智通财经APP讯，贝壳-W(02423)公布，2025年8月27日耗资约210.49万美元回购约35.14万股股份。 ...

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 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月26日 | 3,430,132,293 | | | 0 | | 3,430,132,293 | | 1). 其他 (請註明) | | | | % | | | | | 見B部分 | | | | | | | | | 變動日期 2025年8月27日 | | | | | ...

Market Overview - The Hang Seng Index closed at 25,201.76 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,697.53 points, down 1.47% [1] - The China Enterprises Index closed at 9,020.26 points, down 1.40% [1] - The Red Chip Index closed at 4,273.29 points, down 1.62% [1] Top Gainers - Nongfu Spring rose over 7% to 50.250 HKD [1][2] - NIO-SW increased over 4% to 51.700 HKD [1][2] - Shanghai Fudan and WanGuo Data-SW both rose over 1% [1][2] Top Losers - Beike-W fell over 6% to 47.200 HKD [1][2] - Naixue's Tea and Stone Pharmaceutical Group both dropped over 5% [1][2] - Li Ning, Alibaba Health, and Pop Mart fell over 4% [1][2] - JD Logistics, Zhou Hei Ya, and Mengniu Dairy declined over 3% [1][2] - Other notable declines include Zhou Dafu, Dongfang Zhenxuan, and Haidilao, all down over 2% [1][2]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 08 月 28 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 止跌回稳仍是重要目标，储备政策值得期待 投资评级： 看好（维持） ——房地产行业周报（25/08/16-25/08/22） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 3.5%、深证成指上升 4.6%、创业板指上升 5.9%、沪 深 300 上升 4.2%、房地产（申万）上升 0.5%。个股方面，涨跌幅前五的分别为： ST 中迪(+17.2%)、深深房 A(+14.4%)、黑牡丹(+13.3%)、电子城(+11.0%)、万通发 展(+9.1%)，涨跌幅后五的分别为：衢州发展(-11.7%)、*ST 南置(-11.1%)、皇庭国 际(-6.4%)、深物业 A ...

每经AI快讯，8月28日，港股科网股多数走低，截至发稿，美团-W（03690.HK）跌9.20%、阿里巴巴- SW（09988.HK）跌3.37%、京东集团-SW（09618.HK）跌1.81%、贝壳-W（02423.HK）跌1.06%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company achieved a stable revenue growth with a 24.1% year-on-year increase in revenue for the first half of 2025, totaling 49.34 billion yuan, while net profit decreased by 7.3% to 2.16 billion yuan [4][7]. - The total transaction volume reached 1.7224 trillion yuan, reflecting a 17.3% year-on-year growth [4]. - The company has expanded its share buyback program, increasing the authorization from 3 billion USD to 5 billion USD, demonstrating confidence in its future development [7][8]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 21.3%, down 5.4 percentage points year-on-year, but improved by 1.2 percentage points quarter-on-quarter in Q2 [7]. - The operating expense ratio decreased to 18% in H1 2025, down 3.7 percentage points year-on-year [7]. - The company reported a net income of 2.16 billion yuan for H1 2025, with an adjusted net profit of 3.21 billion yuan, both showing a decline compared to the previous year [4][7]. Revenue and Profit Forecast - The projected revenue for 2025 is 100.934 billion yuan, with a year-on-year growth rate of 8.0% [6][11]. - The net profit forecast for 2025 has been adjusted down to 4.962 billion yuan, reflecting a 22.1% increase from the previous year [6][11]. - The company is expected to maintain a stable growth trajectory with a projected net profit of 6.417 billion yuan by 2027 [6][11]. Business Segments Performance - The real estate brokerage segment showed a total transaction volume of 1.1638 trillion yuan in H1 2025, a 13.7% increase year-on-year, with net income of 13.59 billion yuan, up 4% [7][8]. - The home decoration and rental services segments have also shown significant growth, with rental service revenue increasing by 85.2% year-on-year [8][9]. Shareholder Returns - The company has committed to returning value to shareholders through an expanded share buyback program, which is expected to enhance shareholder confidence and support stock performance [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue growth of 11% year-on-year in Q2 2025, primarily driven by the growth in its secondary business segments [8][12] - The adjusted net profit for Q2 2025 was 1.82 billion yuan, a decrease of 32% year-on-year but an increase of 30% quarter-on-quarter [12] - The company has slightly adjusted its profit forecast for 2025-2026, expecting adjusted net profits of 6.3 billion yuan and 7.1 billion yuan respectively [83] Summary by Sections Revenue and Profitability - In Q2 2025, the company achieved a total transaction value (GTV) of 878.7 billion yuan, up 5% year-on-year and 4% quarter-on-quarter, with total revenue of 26 billion yuan [8] - The adjusted net profit margin was 7.0%, down 4.5 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [12] Business Segments Performance - The existing housing business contributed a transaction value of 583.5 billion yuan, with a revenue of 6.7 billion yuan, reflecting a year-on-year decline of 8% [26] - The new housing business showed a transaction value of 255.4 billion yuan, with a revenue increase of 9% year-on-year [49] - The home decoration and furniture business generated 4.6 billion yuan in revenue, up 13% year-on-year, while the rental service revenue surged by 78% year-on-year [63] Market Position and Future Outlook - The company maintains a market share of 12.5% in the new housing sector, an increase of 2.2 percentage points year-on-year [49] - The adjusted earnings per share for 2025 and 2026 are projected to be 1.77 yuan and 2.00 yuan respectively, with corresponding price-to-earnings ratios of 23.9 and 21.2 [83]

