Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a net revenue of 94.6 billion RMB in 2025, reflecting a year-on-year growth of 1.2%. However, net profit decreased by 26.7% to 2.99 billion RMB, and adjusted net profit fell by 30.4% to 5.02 billion RMB [2][9] - The total transaction volume (GTV) for 2025 was 3.1833 trillion RMB, a decline of 5.0% year-on-year. The decrease in revenue from existing and new housing was offset by growth in non-housing business revenue [9] - The company has improved operational efficiency, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-on-year. The company also returned approximately 12 billion RMB to shareholders through stock buybacks and dividends, an increase of over 9% year-on-year [9] Financial Summary - Revenue Forecast: - 2025: 94.58 billion RMB - 2026: 103.98 billion RMB (growth rate: 9.9%) - 2027: 115.24 billion RMB (growth rate: 10.8%) - 2028: 127.07 billion RMB (growth rate: 10.3%) [3] - Net Profit Forecast: - 2025: 2.99 billion RMB - 2026: 3.50 billion RMB (growth rate: 16.8%) - 2027: 4.10 billion RMB (growth rate: 17.3%) - 2028: 4.92 billion RMB (growth rate: 20.0%) [3] - Earnings Per Share (EPS) Forecast: - 2025: 0.85 RMB - 2026: 0.99 RMB - 2027: 1.16 RMB - 2028: 1.40 RMB [3] Business Performance - The company reported a record high in second-hand housing transaction volume, increasing by 11.2% year-on-year. The GTV for existing housing was 2.1515 trillion RMB, down 4.2%, with net revenue of 25 billion RMB, down 11.3% [9] - The new housing GTV was 890.9 billion RMB, a decrease of 8.2%, with net revenue of 30.6 billion RMB, down 9.1%, outperforming the overall industry decline of 12.6% [9] - Non-housing business profitability improved, with home decoration revenue reaching 15.4 billion RMB, up 4.4%, and rental business revenue at 21.9 billion RMB, up 52.8% [9]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a net revenue of 94.6 billion RMB in 2025, reflecting a year-on-year growth of 1.2%. However, net profit decreased by 26.7% to 2.99 billion RMB, and adjusted net profit fell by 30.4% to 5.02 billion RMB [2][9] - The total transaction volume (GTV) for 2025 was 3.1833 trillion RMB, down 5.0% year-on-year. The decline in revenue from existing and new housing was offset by growth in non-housing business [9] - The company has improved operational efficiency, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-on-year. The company also returned approximately 12 billion RMB to shareholders through stock buybacks and dividends, an increase of over 9% year-on-year [9] Financial Forecasts - Revenue projections for 2026-2028 are as follows: 103.98 billion RMB in 2026 (growth of 9.9%), 115.24 billion RMB in 2027 (growth of 10.8%), and 127.07 billion RMB in 2028 (growth of 10.3%) [3] - The forecasted net profit for 2026-2028 is 3.50 billion RMB (growth of 16.8%), 4.10 billion RMB (growth of 17.3%), and 4.92 billion RMB (growth of 20.0%) respectively [3][9] - The company’s earnings per share (EPS) is projected to increase from 0.85 RMB in 2025 to 1.40 RMB in 2028, with corresponding price-to-earnings (P/E) ratios decreasing from 44x to 27x over the same period [3][9] Business Performance - The company’s second-hand housing transaction volume reached a historical high in 2025, increasing by 11.2% year-on-year. The GTV for existing housing was 2.1515 trillion RMB, down 4.2%, with net income of 25 billion RMB, a decline of 11.3% [9] - The new housing GTV was 890.9 billion RMB, down 8.2%, with net income of 30.6 billion RMB, a decrease of 9.1%, outperforming the overall industry decline of 12.6% [9] - Non-housing business segments, such as home decoration and rental services, showed improved profitability, with home decoration net income at 15.4 billion RMB (up 4.4%) and rental services net income at 21.9 billion RMB (up 52.8%) [9]

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20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 | ...

