Investment Rating - The report assigns an "Accumulate" rating to the company [6][32]. Core Insights - The company is actively developing non-real estate businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while enhancing shareholder returns [2][10]. - The company is a leading integrated online and offline real estate transaction platform, benefiting from market share advantages that support long-term growth [32]. Financial Performance Summary - In 2025, the company's total transaction volume was 31,833 billion RMB, a decrease of 5.0% year-on-year, while net revenue increased by 1.2% to 946 billion RMB [15][21]. - Operating expenses for 2025 were 181 billion RMB, down 5.6% year-on-year, leading to a reduction in the proportion of operating expenses to net revenue by 1.4 percentage points [15][21]. - The net profit for 2025 was 29.91 billion RMB, a decline of 26.7%, with adjusted net profit at 50.17 billion RMB, down 30.4% [15][21]. Business Segment Performance - The company's existing housing business generated net revenue of 25 billion RMB in 2025, down 11.3%, with total transaction volume at 21,515 billion RMB, a decrease of 4.2% [25][28]. - The new housing business reported net revenue of 30.6 billion RMB, a decline of 9.1%, with total transaction volume of 8,909 billion RMB, down 8.2% [28][30]. - The home decoration and furniture business achieved net revenue of 15.4 billion RMB, a year-on-year increase of 4.4% [30]. Shareholder Returns - In 2025, the company spent approximately 921 million USD on share repurchase programs, with total shareholder returns reaching about 1.2 billion USD, an increase of over 9% year-on-year [16][30].

Investment Rating - The report assigns an "Accumulate" rating to the company [6][32]. Core Insights - The company is actively developing non-housing businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while enhancing shareholder returns [2][10]. - The company is a leading integrated online and offline real estate transaction platform, benefiting from market share advantages for long-term growth [32]. Financial Performance Summary - In 2025, the company's total transaction volume was 31,833 billion RMB, a decrease of 5.0% year-on-year, while net revenue increased by 1.2% to 946 billion RMB [15][21]. - Operating expenses for 2025 were 181 billion RMB, down 5.6% year-on-year, leading to a reduction in the proportion of operating expenses to net revenue by 1.4 percentage points [15][21]. - The net profit for 2025 was 29.91 billion RMB, a decline of 26.7%, with adjusted net profit at 50.17 billion RMB, down 30.4% [15][21]. Business Segment Performance - The company's existing housing business generated net revenue of 25 billion RMB in 2025, a decrease of 11.3%, with total transaction volume at 21,515 billion RMB, down 4.2% [25][28]. - The new housing business reported net revenue of 30.6 billion RMB, a decline of 9.1%, with total transaction volume of 8,909 billion RMB, down 8.2% [28][30]. - The home decoration and furniture business achieved net revenue of 15.4 billion RMB, a year-on-year increase of 4.4% [30]. Shareholder Returns - In 2025, the company spent approximately 921 million USD on share repurchase programs, with total shareholder returns reaching about 1.2 billion USD, an increase of over 9% year-on-year [16][30].

Group 1: Real Estate Market - Shanghai has lowered the minimum down payment ratio for commercial housing loans from 50% to 30%, marking the first adjustment in over a decade, aimed at stimulating the commercial real estate market [2][3] - The commercial real estate market is facing high inventory pressure due to overly optimistic early planning and weak demand absorption, necessitating the reduction in down payment requirements to enhance liquidity [2][3] - Beike's net income for 2025 showed a slight increase of 1.2% year-on-year to 946 billion yuan, despite a significant decline in Q4 revenue by 28.7% [8][9] Group 2: AI and Technology Developments - NVIDIA's CEO Jensen Huang announced that the flagship computing chips Blackwell and Rubin are expected to generate at least $1 trillion in revenue by the end of 2027, significantly up from the previous estimate of $500 billion by 2026 [4][5] - Alibaba has established the Alibaba Token Hub (ATH) to focus on the creation, delivery, and application of tokens, indicating a strategic shift towards AI and tokenization in its business model [6][7] - xAI is launching a large-scale recruitment drive for financial professionals to enhance its AI model Grok's capabilities in financial modeling, amidst a backdrop of high turnover among its founding team [10][11] Group 3: Financial Services and Market Trends - Ant Group's acquisition of Yao Cai Securities has been approved, allowing it to integrate securities trading services into its Alipay platform, thereby enhancing its financial service offerings [12][13] - The public fund distribution landscape is evolving, with Ant Fund leading in equity fund holdings, reflecting a shift in competitive dynamics among distribution channels [14][15] - The stock market experienced a decline, with the Shanghai Composite Index falling by 0.85%, as market sentiment remains cautious amid external uncertainties [16][17]

