贝壳-W(02423)发布公告，该公司于2025年11月4日斥资800万美元回购147.62万股股份，每股回购价格 为5.32-5.5美元。 ...

Core Viewpoint - Beike-W (02423.HK) announced a share buyback of 1.476 million shares at a cost of $8 million on November 4 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was $8 million, reflecting a strategic move to enhance shareholder value [1] - The number of shares repurchased was 1.476 million, which may impact the company's share price positively in the short term [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5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 。 變動日期 2025年9月2日 2). 購回股份(或其他證券)但沒有註銷 變動日期 2025年9月3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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 ...

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Share Buyback Details - The company will repurchase 1.4184 million shares at a total cost of $7.9685 million [1] - The buyback price per share ranges from $5.56 to $5.70 [1]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback of 1.42 million shares at a cost of $7.97 million on November 3, 2025 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was $7.97 million [1] - The number of shares repurchased was 1.42 million [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 will repurchase 1.4184 million shares at a total cost of $7.9685 million [1] - The buyback price per share ranges from $5.56 to $5.70 [1]

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 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Summary of Key Points from the Conference Call Industry Overview - **Real Estate Market Trends**: The Japanese real estate market is experiencing supply contraction, demand improvement, rising costs due to inflation, and population concentration in core urban areas as key driving factors [1][4]. - **Chinese Real Estate Market Outlook**: The Chinese real estate market is expected to gradually stabilize, with conditions such as new home supply contraction and improved purchasing power. However, the recovery of income expectations and stabilization of housing prices in high-tier cities are critical [1][5]. The forecast for new home sales growth in 2026 is negative, with an investment decline of approximately 7% [1][5]. Company Insights: Beike - **Revenue Composition**: Beike's revenue is composed of approximately 60% from brokerage services and 40% from emerging businesses such as home decoration [1][6]. - **Market Position**: Beike holds a market share of 30%-50% in the existing housing market in first and second-tier cities, and over 20% in new home sales, indicating a leading position in the industry [1][6]. - **AI Integration**: The application of AI systems has enhanced the efficiency of real estate transactions, with the AI guest system covering 330,000 agents, achieving a penetration rate of 75% in Beijing and Shanghai [1][6][8]. Business Segments - **Home Decoration Business**: Beike's home decoration segment has achieved profitability since Q3, with stable profits of 8%-10% in first and second-tier cities. The company plans to increase prices by 10%-15% in 2026 and introduce high-quality soft decoration materials, potentially contributing over 8% to profits [1][7][8]. - **New Home Business Strategy**: Beike is strengthening collaborations with state-owned enterprises to enhance its new home business, which is expected to outperform the overall real estate market [1][3][10]. - **Rental Business Model**: The rental business primarily focuses on a "worry-free rental" model, utilizing a subleasing approach combined with home decoration services. This segment is expected to transition to a light asset operation model, aiming for a profit contribution of over 5% in the future [1][12][13]. Financial Projections - **Revenue Growth**: For 2025, the existing housing transaction growth is projected at around 7%, with total revenue growth of approximately 10%. Despite adjustments in the second half of the year, a total revenue growth of 7% is expected [1][14]. - **Profit Margin Expectations**: The operating profit margin is anticipated to improve significantly by 2026, with a target stock price of around 60 HKD, reflecting a positive long-term outlook despite potential short-term adjustments [1][14]. Additional Insights - **Emerging Business - Beijiaojia**: Launched in 2023, Beijiaojia is focused on providing product positioning solutions and marketing services, with plans to expand its light asset service model. It has already initiated projects in 10 cities, with significant projects expected to deliver results by 2026 [1][11]. - **Market Dynamics**: The real estate market is showing signs of structural differentiation, with opportunities in regions like Hong Kong and core urban areas of major cities expected to lead the recovery [1][5]. This summary encapsulates the essential insights from the conference call, highlighting the current state and future outlook of the real estate industry and Beike's strategic positioning within it.

Core Insights - The company maintains a strong position in the brokerage sector, with significant growth potential in the second-hand housing market and a steady increase in market share for new housing [1] - The company's second-hand housing transaction volume increased by 13.7% year-on-year to 1,163.8 billion yuan in the first half of 2025, leading to a 4.0% rise in second-hand housing business revenue to 13.6 billion yuan [1] - The market share for new housing transactions reached 12.6% as of June 30, 2025, with a prepaid commission model reducing accounts receivable risk [1] Business Expansion - The company is exploring new growth opportunities through its "three wings" business strategy, particularly in the home decoration sector, which has significant market potential [1] - The home decoration industry has historically struggled to develop large-scale enterprises due to its non-standardized, low-frequency, and bulk nature [1] - The company leverages its extensive brokerage business to achieve low customer acquisition costs and strong brand effects, aiming to address trust issues in the traditional home decoration industry [1] Financial Projections - Revenue forecasts for the company are projected at 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan for 2025, 2026, and 2027, respectively [2] - Non-GAAP net profit estimates for the same period are 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [2] - The company is expected to benefit from the broad market potential in the second-hand housing sector and its diversified business expansion, maintaining a "buy" rating [2]

Core Viewpoint - Beike-W (02423) announced a share buyback plan, investing $8 million to repurchase 1.4137 million shares at a price range of $5.6 to $5.7 per share [1] Summary by Category - **Company Actions** - The company will repurchase a total of 1.4137 million shares [1] - The buyback will cost the company $8 million [1] - The repurchase price per share is set between $5.6 and $5.7 [1]