Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, investing $8 million to repurchase 1.4762 million shares at a price range of $5.32 to $5.50 per share [1] Summary by Category - **Company Actions** - Beike-W plans to repurchase a total of 1.4762 million shares [1] - The total investment for the buyback is set at $8 million [1] - The buyback price per share is between $5.32 and $5.50 [1]

贝壳-W(02423)发布公告，该公司于2025年11月4日斥资800万美元回购147.62万股股份，每股回购价格 为5.32-5.5美元。 ...

Core Viewpoint - Beike-W (02423.HK) announced a share buyback of 1.476 million shares at a cost of $8 million on November 4 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was $8 million, reflecting a strategic move to enhance shareholder value [1] - The number of shares repurchased was 1.476 million, which may impact the company's share price positively in the short term [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5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 。 變動日期 2025年9月2日 2). 購回股份(或其他證券)但沒有註銷 變動日期 2025年9月3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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Share Buyback Details - The company will repurchase 1.4184 million shares at a total cost of $7.9685 million [1] - The buyback price per share ranges from $5.56 to $5.70 [1]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback of 1.42 million shares at a cost of $7.97 million on November 3, 2025 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was $7.97 million [1] - The number of shares repurchased was 1.42 million [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 will repurchase 1.4184 million shares at a total cost of $7.9685 million [1] - The buyback price per share ranges from $5.56 to $5.70 [1]

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4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（不包括庫存股 ...

Summary of Key Points from the Conference Call Industry Overview - **Real Estate Market Trends**: The Japanese real estate market is experiencing supply contraction, demand improvement, rising costs due to inflation, and population concentration in core urban areas as key driving factors [1][4]. - **Chinese Real Estate Market Outlook**: The Chinese real estate market is expected to gradually stabilize, with conditions such as new home supply contraction and improved purchasing power. However, the recovery of income expectations and stabilization of housing prices in high-tier cities are critical [1][5]. The forecast for new home sales growth in 2026 is negative, with an investment decline of approximately 7% [1][5]. Company Insights: Beike - **Revenue Composition**: Beike's revenue is composed of approximately 60% from brokerage services and 40% from emerging businesses such as home decoration [1][6]. - **Market Position**: Beike holds a market share of 30%-50% in the existing housing market in first and second-tier cities, and over 20% in new home sales, indicating a leading position in the industry [1][6]. - **AI Integration**: The application of AI systems has enhanced the efficiency of real estate transactions, with the AI guest system covering 330,000 agents, achieving a penetration rate of 75% in Beijing and Shanghai [1][6][8]. Business Segments - **Home Decoration Business**: Beike's home decoration segment has achieved profitability since Q3, with stable profits of 8%-10% in first and second-tier cities. The company plans to increase prices by 10%-15% in 2026 and introduce high-quality soft decoration materials, potentially contributing over 8% to profits [1][7][8]. - **New Home Business Strategy**: Beike is strengthening collaborations with state-owned enterprises to enhance its new home business, which is expected to outperform the overall real estate market [1][3][10]. - **Rental Business Model**: The rental business primarily focuses on a "worry-free rental" model, utilizing a subleasing approach combined with home decoration services. This segment is expected to transition to a light asset operation model, aiming for a profit contribution of over 5% in the future [1][12][13]. Financial Projections - **Revenue Growth**: For 2025, the existing housing transaction growth is projected at around 7%, with total revenue growth of approximately 10%. Despite adjustments in the second half of the year, a total revenue growth of 7% is expected [1][14]. - **Profit Margin Expectations**: The operating profit margin is anticipated to improve significantly by 2026, with a target stock price of around 60 HKD, reflecting a positive long-term outlook despite potential short-term adjustments [1][14]. Additional Insights - **Emerging Business - Beijiaojia**: Launched in 2023, Beijiaojia is focused on providing product positioning solutions and marketing services, with plans to expand its light asset service model. It has already initiated projects in 10 cities, with significant projects expected to deliver results by 2026 [1][11]. - **Market Dynamics**: The real estate market is showing signs of structural differentiation, with opportunities in regions like Hong Kong and core urban areas of major cities expected to lead the recovery [1][5]. This summary encapsulates the essential insights from the conference call, highlighting the current state and future outlook of the real estate industry and Beike's strategic positioning within it.