One Body, Two Wings Strategy Upgrade
Improving Cost and Expense Structure
Cost of Revenue
Operating Expenses
④ 贝壳
找房大平台
(RMB mm)
(RMB mm)
24.5%
23.9%
19.6%
23.9%
16.4%
28.4%
19.9%
21.3%
18.3%
23.0%
53,621
2.243
64,933
2.990
3,810
3.207
31,827
34,747
1,069
24,847
3.079
11,155
20.3% 4
16.2%4
18.4% 4
14.4% 4
19.2%4
17,174
14,018
747
13,054
236
3,194
1,571
2,478
8,924
17,246
8,377
7,589
14,870
4,157
4,099
778
642
■236
350
26,307
23,324
8,732
714
19,444
7,799
■ 738
6,790
2019
2020
2021
2020Q4
5,394
2021Q4
3,106
3,715
4,309
1,884
1,323
2,202
809
2019
2020
2021
2020Q4
2021Q4
■Commission and Compensation - Internal Commission - Split2 Cost Related to Stores³ ■ Others
% Gross Margin
■Sales and Marketing Expenses
■Research and Development Expenses
% of Total Revenues
■General and Administrative Expenses
■Impaiment of goodwill and intangible asstes.
% of Total Revenue after Adjustments
1 Defined as the compensation paid to the internal agents and other sales professionals, including fixed salaries and variable commissions based on the transactions they assist in closing. 2 Defined as the
commissions paid to connected agents and other sales channels for their services to assist in completing new home and existing home transactions. 3 Mainly including rent, decoration, and utility bills for real
estate brokerage stores under Lianjia brand. 4 Adjusted operating expense is defined as operating expense, excluding the effects of (i) share based compensations; (ii) amortization of intangible assets
resulting from acquisitions and business cooperation agreement; (iii) deemed marketing expense related to IFM acquisition of RMB318 million and RMB43 million in 2019; (iv) impairment of goodwill and
intangible assets of RMB236 million, RMB747 million, RMB236 million and RMB350 million in 2020, 2021, 2020Q4 and 2021Q4 respectively.
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