Core Viewpoint - The company has announced the grant of a total of 37,500 restricted share units under its 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories Share Incentive Plan - The grant consists of 37,500 restricted share units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted share units awarded to Ms. Chen Xiaohong, an independent non-executive director of the company [1] - Mr. Zhu Hansong, another independent non-executive director, will receive 11,250 restricted share units [1] - The grants do not require shareholder approval [1]

Core Viewpoint - Beike-W (02423.HK) announced the grant of a total of 37,500 restricted stock units under the 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories - **Stock Grant Details** - The company will grant 37,500 restricted stock units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted stock units to Ms. Chen Xiaohong, an independent non-executive director of the company, and 11,250 restricted stock units to Mr. Zhu Hansong, also an independent non-executive director [1]

KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2423） 授出受限制股份單位 本公司根據2020年股份激勵計劃批准於2025年9月2日授出合共37,500個受限制股 份單位（相當於相同數目的相關A類普通股），包括(i)向陳小紅女士（為本公司的 一名獨立非執行董事）授出26,250個受限制股份單位，及(ii)向朱寒松先生（為本 公司的一名獨立非執行董事）授出11,250個受限制股份單位（各自為一項「董事授 出」，統稱為「董事授出」）。該等董事授出毋須獲得股東批准。 董事授出受2020年股份激勵計劃的條款及條件以及本公司與陳小紅女士及朱寒松 先生各自訂立的董事服務協議及獎勵協議的規限。2020年股份激勵計劃的主要條 款載於本公司日期為2022年5月5日的上市文件附錄四「法定及一般資料－股份激 勵計劃－2020年股份激勵計劃」一節及本公司 ...

Core Viewpoint - The real estate industry is entering a weak cycle, but Beike (NYSE: BEKE; HKEX: 2423) continues to break through this cycle with its one-stop new housing service platform, achieving significant growth in its home decoration and furnishing business [1][4]. Financial Performance - In the first half of 2025, Beike reported total revenue of 49.3 billion yuan, a year-on-year increase of 24.1% [1]. - The home decoration and furnishing business contributed net revenue of 7.5 billion yuan, growing by 16.5%, with a Q2 profit margin of 32.1% [1][7]. - Revenue projections for the home decoration business are 5.047 billion yuan in 2022, 10.9 billion yuan in 2023, and 14.8 billion yuan in 2024, accounting for 8.3%, 14.01%, and 15.8% of total revenue respectively [4]. Strategic Developments - Beike has transitioned from a real estate brokerage to a comprehensive home decoration service provider, integrating technology to enhance service efficiency and customer experience [2][3]. - The company has launched a "full-case decoration service provider" strategy, focusing on integrating design, construction, supply chain, and after-sales services [5][18]. - Beike's strategic upgrade includes a shift from "assembly" to "complete machine" in home decoration services, emphasizing product strength and customer satisfaction [5][18]. Technological Innovation - Beike is leveraging big data, AI, and VR technologies to enhance service efficiency and customer experience in the home decoration sector [2][9]. - The company has developed a core digital platform, Home SaaS, which enables online collaboration among over 160,000 service providers [9][19]. - Beike's AI tools, such as AI Design Cow and BIM models, have significantly improved design efficiency and reduced material waste [19][20]. Market Positioning - Beike is positioned to capitalize on the growing demand for quality housing, supported by government policies aimed at expanding domestic demand and promoting consumption [4][20]. - The home decoration industry is expected to reach a retail scale of 4.89 trillion yuan by 2026, indicating a favorable market environment for Beike's growth [4]. Customer-Centric Approach - Beike's new product offerings include modular solutions that simplify the decision-making process for consumers, allowing for a seamless transition from design to delivery [21]. - The company aims to address the gap between consumer expectations for "good housing" and the realities of the home decoration industry by providing transparent and efficient services [8][20].

Core Viewpoint - Beike (BEKE.US) reported a strong second-quarter performance, with significant year-over-year growth in total transaction volume and net income, alongside an increased share buyback authorization, indicating confidence in future performance [1] Financial Performance - Total transaction volume (GTV) reached 878.7 billion yuan, representing a year-over-year increase of 4.7% [1] - Net income for the quarter was 26 billion yuan, showing an 11.3% year-over-year growth [1] - Adjusted net profit amounted to 1.821 billion yuan [1] Share Buyback Program - Beike announced an increase in its existing share buyback authorization from $3 billion to $5 billion [1] - The duration of the buyback plan has been extended to August 31, 2028 [1] Analyst Ratings - Multiple institutions reaffirmed a "buy" rating for Beike following the earnings report [1] - Dongfang Securities highlighted Beike's position as a leading real estate brokerage in China, focusing on enhancing platform value to strengthen market share [1] - Everbright Securities noted that Beike is expected to benefit from a real estate recovery, with significant growth potential in home decoration and rental services in the long term [1]

董事亦共同及個別承諾自前次刊發起資料發生任何變動時刊發經修訂公司資料表。 公司資料表 | 文件類別 | 日期 | | --- | --- | | 豁免 A. | 於2025年9月1日最新版本 | | B. 外國法律及法規 | 於2022年8月12日最新版本 | | 組織章程文件 C. | 於2022年8月12日最新版本 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本資料表的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本資料表全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公司名稱（股份代號）：貝殼控股有限公司(2423) 股票簡稱：貝殼－W 提供本資料表旨在於所訂明日期向公眾提供有關貝殼控股有限公司（「本公司」）的 資料。有關資料不應視作有關本公司及╱或其證券的完整資料概要。 除非本公司資料表另有界定，否則本公司資料表所用詞彙應與本公司日期為2022 年5月5日的上市文件所界定者具有相同涵義。 責任聲明 本公司的董事於本資料表日期謹共同及個別對本資料表所載資料的準確性承擔全 部責任，並經作出一切合理查詢後確認，就彼等所深知及確信，有關資料在所有 重 ...

| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 91.90 万 | 5.50 亿 | 4666.10 万 | 0.508% | | 潍柴动力(02338) | 1641.70 万 | 2.50 亿 | 3914.25 万 | 0.449% | | 中国宏桥(01378) | 892.35 万 | 2.27 亿 | 8867.00 万 | 0.950% | | 恒生银行(00011) | 21.00 万 | 2351.69 万 | 423.00 万 | 0.225% | | 美高梅中国(02282) | 100.00 万 | 1606.02 万 | 1062.74 万 | 0.280% | | 中旭未来(09890) | 66.42 万 | 1000.26 万 | 146.92 万 | 2.760% | | 威高股份(01066) | 126.00 万 | 744.79 万 | 432.00 万 | 0.957% | | 贝壳-W(02423 ...

Core Viewpoint - The real estate market is stabilizing, and Beike has reported solid financial results for the second quarter, with a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, net revenue of 26 billion yuan, and a net profit of 1.307 billion yuan [2] Group 1: Market Dynamics - The real estate sector is transitioning into a buyer's market, leading to increased choices for buyers and higher expectations from platforms [4] - Beike's CEO emphasizes the need to balance scale and efficiency while adapting to changing consumer demands and rapid technological advancements [4] Group 2: Operational Efficiency - Beike's core business is its brokerage operations, which are crucial for improving operational efficiency [5] - As the industry slows down, the challenges for brokers in customer acquisition and conversion have intensified [5] - Beike has established 18,999 regional governance councils and 534 performance-effectiveness circles to enhance collaboration and resource sharing among stores [7] Group 3: Technology Integration - The application of AI technology is a key driver for productivity enhancement, with Beike developing various AI applications to transform real estate brokerage services [10] - Beike has launched AI-driven marketing and CRM products to improve customer acquisition and engagement for brokers [12] - The AI assistant "Buding" has seen significant usage growth, with a 59% increase in conversation volume in July [16] Group 4: Business Growth - Non-real estate transaction services accounted for 41% of Beike's total net revenue, with the rental business experiencing a remarkable 78% year-on-year growth [17][18] - Beike has introduced flexible home decoration solutions and optimized processes using digital tools, significantly improving service efficiency [20][22] - The company is exploring a light-asset business model for its new service "Beihome," leveraging big data and AI algorithms for comprehensive service offerings [22]

Group 1 - The company achieved revenue of 26 billion yuan in Q2 2025, an increase of 11.3%, while net profit attributable to shareholders was 1.3 billion yuan, a decrease of 31.2% [1] - In H1 2025, the company reported revenue of 49.3 billion yuan, a year-on-year increase of 24.1%, with net profit attributable to shareholders declining by 7.2% [1][2] - The number of active stores not under the Lianjia brand increased by 36.8%, exceeding 14,000, and the number of active agents rose by 24% to over 73,000, driving total active stores to 59,000, a 32.1% increase [1] Group 2 - The company's gross transaction value (GTV) in Q2 2025 was 878.7 billion yuan, up 4.7%, with existing and new homes contributing 583.5 billion yuan and 255.4 billion yuan respectively [1] - The gross margin for the company decreased by 6.0 percentage points year-on-year to 21.9%, with a gross profit decline of 12.5% [2] - The company has expanded and extended its share repurchase plan, increasing the authorization from 3 billion to 5 billion USD, with a focus on enhancing shareholder returns [3]

Core Insights - The company reported a 11% year-on-year revenue growth in Q2 2025, primarily driven by the growth in its secondary business segments [1] - The total transaction value (GTV) reached 878.7 billion yuan, with a year-on-year increase of 5% and a quarter-on-quarter increase of 4% [1] - Adjusted net profit decreased by 32% year-on-year but improved by 30% quarter-on-quarter, indicating a mixed performance in profitability [1] Revenue Breakdown - The revenue contributions from various segments are as follows: existing housing (26%), new housing (33%), home decoration and furnishing (18%), rental services (22%), and emerging businesses (2%) [1] - The existing housing business saw a transaction total of 583.5 billion yuan, with a year-on-year increase of 2% and a quarter-on-quarter increase of 1% [2] - The new housing business outperformed the market with a transaction total of 255.4 billion yuan, reflecting a year-on-year growth of 9% [2] Profitability Metrics - The adjusted net profit margin was 7.0%, down 4.5 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [1] - The gross profit margin was 21.9%, showing a year-on-year decline of 6.0 percentage points but a quarter-on-quarter increase of 1.2 percentage points [1] - The contribution profit margin for the existing housing business improved to 39.9%, up 1.8 percentage points quarter-on-quarter [2] Business Performance - The company had 61,000 stores and 558,000 agents by the end of Q2 2025, with active store and agent ratios of 97% and 88%, respectively [2] - The home decoration and furnishing business generated 4.6 billion yuan in revenue, a year-on-year increase of 13% [2] - The rental services segment saw a significant revenue increase of 78% year-on-year, totaling 5.7 billion yuan [2] Future Outlook - The company slightly adjusted its profit forecast for 2025-2026, expecting adjusted net profits of 6.3 billion yuan and 7.1 billion yuan, respectively [3] - The expected earnings per share for 2025 and 2026 are 1.77 yuan and 2.00 yuan, corresponding to price-to-earnings ratios of 23.9 and 21.2 times [3]