Core Viewpoint - Beike (BEKE.US) shows a strong performance with a 2.32% increase in stock price last Friday and a further 1% rise in pre-market trading, indicating positive market sentiment towards the company [1] Financial Performance - In Q2 2025, Beike's total GTV (Gross Transaction Value) is expected to grow by 4.7% year-on-year to 878.7 billion yuan, with second-hand housing GTV increasing by 2.2% to 583.5 billion yuan and new housing GTV rising by 8.5% to 255.4 billion yuan [1] - The company's revenue for Q2 2025 is projected to increase by 11.3% year-on-year to 26 billion yuan, with adjusted net profit reaching 1.82 billion yuan, aligning with market expectations [1] Future Projections - The firm anticipates Beike's adjusted net profit for the years 2025, 2026, and 2027 to be 6.2 billion yuan, 7.4 billion yuan, and 8.6 billion yuan respectively, highlighting the company's strong alpha attributes and potential beta elasticity from the stabilization of the real estate sector [1]

Core Viewpoint - The report from Xingzheng International predicts that Beike-W (02423) will achieve adjusted net profits of 6.2 billion, 7.4 billion, and 8.6 billion yuan for the years 2025, 2026, and 2027 respectively, highlighting the company's strong alpha attributes and potential beta elasticity from the real estate sector's stabilization, with a buy rating given [1] Group 1 - In Q2 2025, the company's performance met expectations, with total GTV increasing by 4.7% year-on-year to 878.7 billion yuan, driven by a 2.2% increase in second-hand housing GTV to 583.5 billion yuan and an 8.5% increase in new housing GTV to 255.4 billion yuan [2] - The company's revenue grew by 11.3% year-on-year to 26 billion yuan in Q2 2025, with adjusted net profit reaching 1.82 billion yuan, aligning with expectations [2] Group 2 - The Non-GAAP operating expense ratio for Q2 2025 was 16.2%, down 0.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, indicating improved management and technology application [3] - The Non-GAAP sales expense ratio also decreased by 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, suggesting ongoing efficiency improvements [3] Group 3 - The new housing take rate in Q2 2025 remained high at 3.37%, unchanged year-on-year, with the impact of new housing regulations being limited due to their low market share in most cities [4] Group 4 - In the first half of 2025, the company repurchased shares worth 394 million USD, accounting for approximately 1.7% of the total shares outstanding at the end of 2024, and announced an increase in the existing repurchase plan from 3 billion USD to 5 billion USD, extending the plan until August 31, 2028 [5]

Group 1 - The core viewpoint of the report is that Beike-W (02423) is expected to achieve adjusted net profits of 6.2 billion, 7.4 billion, and 8.6 billion yuan for the years 2025, 2026, and 2027 respectively, benefiting from the stabilization of the real estate industry and maintaining a strong alpha attribute as an industry leader, with a buy rating given [1] - In Q2 2025, the company's total GTV grew by 4.7% year-on-year to 878.7 billion yuan, with second-hand housing GTV increasing by 2.2% to 583.5 billion yuan and new housing GTV rising by 8.5% to 255.4 billion yuan, confirming the company's alpha capability [2] - The company's Non-GAAP operating expense ratio in Q2 2025 was 16.2%, down 0.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, indicating effective management and technology application [3] Group 2 - The new housing take rate in Q2 2025 was 3.37%, remaining stable year-on-year and indicating a high level, with the impact of new housing regulations being limited as the proportion of new products in most cities is low [4] - In the first half of 2025, the company repurchased shares worth 394 million USD, accounting for approximately 1.7% of the total shares issued at the end of 2024, and announced an increase in the existing repurchase plan from 3 billion USD to 5 billion USD, extending the plan until August 31, 2028 [5]

Group 1 - The article reports on stock buybacks conducted by various companies on September 5, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2] - Tencent Holdings repurchased 913,000 shares for a total of 551 million, representing 0.558% of its total share capital [2] - Other notable companies involved in buybacks include China Hongqiao (01378) with 1.276 million shares repurchased for 31.57 million, and Midea Group (N23078) with 300,000 shares for 25.83 million [2] Group 2 - The total number of shares repurchased by China Hongqiao reached 146 million, accounting for 1.560% of its total share capital [2] - Midea Group's cumulative buyback for the year stands at 863,400 shares, which is 0.133% of its total share capital [2] - Other companies such as Yum China (09987) and MGM China (02282) also participated, with Yum China repurchasing 57,700 shares for 20.13 million and MGM China repurchasing 1 million shares for 15.78 million [2]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1.1102 million shares [1] - The total expenditure for the repurchase is set at $6.9988 million [1] - The repurchase is scheduled to take place on September 5, 2025 [1]

Group 1 - The company Beike-W (02423) announced a share repurchase plan [1] - The company will spend $6.9988 million to buy back 1.1102 million shares [1]

Group 1 - The company, Beike-W (02423.HK), announced a share repurchase plan to buy back 1.1102 million shares at a cost of 7 million USD [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年9月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][34]. Core Views - The report suggests that the broad housing demand in China has bottomed out, but the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced further [2][34]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create a "new product, new pricing, and new model" development track, which will enhance the market in core cities [2][34]. Industry Data Summary New Housing Transaction Volume - In the week of August 30 to September 5, 2025, 34 key cities recorded a total new housing transaction of 220.5 million square meters, a week-on-week decrease of 3.3%. The transaction volume in first and second-tier cities decreased by 1.5%, while third and fourth-tier cities saw a decline of 25.4% [3][4]. - For September, the cumulative transaction volume in 34 cities was 154 million square meters, showing a year-on-year increase of 11.6% and a month-on-month increase of 44.1% [4][10]. Second-Hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction of 94.7 million square meters, a week-on-week decrease of 16%. However, the cumulative transaction for September showed a year-on-year increase of 28.3% [10][12]. Inventory and Sales - In the week of August 30 to September 5, 2025, 15 cities launched 90 million square meters of new housing, with a total transaction of 86 million square meters, resulting in a transaction-to-launch ratio of 0.96. The available residential area in these cities was 89.31 million square meters, with a month-on-month increase of 0.04% [17][19]. Policy and News Tracking - On September 5, 2025, Shenzhen announced further optimization of real estate policies, allowing residents to purchase unlimited units in specific areas, while non-residents are limited to two units. The report also notes changes in personal housing loan interest rate mechanisms and public housing fund policies [27][28]. - The report mentions that several real estate companies are actively distributing dividends and maintaining growth despite market challenges. For instance, China Jinmao announced a dividend of HKD 0.03 per share, while Huafa announced a dividend of CNY 0.02 per share [34][35]. Company Dynamics - The report tracks the performance of major real estate companies, noting that leading firms are actively engaging in share buybacks and dividend distributions. For example, China Jinmao and Huafa have announced significant dividends, while companies like Huafa and China Merchants Shekou have also engaged in share repurchase activities [34][37].

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, committing to buy back 1.1324 million shares for a total cost of 7 million USD, scheduled for September 4, 2025 [1] Group 1 - The company plans to repurchase shares, indicating confidence in its financial position and future prospects [1] - The total amount allocated for the buyback is 7 million USD, which reflects the company's strategy to enhance shareholder value [1] - The number of shares to be repurchased is 1.1324 million, demonstrating a significant commitment to returning capital to shareholders [1]