Investment Rating - The report maintains a cautious outlook on the real estate industry, indicating a continued divergence among companies, with a focus on those positioned in core cities and commercial operations [2][3]. Core Insights - The recent disclosure of annual and quarterly reports shows that real estate development companies are still in a performance bottoming phase for 2024 due to declining gross margins and increased impairments, with no significant improvement observed in Q1 of this year [2][3]. - Companies focusing on core city developments and property leasing have managed to achieve performance growth despite the overall industry challenges [2][3]. - The trend of deleveraging among real estate firms is expected to continue in 2024, with an optimization of debt structure and a decrease in interest-bearing debt ratios noted in Q1 [2][3]. - State-owned enterprises exhibit relatively stable debt repayment capabilities, and strong credit real estate companies are anticipated to maintain a competitive advantage in the context of declining financing costs [2][3]. - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Committee and the State Council is expected to accelerate the pace of urban renewal through increased funding support for eligible projects [2][3]. Summary by Sections Market Review - In the week of May 10-16, new home transaction area in 29 key cities reached 2.02 million square meters, a 39.0% increase week-on-week but a 10.8% decrease year-on-year [2]. - The transaction area for second-hand homes in 13 key cities was 1.75 million square meters, reflecting a 46.0% increase week-on-week and a 1.2% decrease year-on-year [2]. - New land supply in 100 cities decreased year-on-year by 30.5% but increased by 66.1% week-on-week, with 8.5 million square meters of new residential land supplied [2]. Industry News - The report highlights the ongoing divergence among companies and emphasizes the importance of focusing on core city layouts and commercial operations [2][3]. - The CITIC Real Estate Index fell by 0.5%, while the CSI 300 rose by 1.1%, indicating that the real estate sector underperformed the broader market [2][3]. Investment Recommendations - The report recommends focusing on developers and property management companies in core cities, as well as quality commercial real estate firms [2][3]. - Specific stock recommendations include: - A-shares: Binhai Group, Jianfa Co., Jindi Group, China Merchants Shekou, China Merchants Jinling, and Wo Ai Wo Jia - Hong Kong stocks: Beike, Jianfa International Holdings, Yuexiu Property, and Greentown Service [2][3].

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Views - The A-share real estate sector experienced a slight decline of -0.3% this week, ranking 25th among all sectors, while the Hong Kong real estate sector remained flat at 0%, ranking 11th [2] - New home sales showed a rebound on a week-on-week basis but declined year-on-year, indicating continued pressure on market sentiment [3] - The recent issuance of a "roadmap" for urban renewal is expected to accelerate project implementation with financial support from the government [4] Summary by Sections Market Overview - The A-share real estate sector's performance was -0.3%, while the Hong Kong real estate sector was flat at 0% [2] - The property service and management index in Hong Kong increased by 0.3%, while the Hang Seng China Enterprises Index rose by 1.9% [2][26] Land Transactions - In the week of May 10-16, the total area of residential land sold across 300 cities was 334 million square meters, reflecting a week-on-week decrease of 29% and a year-on-year decrease of 45% [29] - The cumulative area of residential land sold from the beginning of 2025 to date is 12,486 million square meters, showing a year-on-year decline of 1.3% [29] New Home Sales - In 47 cities, new home sales totaled 343 million square meters, with a week-on-week increase of 30% but a year-on-year decrease of 13% [35] - First-tier cities saw a week-on-week increase of 29% and a year-on-year stability, while second-tier cities experienced a week-on-week increase of 43% but a year-on-year decline of 22% [35] Second-Hand Home Sales - In 22 cities, second-hand home sales totaled 265 million square meters, with a week-on-week increase of 39% but a year-on-year decrease of 2% [43] - First-tier cities reported a week-on-week increase of 51% and a year-on-year increase of 9% [43] Urban Renewal - The government has outlined eight key tasks for urban renewal, including the renovation of existing buildings and the improvement of urban infrastructure [4][13] - Financial support through central budget investments and special bonds is expected to facilitate the acceleration of urban renewal projects [4][13] Financing Trends - In April 2025, the social financing scale increased by 1.16 trillion yuan, with a year-on-year increase of 29.3% [5][15] - The new residential medium- and long-term loans decreased by 123.1 billion yuan in April, reflecting a year-on-year reduction of 435 billion yuan [5][15]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][32]. Core Insights - The real estate market is experiencing a recovery, with new home sales in 34 key cities increasing by 30% week-on-week, while second-hand home sales also showed a positive trend with a 32% increase [4][5]. - The report highlights significant policy support for urban renewal and housing quality improvement, including the implementation of current housing sales for newly released land in Xinyang and the introduction of standards for quality housing in Shandong [4][32]. - The report emphasizes the importance of product strength in real estate companies, recommending firms with strong product offerings and a focus on first and second-tier cities [4][32]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 238 million square meters last week, reflecting a 30% increase compared to the previous week [4][5]. - Year-on-year, new home sales in May showed a decline of 7%, with first and second-tier cities also experiencing a 7% drop [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 126 million square meters last week, marking a 32% increase week-on-week [4][13]. - Cumulatively, second-hand home sales in May increased by 1% year-on-year [13]. Inventory and Market Dynamics - The report notes that 15 cities had a total of 106 million square meters of new homes launched, with a sales-to-launch ratio of 0.99, indicating a continued trend of inventory reduction [4][22]. - The average months of inventory for new homes in these cities is 19.7 months, which has decreased by 0.6 months [22]. Policy and News Tracking - The report outlines key policy developments, including the central government's push for urban renewal and the resolution of historical real estate registration issues, benefiting over 50 million people [32][33]. - Local governments are implementing various measures to enhance housing quality and accessibility, such as optimizing housing loan conditions for young people in Wuhan and expanding housing fund coverage for flexible employment workers in Shenyang [32][33]. Company Dynamics Performance Highlights - Beike reported a net income of 23.33 billion yuan for Q1 2025, a year-on-year increase of 42.4%, with a net profit of 860 million yuan, up 98.2% [41][42]. - New City Holdings and China Resources Land reported significant declines in sales, with New City Holdings down 56% and China Resources Land down 5% year-on-year [38][40]. Management Changes - Recent leadership changes include Xu Xiaoxi resigning as chairman of Xiamen International Trade Group to take over as chairman of Jianfa Group, and Zheng Yongda stepping down from Jianfa Group to lead Xiamen International Trade [38][40].

