Seashell-W (02423) announced interim results, net profit of 3,879 billion yuan, an increase of 79.42% year-on-year

According to the Zhitong Finance App, Seashell-W (02423) released interim results for the six months ended June 30, 2026. The group achieved total net revenue of RMB 43.431 billion (same unit), a year-on-year decrease of 11.97%; net profit of RMB 3.879 billion, an increase of 79.42%; adjusted net profit of RMB 4.796 billion, an increase of 49.22%; and basic net income per share of RMB 1.19 yuan.

As of June 30, 2026, the number of stores was 60,274, which is basically the same as the 60,546 stores as of June 30, 2025. As of June 30, 2026, the number of active stores was 57,803, which is basically the same as 58,664 as of June 30, 2025.

The number of brokers as of June 30, 2026 was 540,634, down 3.1% from 557,974 as of June 30, 2025. The number of active brokers as of June 30, 2026 was 454,571, down 7.5% from 491,573 as of June 30, 2025.

In the three months ended June 30, 2026, the average number of monthly active mobile users was 45.7 million, compared to 48.7 million for the three months ended June 30, 2025.

In the first half of 2026, the number of second-hand housing transactions on the platform increased by 18.6% year-on-year, which was superior to the market. In particular, in the second quarter, the number of second-hand housing transactions on the platform increased 24.8% year on year, driving the total transaction volume of the stock housing business to increase by 8.0% year on year and net revenue increase by 4.5% year on year. Among them, revenue from platform services, franchise services and other value-added services increased significantly by 27.8% year-on-year, mainly due to the increase in the volume of second-hand housing transaction orders in Belian Union stores and the increase in the level of platform service revenue conversion.

The increase in second-hand housing transaction orders at Belinn stores is mainly due to an increase in the output capacity of individual stores at Belinn stores based on a stable network scale. As of the end of the second quarter, the number of active Belllink stores and active agents of Bellerun was basically the same as compared to the end of the second quarter. On the basis of expanding network coverage in the early stages, the Group further shifted its business focus to improving the efficiency of existing stores, continuously optimizing the store structure, helping store owners identify business problems, improve management efficiency, improve tenant operations and product supply, deepen cross-store cooperation, and promote the increase in the output capacity of Beilian stores. In the second quarter, the average number of second-hand housing transactions in active Belian stores increased 26% year on year; during the same period, the overall volume of second-hand housing transactions at Belian Union stores increased 29.8% year on year.