Core Viewpoint - Beike (BEKE) has shown significant financial growth, with a notable increase in revenue and net profit, indicating a strong market position and operational efficiency [1][2]. Financial Performance - As of March 31, 2025, Beike's total revenue is projected to be 23.328 billion RMB, representing a year-on-year growth of 42.44% [1]. - The company's net profit attributable to shareholders is expected to reach 856 million RMB, reflecting a substantial year-on-year increase of 98.2% [1]. Company Overview - Beike Holdings Limited is a leading integrated online and offline real estate transaction and service platform in China, focusing on enhancing service efficiency for consumers in the housing market [2]. - The company operates the well-known real estate brokerage brand, Lianjia, which is a crucial part of the Beike platform and has over 23 years of operational experience since its establishment in 2001 [2]. - Beike aims to reshape service provider operations and believes that active interaction with platform participants will deepen understanding and improve service delivery [2].

智通财经APP讯，贝壳-W(02423)公布，2025年8月19日耗资约400万美元回购约66.12万股股份。 ...

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8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 | ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, specifically recommending China Merchants Shekou's issuance of 1 billion yuan in medium-term notes [2]. Core Insights - The real estate sector index increased by 3.9% in the 33rd week, ranking 6th among 31 primary industry sectors [8]. - New home transactions in 20 monitored cities decreased by 21% year-on-year, while second-hand home transactions in 11 cities saw a slight decline of 2% year-on-year [21][29]. - The report emphasizes the importance of effective policies and broad fiscal measures to support the market, with a focus on urban village renovations and inventory management [29]. Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 1,198.27 billion yuan and a circulating market capitalization of 1,148.68 billion yuan [2]. Sales Performance - In the 33rd week, the average daily transaction area for new homes in 20 cities was 20.0 million square meters, reflecting a 2% decrease from the previous week and a 21% decrease year-on-year [19]. - The total transaction area for new homes in the first seven months of the year was 63.8 million square meters, down 8% year-on-year [21]. Financing Activities - Most bond issuances in the week were from local state-owned enterprises, with China Merchants Shekou and Poly Real Estate issuing the largest amounts [27][28]. Investment Recommendations - The report suggests focusing on companies with strong product moats, stable rental income from quality commercial real estate, and the stock brokerage business in the existing housing market. Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Mixc Life, and Beike-W [29].

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan, intending to repurchase 670,000 shares at a cost of $4.05 million on August 18, 2025 [1]

智通财经APP讯，贝壳-W(02423)发布公告，于2025年8月18日斥资404.6万美元回购67.01万股。 ...

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8月19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 。 | 1). | 購回股份(或其他證券)但沒有註銷 | | 848,220 | % | USD | 5.8947 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年7月1日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 851,841 | % | USD | 5.8696 | | | 變動日期 | 2025年7月2日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 845,517 | % | USD | 5. ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China, indicating an expected return that is stronger than the market benchmark index by over 5% [3]. Core Insights - The report highlights that the optimization of existing housing storage policies is expected to gradually assist in inventory reduction. The People's Bank of China announced a 300 billion yuan re-loan for affordable housing, which supports local state-owned enterprises in acquiring existing residential properties for allocation as affordable housing. The report notes that the slow progress in storage is primarily due to pricing discrepancies between developers and local governments, and the responsibility for compliance and profitability lies with local governments [1][5]. - The report suggests that there is room for policy optimization, such as removing price caps to encourage developers to sell inventory, extending re-loan terms, and lowering interest rates to improve project profitability. These cumulative effects are expected to gradually aid in inventory reduction and enhance the recovery slope of real estate stock prices [1][5]. - The report emphasizes that the recovery of the real estate industry and stock prices does not solely depend on the timing of policy announcements. The decline in risk-free interest rates and the reduction in industry risk assessments are the main drivers for the recovery of real estate stocks. The report indicates that the real estate sector is entering a new bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (industry challenges), leading to a potential rebound in stock prices [5]. Summary by Sections Policy Evaluation - The report discusses the marginal optimization of existing housing storage policies, which is expected to facilitate inventory reduction. The People's Bank of China has set up a 300 billion yuan re-loan to support local state-owned enterprises in acquiring existing residential properties for affordable housing [1]. - The report identifies that the slow progress in storage is due to the pricing discrepancies between developers and local governments, with local governments bearing the ultimate responsibility for compliance and profitability [1][5]. Investment Recommendations - The report recommends focusing on specific stocks, including China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Accumulate) [6].

贝壳-W(02423)发布公告，该公司于2025年8月15日斥资396.43万美元回购64.65万股股份，每股回购价格 为6.11-6.18美元。 ...

智通财经APP讯，贝壳-W(02423)发布公告，该公司于2025年8月15日斥资396.43万美元回购64.65万股股 份，每股回购价格为6.11-6.18美元。 ...