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28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 initiates coverage with a "Buy" rating for the company [4][11]. Core Viewpoints - The company is the largest real estate transaction and service platform in China, poised to benefit from real estate recovery, with its three wings of business gradually forming a second growth curve [3][11]. - The company has launched a strategic shift from traditional real estate transactions to comprehensive living services, encapsulated in its "One Body, Three Wings" strategy [1][36]. Summary by Relevant Sections Company Overview - The company, originally founded as Beijing Lianjia in 2001, has evolved into the largest real estate transaction and service platform in China, with a significant focus on digital transformation and integration of services [1][20]. - The company has a unique dual-class share structure, with core management holding nearly half of the voting rights, ensuring strategic control [28][29]. Real Estate Brokerage Business - The brokerage business benefits from a strong online and offline integration, with 50,000 active stores and 445,000 active agents by the end of 2024 [1]. - The company has developed a robust mechanism to address issues like fake listings and price discrepancies through its "Building Dictionary" and ACN network, enhancing transaction efficiency [1][10]. Home Decoration and Furnishing Business - The home decoration market is projected to reach approximately 3.9 trillion yuan in 2024, with the company leveraging its brokerage business to drive traffic and enhance service delivery through digitalization [2][10]. - Following the acquisition of Saintu Decoration, the company is in a phase of scaling its operations through a combination of vertical management and internet platform models [2][10]. Rental and Residential Development - The rental business, centered around the "Worry-Free Rental" model, aims for sustainable profitability by improving property turnover rates and reducing vacancy periods [2][10]. - The "Beihome" initiative is being piloted in major cities, with plans for expansion in 2025 [2][10]. Profit Forecast, Valuation, and Rating - The company is expected to see a net profit of 5.77 billion, 6.69 billion, and 7.44 billion yuan from 2025 to 2027, with corresponding P/E ratios of 28, 24, and 22 [3][11]. - The report highlights the stability of the brokerage business and the high growth potential of the home decoration and rental segments as key drivers for future profitability [3][11].

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26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 ...

广州一二手市场"去贝壳化" 最近，广州多个新盘"去贝壳化"后，意外火爆。 "垄断"这一招，贝壳找房app怎么就在广州不合时宜？ 只能说，这个城市容不得一点"套路"。 在"去贝壳化"上，越秀地产打响了第一枪。 越秀云悦去年底开盘，在白云首战告捷，靠着自媒体和全民营销助力，直接创下5个月清盘神话。 呐，有图有真相，全盘3栋楼，没有网签的已经寥寥无几了。 | 应号 | 项目名称 | 开发商 | 预售证 | 项目地址 | 任宅已售 套数 | 住宅未售 套數 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 云悦图(自编号3#) | 广州越秀华城房地产开发 | 20240423 | 君云区京嘉街金殿社区怡 | 102 | 3 | | | | 有限公司 | | 新路258号 | | | | S | 云悦园(宫鼎号2#) | 成十九起受华城房地产开发 | 20250013 | 年区 标题在线观点区 日 | 89 | 16 | | | | 有限公司 | | 新路260号 | | | | 3 | 云悦园(自编号1#) | 广州越秀华城房地产开发 | 20240464 | 白 ...

FF305 | 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21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5月22日 | | | | | ...

