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： 2026年3月25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 investment rating for the company is "Outperform the Market" [7] Core Insights - The company experienced stable revenue growth of 1% year-on-year in 2025, with total GTV transaction volume at 31,833 billion yuan, a decrease of 5% year-on-year. The revenue from non-housing businesses accounted for 41% of total revenue, up 7 percentage points year-on-year [13][1] - The company has increased shareholder returns despite a decline in profits, with a total shareholder return of 9% year-on-year in 2025 [25][2] - The company is actively optimizing its agent structure to enhance store and personnel efficiency, with a total of 61,000 stores and 520,000 agents by the end of 2025, reflecting a 19% increase in store count year-on-year [135][10] Revenue and Profit Summary - In 2025, the company achieved a net profit attributable to shareholders of 3 billion yuan, down 26% year-on-year, with an adjusted net profit of 5 billion yuan, down 30% year-on-year. The net profit margin was 3.2%, a decrease of 1.2 percentage points year-on-year [25][2] - The company's revenue from existing housing transactions reached a historical high in transaction volume, increasing by 11% year-on-year, although the GTV transaction amount decreased by 4% to 21,515 billion yuan [49][3] - The new housing business saw a GTV transaction amount of 8,909 billion yuan, down 8% year-on-year, with a market share of 12.1%, an increase of 0.6 percentage points year-on-year [82][4] Non-Housing Business Development - The non-housing business segment showed strong growth, with new track business revenue reaching 39 billion yuan, up 23% year-on-year, and a contribution margin of 20% [111][5] - The home decoration and furniture business maintained operational quality, with annual revenue of 15.4 billion yuan, up 4% year-on-year, and a contribution margin of 31% [111][5] - The rental service revenue increased by 53% year-on-year to 21.9 billion yuan, with a contribution margin of 8.6%, reflecting effective management and a shift to a lower-risk model [111][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Insights - The company experienced stable revenue growth of 1% year-on-year in 2025, with total revenue reaching 946 million yuan, while the GTV transaction amount decreased by 5% to 31,833 billion yuan. Non-housing business revenue accounted for 41% of total revenue, up 7 percentage points year-on-year [13][1] - Despite a decline in profits, the company increased shareholder returns, with total shareholder returns rising by 9% year-on-year in 2025 [25][2] - The company’s existing housing business showed stable performance, with transaction volume reaching a historical high, although GTV transaction value decreased by 4% to 21,515 billion yuan [49][3] - The new housing business saw a reduction in scale but an increase in contribution profit margin, with GTV transaction value down 8% to 8,909 billion yuan [82][4] - The non-housing business performed well, with new track business revenue increasing by 23% year-on-year to 390 billion yuan [111][5] Summary by Sections Revenue and Profitability - In 2025, the company achieved a net profit of 3 billion yuan, down 26% year-on-year, with an adjusted net profit of 5 billion yuan, down 30% [25][2] - The gross profit margin was 21%, a decrease of 3 percentage points year-on-year, while the contribution profit margin was 27%, down 3 percentage points [25][2] Business Segments - The existing housing business transaction volume increased by 11% year-on-year, but GTV transaction value decreased by 4% due to falling second-hand housing prices [49][3] - The new housing business's market share increased by 0.6 percentage points to 12.1%, despite a 9% decline in revenue [82][4] - The non-housing business, particularly home decoration and rental services, showed significant growth, with rental service revenue increasing by 53% year-on-year [111][5] Operational Efficiency - As of the end of 2025, the company had 61,000 stores, a 19% increase year-on-year, and 520,000 agents, a 5% increase year-on-year [135][10] - The company actively managed low-efficiency agents to maintain market share while reducing fixed costs [135][10] Future Outlook - The company revised its revenue forecasts for 2026 and 2027, expecting revenues of 888 billion yuan and 854 billion yuan, respectively, with adjusted net profits of 56 billion yuan and 61 billion yuan [152][12]

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： 2026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 | ...

