KE Holdings (BEKE) Conference Call Summary Company Overview - **Company**: KE Holdings (BEKE) - **Market Cap**: $21.1 billion - **Enterprise Value**: $10.5 billion - **12-Month Price Target**: $21.40 (current price: $18.01, upside: 18.8%) [1][5] Key Financial Forecasts - **3Q25 Revenue Forecast**: Rmb 23.8 billion (2% above consensus) [1] - **3Q25 Non-GAAP Net Profit Forecast**: Rmb 1.3 billion (5% above consensus) [1] - **4Q25 Revenue Forecast**: Expected decline of 15% YoY to Rmb 26.5 billion [23] - **2025 Revenue Growth**: Total revenue expected to reach Rmb 99.64 billion [15] Core Insights - **New Home GTV**: Expected to decline by 8% YoY, but better than consensus [1] - **Existing Home GTV**: Expected to grow by 5% YoY, indicating a positive trend [1] - **Cost Reduction**: Fixed costs are being reduced through agent optimization, following a 6% QoQ decline in agent count [1] - **Profitability of New Initiatives**: Home renovation and rental services projected to generate Rmb 150 million operating profit in 3Q25, a significant improvement from a loss of Rmb 250 million in 3Q24 [1] Market Dynamics - **Government Support**: Recent supportive policies from provincial and municipal governments have stabilized the property market, including home purchase subsidies and easing restrictions [2] - **Transaction Trends**: 15 out of 43 tracked cities saw an increase in existing home transaction average selling price (ASP) month-over-month in September [2] - **Cautious Outlook for 4Q25**: Anticipated revenue and GTV declines due to high base effects from the previous year [2] Strategic Initiatives - **Service Upgrades**: KE Holdings has upgraded its service standards to enhance transaction security and efficiency, which is expected to drive market share gains [18] - **Community-Focused Strategy**: The company is shifting its home renovation business model to a community-focused approach, optimizing store formats to improve efficiency [18] Investment Considerations - **Share Buybacks**: KE has repurchased $281 million in 3Q25, totaling approximately $700 million year-to-date, which is equivalent to 3.2% of its market cap [19] - **Long-Term Growth**: New initiatives are expected to account for 47% of total revenue by 2027, up from 34% in 2024 [27] Financial Ratios and Valuation - **P/E Ratio**: Expected to be 22.3x in 2025 [12] - **Dividend Yield**: Projected at 2.1% for 2025 [12] - **Free Cash Flow Yield**: Expected to be 5.1% in 2025 [12] Conclusion - **Investment Rating**: Maintain "Buy" rating based on strong performance in new home GTV, cost reduction strategies, and profitability improvements in new initiatives [1][19]

格隆汇10月14日丨贝壳-W(02423.HK)发布公告，2025年10月13日耗资500万美元回购83万股。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年10月13日耗资约500万美元回购约83万股股份。 ...

Core Points - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 830,000 shares at a cost of about $5 million [1] Group 1 - The share buyback is scheduled for October 13, 2025 [1]

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14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 2 頁 共 9 頁 v 1.3.0 FF305 FF305 | 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 ...

