Core Viewpoint - The article discusses the potential risks of forced delisting of Chinese companies listed in the U.S. and restrictions on U.S. investments in Chinese assets, highlighting the historical context and possible implications for the market [1][2][3]. Group 1: Historical Context of Delisting and Investment Restrictions - The U.S. government previously initiated a delisting crisis for Chinese companies from 2020 to 2022 due to the HFCAA, which required companies to meet PCAOB audit standards [8][11]. - The crisis peaked when 150 Chinese companies were placed on a "pre-delisting" list, leading to an average stock price drop of 60% for 19 tracked companies [11][12]. - Although the delisting risk was mitigated through negotiations, some companies like China Mobile were still forced to delist during the tensions [12]. Group 2: Current Risks and Potential Impacts - Recent statements from U.S. officials suggest the possibility of using the forced delisting of Chinese companies as a negotiation tool, indicating a "black swan" risk that should not be ignored [2][3]. - The article outlines the potential impact on various Chinese companies if forced delisting or investment restrictions were to occur, emphasizing that the likelihood of such actions is currently low but not negligible [2][3]. Group 3: Company-Specific Analysis - A table lists various Chinese companies, their U.S. ticker symbols, market capitalization, and the percentage of shares held by U.S. investors, indicating varying levels of risk exposure [3]. - Companies like Pinduoduo and Didi, which are solely listed in the U.S., would face the most significant impact if delisted, while those with dual listings may experience less severe consequences [20][21]. Group 4: Comparison with Previous Delisting Crisis - The current delisting risk is perceived to be more uncertain than the previous crisis, as it may involve more significant political stakes and core interests [18][19]. - The dependency of Chinese companies on U.S. markets has decreased, with the average trading volume in Hong Kong rising from 10% to 34% since March 2022 [20][38]. Group 5: Response Strategies for Companies - Companies that have established dual listings can transition their shares to continue trading in Hong Kong without significant legal hurdles [23][39]. - For companies solely listed in the U.S., there is a pressing need to convert to a primary listing in Hong Kong before any potential delisting occurs [23][39]. Group 6: Broader Implications of Investment Restrictions - If the U.S. government expands restrictions on investments in Chinese companies, the impact would be more severe than a delisting, leading to permanent capital outflows and potential panic selling [27][28]. - The average U.S. investor ownership in tracked Chinese companies is approximately 39.9%, which could lead to significant market disruptions if restrictions are enacted [28][30].

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

@ JIN10.COM 金十数据 | 一个交易工具 | 25 | | 唯品会 | 66.57 | | | --- | --- | --- | --- | --- | | 26 | માં છે. | 好未来 | 66.49 | | | 27 | | 金山软件 | 64.83 | | | 28 | | 用友网络 | 63.43 | | | 29 | | 同程旅行 | 61.83 | | | 30 | | 奇富科技 | 55.03 | 1 ↑ | | 31 | | 金蝶国际 | 54.3 | -1 1 | | 32 | | 柏楚电子 M | 53.93 | | | 33 | Horoun | 润和软件 | 53.74 | | | 34 | | 中国软件 | 51.28 | | | 35 | KUNLUN | 昆仑万维 | 51.2 | 11 | | 36 | | 深信服 | 50.87 | -1 1 | | 37 | 2) | 三七互娱 | 48.37 | 1 1 | | 38 | | 拓维信息 | 48.03 | -1 | | 39 | | 恺英网络 | 47.5 | | | 40 | | 万国数据 | 45. ...

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4月23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 | 佔有關事件前的現有已發 行股份（ ...

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4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 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（ ...

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4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 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（ ...

