香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 董事會會議召開日期 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2025年11月10日（星期一）舉行董事會會議，以 （其中包括）考慮及通過本集團截至2025年9月30日止三個月的未經審計財務業績 及其發佈。 本公司的管理層將於美國東部時間2025年11月10日（星期一）上午七時正（即北 京╱香港時間同日的下午八時正）舉行業績電話會議。 1 本次電話會議的網上直播及錄音也將在本公司的投資者關係網站 （https://investors.ke.com）上提供。 承董事會命 貝殼控股有限公司 有意使用撥號參加電話會議的參與者請在會議計劃開始時間前至少20分鐘使用下 文提供的鏈接完成在線登記。撥號、會議密碼及唯一的訪問 ...

Summary of Beike's Conference Call Company Overview - Beike operates as a leading integrated online and offline real estate transaction and service platform in China, with a comprehensive business layout including second-hand and new housing transactions, home decoration, and rental services [3][6] Key Financial Highlights - Total transaction volume for 2024 is projected to reach 3.3 trillion yuan, a year-on-year increase of 6.6% - Net revenue is expected to be 93.5 billion yuan, reflecting a 20.2% year-on-year growth, marking a historical high [2][7] - The company achieved profitability in 2024, with net profit attributable to shareholders at 4.06 billion yuan, adjusted to 7.2 billion yuan [2][7] - Gross margin is stable at 24.6%, with an operating expense ratio optimized to 20.4% and an adjusted net profit margin of 7.7% [2][7] - Cash and short-term investments total 61.6 billion yuan, with a $3 billion share repurchase plan in place [2][8] Business Segments Performance Existing Housing Transactions - The existing housing transaction volume is expected to reach 2.2 trillion yuan in 2024, a 4.8% increase year-on-year, accounting for 31% of the national second-hand housing transaction volume [2][13] - The overall commission rate for 2024 is projected at 1.26%, with the self-operated segment affected by policy changes, reducing to 2.51% [2][14] New Housing Transactions - New housing transaction volume is projected at 970 billion yuan, representing 11.4% of the national new housing market [2][17] - The commission rate for new housing is expected to reach 3.47%, the highest since 2017 [2][18] Home Decoration and Furniture - The home decoration business is expected to reach a transaction volume of 16.9 billion yuan by the end of 2024, with net revenue of 14.8 billion yuan, showing a compound annual growth rate of over 300% from 2021 to 2024 [2][20] - The home decoration market is projected to reach 7.1 trillion yuan by 2030, indicating significant growth potential [21] Rental Business - The rental business has expanded rapidly, managing over 430,000 units by 2024, with net revenue of 14.33 billion yuan and a profit margin of 5% [2][23] Strategic Initiatives - Beike's "One Body, Three Wings" strategy focuses on real estate brokerage as the core, with collaborative development in home decoration and rental services [2][6] - The ACN (Agent Cooperation Network) enhances service quality and efficiency, with a 75% cross-store cooperation rate in second-hand housing transactions [2][10][11] Market Position and Future Outlook - Beike maintains a strong market position, with a total transaction volume of 3.3 trillion yuan in 2024, significantly ahead of competitors [9] - The company has a robust store network with over 52,000 locations and 500,000 agents, reinforcing its competitive edge [9] - Future growth is anticipated in the home decoration and rental sectors, supported by strong cash flow and shareholder returns through buybacks and dividends [25]

Core Viewpoint - The company has successfully upgraded its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating Improvement - The company's ESG rating was upgraded by MSCI, indicating significant progress in its environmental, social, and governance practices [1] - The company achieved a score of 6.6 in the governance category, surpassing the industry average [1] Group 2: Governance and Ethical Practices - The company has made notable advancements in corporate behavior through the enhancement of its business ethics and anti-corruption policies [1] - A comprehensive business ethics training program has been implemented, contributing to the company's progress in governance [1] Group 3: Environmental Initiatives - The company's score in the environmental category has significantly improved, attributed to the implementation of the "Apartment Environmental Convention" [1] - This convention encourages tenants and apartment managers to adopt green practices and promotes urban community development through apartment projects [1] Group 4: MSCI ESG Rating Significance - MSCI ESG ratings serve as a critical decision-support tool for global investors, assessing companies' resilience to significant ESG risks and providing benchmarks for maximizing investment returns over specific periods [1]