Group 1 - The report highlights the increase in user stickiness and the upward revision of annual guidance for Duolingo, with Q2 2025 revenue reaching $252 million, a year-over-year increase of 41.46% [3][4] - The company achieved a gross profit of $183 million in Q2 2025, with a gross margin of 72.38%, benefiting from reduced AI-related costs [4][5] - Duolingo's adjusted EBITDA for Q2 2025 was $79 million, exceeding previous guidance by 27.7%, with a margin of 31.19% [4][5] Group 2 - The report indicates that Yingjia Gongjiu's H1 2025 total revenue was 3.16 billion yuan, a year-over-year decrease of 16.51%, with a net profit of 1.13 billion yuan, down 18.02% [8][9] - In Q2 2025, the company reported revenue of 1.11 billion yuan, a decline of 23.81%, and a net profit of 302 million yuan, down 35.22% [9][10] - The company is focusing on its core product line and optimizing its pricing strategy to manage performance pressures [9][10] Group 3 - China Resources Power's H1 2025 revenue was 50.27 billion HKD, a decrease of 3.1%, with a net profit of 7.87 billion HKD, down 15.9% [12][13] - The decline in net profit was attributed to the absence of subsidiary acquisition gains and increased impairment losses [13][14] - The company plans to maintain stable operations with a focus on coal and renewable energy segments [13][14] Group 4 - Li Ning's H1 2025 revenue was 14.82 billion yuan, a year-over-year increase of 3.3%, while net profit decreased by 11% to 1.74 billion yuan [15][16] - The company experienced growth in e-commerce and licensed distribution channels, but direct sales faced challenges [16][17] - Li Ning's cash flow remains strong, with a net operating cash flow of 2.41 billion yuan, supporting future strategic investments [17][18] Group 5 - Beike-W reported Q2 2025 revenue of 26 billion yuan, an increase of 11.3%, with a net profit of 1.30 billion yuan, down 31.2% [19][21] - The company continues to expand its network of stores and agents, with a total of 60,500 stores, a year-over-year increase of 31.8% [22][23] - Beike is diversifying its business model, focusing on traditional brokerage, home decoration, and rental services [23][24] Group 6 - Wanwu Xingsheng's Q2 2025 revenue reached 4.99 billion yuan, a year-over-year increase of 32.2%, driven by the government's electronic product recycling subsidy policy [25][26] - The company reported a gross margin of 20.7%, slightly down from the previous year, but maintained a positive operating profit [26][27] - Future revenue projections for 2025-2027 are optimistic, with expected growth rates of 28%, 25%, and 22% respectively [27]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 581 million, Kangfang Biotech (09926) with 541 million, and Hong Kong Stock Exchange (00388) with 434 million [1] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -2.396 billion, Xiaomi Group-W (01810) with -1.524 billion, and SMIC (00981) with -845 million [1] - In terms of net inflow ratios, the top three companies are Quan Feng Holdings (02285) at 51.60%, Sen Song International (02155) at 49.91%, and GX China (03040) at 43.94% [1] - The top three companies with the highest net outflow ratios are Yihai International (01579) at -51.63%, Zhou Hei Ya (01458) at -49.54%, and Kangji Medical (09997) at -46.09% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 581 million, representing a 2.88% increase in closing price to 124.500 [2] - Kangfang Biotech (09926) saw a net inflow of 541 million, with a closing price of 169.500, down 4.18% [2] - Hong Kong Stock Exchange (00388) experienced a net inflow of 434 million, closing at 462.800, up 3.30% [2] - Kuaishou-W (01024) had a net inflow of 428 million, closing at 78.750, up 5.14% [2] - Horizon Robotics-W (09660) recorded a net inflow of 401 million, closing at 7.760, up 1.31% [2] Net Outflow Rankings - Yingfu Fund (02800) had the largest net outflow of -2.396 billion, with a closing price of 26.360, up 2.01% [2] - Xiaomi Group-W (01810) experienced a net outflow of -1.524 billion, closing at 53.500, up 1.81% [2] - SMIC (00981) saw a net outflow of -845 million, with a closing price of 57.800, up 1.58% [2] - CNOOC (00883) had a net outflow of -708 million, closing at 18.830, up 0.53% [2] - Pop Mart (09992) recorded a net outflow of -418 million, closing at 326.600, up 1.94% [2] Net Inflow Ratio Rankings - Quan Feng Holdings (02285) had a net inflow ratio of 51.60%, with a net inflow of 24.33 million, closing at 24.300, up 5.29% [3] - Sen Song International (02155) recorded a net inflow ratio of 49.91%, with a net inflow of 54.68 million, closing at 10.900, up 1.68% [3] - GX China (03040) had a net inflow ratio of 43.94%, with a net inflow of 1.29 million, closing at 37.820, up 2.55% [3] Net Outflow Ratio Rankings - Yihai International (01579) had a net outflow ratio of -51.63%, with a net outflow of -69.47 million, closing at 14.780, up 4.23% [3] - Zhou Hei Ya (01458) recorded a net outflow ratio of -49.54%, with a net outflow of -20.12 million, closing at 2.570, up 2.80% [3] - Kangji Medical (09997) had a net outflow ratio of -46.09%, with a net outflow of -30.83 million, closing at 8.680, up 0.35% [3]

