Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan to repurchase 1.4137 million shares at a cost of 8 million USD by October 31, 2025 [1]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $8 million to repurchase 1.4137 million shares [1] - The buyback price per share is set between $5.6 and $5.7 [1]

FF305 第 1 頁 共 10 頁 v 1.3.0 | | | | FF305 | | --- | --- | --- | --- | | 1,146,105 | % | USD | 6.0976 | | 1,129,902 | % | USD | 6.1952 | | 1,132,359 | % | USD | 6.1818 | | 1,110,219 | % | USD | 6.304 | | 1,096,452 | % | USD | 6.3821 | | 1,050,570 | % | USD | 6.663 | | 1,055,388 | % | USD | 6.6274 | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leading integrated real estate transaction and service platform in China, with a strong focus on both new and second-hand housing transactions, rental services, and home decoration [12][13] - The company has a stable market position in the second-hand housing sector, with significant growth potential due to the recovery of transaction volumes and a stable commission rate [8][30] - The "One Body Three Wings" strategy aims to expand into home decoration and rental services, creating new growth avenues [8][72] - Revenue is projected to grow significantly, with expectations of Non-GAAP net profits increasing from 7.4 billion yuan in 2025 to 10.8 billion yuan in 2027 [85] Summary by Sections 1. Company Overview - The company has over 20 years of experience in the real estate brokerage industry and is recognized as the first stock in China's residential service sector [12] - The company has a stable shareholding structure, with the founding team holding nearly 50% of voting rights [16][18] 2. Real Estate Brokerage Business - The second-hand housing transaction volume has shown a recovery, with a 30% year-on-year increase in 2023, reaching approximately 7.1 trillion yuan [30] - The company’s second-hand housing transaction volume increased by 13.7% to 1.1638 trillion yuan in the first half of 2025, contributing to a 4% rise in revenue to 13.6 billion yuan [46] - The new housing business has a market share of 12.6% as of June 30, 2025, with revenue growth of 29.9% year-on-year in the first half of 2025 [62] 3. Strategic Expansion - The company is expanding its home decoration business, which has significant market potential, with the home decoration industry expected to grow at a CAGR of 8.1% from 2025 to 2030 [72] - The rental business has seen rapid expansion, with over 590,000 units under management as of June 30, 2025, representing an 88% year-on-year increase [78] 4. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan respectively, with Non-GAAP net profits expected to be 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [85]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3]. Core Insights - The report emphasizes the need for further monetary and fiscal policy support to stabilize the real estate market, highlighting that the macroeconomic policy is set to be positive [9][10]. - It notes a shift in focus towards housing as a consumer good, with potential policy relaxations aimed at meeting both basic and improved housing needs [10]. - The report anticipates continued optimization of the real estate structure, with a focus on revitalizing existing assets and land [11]. - It discusses the construction of a new development model for real estate, which favors quality housing and better supply of affordable housing [12]. - Risk prevention and resolution remain critical, with ongoing support for systemically important real estate companies [12]. Summary by Sections Understanding the "14th Five-Year Plan" Recommendations - The report outlines five key understandings of the recommendations, including the need for coordinated fiscal and monetary policies, a focus on housing consumption, and the importance of optimizing real estate structures [9][10][11][12]. Market Review - The report indicates that the Shenwan Real Estate Index decreased by 0.7%, underperforming the CSI 300 Index by 0.27 percentage points, ranking 26th among 31 Shenwan primary industries [14]. New and Second-Hand Housing Transactions - In the latest week, new housing transaction area in 30 cities was 224.1 million square meters, a 5.8% increase month-on-month but a 39.5% decrease year-on-year [24]. - The second-hand housing transaction area in 14 sample cities totaled 206.0 million square meters, reflecting a 3.1% decrease month-on-month and a 21.1% decrease year-on-year [34]. Credit Bond Issuance - The report notes that eight credit bonds were issued by real estate companies this week, totaling 5.05 billion yuan, a decrease of 12 bonds from the previous week [3]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly those with strong fundamentals and those benefiting from policy changes, including specific companies listed in both H-shares and A-shares [3].

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $6.9969 million to repurchase 1.2128 million shares [1] - The buyback price per share ranges from $5.69 to $5.83 [1]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase shares worth $6.9969 million [1] - A total of 1.2128 million shares will be repurchased [1] - The buyback price per share ranges from $5.69 to $5.83 [1]

Core Viewpoint - Beike-W (02423.HK) announced a share repurchase plan, intending to spend $7 million to buy back 1.21 million A-shares by October 31, 2025 [1] Group 1 - The company plans to execute the buyback at a total cost of $7 million [1] - The repurchase will involve acquiring 1.21 million A-shares [1] - The deadline for the completion of this buyback is set for October 31, 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10月31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 - Realsee has entered a strategic partnership with Linkhome AI Inc. to enhance real estate technology through AI and 3D visualization solutions [1][3][4] Company Overview - Realsee is a leader in digital space solutions, known for its extensive 3D spatial database, which includes over 50 million replicated spaces and more than 600 global authorized patents [7] - Linkhome Holdings Inc. is an AI-driven real estate technology company that offers an integrated platform for property search, financing, and fintech solutions [9] Partnership Details - The collaboration will focus on developing next-generation AI and 3D visualization technologies aimed at improving user engagement and property-listing conversion rates [4][6] - The partnership aims to provide immersive experiences, including AI-generated property videos and AI home-staging rendering [4] Market Context - The real estate industry is a significant sector in the U.S., accounting for 18% of GDP and representing the largest expense for Americans [6] - The current real estate experience is considered outdated, prompting the need for advanced technology integration to enhance home-searching experiences [6]