公司名稱: 貝殼控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 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 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 24,114,698,720 | USD | | 0.00002 | USD | | 482,293.97 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 24,114,698,720 | USD | | 0.00002 | USD | | 482,293.97 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 否 | | | | --- | --- ...

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5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 | | | ...

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份內容而產生或因倚 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） 參與者在線登記： 董事會會議召開日期 英文專線：https://s1.c-conf.com/diamondpass/10052404-g5f4d3.html 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2026年3月16日（星期一）舉行董事會會議，以 （其中包括）考慮及通過(i)本集團截至2025年12月31日止三個月的未經審計財務業 績及其發佈，(ii)本集團截至2025年12月31日止的未經審計全年業績及其發佈， 以及(iii)派發末期股息（如有）。 中文同聲傳譯專線（僅供聆聽）：https://s1.c-conf.com/diamondpass/10052407-e3f4ch.html 本公司的管理層將於 ...

Core Viewpoint - KE Holdings Inc. will report its unaudited financial results for Q4 and fiscal year 2025 on March 16, 2026, before the U.S. market opens [1]. Group 1: Financial Reporting - The earnings conference call is scheduled for 8:00 A.M. Eastern Time on March 16, 2026, with registration required for participants [2]. - A replay of the conference call will be available until March 23, 2026, with specific dial-in numbers provided for different regions [2]. Group 2: Company Overview - KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China, operating under the brand Lianjia [3]. - The company has over 24 years of experience through Lianjia, which supports its infrastructure and standards for housing transactions [3].

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4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 ...

Market Performance - The real estate sector (CITIC) experienced a weekly change of +0.9%, while the CSI 300 and Wind All A indices changed by +1.1% and +2.7%, respectively, resulting in excess returns of -0.2% and -1.9%[47] - Among 29 CITIC industry sectors, real estate ranked 20th in performance[47] New Housing Market - In the week from February 21 to February 27, 2026, the new housing transaction area in 36 cities was 780,000 square meters, showing a month-on-month increase of +431.2% but a year-on-year decrease of -69.3%[11] - Cumulative new housing transactions from February 1 to February 27, 2026, totaled 3.407 million square meters, down -41.0% year-on-year[11] - Year-to-date cumulative transactions as of February 27, 2026, reached 9.001 million square meters, reflecting a year-on-year decline of -33.6%[11] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 804,000 square meters, with a month-on-month increase of +749.4% but a year-on-year decrease of -55.8%[16] - Cumulative second-hand housing transactions from February 1 to February 27, 2026, amounted to 3.627 million square meters, down -24.7% year-on-year[16] - Year-to-date cumulative transactions as of February 27, 2026, reached 10.475 million square meters, showing a slight year-on-year decline of -1.5%[16] Inventory and Depletion - The cumulative inventory of new homes in 13 cities was 76.847 million square meters, unchanged month-on-month but down -3.2% year-on-year[25] - The new home depletion cycle in these cities was 24.8 months, with a month-on-month increase of +0.6 months and a year-on-year increase of +8.4 months[25] Land Market - From February 23 to March 1, 2026, the land transaction area in 100 cities was 1.8585 million square meters, reflecting a month-on-month increase of +2033.5% but a year-on-year decrease of -26.5%[40] - The average land price was 1,734 yuan per square meter, with a month-on-month increase of +262.0% and a year-on-year decrease of -13.6%[40] - Year-to-date cumulative land transaction area as of March 1, 2026, was 15.9928 million square meters, down -18.0% year-on-year[40] Investment Recommendations - Recommended mainland developers include Binjiang Group and China Merchants Shekou for A-shares, and China Overseas Development and Greentown China for Hong Kong stocks[10] - Suggested light-asset operation companies include Greentown Service for property management and China Resources Vientiane Life for commercial management[10]

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3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 | | | ...

