海风和煦聚力，安居惠民暖心。12月17日，中国银行青岛市分行（以下简称"青岛中行"）与青岛贝壳全 面战略合作启动仪式顺利举行，双方以银企协同为纽带，深度整合金融资源与居住服务场景，创新构 建"金融+居住"服务生态，精准对接岛城居民安居置业需求，为青岛房地产市场平稳健康发展注入坚实 动力，助力宜居宜业现代化国际大都市建设提质增效。 仪式现场，银企双方共同发布"2025—2026年合作项目与客户专属权益"，一系列精准惠民的服务举措落 地见效。值得关注的是，双方联合打造的贝壳签约中心"外币零钱包预约"公益服务同步揭牌，该中心立 足青岛国际性综合交通枢纽与滨海旅游城市定位，为居民及游客提供便捷外币兑换服务，成为银企协同 惠民的首个成果。 银企协同聚合力，民生答卷暖人心。此次战略合作既是青岛中行与青岛贝壳优势互补、生态共建的新起 点，更是银企联动赋能楼市稳健发展、护航民生福祉的新实践。未来，双方将持续深耕青岛本土市场， 紧扣城市发展战略，迭代优化"金融+居住"服务模式，以精准服务呼应居民安居期盼，以协同效能助力 房地产行业高质量发展，为青岛建设现代化国际大都市、绘就宜居幸福城市新图景贡献坚实力量。（韩 通川） 青岛兼具 ...

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12月17日 第 2 頁 共 9 頁 v 1.3.0 | 13). | 購回股份(或其他證券)但沒有註銷 | | 520,713 | % | USD | 5.7613 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年11月26日 | | | | | | 14). | 購回股份(或其他證券)但沒有註銷 | | 519,966 | % | USD | 5.7627 | | | 變動日期 | 2025年11月28日 | | | | | | 15). | 購回股份(或其他證券)但沒有註銷 | | 537,456 | % | USD | 5.5601 | | | 變動日期 | 2025年12月1日 | | | | | | 16). | 購回股份(或其他證券)但沒有註銷 | | 542,613 | % | USD | 5.5285 | | | 變動日期 | ...

Core Viewpoint - Beike's subsidiary, Beihome, has announced the cessation of its self-operated development projects, marking a strategic shift from being a developer to focusing on its core strengths in the real estate market [1][2][8]. Group 1: Strategic Shift - Beike's decision to stop self-operated development is interpreted as a proactive strategy to concentrate on its core competencies rather than a reaction to poor sales performance [2][12]. - The self-operated projects primarily included Chengdu Beichen S1 and Shanghai Beilian C1, with the latter's sales performance being a focal point of analysis [3][8]. Group 2: Sales Performance - Shanghai Beilian C1 launched on October 26, 2025, offering 144 residential units, achieving a subscription rate of 61.1% with 88 effective customer registrations, ranking 17th among 32 new launches in Shanghai for October [3][8]. - As of December 16, 2025, 77 units had been sold from the initial batch, resulting in a sales rate of 53.5%, indicating a mid-tier performance in the market [9][10]. Group 3: Market Conditions - The second batch of Beilian C1 is currently in the subscription phase, offering 112 units at an average price of 44,000 yuan per square meter, which is an increase of nearly 500 yuan from the first batch [10]. - The market is experiencing a cooling trend, which may affect the subscription rates for the second batch compared to the first, although a potential increase in demand could indicate strong market acceptance [10][12]. Group 4: Operational Insights - The decision to exit self-operated development is largely attributed to cost-effectiveness, as real estate development is capital-intensive and current market conditions have led to slower sales, reducing capital efficiency [12][13]. - Beike aims to leverage its strengths in a light-asset model, focusing on connecting supply and demand in the real estate sector rather than competing as a developer [12][13].

