Group 1 - The company Beike-W (02423) announced a share repurchase plan, intending to spend approximately $7 million to buy back around 1.1759 million shares by October 28, 2025 [1]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, intending to spend approximately $7 million to buy back around 1.1759 million shares by October 28, 2025 [1] Group 1 - The company plans to repurchase shares as part of its capital management strategy [1] - The total expenditure for the share buyback is estimated at $7 million [1] - The number of shares targeted for repurchase is approximately 1.1759 million [1]

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10月30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 。 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) | 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 | ...

Core Insights - The report titled "Aging, Are We Ready?" aims to challenge stereotypes and provide a nuanced view of the lives of contemporary elderly individuals in China, focusing on the theme of "aging with dignity" [1] Group 1: Report Findings - The report is based on 4,273 questionnaires from individuals aged 55 and above and 415 public submissions, capturing diverse life experiences as time passes [2] - Aging is characterized not only by physical decline but also by fears of losing self-worth and memory, as expressed by interviewees [2][5] - The report highlights the challenges in caregiving relationships, particularly for the only-child generation, who face significant emotional and logistical pressures [5] Group 2: Community Engagement and Solutions - The salon discussions provided various perspectives on the complexities of aging, emphasizing the need for professional caregivers to support the elderly [6][8] - The report indicates a shift in caregiving dynamics, with younger elderly individuals increasingly caring for older ones, creating new intergenerational challenges [5][8] - The report emphasizes the importance of adapting living spaces for the elderly, advocating for designs that promote independence and dignity [9] Group 3: Organizational Initiatives - Beike Public Welfare has been actively involved in community support for the elderly for seven years, responding to their needs through various educational and safety programs [10] - The organization has expanded its services based on insights gained from community research, addressing issues such as digital literacy and home safety [10] - Beike Public Welfare has announced a brand upgrade to enhance its impact in community welfare, aiming to make the elderly's challenges more visible and engage more social forces in addressing these issues [13]

Core Insights - The report titled "Aging: Are We Ready?" aims to depict the real-life scenarios of contemporary elderly individuals and discusses the theme of "aging with dignity" through surveys and in-depth interviews [1][2] Group 1: Findings on Aging - Aging is characterized not only by physical decline but also by fears related to memory loss and a perceived loss of self-worth [1] - Elderly respondents expressed feelings of sadness regarding their changing appearance and the emotional burden of relying on others for daily activities [1] Group 2: Caregiving Dynamics - The report highlights the challenges faced by the only-child generation, who are often spread across major cities and are anxious about receiving distressing calls from their elderly parents [1] - The phenomenon of "younger elderly" caring for "older elderly" is becoming increasingly significant, indicating a shift in intergenerational relationships under the pressures of caregiving [1] Group 3: Technological and Spatial Challenges - The lack of age-friendly design in homes poses safety risks for the elderly, while the digital divide complicates their ability to engage with the outside world [1] - Many elderly individuals feel "abandoned" due to their inability to operate smartphones and adapt to new technologies [1] Group 4: Community Support Initiatives - The report is based on 4,273 survey responses from individuals aged 55 and above, along with 415 public contributions, representing a systematic summary of Beike Public Welfare's seven years of work in community elder care [2] - Beike Public Welfare has expanded its services from teaching elderly individuals to use smartphones to include fall prevention and safety measures, addressing various needs such as digital literacy, home safety, and social connections [2]

Core Insights - The report titled "Are We Ready for Aging? Community Silver Age Life Observation Report" was jointly released by Beike Public Welfare and "People" magazine, highlighting the experiences of aging individuals in China [1][4] - The report reveals that aging is not only about physical decline but also involves fears of losing self-worth and memory issues, as expressed by various respondents [1][2] - The challenges of caregiving are emphasized, particularly the pressures faced by the only-child generation who are often geographically dispersed and the emerging reality of younger seniors caring for older seniors [1][3] Group 1: Findings from the Report - The report is based on 4,273 questionnaires from individuals aged 55 and above and 415 public submissions, documenting personal experiences of aging [1] - It highlights the lack of age-friendly designs in homes and the digital divide that leaves many elderly feeling abandoned [2] - The emotional and psychological burdens of caregiving are discussed, with younger seniors often feeling overwhelmed by the responsibilities of caring for older relatives [3] Group 2: Perspectives from the Salon Discussion - Ni Ping, a 66-year-old host, shared her active lifestyle and emphasized that aging should not limit personal exploration and fulfillment [3] - Experts discussed the increasing prevalence of younger seniors caring for older seniors, stressing the need for skilled caregivers to alleviate physical and mental stress [3][4] - The importance of a multi-faceted eldercare system was highlighted, with a call for more humane and detailed designs in living spaces to support elderly independence [4] Group 3: Social Implications - Beike Public Welfare aims to raise awareness of the collective challenges faced by the elderly and encourage societal engagement in addressing these issues [4] - The report serves as a detailed record of the current state of aging in China and initiates a public dialogue on the quality and dignity of aging [4]

