Group 1 - The stock price of Beike (BEKE) increased by 2.18%, reaching $21.09 per share, with a total market capitalization of $25.461 billion [1] - As of September 30, 2024, Beike reported total revenue of 62.332 billion RMB, representing a year-on-year growth of 8.27%, while the net profit attributable to shareholders decreased by 32.97% to 3.495 billion RMB [1] Group 2 - On March 18, Beike is scheduled to disclose its fiscal year 2024 annual report, with the actual disclosure date subject to company announcement [2] - Beike Holdings Limited is a leading integrated online and offline real estate transaction and service platform, aiming to reshape service provider operations for more efficient consumer offerings in second-hand and new housing transactions, rentals, home decoration, and other real estate services [2] - The company operates the leading real estate brokerage brand, Lianjia, which is a crucial part of the Beike platform, and believes that Lianjia's success has laid the groundwork for its infrastructure and standards [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3月24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 | ...

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3月21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 maintains a "Buy" rating for the company with a target price of $25.12, down from a previous $27.88, reflecting a 27x PE for 2025, which is higher than the global comparable company's average of 22.7x [4][28]. Core Insights - The company reported a 54.1% year-on-year revenue growth in Q4, reaching 31.13 billion RMB, exceeding consensus expectations by 7% [1]. - The Gross Transaction Value (GTV) increased by 55.5% year-on-year to 1.14 trillion RMB, also surpassing expectations by 9% [1]. - The revenue growth across different segments includes existing homes (47.5%), new homes (72.7%), home decoration (12.8%), and rental services (108.7%) [1]. - Adjusted net profit decreased by 21.6% year-on-year to 1.34 billion RMB, falling short of expectations by 40%, primarily due to one-time expenses [1][4]. Revenue and Profit Forecast - For 2025, the company expects revenue to reach 110.04 billion RMB, with a year-on-year growth of 17.74% [6][22]. - The adjusted net profit forecast for 2025 is 8.12 billion RMB, reflecting a decrease of 29.6% from previous estimates due to rising personnel costs and a declining take rate [4][22]. - The company anticipates a significant increase in market share in the existing home segment, projecting a 5-7 percentage point increase in market share in first-tier cities [2][13]. Segment Performance - The existing home business outperformed expectations with a 47.5% year-on-year revenue growth in Q4, and GTV growth of 59.1%, particularly strong in first-tier cities [2]. - The new home business also exceeded expectations with a 72.7% year-on-year revenue growth in Q4, and GTV growth of 49.3% [2]. - The home decoration segment showed a 12.8% year-on-year revenue growth, with a significant increase in contract amounts [3]. Operational Efficiency and Innovations - The company is leveraging AI tools to enhance operational efficiency, including AI-driven customer service and property management systems, which have shown improvements in operational metrics [15][18]. - The home decoration business is expected to achieve quarterly breakeven due to improved supply chain management and the introduction of new product offerings [3][16][17]. Market Context - The report highlights a recovery in the real estate market, particularly in existing homes, driven by favorable policies and a significant increase in transaction volumes [13]. - The rental business has seen a substantial increase in managed properties, with operational efficiencies improving customer satisfaction and reducing vacancy periods [14].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22][23] Core Insights - The company is experiencing orderly business expansion, with a significant increase in non-property transaction services, which accounted for 34% of total net income in 2024, up 9.1 percentage points year-on-year [6][8][14] - The total transaction volume for 2024 reached 33,494 billion, a year-on-year increase of 6.6%, while net income was 935 million, reflecting a 20.2% increase [6][7][12] - The adjusted net profit for 2025 is projected to be 103.50 billion, with a net profit of 56.97 billion, leading to a valuation range of 62.87-71.44 RMB, equivalent to 68.33-77.65 HKD per share [22][23] Financial Performance Summary - In 2024, the company's total revenue was 93,457 million, a 20.2% increase from 2023, while net profit was 4,065 million, down 30.9% year-on-year [5][12][27] - The gross profit margin decreased from 28% in 2023 to 25% in 2024, primarily due to a decline in the contribution margin from the existing housing business [11][27] - The company has implemented a share repurchase plan, spending approximately 7.16 billion USD in 2024, which represents about 3.89% of the total shares issued at the end of 2023 [6][8] Business Segment Performance - The existing housing business generated net income of 28.2 billion in 2024, remaining stable compared to 2023, while the total transaction volume increased by 10.8% to 22,465 billion [6][14] - The new housing business saw net income rise to 33.7 billion, a 10.1% increase, despite a 3.3% decline in total transaction volume [17][21] - The home decoration and furniture business achieved net income of 14.8 billion, a 36.1% increase, driven by synergies with property transactions [18][21] User and Store Metrics - By the end of 2024, the company had 51,573 stores, a 17.7% increase year-on-year, with active agents numbering 499,937, up 16.9% [13][21] - The average monthly active user count remained stable at 43.2 million, indicating consistent user engagement [13][21]

