Core Insights - The company reported a total net revenue of RMB 49.339 billion for the six months ending June 30, 2025, representing a year-on-year increase of 24.13% [1] - Net profit attributable to the company decreased by 7.2% to RMB 2.157 billion, with basic earnings per share of RMB 0.64 [1] Group 1: Business Performance - The company is transitioning from scale-driven growth to efficiency-driven growth, leveraging AI technology and scientific management in property transaction services [2] - The expansion of the company's network saw a 36.8% year-on-year increase in non-chain active stores and a nearly 24% increase in non-chain active agents [3] - Non-property transaction services accounted for 41% of total net revenue in the second quarter, marking a historical high and indicating a diversified growth pattern [3] Group 2: Strategic Initiatives - The company is enhancing its home decoration and rental services by focusing on community engagement and product iteration, aiming to improve user trust and operational efficiency [2] - The company has allocated approximately USD 394 million for share repurchases, representing about 1.7% of the total shares outstanding as of the end of 2024, and has increased the share repurchase authorization from USD 3 billion to USD 5 billion, extending the plan until August 31, 2028 [3]

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。 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） （股份代號：2423） 內幕消息 貝殼控股有限公司公佈2025年第二季度 未經審計財務業績及擴大及延長股份回購計劃 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部而刊發。 中國北京，2025年8月26日－領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司（「貝殼」或「本公司」）（紐交所代碼：BEKE；香港聯交所代號： 2423）今日公佈其截至2025年6月30日止第二季度未經審計財務業績，有關業績乃 根據不同於國際財務報告準則的美國公認會計準則（「公認會計準則」）編製，並公 佈擴大及延長股份回購計劃。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2025年第二季度業務及財務摘要 • 總交易額1為人民幣8,787億元 ...

Core Viewpoint - KE Holdings Inc. ("Beike") reported its unaudited financial results for the second quarter of 2025, highlighting a focus on high-quality development amidst changing consumer demands in China's real estate sector, with significant advancements in AI technology driving productivity gains [3][4]. Business and Financial Highlights - The company achieved a gross transaction value (GTV) of RMB 878.7 billion (US$ 122.7 billion), representing a year-over-year increase of 4.7% [8]. - Net revenues rose by 11.3% to RMB 26.0 billion (US$ 3.6 billion) compared to RMB 23.4 billion in the same period of 2024, driven by new home transaction services and growth in home renovation and rental services [10]. - The number of active non-Lianjia stores increased by 36.8% year-over-year, while active non-Lianjia agents grew by nearly 24% year-over-year [7]. - Net income decreased by 31.2% to RMB 1,307 million (US$ 182 million) compared to RMB 1,900 million in the same period of 2024 [19]. Revenue Breakdown - Net revenues from existing home transaction services were RMB 6.7 billion (US$ 0.9 billion), down 8.4% year-over-year, while new home transaction services increased by 8.6% to RMB 8.6 billion (US$ 1.2 billion) [10]. - Home renovation and furnishing services saw a 13.0% increase in net revenues to RMB 4.6 billion (US$ 0.6 billion) [10]. - Home rental services experienced significant growth, with net revenues increasing by 78.0% to RMB 5.7 billion (US$ 0.8 billion) [10]. Cost and Profitability - Total cost of revenues increased by 20.5% to RMB 20.3 billion (US$ 2.8 billion) [12]. - Gross profit decreased by 12.5% to RMB 5.7 billion (US$ 0.8 billion), with gross margin declining to 21.9% from 27.9% year-over-year [13]. - Operating income was RMB 1,059 million (US$ 148 million), down from RMB 2,015 million in the same period of 2024, leading to an operating margin decrease to 4.1% [17]. Shareholder Returns - The company repurchased approximately US$ 394 million worth of shares in 2025, representing about 1.7% of total shares outstanding at the end of 2024 [9]. - The share repurchase program was upsized from US$ 3 billion to US$ 5 billion and extended until August 31, 2028 [25]. Cash Position - As of June 30, 2025, the combined balance of cash, cash equivalents, restricted cash, and short-term investments was RMB 53.1 billion (US$ 7.4 billion) [23]. Future Outlook - The company plans to continue adapting to the evolving dynamics of the real estate market by enhancing service offerings and leveraging AI technology for improved efficiency [5].