Investment Rating - The report maintains a positive outlook on the real estate sector, with specific recommendations for companies that are well-positioned in first-tier and core second-tier cities [7]. Core Insights - The A-share real estate sector saw a weekly increase of +3.4%, ranking second among all sectors, while the Hong Kong real estate sector increased by +2.7%, ranking sixth [26]. - New housing transactions have shown a slight decline, with a total of 278 million square meters sold across 47 cities, reflecting a week-on-week decrease of 2% and a year-on-year decrease of 16% [4][47]. - The government is expected to introduce new stimulus policies for the real estate sector by the end of April, aiming to stabilize economic recovery [5][14]. Summary by Sections Market Review - The report highlights that the A-share real estate sector's performance was +3.4%, while the Hong Kong real estate sector's performance was +2.7% [26]. - The top five performing real estate stocks included Jianye Real Estate and Rongfeng Holdings, with increases of +40.5% and +31.9% respectively [26]. Land Transaction Data - In the week of April 12-18, the total area of residential land sold in 300 cities was 286 million square meters, a decrease of 49% week-on-week and 65% year-on-year, with an average premium rate of 5% [40]. - Year-to-date, the total area of residential land sold in 300 cities reached 10,216 million square meters, with a cumulative year-on-year change of -0.1% [40]. New Housing Transactions - The report indicates that new housing sales in 47 cities totaled 278 million square meters, with a week-on-week decrease of 2% and a year-on-year decrease of 16% [4][47]. - First-tier cities experienced a week-on-week increase of 5%, while second-tier cities saw a decrease of 8% [4][47]. Policy Expectations - The report notes that the government is actively pursuing land and stock housing acquisition, with over 4 million square meters of idle land targeted for acquisition, amounting to 128.2 billion yuan [5][14]. - The upcoming Politburo meeting at the end of April is anticipated to be a critical period for the introduction of new real estate policies [5][14]. Real Estate Data Trends - Real estate development investment from January to March 2025 showed a year-on-year decrease of 9.9%, while new construction area decreased by 24.4% [6][15]. - The report indicates that housing prices are stabilizing, with first-tier cities showing a slight increase in second-hand housing prices [6][16].

Core Viewpoint - KE Holdings Inc. ("Beike") emphasizes its commitment to enhancing Environmental, Social, and Governance (ESG) strategies, improving service quality, and fostering a sustainable ecosystem in the housing transaction industry, as outlined in its 2024 ESG Report [1][2]. Group 1: Corporate Governance - Beike is dedicated to creating a fair and transparent business environment, integrating sustainability goals into senior management performance evaluations to promote long-term ESG progress [2]. - The company conducted a double materiality assessment in 2024 to identify key ESG issues from both financial and impact perspectives, which will inform its Sustainable Development Strategy [2]. Group 2: Service Quality Improvement - In 2024, Beike introduced the "3+3" platform-wide service commitments for housing transactions, enhancing service quality across its brokerage brands [3]. - A RMB100 million compensation fund was established to protect consumer rights and improve operational security for service providers [3]. Group 3: Professional Development for Service Providers - Beike supports the professional development of service providers through tailored training programs, achieving 100% coverage of real estate agents at Beijing Lianjia, with each agent receiving an average of over 109 hours of training in 2024 [4]. - The Erudite Examination was expanded to include new business areas, with 25 sessions held and nearly 3.2 million participations by the end of 2024 [4]. Group 4: Empowering Services with Technology - Beike utilizes advanced technologies to enhance service efficiency and quality, including the "Beike Immersion" solution for home renovation, which improves project quality control [5]. - Smart technologies were introduced in home rental services, such as the Elderly Guardian program, which monitors the safety of elderly residents [5]. Group 5: Low Carbon Initiatives - Beike integrates green development principles throughout its business operations, establishing the "Lianjia Green Store Standard" in 2024, which includes eco-friendly renovations and smart energy control systems [6].

