Financial Performance - Total transaction value for 2024 reached RMB 3,349.4 billion (USD 458.9 billion), an increase of 6.6% year-on-year[4] - Net income for 2024 was RMB 93.5 billion (USD 12.8 billion), representing a year-on-year increase of 20.2%[5] - Adjusted net profit for 2024 was RMB 72.11 billion (USD 9.88 billion), a decrease of 26.4% year-on-year[5] - Total revenue for 2024 increased by 20.2% to RMB 93.5 billion (USD 12.8 billion) from RMB 77.8 billion in 2023, driven by growth in new housing and home decoration businesses[27] - Operating profit for 2024 was RMB 3.765 billion (USD 516 million), with an operating margin of 4.0%, down from 6.2% in 2023[34] - Net profit for 2024 was RMB 4.078 billion (USD 559 million), compared to RMB 5.890 billion in 2023[37] - The company reported a basic earnings per share of RMB 1.19 for the year ended December 31, 2024, compared to RMB 1.67 in 2023, a decrease of 29%[73] Transaction and Revenue Growth - Active stores as of December 31, 2024, totaled 51,573, a growth of 17.7% compared to the previous year[6] - Active agents numbered 499,937 as of December 31, 2024, reflecting a year-on-year increase of 16.9%[6] - The total transaction value for Q4 2024 was RMB 1,143.8 billion (USD 156.7 billion), a year-on-year increase of 55.5%[5] - In Q4 2024, the company's net revenue increased by 54.1% year-over-year to RMB 31.1 billion (USD 4.3 billion) from RMB 20.2 billion, driven by growth in total transaction volume and expansion in housing rental services[10] - The net revenue from existing housing business in Q4 2024 was RMB 8.9 billion (USD 1.2 billion), a 47.5% increase from RMB 6.0 billion in Q4 2023[10] - The net revenue from new housing business in Q4 2024 increased by 72.7% to RMB 13.1 billion (USD 1.8 billion) from RMB 7.6 billion in Q4 2023[12] Cost and Expense Management - Operating costs for 2024 increased by 25.8% to RMB 70.5 billion (USD 9.7 billion) from RMB 56.1 billion in 2023[29] - The company's operating costs for external commissions increased by 11.5% to RMB 22.8 billion (USD 3.1 billion) in 2024, compared to RMB 20.4 billion in 2023, driven by new home business net income growth[31] - Internal commission and salary costs rose by 11.1% to RMB 18.9 billion (USD 2.6 billion) in 2024 from RMB 17 billion in 2023, due to increased transactions and improved benefits for agents[31] - Operating expenses grew by 13.3% to RMB 19.2 billion (USD 2.6 billion) in 2024, up from RMB 16.9 billion in 2023[33] Research and Development - The company's research and development expenses in Q4 2024 rose by 38.4% to RMB 739 million (USD 101 million) due to an increase in the number of R&D personnel and technical service costs[17] - Research and development expenses increased by 17.9% to RMB 2.3 billion (USD 300 million) in 2024, primarily due to an increase in R&D personnel and technical service costs[35] Shareholder Returns - The company plans to repurchase approximately USD 716 million worth of shares in 2024, representing about 3.9% of the total shares outstanding as of the end of 2023[10] - The company announced a final cash dividend of USD 0.12 per ordinary share, totaling approximately USD 400 million[42] - The dividend payment date is expected to be around April 22, 2025, for common shareholders and April 25, 2025, for American depositary share holders[44] Market Strategy and Outlook - The company aims to enhance customer experience and service efficiency through technology and humanistic values[7] - The company plans to continue expanding its market presence and enhancing its service offerings in the coming fiscal year[27] - The company is focusing on expanding its market presence and exploring potential mergers and acquisitions to drive growth[54] - The management anticipates a positive outlook for the overall economic conditions in China, which may influence future business performance[54] Cash Flow and Liquidity - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 61.6 billion (USD 8.4 billion) as of December 31, 2024[25] - The company's cash and cash equivalents decreased from RMB 19.63 billion in 2023 to RMB 11.44 billion in 2024, a decline of about 41.6%[58] - The total current liabilities are expected to rise from RMB 39.52 billion in 2023 to RMB 52.74 billion in 2024, an increase of approximately 33.4%[60] - The total net increase in cash and cash equivalents for the three months ended December 31, 2024, was RMB 4,480,990, compared to RMB 3,862,085 for the same period in 2023, reflecting an increase of 16%[80] Non-GAAP Metrics - The company utilizes non-GAAP financial metrics to assess operational performance, including adjusted operating profit and adjusted net profit[48] - Adjusted operating profit excludes stock-based compensation, intangible asset amortization, and impairment of goodwill and other long-term assets[49] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and encourages investors to review them alongside GAAP metrics[49]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company's brokerage business has a strong competitive moat that is difficult for competitors to surpass, with its direct brand, Lianjia, occupying a core market position. The company is expanding its market share in lower-tier cities through its platform, Beilian. The second-hand market is improving while the new housing market in lower-tier cities remains sluggish, providing a comfortable operating environment for the company. The second-hand business is expected to increase in volume, while the new housing business is expected to see price increases, leading to continuous performance growth and amplified profit elasticity due to operational leverage. The home decoration and rental businesses may not contribute significantly to profits in the short term but are expected to provide substantial performance growth in the medium term. Given its competitive advantages, relative scarcity, potential performance elasticity, and the influx of incremental funds post-listing, the company is expected to enjoy a certain valuation premium in the short term. From a medium to long-term perspective, there is still room for improvement in brokerage business share, and the home decoration and rental sectors can contribute to potential growth, with data assets holding significant value elasticity, making the company a strategic allocation target [2][9][10]. Summary by Sections Company Overview - The company is a leading integrated online and offline real estate transaction and service platform, focusing on digitalizing and smartening the residential service industry. It provides a one-stop, high-quality, and efficient service including second-hand and new housing transactions, rentals, home decoration, and home services. In 2023, the company's total transaction volume (GTV) reached 3.14 trillion yuan, with the proportion of second-hand and new housing brokerage business maintaining over 95% [18][22]. Competitive Moat - The company has built a competitive moat through high and lengthy infrastructure construction, creating a barrier that competitors find hard to cross. The ACN network breaks traditional competitive dilemmas, enabling a win-win cooperation model and expanding single-store economies to regional economies. The company's self-operated brand, Lianjia, has successfully captured customer mindshare through its property dictionary, genuine listings, and service commitments, resulting in significant premium in customer acquisition and commission rates compared to industry averages [6][36]. Market Share and Profit Elasticity - The company’s market share in the second-hand and new housing GTV was 28.6% and 9.7% respectively in 2023. The brokerage business is transitioning from scale victory to efficiency priority, with Lianjia promoting a large store model and leveraging the Beilian platform for continuous expansion. The impact of commission reductions in Beijing is gradually diminishing, and the commission rate for second-hand transactions has shown signs of recovery [7][9]. Business Expansion and Future Growth - The home decoration business has rapidly grown, with revenue exceeding 10 billion yuan in 2023. The company is shifting focus from blind expansion to solidifying internal capabilities and enhancing management efficiency. The rental business, "Shengxin Rent," has also expanded rapidly, contributing over 15% to rental income, and is expected to maintain good growth momentum. The company is exploring new profit points through its data assets and partnerships with developers [8][9][10]. Financial Performance - The company achieved revenue of 77.8 billion yuan in 2023, with the second-hand and new housing businesses accounting for 36% and 39% respectively. The home decoration business saw significant growth, reaching 10.9 billion yuan, while rental income reached 9.8 billion yuan, accounting for 16%. The overall gross margin improved to 27.9%, and the company successfully turned a profit with a net profit of 5.9 billion yuan in 2023 [30][32]. Valuation and Shareholder Returns - The company emphasizes shareholder returns through substantial dividends and buybacks, ensuring a solid bottom-line return for shareholders. The adjusted net profit forecasts for 2024-2026 are 8.11 billion, 8.91 billion, and 10.23 billion yuan, with corresponding PE ratios of 25.8, 23.4, and 20.4 times. Given its competitive advantages and potential performance elasticity, the company is expected to enjoy a valuation premium in the short term [9][10].