Group 1: Company Performance - 伟仕佳杰's total revenue for 2025 reached HKD 97.63 billion, a year-on-year increase of approximately 9.6%[8] - 贝壳's net income for Q4 2025 was HKD 5.17 billion, a year-on-year decrease of 61.5%[13] - 富途控股's total revenue for 2025 was HKD 22.85 billion, a year-on-year increase of 68.1%[19] Group 2: Financial Metrics - 伟仕佳杰's gross profit was HKD 4.35 billion, with a net profit of HKD 1.35 billion, up 28.7% year-on-year[8] - 贝壳's new home transaction revenue decreased by 44.5% to HKD 73 billion[14] - 富途控股's net profit margin increased to 52.3%, with a net profit of HKD 33.69 billion, up 80.2% year-on-year[20] Group 3: Future Projections - 伟仕佳杰's target price is set at HKD 14.80, reflecting a potential upside of 87.8%[5] - 贝壳's target price is HKD 60.00, indicating a potential increase of 35%[12] - 富途控股's target price is USD 173.60, suggesting a 20% upside potential[25]

Core Viewpoint - Beike is uniquely positioned in the real estate service industry, acting as a barometer for market conditions, yet it cannot dictate market direction [4][6]. Group 1: Market Conditions and Company Performance - The Chinese real estate market has faced significant challenges, leading to a slight revenue increase of 1.2% for Beike in 2025, but a substantial net profit decline [6][12]. - Beike's new home transaction GTV reached 890.9 billion, while the total volume of existing home transactions decreased by 4.2% to 21.5 trillion [12]. - The second-hand housing market saw a historic high in transaction volume, with a year-on-year growth of over 10% [12][13]. Group 2: Strategic Adaptations - Beike is transitioning to a new competitive stage focused on professional service capabilities and efficiency [8][56]. - The company has implemented the ACN (Agent Cooperation Network) model to standardize real estate transactions, allowing agents to collaborate and share profits based on contributions [16][17]. - Beike's internal philosophy emphasizes a neutral value perspective, promoting industry self-discipline and responsible practices among agents [20][21]. Group 3: Business Expansion and Growth - Beike's non-real estate transaction business reached a record high of 41% of total revenue, with home decoration and rental services growing by 4.4% and 52.8% respectively [29][40]. - The company is expanding its service offerings in home decoration and rental, aligning with consumer needs and market trends [33][36]. - Beike's rental business has seen a significant increase in managed properties, surpassing 730,000 units, with a profit margin of 8.6% [40][41]. Group 4: Long-term Vision and Challenges - Beike is focused on establishing a standardized system to adapt to market fluctuations and enhance transaction efficiency [23][56]. - The company is addressing the evolving demands of consumers, shifting from a price-centric model to one that prioritizes service quality and customer experience [58][62]. - Beike's leadership is committed to tackling difficult yet necessary industry challenges, ensuring the company's resilience in a more competitive and challenging market environment [46][63].

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19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 | | 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) ...