Core Perspective - The article discusses the evolving concept of "good housing" in the real estate industry, emphasizing the need for developers to address customer pain points and meet unarticulated needs through innovative product design [2][3]. Group 1: Industry Trends - Since the implementation of the "good housing" national standard in 2025, major real estate companies like China Overseas Land & Investment, Poly Developments, and China Resources Land have introduced specific product lines that focus on enhancing living quality [2]. - Developers are increasingly prioritizing the resolution of common industry pain points, such as water leakage, noise, and insufficient storage space, as highlighted in the 2024 residential quality complaint report by the China Index Academy [4]. Group 2: Product Development - China Overseas Land & Investment has developed a "6633" living demand framework based on 33,000 customer cases, focusing on 101 high-frequency pain points related to housing quality [4]. - Specific solutions include advanced waterproofing techniques that reduce leakage rates by approximately 80% and noise control systems that decrease complaints by 87% [5]. Group 3: Customer-Centric Approach - Developers are urged to understand and translate the often unexpressed needs of buyers into tangible product designs, moving away from traditional development models that overlook customer demands [3][7]. - Poly Developments has introduced flexible housing layouts to accommodate changing family needs, such as movable partition walls for adaptable living spaces [6]. Group 4: Resource Integration - Companies like Longfor Group and Joy City Holdings are integrating internal and external resources to enhance product offerings and brand recognition, focusing on both visible and invisible aspects of housing [8]. - The collaboration between real estate firms and their parent companies or related industries is crucial for addressing common pain points and enhancing product quality [14]. Group 5: Competitive Advantage - The transition from traditional housing to "good housing" requires firms to leverage their unique resources and capabilities, with many relying on the support of their parent companies for technology and market insights [11][12]. - Companies are increasingly differentiating their products based on individual characteristics and market needs, moving away from homogeneity in housing projects [15].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 23, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Xiaomi Group ranks 4th with a market capitalization of 1754.49 billion [3]. - Pinduoduo follows in 5th place with a market capitalization of 1700.74 billion [3]. - Meituan is ranked 6th with a market capitalization of 1086.84 billion [3]. - JD.com holds the 8th position with a market capitalization of 485.64 billion [4]. - Dongfang Caifu is in 9th place with a market capitalization of 468.01 billion [4]. - SMIC (Semiconductor Manufacturing International Corporation) ranks 10th with a market capitalization of 428.82 billion [4]. Group 2: Additional Notable Companies - Li Auto is ranked 11th with a market capitalization of 306.9 billion [4]. - Baidu is in 12th place with a market capitalization of 289.01 billion [4]. - Kuaishou is ranked 13th with a market capitalization of 268.52 billion [4]. - Tencent Music holds the 14th position with a market capitalization of 262.23 billion [4]. - Beike ranks 15th with a market capitalization of 219.97 billion [4]. - XPeng Motors is in 16th place with a market capitalization of 195.11 billion [4]. Group 3: Lower Rankings - 36Kr Holdings is ranked 21st with a market capitalization of 99.46 billion [5]. - NIO is in 22nd place with a market capitalization of 87.87 billion [5]. - New Oriental Education ranks 23rd with a market capitalization of 76.79 billion [5]. - Bilibili is in 24th place with a market capitalization of 76.7 billion [5]. - Vipshop is ranked 25th with a market capitalization of 74.92 billion [5]. - Kingsoft is in 26th place with a market capitalization of 69.3 billion [5].

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22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 ...

Core Viewpoints - The company reported Q1 2025 earnings with revenue of 23.33 billion, a year-on-year increase of 42%, and Non-GAAP net profit of 1.39 billion, which remained stable year-on-year [1] - The company's GTV reached 843.7 billion, a 34% year-on-year increase, and revenue exceeded market expectations [1] - The decline in profit margin from existing housing business and the increase in fixed salary costs impacted overall profitability [1] Group 1: Existing Housing Performance - Existing housing GTV grew steadily by 28% year-on-year to 580.3 billion, but the overall monetization rate decreased due to a higher contribution from non-chain sources [2] - Revenue from existing housing increased by 20%, which was lower than the GTV growth rate [2] - The contribution profit margin for existing housing dropped by 6.4 percentage points year-on-year to 38% due to increased fixed salary costs and expansion efforts [2] Group 2: New Housing and Other Segments - New housing GTV grew significantly by 53% year-on-year to 232.2 billion, outperforming the market where overall sales declined by 2% [2] - The commission rate for new housing increased by 0.2 percentage points to 3.5%, indicating developers' growing reliance on the company's channels [2] - The home decoration segment showed improved profitability, while rental income surged by 94% year-on-year to 5.1 billion, with a contribution profit margin of 6.7% [2] Group 3: Profit Forecast and Investment Recommendations - The company maintains a buy rating and adjusts the target price to 56.04 HKD, reflecting its strong market position and potential for growth during the real estate recovery cycle [3] - Adjustments were made to revenue growth rates and profit margins for various business segments, with Non-GAAP EPS forecasts for 2025 and 2026 updated to 2.06 and 2.68 respectively [3] - The target price corresponds to a 25 times PE ratio based on comparable companies [3]

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 | 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1 ...