两翼业务实现盈利，科技应用提效赋能 贝壳-W 三季报点评 本报告导读： 公司当前积极发展非房业务应对周期风险，抓紧降费提效动作转为防守姿态，加大 股东回馈力度提高投资价值。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 77776.93 | | 93457.50 104575.27 119557.75 137822.98 | | | | (+/-)% | 28.2% | 20.2% | 11.9% | 14.3% | 15.3% | | 毛利润 | 21718 | 22944 | 24206 | 27111 | 30643 | | 净利润 | 5883.22 | 4064.90 | 3831.79 | 4153.15 | 4773.17 | | (+/-)% | 524.5% | -30.9% | -5.7% | 8.4% | 14.9% | | PE | 25.93 | 39.83 | 43.91 | 40.51 | 35.25 | | P ...

Core Points - The "Beike Cup" 2025 Vocational Skills Invitation Competition was successfully held in Shanghai, aiming to enhance the professional skills of home decoration service providers and support the construction of quality housing in China [1][4][26] - The event was organized by the China Timber Industry Association and involved various stakeholders, including educational institutions and industry representatives, to promote collaboration between education and industry [3][6][15] Group 1: Event Overview - The competition serves as a platform to select and motivate high-quality home decoration service providers, directly impacting consumer experience and industry quality upgrades [1][4] - The event featured participation from various industry leaders and educational institutions, highlighting the importance of collaboration in vocational training [3][6] Group 2: Industry Insights - The president of the China Timber Industry Association emphasized that high-standard vocational competitions can enhance practitioners' skills and service awareness, contributing to the core competitiveness of enterprises [4] - The vice president of Shanghai Sci-Tech Vocational College noted that the event aligns with national strategies for deepening industry-education integration and promoting high-quality vocational education [6] Group 3: Skills Development - The Secretary-General of the China Timber Industry Association's Home Decoration Branch pointed out the importance of skills in the current information age, advocating for competitions to improve craftsmanship and address industry shortcomings [9] - The event included practical competitions in customized furniture installation, tile laying, and painting, with judges evaluating participants on various criteria [22][24] Group 4: Future Directions - Beike is committed to enhancing the quality of service delivery through a structured talent cultivation mechanism, which includes skill training and quality control [26] - The company plans to continue investing in vocational skills training and technological empowerment to drive the industry towards healthier and higher-quality development [26]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, intending to repurchase 530,800 shares at a cost of $3 million on November 14, 2025 [1] Group 1 - The company plans to execute the buyback to enhance shareholder value [1] - The total number of shares to be repurchased is 530,800 [1] - The total expenditure for the buyback is set at $3 million [1]

Core Points - The company Beike-W (02423) announced a share buyback plan, intending to repurchase 530,800 shares at a total cost of $3 million [1] - The buyback price is set between $5.58 and $5.72 per share [1] Summary by Category Company Actions - Beike-W plans to execute a share buyback on November 14, 2025, with a total expenditure of $3 million [1] - The number of shares targeted for repurchase is 530,800 [1] - The specified price range for the buyback is between $5.58 and $5.72 per share [1]

Group 1 - The company Beike-W (02423) announced a share repurchase plan, committing to buy back 530,800 shares at a total cost of $3 million [1] - The repurchase price is set between $5.58 and $5.72 per share [1]

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11月17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 | 佔有關事件前的現有已發 行股份 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4]. - The report continues to support investment in first-tier cities and two-thirds of second-tier cities, indicating that this combination has historically performed better during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities likely to benefit more from these changes [4]. Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 1.59 million square meters, showing a week-on-week increase of 17.4% but a year-on-year decrease of 34.6% [2]. - The new housing transaction area for first-tier cities was 432,000 square meters, up 12.6% week-on-week but down 42.5% year-on-year [2]. - Second-tier cities recorded a transaction area of 881,000 square meters, up 24.7% week-on-week and down 23.4% year-on-year [2]. - Third-tier cities had a transaction area of 276,000 square meters, up 4.9% week-on-week but down 47.7% year-on-year [2]. Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 2.003 million square meters, reflecting a week-on-week growth of 4.7% but a year-on-year decline of 17.0% [2]. - First-tier cities accounted for 856,000 square meters in second-hand transactions, up 8.7% week-on-week [2]. - Second-tier cities had a transaction area of 873,000 square meters, up 1.4% week-on-week [2]. - Third-tier cities recorded 273,000 square meters, up 3.7% week-on-week [2]. Credit Bonds - In the week of November 10-16, four credit bonds were issued by real estate companies, a decrease of eight from the previous week, with a total issuance of 3.62 billion yuan, down 6.63 billion yuan [3]. - The total repayment amount was 10.829 billion yuan, an increase of 4.359 billion yuan, resulting in a net financing amount of -7.209 billion yuan, down 10.989 billion yuan [3]. Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 2.7%, outperforming the CSI 300 Index by 3.78 percentage points, ranking 7th among 31 Shenwan primary industries [14]. - A total of 84 stocks in the real estate sector rose, while 30 stocks fell, with the top five gainers being Qianjing Garden, China Wuyi, Huaxia Happiness, Guancheng Datong, and Rongsheng Development, with gains of 61.0%, 30.0%, 26.3%, 21.6%, and 18.2% respectively [14].

