Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting a potential recovery in the market with a recommendation to accumulate real estate stocks on dips [6]. Core Insights - The A-share real estate sector saw a weekly increase of +3.1%, ranking 17th among all sectors, while the Hong Kong real estate sector increased by +3.9%, ranking 4th [3][19]. - The land market's premium rate has rebounded, with an average premium rate of 9% for the week ending June 27, 2025, despite a year-on-year decrease in land transaction volume [3][30]. - New housing sales in 47 cities totaled 523 million square meters, reflecting a week-on-week increase of +39% but a year-on-year decrease of -14% [4][35]. - Guangzhou is promoting prefabricated buildings, mandating that 100% of residential land sold from 2026 onwards will implement this construction method, which may transform the real estate and construction industries [6][17]. Summary by Sections Real Estate Market Overview - The report highlights a recovery in the real estate market, with significant increases in both new and second-hand housing transactions across various city tiers [4][43]. - The premium rates for land transactions have shown signs of recovery, indicating a potential stabilization in the market [3][30]. Land Transactions - In the week of June 21-27, 2025, 923 million square meters of residential land were transacted across 300 cities, with a year-on-year decrease of -33% [30]. - The top five companies in terms of land acquisition amount are Poly Developments, Greentown China, China Overseas Development, Jianfa Real Estate, and Binjiang Group, with acquisition amounts of 414 billion, 395 billion, 386 billion, 329 billion, and 313 billion respectively [30][31]. New Housing Sales - New housing sales in 47 cities reached 523 million square meters, with a week-on-week increase of +39% and a year-on-year decrease of -14% [4][35]. - The performance varied by city tier, with first-tier cities showing a week-on-week increase of +81% [4][35]. Second-Hand Housing Sales - Second-hand housing transactions totaled 264 million square meters in 22 cities, with a week-on-week increase of +1% and a year-on-year decrease of -2% [43][44]. - First-tier cities experienced a week-on-week increase of +2%, while second-tier cities saw a +1% increase [43][44]. Policy and Market Trends - The report emphasizes the importance of government policies in supporting the real estate market, particularly in Shanghai, where the release of quality land parcels is seen as a positive signal for market recovery [5][13]. - The promotion of prefabricated buildings in Guangzhou is expected to enhance construction efficiency and sustainability, potentially benefiting developers who adopt these practices [6][17].

Core Viewpoint - The real estate self-media information dissemination ecosystem is facing new challenges for standardized development as short videos and live broadcasts become important channels for public access to real estate information [1][3]. Group 1: Event Overview - The "Sunshine Communication" real estate new media creator empowerment plan and "E Road Red Sail" forum was launched on June 26, guided by various local government departments and organizations [1]. - The event gathered over 500 self-media creators, focusing on "Party Building Leadership + Practical Empowerment" to build a "real, professional, and sunny" online real estate information ecosystem [1][3]. Group 2: Industry Practices - The "Galaxy Plan" by Beike has incubated over 1,000 self-media creators since its launch in 2022, creating a communication matrix with 3 million followers [3][8]. - The plan aims to reconstruct content production standards and knowledge dissemination paths, ensuring that authenticity and professionalism are prioritized [3][4]. Group 3: Compliance Challenges - Emphasis was placed on avoiding predictions without factual basis, unprofessional commentary, and irresponsible hype in real estate self-media content [4][6]. - The need for a balance between traffic and responsibility was highlighted, urging creators to clarify the boundaries of "creative freedom" [4]. Group 4: Self-Regulation Initiatives - A self-discipline declaration was made by nine self-media representatives, focusing on four dimensions: maintaining authenticity, enhancing professional knowledge, promoting city values, and fulfilling social responsibilities [6][10]. - This declaration serves as a commitment from real estate agents to provide more accurate and valuable real estate content services to the citizens of Qingdao [6]. Group 5: Training and Empowerment - The "E Road Red Sail" forum, in collaboration with Beike's "Galaxy Plan," initiated a two-day professional training program to enhance content creation and compliance capabilities for real estate self-media creators [8][10]. - The training included sessions on new media platform operations, effective creation guidelines, and flow conversion analysis, with personalized support provided by industry experts [8][10]. Group 6: Future Initiatives - The "Discover Good Houses in Qingdao" short video competition was launched to encourage creators to visualize and explore livable housing options in the city [10]. - The implementation of this empowerment plan is expected to promote more standardized and professional content creation in Qingdao's real estate new media sector, contributing to the construction of a modern international metropolis [10].

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6月27日 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 。 | 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 | ...

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 除上文所披露外，概無股東須根據上市規則就股東週年大會上提呈的任何決議案 放棄投票，亦無任何股東有權出席股東週年大會但須根據上市規則第13.40條於會 上就任何決議案放棄投贊成票。概無任何股東於該通函中表明其有意就股東週年 大會上提呈的任何決議案投反對票或放棄投票。 因此，賦予持有人權利出席股東週年大會並於會上就第1至第6項決議案投票的本 公司股份總數為3,479,994,985股，包括3,336,731,764股A類普通股及143,263,221 股B類普通股。 根據本公司第六次經修訂及重述的組織章程大綱及細則（「組織章程大綱及細 則」），(i)關於第1、2(a)(i)、2(b)、3、4及5項決議案，於股東週年大會投票表決 時，A類普通股持有人每股可投一票，而B類普通股持有人每股可投十票；(ii)關 於第2(a)(ii)及6項決議案，於股東週年大會投票 ...

