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 ...

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to HKD 56.04 [2][4] Core Views - The company, as a leading real estate brokerage in China, continues to enhance platform value to strengthen market share advantage, showing significant upward elasticity during the real estate recovery cycle [2] - The first quarter of 2025 saw revenue of HKD 23.3 billion, a year-on-year increase of 42%, with Non-GAAP net profit remaining stable at HKD 1.39 billion [5] - The company is focusing on expanding its scale and improving operational efficiency, with expectations for profit margins to recover in the future [5] Financial Performance Summary - **Revenue Forecasts**: - 2023A: HKD 77.777 billion - 2024A: HKD 93.457 billion - 2025E: HKD 110.080 billion - 2026E: HKD 128.165 billion - 2027E: HKD 146.106 billion - Year-on-year growth rates: 28.2%, 20.2%, 17.8%, 16.4%, 14.0% [3][8] - **Profitability Metrics**: - Operating profit for 2023A: HKD 4.797 billion, with a significant year-on-year growth of 675.9% - Net profit attributable to the parent company for 2023A: HKD 5.883 billion, with a year-on-year growth of 524.5% [3][8] - **Earnings Per Share (EPS)**: - 2023A: HKD 1.63 - 2024A: HKD 1.13 - 2025E: HKD 1.36 - 2026E: HKD 1.93 - 2027E: HKD 2.76 [3][8] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2025E: 33.2 - Price-to-Book (PB) ratio for 2025E: 2.1 [3][8] Business Segment Performance - **Existing Home Business**: - GTV (Gross Transaction Value) for existing homes grew by 28% to HKD 5,803 billion, but the contribution margin decreased to 38% due to increased fixed salary costs [5] - **New Home Business**: - GTV for new homes increased by 53% to HKD 2,322 billion, outperforming the market, with a commission rate increase reflecting the value of the company's channels [5] - **Home Decoration and Rental Services**: - Home decoration revenue showed steady growth, while rental income surged by 94% to HKD 5.1 billion, indicating a strong growth phase [5]

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to HKD 56.04 [2][4] Core Views - The company, as a leading real estate brokerage in China, continues to enhance platform value to strengthen market share advantage, showing significant upward elasticity during the real estate recovery cycle [2] - The first quarter of 2025 saw revenue of HKD 23.3 billion, a year-on-year increase of 42%, with Non-GAAP net profit remaining stable at HKD 1.39 billion [5] - The company is focusing on expanding its scale and improving operational efficiency, with expectations for profit margins to recover in the future [5] Financial Performance Summary - **Revenue Forecasts**: - 2023A: HKD 77.777 billion - 2024A: HKD 93.457 billion - 2025E: HKD 110.080 billion - 2026E: HKD 128.165 billion - 2027E: HKD 146.106 billion - Year-on-year growth rates: 28.2%, 20.2%, 17.8%, 16.4%, 14.0% [3] - **Profitability Metrics**: - Operating profit for 2023A: HKD 4.797 billion, with a significant year-on-year growth of 675.9% - Net profit attributable to the parent company for 2023A: HKD 5.883 billion, with a year-on-year growth of 524.5% [3] - **Earnings Per Share (EPS)**: - 2023A: HKD 1.63 - 2024A: HKD 1.13 - 2025E: HKD 1.36 - 2026E: HKD 1.93 - 2027E: HKD 2.76 [3] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2025E: 33.2 - Price-to-Book (PB) ratio for 2025E: 2.1 [3] Business Segment Performance - **Existing Home Business**: - GTV (Gross Transaction Value) for existing homes grew by 28% to HKD 5,803 billion, but the contribution margin decreased to 38% due to increased fixed salary costs [5] - **New Home Business**: - GTV for new homes increased by 53% to HKD 2,322 billion, outperforming the market, with a commission rate increase reflecting the value of the company's channels [5] - **Home Decoration and Rental Services**: - Home decoration revenue showed steady growth, while rental income surged by 94% to HKD 5.1 billion, indicating a strong growth phase [5]

