ICPC主席：首先，非常感谢邀请我们来到这个美丽的园区，这是一个方方面面都非常棒的地方，是一 个广交朋友、一起聚会的好地方。我想对大家表达感谢，给我们提供这样的机会。英语有一个非常好的 词是"together"，能够聚在一起，非常感谢！ 任总：非常感谢ICPC主席、各位教练、各位年轻的世界金牌获得者。我们认为，我们正处在一个快速 变动的时代，希望在年轻人，你们正放射着青春的光芒。你们是年轻人的榜样，时代的希望是寄托在你 们青年人身上的。 练秋湖畔贝壳图书馆漫谈 ◆以下内容引自2025年11月14日华为任正非先生与ICPC主席、教练及获奖选手座谈会纪要 练秋湖畔贝壳图书馆漫谈 ——任总与ICPC主席、教练及获奖选手座谈会纪要 2025年11月14日上午 Veronika Soboleva：大家早上好！首先，非常感谢任总将ICPC的队伍带到练秋湖这么漂亮的园区，非 常荣幸今天能够来到这里。所有参加的成员都代表ICPC，这一年都非常努力，他们来自超过三十多个 国家和地区，有110多人，包括来自世界各地的教练和参赛获胜者。有一些同事是远程参加，有一些是 现场参加，非常高兴来到这里分享我们的想法，聆听您的洞见。非常感谢 ...

I am an individual investor that is now fully focus on managing my own capital that I have saved up over the years. My investing background spreads across a wide spectrum as I believe there are merits to each approach, for instance: Fundamental investing [Bottoms-up etc.], Technical investing [historical charts analysis], and to some extend momentum investing [share price reaction post earnings etc.]. Over the years, I have used the positive aspects of each approach to hone my investing process. The reason ...

本报讯 （记者陈潇）华创证券近期发布的研报认为，在房地产市场量价仍面临周期压力的预期下，投 资需聚焦于能创造超额收益（Alpha）的资产与商业模式。文章特别强调，在行业价值链重塑过程中， 以贝壳为代表的具备强大护城河与稳定现金流的头部房地产交易与服务平台，Alpha属性正日益凸显。 研报显示，头部中介强管控带来高壁垒，重视其现金流和确定性。中央交易是二手房中介最高效的模 式，头部中介通过实现对经纪人的强管控，建立了一套公司内部高质量的中央交易系统ACN（Agent Cooperation Network），大幅提高成交效率。建议关注中介龙头贝壳-W，重视贝壳降本增效后稳健现金 流。 ...

Core Viewpoint - The introduction of a "funds custody" payment model by Beike's Bowo Home aims to enhance consumer protection and trust in the home decoration industry, transitioning from a prepayment system to a more secure, transparent process [3][5][15]. Group 1: Background and Challenges - The home decoration industry faces trust issues due to its characteristics of low frequency, high price, and long service chains, with traditional prepayment models leading to consumer vulnerability [5]. - Prepayment has resulted in a high volume of complaints, as consumers often find it difficult to protect their rights when issues arise during the renovation process [5]. Group 2: Introduction of Funds Custody Model - Bowo Home, in collaboration with CITIC Bank, launched the "funds custody" service to restructure consumer safety at the transaction level, moving from direct payments to bank custody [5][13]. - The payment is released in stages based on three key acceptance points: concealed works acceptance (60%), basic acceptance (35%), and completion acceptance (5%), ensuring funds are only released after consumer approval at each stage [5][13]. Group 3: Impact on Consumer Experience - The funds custody model allows consumers to participate actively in the decision-making process, transforming the renovation experience from a passive one to an engaged one [11][15]. - Feedback from users indicates increased peace of mind, as funds are only released upon successful completion and acceptance of work [11]. Group 4: Industry Transformation and Future Outlook - The funds custody model has been implemented in 43 cities, serving over 25,000 families, with a user adoption rate exceeding 92% and a completion release rate of over 97% [13]. - This model is seen as a significant shift from reliance on corporate credit to institutional credit, potentially leading to a more transparent and regulated development phase in the home decoration industry [15].

三年前，贝壳顶着压力与圣都牢牢绑在一起，以此来表现进军家装的决心。三年后，贝壳用数据证明了 这一决策正确性，也让彭永东吃了颗定心丸。 日前，贝壳发布三季度报，净收入为231亿元，同比增加2.1%，分业务来看，家装板块表现亮眼，净收 入为43亿元，贡献利润率提升至32%，连续两个季度实现扣除总部费用前的城市层面盈利。 业绩向好背后，离不开贝壳对家装的持续发力。近年来，贝壳通过智能化提升品质和服务，同时启 动"全案整装服务商"战略、推出资金存管服务，积极解决行业痛点、难点，助力行业向前。 家装业务盈利能力提升 根据财报，今年第三季度，贝壳总交易额达7367亿元，净收入为231亿元，同比增长2.1%，净利润7.47 亿元，经调整净利润12.86亿元，整体业务基本盘保持韧性。 近年来，贝壳着力推动"一体三翼"战略升级，逐步形成以新房和二手房交易为核心业务，家装家居、房 屋租赁、贝好家等为增长业务的发展体系。 分业务来看，今年第三季度，贝壳存量房交易的总交易额为5056亿元，同比增加5.8%。新房业务方 面，2025年前三季度，贝壳新房交易的累计总交易额同比增长约11%，第三季度单季总交易额为1963亿 元。 相比之下 ...

头部中介强管控带来高壁垒，重视其现金流和确定性。中央交易是二手房中介最高效的模式，头部中介 通过实现对经纪人的强管控，建立了一套公司内部高质量的中央交易系统ACN，大幅提高成交效率。 建议关注中介龙头贝壳-W，重视贝壳降本增效后稳态现金流。(CIS) 华创证券近期发布的研报认为，在房地产市场量价仍面临周期压力的预期下，投资需聚焦于能创造超额 收益(Alpha)的资产与商业模式。文章特别强调，在行业价值链重塑过程中，以贝壳为代表的，具备强 大护城河与稳定现金流的头部房地产交易与服务平台，Alpha属性正日益凸显。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 本月底法定/註冊股本總額： USD 500,000 FF301 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 貝殼控股有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 24,114,698,720 | USD | | 0.00002 USD | | 482,293.97 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 24,114,698,720 ...

Core Viewpoint - Beike-W (02423) announced a share buyback of 539,500 shares for a total expenditure of $2.9993 million on December 3, 2025 [1] Summary by Categories - **Company Actions** - Beike-W has initiated a share repurchase program, indicating confidence in its stock value and future prospects [1] - The total amount allocated for the buyback is $2.9993 million, which reflects the company's strategy to enhance shareholder value [1] - **Market Implications** - The buyback of 539,500 shares may positively influence the stock price by reducing the number of shares outstanding, potentially increasing earnings per share [1]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Related Events - On December 4, 2025, Beike-W will spend $3 million to repurchase 540,000 shares at a price range of $5.50 to $5.58 per share [1] - On December 2, 2025, Beike-W also spent $3 million to repurchase 542,600 shares [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan on December 3, 2025, involving an expenditure of 3 million USD to repurchase 540,000 shares [1] - The repurchase price per share is set between 5.5 and 5.58 USD [1]