Core Viewpoint - Beike-W (02423) announced a share buyback plan, investing $8 million to repurchase 1.4137 million shares at a price range of $5.6 to $5.7 per share [1] Summary by Category - **Company Actions** - The company will repurchase a total of 1.4137 million shares [1] - The buyback will cost the company $8 million [1] - The repurchase price per share is set between $5.6 and $5.7 [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan to repurchase 1.4137 million shares at a cost of 8 million USD by October 31, 2025 [1]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $8 million to repurchase 1.4137 million shares [1] - The buyback price per share is set between $5.6 and $5.7 [1]

FF305 第 1 頁 共 10 頁 v 1.3.0 | | | | FF305 | | --- | --- | --- | --- | | 1,146,105 | % | USD | 6.0976 | | 1,129,902 | % | USD | 6.1952 | | 1,132,359 | % | USD | 6.1818 | | 1,110,219 | % | USD | 6.304 | | 1,096,452 | % | USD | 6.3821 | | 1,050,570 | % | USD | 6.663 | | 1,055,388 | % | USD | 6.6274 | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leading integrated real estate transaction and service platform in China, with a strong focus on both new and second-hand housing transactions, rental services, and home decoration [12][13] - The company has a stable market position in the second-hand housing sector, with significant growth potential due to the recovery of transaction volumes and a stable commission rate [8][30] - The "One Body Three Wings" strategy aims to expand into home decoration and rental services, creating new growth avenues [8][72] - Revenue is projected to grow significantly, with expectations of Non-GAAP net profits increasing from 7.4 billion yuan in 2025 to 10.8 billion yuan in 2027 [85] Summary by Sections 1. Company Overview - The company has over 20 years of experience in the real estate brokerage industry and is recognized as the first stock in China's residential service sector [12] - The company has a stable shareholding structure, with the founding team holding nearly 50% of voting rights [16][18] 2. Real Estate Brokerage Business - The second-hand housing transaction volume has shown a recovery, with a 30% year-on-year increase in 2023, reaching approximately 7.1 trillion yuan [30] - The company’s second-hand housing transaction volume increased by 13.7% to 1.1638 trillion yuan in the first half of 2025, contributing to a 4% rise in revenue to 13.6 billion yuan [46] - The new housing business has a market share of 12.6% as of June 30, 2025, with revenue growth of 29.9% year-on-year in the first half of 2025 [62] 3. Strategic Expansion - The company is expanding its home decoration business, which has significant market potential, with the home decoration industry expected to grow at a CAGR of 8.1% from 2025 to 2030 [72] - The rental business has seen rapid expansion, with over 590,000 units under management as of June 30, 2025, representing an 88% year-on-year increase [78] 4. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan respectively, with Non-GAAP net profits expected to be 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [85]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][27]. Core Views - The "15th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and integrate real estate into the social security system [4][27]. - The report highlights a rebound in new home sales, with a week-on-week increase of 9.9% in 34 key cities, while second-hand home sales saw a slight decline [4][5]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate [4][27]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 2.835 million square meters, up 9.9% week-on-week, with first and second-tier cities increasing by 12.5% [4][5]. - Year-on-year, new home sales in October decreased by 26.8%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 41.2% [4][7]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 1.152 million square meters, down 1.1% week-on-week, and down 22.2% year-on-year for October [4][13]. Inventory and Supply - In 15 key cities, 770,000 square meters were launched for sale, with a sales-to-launch ratio of 1.59, indicating a healthy demand [4][22]. - The total available residential area in these cities was 89.296 million square meters, down 0.5% week-on-week [4][22]. Policy and News Tracking - The report notes that the Ministry of Commerce and other departments support the issuance of REITs for commercial real estate, providing long-term financing support [4][27]. - Various local governments have introduced measures to stimulate housing demand, including purchase subsidies and adjustments to rental withdrawal ratios [4][30]. Company Performance - Several real estate companies reported weaker performance in Q3 2025, with notable declines in net profits for companies like New Town Holdings and China Overseas Development [4][33]. - The report highlights the successful listing of China Overseas Development's commercial REIT, which raised 1.58 billion yuan [4][33].

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $6.9969 million to repurchase 1.2128 million shares [1] - The buyback price per share ranges from $5.69 to $5.83 [1]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase shares worth $6.9969 million [1] - A total of 1.2128 million shares will be repurchased [1] - The buyback price per share ranges from $5.69 to $5.83 [1]

Core Viewpoint - Beike-W (02423.HK) announced a share repurchase plan, intending to spend $7 million to buy back 1.21 million A-shares by October 31, 2025 [1] Group 1 - The company plans to execute the buyback at a total cost of $7 million [1] - The repurchase will involve acquiring 1.21 million A-shares [1] - The deadline for the completion of this buyback is set for October 31, 2025 [1]