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11月20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 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總 ...

| BEKE 贝壳 | | | | --- | --- | --- | | 16 800 + +0.170 +1.02% | | 收盘价 11/19 15:59 美东 | | 17.350 + 0.550 +3.27% | | 盘前价 11/20 04:22 美东 | | 三五 24 4 8 8 8 日 0 | | ● 快捷交易 | | 最高价 16.955 | 开盘价 16.630 | 成交量 542.73万 | | 最低价 16.595 | 昨收价 16.630 | 成交额 9119.4万 | | 平均价 16.802 | 市空室 M 40.19 | 总市值 191.15亿 (1) | | 振 幅 2.17% | 市盈率(静) 34.64 | 总股本 11.38亿 | | 换手率 0.79% | 市净率 2.003 | 流通值 115.73亿 | | 52周最高 24.648 | 委 比 -98.75% | 流通股 6.89亿 | | 52周最低 15.385 | 量 比 1.06 | 色 手 1股 | | 历史景高 75.056 | 股息TIM 0.368 | 换股比率 3.00 | | 历史最低 6. ...

Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]

Core Viewpoint - Beike-W (02423) experienced a significant increase of over 6%, with a current price of HKD 46.24 and a trading volume of HKD 447 million, following the release of its third-quarter performance report [1] Financial Performance - In the third quarter, Beike reported a total transaction volume (GTV) of RMB 736.7 billion, with net revenue increasing by 2.1% to RMB 23.1 billion [1] - The net profit for the quarter was RMB 747 million, while the adjusted net profit reached RMB 1.286 billion, indicating a positive performance [1] - According to Bank of America Securities, Beike's third-quarter revenue of RMB 23.1 billion grew by 2% year-on-year, aligning with market consensus, while the adjusted net profit of RMB 1.3 billion exceeded expectations [1] Share Buyback Activity - In the third quarter of 2025, Beike's share buyback amount reached USD 281 million, marking the highest quarterly buyback in nearly two years [1] - As of the end of the third quarter of 2025, the total buyback amount for the fiscal year reached USD 675 million, reflecting a year-on-year increase of 15.7% [1] - Since initiating the buyback program in September 2022, Beike has repurchased approximately USD 2.3 billion worth of shares, representing 11.5% of the total shares outstanding prior to the buyback [1]

智通财经APP获悉，贝壳-W(02423)拉升逾6%，截至发稿，涨6.01%，报46.24港元，成交额4.47亿港 元。 中泰证券则表示，贝壳2025年三季度回购金额达2.81亿美元，单季回购金额创近两年新高。此外，截至 2025年三季度末，公司在2025年度已回购6.75亿美元，较上年同期增长15.7%。自2022年9月开启回购以 来，公司已累计回购约23亿美元，回购股数占回购前总股本的比例为11.5%。整体来看，公司回购规模 扩大，彰显对未来的发展信心，同时，也将持续提升股东回报。 消息面上，贝壳近期发布业绩，第三季度总交易额(GTV)达7367亿元，净收入增长2.1%至231亿元，净 利润7.47亿元，经调整净利润12.86亿元。美银证券发表研报指，贝壳第三季营收为231亿元，同比增长 2%，符合市场共识；调整后净利润13亿元，优于预期；家居装修与租赁业务均开始产生显著利润。 ...

Group 1 - The company, Beike-W (02423), announced a share repurchase plan, committing to buy back 544,200 shares for a total expenditure of $3 million [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 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11月19日 | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年11月17日 | 3,366,778,024 | | 0 | | 3,366,778,024 | | 1). 其他 (請註明) | | | % | | | | | ...

Core Viewpoint - Beike's Q3 performance exceeded market expectations, leading to positive ratings from multiple international and domestic institutions, highlighting the company's effective cost control and growth potential in its home decoration and rental business [1] Group 1: Institutional Ratings - Major international banks such as Goldman Sachs, Morgan Stanley, and Bank of America, along with domestic firms like Zhongtai Securities and CICC, maintain "Buy" or "Overweight" ratings for Beike [1] - Goldman Sachs retains a "Buy" rating, noting that while the real estate market's downturn may pressure transaction volumes, efficiency improvements will mitigate some impacts [1] - Morgan Stanley sets a target price of 52 HKD, while JPMorgan analyst Alex Yao also maintains a "Buy" rating with a target price of 47 HKD [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to 23.1 billion yuan, aligning with market expectations [1] - Adjusted net profit reached 1.29 billion yuan, surpassing market forecasts, primarily due to effective cost management [1] - CICC expresses optimism about Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike's Q3 2025 financial report has led multiple international and domestic institutions to maintain "buy" or "overweight" ratings despite a sluggish real estate market impacting transaction volume outlook [1] Group 1: Ratings and Target Prices - Goldman Sachs maintains a "buy" rating for Beike, noting that while the real estate market's downturn may pressure transaction volume, improvements in company efficiency will mitigate some of these impacts [1] - Morgan Stanley also keeps a "buy" rating with a target price of HKD 52, while JPMorgan analyst Alex Yao sets a target price of HKD 47 [1] - Bank of America Securities reiterates a "buy" rating, highlighting Q3 revenue of CNY 23.1 billion, a 2% year-on-year increase, and an adjusted net profit of CNY 1.3 billion, which exceeded expectations [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to CNY 23.1 billion, aligning with market expectations, while adjusted net profit reached CNY 1.29 billion, surpassing market forecasts due to effective cost control [1] - Bank of America Securities emphasizes significant profitability in home decoration and rental businesses, projecting profit growth in the coming year from cost-saving measures [1] - CICC maintains an "outperform" rating, expressing confidence in Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase approximately 539,200 shares at a total cost of about $3 million [1] - The buyback price per share is set between $5.52 and $5.66 [1] - The buyback is scheduled to take place on November 17, 2025 [1]