Group 1 - The company, Beike-W (02423), announced a share repurchase plan, committing to buy back 544,200 shares for a total expenditure of $3 million [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 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11月19日 | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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 | | | | 於下列日期開始時的結存(註1) | 2025年11月17日 | 3,366,778,024 | | 0 | | 3,366,778,024 | | 1). 其他 (請註明) | | | % | | | | | ...

Core Viewpoint - Beike's Q3 performance exceeded market expectations, leading to positive ratings from multiple international and domestic institutions, highlighting the company's effective cost control and growth potential in its home decoration and rental business [1] Group 1: Institutional Ratings - Major international banks such as Goldman Sachs, Morgan Stanley, and Bank of America, along with domestic firms like Zhongtai Securities and CICC, maintain "Buy" or "Overweight" ratings for Beike [1] - Goldman Sachs retains a "Buy" rating, noting that while the real estate market's downturn may pressure transaction volumes, efficiency improvements will mitigate some impacts [1] - Morgan Stanley sets a target price of 52 HKD, while JPMorgan analyst Alex Yao also maintains a "Buy" rating with a target price of 47 HKD [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to 23.1 billion yuan, aligning with market expectations [1] - Adjusted net profit reached 1.29 billion yuan, surpassing market forecasts, primarily due to effective cost management [1] - CICC expresses optimism about Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike's Q3 2025 financial report has led multiple international and domestic institutions to maintain "buy" or "overweight" ratings despite a sluggish real estate market impacting transaction volume outlook [1] Group 1: Ratings and Target Prices - Goldman Sachs maintains a "buy" rating for Beike, noting that while the real estate market's downturn may pressure transaction volume, improvements in company efficiency will mitigate some of these impacts [1] - Morgan Stanley also keeps a "buy" rating with a target price of HKD 52, while JPMorgan analyst Alex Yao sets a target price of HKD 47 [1] - Bank of America Securities reiterates a "buy" rating, highlighting Q3 revenue of CNY 23.1 billion, a 2% year-on-year increase, and an adjusted net profit of CNY 1.3 billion, which exceeded expectations [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to CNY 23.1 billion, aligning with market expectations, while adjusted net profit reached CNY 1.29 billion, surpassing market forecasts due to effective cost control [1] - Bank of America Securities emphasizes significant profitability in home decoration and rental businesses, projecting profit growth in the coming year from cost-saving measures [1] - CICC maintains an "outperform" rating, expressing confidence in Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase approximately 539,200 shares at a total cost of about $3 million [1] - The buyback price per share is set between $5.52 and $5.66 [1] - The buyback is scheduled to take place on November 17, 2025 [1]

Group 1 - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 539,200 shares at a total cost of around 3 million USD [1] - The buyback price per share is set between 5.52 and 5.66 USD [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan, intending to repurchase 540,000 A-shares at a cost of $3 million on November 17, 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11月18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 | 佔有關事件前的現有已發 行股份 ...

Core Viewpoint - The event titled "Protecting Housing Payments, Settling in Zhongshan" marks the launch of Beike's commitment to housing payment security, promising to cover losses if consumers follow the established safety standards [1][3] Group 1: Service Commitment - Beike Zhongshan has introduced a "platform guarantee" service commitment, which ensures that if consumers operate according to the "Housing Payment Security Guarantee Standards" and still incur losses, Beike will initiate a compensation mechanism to cover the relevant payments [1][3] - This commitment upgrades the previous "funds custody" approach, extending the security of real estate funds from the custody phase to the entire transaction cycle [3] Group 2: Operational Procedures - The city manager of Beike Zhongshan, Meng Yungui, emphasized that as long as consumers follow the standard operating procedures, Beike will guarantee the transaction funds [3] - Prior to signing, customers will receive SMS reminders not to make any unauthorized payments such as deposits or intention fees; transaction funds during signing will be processed through a custody payment system [3] - After signing, an official follow-up group will be established for each transaction, ensuring timely feedback once payments are completed [3] Group 3: Market Impact - The platform guarantee concept introduced by Beike is expected to bring new development to the Zhongshan real estate market, enhancing confidence in transaction safety for both parties involved, as well as for the housing fund center and banks [3]

Core Viewpoint - The company is actively developing non-housing businesses to mitigate cyclical risks and is shifting to a defensive posture by enhancing cost efficiency and increasing shareholder returns to improve investment value [1] Financial Performance - In Q3 2025, the company's net profit was 747 million yuan, a year-on-year decrease of 36.1%, while adjusted net profit was 1.286 billion yuan, down 27.8% [2] - The total transaction volume for the company in Q3 2025 was 736.7 billion yuan, remaining stable year-on-year, with net revenue of 23.1 billion yuan, an increase of 2.1% [1] - The company's adjusted net profit projections for 2025-2027 are 5.719 billion, 6.244 billion, and 6.995 billion yuan respectively, with corresponding net profits of 3.832 billion, 4.153 billion, and 4.773 billion yuan [1] Business Segments - In the real estate transaction service sector, the company is piloting a tenant-separation mechanism in Shanghai to enhance marketing and sales capabilities for sellers [2] - The housing rental service is integrating AI with operations, contributing over 100 million yuan in profit in Q3 2025, with both home decoration and rental services achieving profitability at the city level [2] - The company's existing housing business net revenue was 6 billion yuan in Q3 2025, a decrease of 3.6%, while the total transaction volume for existing housing was 505.6 billion yuan, an increase of 5.8% [2] New Housing Business - The new housing business net revenue was 6.6 billion yuan in Q3 2025, down 14.1%, with total transaction volume at 196.3 billion yuan, a decrease of 13.7% [3] - The GTV for the new housing business under the Beilian model accounted for 81.7% in Q3 2025, showing a slight increase from the previous quarter [3] Share Buyback - The company has actively implemented a share buyback plan, with a quarterly buyback amount reaching 281 million USD, the highest in nearly two years [3] - As of the end of Q3 2025, the total amount spent on buybacks this year was approximately 675 million USD, a year-on-year increase of 15.7%, representing about 3% of the total share capital as of the end of 2024 [3]