Group 1 - The core viewpoint of the article indicates that Beike (BEKE.US) is experiencing a pre-market increase of 2% ahead of its earnings report scheduled for August 26, 2023 [1] - Beike is expected to report Q2 2025 revenue of 26.195 billion yuan, representing a year-on-year increase of 12.09%, while the expected earnings per share is 0.982 yuan, reflecting a year-on-year decrease of 39.01% [1] - Recent favorable policies in Shanghai's real estate sector, including adjustments to housing purchase limits, provident funds, housing credit, and housing taxes, are anticipated to positively impact real estate transaction service platforms like Beike and Fangduoduo by increasing transaction volumes and boosting market confidence [1] Group 2 - As of August 25, 2023, Beike's closing price was $18.820, with a pre-market price of $19.200, showing a 2.02% increase [1] - The stock's highest price reached $19.290, while the lowest was $18.800, with a trading volume of 10.8947 million shares and a total transaction value of 207 million yuan [1] - Beike's total market capitalization stands at 22.41 billion yuan, with a price-to-earnings ratio of 35.31 and a price-to-book ratio of 2.328 [1]

Group 1: Real Estate Market Changes - The company Beike has ceased updating transaction prices for second-hand houses in Hefei, leading to a lack of public visibility on transaction conditions [1] - Previously, Beike had hidden transaction information, but users could still access it through the "Good Selection of Houses" mini-program, which is no longer the case [1] - In Shanghai, Beike's platform has hidden all second-hand house transaction prices since August 14, 2025, to reduce landlord panic and market anxiety caused by price fluctuations [3] Group 2: Information Access and Market Implications - Users can still obtain approximate transaction prices by consulting with corresponding agents or using price filtering methods on the Beike app [3] - Relying on third-party platforms for information may lead to delays or incomplete data [4] - The concealment of transaction prices may increase information asymmetry and transaction costs, prompting buyers to use multiple information channels for cautious decision-making [5] Group 3: Transportation Infrastructure Development - The Hefei New Bridge Airport S1 line has successfully obtained single-vehicle certification, marking a transition from construction to testing phase [7] - The S1 line spans approximately 47.5 kilometers, connecting various regions including Hefei's main urban area and the New Bridge International Airport, characterized by long distances and high speeds (maximum speed of 120 km/h) [9] - The line employs a fully automated operation solution based on train-to-train communication (TACS), enhancing the intelligence and safety of the operation [11] - Future steps include testing TACS functionality and conducting trial runs, which will significantly improve connectivity between major transportation hubs and support urban integration and development [12]

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [6] Core Insights - The recent policy adjustments in Beijing and Shanghai align with expectations and are moderate in intensity, which will aid in regional inventory digestion. This series of "city-specific policies" strengthens confidence in the industry's long-term recovery path [1][4] - The recovery of real estate stocks does not solely depend on the timing of policy implementations; rather, the decline in risk-free interest rates and the reduction in industry risk assessments are the primary drivers of this recovery. The market has entered a new bottoming phase, where the impact of the denominator (risk-free rates) outweighs that of the numerator (real estate prices) [2] - The new policies in Shanghai, including the relaxation of purchase restrictions and adjustments to mortgage rates, are expected to stimulate demand in suburban areas, which will help reduce inventory [3] Summary by Sections Policy Developments - On August 25, Shanghai announced new housing policies, including easing purchase restrictions outside the outer ring and enhancing public housing fund support. The adjustments are expected to significantly impact the new housing market, particularly in suburban areas [3] - The report notes that the new policies are similar to those in Beijing, focusing on optimizing public housing fund policies and adjusting commercial loan rates to lower housing costs [3] Market Trends - Since Q2 of this year, the new housing market has shown signs of weakening in both volume and price, increasing the pressure for stabilization. The recent policies from Beijing and Shanghai have reinforced confidence in the industry's long-term recovery, with further policy space anticipated [4] Investment Recommendations - The report suggests focusing on specific stocks: China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Hold) [5]