Core Viewpoint - The article discusses the challenges and transformations faced by Beike, highlighting its declining profits and the broader issues within the real estate industry, while also pointing out potential growth areas such as rental and home decoration services [5][6][13]. Financial Performance - Beike reported a total transaction volume (GTV) of 3.18 trillion yuan in 2025, a decrease of 5.0% year-on-year, primarily due to a sluggish new housing market [12]. - Net income was 94.6 billion yuan, showing a slight increase of 1.2%, while net profit fell to 2.991 billion yuan, down 26.7%, marking a three-year low [12][15]. - The rental business emerged as a key growth driver, with revenue reaching 21.9 billion yuan, nearly doubling year-on-year, and the number of managed rental properties exceeding 700,000, a 62% increase [15][12]. Industry Context - The real estate sector is undergoing a deep adjustment, with developers facing financial difficulties and buyer confidence waning, leading to a near freeze in the new housing market [13]. - Beike's traditional commission-based income from new housing sales is under pressure due to declining commission rates and rigid costs [13]. - The competitive landscape has evolved, with Beike facing not only traditional rivals but also internet platforms that engage in price wars [18][19]. Strategic Initiatives - Beike is transitioning from a real estate agency to a comprehensive living service platform, focusing on enhancing service quality and providing additional value-added services [23]. - The company is betting on "Beihome," a data-driven residential development service platform that leverages its vast transaction data to guide developers on market needs [26][27]. - Beike's strategy includes maintaining its ACN (Agent Cooperation Network) to preserve its market share in existing housing transactions while investing in new business areas like rentals and home decoration [31]. Future Outlook - Short-term pressures persist, with the real estate market's recovery expected to be gradual, influenced by policy changes and consumer confidence [30]. - Beike's current price-to-earnings ratio is around 38 times, indicating that the market has priced in the risks associated with the real estate downturn, but there are doubts about the growth potential of its new businesses [30]. - The long-term perspective suggests that while the overall real estate market may have peaked, there is significant service space in the existing market, which could lead to a multi-trillion-dollar market opportunity [30].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 58.83 or USD 22.52, indicating a potential upside from the current price of HKD 43.76 or USD 17.01 [9][52]. Core Insights - The company's performance in 2025 was under pressure due to a declining real estate market, with a total GTV of RMB 3.18 trillion, down 5% year-on-year, and a revenue of RMB 946 billion, up 1% year-on-year. The adjusted net profit decreased by 30% to RMB 50 billion [10][9]. - The brokerage business faced challenges from the real estate sector but managed to increase market share, with a 1% rise in market share for both existing and new homes [9][10]. - The company’s secondary business segments, including home decoration and rental services, showed robust growth, contributing RMB 67 billion in profit, a 28% increase [9][10]. - The report anticipates a recovery in profit margins starting in 2026, following a year of restructuring and cost optimization [9][10]. Financial Forecast - The forecast for adjusted net profit is RMB 72 billion in 2026, RMB 87 billion in 2027, and RMB 100 billion in 2028, representing year-on-year growth rates of 44%, 20%, and 15% respectively [9][48]. - The company’s revenue is projected to be RMB 879 billion in 2026, with a growth rate of -7.0%, followed by RMB 925 billion in 2027 and RMB 977 billion in 2028, with growth rates of 5.2% and 5.7% respectively [4][48]. - The adjusted PE ratio is expected to be 18x, leading to a valuation of RMB 1,826 billion for the company [52]. Business Performance - In 2025, the company’s adjusted operating profit margin was at a historical low of 4.5%, with expectations for recovery in 2026 as operational efficiencies improve [41][9]. - The company’s operational expenses decreased by RMB 1.1 billion compared to 2024, with a projected decline in operational expenses in 2026 due to completed organizational restructuring [41][9]. - The home decoration business generated RMB 154 billion in revenue, a 4% increase year-on-year, while the rental service business saw a significant 53% increase in revenue to RMB 219 billion [36][9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that will exceed market performance by 10% to 20% over the next six months [3][12]. Core Insights - The company achieved a revenue of 94.58 billion yuan in 2025, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 26.3% to 2.99 billion yuan [4][6]. - The total transaction volume for the company was 3.2 trillion yuan, down 5% year-on-year, with a significant decline in Q4, where revenue dropped by 28.7% [4][6]. - The company has initiated a share buyback plan worth 9.2 billion yuan and declared a final dividend of 3 billion yuan, resulting in a total shareholder return of 12.2 billion yuan, an increase of 9.5% year-on-year [6]. Summary by Sections Financial Performance - In 2025, the company reported a gross margin of 21.4%, a decrease of 3.2 percentage points year-on-year, while the operating expense ratio improved by 1.4 percentage points to 19.1% [6]. - The contribution margin from the existing housing business decreased by 3.9 percentage points to 39.3%, but the company managed to stabilize the contribution margin in Q4 [6][7]. - The rental service business saw a significant expansion, with a 62% year-on-year increase in managed properties, leading to a net income of 21.9 billion yuan, up 52.8% [6]. Future Projections - The company forecasts a decline in net profit for 2026 to 4.44 billion yuan, with a subsequent increase to 5.57 billion yuan in 2027 and 8.15 billion yuan in 2028 [7]. - The adjusted net profit for 2026 is projected to be 6.13 billion yuan, with growth rates of 22.2%, 14.7%, and 15.9% for the following years [7]. Valuation Metrics - The latest market valuation corresponds to a price-to-earnings (P/E) ratio of 22.2 times for 2026, decreasing to 16.7 times by 2028 [7][11]. - The report highlights the company's strong position as a leading integrated real estate transaction service platform, with significant advantages in real estate brokerage and rapid growth in rental and home decoration services [7].

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18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 | ...