Core Viewpoint - Beike (BEKE.US/02423.HK) has reported steady performance in its latest financial results, despite underperforming compared to the broader market in both Hong Kong and the US this year [1][2] Group 1: Financial Performance Highlights - Total Gross Transaction Value (GTV) reached 1.72 trillion yuan in the first half of 2025, a year-on-year increase of 17.3%, with existing home GTV growing by 13.7% and new home GTV by 26.0%, significantly above industry averages [6] - Net revenue for the first half of the year was 49.3 billion yuan, reflecting a year-on-year growth of 24.1%, indicating improved monetization capabilities [7] - Non-real estate transaction services are increasingly contributing to revenue, with home decoration and rental services generating 7.5 billion yuan and 10.7 billion yuan respectively, marking year-on-year increases of 16.5% and 85.2% [8] Group 2: Business Growth and Network Expansion - The number of Beike stores reached 60,500, and the number of agents increased to 558,000, enhancing the platform's ecosystem and competitiveness [10] - The share buyback program has been robust, with 394 million USD in American Depositary Shares repurchased in the first half of the year, and a total of 2.02 billion USD since the program's initiation, representing 10.3% of the total shares before the buyback [11] Group 3: Market Expectations and Valuation Discrepancies - The market continues to value Beike primarily as a "real estate transaction platform," overlooking its transformation into a comprehensive "residential service ecosystem," which has significant value [14] - Short-term fluctuations in profitability have overshadowed long-term structural improvements, with healthy operating cash flow indicating strong core business performance [16][17] - The market has underestimated the efficiency gains from Beike's investments in AI and technology, which are crucial for enhancing service delivery and operational efficiency [18] Group 4: Market Sentiment and Future Outlook - The current bull market in Hong Kong and A-shares has led to increased recognition of Beike's growth potential, with several institutions issuing buy ratings and target prices indicating substantial upside [4][20] - Recent capital inflows into Beike's stock suggest a positive market sentiment, with a notable increase in holdings from Hong Kong Stock Connect [23]

Core Viewpoint - The real estate market in 2025 is still undergoing deep adjustments, with many industry players feeling confused about the ongoing decline despite government efforts to stabilize the market [1] Market Trends - The real estate sector is experiencing "three changes and three constants": policy direction has shifted from deleveraging to risk prevention, demand has diversified, and competition has moved from scale expansion to quality comparison, while urbanization and the pursuit of a better life remain unchanged [4][5] - The market has shown signs of weakness again in April and May, indicating ongoing uncertainty in the industry [3] Investment Strategies - Major real estate companies are adopting cautious land acquisition strategies, focusing on first and second-tier cities to ensure certainty in investments [8] - Green City has actively acquired land with a total value exceeding 90 billion, with 88% in first and second-tier cities, but plans to slow down in the second half of the year [9] - Yuexiu emphasizes a strategy of selecting small plots for quick turnover and low risk, with 92% of investments concentrated in core areas [10] - Longhu has prioritized debt safety and project delivery over new investments, acquiring only four plots in key cities this year [10] Product Development - The emphasis on product quality has become crucial for navigating market cycles, with companies recognizing that strong product capabilities are essential [11] - The concept of "product equality" is emerging, where high-quality features previously exclusive to luxury projects are now becoming standard across various market segments [11][12] Profitability Trends - Many real estate companies are facing profit declines, with over 60% of listed firms expecting losses, primarily due to reduced sales and asset impairment losses [16][17] - Some companies, like China Overseas and China Resources Land, are still reporting strong profits due to strategic investments in core urban areas and effective cost management [18][19] - China Overseas reported a net profit of 9.53 billion, maintaining a high profit margin despite a slight year-on-year decline [20]

Core Insights - Beike (BEKE.US) shares rose over 3% to $18.16 following the release of its financial report for the first half of 2025, which showed a total transaction volume of 1.7224 trillion yuan, a year-on-year increase of 17.3% [1] - The company reported a net income of 49.3 billion yuan, reflecting a year-on-year growth of 24.1%, while net profit was 2.162 billion yuan, slightly down from 2.333 billion yuan in the same period last year [1] Industry Context - The performance of Beike in the first half of 2025 is influenced by two main factors: on a macro level, the overall transaction volume in China's real estate market remained stable, although the market entered an adjustment phase in the second quarter [1] - On a micro level, Beike welcomed several large and medium-sized real estate brokerage brands, leading to an increase in active stores to 58,664, which is over 32% year-on-year growth, and active agents reached 491,573, marking a growth of over 19% [1]

