Core Points - I Love My Home (000560) announced that its actual controller, Xie Yong, successfully auctioned 115 million shares through Taobao's judicial auction platform for 317 million yuan, representing 88.46% of his holdings and 4.88% of the company's total share capital [1][3] - If the auctioned shares are transferred, Xie Yong's holdings will decrease to 15 million shares, or 0.64% of the total share capital, while the combined control of Xie Yong and his concerted parties will reduce to 426 million shares, or 18.09% of the total share capital [3] - The auction will not change the company's controlling shareholder or actual controller, as Xizang Taihe remains the controlling shareholder and Xie Yong continues to be the actual controller [3] Financial Performance - I Love My Home reported continuous losses in 2022 and 2023, totaling over 1.1 billion yuan [4] - In 2024, the company showed signs of recovery with a revenue of 12.536 billion yuan, a year-on-year increase of 3.67%, and a net profit of 73.41 million yuan, marking a turnaround from losses [4] - For the first three quarters of this year, the company achieved a revenue of 8.165 billion yuan, a year-on-year decrease of 6.81%, but a net profit of 42.33 million yuan, a significant increase of 398.75% year-on-year [4]

Core Points - I Love My Home announced that its actual controller, Mr. Xie Yong, has successfully auctioned part of his shares through a judicial auction [2] - The auction involved 115,000,000 shares of the company, which were sold for a total price of RMB 316,640,000 [2] Summary by Category - **Company Announcement** - I Love My Home received notification from its actual controller regarding the successful auction of shares [2] - The auction was conducted on the Taobao judicial auction platform [2] - **Auction Details** - The shares auctioned were 115,000,000, with the winning bid placed by Beijing Yuan Cheng Asset Management Co., Ltd. [2] - The auction took place on November 9, 2025, and the final price was RMB 316,640,000 [2]

Market Performance - The real estate service sector increased by 1.9% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Huangting International (code: 000056) closed at 2.40, with a rise of 3.45% and a trading volume of 474,900 shares, amounting to a transaction value of 113 million [1] - Ningbo Fuda (code: 600724) closed at 5.64, up 2.92%, with a trading volume of 159,100 shares and a transaction value of 88.86 million [1] - Te Fa Service (code: 300917) closed at 41.12, increasing by 2.80%, with a trading volume of 46,600 shares and a transaction value of 190 million [1] - Other notable stocks include Shilianhang (code: 002285) with a 2.08% increase, and Zhenjiang Co. (code: 600684) with a 1.62% increase [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 63.84 million from main funds, while retail funds experienced a net outflow of 38.53 million [1] - The capital flow for individual stocks indicates that Zhujiang Co. (code: 600684) had a main fund net inflow of 23.74 million, while retail funds saw a net outflow of 27.53 million [2] - Te Fa Service (code: 300917) recorded a main fund net inflow of 11.53 million, with retail funds experiencing a net outflow of 3.02 million [2]

Core Viewpoint - I Love My Home (000560) announced that its actual controller, Xie Yong, sold 115 million shares (88.46% of his holdings, 4.88% of total shares) through a second auction on Taobao from November 8-9, which was won by Beijing Yuan Cheng Asset Management Co., Ltd. for 317 million yuan [1] Summary by Relevant Sections - **Shareholding Changes** - If the transaction is finalized, Xie Yong's shareholding will decrease to 15 million shares (0.64% of total shares) [1] - The combined shareholding of Xie Yong and his concerted actors, as well as the controlling shareholder, will drop to 426 million shares (18.09% of total shares) [1] - **Impact on Control** - The sale will not affect the control rights of the company [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 我爱我家控股集团股份有限公司（以下简称"公司"）近日接到实际控制人 谢勇先生通知，并通过公开渠道查询，获悉谢勇先生持有的公司部分股份司法拍 卖竞拍成功，具体事项如下： 一、股东部分股份被拍卖的基本情况 证券代码：000560 证券简称：我爱我家 公告编号：2025-050 号 我爱我家控股集团股份有限公司 关于公司实际控制人部分股份被司法拍卖的进展公告 1 1.根据《网络竞价成功确认书》提示，在网络拍卖中竞买成功的用户，必须 依照标的物《竞买须知》《竞买公告》要求，按时交付标的物网拍成交余款、办 理相关手续。标的物最终成交以浦东新区法院出具拍卖成交裁定为准。鉴于上述 相关程序尚未完毕，上述拍卖股权最终完成司法划转尚存在不确定性。 2.本次司法拍卖股权受让人应遵守《证券法》《上市公司股东减持股份管理 暂行办法》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高 级管理人员减持股份》等法律法规、规范性文件的相关规定。本次司法拍卖的出 让方及受让方后续股份变动时，应当遵守股份变动比例、信息披露等相关限制 ...