Core Insights - Beike's Q2 2025 financial performance shows a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, with net revenue reaching 26 billion yuan, up 11.3%, and a net profit of 1.307 billion yuan, with adjusted net profit at 1.821 billion yuan [2] Group 1: Business Performance - In the first half of the year, Beike's second-hand housing business volume increased by 26% year-on-year, with second-hand transactions accounting for 76% of the platform's total real estate transaction volume [2] - The GTV for Beike's existing housing business reached 583.5 billion yuan in Q2, with net revenue of 6.7 billion yuan [2] Group 2: New Housing Business - Beike's new housing business GTV was 255.4 billion yuan in Q2, reflecting an 8.5% year-on-year growth, with net revenue of 8.6 billion yuan, also up 8.6% [3] - The company utilized AI technology to enhance project management precision and activate more existing projects, while also improving customer engagement through AI tools [3][4] Group 3: AI Integration and Services - Beike has integrated AI large model technology to develop various AI tools for both B-end and C-end users, with over 335,000 agents using the AI CRM tool "Lai Ke" to enhance customer acquisition [4] - The AI online service assistant "Pudding" provides clients with real estate market analysis and property comparisons, showing a 59% month-on-month increase in conversation volume since its launch [4] Group 4: Strategic Expansion - Under the "One Body, Three Wings" strategy, Beike is actively expanding into home decoration, rental, and other services, with non-real estate transaction service revenue accounting for 41% of total net revenue in Q2 [4]