FF305 第 1 頁 共 8 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12月5日 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,418,421 | % | USD | 5.6179 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年11月3日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,476,174 | % | USD | 5.4194 | | | 變動日期 | 2025年11月4日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,489,263 | % | USD | 5.3576 | | | 變動日期 | 2025年11月5日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 534,000 | % | USD | 5.618 | | | 變動日期 2025年11月13日 | | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | ...

Group 1 - The core point of the article is that Beike Zhaofang (Beijing) Technology Co., Ltd. has obtained a patent for an "information processing method, device, and program product" with the authorization announcement number CN119761309B, applied for on November 2024 [1] - Beike Zhaofang (Beijing) Technology Co., Ltd. was established in 2015 and is located in Beijing, primarily engaged in the real estate industry [1] - The company has a registered capital of 10 million RMB and has made investments in 2 enterprises, participated in 19 bidding projects, and holds 216 trademark information and 1,738 patent information [1] Group 2 - Additionally, the company possesses 22 administrative licenses [1]

Core Insights - Beike has officially launched its services in Yangzhou, focusing on providing trustworthy housing services through transparent transactions and reliable property sources [1][2] Group 1: Company Initiatives - Beike aims to enhance consumer confidence by ensuring genuine property listings and transparent transactions, committing to no hidden fees [1] - The company has developed an online database called "Building Dictionary," which includes 433 fields to accurately describe property information, thereby eliminating false listings [1] - Beike has introduced a "transparent transaction" system that allows for full online tracking of the transaction process, reducing information asymmetry and anxiety for buyers and sellers [2] Group 2: Partnerships and Collaborations - Beike has established strategic partnerships with major banks including China Bank, Agricultural Bank, Industrial and Commercial Bank, and others to ensure secure transaction processes and fund supervision [2] - The collaboration with banks aims to provide dedicated credit support and fund custody services, enhancing transaction security [2] Group 3: Technological Advancements - Beike's online system offers a full digital toolchain for agents, including property entry, client matching, VR viewings, and online signing, significantly improving service accuracy and response time [3] - The company promotes collaboration among agents through shared resources and a credit scoring system, enhancing service efficiency and professionalism [3] - Beike's introduction of standardized service processes and digital tools is expected to inject new growth momentum into the housing service market in Yangzhou [3]

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 ...

分组1 - The individual investor focuses on managing personal capital accumulated over the years, utilizing a diverse range of investment strategies including fundamental, technical, and momentum investing [1] - The investor aims to leverage the strengths of various investment approaches to refine their investment process [1] - The purpose of writing on Seeking Alpha is to track the performance of investment ideas and connect with like-minded investors [1]

Core Viewpoint - The report from Huachuang Securities emphasizes the need for investment focus on assets and business models that can generate excess returns (Alpha) amid ongoing cyclical pressures on volume and prices in the real estate market [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, such as Beike, which possess strong competitive advantages and stable cash flows [1] - Leading intermediaries maintain 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 implementing strong control over agents to establish a high-quality internal centralized transaction system known as ACN (Agent Cooperation Network), significantly enhancing transaction efficiency [1] - The report recommends focusing on the leading intermediary Beike-W, noting the company's stable cash flow following cost reduction and efficiency improvements [1]

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].

Core Viewpoint - Beike's strategic decision to partner with Shengdu in the home decoration sector three years ago has proven successful, as evidenced by its recent financial performance, particularly in the home decoration segment [1] Financial Performance - In Q3, Beike reported a net income of 23.1 billion yuan, a year-on-year increase of 2.1%, with total transaction volume reaching 736.7 billion yuan [2] - The home decoration segment generated a net income of 4.3 billion yuan, contributing a profit margin of 32%, marking two consecutive quarters of profitability at the city level before deducting headquarters expenses [1][2] Business Segmentation - Beike's total transaction volume for existing homes was 505.6 billion yuan in Q3, reflecting a year-on-year increase of 5.8% [2] - The non-real estate business's net income share rose to 45%, a historical high, with the rental service segment generating 5.7 billion yuan, up 45.3% year-on-year [3] Home Decoration Segment Growth - Beike's home decoration segment has shown steady growth, with projected net incomes of 10.9 billion yuan and 14.8 billion yuan for 2023 and 2024, respectively [3] - In the first half of 2025, the home decoration segment's net income reached 7.5 billion yuan, a year-on-year increase of 16.5% [3] Technological Integration - Beike has been actively developing its home decoration business since 2019, launching various platforms and systems to enhance service quality and operational efficiency [4] - The company has introduced a Home SaaS system to standardize and digitize key processes in home decoration [4] Strategic Initiatives - Beike initiated the "Full Case Decoration Service Provider" strategy to address industry pain points, integrating design, construction, supply chain, and after-sales services [6] - The company has implemented a bidding and centralized procurement model to ensure product quality and streamline supply chain management [6] Consumer Protection Measures - Beike is addressing consumer concerns regarding prepayment in home decoration by offering a fund custody service, which ensures that payments are only released upon successful completion of key project milestones [8][9]

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 ...