Core Viewpoint - The article discusses the recent quarterly holdings of major investment firms, highlighting significant investments in Chinese stocks and the impact of the revaluation of Chinese tech stocks on their portfolios [2][8]. Group 1: HHLR Advisors Holdings - HHLR Advisors reported a total holding value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [2]. - The top ten holdings of HHLR include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with nine of these being Chinese stocks [2]. - HHLR made new investments in ten companies, including Atour Group, Huazhu Group, Baidu, Yuchai International, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [4]. Group 2: Performance of New Investments - New investments by HHLR in Yuchai International saw an 80% increase, while BOSS Zhipin and Li Auto rose by 34% and 20%, respectively, as of May 14 [4]. - HHLR increased its holdings in eight companies, including Futu Holdings and Pinduoduo, with Futu Holdings experiencing a 40% rise and Pinduoduo a 23% rise [4]. - HHLR reduced its positions in Alibaba and BeiGene, with Alibaba's stock rising by 56% and BeiGene by 47% during the same period [4]. Group 3: Jinglin Asset Management Holdings - Jinglin Asset Management reported a total holding value of $3.228 billion as of Q1 2025, showing an increase from the previous year [6]. - New investments included Alibaba and Hesai Technology, while they increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and others [6]. - The top ten holdings of Jinglin include Meta, Pinduoduo, NetEase, and others, with a total holding value of $2.784 billion, representing 86.24% of their total U.S. stock holdings [6]. Group 4: Market Trends and Revaluation - The increase in holdings for HHLR and Jinglin is attributed to the revaluation of Chinese tech stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [8]. - The rapid development of AI models like DeepSeek is reshaping market perceptions of Chinese tech companies, moving away from traditional valuation methods [8]. - The shift in valuation logic is driven by the emergence of independent technological capabilities in Chinese AI firms, leading to a reassessment of their long-term growth potential [9].

Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

Core Insights - Beike reported a net income of 23.3 billion yuan for Q1 2025, a year-on-year increase of 42.4%, and a net profit of 855 million yuan, up 97.9% [1] - The total transaction volume on Beike's platform reached 843.7 billion yuan, a 34.0% increase year-on-year, driven by growth in the existing housing market and improved market coverage [1] - The company aims to focus on input-output ratios and maintain a solid operational safety baseline while ensuring sustainable returns for shareholders [3] Financial Performance - In Q1 2025, Beike's existing housing business net income rose to 6.9 billion yuan, a 20.0% increase from the previous year, while new housing business net income increased by 64.2% to 8.1 billion yuan [1] - Home decoration and furniture net income grew by 22.3% to 2.9 billion yuan, attributed to increased orders from real estate transactions [2] - Rental service net income surged by 93.8% to 5.1 billion yuan, driven by the increase in rental properties under the "worry-free rental" model [2] Cost Analysis - Beike's total operating costs rose by 51.0% to 18.5 billion yuan compared to the previous year [2] - The external commission cost increased by 66.6% to 5.7 billion yuan, while internal commissions and remuneration rose by 33.1% to 4.8 billion yuan [2] - The cost of rental services saw a significant increase of 91.3% to 4.7 billion yuan [2] Market Outlook - The market performance in Q1 2025 was stable, continuing the positive impact from policy changes since September of the previous year [3] - The number of active stores and agents increased by 29.6% and 23.0% year-on-year, respectively, indicating strong market engagement [3] - Beike's CEO expressed confidence in the "one body, three wings" strategy and plans to continue investing in AI applications while being more cautious in other investments [3]