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6月26日 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 。 | 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 | ...

| 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) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年6月23日 | | 3,458,896,856 | | | 0 | 3,458,896,856 | | 1). 其他 (請註明) | | | | % | | | | | 見B部分 | | | | | | | | | 變動日期 2025年6月24日 | | | | | | | | ...

Core Insights - The article highlights the transformative impact of Beike's AI assistant "Laike" on real estate agents, enabling them to efficiently meet fragmented customer demands and improve transaction success rates in a challenging market environment [1][11]. Group 1: Market Context - The real estate market is experiencing high inventory and slow turnover, necessitating faster and more effective matching of properties with new owners [1][3]. - Since the fourth quarter of the previous year, the market has shown signs of recovery due to policy support, but challenges remain [1][3]. Group 2: Technology Empowerment - Beike's "Laike" system, launched in June 2024, is designed to empower agents by integrating deeply into the WeChat ecosystem, thus enhancing communication and trust with clients [3][4]. - The system addresses the issue of fragmented customer needs by utilizing AI to streamline the service chain and improve the efficiency of property matching [5][13]. Group 3: User Experience and Trust - The "Laike" system simplifies the process of connecting clients with certified agents, significantly reducing the steps required and enhancing trust through official verification [4][10]. - The introduction of a "Five Good Service Provider" evaluation mechanism encourages agents to improve service quality and build deeper emotional connections with clients [8][10]. Group 4: Performance Metrics - As of March 2025, the "Laike" system has supported over 259 million client interactions across more than 60 cities, demonstrating its effectiveness in enhancing agents' transaction rates [11][13]. - The AI-powered "Property Maintenance Assistant" complements the "Laike" system by improving the quality and exposure of property listings, benefiting over 400,000 homeowners [11][14]. Group 5: Future Directions - Beike continues to explore AI applications in the real estate sector, with products like "Pudding AI" aimed at providing intelligent solutions for diverse user needs [13][14]. - The integration of AI in key transaction processes, such as contract signing and post-sale services, has saved agents over 30,000 hours of work, showcasing the efficiency gains from human-AI collaboration [14].

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6月24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 | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The new housing transaction area has decreased year-on-year, while many regions continue to relax policies to stimulate the market [1] - The report highlights a significant shift in the real estate market dynamics, indicating a potential turning point in policy effectiveness and market stabilization [8] Summary by Sections 1. Sector Overview - The real estate sector saw a decline of 1.9% last week, while the CSI 300 and Wind A indices decreased by 0.5% and 1.1%, respectively, resulting in excess returns of -1.5% and -0.9% [55] 2. Real Estate Market Conditions - New housing market: In the last week, 36 cities recorded a new housing transaction area of 205.9 million square meters, up 10.0% month-on-month but down 18.5% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions totaled 527.4 million square meters, down 11.0% year-on-year [13][17] - Second-hand housing market: In 15 cities, the transaction area was 169.5 million square meters, up 1.6% month-on-month and up 1.4% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions reached 456 million square meters, up 7.0% year-on-year [17] - Inventory and absorption: The cumulative inventory of new homes in 13 cities was 7816.2 million square meters, up 0.3% month-on-month and down 11.6% year-on-year. The absorption cycle for new homes was 20.5 months, with a month-on-month increase of 0.8 months and a year-on-year decrease of 3.2 months [29] 3. Land Market Conditions - From June 16 to June 22, 2025, the land transaction area in 100 cities was 1571.3 million square meters, down 24.1% month-on-month and down 31.8% year-on-year. The average land price was 1732 RMB per square meter, up 32.0% month-on-month and up 30.0% year-on-year [47] - The cumulative land transaction area for 2025 was 49461.5 million square meters, down 5.2% year-on-year [47] 4. Investment Recommendations - Real estate development: Recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a suggestion to pay attention to Greentown China [8] - Property management: Recommended companies include China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [8] - Real estate brokerage: Recommended company is Beike, with a suggestion to pay attention to I Love My Home [9]

（貝殼控股有限公司（「本公司」）董事會於2025年6月23日通過並立即生效） 貝殼控股有限公司之經修訂及重述的 董事會提名委員會章程 本章程（「章程」）有英文及繁體中文版本可供查閱。倘本章程英文及繁體中文版本 之間出現任何歧異，概以英文版本為準。 I. 委員會的宗旨 本公司董事會（「董事會」）提名委員會（「委員會」）的宗旨是為甄選董事會及其 委員會的候選人推薦標準，確定並向董事會推薦其認為符合條件、願意並可 擔任本公司董事和董事會委員會成員的個人；就董事會組成、程序和委員會 向董事會提供建議；推薦董事擔任董事會委員會成員；定期審查董事會規模 並向董事會推薦任何適當的變動；及就董事獨立性的確定向董事會提出建議。 II. 委員會的組成 委員會應由由董事會不時決定的兩名或兩名以上董事組成，至少一名董事應 為不同性別。委員會過半數成員必須為符合香港聯合交易所有限公司證券上 市規則（經不時修訂）不時規定的獨立性要求的獨立非執行董事。委員會的每 一位成員在委員會任職均應滿足紐約證券交易所（「紐交所」）（只要本公司股 份或美國存託股份（「美國存託股份」在該交易所上市）、香港聯交所（只要本 公司股份或美國存託股份在該交易所上 ...