Core Insights - KE Holdings Inc. ("Beike") has upgraded its Environmental, Social and Governance (ESG) rating from "BBB" to "A" by MSCI, marking the second consecutive year of improvement [1][2] - Beike achieved an overall score of 7.2 in the ESG social category, significantly higher than the global industry average of 4.3, due to its focus on human capital development and robust privacy measures [2][3] - The company is committed to creating long-term sustainable value through infrastructure transformation and technology-driven innovation in China's residential services industry [4][5] ESG Performance - Beike's ESG environmental category score increased by 1.8 points from the previous year, reflecting its initiatives in eco-friendly practices, such as the "Lianjia Green Store Standard" [2] - The company's efforts in vocational training and structured career paths for service providers have contributed to its strong performance in the social category [2] Company Overview - KE Holdings Inc. operates an integrated online and offline platform for housing transactions and services, including home sales, rentals, renovations, and furnishings [5] - The company owns Lianjia, a leading real estate brokerage brand in China, which has over 23 years of operational experience [5]

Core Insights - KE Holdings Inc. ("Beike") has achieved a significant upgrade in its ESG rating from "BBB" to "A" by MSCI, marking the second consecutive year of improvement [1][2] - The company scored 7.2 in the ESG social category, significantly higher than the global industry average of 4.3, due to its focus on human capital development and data security [2][3] - Beike is committed to creating long-term sustainable value in China's residential services industry through infrastructure transformation and technology-driven innovation [4][5] ESG Performance - Beike's ESG environmental category score increased by 1.8 points from the previous year, reflecting its initiatives in eco-friendly practices, such as the "Lianjia Green Store Standard" [2] - The company's efforts in vocational training and structured career paths for service providers have contributed to its strong performance in the social category [2] Company Overview - KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services, including home sales, rentals, and renovations [5] - The company is known for its leading real estate brokerage brand, Lianjia, which has over 23 years of operational experience [5]

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。 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：2423） 自願性公告 MSCI ESG評級上調至A級 在MSCI的最新評估中，本公司在ESG社會類別中獲得了令人矚目的7.2分，優於 全球行業平均的4.3分。這一成就源於本公司在提升人力資本方面的持續努力，包 括為服務者提供量身定制的職業培訓計劃和系統化的職業發展路徑，以及建立完 善的隱私保護和數據安全措施。此外，本公司在探索將綠色環保概念融入各個業 務場景的機會方面取得了顯著進展，例如制定了「 鏈家 綠色門店標準」，對經紀門 店的環保裝修、物資循環利用和用電智能控制設備安裝等進行規範。這些努力促 使本公司在ESG環境類別的得分較前一年顯著提升1.8分。 MSCI ESG評級是由領先的面向全球投資界的關鍵決策支持工具和服務商MSCI編 製，旨在為機構投資者評估企業在財務層面對重大ESG ...

