Core Viewpoint - Beike has launched a "phone marketing, disturb one, compensate one hundred" service commitment starting in 2024, aiming to enhance the professionalism and standardization of real estate brokerage services while addressing consumer complaints about unsolicited marketing calls [1][2]. Group 1: Service Commitment Implementation - The commitment has been implemented in cities such as Wuhan, Xi'an, Chengdu, Shenzhen, and Hangzhou, covering nearly 5,000 stores and 70,000 agents [1]. - The initiative was first introduced by Wuhan Lianjia in July 2024, which prohibits agents from making unsolicited marketing calls without authorization, with a compensation of 100 yuan for violations [1]. - The commitment has been gradually promoted nationwide, with cities like Luoyang and Langfang also adopting the policy, leading to a broader implementation across various Lianjia stores [1]. Group 2: Internal Mechanisms and Consumer Engagement - Beike has established a strict internal supervision mechanism and a rapid response process to ensure timely handling of customer complaints [2]. - The commitment has achieved a 100% fulfillment rate, with users successfully receiving the 100 yuan compensation for complaints [2]. - Beike encourages consumer feedback to enhance service quality continuously and plans to expand the commitment to cities like Zhengzhou, Jinan, Shenyang, Dalian, and Kunming [2]. Group 3: Strategic Upgrades and Community Engagement - The "phone marketing, disturb one, compensate one hundred" initiative is part of Beike's strategic upgrade from "true sources" to "true guarantees," emphasizing comprehensive service assurance for consumers [2]. - Beike has recently revamped its brand and launched a "true guarantee" service assurance system covering key transaction aspects such as real sources, payment security, commission refunds, privacy protection, and quality compensation [2]. - Additionally, Beijing Lianjia has organized community events like the "Lianjia Wenyu River Park Happy Run," engaging over 500 participants to promote fitness and community involvement [2][3].

Core Insights - KE Holdings Inc. ("Beike") has received a significant upgrade in its Environmental, Social and Governance (ESG) rating from Morgan Stanley Capital International (MSCI), moving from "A" to "AA," marking the third consecutive upgrade from 2023 to 2025, reflecting the company's commitment to ESG excellence [1][2] ESG Performance - Beike achieved an overall score of 6.6 in the ESG governance category, surpassing the industry average, indicating strong corporate governance practices [2] - The company has made notable advancements in corporate behavior by refining its business ethics and anti-corruption policies, alongside implementing comprehensive training programs on business ethics standards [2] - Beike's score in the ESG environmental category has also improved year-over-year, supported by its Sustainable Apartment Agreement, which promotes green practices among tenants and apartment managers [2] Company Mission and Strategy - Beike is dedicated to creating long-term, sustainable value in China's residential services industry through infrastructure transformation and technology-driven innovation, aiming to enhance service providers' professional growth and improve consumer living experiences [4] - The company operates an integrated online and offline platform for housing transactions and services, including home sales, rentals, renovations, and furnishings, leveraging over 23 years of experience through its leading real estate brokerage brand, Lianjia [5]

Investment Rating - The report initiates coverage on Beike with a "Buy" rating and a target price of HKD 65.64, based on a 26x adjusted PE for 2026 [2][10]. Core Insights - Beike is positioned as a leading O2O real estate transaction platform in China, benefiting from supportive policies that are expected to facilitate a moderate market recovery. The company is anticipated to improve its profitability through enhanced operational efficiency and AI integration in its services [6][19]. - The real estate market is stabilizing, with signs of recovery in sales, particularly in second-hand housing, although challenges remain in new housing sales and inventory management [7][10]. - Beike's brokerage business is expected to gain market share, driven by its extensive network and the integration of third-party stores, which will enhance its revenue contribution [8][10]. Summary by Sections Business Overview - Beike has restructured into four main business lines: brokerage, home decoration, rental services, and data-driven residential development, aiming for a synergistic growth model [23]. - The company operates over 60,000 stores and employs nearly 568,000 agents, significantly outpacing competitors in terms of scale and market coverage [24][29]. Financial Projections - Revenue is projected to grow from RMB 93.46 billion in 2024 to RMB 125.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [5][10]. - Adjusted net profit is expected to improve significantly, reaching RMB 9.82 billion by 2027, supported by operational leverage and a turnaround in the home decoration segment [10][21]. Market Dynamics - The real estate sector is gradually stabilizing, with government policies aimed at supporting the market. The demand for second-hand homes is expected to increase, while new home sales face ongoing pressure [7][10]. - Beike's home decoration business is projected to achieve a revenue of RMB 204 billion by 2027, with a net profit margin of around 10% [21][22]. Competitive Advantages - Beike's competitive edge lies in its channel advantages and the ACN network, which enhances transaction efficiency and transparency [19]. - The company is leveraging AI tools to improve customer experience and operational efficiency across its service offerings [20][21].