Core Viewpoint - KE Holdings Inc. (BEKE) is experiencing a continued decline in transaction volumes within a challenging property market, leading to a hold rating for the stock [1]. Company Analysis - The operating backdrop for KE Holdings remains unfavorable as the property market is still in a downturn [1]. - Transaction volumes, a key operating metric for the company, are continuing to decline, indicating ongoing challenges in the market [1]. Investment Strategy - The investment approach discussed includes a combination of fundamental, technical, and momentum investing, suggesting a diversified strategy to enhance investment performance [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has optimized its capacity significantly, leading to a notable reduction in costs. The Q4 brokerage business has shown a marginal improvement in profit margins, while the leasing business has been profitable for the entire year, and losses in home decoration have narrowed. Future profit improvements are anticipated if policies are implemented or if the market stabilizes [2][8]. - The company reported a revenue of 94.6 billion yuan in 2025, representing a 1.2% increase, while the net profit attributable to shareholders was 2.99 billion yuan, down 26.3%. The adjusted net profit was 5.02 billion yuan, down 30.3%. In Q4 2025, revenue was 22.2 billion yuan, a decrease of 28.7%, with a net profit of 90 million yuan, down 84.6% [4][8]. - The company has a strong cash position and has executed significant share buybacks and dividends, totaling over 1.2 billion USD, resulting in a comprehensive return rate exceeding 6% [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 94.6 billion yuan in 2025, with a slight increase of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan, and the adjusted net profit fell by 30.3% to 5.02 billion yuan [4][8]. - In Q4 2025, the company reported a revenue of 22.2 billion yuan, down 28.7%, and a net profit of 90 million yuan, down 84.6% [4][8]. Business Performance - The company has focused on optimizing its capacity, resulting in a significant reduction in costs. The brokerage business has shown a marginal improvement in profit margins, while the leasing business has been profitable throughout the year, and losses in home decoration have decreased [2][8]. - The company’s gross transaction value (GTV) decreased by 5.0% to 3.2 trillion yuan, with the existing and new housing businesses declining by 4.2% and 8.2%, respectively [8]. Shareholder Returns - The company has declared approximately 300 million USD in dividends and has repurchased 920 million USD worth of shares, leading to a total return of about 1.2 billion USD, which is over a 9% increase year-on-year [4][8].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite current challenges [1]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand housing transactions, particularly in key cities, suggesting a potential "small spring" in the market [2][13]. - The report highlights a divergence in the performance of new and second-hand housing markets, with second-hand housing transactions outperforming new housing sales [5][17]. - The overall sentiment in the real estate market remains cautious, with expectations for further policy support to boost market confidence [2][19]. Summary by Sections Market Overview - As of mid-March 2026, second-hand housing transactions in 20 cities reached 46,018 units, a year-on-year increase of 22.5% during the lunar new year period [13]. - The cumulative second-hand housing transactions for the year until March 15, 2026, were 121,412 units, reflecting a 5.7% year-on-year increase [14]. New Housing Market - New housing sales in 24 key cities saw a significant decline, with a year-on-year decrease of 20% in transaction volume for the first half of March 2026 [16]. - The performance of new housing is notably weaker in first and second-tier cities, while third and fourth-tier cities are experiencing a recovery [17]. Credit Market - The issuance of real estate credit bonds totaled 83.35 billion yuan this week, with a net financing amount of -95.36 billion yuan, indicating ongoing challenges in the credit market [19][39]. - Cumulative issuance of real estate credit bonds reached 831.20 billion yuan, with a net financing amount of -249.01 billion yuan year-to-date [19]. REITs Market - The REITs index showed a slight increase of 0.08%, with the property-type REITs index declining by 0.26% and the operating rights REITs index increasing by 0.50% [40][52]. - The total transaction volume for REITs this week was 8.37 billion yuan, with property-type REITs accounting for 3.83 billion yuan and operating rights REITs for 4.54 billion yuan [54].