Financial Performance - Gross transaction value (GTV) increased by 34.0% year-over-year to RMB843.7 billion (US$116.3 billion) in Q1 2025, with existing home transactions growing by 28.1% to RMB580.3 billion (US$80.0 billion) and new home transactions rising by 53.0% to RMB232.2 billion (US$32.0 billion) [8]. - Net revenues reached RMB23.3 billion (US$3.2 billion), marking a 42.4% increase year-over-year, driven by growth in both existing and new home transaction services [12]. - Net income for Q1 2025 was RMB855 million (US$118 million), a significant increase of 97.9% year-over-year, while adjusted net income remained relatively flat at RMB1,393 million (US$192 million) [8]. - Total net revenues for the three months ended March 31, 2025, increased to RMB 23,328,347, representing a 42.5% growth compared to RMB 16,377,314 for the same period in 2024 [56]. - Net income attributable to KE Holdings Inc. for the three months ended March 31, 2025, was RMB 855,767, up from RMB 431,774 in the same period of 2024, reflecting a 98.1% increase [57]. Revenue Breakdown - Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion), up 20.0% year-over-year, while new home transaction services saw revenues of RMB8.1 billion (US$1.1 billion), a 64.2% increase [12]. - The company reported a significant increase in new home transaction services revenue, which rose to RMB 8,074,995 for the three months ended March 31, 2025, up from RMB 4,916,515 in the same period of 2024, marking a 64.4% increase [56]. - Net revenues from existing home transaction services reached RMB 6,870,407, up from RMB 5,727,030, representing a growth of approximately 20% [64]. - New home transaction services generated net revenues of RMB 8,074,995, a substantial increase from RMB 4,916,515, marking a growth of about 64% [64]. - The contribution from home renovation and furnishing services increased to RMB 959,487, compared to RMB 737,130, reflecting a growth of approximately 30% [64]. Operational Metrics - The number of active stores increased by 29.6% year-over-year to 55,210, and the number of active agents rose by 23.0% to 490,862 as of March 31, 2025 [8]. - Mobile monthly active users (MAU) averaged 44.5 million in Q1 2025, a decrease from 47.7 million in the same period of 2024 [9]. - Income from operations was RMB591 million (US$81 million) in Q1 2025, a significant increase from RMB12 million in Q1 2024, resulting in an operating margin of 2.5% compared to 0.1% in the same period last year [24]. - Adjusted income from operations was RMB1,148 million (US$158 million) in Q1 2025, up from RMB960 million in Q1 2024, with an adjusted operating margin of 4.9% compared to 5.9% in the same period last year [25]. Expenses and Costs - Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in Q1 2025, primarily due to higher costs associated with increased transaction volumes [17]. - General and administrative expenses decreased to RMB1.9 billion (US$0.3 billion) in Q1 2025 from RMB2.0 billion in Q1 2024, primarily due to reduced share-based compensation expenses [29]. - Research and development expenses rose by 24.9% to RMB584 million (US$80 million) in Q1 2025 from RMB467 million in Q1 2024, driven by increased headcount and technical service costs [29]. Shareholder Returns - The company allocated approximately US$139 million to share repurchases in Q1 2025, representing about 0.6% of total issued shares at the end of 2024 [13]. - The company has repurchased approximately 116.6 million ADSs (representing about 349.9 million Class A ordinary shares) for a total consideration of approximately US$1,764.8 million under its share repurchase program since its launch [37]. - The company plans to continue its share repurchase program until August 31, 2025, subject to obtaining a new mandate from shareholders [37]. Cash and Assets - As of March 31, 2025, the combined balance of cash, cash equivalents, restricted cash, and short-term investments was RMB54.8 billion (US$7.6 billion) [34]. - Cash and cash equivalents as of March 31, 2025, were RMB 12,772,700, an increase from RMB 11,442,965 as of December 31, 2024 [53]. - Total assets decreased slightly to RMB 130,612,461 as of March 31, 2025, from RMB 133,149,283 as of December 31, 2024 [55]. - Total current liabilities remained stable at RMB 52,761,664 as of March 31, 2025, compared to RMB 52,744,258 as of December 31, 2024 [54]. - Total shareholders' equity decreased to RMB 68,951,339 as of March 31, 2025, from RMB 71,447,995 as of December 31, 2024 [55]. Earnings Per Share - Basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in Q1 2025, compared to RMB0.38 and RMB0.37 in Q1 2024, respectively [32]. - Adjusted net income attributable to ordinary shareholders was RMB1,393 million (US$192 million) in Q1 2025, relatively flat compared to RMB1,392 million in Q1 2024 [30]. - The weighted average number of ordinary shares used in computing net income per share, basic, was 3,362,716,016 for the three months ended March 31, 2025 [58]. - The weighted average number of ADS used in computing net income per ADS, diluted, was 1,174,000,690 for the three months ended March 31, 2025 [60]. Cash Flow - The company experienced a net cash used in operating activities of RMB 3,965,271, an increase from RMB 2,108,532 in the prior year, indicating higher operational expenditures [62]. - The company’s cash, cash equivalents, and restricted cash at the end of the period were RMB 22,918,385, down from RMB 24,783,312 at the beginning of the period [62]. - Adjusted EBITDA for the three months ended March 31, 2025, was RMB 1,841,720, an increase from RMB 1,665,669 in the previous year [59].