Revenue Growth - Net revenues increased by 20.2% to RMB93.5 billion in 2024 from RMB77.8 billion in 2023, driven by new home transaction services and expansion in home renovation and rental businesses [45]. - Total GTV rose by 6.6% to RMB3,349.4 billion in 2024 from RMB3,142.9 billion in 2023, reflecting the company's proactive growth strategy [45]. - Net revenues from home renovation and furnishing surged by 36.1% to RMB14.8 billion in 2024 from RMB10.9 billion in 2023, attributed to increased orders and enhanced delivery capabilities [46]. - Net revenues from home rental services skyrocketed by 135.0% to RMB14.3 billion in 2024 from RMB6.1 billion in 2023, mainly due to the growth in rental units under the Carefree Rent model [48]. - Total net revenues for the year ended December 31, 2024, reached RMB 93,457,498, an increase from RMB 77,776,932 in 2023, representing a growth of approximately 20% [147]. - Existing home transaction services generated RMB 28,201,003 in revenue, while new home transaction services contributed RMB 33,653,403, reflecting increases of 0.9% and 10.1% respectively compared to the previous year [147]. - Home renovation and furnishing segment reported net revenues of RMB 14,768,947 in 2024, significantly up from RMB 10,850,497 in 2023, with a contribution of RMB 4,539,251 [172]. - Home rental services achieved net revenues of RMB 14,334,479 in 2024, compared to RMB 6,099,747 in 2023, resulting in a contribution of RMB 714,973 [172]. Financial Performance - Gross profit increased by 5.6% to RMB22.9 billion in 2024 from RMB21.7 billion in 2023, with a gross margin of 24.6% compared to 27.9% in 2023 [58]. - Income from operations decreased to RMB3,765 million in 2024 from RMB4,797 million in 2023, resulting in an operating margin of 4.0% compared to 6.2% in 2023 [60]. - Net income fell to RMB4,078 million in 2024 from RMB5,890 million in 2023 [62]. - Net income attributable to KE Holdings Inc. for 2024 was RMB 4,064,900, a decrease of approximately 30.9% from RMB 5,883,224 in 2023 [149]. - The company reported a total comprehensive income of RMB 4,442,990 for 2024, down from RMB 6,546,627 in 2023, reflecting a decline of about 32.1% [150]. - Adjusted net income for 2024 was RMB 7,211,073, down from RMB 9,798,488 in 2023, reflecting a decrease of about 26.4% [203]. - Net income for 2024 was RMB 4,078,180, down from RMB 5,889,604 in 2023, with an effective tax rate of 40.6% [173][177]. Cash Flow and Investments - Net cash provided by operating activities decreased from RMB11,414,244 thousand in 2023 to RMB9,447,137 thousand in 2024 [78]. - Net cash used in investing activities increased from RMB3,977,440 thousand in 2023 to RMB9,378,025 thousand in 2024, reflecting higher investment in short-term and long-term assets [90]. - Net cash used in financing activities decreased from RMB7,218 million in 2023 to RMB5,795 million in 2024, with a notable repurchase of ordinary shares [93]. - Capital expenditures rose from RMB874 million in 2023 to RMB1,037 million in 2024, primarily for property, plant, and equipment [95]. - Cash, cash equivalents, and restricted cash decreased from RMB25,857,461 thousand at the beginning of 2024 to RMB20,301,414 thousand at the end of the year [78]. - The company reported a significant increase in customer deposits payable to RMB 6,078,623 as of December 31, 2024, compared to RMB 3,900,564 in 2023, reflecting a growth of 55.9% [153]. Assets and Liabilities - Total assets grew to RMB 133,149,283 as of December 31, 2024, compared to RMB 120,331,931 in 2023, representing an increase of approximately 10.7% [151]. - Total liabilities increased to RMB 61,701,288 as of December 31, 2024, up from RMB 48,130,826 as of December 31, 2023, representing a growth of 28.1% [153]. - Total shareholders' equity decreased slightly to RMB 71,447,995 as of December 31, 2024, compared to RMB 72,201,105 as of December 31, 2023, a decline of 1.0% [154]. - The accumulated deficit as of December 31, 2024, was RMB (32,472,121), reflecting a significant increase from RMB (37,127,085) as of December 31, 2023 [191]. Shareholder Returns and Dividends - A final cash dividend of US$0.12 per ordinary share, or US$0.36 per ADS, was approved, amounting to approximately US$0.4 billion [134]. - The company repurchased a total of 144,663,195 Class A ordinary shares represented by ADSs during the reporting period, at an aggregate consideration of approximately US$715.5 million [117]. - The board of directors approved an increase in the share repurchase authorization from US$2 billion to US$3 billion, extending the program until August 31, 2025 [116]. Employee and Governance - The company had a total of 135,072 employees as of December 31, 2024, with the largest group being agents and supporting staff at 108,609 [113]. - The company plans to continue granting share-based incentive awards to employees to encourage contributions to growth and development [114]. - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period [124]. Research and Development - Research and development expenses increased to RMB 2,283,424 in 2024, compared to RMB 1,936,780 in 2023, marking a rise of approximately 17.8% [149].

2024 年度環境、社會及管治 (ESG) 報告 目錄 | 導言 | 03 | | --- | --- | | 管理層致辭 | 03 | | 關於貝殼 | 03 | | 關於本報告 | 04 | | 2024 年 ESG 亮點績效 | 05 | | 堅實企業治理 | 07 | | --- | --- | | 管治架構 | 08 | | ESG 策略 | 09 | | 風險管理 | 14 | | 商業道德 | 16 | | 推動行業進步 | | 附錄：報告框架索引 | | --- | --- | --- | | 幫消費者安居 | 36 | | | 助服務者樂業 | 45 | | | 持續科技創新 | 50 | | | 邁向美好組織 | 53 | | --- | --- | | 員工權益與關懷 | 54 | | 職業健康與安全 | 60 | | 員工培訓與賦能 | 62 | | 營造可持續生態 | 66 | | --- | --- | | 環境生態 | 67 | | 社區生態 | 81 | 35 86 2024 年度環境、社會及管治 (ESG) 報告 導言 管理層致辭 「我們這個時代企業經營者的宿命，就是要去幹煙 ...