Investment Rating - The report maintains a recommendation for the real estate sector, indicating a cautious outlook due to ongoing challenges in the market [2] Core Insights - The real estate index increased by 0.6% in the ninth week of 2026, ranking 24th among 31 primary industry sectors [9][11] - New home sales in 20 monitored cities decreased by 44% year-on-year, while second-hand home sales in 11 cities also saw a significant decline of 48% year-on-year [21][26] - The report highlights various local government policies aimed at stimulating the real estate market, including adjustments to housing purchase restrictions and increased loan limits for first-time buyers [14][18] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,243.4 billion yuan and a circulating market value of about 1,191.5 billion yuan [2] Policy News - Shanghai has implemented new policies to relax housing purchase restrictions for non-local residents, including reduced social insurance or tax payment requirements [14][17] - In Huai'an, measures include subsidies for new home purchases and support for families with multiple children [16][19] Sales Performance - In the ninth week, the average daily transaction area for new homes in 20 cities was 19.1 million square meters, with total sales reaching 134 million square meters, reflecting a 1013% increase week-on-week but a 44% decrease year-on-year [21][23] - For second-hand homes, the average daily transaction area was 17.7 million square meters, with total sales of 124 million square meters, showing an 8547% increase week-on-week but a 48% decrease year-on-year [26][27] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, investment in leading shopping centers, and monitoring leading real estate agencies for efficiency improvements [6][21]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][28]. Core Insights - The report indicates that after a deep adjustment in the real estate sector, the industry fundamentals are approaching a bottom, supported by recent central government policies aimed at stabilizing the market [2][28]. - The report highlights a significant increase in new home transactions, with a week-on-week increase of 334.6% in 34 key cities, indicating a recovery trend [3][11]. - The report emphasizes the importance of quality real estate companies and commercial properties, suggesting that they will recover profitability sooner and with more elasticity due to improved industry dynamics [2][28]. Industry Data Summary New Home Transaction Volume - In the week of February 21-27, 2026, new home transactions in 34 key cities totaled 1.057 million square meters, a week-on-week increase of 334.6% [3][11]. - The transaction volume for first-tier cities was 950,000 square meters, up 315.9% week-on-week, while third and fourth-tier cities saw a staggering increase of 626.2% [3][11]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 key cities reached 512,000 square meters, reflecting a week-on-week increase of 823.7% [11]. - However, the cumulative transaction volume for February showed a year-on-year decline of 25.5% compared to the previous year [11]. Inventory and Supply - In the week of February 21-27, 2026, 15 key cities launched 120,000 square meters of new supply, with total sales of 380,000 square meters, resulting in a sales-to-launch ratio of 3.1 times [21]. - The total available residential area in these cities was 88.436 million square meters, showing a slight decrease of 0.3% week-on-week [21]. Policy and News Tracking - The People's Bank of China announced that the loan market quotation rate (LPR) for February remained unchanged, with a 1-year LPR at 3% and a 5-year LPR at 3.5% [28][29]. - The "Shanghai Seven Measures" policy was introduced to optimize the local real estate market, including reducing the purchase threshold for non-local residents and increasing the maximum public housing fund loan amount for first-time buyers [28][29]. Company Announcements - New City Development successfully issued $355 million in senior unsecured bonds with a maturity of 3 years and a coupon rate of 11.8% [36]. - The report notes that the real estate sector underperformed compared to the broader market, with the SW Real Estate Index rising by only 0.6% compared to a 1.08% increase in the CSI 300 Index [37][38].

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The "Shanghai Seven Measures" further releases purchasing power by reducing housing purchase restrictions and optimizing housing provident fund loan policies, which is expected to alleviate payment pressure and stimulate demand [2][3] - The Shanghai real estate market has adjusted for three years, with a widening price gap between new and second-hand homes, and the new policies are beneficial for breaking the replacement chain [2][18] - There are signs of mild recovery in the market before the Spring Festival, with an increased probability of price stabilization [2][41] - Short-term outlook for real estate stocks is positive due to improved data performance and market conditions, while mid-term focus should be on whether housing prices can stabilize, with March being a critical observation point [2][50] Summary by Sections Policy Changes - The "Shanghai Seven Measures" lowers the threshold for home purchases, allowing eligible non-residents to buy an additional property and easing restrictions for residents [3][4] - The maximum loan amount for first-time homebuyers using the housing provident fund has been increased from 1.6 million yuan to 2.4 million yuan, with additional support for families with multiple children [4] Market Dynamics - The average transaction price for new homes has risen to 10 million yuan, while the second-hand home market shows a steady recovery with average prices around 4 million yuan [18] - The disparity in average prices between new and second-hand homes has made it difficult for homeowners to upgrade, but the new policies aim to facilitate this process [18][19] Market Recovery Indicators - The rate of decline in second-hand home prices has slowed significantly, with Shanghai's prices turning positive at +0.5% [41] - The transaction volume of second-hand homes in January increased by 16% year-on-year, indicating a recovery trend [41][42] - New home market conditions have also shown marginal improvement, with major developers reporting better sales performance [42]