Financial Data and Key Metrics Changes - In Q1 2025, the company's total transaction value (TTV) was RMB 844.2 billion, representing a year-over-year increase of 34% [29] - Net revenue reached RMB 23.3 billion, up 42.4% year-over-year [29] - GAAP net income was RMB 855 million, increasing 97.9% year-over-year [41] - Gross margin declined by 4.5 percentage points year-over-year to 28.7% [29] Business Line Data and Key Metrics Changes - Revenue from existing home transactions reached RMB 6.9 billion, up 20% year-over-year [30] - GTV for new home transactions increased by 53% year-over-year, outperforming the market [32] - Revenue from home renovation and furniture business grew by 22.3% year-over-year, with a contribution margin of 32.6% [34][72] - Home rental services revenue reached RMB 5.1 billion, up 93.8% year-over-year [35] Market Data and Key Metrics Changes - The national GTV for in-home transactions grew by approximately 16% year-over-year in Q1 [28] - New home sales remained relatively flat year-over-year, down 0.4% [49] - The existing home market saw a 28% increase in transaction clients year-over-year [28] Company Strategy and Development Direction - The company is focused on driving both scale and efficiency as part of its growth strategy [13] - Emphasis on optimizing collaboration with developers and improving agent efficiency in the new home transaction business [14] - The introduction of AI tools aims to enhance service quality and operational efficiency [18][20] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism regarding the property market, influenced by government policies and macroeconomic factors [25][52] - The company is closely monitoring the impact of international trade frictions on housing transactions [56] - Future market outlook will depend on domestic supportive measures and international trade dynamics [56] Other Important Information - The company has implemented a fund custody system in its home renovation business to enhance customer control and trust [24] - AI deployment is being tested in various segments, including housing transactions and home renovation, to improve service delivery [18][22] Q&A Session Summary Question: Outlook for the property market going forward - Management noted a strong recovery in the property market post-Chinese New Year, with stable performance expected [47][48] Question: Expansion plan for housing agents and agency stores - Management confirmed a focus on healthy growth of the agent network and improving efficiency of existing and new agents [59][60] Question: Home renovation and furniture business performance and AI strategy - Management highlighted a 22.3% revenue growth in the home renovation segment and detailed AI applications to enhance service quality [72]

Financial Data and Key Metrics Changes - In Q1 2025, total TTV reached RMB 844.2 billion, a year-over-year increase of 34% [28] - Net revenue was RMB 23.3 billion, up 42.4% year-over-year [28] - GAAP net income increased by 97.9% year-over-year to RMB 855 million [40] - Gross margin declined by 4.5 percentage points year-over-year to 28.7% [28][37] Business Line Data and Key Metrics Changes - Revenue from existing home transactions reached RMB 6.9 billion, up 20% year-over-year [29] - GTV for new home transactions increased by 53% year-over-year to RMB 232.2 billion [31] - Revenue from home renovation and furniture business grew by 22.3% year-over-year to RMB 2.9 billion [33] - Home rental services revenue reached RMB 5.1 billion, up 93.8% year-over-year [34] Market Data and Key Metrics Changes - National GTV for in-home transactions grew by approximately 16% year-over-year [26] - GTV for new home transactions nationwide declined by 0.4% year-over-year [10] - The existing home market saw a 28% increase in transaction volume year-over-year [26] Company Strategy and Development Direction - The company is focusing on driving both scale and efficiency as priorities for growth [12] - Emphasis on optimizing collaboration with developers and improving agent efficiency in new home transactions [13] - Continued investment in AI technology to enhance service quality and operational efficiency [17][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the property market, influenced by government policies and macroeconomic factors [52] - The company anticipates a typical seasonal slowdown in Q2 but expects slight year-over-year growth in transaction volume [52] - Monitoring the impact of international trade frictions on housing transactions and overall market stability [56] Other Important Information - The company has implemented a fund custody system in home renovation, enhancing customer control over renovation funds [22] - AI tools are being deployed to improve service efficiency and customer experience across various business lines [17][71] Q&A Session Summary Question: Outlook for the property market going forward - Management noted a strong recovery in the property market post-Chinese New Year, with stable performance expected [47][48] Question: Expansion plan for housing agents and agency stores - The company plans to continue promoting healthy growth in its agent network, with a focus on efficiency and income stability [59][60] Question: Specifics on home renovation and furniture segment operations - The segment achieved 22.3% year-over-year growth, with a contribution margin of 32.6% [70]