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2月26日 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 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 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 64.86 for Beike [4]. Core Views - Beike, as a leading real estate brokerage in China, is expected to benefit from the 2025 policy goal of stabilizing the market, leading to a recovery in transaction volumes and housing prices. The "three wings" business model is rapidly developing and maturing [3][4]. Financial Performance - The company reported a revenue of HKD 60,669 million in 2022, with a projected increase to HKD 126,029 million by 2026, reflecting a compound annual growth rate (CAGR) of 22% from 2018 to 2023. The adjusted net profit is expected to grow from HKD -1,386 million in 2022 to HKD 8,547 million in 2026 [6][27]. - The adjusted EPS is forecasted to be HKD 2.41, HKD 2.60, and HKD 3.12 for 2024, 2025, and 2026 respectively, with a reference PE of 23 times for 2025 [4][6]. Business Model and Strategy - Beike is transitioning from a traditional real estate brokerage to a technology-driven integrated housing service platform, having completed approximately 4.4 million property transactions in 2023, with a total transaction value of HKD 31,429 billion [11][27]. - The "one body and three wings" strategy includes core brokerage services and expansion into home decoration, rental services, and other housing-related services, which are becoming significant growth drivers [27][28]. Market Position - Beike holds approximately 25% market share in the existing housing brokerage sector, with significant growth potential as the market shifts towards existing homes. The company maintains a strong bargaining position with commission rates consistently above industry averages [11][27]. - The new housing brokerage business is also performing well, with Beike's quality coverage and de-stocking capabilities allowing it to outperform the market [11][27]. Growth Drivers - The non-brokerage business segments, particularly home decoration and rental services, are increasingly contributing to revenue, with their combined revenue share rising to 36% in the first three quarters of 2024, up from 25% in 2023 [27][28]. - The company has seen a significant rebound in net profit, achieving HKD 59 billion in 2023, a 245% increase in adjusted net profit compared to the previous year, driven by improved transaction volumes and profitability in non-brokerage services [38][41].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 64.86 for the company [4]. Core Views - The company is positioned to benefit from the 2025 policy goal of stabilizing the market, which is expected to lead to a recovery in transaction volumes and housing prices. The "three wings" business model is rapidly developing and maturing [4][3]. Financial Performance - The company reported a revenue of HKD 60,669 million in 2022, with a projected increase to HKD 126,029 million by 2026, reflecting a compound annual growth rate (CAGR) of 22% from 2018 to 2023. The adjusted net profit is expected to grow from HKD 5,883 million in 2023 to HKD 8,547 million in 2026 [6][27]. - The adjusted EPS is forecasted to be HKD 2.41, HKD 2.60, and HKD 3.12 for 2024, 2025, and 2026 respectively, with a reference PE of 23 times for the target price calculation [4]. Business Model and Strategy - The company is transforming from a traditional real estate agency to a technology-driven integrated residential service platform, leveraging a digital infrastructure that includes the ACN network and property dictionary [11]. - The "one body and three wings" strategy includes core brokerage services and expansion into home decoration, rental services, and development services, which are becoming significant growth drivers [27][11]. Market Position - The company holds approximately 25% market share in the existing housing brokerage business, with significant growth potential as it expands into lower-tier cities [11]. - The company completed around 4.4 million property transactions in 2023, with a total transaction value of HKD 31,429 billion, indicating strong market presence [11]. Revenue Composition - The revenue from non-brokerage businesses has been increasing, contributing 25% in 2023 and projected to rise to 36% in 2024, highlighting the diversification of income sources [28][27]. - The company’s gross margin has improved since 2022, driven by higher profitability from existing housing and home decoration services [32]. Management and Governance - The company has a dual-class share structure, with the core management team holding nearly 50% of the voting rights, ensuring strong governance and strategic direction [22][24].

Group 1 - The core viewpoint is a bullish outlook on KE Holdings Inc. (NYSE: BEKE) as signs of stabilization emerge in China's property market [1] - The analysis acknowledges that while the housing market in China is showing some stabilization, it is expected to remain challenging due to primary market conditions [1] Group 2 - Astrada Advisors specializes in delivering actionable recommendations that enhance portfolio performance and uncover alpha opportunities, backed by a strong track record in investment research [1] - The firm has expertise across technology, media, internet, and consumer sectors in North America and Asia, allowing it to identify high-potential investments and navigate complex industries [1] - Astrada Advisors integrates rigorous fundamental analysis with data-driven insights to provide a nuanced understanding of key trends, growth drivers, and competitive landscapes [1]

Company Overview - KE Holdings Inc. (BEKE) shares increased by 5.4% to close at $20.52, with notable trading volume compared to typical sessions, and a total gain of 17.5% over the past four weeks [1][2] Growth Drivers - The company is benefiting from the recovery of China's real estate market, increased transaction volumes, strategic expansion of its agent network, technology-driven efficiencies, supportive government policies, and improved corporate governance [2] Earnings Expectations - BEKE is projected to report quarterly earnings of $0.31 per share, reflecting a year-over-year increase of 55%. Revenue is expected to reach $4.01 billion, which is a 41% increase from the same quarter last year [2] Stock Performance Insights - Trends in earnings estimate revisions are strongly correlated with near-term stock price movements, indicating that the current earnings growth expectations may signal potential strength in the stock [3] Consensus and Market Position - The consensus EPS estimate for BEKE has remained unchanged over the last 30 days, suggesting that the stock's price may not continue to rise without changes in earnings estimates [4] - KE Holdings holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [4]

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 | A 股份類別 | | 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 | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) 2025年1月31日 | 3,479,616,986 | | 0 | | | 3,479,616,986 | | 1). 購回股份 (股份購回並註銷) | -34,177,065 | 0.943 % | | USD | ...

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1月27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 | ...