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) | 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5月30日 | | 3,458,896,856 | | | 0 | 3,458,896,856 | | 1). 其他 (請註明) | | | | % | | | | | ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 股東週年大會延期 茲提述貝殼控股有限公司（「本公司」）日期均為2025年4月17日的股東週年大會通 告（「股東週年大會通告」）及通函（「股東週年大會通函」），內容有關（其中包括） 本公司應屆股東週年大會（「股東週年大會」）的日期及擬於股東週年大會上審議及 批准的決議案詳情。除本公告另有界定者外，本公告所用詞彙與股東週年大會通 告及股東週年大會通函所界定者具有相同涵義。 股東週年大會延期 因統籌相關工作安排需要，結合本公司的實際情況，本公司董事會（「董事會」）經 審慎考慮後，決議將原定於北京時間2025年6月13日（星期五）上午十時正舉行的 股東週年大會延期至北京時間2025年6月27日（星期五）上午十時正舉行。股東週 年大會的地點維持不變，為中國北京市海淀區創業路2號東方電子科技大廈。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號： ...

Summary of the Conference Call on China Real Estate Equities Industry Overview - The focus is on the **China property sector**, which is experiencing a resurgence in interest from both onshore and offshore insurance funds, indicating a shift in investor sentiment towards the sector [2][8]. Key Insights 1. **Investor Sentiment**: There is a notable increase in interest from large insurance funds that were previously inactive in the market. Investors are now seeking external validation for their positive views on the sector, which presents an opportunity for capitalizing on the expected structural market recovery [2][8]. 2. **Market Expectations**: Housing sales have shown a slight decline in April due to rising trade tensions, but May sales are described as respectable. Investors have adjusted their expectations for lower sales, which could lead to upside surprises as policy expectations are gradually rebuilt ahead of the July politburo meeting [3]. 3. **Next Opportunities**: The market is preparing for a potential resurgence in sales around July, with expectations of positive data points from the pre-sale season in June. This period is seen as a strategic window for investors to build positions [4]. 4. **Stock Recommendations**: Key stock picks include **CRL**, **China Jinmao**, **C&D**, and **Beike**. Among these, **C&D International** is highlighted as a particularly interesting and under-researched state-owned enterprise (SOE) with a strong growth outlook due to proactive landbanking [5][8]. Financial Metrics and Valuations - **C&D International**: Current price at HKD 13.54 with a target price of HKD 21.20, indicating a potential upside of 56.6%. The company is benefiting from a favorable market in Xiamen, with a 17% landbank exposure [5][19]. - **CR Land**: Current price at HKD 25.25 with a target price of HKD 36.30, suggesting a 43.8% upside. The valuation reflects strong sales momentum and recurrent income [19]. - **China Jinmao**: Current price at HKD 1.03 with a target price of HKD 1.60, indicating a 55.3% upside, supported by an ambitious sales target for 2025 [19]. Risks and Challenges - Key risks identified include the inability to maintain sales momentum, lower-than-expected margins, and uncertainties related to macroeconomic and property-specific policies [19]. Additional Insights - The report emphasizes the importance of upcoming policy support to stabilize the housing market and the potential for increased investment relevance in the sector as investor sentiment shifts [2][8]. - The strategic positioning of investors for potential upside surprises is a critical theme, highlighting the dynamic nature of the current market environment [3][4]. This summary encapsulates the essential points discussed in the conference call regarding the China real estate sector, focusing on investor sentiment, market expectations, stock recommendations, financial metrics, and associated risks.

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 2, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba leads the list with a market capitalization of $2716.22 billion [3]. - Xiaomi Group follows with a market cap of $1655.8 billion [3]. - Pinduoduo ranks third with a market capitalization of $1370.1 billion [3]. - Meituan is in fourth place with a market cap of $1027.51 billion [3]. Group 2: Additional Notable Companies - JD.com has a market capitalization of $467.19 billion, placing it in the top ten [4]. - Semiconductor Manufacturing International Corporation (SMIC) has a market cap of $400.66 billion [4]. - Baidu's market capitalization stands at $281.55 billion [4]. - Kuaishou has a market cap of $279.05 billion [4]. Group 3: Companies Ranking 25 to 50 - Vipshop has a market capitalization of $71 billion, ranking 25th [5]. - Kingsoft's market cap is $56.87 billion, placing it at 31st [5]. - Perfect World has a market cap of $36.22 billion, ranking 50th [6].

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2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 ...

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30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 | ...