Core Insights - Beike (NYSE: BEKE; HKEX: 2423) reported strong financial performance for Q1 2025, driven by favorable policies and a dual focus on growth and efficiency [1] - The company achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, with net revenue reaching 23.3 billion RMB, up 42.4% [1] - Beike's CEO expressed confidence in the company's long-term development under the "one body, three wings" strategy and emphasized ongoing investments in AI applications [1] Financial Performance - In Q1 2025, Beike's GTV for existing home business reached 580.3 billion RMB, a 28.1% increase year-on-year, while net revenue was 6.9 billion RMB, up 20.0% [1] - The new home business GTV was 232.2 billion RMB, reflecting a 53.0% year-on-year growth, with net revenue increasing by 64.2% to 8.1 billion RMB [1] - Non-property transaction services saw net revenue growth of 46.2%, accounting for 35.9% of total net revenue [2] Operational Efficiency - Beike's operating expenses for Q1 were 4.2 billion RMB, a quarter-on-quarter decrease of 31.3%, indicating improved operational efficiency [1] - Adjusted net profit for the quarter reached 1.393 billion RMB, showcasing enhanced profitability [1] Business Development - The number of active stores on the platform reached 55,210, with active agents totaling 490,862 by the end of Q1 [2] - Beike is focusing on optimizing developer partnerships and enhancing service efficiency in the new home business [2] - The home decoration and furnishing business generated net revenue of 2.9 billion RMB, a 22.3% increase, with a record profit margin of 32.6% [2] Rental Services - Rental service revenue surged to 5.1 billion RMB, a remarkable year-on-year growth of 93.8%, supported by a rapid increase in managed property scale [3] - The company managed over 500,000 rental units, with the "Worry-Free Rental" program accounting for over 490,000 units [3] - An AI assistant for rental services, "Xiao Hui," is being tested in 13 cities, achieving a 25% online resolution rate for tenant requests [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： 2025年5月15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 ...

Group 1 - The core financial performance of the company in Q1 2025 includes a total transaction value (GTV) of 843.7 billion RMB, a year-on-year growth of 34%, net revenue of 23.3 billion RMB, a year-on-year increase of 42.4%, and a net profit of 855 million RMB, with adjusted net profit at 1.393 billion RMB [1] - The company's "one body, three wings" strategy continues to show effectiveness, with net revenue from existing home business reaching 6.9 billion RMB, a year-on-year growth of 20%, and new home business net revenue at 8.1 billion RMB, a year-on-year increase of 64.2% [1] - As of the end of Q1, the platform had 55,210 active stores and 490,862 active agents, indicating a robust operational scale [1] Group 2 - The non-real estate transaction service revenue grew by 46.2% year-on-year, accounting for 35.9% of total net revenue, with home decoration and furniture business revenue increasing by 22.3% to 2.9 billion RMB, and rental service revenue soaring by 93.8% to 5.1 billion RMB [1] - The company has over 500,000 managed housing sources, with the "Worry-Free Rental" service managing over 490,000 units [1] - The CEO expressed confidence in the company's long-term development under the "one body, three wings" strategy and emphasized ongoing investments in AI applications to enhance customer experience and operational efficiency [2]

Core Insights - The company reported a total transaction volume of RMB 843.7 billion (USD 116.3 billion) for Q1 2025, representing a year-on-year increase of 34.0% [1] - Net income reached RMB 23.3 billion (USD 3.2 billion), up 42.4% year-on-year, while net profit was RMB 0.855 billion (USD 0.118 billion), showing a significant increase of 97.9% [1][3] - The company continues to expand its store and agent network, with active stores increasing by 29.6% to 55,200 and active agents rising by 23.0% to 490,900 as of March 31, 2025 [1][2] Financial Performance - The total transaction volume for existing homes was RMB 580.3 billion (USD 80 billion), a 28.1% increase year-on-year, while new home transactions totaled RMB 232.2 billion (USD 32 billion), up 53.0% [1] - The net income from existing home services was RMB 6.9 billion (USD 0.96 billion), a 20.0% increase, and new home services net income reached RMB 8.1 billion (USD 1.1 billion), up 64.2% [3] - Non-real estate services net income grew by 46.2%, accounting for 35.9% of total net income, with rental services net income hitting a record high of RMB 5.1 billion (USD 0.7 billion), up 93.8% [3] Operational Highlights - The company had 56,800 stores and 550,300 agents as of March 31, 2025, reflecting a robust growth strategy [1][2] - Monthly active users averaged 44.5 million in Q1 2025, down from 47.7 million in the same period of 2024 [1] - The company is focusing on AI applications to enhance customer experience and operational efficiency, with ongoing investments in technology [2][3] Strategic Outlook - The company expresses confidence in its long-term development under the "One Body, Three Wings" strategy, emphasizing continued investment in AI applications while being cautious about other types of investments [2] - The company plans to maintain a strong cash reserve and has repurchased shares worth approximately USD 139 million, representing about 0.6% of the total shares outstanding as of the end of 2024 [3]