Investment Rating - The investment rating for the company is "Buy" with an initial recommendation [9]. Core Viewpoints - The company's brokerage business has a strong competitive moat that is difficult for competitors to surpass, with its direct brand, Lianjia, occupying a core market position. The company is expanding its market share through its platform, Beilian, particularly in lower-tier cities. The second-hand market is improving while the new housing market in lower-tier cities remains sluggish, providing a comfortable operational environment for the company. The second-hand business is expected to increase in volume, while the new housing business is expected to see price increases, leading to continuous performance enhancement and amplified profit elasticity due to operational leverage. Although the home decoration and rental businesses may not contribute significantly to profits in the short term, they are expected to provide substantial performance growth in the medium term. Given its competitive advantages, relative scarcity, potential performance elasticity, and the influx of incremental funds post-listing, the company is expected to enjoy a certain valuation premium in the short term. From a medium to long-term perspective, there is still room for improvement in brokerage business share, and home decoration and rental services can contribute to potential growth, making the company a strategic investment choice [2][8]. Summary by Sections Company Overview - Beike is a leading integrated online and offline real estate transaction and service platform, dedicated to advancing the digitalization and intelligence of residential services. The platform offers a one-stop, high-quality, and efficient service that includes second-hand and new housing transactions, rentals, home decoration, and home services. In 2023, the company's Gross Transaction Value (GTV) reached 3.14 trillion yuan, with the proportion of second-hand and new housing brokerage business maintaining over 95% of the GTV [17][22]. Competitive Moat - The company has established a competitive moat through high and lengthy infrastructure construction, which is difficult for competitors to overcome. The ACN network breaks the traditional competitive dilemma, enabling a win-win cooperation model and expanding the scale economy from single stores to regional economies. The company has successfully occupied customer mindshare through its self-operated brand, Lianjia, and has achieved significant premium in customer acquisition and commission rates compared to industry averages [5][6]. Market Share and Profit Elasticity - The company’s market share in second-hand and new housing GTV was 28.6% and 9.7% respectively in 2023. The brokerage business is transitioning from scale victory to efficiency priority, with Lianjia promoting a large store model and continuously expanding through the Beilian platform. The overall operational leverage is expected to further amplify profit elasticity [6][8]. Business Expansion - The home decoration business has rapidly grown, with revenue exceeding 10 billion yuan in 2023. The company is shifting from blind expansion to focusing on regional density, digital systems, and supply chain construction. The rental business, "Shengxin Rent," has also expanded rapidly, contributing over 15% to rental income and is expected to maintain good growth [7][8]. Financial Performance - The company achieved a revenue of 77.8 billion yuan in 2023, with the second-hand and new housing businesses accounting for 36% and 39% respectively. The home decoration business revenue reached 10.9 billion yuan, contributing 14% to total revenue. The company successfully turned a profit in 2023, achieving a net profit of 5.9 billion yuan, with adjusted net profit reaching 9.8 billion yuan [30][33]. Future Outlook - The company is expected to continue enjoying a valuation premium due to its competitive advantages and potential performance elasticity. The adjusted net profits for 2024-2026 are projected to be 8.11 billion, 8.91 billion, and 10.23 billion yuan respectively, with corresponding PE ratios of 25.8, 23.4, and 20.4X [8][9].