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Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Insights - The company achieved a revenue of 94.58 billion yuan in 2025, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, primarily due to a decline in gross margin from 24.6% to 21.4% [4][6]. - The company continues to expand its operations, with the number of stores increasing by 18.5% year-on-year to 61,139, and the number of agents rising by 4.6% to 523,000 [6]. - The report highlights the company's commitment to shareholder returns, with a share buyback amounting to 9.21 billion USD, representing approximately 4.1% of the total shares outstanding as of the end of 2024 [6]. Financial Performance Summary - Revenue Forecast: - 2024: 93.46 billion yuan - 2025: 94.58 billion yuan - 2026: 102.62 billion yuan - 2027: 111.55 billion yuan - 2028: 121.70 billion yuan - Year-on-year growth rates: 20% (2024), 1% (2025), 9% (2026-2028) [3][7] - Net Profit Forecast: - 2024: 4.07 billion yuan - 2025: 2.99 billion yuan - 2026: 4.12 billion yuan - 2027: 4.82 billion yuan - 2028: 6.00 billion yuan - Year-on-year growth rates: -31% (2024), -26% (2025), 38% (2026), 17% (2027), 25% (2028) [3][7] - Earnings Per Share (EPS): - 2024: 1.15 yuan - 2025: 0.85 yuan - 2026: 1.17 yuan - 2027: 1.37 yuan - 2028: 1.70 yuan [3][7] - Price-to-Earnings (P/E) Ratio: - 2024: 34.1 - 2025: 46.3 - 2026: 33.7 - 2027: 28.8 - 2028: 23.1 [3][7] Market Environment and Business Segments - The existing market conditions have negatively impacted transaction volumes, with the existing home business experiencing a transaction value decline of 4.2% to 21.5 trillion yuan, and new home business transaction value down by 8.2% to 890.9 billion yuan [6]. - The home decoration business reported a net income of 15.4 billion yuan, growing by 4.4%, while the rental service segment saw a significant increase in net income to 21.9 billion yuan, up by 52.8% [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 94.58 billion yuan in 2025, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, and the non-GAAP net profit fell by 30.4% to 5.02 billion yuan [7][8] - The decline in profit is attributed to an increase in low-margin business revenue and a decrease in profit margins from existing home transactions, leading to an overall gross margin drop of 3.2 percentage points to 21.4% [7] - The company has been actively returning capital to shareholders, with a total buyback amounting to 920 million USD, a 29% increase year-on-year, and cash dividends of approximately 300 million USD, totaling around 1.22 billion USD in shareholder returns, which is 170% of the non-GAAP net profit [7] - The company expanded its active store count to 58,000, a 17.5% increase year-on-year, while the number of active agents remained stable at 445,600 [7] - The existing home business generated a Gross Transaction Value (GTV) of 21,515 billion yuan, down 4.2% year-on-year, with revenue declining by 11.3% [7] - The new home business showed resilience with a GTV of 8,909 billion yuan, down 8.2%, but better than the industry average decline of 13.0% [7] - The rental business saw significant growth, with revenue increasing by 52.8% to 21.9 billion yuan, benefiting from an increase in managed properties [7] - The report forecasts non-GAAP net profits of 6.58 billion yuan, 7.50 billion yuan, and 8.50 billion yuan for 2026, 2027, and 2028 respectively, with corresponding non-GAAP P/E ratios of 21.1X, 18.5X, and 16.3X [7] Financial Summary - Total revenue for 2024 is projected at 93.46 billion yuan, with a year-on-year growth of 20.16% [1] - The company’s earnings per share (EPS) for 2025 is estimated at 0.85 yuan, with a P/E ratio of 46.32 [1] - The company’s total assets are expected to reach 116.67 billion yuan by 2025, with a debt-to-asset ratio of 43.05% [6][8]