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - The exploration and application of large models in end-to-end testing are aimed at enhancing efficiency and collaboration in the testing domain, leveraging AI capabilities to automate and optimize testing processes [4][19][28] - The integration of AI tools and traditional testing methods is crucial for improving testing efficiency and reducing collaboration costs [21][28] - The report emphasizes the importance of a structured approach to AI implementation, focusing on the development of intelligent agents that can facilitate automated testing and enhance user experience [28][39] Summary by Sections Background - The company operates a one-stop residential service platform covering second-hand housing, new housing, rentals, and home decoration [9] - The business model involves complex scenarios requiring multi-role collaboration and personalized intelligent matching [12] Problems and Pain Points - Traditional testing processes face challenges such as serial collaboration among multiple roles, leading to inefficiencies and delayed quality feedback [15][17] - The complexity of tools across various domains increases maintenance costs and complicates the integration of AI into existing workflows [17][18] Solutions and Overall Approach - The report outlines a solution that combines AI-driven testing strategies with traditional methods, focusing on the development of intelligent agents to automate the testing process from interaction to verification [28][39] - The approach includes creating a standardized testing workflow that integrates AI capabilities to enhance testing efficiency and accuracy [31][36] Technical Practices - Key technical points include the creation of assistants that utilize specific tools and prompts to solve testing-related problems, enabling automated planning and execution [34][39] - The integration of AI with traditional testing tools is highlighted as a means to enhance the overall testing process, including automated test case generation and bug reporting [40][51] Summary and Outlook - The report concludes with a focus on sustainable development of model capabilities, emphasizing the need for knowledge accumulation and structured data management to enhance testing efficiency [58][59] - Future applications are expected to focus on improving the entire testing process, from product development to testing, ensuring rigorous and efficient workflows [60]

将投中网设为"星标⭐"，第一时间收获最新推送 持续锚定居住品质升级趋势。 来源丨投中网 3月18日，科技驱动的一站式新居住服务平台贝壳（NYSE:BEKE;HKEX:2423）发布2024年第四季 度及全年财务业绩。面对不断升级的美好居住市场需求，贝壳聚焦服务品质提升，并持续投入基础设 施建设及科技研发，为长期发展做好前瞻布局。 去年年底，中央经济工作会议首提"稳住楼市"，贝壳多业务协同发力，精准承接政策利好背景下居住 需求的释放，推动业绩实现高质量增长。2024年四季度，贝壳实现总交易额（GTV）为11,438亿元 （人民币，下同），同比增长55.5%，净收入311亿元，同比增长54.1%，经调整净利润13.44亿元。 2024全年GTV 33,494亿元，同比增长6.6%，净收入935亿元，同比增长20.2%，经调整净利润72.11 亿元。 贝壳联合创始人、董事长、首席执行官彭永东表示："过去的一年，中国的房地产行业加速迈向新阶 段，客户需求转向降低决策风险和追求居住品质。我们以科技赋能服务者，构建决策最优解能力，推 动行业向服务效率跃迁。在积极的增长和优化生态策略下，2024年我们平台上的多个业务实现显 ...

