贝壳-W(02423)发布公告，于2025年8月13日该公司斥资约400万美元回购65.26万股，回购价格为每股 6.09-6.19美元。 ...

格隆汇8月14日丨贝壳-W(02423.HK)发布公告，2025年8月13日耗资400万美元回购65.26万股。 贝壳-W(02423.HK)8月13日耗资400万美元回购65.26万股 贝壳-W(02423.HK)拟8月26日举行董事会会议 批准中期业绩 相关事件 ...

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) 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 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發 ...

格隆汇8月14日丨贝壳-W(02423.HK)宣布，董事会谨定于2025年8月26日（星期二）举行董事会会议， 以（其中包括）考虑及通过(i)本集团截至2025年6月30日止三个月的未经审计财务业绩及其发布；以及 (ii)本集团截至2025年6月30日止六个月的未经审计中期业绩及其发布。 ...

Group 1 - KE Holdings Inc. will report its unaudited financial results for Q2 2025 on August 26, 2025, before the U.S. market opens [1] - The earnings conference call is scheduled for 8:00 A.M. Eastern Time on the same day, with registration required for participants [2] - A replay of the conference call will be available until September 2, 2025, through various dial-in numbers [2] Group 2 - KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China [3] - The company operates Lianjia, a prominent real estate brokerage brand, and has over 23 years of experience since its inception in 2001 [3] - The success of Lianjia is seen as a foundation for the company's infrastructure and standards, driving the growth of the Beike platform [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份內容而產生或因倚 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） 董事會會議召開日期 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2025年8月26日（星期二）舉行董事會會議，以 （其中包括）考慮及通過(i)本集團截至2025年6月30日止三個月的未經審計財務業 績及其發佈；以及(ii)本集團截至2025年6月30日止六個月的未經審計中期業績及 其發佈。 通過撥打以下號碼，可在2025年9月2日之前收聽電話會議的重播： | 美國： | +1-855-883-1031 | | --- | --- | | 中國大陸： | 400-1209-216 | | 中國香港： | 800-930-639 | | 國際： | +61-7-3107-6325 | | 重播個人識別碼（英文專線） ...

Core Viewpoint - Shanghai Lianjia and Beike have officially hidden all historical transaction prices of second-hand houses in Shanghai, following similar actions in over ten cities including Wuhan, Hefei, Nanjing, and Beijing [2][6]. Company Summary - The transaction prices for all second-hand houses in Shanghai are now displayed as "no transaction price available" on the Lianjia and Beike apps, while details such as area and floor information remain visible [6]. - The largest brokerage firm in Shanghai, Lianjia, holds a market share of 70% in listings and approximately 25% in transactions [6]. Industry Summary - The decision to hide transaction prices may lead to more nuanced price negotiations between buyers and sellers, especially in a market where prices are declining [7]. - The lack of transparency in transaction prices could exacerbate information asymmetry, weakening the bargaining power of both buyers and sellers, and potentially leading to a loss of trust in the market [7]. - Since July 1, Lianjia has implemented a new service model separating agents' roles to focus solely on either buyers or sellers, which has raised concerns about service transparency [7].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Group 1 - The core viewpoint of the article highlights Beike's strong financial performance, with a significant year-on-year revenue growth and net profit increase, indicating robust business operations [1][2]. - As of March 31, 2025, Beike's total revenue reached 23.328 billion RMB, representing a year-on-year growth of 42.44% [1]. - The company's net profit attributable to shareholders was 856 million RMB, showing a remarkable year-on-year increase of 98.2% [1]. Group 2 - Beike 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 has established a strong operational foundation through its brand, Lianjia, which is recognized for its service quality and plays a crucial role in Beike's platform [2]. - With over 23 years of operational experience since Lianjia's establishment in 2001, Beike has developed unique insights into market dynamics, operational environments, and customer needs, which are essential for its growth and market expansion [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $22.15 [1][5][29] Core Insights - The real estate industry is experiencing a slowdown in growth, with the company expected to see a 12% year-on-year revenue increase in Q2 2025, reaching 26.3 billion RMB [5] - The adjusted net profit is projected to decline by 33% year-on-year to 1.79 billion RMB in Q2 2025, primarily due to the overall slowdown in the real estate sector [5][10] - Despite the challenges, the company is expected to improve its operating profit margin sequentially, driven by enhanced efficiency in stores and agents, as well as the continued advantages in its home decoration business [5][10] Revenue and Profit Forecast - Revenue projections for the company are adjusted downwards for 2025-2027, with expected revenues of 102.59 billion RMB, 115.78 billion RMB, and 128.57 billion RMB respectively, reflecting a decrease of 10.8%, 12.5%, and 14.1% from previous estimates [4][25][27] - The adjusted net profit for 2025 is revised to 7.02 billion RMB, down 14.6% from earlier forecasts, with further adjustments for 2026 and 2027 [25][27] Business Segment Performance - The company anticipates a 14% year-on-year growth in its home decoration business in Q2 2025, with a potential for breakeven in quarterly earnings due to increased order volumes and cost efficiencies [8][9] - The real estate transaction services are expected to show mixed results, with existing home transaction services projected to decline by 3%, while new home transaction services are expected to grow by 13% [5][10] Market Conditions - The report highlights a weakening in the real estate market, with inventory pressures and a prolonged de-stocking cycle affecting sales [6][14] - Recent policy changes in Beijing aimed at easing purchase restrictions are expected to temporarily boost transaction activity, particularly in the outer districts [7][23]