近日，贝壳找房"蓝海行动"第五期种植活动在福建霞浦展开，标志着贝壳"蓝海行动"生态修复范围进一 步扩大。2018年成立以来，贝壳在打造新居住服务平台的同时，将"向上向善"的企业精神延伸至环保领 域。2020年，贝壳正式发起"蓝海行动"，通过支持多地红树种植、开展相关公益及科普类活动，改善生 态环境，提高公众参与度。 五年来，这一项目不仅修复了滨海湿地生态系统，种植29万余株红树，覆盖133.3亩修复面积，更助力 周边渔业发展，惠及周边居民超4.3万人。 一片红树林，连接生态使命与战略 红树林是陆地向海洋过渡的特殊生态系统。在净化海水、防风消浪、维持生物多样性方面发挥着不可替 代的作用，被誉为"海岸卫士"。 图注：海岸卫士红树林 为了守护好这一珍贵资源，党的十八大以来，我国持续完善红树林保护法律制度，从顶层设计上强化红 树林保护。为了严格管控和修复，首部湿地保护法专设了红树林保护条款，《全国湿地保护规划(2022 —2030年)》将红树林湿地纳入保护修复重点支持范围。与此同时，我国还实施了《红树林保护修复专 项行动计划(2020—2025年)》，推动制定多项红树林保护修复相关国家和行业标准，全面推进红树林保 护 ...

Core Viewpoint - Multiple companies, including China Feihe and Lianyi Rong Technology, conducted share buybacks on October 24, 2025, with China Feihe leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 5.885 million shares for a total of 23.6977 million yuan, representing 0.087% of its total share capital [2]. - Lianyi Rong Technology (09959) repurchased 2.4 million shares for 7.3782 million yuan, accounting for 3.516% of its total share capital [2]. - Beike-W (02423) repurchased 1.1784 million shares for 7 million yuan, which is 1.722% of its total share capital [2]. Group 2: Other Notable Buybacks - Yum China (09987) repurchased 17,800 shares for 6.2549 million yuan, representing 2.830% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 400,000 shares for 5.7447 million yuan, which is 0.545% of its total share capital [2]. - Kangsong Pharmaceutical (01681) repurchased 100,000 shares for 1.5180 million yuan, accounting for 8.582% of its total share capital [2].

贝壳-W(02423)公布，2025年10月24日耗资约700万美元回购约117.84万股股份。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年10月24日耗资约700万美元回购约117.84万股股份。 ...

格隆汇10月27日丨贝壳-W(02423.HK)发布公告，2025年10月24日耗资700万美元回购117.84万股。 ...

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10月27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 "Positive" rating for the real estate and property management sectors [3][40]. Core Views - The report emphasizes the potential of the "Good House" policy to create new pathways for recovery in core cities, leading to a resurgence in leading companies and the opening of new development avenues [3][40]. - It highlights the ongoing monetary easing cycle in China, which is expected to enhance the value of quality commercial real estate [3][40]. Industry Data Summary New Housing Transactions - In the week of October 18-24, 2025, new housing transactions in 34 key cities totaled 2.566 million square meters, a decrease of 1.9% week-on-week [3][4]. - Year-on-year, new housing transactions in October showed a decline of 23% across 34 cities [3][6]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.155 million square meters, down 6.1% from the previous week [3][12]. - Cumulatively, second-hand housing transactions in October were down 20.1% year-on-year [3][12]. Inventory and Sales - The report notes that 15 cities had a total of 710,000 square meters of new housing launched, with a sales-to-launch ratio of 1.48 times [3][21]. - The total available residential area in these cities was 89.75 million square meters, reflecting a 0.4% decrease [3][21]. Policy and News Tracking Macro Policies - The 20th Central Committee's Fourth Plenary Session called for promoting high-quality development in the real estate sector [3][30]. - National statistics revealed a 13.9% year-on-year decline in real estate investment for the first three quarters of 2025, totaling 677.06 billion yuan [3][30]. Company Dynamics - Major state-owned enterprises remain active in financing, with Poly Developments reporting a new guarantee of 41.03 billion yuan for 2025 [3][36]. - China Overseas Development achieved sales of 7.56 million square meters, down 1%, with a revenue of 170.5 billion yuan, down 14% [3][36]. Sector Performance Review - The SW Real Estate Index rose by 1.51%, underperforming compared to the Shanghai and Shenzhen 300 Index, which increased by 3.24% [3][40]. - The report identifies key companies to watch, including China Resources Land, Longfor Group, and Poly Developments, among others [3][40].