| 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（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年3月19日 | | 3,391,029,167 | | | 0 | | 3,391,029,167 | | 1). 其他 (請註明) | | | | | % | | | | | 見B部分 | | | | | | | | | | 變動日期 20 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Insights - Development investment decline has narrowed, indicating a gradual stabilization in the market. In January-February 2026, cumulative development investment reached 961.2 billion yuan, with a year-on-year change of -11.1%, a reduction of 6.1 percentage points compared to the entire year of 2025 [8][9] - Sales have shown marginal improvement, with the decline in housing prices slowing down. The total sales area of commercial housing in January-February 2026 was 92.93 million square meters, a year-on-year change of -13.5%, with a reduction of 2.1 percentage points compared to December 2025 [19][20] - Funding pressures remain, but the decline in self-raised funds has narrowed. In January-February 2026, the total funds in place for real estate development companies amounted to 1.3 trillion yuan, with a year-on-year change of -16.5%, a reduction of 3.1 percentage points compared to the entire year of 2025 [31][38] Summary by Sections 1. Development Investment and Construction - Development investment decline has narrowed, with a cumulative year-on-year change of -11.1% in January-February 2026 [8] - New construction area continues to adjust, with a cumulative year-on-year change of -23.1% in January-February 2026 [9] - Completion area continues to adjust, with a cumulative year-on-year change of -27.9% in January-February 2026 [16] 2. Sales and Price Trends - Sales decline has narrowed, with a cumulative year-on-year change of -13.5% in sales area for January-February 2026 [19] - Housing price decline has slowed, with a month-on-month decrease of -0.3% in February 2026 [23] 3. Funding and Financial Trends - Funding pressures remain, with a cumulative year-on-year change of -16.5% in funds in place for real estate development companies [31] - The decline in self-raised funds has narrowed, with a year-on-year change of -5.9% [38] 4. Investment Recommendations - Investment suggestions include recommending China Resources Land, New Town Holdings, and China Merchants Shekou for real estate development, while also suggesting attention to Poly Developments [43]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown better growth in its brokerage business compared to the industry, with diversified business profitability improving [1] - Despite a decline in adjusted net profit, the company is expected to see significant performance improvement due to increased market share and cost reduction measures [4] - The home decoration and rental businesses are experiencing continuous growth, with notable improvements in profitability [3] Financial Performance Summary - In 2025, the company's net revenue reached 94.6 billion RMB, a year-on-year increase of 1.2%, while adjusted net profit decreased by 30.4% to 5.02 billion RMB [1] - The gross margin fell from 24.6% in 2024 to 21.4% in 2025, primarily due to reduced revenue from high-margin existing and new home businesses [1] - The fourth quarter of 2025 saw a net revenue of 22.2 billion RMB, a decline of 28.7% year-on-year, attributed to high base effects from previous periods [1] Business Segment Performance - The existing home revenue in 2025 was 25 billion RMB, down 11.3% year-on-year, with a GTV of 2.2 trillion RMB, a decrease of 4.2% [2] - New home revenue was 30.6 billion RMB, a decrease of 9.1%, with a GTV of 0.9 trillion RMB, down 8.2% [2] - The home decoration and furniture business generated 15.4 billion RMB in revenue, up 4.4% year-on-year, with an improved contribution margin of 31.4% [3] - The rental service business achieved a net revenue of 21.9 billion RMB, a significant increase of 52.8%, with over 700,000 managed rental units by the end of 2025 [3] Shareholder Returns - In 2025, the company repurchased shares for approximately 9.21 billion USD, representing about 4.1% of the total shares outstanding as of the end of 2024 [3] - A cash dividend of 300 million USD was declared, leading to a total shareholder return of approximately 1.2 billion USD, an increase of over 9% year-on-year [3] Future Projections - The company is projected to achieve revenues of 87 billion RMB, 89.8 billion RMB, and 96.1 billion RMB for 2026, 2027, and 2028, respectively [4] - Expected net profits for the same years are 4.41 billion RMB, 5.46 billion RMB, and 6.16 billion RMB, with adjusted net profits of 6.38 billion RMB, 7.05 billion RMB, and 7.49 billion RMB [4]