Core Insights - Beike is restructuring real estate development through its new business unit "Beihome," which focuses on early-stage development services such as land acquisition, design, and positioning, diverging from its traditional transaction-based services [3][4] - The establishment of Beihome is driven by the need to leverage data and technology to transform the real estate development process, especially in the context of the rise of AI [3][4][17] - Beihome's first independent project, "Beichen S1," aims to validate its C2M (Customer to Manufacturer) model and enhance its understanding of real estate development [5][6] Project Overview - Beichen S1 was acquired for 1.076 billion yuan, located in a prime area of Chengdu, with a planned construction area of 39,443.68 square meters [6][8] - The project is designed to be a benchmark rather than a profit-driven venture, emphasizing innovative design and high construction costs exceeding 30,000 yuan per square meter [8][9] - Beihome has implemented advanced technology and design elements, including over 310 smart system points and a diverse range of over 200 plant species to create a unique living environment [9][11] Development Philosophy - Beihome's approach contrasts with traditional real estate development by focusing on user experience and customer needs rather than solely on profitability [13][20] - The company aims to create a new model where the quality of living is prioritized over sales performance, emphasizing the importance of understanding customer demands [13][20] - The development process incorporates extensive data collection and user feedback, ensuring that customer needs are central to the design and execution of projects [19][20] Strategic Positioning - Beihome does not aim to become a traditional developer but rather a partner that enhances developers' capabilities through customer insights and data-driven solutions [21][23] - The company recognizes the limitations of traditional developers in understanding customer needs and aims to fill this gap by leveraging its extensive data network [21][23] - By adopting a collaborative model, Beihome seeks to scale its impact significantly beyond what could be achieved through self-operated projects alone [23]

Core Viewpoint - Beike is restructuring real estate development through its new business model "Beihome," which focuses on data-driven and technology-enhanced approaches to transform traditional real estate practices [5][41]. Group 1: Introduction of Beihome - In July 2023, Beike launched "Beihome," which differs from its previous services by extending into land acquisition, design, and positioning, starting from vacant land to provide services to developers [5][6]. - The traditional development model has been in place for nearly 40 years, with the industry reaching a scale of nearly 20 trillion yuan, raising questions about Beihome's potential impact [5][6]. Group 2: Project Implementation - Beihome has launched over ten projects in key cities across China, collaborating with major developers like China Power Construction Real Estate and China Merchants Shekou [5][6]. - The first independent project, "Beichen S1," was acquired in Chengdu for 1.076 billion yuan, marking a significant step for Beihome to validate its C2M model [6][11]. Group 3: Innovative Development Approach - Beichen S1 is designed to be a benchmark project, focusing on innovation rather than immediate profitability, with construction costs exceeding 30,000 yuan per square meter [12][14]. - The project incorporates advanced technology, including over 310 smart system points and a diverse range of over 200 plant species, aiming for a unique living experience [15][17]. Group 4: Design and User-Centric Focus - Beihome emphasizes a user-centric design process, involving extensive testing and modeling to ensure optimal functionality and aesthetics [18][22]. - The development philosophy prioritizes "living well" over "selling well," aiming to create homes that meet user needs rather than just market trends [23][32]. Group 5: Data-Driven Model - Beike leverages extensive data on both property products and buyer behavior to connect people with homes, forming the basis of Beihome's C2M model [29][30]. - The C2M model is continuously iterated, combining data analysis with human insights to refine customer needs and preferences [30][31]. Group 6: Collaboration with Developers - Beihome does not aim to become a traditional developer but seeks to partner with existing developers to enhance customer understanding and market reach [37][38]. - By adopting a collaborative approach, Beihome can scale its impact significantly compared to operating solely as a developer [40][41].