Core Viewpoint - The real estate market is recovering, and with the successful implementation of the "One Body, Three Wings" strategy, the company has achieved stable performance in Q1 2025, showing significant growth in transaction volume and net income [1][5]. Group 1: Financial Performance - In Q1 2025, the company achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, and net income of 23.3 billion RMB, up 42.4% year-on-year, with a net profit of 855 million RMB [1][2]. - The company's operating efficiency has improved, leading to a decrease in operating expenses to 4.2 billion RMB, down 31.3% quarter-on-quarter, and an adjusted net profit of 1.393 billion RMB [4]. Group 2: Business Segments - The core brokerage business has shown high growth, with existing home transaction volume reaching 580.3 billion RMB, a year-on-year increase of 28.1%, and new home transaction volume at 232.2 billion RMB, up 53% [2][3]. - Non-real estate transaction services have become a significant growth driver, with net income from this segment growing 46.2% year-on-year, accounting for 35.9% of total net income [3]. Group 3: Strategic Initiatives - The "One Body, Three Wings" strategy includes new home and existing home transactions as the core, with the three wings being home renovation, rental services, and the Beihome business [3][5]. - The company has invested in AI technology to enhance operational efficiency, launching tools like the AI house-hunting assistant "Pudding" and the client communication assistant "Laike" to improve user experience and transaction rates [2][3]. Group 4: Market Outlook - The company is expected to benefit from the recovery of the real estate market, with a significant increase in transaction volume and viewing numbers since the policy changes in September 2024 [5]. - The shift towards a stock market era in real estate is favorable for the company, as the proportion of existing home transactions has rapidly increased, reaching a historical high of 46% by the end of 2024 [5].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 21, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Alibaba leads the list with a market capitalization of 2986.04 billion [3]. - Xiaomi ranks second with a market capitalization of 1805.85 billion [3]. - Pinduoduo follows closely in third place with a market capitalization of 1666.38 billion [3]. - Meituan and NetEase occupy the fourth and fifth positions with market capitalizations of 1069.68 billion and 766.11 billion, respectively [3][4]. Group 2: Additional Rankings - JD.com is ranked eighth with a market capitalization of 489.39 billion [4]. - Baidu and Li Auto are positioned at 11th and 12th with market capitalizations of 307.12 billion and 302.4 billion, respectively [4][5]. - The rankings continue with companies like Kuaishou, Tencent Music, and Beike, showcasing a diverse range of technology and internet firms [5][6]. Group 3: Market Trends - The data reflects the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among the top players [1]. - The rankings are calculated based on the latest market values, indicating the dynamic nature of the industry [6].

Group 1 - Hong Kong stocks in the pharmaceutical and internet sectors saw significant gains, with companies like WanGuo Data-SW rising over 12%, and others such as 3SBio, CanSino Biologics, and MicroPort Medical gaining over 6% [1] - The Hong Kong Technology 50 ETF (159750), which covers high-tech industries including internet, new energy vehicles, and innovative pharmaceuticals, increased by 0.79% [1] - The first quarter holdings data from top Chinese private equity firms such as Hillhouse, Gaoyi, and Jinglin attracted market attention, revealing new investments in companies like Baidu and Li Auto, as well as increased stakes in Pinduoduo, NetEase, Beike, JD.com, and Trip.com [1] Group 2 - Analysts noted a "see-saw" effect in capital flows, indicating a global revaluation of assets, with funds moving from overvalued US tech stocks to Chinese assets as their value becomes more apparent [2] - Open Source Securities' overseas market team suggested that while short-term volatility remains due to policy dynamics, the mid-term outlook requires assessment of tariff policies' potential pressure on China's economic fundamentals, which may limit significant rebounds in the Hong Kong market [2] - The focus for the Hong Kong market is on the main themes of China's economic transformation, including sectors like internet, automotive, and semiconductors [2]

