格隆汇12月15日丨贝壳-W(02423.HK)发布公告，2025年12月12日耗资300万美元回购51.95万股。 ...

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15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 Insights - The concept of "customer sovereignty" has taken center stage in the real estate development industry for the first time in over 30 years, as highlighted by Xu Wangang, Vice Chairman of Beike and CEO of Beihome, during the media appreciation event for the Beicheng S1 project [2] Group 1: Project Launch and Sales Performance - The Beicheng S1 project in Chengdu, launched in November, has 108 units available, with a cumulative online signing of 20 units by December 11 [2] - Beihome has established 17 projects across major cities including Beijing, Shanghai, Guangzhou, and Chengdu, with the Shanghai Beilian C1 project also having commenced sales [2] - The Beicheng S1 project ranks second in cumulative online signing volume for residential properties priced over 20 million yuan in Chengdu for the year 2025 [4] Group 2: Land Acquisition and Development - Beihome acquired a 24-acre plot in Chengdu's Financial City with a floor price of 27,300 yuan per square meter, marking a 42.19% premium and setting a record for land prices in Chengdu [3] - The Beicheng S1 project features main unit types of 275 square meters and 375 square meters, delivered with high-end finishes and smart home systems [3] Group 3: C2M Development Model - Beihome employs a C2M (Customer to Manufacturer) model, utilizing big data and AI algorithms to deeply understand customer needs and predict product types and price expectations [5] - The C2M model has been integrated into various stages of real estate development, including land acquisition, planning, design, and marketing, with extensive customer research conducted prior to project development [5] - Xu Wangang emphasizes the importance of fully implementing the C2M concept throughout the residential development chain, aiming to be a partner rather than just a developer [6]

据此，以大数据和AI算法模型为基础，贝好家推出C2M定位方案，希望通过对客户需求的深度洞察和 挖掘，实现对目标客户意向的产品类型和价格预期提前预测，并以此指引楼盘产品定位。 作为贝好家首个操盘项目，成都贝宸S1被其视为充分验证C2M模式与全链条开发能力的"样板之作"，因 此自拿地之初就受到了各方关注。 "好房子仍然热销" "市场的供求关系已彻底改变，从2021年开始，行业由卖方市场转为买方市场，客户购房更加谨慎，成 交周期变长。"徐万刚表示，然而当市场下行时，获客变得困难，房企销售费率也在增长，但"匹配客户 需求的好房子仍然热销，好房子、好服务仍大有可为"。 贝好家首次正式对外回应近期市场质疑。 2023年7月，贝壳进行了"一体三翼"战略升级，贝好家事业线正式成立。通过近两年对头部10城新开盘 的1350多个项目进行摸排调研，贝好家发现，高品质项目流速更佳。 "贝好家并不想成为一家开发商，轻资产模式更有利于公司发挥优势。"12月12日，贝壳集团副董事长、 贝好家CEO徐万刚在成都贝好家C2M（Customer to Manufacturer，消费者到制造者）全链解决方案发布 会上明确解释，这一决策并非源于现有 ...

Core Viewpoint - Beike Group's subsidiary, Beihome, emphasizes its focus on a light-asset model rather than becoming a developer, aiming to leverage its strengths in the real estate market [1][3] Group 1: Company Strategy - Beihome's CEO Xu Wanggang stated that the decision to not pursue self-operated projects is not due to poor market performance but rather a strategic shift to collaborate with developers [1][3] - The company aims to focus on its C2M (Customer to Manufacturer) model, which is designed to better meet customer needs through comprehensive services and partnerships with other real estate firms [1][2] - Beihome has launched its C2M positioning plan based on data and AI algorithms to predict customer preferences and guide product positioning [2] Group 2: Market Performance - As of December 11, the Beichen S1 project in Chengdu achieved 20 signed contracts within a month of opening, ranking second in total signed contracts for high-end residential properties in the city for 2025 [1][2] - The Shanghai Beilian C1 project also performed well, ranking third in sales area and number of units sold in November [1][2] Group 3: Future Collaborations - Beihome is exploring new collaboration methods, not limited to developers but also including city investment companies, construction agents, and financial partners [4] - The company has established 17 projects across major cities such as Beijing, Shanghai, and Guangzhou, collaborating with various real estate firms [3]

Core Insights - The core viewpoint of the article emphasizes the shift in the real estate market from a seller's market to a buyer's market, highlighting the importance of "customer sovereignty" in housing development [1][4]. Group 1: Market Dynamics - The real estate market has transitioned from primarily addressing "availability" to focusing on "quality," with consumers seeking better living conditions [1]. - Since 2021, the market has shifted to a buyer's market, leading to longer transaction cycles and increased caution among homebuyers [1]. - High-quality projects continue to perform well, indicating a demand for good housing and services despite market challenges [1]. Group 2: C2M Strategy - Beike's subsidiary, Beihome, has launched a C2M (Customer to Manufacturer) full-chain solution, which includes positioning, design, construction management, and marketing [2][3]. - The C2M model aims to leverage big data and AI to accurately predict customer preferences and guide product positioning [1]. Group 3: Project Development - Beihome has decided to limit its self-operated projects to focus on partnerships with developers, allowing for a broader range of projects [4][5]. - The "Financial City·Beichen S1" project in Chengdu serves as a model for validating the C2M approach, achieving significant sales shortly after launch [4]. - The "Beilian C1" project in Shanghai also demonstrates the effectiveness of the C2M model, ranking high in sales shortly after its opening [4]. Group 4: Business Model - The company prefers a light-asset model to enhance its advantages and does not aim to become a traditional developer [5]. - Beihome has established 17 projects across major cities in China, collaborating with various developers to meet customer needs [5].

贝壳-W(02423)发布公告，于2025年12月11日斥资300万美元回购51.3万股。 ...

格隆汇12月12日丨贝壳-W(02423.HK)发布公告，2025年12月11日耗资300万美元回购51.3万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年12月11日斥资300万美元回购51.3万股。 ...

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12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 1 頁 共 8 頁 v 1.3.0 第 2 頁 共 8 頁 v 1.3.0 第 3 頁 共 8 頁 v 1.3.0 通股)計算。 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額3,506,225,794股 (包括3,366,778,024股 A 類普通股及139,447,770 股 B 類普 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,418,421 | % | USD | 5.6179 | | --- | --- | --- | --- | --- | --- | --- ...