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27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 [3][40]. Core Views - The report emphasizes the potential of the "Good House" policy to create new pathways for recovery in core cities, leading to a resurgence in leading companies and the opening of new development avenues [3][40]. - It highlights the ongoing monetary easing cycle in China, which is expected to enhance the value of quality commercial real estate [3][40]. Industry Data Summary New Housing Transactions - In the week of October 18-24, 2025, new housing transactions in 34 key cities totaled 2.566 million square meters, a decrease of 1.9% week-on-week [3][4]. - Year-on-year, new housing transactions in October showed a decline of 23% across 34 cities [3][6]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.155 million square meters, down 6.1% from the previous week [3][12]. - Cumulatively, second-hand housing transactions in October were down 20.1% year-on-year [3][12]. Inventory and Sales - The report notes that 15 cities had a total of 710,000 square meters of new housing launched, with a sales-to-launch ratio of 1.48 times [3][21]. - The total available residential area in these cities was 89.75 million square meters, reflecting a 0.4% decrease [3][21]. Policy and News Tracking Macro Policies - The 20th Central Committee's Fourth Plenary Session called for promoting high-quality development in the real estate sector [3][30]. - National statistics revealed a 13.9% year-on-year decline in real estate investment for the first three quarters of 2025, totaling 677.06 billion yuan [3][30]. Company Dynamics - Major state-owned enterprises remain active in financing, with Poly Developments reporting a new guarantee of 41.03 billion yuan for 2025 [3][36]. - China Overseas Development achieved sales of 7.56 million square meters, down 1%, with a revenue of 170.5 billion yuan, down 14% [3][36]. Sector Performance Review - The SW Real Estate Index rose by 1.51%, underperforming compared to the Shanghai and Shenzhen 300 Index, which increased by 3.24% [3][40]. - The report identifies key companies to watch, including China Resources Land, Longfor Group, and Poly Developments, among others [3][40].

Core Points - Beike-W (02423) announced a share repurchase plan, intending to spend approximately $5 million to buy back around 813,100 shares by October 23, 2025 [1] Summary by Category - **Company Actions** - The company plans to repurchase approximately 813,100 shares at a cost of about $5 million [1]

Core Insights - The 2025 Responsibility China ESG Annual Ceremony was held in Guangzhou, focusing on corporate social responsibility and ESG development pathways [2] - Hou Wenjing, Secretary-General of the Beike Public Welfare Foundation, emphasized the foundation's commitment to "business for good" and integrating public welfare into corporate strategy [2] Group 1: Community Support for the Elderly - Beike Public Welfare has developed a systematic approach to community support for the elderly, highlighted by the "I Teach You to Use a Mobile Phone" project, which has engaged over 445,000 active agents and served approximately 1.3 million elderly individuals across over 130 cities [3][5] - The "I Teach You to Prevent Falls" project, launched in 2023, has reached over 144,000 elderly individuals through health classes and materials [5] - The "Independent Guardian Plan," initiated in 2024, aims to provide smart home solutions for elderly individuals living alone, with plans to serve 2,000 households in three cities [5] Group 2: Community Building Initiatives - The "Beike Medical Love Home" project has provided temporary housing and support for families of critically ill children, serving 1,848 families with over 19,000 nights of accommodation [6] - Beike's offline store network has been transformed into community service nodes, exemplified by the "Neighbor Home" and "Rider Station" projects in Guangzhou, which integrate various community services [8] - The foundation's approach combines business resources, store networks, and technology to address key community needs, reinforcing its commitment to creating value for consumers and society [8]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $5 million to repurchase 813,100 shares [1]

智通财经APP讯，贝壳-W(02423)公布，2025年10月23日耗资约500万美元回购约81.31万股股份。 ...

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24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 | ...

Core Viewpoint - Beike-W (02423.HK) has had its MSCI ESG rating upgraded from A to AA as of October 23, 2025, according to the ESG Rating Center of Sina Finance [1] Group 1 - The upgrade reflects an improvement in the company's environmental, social, and governance practices [1]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback of 813,000 shares for a total expenditure of $5 million on October 22 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total amount spent on the buyback was $5 million [1] - The number of shares repurchased was 813,000 [1]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, committing to buy back 812,800 shares for a total expenditure of $5 million by October 22, 2025 [1] Summary by Category - **Company Actions** - The company plans to repurchase 812,800 shares [1] - The total amount allocated for the buyback is $5 million [1] - **Financial Implications** - The share repurchase indicates the company's confidence in its financial health and future prospects [1]