Core Viewpoint - Major institutional investors are significantly increasing their positions in Chinese assets, indicating a positive outlook on the Chinese market despite global uncertainties [1]. Group 1: Bridgewater's Movements - Bridgewater's latest 13F report shows a total market value of $21.55 billion as of March 31, with substantial increases in positions in Chinese stocks such as Alibaba and Baidu [3]. - The fund increased its holdings in Alibaba by 5.405 million shares, a staggering 2,119% increase, making it the fourth-largest holding with a market value of $748.5 million [3]. - Additional increases include 1.879 million shares of Baidu, valued at $19 million, and nearly 500,000 shares of Pinduoduo, totaling 1.74 million shares [3]. Group 2: Hillhouse Capital's Strategy - Hillhouse's HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise, with a focus on Chinese assets [5]. - The fund added nearly 20 Chinese stocks, including new positions in companies like Yaduo Group and Li Auto, and increased holdings in Pinduoduo and JD.com [5]. - Nine out of the top ten holdings are Chinese stocks, highlighting a strong commitment to this market [5]. Group 3: Jinglin's Perspective - Jinglin's total market value rose from $3.17 billion to $3.23 billion, with 14 new or increased positions and a concentration of 86.24% in the top ten holdings [7]. - The top three increased positions include Futu, Beike, and Alibaba, with Futu seeing a 48.23% increase in shares [7]. - Jinglin's partner expressed optimism about China's future development, suggesting a shift in global investment perceptions towards Chinese companies [7]. Group 4: Tiger Global's Adjustments - Tiger Global's total market value reached $26.6 billion, with 5 new stock additions and 14 increases in existing positions [9]. - The top five holdings include Meta and Microsoft, with Pinduoduo being one of the significant new additions [9]. Group 5: Gao Yi's Investments - Gao Yi's total market value increased from $740 million to $770 million, with a focus on Chinese assets [11]. - The fund added six Chinese stocks, significantly increasing its position in Huazhu Group and Boss Zhipin [11]. - A notable reduction in Meta holdings was also reported, indicating a strategic shift [11]. Group 6: Soros Capital's Focus - Soros Capital Management's 13F report indicates a renewed focus on Chinese assets, with new positions in Alibaba and Yum China [13]. Group 7: Economic Outlook for Chinese Assets - Chinese assets are gaining attractiveness amid global uncertainties, supported by policy incentives and strong performance in technology sectors [15]. - Morgan Stanley's chief economist highlights China's resilience and potential for innovation, particularly in technology and new consumption sectors [16]. - Recent economic data shows stronger-than-expected export resilience, boosting investor confidence in Chinese markets [16].