当前房地产行业的变革与调整仍在持续，随着市场从增量开发转向存量运营， "好房子"成为新的时 代命题。在多数企业仍于波动中探索出路之际，贝壳再次交出了一份展现韧性的业绩答卷。 根据 2025 年第三季度最新财报，贝壳实现净收入 231 亿元，同比增长 2.1% ；经调整净利润为 12.86 亿元。两项数据均超出彭博一致预期。总交易额（ GTV ）达到 7367 亿元。 尤为值得关注的是其收入结构的转变。报告期内，贝壳非房产交易业务收入占比攀升至 45% ，创历 史新高，接近总收入的"半壁江山"。其中，家装家居业务单季收入为 43 亿元，租赁业务收入同比大 幅增长 45.3% 。两项业务在三年前尚属财报"脚注"，如今已与传统交易业务并驾齐驱，并在城市层 面实现扣除总部费用前盈利。 这一转变标志着贝壳 "一体三翼"战略进入收获期，其商业模式正从单一的交易撮合，演进为覆盖买 卖、租赁、装修等全链条居住服务生态。这不仅是一场业务多元化的数字升级，更是对居住服务产业 的 深度探索 。 交易基本盘稳固 贝壳第三季度非房业务收入占比提升至 45% ，达到历史新高。家装与租赁两大板块不仅实现收入快 速增长，更在城市层面实现了扣 ...

【导读】高瓴旗下HHLR Advisors三季度末美股持仓曝光 新进百度集团 三季度，HHLR Advisors大举加仓了拼多多、阿里巴巴等，新进百度集团、满帮集团等公司，但是减持了富途控股、网易、 逸仙电商等，清仓了京东、唯品会、理想汽车等。 今年三季度末，HHLR Advisors持有中概股的市值，占其持仓总市值的比例超过90%，继续成为核心配置，显示了其对中国 优质资产的长期看好。数据显示，三季度该公司新买进5只股票，增持4只股票；清仓8只股票，减持4只股票。 该公司的前十大重仓标的，包括拼多多、阿里巴巴、富途控股、微牛证券、百济神州、百度集团、传奇生物、网易、贝壳 等，前十大重仓股占总持仓的比例为93.46%。 | | | | 高瓴旗下HHLR今年三季度末美股前15大重仓 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 证券代码 | 证券简称 | 持有市值 | 持有数量 | 较上季度变化情况 | | | | | (万美元) | (万股) | | | 1 | PDD | 拼多多 | 113568.39 | 859.26 | 增持161.58万股 | ...

【导读】高瓴旗下 HHLR Advisors 三季度末美股持仓曝光 中国基金报记者 吴君 北京时间 11 月 15 日，高瓴旗下专注二级市场投资的基金管理平台 HHLR Advisors 公布了 截至 2025 年三季度末的美股持仓报告。数据显示，三季度末 HHLR Advisors 总共持有 33 只股票，持仓总市值达到 41 亿美元，比二季度增加了 9.9 亿美元，增幅为 32% 。 三季度， HHLR Advisors 大举加仓了拼多多、阿里巴巴等，新进百度集团、满帮集团等公 司，但是减持了富途控股、网易、逸仙电商等，清仓了京东、唯品会、理想汽车等。 拼多多仍然是 HHLR Advisors 的第一大重仓股，三季度继续加仓了 161.58 万股，持有 859.26 万股，期末持有市值为 11.36 亿美元，占总持仓的 13.21% 。今年以来，拼多多股 价涨幅超过 35% 。 | Market Value | $4.09b, Prior: $3.10b | | --- | --- | | Inflows (Outflows) as % of Total MV | +5.0694% | | New Pur ...