Financial Data and Key Metrics Changes - In 2024, total revenue reached RMB93.5 billion, growing over 20% year-over-year [21][37] - Gross margin was 24.6%, with an adjusted operating margin of 7.4% for the year [40] - Adjusted net margin reached 7.7%, with full-year adjusted net income at RMB7.21 billion [40] Business Line Data and Key Metrics Changes - Existing home transactions GTV rose nearly 11% year-over-year to RMB2.25 trillion, while new home transaction GTV was RMB970 billion, down 3.3% year-over-year [21][37] - Home renovation and furnishing business revenue grew by 36% year-over-year to RMB14.8 billion [23][39] - Home rental services revenue surged by 135% year-over-year to RMB14.3 billion, with over 430,000 rental units under management [24][39] Market Data and Key Metrics Changes - The proportion of existing home GTV in total market GTV increased from 40% in 2023 to 46% in 2024 [35] - New home sales declined by 18% in 2024, but existing home transactions rose by about 15% year-over-year [85][88] - Average area and proportion of homes with three bedrooms and above increased year-over-year in key cities [36] Company Strategy and Development Direction - The company aims to enhance service quality and empower top-performing agents, focusing on a new paradigm for growth [16][30] - The "one body, three wings" strategy has achieved interim success, with a focus on scale growth in home renovation and furnishing [22][39] - The company plans to leverage AI technology to improve operational efficiency and customer experience [12][30] Management's Comments on Operating Environment and Future Outlook - The management noted that the real estate market is experiencing accelerated changes, with increased uncertainty in customer decision-making [10][34] - The company expects the existing home market to realize moderate recovery in 2025, while the new home market adjustment may continue [100] - Management emphasized the importance of technology and human-centric approaches to address industry challenges [29][31] Other Important Information - The company repurchased around US$716 million worth of shares in 2024, accounting for about 3.9% of total shares outstanding [60][61] - A final cash dividend of US$0.12 per ordinary share was approved for 2024, totaling approximately US$0.4 billion [62] Q&A Session Summary Question: Utilization of technology for Beike - Management discussed the potential of AI to enhance efficiency and user experience across various business areas, including home renovation and customer services [66][68] Question: Property market outlook - Management highlighted the strong rebound in the property market since September 2024, with expectations for stabilization in existing home prices [82][84] Question: Agency business growth - Management reported a 20% increase in active non-Lianjia stores and an 11% increase in active non-Lianjia agents, emphasizing the importance of ecosystem governance [103][106] Question: Home rental business stability - Management noted significant growth in the home rental business, focusing on service and efficiency to maintain stability and improve profitability [120][122]

KE (BEKE) Q4 2024 Earnings Call March 18, 2025 08:00 AM ET Company Participants Siting Li - Investor RelationsYongdong Peng - CEO, Co-Founder, Chairman & Executive DirectorTao Xu - CFO & Executive DirectorJizhou Dong - Head of China Consumer & Property Conference Call Participants Timothy Zhao - Equity Research AnalystGriffin Chan - AnalystEddy Wang - AnalystXiaodan Zhang - Equity Research Analyst Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc. Fourth Quarter and Fiscal ...

EF001 免責聲明 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會由執行董事彭永東先生、單一剛先生、徐萬剛先生及徐濤先生，非執行董事李朝暉先生以及獨立非執 行董事陳小紅女士、朱寒松先生及武軍先生組成。 第 2 頁 共 2 頁 v 1.1.1 | 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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 貝殼控股有限公司 | | 股份代號 | 02423 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 末期現金股息 | | 公告日期 | 2025年3月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年1 ...