Summary of Key Points from the Conference Call Industry Overview - The real estate market is under pressure, with a year-on-year decline in real estate development investment of 10.3% from January to April 2025, and 64 cities experiencing a month-on-month decline in April [1][3] - New housing sales area decline has narrowed, with first-tier cities' prices remaining stable, indicating a diverging market [1][3] - The industry is expected to see a gradual recovery as policies are released, with a decrease in new construction area potentially leading to reduced future new housing supply [1][4] Company Performance: Beike Zhaofang - Beike Zhaofang reported a Gross Transaction Value (GTV) of approximately 844 billion yuan in Q1 2025, a year-on-year increase of 34%, with total revenue growing by 37% [1][6] - The core business saw a growth rate of 28%, with the existing home business benefiting from an increase in market share [1][6] - The new home business GTV growth rate reached 53%, with a significant increase in market share [1][6] Home Decoration Business - Beike's home decoration business revenue growth reached 22%, with a gross margin close to 33% [1][7] - The company achieved breakeven in its home decoration business at the city level for the first time in April, attributed to an increase in the proportion of hard decoration sales and improved procurement ratios [1][7] - The collective procurement price decreased by over 20%, enhancing operational efficiency [1][7] Rental Business - The rental business of Beike Zhaofang grew by 90% year-on-year, with the number of managed properties exceeding 500,000 [1][9] - The gross margin for the rental business has further improved, indicating a solid foundation in the brokerage business [1][9] Use of AI Technology - Beike Zhaofang extensively utilizes AI technology to optimize its home decoration service processes, significantly reducing contract signing time from approximately 10 days to about 6 days [1][10] - The implementation of an intelligent construction system allows for online inspections, improving efficiency and customer satisfaction [1][10] Market Trends and Future Outlook - The home decoration industry is shifting focus from new homes to existing homes, with leading companies collaborating with custom soft decoration firms to address consumer pain points [2][13] - The existing home market is expected to grow, with Beike leveraging its traffic advantages to capture a larger market share [2][14] - The company aims to enhance operational efficiency and reduce costs, with management focusing on optimizing business performance in response to external market pressures [1][15][16] Conclusion - The real estate and home decoration industries are undergoing significant transformations, with Beike Zhaofang positioned to capitalize on these changes through strategic partnerships, technological advancements, and a focus on existing home markets [1][2][14][17]

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20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 Viewpoint - The company reported a significant increase in revenue driven by a recovery in new home transactions and the development of rental services, despite a slight decline in profitability metrics [1][2]. Group 1: Financial Performance - In Q1 2025, the company's GTV transaction volume reached 843.7 billion, a year-on-year increase of 34%, with revenue of 23.3 billion, up 42% year-on-year [1]. - Adjusted net profit for Q1 2025 was 1.39 billion, flat year-on-year, with an adjusted net profit margin of 6.0%, down 2.5 percentage points [1]. - Gross margin was 20.7%, down 4.5 percentage points year-on-year, indicating a decline in profitability levels [1]. Group 2: Business Segments - The company's existing home transaction volume was 580.3 billion in Q1 2025, up 28% year-on-year, with revenue from this segment at 6.9 billion, a 20% increase [2]. - The new home business outperformed the market, with a transaction volume of 232.2 billion, up 53% year-on-year, and revenue of 8.1 billion, a 64% increase [2]. - The rental services segment saw revenue of 5.1 billion, a remarkable 94% increase year-on-year, although it had a lower contribution margin of 6.7% [3]. Group 3: Market Position and Growth - The company expanded its store count to 57,000, a 29% increase year-on-year, and the number of agents reached 550,000, up 24% [2]. - The market share for new homes increased to 12.6%, up 4.5 percentage points year-on-year, indicating strong competitive positioning [2]. - The company is expected to maintain its growth trajectory in new business segments, with home decoration and rental services showing promising revenue growth [3].