Group 1 - The company, Beike-W (02423), announced a share repurchase plan, committing to buy back 544,200 shares for a total expenditure of $3 million [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 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11月19日 | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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 | | | | 於下列日期開始時的結存(註1) | 2025年11月17日 | 3,366,778,024 | | 0 | | 3,366,778,024 | | 1). 其他 (請註明) | | | % | | | | | ...

Core Viewpoint - Beike's Q3 performance exceeded market expectations, leading to positive ratings from multiple international and domestic institutions, highlighting the company's effective cost control and growth potential in its home decoration and rental business [1] Group 1: Institutional Ratings - Major international banks such as Goldman Sachs, Morgan Stanley, and Bank of America, along with domestic firms like Zhongtai Securities and CICC, maintain "Buy" or "Overweight" ratings for Beike [1] - Goldman Sachs retains a "Buy" rating, noting that while the real estate market's downturn may pressure transaction volumes, efficiency improvements will mitigate some impacts [1] - Morgan Stanley sets a target price of 52 HKD, while JPMorgan analyst Alex Yao also maintains a "Buy" rating with a target price of 47 HKD [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to 23.1 billion yuan, aligning with market expectations [1] - Adjusted net profit reached 1.29 billion yuan, surpassing market forecasts, primarily due to effective cost management [1] - CICC expresses optimism about Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike's Q3 2025 financial report has led multiple international and domestic institutions to maintain "buy" or "overweight" ratings despite a sluggish real estate market impacting transaction volume outlook [1] Group 1: Ratings and Target Prices - Goldman Sachs maintains a "buy" rating for Beike, noting that while the real estate market's downturn may pressure transaction volume, improvements in company efficiency will mitigate some of these impacts [1] - Morgan Stanley also keeps a "buy" rating with a target price of HKD 52, while JPMorgan analyst Alex Yao sets a target price of HKD 47 [1] - Bank of America Securities reiterates a "buy" rating, highlighting Q3 revenue of CNY 23.1 billion, a 2% year-on-year increase, and an adjusted net profit of CNY 1.3 billion, which exceeded expectations [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to CNY 23.1 billion, aligning with market expectations, while adjusted net profit reached CNY 1.29 billion, surpassing market forecasts due to effective cost control [1] - Bank of America Securities emphasizes significant profitability in home decoration and rental businesses, projecting profit growth in the coming year from cost-saving measures [1] - CICC maintains an "outperform" rating, expressing confidence in Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase approximately 539,200 shares at a total cost of about $3 million [1] - The buyback price per share is set between $5.52 and $5.66 [1] - The buyback is scheduled to take place on November 17, 2025 [1]

Core Insights - The struggling property market in China has significantly impacted KE Holdings Ltd., leading to a 36% year-on-year profit decline in Q3 to 747 million yuan [2][4] - Despite a 20.2% revenue increase to 93.5 billion yuan in 2024, profit fell 31% to 4.08 billion yuan, indicating challenges in maintaining profitability amidst falling commissions [3][4] - KE Holdings has engaged in substantial share repurchases, totaling $2.3 billion over the last three years, with $675 million spent in 2023 alone [11] Financial Performance - Revenue for KE Holdings increased by 2.1% year-on-year in Q3 to 23.1 billion yuan, but profit saw a steep decline of 36.1% [4] - The total value of existing home transactions facilitated by KE rose 5.8% to 505.6 billion yuan, yet revenue from this segment fell 3.6% to 6 billion yuan [5] - New home transaction value dropped 13.7% to 196.3 billion yuan, leading to a 14.1% revenue decline in that segment [5] Business Strategy - KE Holdings has implemented a "one body, three wings" strategy to diversify its operations, focusing on core brokerage, home improvement, rental services, and property development [7] - The home improvement segment remained flat at 4.3 billion yuan, while the property development segment faces challenges due to high spending and modest returns in a weak market [8][9] Market Conditions - The ongoing downturn in China's property market continues to pressure KE's core brokerage operations, with no immediate recovery in sight [10] - Analysts have expressed bearish sentiments, with UBS reducing profit forecasts for 2025-2027 by 24% to 29% and downgrading the stock recommendation from "buy" to "hold" [13] Stock Performance - KE Holdings' shares have declined approximately 40% from their 12-month high, despite a strong rally in the Hong Kong stock market [10] - The company’s stock trades at a high forward P/E ratio of 34 times, indicating potential challenges for price appreciation in the near term [14] Long-term Outlook - KE Holdings has shown resilience compared to other sector players, maintaining revenue growth and market share despite profit declines [15] - The company's strong balance sheet positions it well to weather the downturn, with potential for significant benefits once the market recovers [16]

Group 1 - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 539,200 shares at a total cost of around 3 million USD [1] - The buyback price per share is set between 5.52 and 5.66 USD [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan, intending to repurchase 540,000 A-shares at a cost of $3 million on November 17, 2025 [1]

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11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 | 佔有關事件前的現有已發 行股份 ...

Core Viewpoint - The event titled "Protecting Housing Payments, Settling in Zhongshan" marks the launch of Beike's commitment to housing payment security, promising to cover losses if consumers follow the established safety standards [1][3] Group 1: Service Commitment - Beike Zhongshan has introduced a "platform guarantee" service commitment, which ensures that if consumers operate according to the "Housing Payment Security Guarantee Standards" and still incur losses, Beike will initiate a compensation mechanism to cover the relevant payments [1][3] - This commitment upgrades the previous "funds custody" approach, extending the security of real estate funds from the custody phase to the entire transaction cycle [3] Group 2: Operational Procedures - The city manager of Beike Zhongshan, Meng Yungui, emphasized that as long as consumers follow the standard operating procedures, Beike will guarantee the transaction funds [3] - Prior to signing, customers will receive SMS reminders not to make any unauthorized payments such as deposits or intention fees; transaction funds during signing will be processed through a custody payment system [3] - After signing, an official follow-up group will be established for each transaction, ensuring timely feedback once payments are completed [3] Group 3: Market Impact - The platform guarantee concept introduced by Beike is expected to bring new development to the Zhongshan real estate market, enhancing confidence in transaction safety for both parties involved, as well as for the housing fund center and banks [3]