Core Insights - The article discusses the 2024 salary rankings of directors from Hong Kong-listed companies, published by David Webb's financial website Webb-site, highlighting the total remuneration of the top 1000 directors [1] Group 1: Salary Rankings - A total of 31 directors received over HKD 100 million in remuneration for 2024 [3] - Li Xiang, founder and CEO of Li Auto, topped the list with a total remuneration of approximately HKD 679.78 million [3] - Wang Xuning, CEO of JS Global Lifestyle, ranked second with about HKD 520.51 million, while Li Jie, founder of Jitu Express, was third with around HKD 518.82 million [3][5] Group 2: Notable Directors - Other notable directors in the top ten include Liu Qiangdong of JD Group (approximately HKD 448.81 million), Peng Yongdong of Beike (approximately HKD 426.19 million), and Zhu Weisong of Bruker (approximately HKD 382.51 million) [5] - The list also features Shan Yigang, Chen Rui, Han Run, and Ho Yau Lung among the top ten highest-paid directors [5] Group 3: Li Xiang's Compensation Structure - Li Xiang's reported 2024 compensation structure includes a salary and benefits of RMB 2.67 million, retirement plan contributions of RMB 160,000, and share-based payment expenses of RMB 636.31 million, totaling RMB 639.13 million [6] - The reported figure of RMB 639.13 million is primarily due to stock-based compensation, which is not equivalent to actual cash received by Li Xiang [7] - Li Xiang's actual cash salary is significantly lower, at RMB 2.66 million, as the stock rewards are contingent upon meeting specific performance targets [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and stock market as a means to boost social expectations and facilitate domestic demand circulation. The focus is on high-quality housing and urban renewal, with a potential wave of development for high-quality residential properties [4][45] - The report suggests that the central government's consistent messaging since September 2024 has been to stabilize the real estate market, especially in light of external economic pressures [4][45] Market Performance - The Shanghai Composite Index rose by 0.4%, while the Shenzhen Component Index fell by 1.3%, and the ChiNext Index dropped by 3.9%. The real estate sector (Shenwan) decreased by 0.8% during the week [4][7] - In terms of individual stocks, Hefei Urban Construction saw a significant increase of 18.1%, while Shenzhen Real Estate A experienced a decline of 12.0% [4][7] Data Tracking New Housing Transactions - In the week of October 4-10, 2025, 42 key cities recorded a total new housing transaction volume of 980,000 square meters, a decrease of 51.0% from the previous week and a year-on-year decline of 53.5% [11][17] - For the month up to October 10, 2025, new housing transactions in these cities totaled 1.22 million square meters, down 44.8% month-on-month and 39.5% year-on-year [17] Second-Hand Housing Transactions - During the same week, 21 key cities recorded a total of 860,000 square meters in second-hand housing transactions, a decrease of 26.6% from the previous week and a year-on-year decline of 48.4% [29][35] - For the month up to October 10, 2025, second-hand housing transactions totaled 930,000 square meters, down 64.5% month-on-month and 29.3% year-on-year [35] Industry News - The Ministry of Housing and Urban-Rural Development is focusing on urban renewal and governance, with plans to upgrade old houses into "good houses" [45] - New regulations in Shenzhen limit the height of residential buildings to manage safety risks, while Chengdu has increased the area limit for balconies and other auxiliary spaces [45][46] Company Announcements - In September 2025, China Overseas Development reported a sales figure of 20.17 billion yuan, a year-on-year increase of 7.2%, while Poly Developments reported 20.53 billion yuan, a decrease of 1.8% [48] - New City Holdings issued a total of 160 million USD in unsecured fixed-rate bonds with a 2-year term and an interest rate of 11.88% [48]

Summary of Key Points Core Viewpoint - The 2024 Hong Kong-listed company director remuneration ranking reveals that Li Xiang, CEO of Li Auto, tops the list with a total compensation of approximately HKD 680 million, highlighting the significant earnings of executives in the automotive and technology sectors [3][12]. Group 1: Top Earners - Li Xiang of Li Auto ranks first with a total remuneration of approximately HKD 680 million [3][12]. - Wang Xuning, Chairman and CEO of JS Global, ranks second with about HKD 521 million [3][5]. - Li Jie, Founder and Chairman of J&T Express, is third with approximately HKD 519 million [3][6]. - Liu Qiangdong, Founder of JD.com, ranks fourth with around HKD 449 million [3][6]. - Peng Yongdong, Co-founder and CEO of Beike, ranks fifth with HKD 426 million [3][6]. Group 2: Notable Rankings - Zhu Weisong, Founder and Chairman of Bruker, ranks sixth with HKD 383 million [3][6]. - Other notable figures in the top ten include Dan Yigang from Beike, Chen Rui from Bilibili, Han Run from JS Global, and He Youlong from Melco International [3][6]. - Li Zeju, Chairman of CK Hutchison, ranks eleventh with HKD 212 million [4][7]. - HSBC CEO Noel Quinn ranks twenty-third with nearly HKD 128 million [4][7]. Group 3: Industry Insights - The report indicates that 31 directors received over HKD 100 million in total remuneration, reflecting the competitive compensation landscape in Hong Kong's corporate sector [3][12]. - The high salaries of executives, particularly in the automotive and technology industries, have drawn significant public attention and discussion [12][18].

贝壳-W(02423)发布公告，于2025年10月10日该公司斥资700万美元回购117.05万股，回购价格为每股 5.83-6.24美元。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年10月10日该公司斥资700万美元回购117.05万股， 回购价格为每股5.83-6.24美元。 ...