Core Viewpoint - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining basically flat year-on-year. The growth in revenue was primarily driven by new housing and rental businesses, while the lower profit growth was due to a decrease in the proportion of high-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [1][2]. Revenue Breakdown - In Q1 2025, revenue from existing housing, new housing, home decoration, and rental businesses was 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, with year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8%. The new housing and rental businesses were the main contributors to the rapid revenue growth [2]. - The overall gross margin for Q1 was 20.7%, down 4.5 percentage points year-on-year and down 2.3 percentage points from the previous quarter. This decline was mainly due to the reduced proportion of existing housing business in total revenue, which accounted for 29.5% in Q1, down 5.5 percentage points year-on-year [2]. Business Expansion - As of the end of Q1, the number of stores on the platform reached nearly 57,000, a year-on-year increase of 28.6%, and the number of agents reached nearly 550,000, a year-on-year increase of 24.3%. This continuous expansion of stores and agents contributed to a significant increase in the company's GTV, which totaled 843.7 billion yuan in Q1, a year-on-year increase of 34.0% [2]. - The GTV for existing housing transactions was 580.3 billion yuan, up 28.1% year-on-year, while new housing transactions reached 232.2 billion yuan, up 53.0%, significantly outperforming the national year-on-year decline of 2.1% in commodity housing sales [2]. Financial Position - As of the end of Q1, the company had a cash balance of 12.77 billion yuan, an increase of 11.6% from the end of 2024. In Q1, the company repurchased shares worth 140 million USD, accounting for 0.6% of the total share capital at the end of 2024, indicating a commitment to returning value to shareholders [3].

Core Viewpoint - The company reported a strong revenue growth of 42.4% year-on-year in Q1 2025, reaching 23.3 billion yuan, although adjusted net profit remained stable at 1.4 billion yuan, slightly exceeding expectations [1] Group 1: Revenue and Profitability - The company's GTV (Gross Transaction Value) for Q1 2025 was 843.7 billion yuan, reflecting a year-on-year increase of 34.0%, which supported stable revenue growth [1] - Revenue from various business segments showed significant growth: second-hand housing at 6.9 billion yuan (+20.0%), new housing at 8.1 billion yuan (+64.2%), home decoration at 2.9 billion yuan (+22.3%), rental at 5.1 billion yuan (+93.8%), while emerging and other businesses generated 0.3 billion yuan (-50.0%) [1] - The company's gross margin decreased by 4.5 percentage points to 20.7%, primarily due to a lower proportion of high-margin existing housing business and an increase in fixed salary costs relative to existing housing revenue [1] Group 2: Business Segment Performance - The second-hand housing business saw a total transaction value increase of 28.1% year-on-year to 580.3 billion yuan, supported by an expanding number of active stores and agents [2] - The number of active stores reached 55,000, a 29.6% increase year-on-year, while the number of active agents grew by 49,100, representing a 23.0% increase [2] - The new housing business transaction value surged by 53.0% year-on-year to 232.2 billion yuan, with the commission rate improving by 0.2 percentage points to 3.5% [2] - The home decoration business showed steady growth, with contribution margin increasing by 2.0 percentage points to 32.6%, indicating improvements in customer experience and efficiency [2] Group 3: Future Outlook and Valuation - The company is positioned as a leading player in the domestic brokerage industry, with potential for future earnings growth driven by increased turnover rates in the second-hand housing market and higher penetration rates in new housing brokerage [3] - The adjusted net profit forecasts for 2025-2027 are 9.7 billion yuan, 11.6 billion yuan, and 13.6 billion yuan, respectively, with corresponding EPS of 1.83 yuan, 2.36 yuan, and 2.91 yuan, and adjusted PE ratios of 16.3X, 14.4X, and 12.3X [3]