Core Viewpoint - The company Beike is covered for the first time with a target price of HKD 65.64, based on a 26x adjusted PE for 2026, and is rated as "Buy" [1] Group 1: Company Overview - Beike, established in 2001 (formerly known as Lianjia), is a leading O2O real estate transaction platform in China [1] - The company is expected to benefit from supportive policies that may lead to a moderate market recovery, highlighting its importance as a channel leader [1] Group 2: Market Conditions - The real estate market is building a foundation for stabilization, with central policies signaling support for the sector [1] - In the first half of 2025, the nationwide sales area of commercial housing saw a narrowing year-on-year decline, and second-hand housing transactions showed a notable recovery [1] - However, new and second-hand housing sales faced renewed pressure since the third quarter, with the fourth quarter entering a high base period [1] Group 3: Business Performance - Beike's GTV growth is expected to significantly outperform the industry, with market share anticipated to continue rising from 2025 to 2027 [2] - The company has implemented a new system in Shanghai, optimizing personnel and focusing on core quality listings [2] - The AICRM intelligent system has covered over 335,000 agents, with penetration rates in Beijing and Shanghai reaching 75% as of August [2] Group 4: Home Decoration Business - The home decoration business is projected to grow, with expected revenue increases of 9%, 13%, and 12% from 2025 to 2027, reaching CNY 161 billion, CNY 182 billion, and CNY 204 billion respectively [3] - The operating profit margin for home decoration is expected to reach 3-5% in 2026, with a long-term target of 8-10% by 2028-2029 [3] - The company aims to enhance profitability through price increases and improved efficiency in material and labor costs [3] Group 5: Financial Forecast - Revenue is forecasted to reach CNY 100.1 billion, CNY 113.3 billion, and CNY 125.9 billion from 2025 to 2027, with year-on-year growth rates of +7%, +13%, and +11% respectively [3] - Adjusted net profit is projected to be CNY 60.4 billion, CNY 82.01 billion, and CNY 98.2 billion for the same period, driven by revenue improvement and operational leverage [3]

Core Insights - Beike Public Welfare announced a comprehensive brand upgrade to enhance its impact in community welfare, emphasizing emotional connections with residents, partners, and volunteers [1][3] - The launch of the first community elderly living observation report, co-published with "People" magazine, marks a shift from project practice to value co-creation [1][3] Brand Upgrade - The brand upgrade includes a clearer visual identity, warmer communication language, and a systematic project structure [1][3] - The new positioning as a "long-term builder of community quality of life values" aims to transform goodwill into a norm in community life [3][4] Community Focus - Beike Public Welfare has focused on the "one elderly, one child" core demographic since its inception in 2018, establishing a three-pronged public welfare matrix: care for key community groups, convenient community services, and environmental protection [5] - Initiatives for the elderly include community smartphone classes and health education, alongside new projects aimed at enhancing elderly care environments [5][6] Child Welfare Initiatives - The organization has developed a multi-faceted support system for children, including educational support, health protection, and assistance for special groups [5] - Projects like "Chain Future Brain Classroom" and "Sunshine Playground" aim to improve learning and physical activity conditions for rural children [5] Community Services and Sustainability - Beike is transforming its nationwide offline stores into "community good neighbor" service stations, providing essential services to meet residents' daily needs [6] - The company is actively promoting sustainability through energy-efficient practices and ecological restoration initiatives, such as the "Blue Ocean Action" for mangrove ecosystem restoration [6]

Core Insights - Beike's ESG rating has been upgraded from A to AA by MSCI, marking three consecutive improvements from 2023 to 2025 [2] - Beike scored 6.6 in the ESG governance category, surpassing the industry average, due to enhanced business ethics and anti-corruption policies [2] - The company has achieved a 100% coverage rate for employee ethics training and has integrated compliance management into all business operations [2] Environmental Initiatives - Beike's ESG environmental score has significantly improved, attributed to the implementation of the "Apartment Environmental Covenant" and urban community development projects [3] - Starting from September 2024, Beike will sign the "Apartment Environmental Covenant" with new tenants, promoting green living practices including energy conservation, water saving, waste sorting, and green transportation [3] - The company has standardized green store construction and digital energy management systems, effectively reducing carbon emissions during operations [3] - In 2024, Beike's VR viewing service recorded over 2.68 billion views, resulting in a reduction of over 4.95 million tons of carbon emissions [3] Social Contributions - The "Social" dimension remains a core highlight in Beike's ESG assessment, providing a platform for service providers to promote industry progress [4] - The "Bo Xue Da Kao" certification mechanism has served over 3.2 million agents by the end of 2024, advancing their professionalization [4] - Beike's ACN (Agent Cooperation Network) mechanism shares ESG practices like "True Listings" and "True Guarantees" across all brands and agents on the platform, fostering industry-wide growth [4] Market Impact - MSCI's ESG rating is a widely recognized assessment of corporate sustainability, influencing long-term investment value [4] - Beike's continuous progress in ESG will enhance its competitiveness and influence in the global capital market [5]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 938,600 shares at a total cost of $5.6756 million [1] - The repurchase price per share is set between $5.99 and $6.14 [1]