Core Viewpoint - The company has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - The improvement in the company's ESG environment score is attributed to the implementation of the "Apartment Environmental Pact," which encourages tenants and property managers to adopt green practices [1] Group 2: Company Mission and Strategy - The company is dedicated to reshaping the residential service industry in China through infrastructure transformation and technology-driven innovation, aiming to create long-term sustainable value [1] - The mission of the company is to provide "dignified service for a better living," focusing on empowering the professional growth of service providers and enhancing consumer living experiences [1]

Core Insights - The company Beike-W (02423) has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - Significant progress in corporate behavior has been made through the continuous improvement of business ethics and anti-corruption policies, along with the implementation of comprehensive business ethics training programs [1] - The company's score in the environmental category of ESG has also seen a significant year-on-year improvement, attributed to the implementation of the "Apartment Environmental Pact," which guides tenants and apartment managers in adopting green practices [1] Group 2: Mission and Vision - The company adheres to the mission of "Dignified Service, Better Living," aiming to reshape the residential service industry in China through infrastructure transformation and technology-driven innovation [1] - The focus is on creating long-term sustainable value while empowering the professional growth of service providers and enhancing the living experience for consumers [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2423） 自願性公告 MSCI ESG評級上調至AA級 本公告乃貝殼控股有限公司（「本公司」）自願作出。 本公司今日欣然宣佈，摩根士丹利資本國際公司（「MSCI」）在其環境、社會和管 治(ESG)評級中，將本公司ESG評級從「A」上調至「AA」，標誌著從2023年至2025 年連續三次評級上調。這一成就彰顯了本公司在行業內對推動ESG實踐的堅定承 諾。 在MSCI的最新評估中，本公司在ESG管治類別中獲得了令人矚目的6.6分，優於 行業平均水平。通過持續完善商業道德與反貪污細則政策，並實施全面的商業道 德標準培訓計劃，本公司在企業行為方面取得顯著進展。本公司在ESG環境類別 中的評分也同比顯著提升，這一成就得益於本公司推行《公寓環保公約》，該公約 引導租戶與公寓管理人員踐行綠色實踐，並通過公寓項目推動城市社區發展。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以 ...

Core Viewpoint - Beike has launched a "phone marketing, disturb one, compensate one hundred" service commitment starting in 2024, aiming to enhance the professionalism and standardization of real estate brokerage services while addressing consumer complaints about unsolicited marketing calls [1][2]. Group 1: Service Commitment Implementation - The commitment has been implemented in cities such as Wuhan, Xi'an, Chengdu, Shenzhen, and Hangzhou, covering nearly 5,000 stores and 70,000 agents [1]. - The initiative was first introduced by Wuhan Lianjia in July 2024, which prohibits agents from making unsolicited marketing calls without authorization, with a compensation of 100 yuan for violations [1]. - The commitment has been gradually promoted nationwide, with cities like Luoyang and Langfang also adopting the policy, leading to a broader implementation across various Lianjia stores [1]. Group 2: Internal Mechanisms and Consumer Engagement - Beike has established a strict internal supervision mechanism and a rapid response process to ensure timely handling of customer complaints [2]. - The commitment has achieved a 100% fulfillment rate, with users successfully receiving the 100 yuan compensation for complaints [2]. - Beike encourages consumer feedback to enhance service quality continuously and plans to expand the commitment to cities like Zhengzhou, Jinan, Shenyang, Dalian, and Kunming [2]. Group 3: Strategic Upgrades and Community Engagement - The "phone marketing, disturb one, compensate one hundred" initiative is part of Beike's strategic upgrade from "true sources" to "true guarantees," emphasizing comprehensive service assurance for consumers [2]. - Beike has recently revamped its brand and launched a "true guarantee" service assurance system covering key transaction aspects such as real sources, payment security, commission refunds, privacy protection, and quality compensation [2]. - Additionally, Beijing Lianjia has organized community events like the "Lianjia Wenyu River Park Happy Run," engaging over 500 participants to promote fitness and community involvement [2][3].

