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12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 | ...

| 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) | 2026年3月9日 | | 3,391,029,167 | | | 0 | | 3,391,029,167 | | 1). 其他 (請註明) | | | | % | | | | | | 見B部分 | | | | | | | | | | 變動日期 | 2 ...

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

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10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 ...

Market Performance - The real estate sector (CITIC) experienced a weekly change of +4.2%, while the CSI 300 and Wind All A indices fell by -1.1% and -2.3%, respectively, resulting in excess returns of -3.1% and -1.9%[45] - Among 29 CITIC industry sectors, real estate ranked 25th in performance[45] New Housing Market - In the week from February 28 to March 6, 2026, new housing sales in 36 cities totaled 1.32 million square meters, a month-on-month increase of +69.3% but a year-on-year decrease of -26.1%[9] - Cumulative new housing sales from March 1 to March 6, 2026, reached 1.009 million square meters, down -30.5% year-on-year[9] - Year-to-date new housing sales as of March 6, 2026, totaled 10.325 million square meters, a decline of -33.9% compared to the previous year[9] Second-Hand Housing Market - In the same week, second-hand housing sales in 15 cities amounted to 1.445 million square meters, reflecting a month-on-month increase of +79.9% but a year-on-year decrease of -17.2%[15] - Year-to-date second-hand housing sales reached 11.921 million square meters, down -3.9% year-on-year[15] Inventory and Absorption - Cumulative new housing inventory in 13 cities stood at 76.741 million square meters, with a month-on-month change of -0.1% and a year-on-year change of -3.0%[23] - The absorption period for new housing in these cities is 25.2 months, with a year-on-year increase of +9.0 months[23] Land Market - From March 2 to March 8, 2026, land transactions in 100 cities totaled 1.3881 million square meters, a month-on-month decrease of -37.0% but a year-on-year increase of +186.2%[38] - The average land price was 578 yuan per square meter, down -62.3% month-on-month and -67.3% year-on-year[38] Financing Situation - In the week from March 2 to March 8, 2026, real estate companies issued a total of 15 credit bonds, raising 13.79 billion yuan, a month-on-month increase of +2411.8% but a year-on-year decrease of -35.9%[39] - Year-to-date, real estate companies have issued 82 credit bonds totaling 70.78 billion yuan, down -22.7% year-on-year[39]

第 1 頁 共 8 頁 v 1.3.0 | 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 | | | 變動日期 | 2026年1月8日 | | | | | | 6). ...

Investment Rating - The report maintains a "Buy" rating for the company [8][15]. Core Insights - The company is expected to see a 27% year-on-year decline in revenue for Q4 2025, amounting to 22.8 billion RMB, with significant declines in existing homes, new homes, home decoration, and rental income [1]. - Adjusted net profit is projected to decrease by 64% year-on-year to 4.8 billion RMB [1]. - The report anticipates a marginal improvement in the brokerage business in Q1 2026, driven by a decrease in second-hand housing listings, which may alleviate downward pressure on housing prices [1]. - For 2026, the brokerage business is expected to expand its market share by 1-2.5 percentage points, with significant profit margin recovery anticipated [1][3]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to +0.1% for 2025, -6.2% for 2026, and -9.6% for 2027, primarily due to limited upside in the brokerage business's take rate and a slight slowdown in market share expansion [11][13]. - Adjusted net profit estimates for 2025-2027 have been revised down by 12.9%, 14.3%, and 20.9% to 5.02 billion RMB, 6.3 billion RMB, and 7.39 billion RMB respectively [11][13]. Business Segment Performance - The existing home transaction services are expected to see a revenue decline of 34% year-on-year in Q4, while new home transaction services are projected to decline by 37% [3][12]. - The rental business is expected to show resilience, with a revenue decline of only 2% in Q4, and an anticipated addition of 200,000 to 300,000 rental units in 2026 [4]. - The home decoration segment is undergoing structural adjustments, with a revenue decline of 8% expected in Q4 [5]. Market Conditions - Recent policy changes in Shanghai are expected to boost market confidence, with the second-hand housing market showing resilience despite a 4% decline in transaction area across 22 cities [2]. - The new home market is showing signs of marginal improvement, with a 32% year-on-year decline in transaction area for 44 cities, a slight improvement from the 37% decline in Q4 [2]. Valuation - The target prices for the company's stock are set at 21.85 USD for the US market and 56.07 HKD for the Hong Kong market, corresponding to a 27.8 times PE ratio for 2026, which is above the global comparable company's average of 22.8 times [15][16].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, indicating optimism for quality real estate companies and commercial properties [2][34]. Core Insights - The report highlights a recovery in new home sales, with a 69% week-on-week increase in 34 key cities, although year-on-year sales are down 32.1% [2][3]. - The government is focusing on stabilizing the real estate market, increasing residents' property income, and effectively utilizing monetary policy tools such as interest rate cuts [2][26]. - The report suggests that the industry is nearing a bottom after significant adjustments, with a more favorable policy environment emerging [2][34]. Industry Data Summary New Home Sales - New home sales in 34 key cities reached 1.813 million square meters, a 69% increase week-on-week, with first and second-tier cities seeing a 78.2% rise [2][3]. - Year-on-year sales for March show a decline of 32.1%, with first and second-tier cities down 29.7% and third-tier cities down 55.9% [4][6]. Inventory and Supply - In the last week, 15 cities launched 340,000 square meters of new homes, with a sales-to-launch ratio of 2.14, indicating strong demand relative to supply [20][21]. - The total available residential area in these cities is 88.055 million square meters, showing a slight decrease of 0.44% week-on-week [20]. Policy and News Tracking - The government is implementing measures to stabilize the real estate market, including policies to control inventory and improve supply [26][29]. - The People's Bank of China is expected to use various monetary policy tools flexibly to support economic growth and stabilize asset prices [26][29]. Company Dynamics - New City Holdings has received approval for its commercial real estate REITs, indicating a move towards diversifying funding sources [34]. - Several real estate companies reported significant declines in sales for February, with China Overseas Development at 8.46 billion yuan (-35.9%) and CIFI Holdings at 5.3 billion yuan (-67.1%) [34].

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6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 ...

Group 1 - The Hang Seng Index Company announced the results of the latest quarterly review of the Hang Seng Index series, with changes effective after market close on March 6, 2026, and effective from March 9, 2026 [2] - The Hang Seng Index will include three new stocks: CATL, Luoyang Molybdenum, and Laopuqin Gold, increasing the number of constituent stocks from 88 to 90 [2] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [2] Group 2 - There are no changes to the constituent stocks of the Hang Seng Tech Index, which will remain at 30 stocks [2]