Group 1 - The majority of popular Chinese concept stocks rose on Tuesday, with the Nasdaq Golden Dragon China Index increasing by 0.52% [1] - Alibaba saw an increase of over 2%, while Pinduoduo and JD.com both rose by more than 1% [1] - Li Auto and Beike experienced gains of over 4%, and NIO rose by over 3% [1] Group 2 - Xpeng Motors declined by over 1%, and Trip.com fell by over 2% [1]

Core Insights - Beike (BEKE.US) shares rose over 3% to $18.16 on Tuesday following the release of its financial report for the first half of 2025 [1] - The total transaction volume for Beike reached 1.7224 trillion yuan, representing a year-on-year increase of 17.3% [1] - Beike reported net revenue of 49.3 billion yuan, up 24.1% year-on-year, and a net profit of 2.162 billion yuan, slightly down from 2.333 billion yuan in the same period last year [1] Industry Context - The performance of Beike in the first half of 2025 is influenced by the macroeconomic environment, where the total housing transaction volume in China's real estate market remained stable, although the market entered an adjustment phase in the second quarter [1] - On a micro level, Beike welcomed several large and medium-sized real estate brokerage brands, leading to an increase in active stores to 58,664, a growth of over 32% year-on-year, and active agents reaching 491,573, up over 19% year-on-year [1]

Group 1 - PepsiCo shares increased by 5.8%, with activist investment firm Elliott Management holding $4 billion in shares [1] - Cytokinetics shares surged by 27.2% following significant efficacy results from clinical trials of aficamten in treating symptomatic obstructive hypertrophic cardiomyopathy patients [1] - Constellation Brands shares fell by 7.3% after the company lowered its full-year earnings guidance [1] - Beike shares rose by 2.1%, with multiple institutions reaffirming a "buy" rating post-earnings [1]

Core Viewpoint - Beike-W (02423) announced the grant of a total of 37,500 restricted stock units under its 2020 share incentive plan, which will be issued on September 2, 2025 [1] Summary by Relevant Sections - **Stock Grant Details** - The company will grant a total of 37,500 restricted stock units, equivalent to the same number of related Class A ordinary shares [1] - Chen Xiaohong, an independent non-executive director, will receive 26,250 restricted stock units [1] - Zhu Hansong, another independent non-executive director, will receive 11,250 restricted stock units [1] - The grants do not require shareholder approval [1]

Core Viewpoint - The company has announced the grant of a total of 37,500 restricted share units under its 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories Share Incentive Plan - The grant consists of 37,500 restricted share units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted share units awarded to Ms. Chen Xiaohong, an independent non-executive director of the company [1] - Mr. Zhu Hansong, another independent non-executive director, will receive 11,250 restricted share units [1] - The grants do not require shareholder approval [1]

Core Viewpoint - Beike-W (02423.HK) announced the grant of a total of 37,500 restricted stock units under the 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories - **Stock Grant Details** - The company will grant 37,500 restricted stock units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted stock units to Ms. Chen Xiaohong, an independent non-executive director of the company, and 11,250 restricted stock units to Mr. Zhu Hansong, also an independent non-executive director [1]

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） 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。 （股份代號：2423） 授出受限制股份單位 本公司根據2020年股份激勵計劃批准於2025年9月2日授出合共37,500個受限制股 份單位（相當於相同數目的相關A類普通股），包括(i)向陳小紅女士（為本公司的 一名獨立非執行董事）授出26,250個受限制股份單位，及(ii)向朱寒松先生（為本 公司的一名獨立非執行董事）授出11,250個受限制股份單位（各自為一項「董事授 出」，統稱為「董事授出」）。該等董事授出毋須獲得股東批准。 董事授出受2020年股份激勵計劃的條款及條件以及本公司與陳小紅女士及朱寒松 先生各自訂立的董事服務協議及獎勵協議的規限。2020年股份激勵計劃的主要條 款載於本公司日期為2022年5月5日的上市文件附錄四「法定及一般資料－股份激 勵計劃－2020年股份激勵計劃」一節及本公司 ...