Core Viewpoint - The report from Huachuang Securities suggests that in the context of ongoing cyclical pressures on volume and price in the real estate market, investment should focus on assets and business models that can generate excess returns (Alpha) [1] Group 1: Industry Insights - The restructuring of the industry value chain highlights the increasing Alpha attributes of leading real estate transaction and service platforms, exemplified by Beike, which possess strong moats and stable cash flows [1] - Leading intermediaries have established high barriers to entry through stringent control, emphasizing the importance of cash flow and certainty [1] Group 2: Company Focus - Centralized transactions are identified as the most efficient model for second-hand housing intermediaries, with leading firms enhancing transaction efficiency through a robust internal centralized transaction system (ACN) that tightly manages agents [1] - The report recommends focusing on the leading intermediary Beike-W, particularly noting its stable cash flow following cost reduction and efficiency improvements [1]

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]

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4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 report from Caitong Securities highlights Beike's "one body, three wings" strategy, showcasing significant platform integration potential and growth elasticity in new sectors such as home decoration and housing rental [1] - The home decoration industry in China has a large market size exceeding 3 trillion yuan in 2022, with a projected compound annual growth rate of 8.1% from 2025 to 2030, potentially reaching over 7 trillion yuan by 2030 [1] - Beike's rental business, particularly the "Shengxin Rent" service, has shown rapid growth, with over 590,000 managed housing units as of June 30, 2025, representing an 88% year-on-year increase [2] Home Decoration Industry - The home decoration market is characterized by low concentration and a fragmented enterprise landscape, providing Beike with an opportunity to leverage its scale advantages for industry consolidation [1] - The company's early entry into the home decoration sector, including partnerships and acquisitions, has led to a positive operational cycle in core high-energy cities [1] Rental Business - The core competitiveness of the "Shengxin Rent" business model lies in service quality and asset operation efficiency, with a focus on standardizing service processes and enhancing operational collaboration with housing transaction services [2] - The rental business has achieved significant revenue growth, with 10.7 billion yuan in revenue for the first half of 2025, an 85% year-on-year increase, and an improvement in profit margin from -1.0% in 2023 to 7.6% [2]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback on December 2, 2025, spending $3 million to repurchase 542,600 shares at a price range of $5.49 to $5.56 per share [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12月3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 - The core strategy of the company is centered around "one body and three wings," focusing on home decoration and rental housing, showcasing significant platform integration potential and growth elasticity [1] - The home decoration industry has a large market size and high growth rate, but low market concentration, providing the company with scale advantages to consolidate the industry [1] - The home decoration market in China is projected to exceed 3 trillion yuan by 2025, with a compound annual growth rate of 8.1% from 2025 to 2030, potentially reaching over 7 trillion yuan by 2030 [1] Group 2 - The company's rental business includes decentralized and centralized rental housing management services, with the largest segment being the "省心租" service [2] - Service quality and asset operation efficiency are the core competitive advantages of the "省心租" business model, with a focus on standardizing service actions and improving service capabilities [2] - As of June 30, 2025, the company managed over 590,000 rental units, representing an 88% year-on-year growth, with rental business revenue reaching 10.7 billion yuan, a year-on-year increase of 85% [2]