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。 本公司董事會（「董事會」）欣然宣佈，根據上海證券交易所及深圳證券交易所分別 刊發的公告，本公司A類普通股已獲納入滬港通及深港通（「納入」），自2025年3 月10日起生效。 於納入後，中國大陸的合資格投資者將能夠直接交易本公司的A類普通股。預期 納入將有助於進一步擴大和多元化本公司的投資者基礎，提升本公司交易流動 性，同時通過金融市場在更大程度上與中國大陸的投資者們分享本公司的成長以 及日後的進一步成功。 董事會謹此感謝本公司股東及投資者對本公司的持續支持。本公司將繼續發展業 務，為股東創造價值。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 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） 自願公告 本公司A類普通股獲納入滬港通及深港通 本公告由貝殼控股有限公司（「本公司」）自願作出，旨在向其股東及潛在投資者提 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 77.9, indicating a potential upside of 21% from the current price of HKD 64.50 [2][4]. Core Insights - The company is recognized as the largest real estate transaction and residential service platform in China, with a comprehensive business model that includes second-hand and new housing transactions, rental services, and home decoration [22][39]. - The company has a strong market presence, with 43,817 stores and 427,700 agents, achieving a total transaction volume of CNY 3.14 trillion in 2023, comprising CNY 1 trillion from new homes and CNY 2.03 trillion from existing homes [22][39]. - The report highlights the company's innovative business model, which includes the ACN network and the "Building Dictionary" to enhance resource control and transaction efficiency, positioning it as a leader in the industry [5][6]. Financial Data and Profit Forecast - Revenue projections show a recovery from CNY 60.67 billion in 2022 to CNY 77.78 billion in 2023, with expected growth to CNY 89.95 billion in 2024 and CNY 95.51 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16% from 2023 to 2024 [3][4]. - The net profit attributable to the parent company is forecasted to rebound from a loss of CNY 1.39 billion in 2022 to a profit of CNY 5.88 billion in 2023, with further growth to CNY 5.73 billion in 2024 and CNY 6.99 billion in 2025 [3][4]. - Earnings per share (EPS) are projected to improve from a loss of CNY 0.39 in 2022 to CNY 1.63 in 2023, remaining stable in 2024 before increasing to CNY 1.99 in 2025 [3][4]. Business Structure and Growth Potential - The company operates under a "One Body, Three Wings" strategy, focusing on real estate transactions while expanding into home decoration, rental services, and the "Beihome" platform, which is expected to drive future growth [4][39]. - The second-hand housing market is identified as a significant growth area, with a market share of 29% in 2023, while the new housing market is anticipated to stabilize with a market share of 10% [4][39]. - The home decoration segment is expected to benefit from increased contract contributions, with the real estate brokerage contributing 43% to the home decoration contract volume in 2023 [4][39]. Market Position and Future Outlook - The company is positioned as a leader in the vast existing housing market, which is projected to enter a new phase of growth as the market shifts towards existing properties [4][39]. - The transition from a direct operation model to a platform-based model is expected to enhance profitability and operational certainty, with future business expansion anticipated beyond transactions to include emerging services [4][39]. - The report emphasizes the company's potential to leverage big data and AI to further explore customer needs and expand its business ecosystem around "people, houses, and money" [4][39].