Financial Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion yuan, a year-on-year increase of 34.0% [1] - The company's net revenue reached 23.33 billion yuan, up 42.4% year-on-year, with a gross profit of 4.82 billion yuan, reflecting a 17.0% increase [1] - The net profit attributable to shareholders was 860 million yuan, a significant rise of 98.2% year-on-year, while the adjusted net profit was 1.39 billion yuan, showing a slight increase of 0.1% [1] Business Segments - The existing home transaction value was 580.3 billion yuan, growing by 28.1% year-on-year, with the second-hand home revenue at 6.87 billion yuan, up 20.0% [2] - New home transaction value reached 232.2 billion yuan, a remarkable increase of 53.0%, with new home revenue at 8.07 billion yuan, reflecting a 64.2% rise [2] - The company’s home decoration and furniture segment generated net revenue of 2.95 billion yuan, up 22.3% year-on-year, while the rental services segment achieved net revenue of 5.09 billion yuan, a 93.8% increase [3] Operational Metrics - The number of active stores increased to 55,210, a year-on-year growth of 29.6%, and the number of active agents reached 491,000, up 23.0% [2] - The contribution profit margin for the existing home business was 38.1%, down 6.4 percentage points year-on-year, while the new home business had a contribution profit margin of 23.4%, up 1.1 percentage points [2] Strategic Outlook - The company is focusing on enhancing its brokerage business and has established a strong platform barrier, aiming to reshape the underlying framework of brokerage and lock in housing resources [4] - Future growth is expected from home decoration, rental services, and leveraging big data to expand business dimensions [4] - The company maintains a positive outlook on its market share growth and profitability across various segments, with projected net profits for 2025-2027 being 6.2 billion, 7.5 billion, and 9.1 billion yuan respectively [4]

Core Viewpoint - Beike (NYSE: BEKE, 02423.HK) reported strong financial performance for Q1 2025, driven by positive market conditions and strategic focus on AI applications [2][3]. Financial Performance - Total Gross Transaction Value (GTV) reached 843.7 billion yuan, a year-on-year increase of 34.0% [2]. - Net revenue was 23.3 billion yuan, up 42.4% year-on-year [2]. - Net profit stood at 855 million yuan, reflecting a significant growth of 98% [2]. - The revenue from existing home business grew by 20.0%, while new home business revenue surged by 64.2% [2]. - Non-real estate transaction services revenue increased by 46.2%, accounting for 35.9% of total net revenue [2][8]. Market Trends - The real estate market continued to benefit from policies implemented in September 2024, with new home GTV increasing by 53% [4]. - Existing home GTV reached 580.3 billion yuan, a 28.1% increase year-on-year [4]. - The overall supply-demand relationship in the market improved, contributing to increased transaction volumes [4]. Strategic Focus - The company plans to balance growth and efficiency, with a strong emphasis on AI investments [3][5]. - Management aims to enhance collaboration with developers and improve service efficiency through various tools and platforms [5][6]. - AI tools such as "Buding" for consumers and various assistants for agents are being deployed to improve matching efficiency and service quality [6][7]. Non-Real Estate Business Growth - Non-real estate transaction services saw a net revenue increase of 46.2%, with home decoration and furniture services performing well [8]. - Home decoration services generated 2.9 billion yuan in revenue, a 22.3% increase, with a profit margin of 32.6% [8]. - Rental service revenue reached 5.1 billion yuan, a remarkable growth of 93.8% year-on-year, supported by an increase in managed properties [8].

新华财经上海5月16日电 美东时间5月15日，中国最大的房产交易和服务平台贝壳（NYSE:BEKE; HKEX:2423）发布了其2025年第一季度财务业绩。受财报 不及预期，特别是毛利率下降等因素影响，当日其美股股价下跌5.29%，收于19.16美元。 根据贝壳最新披露的财务数据，一季度，其存量房业务交易额同比增幅近三成，反映了其作为二手房市场头部中介服务商的"领跑者"地位之稳固。但与此同 时，社交平台上关于其中介收费"凭什么那么贵"的拷问甚嚣尘上。在存量房时代这场不同利益立场的碰撞中，中介服务深度与费率合理性间应当如何寻找平 衡点？ 存量房业务稳健增长贝壳持续巩固市场"领跑地位" 从贝壳最新发布的财务数据来看，2025年第一季度，贝壳实现总交易额（GTV）8437亿元，同比增长34.0%，净收入233亿元，同比增长42.4%，净利润8.55 亿元。核心业务板块中，存量房业务保持稳健增长态势，交易额达5803亿元，同比增长28.1%，贡献净收入69亿元，同比提升20.0%。 贝壳同时披露的经营数据显示，截至一季度末，活跃门店数量为5.52万家，活跃经纪人规模达49.09万名，分别实现29.6%和23.0%的 ...

FF305 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 。 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) | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發 ...