Core Insights - The article discusses the career journey of Wang Jianjun, highlighting his successful transitions across different industries, particularly from real estate to technology entrepreneurship, and his current role as Chief Growth Officer at Wedding纪 [2][4][46]. Group 1: Career Development - Wang Jianjun has over 13 years of experience, including two entrepreneurial ventures and significant roles in leading internet companies like Lianjia and Beike [2][3]. - He emphasizes the importance of "starting from zero" and the courage to embrace change, which has been pivotal in his career transitions [2][4]. - His journey reflects a continuous pursuit of growth and learning, as he transitioned from a CEO role in a startup to various positions in larger companies [2][4][46]. Group 2: Entrepreneurial Experience - Wang's first entrepreneurial venture was a local portal website during his university years, where he achieved significant revenue before graduation [8][9]. - He faced challenges in managing a growing team, which led him to seek further education in management through CEO training programs [10][12]. - His experience in the "Internet + Real Estate" sector allowed him to witness both the industry's peak and subsequent rationalization [3][4]. Group 3: Leadership and Management - Wang believes that effective management requires a combination of professional expertise and the ability to inspire trust among team members [51]. - He has developed a unique approach to team dynamics, focusing on creating a positive atmosphere and fostering self-driven individuals within his teams [47][57]. - His leadership style includes recognizing and rewarding contributions, which helps build strong relationships and enhances team performance [30][47]. Group 4: Current Role and Achievements - As Chief Growth Officer at Wedding纪, Wang has successfully leveraged his past experiences to drive user growth and business development [46][48]. - Under his leadership, Wedding纪 has expanded its reach to over 700 cities and served more than 100 million users, establishing itself as a leading technology-driven platform in the wedding industry [46][48]. - Wang's focus on user engagement and innovative marketing strategies has contributed to the company's recognition as a unicorn enterprise in Hangzhou [46][48].

Core Insights - The report discusses the transformative impact of AIGC (AI Generated Content) on the software development industry, highlighting a shift from traditional development paradigms to intelligent, multi-stack development models [1][16][18]. Group 1: Development Paradigm Revolution - Traditional software development faces challenges such as efficiency bottlenecks and talent mismatches, which AIGC technology aims to address by providing new solutions [1]. - AI development tools have evolved from simple code completion assistants to comprehensive partners that cover the entire development process, including requirement analysis, code generation, and testing [1][16]. - The introduction of platforms like Beike CodeLink allows developers to generate code frameworks through natural language descriptions, resulting in a 22.7% increase in code output while reducing the demand cycle by 10% [1][16]. Group 2: Talent Structure Transformation - The emergence of multi-stack engineers, or "π-type talents," is replacing traditional "T-type talents," driven by the capabilities enabled by AI [2]. - AI tools significantly lower the learning costs associated with switching between different technology stacks, allowing engineers to transition freely between front-end, back-end, and testing roles [2]. - Tools like Tencent Cloud AI Code Assistant and Alibaba Cloud Tongyi Lingma enhance coding efficiency by 40% and help build enterprise-level knowledge graphs [2]. Group 3: Industry-Level Intelligent Platforms - Intelligent development platforms exhibit characteristics such as full-process coverage, knowledge integration, and self-evolution [3]. - Beike KeTest Copilot reduces traditional testing times from hours to minutes through automated UI testing, while Alibaba Cloud's intelligent code review system intercepts thousands of potential defects daily, improving code quality by over 30% [3]. - The combination of low-code development and AI generation technologies opens new avenues for vertical industry transformation, with 80% of routine demands being automated [3]. Group 4: Organizational Capability Leap - The transformation extends beyond tool upgrades to a systemic restructuring of organizational capabilities, emphasizing a three-dimensional support system of technology, culture, and talent [4]. - Successful companies are establishing intelligent development platforms that cover the entire development chain and fostering an AI-first innovation culture [4]. - Beike's virtual team mechanism breaks down departmental barriers, while Tencent Cloud's developer growth system sees 80% of programmers using AI code assistants [4]. Group 5: Future Outlook - The software development industry is moving towards a "digital employee" era, where AI may handle over 50% of basic coding tasks within five years, allowing human engineers to focus on architectural innovation and complex problem-solving [5]. - The deepening of industrial internet integration provides a broad platform for intelligent development, with specialized models and industry knowledge creating new productivity paradigms [5]. - The report emphasizes that this transformation, driven by AIGC, is redefining efficiency standards and value creation in software development [5].

Group 1 - The core viewpoint of the article highlights Beike's financial performance, showing a revenue increase but a decline in net profit [1] - As of December 31, 2024, Beike's total revenue is projected to be 93.457 billion RMB, representing a year-on-year growth of 20.16% [1] - The company's net profit attributable to shareholders is expected to be 4.065 billion RMB, reflecting a year-on-year decrease of 30.91% [1] Group 2 - Beike Holdings Limited is a leading integrated online and offline real estate transaction and service platform in China [2] - The company has established platform infrastructure and standards to enhance service efficiency for consumers in second-hand and new housing transactions, rentals, and home services [2] - Beike operates the well-known real estate brokerage brand, Lianjia, which plays a crucial role in the company's platform and has over 23 years of operational experience since its establishment in 2001 [2]

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29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 | ...