上调！ 近期，国际权威评级机构摩根士丹利资本国际公司（MSCI）公布最新ESG（环境、社会和治理）评级结果，将贝壳（BEKE.US/02423.HK）的ESG评级 由"BBB"级上调至"A"级，评级综合得分领先互联网行业。 帮消费者安居，助服务者乐业，贝壳持续践行ESG理念，在推动行业服务品质升级、人才培训及 发展、低碳绿色、社区公益等领域一直表现卓越。 MSCI ESG评级结果是全球各大投资机构进行投资决策的重要依据，此次贝壳获得MSCI ESG评级提升，不仅验证了贝壳长期主义战略的价值，更彰显其以社 会价值驱动高质量发展的使命担当。 推动服务者"专业化"转型 以服务重塑居住价值 在"一体三翼"战略下，贝壳以消费者需求为出发点，通过覆盖房产交易、家装家居、房屋租赁的全场景服务承诺体系，重塑行业信任标准和品质基石。 在房产交易领域，贝壳真房源服务承诺已连续13年实现平台100%覆盖，真房源率长期保持在95%以上。2024年11月，贝壳推出"3+3"平台级服务承诺，并宣 布设立1亿元平台赔付保障资金，进一步提升消费者的服务保障。 在美好租住领域，贝壳致力打造"省心租，安心住"的租住环境，多层次扩大优质供给。此外 ...

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 參與者在線登記： （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） 董事會會議召開日期 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2025年3月18日（星期二）舉行董事會會議，以 （其中包括）考慮及通過(i)本集團截至2024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2024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）。 本公司的管理層將於美國東部時間2025年3月18日（星期二）上午八時正（即北 京╱香港時間同日的下午八時正）舉行業績電話會議。 有意使用撥號參加電話會議的參與者請在會議計劃開始時間前至少20分鐘使用下 文提供的鏈接完成在線登記。撥號、會議密碼及唯一的訪問個人識別碼將在登記 後提 ...

事件 2025 年 2 月 28 日，公司披露其 MSCI ESG 评级由"BBB"上调至 "A"级，连续两年获得评级提升。 点评分析 ESG 为 A 的公司 ROE 更高，波动更小，吸引更多投资者。根据每日 经济新闻，实证研究 ESG 评级为 A 的上市公司其 ROE 算术平均值 明显高于其他公司。同时 ESG 评级为 A 的上市公司年化波动率最 低，其 60 个月年化波动率为 45.62%。我们认为 ESG 表现优越的公 司品牌强、治理好、声誉佳、风险低，具备长期竞争力，能够吸引 更多长线投资者及 ESG 投资者。 楼市春意渐浓，行业β修复中，贝壳率先受益。从前端看，根据贝 壳找房，春节后核心一二线城市的带看人数持续上升，在自然情况 下趋近甚至明显超越去年 9 月末新政后的水平。从备案看，最新 一周（2.22-2.28）47 城商品房销售 419 万方，环比+28.7%，同比 +28.6%；22 城二手房成交 282 万方，环比+14.2%，同比+64.4%。 今年小阳春正逐步兑现，随着行业β逐步修复，贝壳作为行业龙头 则率先受益。 贝壳入通在即，估值有望修复。3 月 10 日港股通名单进行调整， 在考察 ...

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。 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） 自願性公告 MSCI ESG評級上調至A級 在MSCI的最新評估中，本公司在ESG社會類別中獲得了令人矚目的7.2分，優於 全球行業平均的4.3分。這一成就源於本公司在提升人力資本方面的持續努力，包 括為服務者提供量身定制的職業培訓計劃和系統化的職業發展路徑，以及建立完 善的隱私保護和數據安全措施。此外，本公司在探索將綠色環保概念融入各個業 務場景的機會方面取得了顯著進展，例如制定了「 鏈家 綠色門店標準」，對經紀門 店的環保裝修、物資循環利用和用電智能控制設備安裝等進行規範。這些努力促 使本公司在ESG環境類別的得分較前一年顯著提升1.8分。 MSCI ESG評級是由領先的面向全球投資界的關鍵決策支持工具和服務商MSCI編 製，旨在為機構投資者評估企業在財務層面對重大ESG ...

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2月26日 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 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 ...