Core Insights - KE Holdings Inc. ("Beike") has received a significant upgrade in its Environmental, Social and Governance (ESG) rating from Morgan Stanley Capital International (MSCI), moving from "A" to "AA," marking the third consecutive upgrade from 2023 to 2025, reflecting the company's commitment to ESG excellence [1][2] ESG Performance - Beike achieved an overall score of 6.6 in the ESG governance category, surpassing the industry average, indicating strong corporate governance practices [2] - The company has made notable advancements in corporate behavior by refining its business ethics and anti-corruption policies, alongside implementing comprehensive training programs on business ethics standards [2] - Beike's score in the ESG environmental category has also improved year-over-year, supported by its Sustainable Apartment Agreement, which promotes green practices among tenants and apartment managers [2] Company Mission and Strategy - Beike is dedicated to creating long-term, sustainable value in China's residential services industry through infrastructure transformation and technology-driven innovation, aiming to enhance service providers' professional growth and improve consumer living experiences [4] - The company operates an integrated online and offline platform for housing transactions and services, including home sales, rentals, renovations, and furnishings, leveraging over 23 years of experience through its leading real estate brokerage brand, Lianjia [5]

Investment Rating - The report initiates coverage on Beike with a "Buy" rating and a target price of HKD 65.64, based on a 26x adjusted PE for 2026 [2][10]. Core Insights - Beike is positioned as a leading O2O real estate transaction platform in China, benefiting from supportive policies that are expected to facilitate a moderate market recovery. The company is anticipated to improve its profitability through enhanced operational efficiency and AI integration in its services [6][19]. - The real estate market is stabilizing, with signs of recovery in sales, particularly in second-hand housing, although challenges remain in new housing sales and inventory management [7][10]. - Beike's brokerage business is expected to gain market share, driven by its extensive network and the integration of third-party stores, which will enhance its revenue contribution [8][10]. Summary by Sections Business Overview - Beike has restructured into four main business lines: brokerage, home decoration, rental services, and data-driven residential development, aiming for a synergistic growth model [23]. - The company operates over 60,000 stores and employs nearly 568,000 agents, significantly outpacing competitors in terms of scale and market coverage [24][29]. Financial Projections - Revenue is projected to grow from RMB 93.46 billion in 2024 to RMB 125.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [5][10]. - Adjusted net profit is expected to improve significantly, reaching RMB 9.82 billion by 2027, supported by operational leverage and a turnaround in the home decoration segment [10][21]. Market Dynamics - The real estate sector is gradually stabilizing, with government policies aimed at supporting the market. The demand for second-hand homes is expected to increase, while new home sales face ongoing pressure [7][10]. - Beike's home decoration business is projected to achieve a revenue of RMB 204 billion by 2027, with a net profit margin of around 10% [21][22]. Competitive Advantages - Beike's competitive edge lies in its channel advantages and the ACN network, which enhances transaction efficiency and transparency [19]. - The company is leveraging AI tools to improve customer experience and operational efficiency across its service offerings [20][21].

近日，贝壳找房"蓝海行动"第五期种植活动在福建霞浦展开，标志着贝壳"蓝海行动"生态修复范围进一 步扩大。2018年成立以来，贝壳在打造新居住服务平台的同时，将"向上向善"的企业精神延伸至环保领 域。2020年，贝壳正式发起"蓝海行动"，通过支持多地红树种植、开展相关公益及科普类活动，改善生 态环境，提高公众参与度。 五年来，这一项目不仅修复了滨海湿地生态系统，种植29万余株红树，覆盖133.3亩修复面积，更助力 周边渔业发展，惠及周边居民超4.3万人。 一片红树林，连接生态使命与战略 红树林是陆地向海洋过渡的特殊生态系统。在净化海水、防风消浪、维持生物多样性方面发挥着不可替 代的作用，被誉为"海岸卫士"。 图注：海岸卫士红树林 为了守护好这一珍贵资源，党的十八大以来，我国持续完善红树林保护法律制度，从顶层设计上强化红 树林保护。为了严格管控和修复，首部湿地保护法专设了红树林保护条款，《全国湿地保护规划(2022 —2030年)》将红树林湿地纳入保护修复重点支持范围。与此同时，我国还实施了《红树林保护修复专 项行动计划(2020—2025年)》，推动制定多项红树林保护修复相关国家和行业标准，全面推进红树林保 护 ...