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分內容而產生或因倚 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） 截至2025年12月31日止年度之年度業績公告 及 宣派末期現金股息 領先的線上線下一體化的房產交易和服務平台貝殼控股有限公司（「貝殼」或「本公 司」）（紐交所代碼：BEKE；香港聯交所代號：2423）今日公佈其截至2025年12月 31日止年度（「報告期間」）未經審計財務業績，有關業績乃根據不同於國際財務報 告會計準則的美國公認會計準則（「公認會計準則」）編製。 於本公告中，「我們」指本公司，倘文義另有所指，則為本集團（定義見「一般資 料」一節）。 2025年財政年度經營及財務摘要 • 截至2025年12月31日止年度，總交易額1為人民幣31,833億元，較2024年的 人民幣33,494億元減少5.0%。截至2025年12月31日止年度，存量房交易的 總交易額為人民幣21 ...

Core Viewpoint - KE Holdings Inc. announced a final cash dividend of US$0.092 per ordinary share, totaling approximately US$0.3 billion, reflecting the company's commitment to enhancing shareholder value through effective capital allocation strategies [1][3]. Dividend Announcement - The dividend of US$0.092 per ordinary share and US$0.276 per ADS is payable to shareholders of record as of April 8, 2026, with payment expected around April 21, 2026, for ordinary shares and April 24, 2026, for ADS holders [1][2]. Shareholder Value Enhancement - In 2025, the company executed share repurchases totaling approximately US$921 million, leading to a total shareholder return of about US$1.2 billion, which is an increase of over 9% year over year [3]. Company Overview - KE Holdings Inc. operates as a leading integrated online and offline platform for housing transactions and services in China, with a focus on reinventing the housing transaction process through its Lianjia brand [4].

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分內容而產生或因倚 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） 內幕消息 貝殼控股有限公司公佈2025年第四季度及財政年度未經審計財務業績 及 末期現金股息 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部而刊發。 中國北京，2026年3月16日－領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司（「貝殼」或「本公司」）（紐交所代碼：BEKE；香港聯交所代號： 2423）今日公佈其截至2025年12月31日止第四季度及財政年度未經審計財務業 績，有關業績乃根據不同於國際財務報告會計準則的美國公認會計準則（「公認會 計準則」）編製，並公佈末期現金股息。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2025年第四季度及財政年度業務及財務摘要 • 2025年總交 ...

Core Viewpoint - KE Holdings Inc. reported a decline in gross transaction value and net income for the fiscal year 2025, while implementing strategic upgrades to enhance operational efficiency and customer value [1][4][6]. Financial Performance - Gross transaction value (GTV) for 2025 was RMB3,183.3 billion (US$455.2 billion), a decrease of 5.0% year-over-year [2]. - Net revenues for 2025 were RMB94.6 billion (US$13.5 billion), an increase of 1.2% year-over-year [6][7]. - Net income for 2025 was RMB2,991 million (US$428 million), a decrease of 26.7% year-over-year [7][31]. - Adjusted net income for 2025 was RMB5,017 million (US$717 million), a decrease of 30.4% year-over-year [7][31]. Quarterly Highlights - In Q4 2025, GTV was RMB724.1 billion (US$103.6 billion), a decrease of 36.7% year-over-year [2]. - Net revenues in Q4 2025 were RMB22.2 billion (US$3.2 billion), a decrease of 28.7% year-over-year [9]. - Net income in Q4 2025 was RMB82 million (US$12 million), compared to RMB577 million in Q4 2024 [3][17]. Operational Efficiency - The company focused on enhancing unit economics and cost structure, leading to improved operational resilience [6]. - The contribution margin for new home transaction services increased by 0.2 percentage points year-over-year in 2025 [6]. - The ratio of operating expenses to net revenues decreased by 1.4 percentage points year-over-year for the full year 2025 [6]. Strategic Initiatives - The company leveraged data and AI capabilities to enhance service models and operational efficiency [5]. - Plans for 2026 include building systematic service capabilities across the residential lifecycle and leveraging AI technology to improve service provider value [5]. Shareholder Returns - The company repurchased shares totaling approximately US$921 million in 2025, a year-over-year increase of 29% [8]. - A final cash dividend of approximately US$0.3 billion was declared, with a dividend of US$0.092 per ordinary share [38]. Market Position - The number of stores increased by 18.5% year-over-year to 61,139 as of December 31, 2025 [7]. - The number of agents was 523,009 as of December 31, 2025, a 4.6% increase from the previous year [7].