Core Insights - The upcoming implementation of the Housing Rental Regulations on September 15 aims to enhance the quality of the housing rental market by supporting enterprises in revitalizing existing assets and improving service quality [1][8] - The rental market is experiencing structural changes, with an increasing average age of tenants and a growing demand for family-oriented housing [1][2] - The introduction of the Housing Quality Index (HQI) will help assess and improve the quality of rental properties, addressing the prevalent issues of poor-quality housing [6][7] Market Trends - The rental population in China has reached nearly 260 million, with a significant increase in family-type tenants, particularly those aged 35 and above [2] - The demand for rental services is evolving, with tenants prioritizing commuting convenience, housing facilities, and post-rental services [2][3] Company Developments - Beike's rental services have become a key component of its "one body, three wings" strategy, with plans to expand its service offerings and enhance operational efficiency [2][3] - As of March 2025, Beike aims to cover 55,000 stores and 490,000 agents, ensuring a robust supply of rental properties [2] Regulatory Impact - The Housing Rental Regulations will clarify the status of rental enterprises, broaden the supply of rental properties, and compel service upgrades, thereby enhancing the overall market environment [8] - The regulations are expected to drive the housing rental market towards a more legal and standardized phase, promoting high-quality development [8][9] Quality Improvement Initiatives - The HQI will evaluate rental properties based on five core dimensions, helping users identify high-quality housing and guiding property owners in improving their offerings [6][7] - Beike's focus on safety and compliance will be central to its operations, with an emphasis on quality delivery and tenant safety [8]

人民财讯8月26日电，企查查APP显示，近日，贝好家(南京)科技发展有限公司成立，注册资本1000万 元，经营范围包含：互联网信息服务；建设工程设计；人防工程设计；建筑智能化系统设计等。企查查 股权穿透显示，该公司由贝壳(天津)投资有限公司全资持股。 ...

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [7] Core Viewpoints - Since Q2 of this year, real estate data has shown a continuous downward trend, yet there has been a notable hot sales performance for quality new properties in multiple regions. This contradiction is understood as a release of improvement-driven demand due to the introduction of high-efficiency residential projects, although the overall new housing market stabilization will require more time [2][4] - The recovery of the real estate industry and stock prices does not solely depend on the timing of policy implementations. The main drivers for the recovery are the decline in risk-free interest rates and the reduction in industry risk assessments. The real estate sector is currently in a bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (fundamentals), leading to a potential rebound in stock prices [3][4] Summary by Sections Market Performance - From January to July, the cumulative sales of commercial housing in China decreased by 6.5% in value and 4.0% in area year-on-year. In July alone, sales amounted to 532.5 billion, down 14.1% year-on-year, with a sales area of 57.09 million square meters, down 8.4% year-on-year [4] - The price of newly built commercial residential properties in first, second, and third-tier cities fell by 1.1%, 2.8%, and 4.2% year-on-year, respectively, with the decline narrowing compared to the previous month. Notably, Shanghai saw a price increase of 6.1% due to concentrated demand for high-end and improved housing [4] Policy Outlook - Given the weakening trend in the new housing market, there is significant room for future policy adjustments. Recent policy changes in Beijing and Shanghai include optimizing purchase restrictions and increasing support for housing funds, with expectations for Shenzhen to follow suit [5] - The year-on-year decline in new construction has been narrowing, attributed to improved cost-effectiveness of new land parcels, enhancing developers' profit outlook. From January to July, new construction area decreased by 19.4% year-on-year, but the decline has been narrowing for two consecutive months [5] Investment Recommendations - Recommended stocks to watch include China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Hold) [6]

KE Holdings Inc. BEKE will release earnings results for the second quarter, before the opening bell on Tuesday, Aug. 26.Analysts expect the Hollywood, Florida-based company to report quarterly earnings at $1.14 per share, up from 97 cents per share in the year-ago period. KE Holdings projects to report quarterly revenue of $1.12 billion, compared to $992.25 million a year earlier, according to data from Benzinga Pro.On May 15, the company said net revenues for the first quarter rose 42.4% year-over-year (Y/ ...