Core Viewpoint - The article highlights the innovative "C2M" (Customer to Manufacturer) model adopted by the "Financial City·Beichen S1" project, which allows consumers to directly participate in the design and production of residential properties, aligning with current market demands and the shift towards a buyer's market in real estate [2][8]. Group 1: Project Overview - The "Financial City·Beichen S1" project, developed by Beike's Beihome, features a unique architectural design and high construction costs, exceeding many luxury properties in Shanghai and Shenzhen, with a construction cost of over 30,000 yuan/m² [1][3]. - The project was acquired for a total price of 1.076 billion yuan, setting a new record for residential land prices in Chengdu at 27,300 yuan/m² [2]. - The project has attracted significant attention from over 50 real estate developers and service providers since its demonstration area opened [1]. Group 2: Innovative Features - Beichen S1 incorporates advanced design elements, including a "landscape home" concept with over 200 types of plants and extensive use of natural materials, creating a luxurious and nature-integrated living environment [4]. - The project features a high level of smart home technology, with over 310 smart devices integrated into the living spaces, achieving four times the average level of high-end smart residences in China [4]. Group 3: Customer-Centric Approach - The C2M model emphasizes understanding customer needs through big data insights, allowing for a more tailored design process that prioritizes customer preferences over traditional real estate norms [6][8]. - The project design includes unique features based on customer feedback, such as specialized amenities for elderly residents and enhanced living conveniences, showcasing a commitment to long-term resident satisfaction [7]. Group 4: Market Implications - The shift from a seller's market to a buyer's market since 2021 has necessitated a focus on quality and customer satisfaction in real estate development, with companies needing to adapt to these changing dynamics [8]. - Beihome's approach positions it as a data-driven residential development service platform, aiming to redefine the real estate landscape by prioritizing customer perspectives and needs [8].

Core Viewpoint - The recent stock sales by Beike's management and significant share buybacks indicate the company is at a critical juncture, facing performance pressures amid a declining industry cycle while attempting to stabilize investor confidence through strategic actions [4][5][18]. Management Actions - Beike's CEO, Peng Yongdong, plans to sell 1.4 million ADS (equivalent to 4.2 million Class A ordinary shares) for approximately $24.05 million (around 170 million RMB) to fund a previously announced donation plan of 9 million shares [4][6][8]. - Following the announcement, Beike's stock prices fell significantly, with a 4.78% drop in Hong Kong and a 3.86% drop in the US market [4][5]. - Beike has accelerated its share buyback program, spending $3 million to repurchase 519,500 shares at prices between $5.74 and $5.82 per share, with total buybacks in December nearing $30 million [4][23]. Financial Performance - Beike's third-quarter financial report for 2025 shows a net income of 23.1 billion RMB, a 2.1% year-on-year increase, primarily driven by a 45.3% increase in rental service revenue, while new and existing home sales revenues declined [11][31]. - The company's gross profit decreased by 3.9% to 4.9 billion RMB, with a gross margin drop from 22.7% to 21.4% due to reduced contributions from higher-margin existing and new home sales [12][34]. - Operating profit for the third quarter was 608 million RMB, down from 727 million RMB the previous year, with a net profit decline of 36.1% to 747 million RMB [12][34]. Strategic Shifts - Beike has been diversifying its business model since 2021, introducing home decoration and rental services, and in 2023, it expanded to include residential development under the "Beihome" initiative, aiming to reduce reliance on traditional real estate brokerage [35][36]. - Despite these efforts, new business segments have not yet achieved significant scale or profitability, with the rental business showing high growth but low margins, and the home decoration segment experiencing sluggish growth [36][37]. Workforce Adjustments - Reports indicate Beike is undergoing significant workforce optimization, with claims of a 30% reduction in staff, although the company has stated the actual figure is closer to 0.5%, affecting around 650 employees [36][37]. - As of mid-2025, Beike's total workforce was approximately 131,800, reflecting a reduction of about 3,200 employees compared to the end of 2024 [36][37]. Cash Management - Beike's share buyback efforts have led to a decrease in cash reserves, with total cash and equivalents dropping from 61.6 billion RMB at the beginning of the year to 55.7 billion RMB by September 30, 2025 [17][37].

格隆汇12月16日丨贝壳-W(02423.HK)发布公告，2025年12月15日耗资299.9万美元回购54.1万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年12月15日斥资299.85万美元回购54.09万股。 ...

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12月16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 | ...