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16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 | ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery and growth in quality real estate companies and commercial properties [2][27]. Core Insights - The report indicates that the real estate sector is approaching a bottom after significant adjustments, with recent government policies aimed at stabilizing the market and enhancing financial support for the sector [2][27]. - It emphasizes the importance of quality real estate companies, suggesting that their profitability will recover sooner and with more elasticity due to improved industry dynamics [2][27]. - The report also notes that the current valuation levels for some quality firms are at historical lows, making the sector attractive for investment [2][27]. Industry Data Summary New Home Transactions - In the week of March 7-13, 2026, new home transactions in 34 key cities totaled 2.175 million square meters, representing a 20% increase week-on-week. First and second-tier cities saw a 21.6% increase, while third and fourth-tier cities experienced a 3.9% decline [3][11]. - Year-on-year, new home transactions in March 2026 decreased by 16.6%, with first and second-tier cities down 13.5% and third and fourth-tier cities down 48.3% [6][7]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.11 million square meters, up 9% week-on-week. However, March's cumulative transactions were down 26.9% year-on-year [11][12]. Inventory and Supply - In the week of March 7-13, 2026, 15 cities launched 750,000 square meters of new supply, with total sales of 830,000 square meters, resulting in a sales-to-supply ratio of 1.12. The average months of inventory for these cities increased slightly to 27.9 months [19][20]. Policy and News Tracking - The "14th Five-Year Plan" emphasizes the need for a new model of real estate development, focusing on high-quality growth and a balanced housing supply system [27][28]. - Recent policies include the establishment of a mechanism linking new land supply to the revitalization of existing land, prioritizing major projects and public welfare developments [27][28]. - Various cities are implementing measures to enhance housing affordability, such as increasing housing provident fund loan limits and optimizing loan policies [27][28]. Company Performance - Several real estate companies have reported their 2025 annual performance, with notable figures including: - Lujiazui: Revenue of approximately 18.17 billion yuan (+24%), net profit of 1.22 billion yuan (-19%) [38]. - Pudong Jinqiao: Revenue of approximately 5.97 billion yuan (+118.9%), net profit of 1.07 billion yuan (+7.1%) [38]. - Poly Development: Revenue of approximately 10.13 billion yuan (-36.7%) [38]. - Sales data for February 2026 showed significant declines for several companies, with China Jinmao reporting a 20.6% increase in sales amounting to 5.33 billion yuan [38].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery and growth in quality real estate companies and commercial properties [2]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamental performance after a significant adjustment, with recent government policies aimed at stabilizing the market and enhancing residents' financial conditions [2][27]. - It emphasizes the importance of quality real estate companies, suggesting that their profitability will recover sooner and with more elasticity due to the improved industry landscape [2][27]. - The report also notes that the current valuation levels for quality companies are at historical lows, making the sector attractive for investment [2]. Industry Data Summary New Home Transactions - In the week of March 7-13, 2026, new home transactions in 34 key cities totaled 2.175 million square meters, representing a 20% increase week-on-week, with first and second-tier cities seeing a 21.6% increase, while third and fourth-tier cities experienced a 3.9% decline [2][3]. - Year-on-year, new home transactions in March 2026 decreased by 16.6%, with first and second-tier cities down 13.5% and third and fourth-tier cities down 48.3% [6][7]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.11 million square meters, up 9% week-on-week, but down 26.9% year-on-year for March [11][12]. Inventory and Supply - In the week of March 7-13, 2026, 15 key cities launched 750,000 square meters of new supply, with total residential inventory at 87.968 million square meters, a slight decrease of 0.1% [19][20]. - The average months of inventory turnover for the last three months was 27.9 months, reflecting a slight increase of 0.04 months [19]. Policy and News Tracking - The "14th Five-Year Plan" emphasizes the need for a new model of real estate development, focusing on high-quality growth and a balanced housing supply system [27][28]. - Recent policies include the establishment of a mechanism linking new land supply to the revitalization of existing land, prioritizing major projects and public welfare developments [27][28]. - Various cities, including Chengdu and Fuzhou, are adjusting housing fund policies to enhance loan limits and optimize withdrawal conditions [27][28]. Company Performance - Several real estate companies have reported their 2025 annual performance, with notable figures including: - Lujiazui: Revenue of approximately 18.17 billion yuan (+24%), net profit of 1.22 billion yuan (-19%) [38]. - Pudong Jinqiao: Revenue of approximately 5.97 billion yuan (+118.9%), net profit of 1.07 billion yuan (+7.1%) [38]. - Poly Development: Revenue of approximately 10.13 billion yuan (-36.7%) [38]. - Sales data for February 2026 showed significant declines for several companies, with China Jinmao reporting a 20.6% increase in sales amounting to 5.33 billion yuan [38].

