies in various parts of the country, the effects will not be seen until the third quarter or even the fourth quarter. Existing economic businesses still need to use emerging technologies such as the Internet of Things and big data to improve efficiency.
Editor: Shi Jian | Reviewer: Li Zhen | Director: Wan Junwei