Core Insights - The 2025 Huaxia Urban Industry Chain Development Conference was held in Beijing, focusing on "Industry-City Integration and Boundless Coexistence" to explore diverse solutions for high-quality urban development [1] - I Love My Home was recognized for its "2025 Community Good Neighbor Festival" and its long-standing "Good Neighbor Service" system, which emphasizes community engagement and support [1][3] Group 1: Community Engagement - Communities are essential for residents to achieve a better quality of life, and high-quality community services enhance residents' happiness and sense of belonging [3] - I Love My Home has established a "Good Neighbor Service" system over 25 years, providing professional and efficient services to help families secure quality housing [3][6] - The "Good Neighbor Festival" launched in 2025 reflects the company's service philosophy, encouraging community feedback through an online "Community Review" activity that collected 3,680 resident responses [3][4] Group 2: Service Initiatives - Offline, I Love My Home set up "Public Real Estate Corners" in 100 communities in Beijing, offering one-on-one free consultations on real estate transactions and related topics [4] - The company also conducts community activities such as free haircuts and educational classes, bringing convenience and warmth directly to residents [4][6] - Over the past three years, I Love My Home has provided services to over 100,000 families and organized more than 1,000 community events, distributing nearly 50,000 care packages [8] Group 3: Future Plans - The company plans to continue upgrading service levels and expanding service boundaries to meet residents' housing needs while deepening integration with cities and communities [9]

Market Overview - On November 7, the real estate service sector rose by 0.28% compared to the previous trading day, with China Merchants Jin Yu leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - China Merchants Jin Yu (001914) closed at 11.60, up 1.75% with a trading volume of 94,100 shares and a transaction value of 109 million yuan [1] - I Love My Home (000560) closed at 2.91, up 1.04% with a trading volume of 928,800 shares and a transaction value of 269 million yuan [1] - Other notable performers include Zhongtian Service (002188) at 6.44, up 0.63%, and Shilianhang (002285) at 2.40, up 0.42% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 23.17 million yuan from institutional investors, while retail investors experienced a net outflow of 135.92 million yuan [2] - The main capital flow data indicates that I Love My Home had a significant net outflow of 37.47 million yuan from institutional investors [3] - Conversely, Huangting International (000056) experienced a net inflow of 9.17 million yuan from institutional investors [3]

Group 1: Financial Engineering Research - The report predicts the adjustment list for the constituent stocks of major indices in December 2025 based on the adjustment rules of the CSI and Guozheng indices, and measures liquidity shocks from a market-wide perspective [1][30] - As of the end of October 2025, the ETF sizes for major market indices such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext have reached 192.6 billion, 180.1 billion, 1,254.7 billion, 181.9 billion, 170.2 billion, and 141.0 billion respectively, indicating a 4.7 times growth compared to the end of 2021 [2][30] - The report outlines the periodic adjustment rules for core indices, noting that adjustments occur twice a year for SSE 50, CSI 300, CSI 500, CSI 1000, and ChiNext, and four times a year for STAR 50 [2][30] Group 2: New Stock Research - In the first three quarters of 2025, IPO support policies have been frequent, leading to a recovery in the issuance pace and fundraising scale, with a total of 773.02 billion raised, a 61% year-on-year increase [5][6] - The report anticipates an acceleration in IPO issuance over the next year, estimating that A-class/B-class accounts with a scale of 500 million will see additional yield increases of approximately 2.82% and 2.20% respectively [7][6] - The approval pace for existing projects is tight, with a high-quality project reserve expanding, indicating a positive outlook for future IPOs [6][7] Group 3: Company Research - Yum China - Yum China's Q3 2025 revenue reached 3.206 billion USD, a year-on-year increase of 4%, with operating profit at 400 million USD, up 8% [9][10] - Same-store sales continued to show positive growth, with KFC and Pizza Hut same-store sales increasing by 2% and 1% respectively [9][10] - The company plans to return 3 billion USD to shareholders through dividends and buybacks from 2025 to 2026, with projected EPS for 2025-2027 at 2.50, 2.88, and 3.16 USD [8][9] Group 4: Company Research - Nanwei Medical - Nanwei Medical achieved revenue of 2.381 billion CNY in the first three quarters of 2025, a year-on-year increase of 18.29%, with net profit of 509 million CNY, up 12.90% [17][18] - The company’s overseas sales maintained strong growth, with revenue reaching approximately 1.4 billion CNY, a 42% year-on-year increase [18][19] - The company is focusing on integrating its CME operations, with a new production facility in Thailand expected to be operational by the end of 2025 [19] Group 5: Company Research - Yongxing Materials - Yongxing Materials reported revenue of 5.547 billion CNY in the first three quarters of 2025, a year-on-year decrease of 10.98%, with net profit down 45.25% [21][22] - The decline in performance is attributed to falling lithium prices, with the average price of lithium carbonate showing fluctuations throughout the year [22] - The company maintains a high dividend payout, planning to distribute 528 million CNY in cash dividends in 2024, representing over 50% of its net profit [23] Group 6: Company Research - I Love My Home - I Love My Home reported a revenue of 8.165 billion CNY in the first three quarters of 2025, a year-on-year decrease of 6.81%, while net profit surged by 398.75% [24][26] - The company’s transaction volume increased significantly, with total housing transaction amounts reaching 196.2 billion CNY, a 5.2% year-on-year increase [26][27] - The company continues to focus on core cities, with a total of 2,549 operational stores as of Q3 2025 [26]

Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 3.16 CNY [6][13]. Core Insights - The report indicates that the company's non-operational impacts have gradually diminished, and efficiency improvements and cost reductions will continue. The sales performance in core cities is expected to drive revenue growth, leading to sustained profit improvement [2]. - The company has achieved significant profit growth, with a notable increase in net profit attributable to shareholders, which reached 0.42 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 398.75% [13]. - The company focuses on first-tier and new first-tier cities, with a total of 2,549 operational stores as of the end of Q3 2025, including 2,086 direct stores and 501 franchise stores [13]. Financial Summary - Total revenue for 2023 is projected at 12,092 million CNY, with a growth rate of 3.6% [4]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 73 million CNY, and further increasing to 149 million CNY in 2025 [4]. - The company’s earnings per share (EPS) is forecasted to be 0.03 CNY in 2024 and 0.06 CNY in 2025 [4]. Business Performance - The company reported a total housing transaction amount of 196.2 billion CNY in 2025, an increase of 5.2% year-on-year [13]. - The brokerage business achieved a gross transaction value (GTV) of 156.6 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 5.1% [13]. - The asset management business managed a total of 330,000 housing units, showing an 8.9% increase compared to the beginning of the year [13].

Core Viewpoint - The company's non-operational impacts are gradually diminishing, and efforts to improve efficiency and reduce costs will continue, with strong sales performance in core cities expected to drive revenue growth and profit improvement [1] Investment Highlights - The investment recommendation is to maintain a "cautious accumulation" rating. The company is positioned as the second-largest player after Beike, with no larger competitors in the public market. Long-term growth potential in brokerage and leasing businesses is anticipated, with projected EPS of 0.06, 0.10, and 0.11 yuan for 2025-2027. A 50x PE valuation for 2025 suggests a reasonable value of 3.16 yuan [2] - The company experienced a significant increase in profit despite a 6.81% year-on-year decline in revenue to 8.165 billion yuan in the first three quarters of 2025, primarily due to the new asset management product "Xiangyu Youxuan" recognizing revenue using the net method. Net profit attributable to shareholders reached 42 million yuan, up 398.75%, with a non-recurring net profit of 54 million yuan, up 173.96%. The substantial profit growth is attributed to increased transaction volume in brokerage services and reduced operational costs [2] - The company continues to focus on first-tier and new first-tier cities, with a total of 2,549 operational stores by the end of Q3 2025, including 2,086 direct stores and 501 franchise stores. The total number of agents exceeds 31,000, and the total housing transaction amount reached 196.2 billion yuan, a 5.2% year-on-year increase [2] Business Performance - The brokerage business showed steady growth, with a GTV of 156.6 billion yuan in the first three quarters of 2025, a 5.1% year-on-year increase. The second-hand housing transaction volume reached 54,626 units, up 5.6% [3] - The asset management business recorded a GTV of 13.7 billion yuan, a 3.5% year-on-year decline, while the managed housing source scale increased by 8.9% to 330,000 units since the beginning of the year [3] - The new housing business achieved a GTV of 25.9 billion yuan, reflecting a 9.3% year-on-year increase, with a transaction volume of 8,150 units, up 0.4% [3]