Investment Rating - The industry rating is "Buy" [5] Core Insights - The report highlights significant progress in commercial real estate REITs, with various local governments actively supporting the expansion of REITs pilot programs and encouraging public REIT financing models for urban renewal projects [5][16] - As of the end of February, the total number of C-REITs listed reached 79, with a total scale of 227.38 billion yuan, reflecting a slight decrease of 0.58% month-on-month [5][18] - The report notes a decline in the comprehensive yield of C-REITs, with an average turnover rate dropping to 0.38%, indicating a cooling market [5][18] Summary by Sections 1. C-REITs Policy Environment and Event Review - In February, local governments released signals to support the development of REITs, including expanding project libraries and encouraging participation from social capital [16][17] - Specific initiatives include the expansion of provincial REITs project libraries in Shaanxi and the encouragement of public REIT financing in Fujian [16][17] 2. C-REITs Market Scale Changes and Primary Market Issuance - The total scale of the C-REITs market reached 227.38 billion yuan by the end of February, with a slight month-on-month decrease [18] - In February, only one REIT was listed, raising 1.505 billion yuan, marking a 70.68% decline compared to the previous quarter [18][19] 3. February REITs Market Performance Review - The overall market performance did not continue the upward trend from January, with the index remaining flat [5][18] - Only three sectors saw gains in February, with data centers, hydropower, and highways increasing by 1.94%, 1.12%, and 0.32% respectively [5][18] 4. Valuation and Performance Comparison - The report provides a detailed valuation and financial analysis of key companies in the sector, indicating a generally favorable outlook for major players like Vanke A and China Overseas Development, all rated as "Buy" [6][5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [8]. Core Insights - The company is undergoing continuous organizational streamlining to enhance operational efficiency in response to ongoing pressures in the real estate market, which has affected both second-hand and new housing transactions [8]. - Due to a one-time cost increase at the end of the year, the profit forecast for Q4 2025 has been adjusted downwards, with an expected operating profit of 400 million RMB, a year-on-year decrease of 76% [8]. - The company is expected to achieve an adjusted operating profit of 7 billion RMB in 2026, reflecting a 62% year-on-year increase, despite a cautious market outlook [8]. - The adjusted net profit forecast for 2026 is projected to be 6.6 billion RMB, a 31% increase year-on-year, driven by improved operational efficiency [8]. - The report highlights the company's strong cash position of 73.9 billion RMB and suggests a valuation based on a 20x adjusted PE ratio, leading to a target price of 58.46 HKD per share [8]. Financial Forecast Summary - The company's main revenue is projected to be 77.8 billion RMB in 2023, increasing to 93.5 billion RMB in 2024, with a growth rate of 28.2% and 20.2% respectively [2]. - The adjusted net profit is expected to be 9.8 billion RMB in 2023, decreasing to 7.2 billion RMB in 2024, with a significant drop of 30.1% in 2025, followed by a recovery to 8.7 billion RMB in 2027 [2][9]. - The adjusted EPS is forecasted to be 2.63 RMB in 2023, declining to 1.99 RMB in 2024, and then recovering to 2.50 RMB by 2027 [2][9]. - The company's EBITDA is expected to decrease from 8 billion RMB in 2023 to 6.6 billion RMB in 2024, with a further decline to 4 billion RMB in 2025 before rebounding to 9.2 billion RMB in 2027 [2][9].

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) | 1). | 購回股份(或其他證券)但沒有註銷 | | 938,955 | % | USD | 5.3251 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2026年1月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 616,191 | % | USD | 5.68 | | | 變動日期 | 2026年1月5日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 602,154 | % | USD | 5.8125 | | | 變動日期 | 2026年1月6日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 885,921 | % | USD | 5.6438 | | | 變動日期 | 2026年1月7日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 609,408 | % | USD | 5.7433 | | ...