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： 2026年3月17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 | ...

| 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 貝殼控股有限公司 | | 股份代號 | 02423 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 末期現金股息 | | 公告日期 | 2026年3月16日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新除淨日日期 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.092 USD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.092 USD | | 匯率 | 1 USD : 1USD | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 94.58 billion yuan for 2025, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, and the non-GAAP net profit fell by 30.4% to 5.02 billion yuan [7] - The decline in profit is attributed to an increase in low-margin business revenue and a decrease in profit margins from existing home transactions, leading to an overall gross margin drop of 3.2 percentage points to 21.4% [7] - The company has continued to enhance shareholder returns, with a total buyback amounting to 920 million USD, a year-on-year increase of approximately 29%, and cash dividends of around 300 million USD, totaling shareholder returns of about 1.22 billion USD, which is approximately 170% of the non-GAAP net profit [7] - The company has expanded its store network to 58,000 active stores, a year-on-year increase of 17.5%, while the number of active agents remained stable at 445,600 [7] - The rental business has shown significant growth, with revenue from home rental services reaching 21.9 billion yuan, a year-on-year increase of 52.8%, driven by an increase in managed properties [7] - The company expects non-GAAP net profits for 2026, 2027, and 2028 to be 6.58 billion yuan, 7.50 billion yuan, and 8.50 billion yuan, respectively, with corresponding non-GAAP P/E ratios of 21.1X, 18.5X, and 16.3X [7] Financial Summary - Total revenue for 2024 is projected at 93.46 billion yuan, with a year-on-year growth of 20.16%. The net profit attributable to shareholders is expected to be 4.07 billion yuan, a decrease of 30.91% [1] - The company’s gross margin is expected to improve gradually, with projections of 23.62% in 2026 and 24.78% in 2027 [8] - The company’s total assets are estimated to reach 119.77 billion yuan by 2026, with a debt-to-asset ratio of 43.51% [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's performance is under pressure but shows potential for improvement in emerging business profit margins [7] - The total transaction volume (GTV) for 2025 is projected at 31.8 trillion yuan, a year-on-year decrease of 5% [7] - The company emphasizes long-term shareholder returns, with a total of 1.2 billion USD allocated for share buybacks and cash dividends, reflecting a 9% increase year-on-year [7] Financial Data and Profit Forecast - Revenue projections for the years 2024 to 2028 are as follows: - 2024: 93,457 million yuan - 2025: 94,580 million yuan - 2026E: 86,976 million yuan - 2027E: 89,777 million yuan - 2028E: 94,436 million yuan - Net profit attributable to ordinary shareholders is forecasted as: - 2024: 4,065 million yuan - 2025: 2,994 million yuan - 2026E: 3,907 million yuan - 2027E: 4,474 million yuan - 2028E: 5,086 million yuan - The company’s return on equity (ROE) is expected to improve from 5.70% in 2024 to 6.37% in 2028 [6][8] Business Segment Performance - The real estate brokerage segment experienced a decline in GTV, with a 4.2% decrease in existing home transactions and an 8.2% decrease in new home transactions for 2025 [7] - The home decoration and rental segments showed significant growth, with revenues increasing by 4.4% and 53% respectively in 2025 [7] - The company is focusing on enhancing its C2M model to improve new home product capabilities and aims to transition its home decoration business towards a platform-based and asset-light model [7]