贝壳-W(02423)公布，2025年10月24日耗资约700万美元回购约117.84万股股份。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年10月24日耗资约700万美元回购约117.84万股股份。 ...

格隆汇10月27日丨贝壳-W(02423.HK)发布公告，2025年10月24日耗资700万美元回购117.84万股。 ...

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27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 | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]

Core Viewpoint - The launch of the renovation fund custody service by Beike's direct home decoration brand, Shengdu, aims to rebuild consumer trust in home decoration transactions through a three-party fund supervision system involving customers, banks, and enterprises [1][3]. Group 1: Fund Custody System - The fund custody system introduced by Shengdu includes three main measures: establishing a third-party supervision account, releasing funds based on construction milestones, and ensuring that interest during the frozen period belongs to consumers [3][5]. - This system addresses risks associated with the traditional "pay first, then construct" model, which has led to consumer concerns over construction delays and quality issues [3][5]. Group 2: Industry Impact - The initiative reflects Shengdu's commitment to social responsibility and sets a new benchmark for the healthy development of the home decoration industry, contributing to the "reassured consumption in Jinan" city brand [3][5]. - The introduction of the fund custody model is seen as a significant step in mitigating fund misappropriation risks and enhancing consumer confidence in the home decoration sector [5][7]. Group 3: Strategic Goals - Beike's overall strategy includes integrating products, delivery, technology, and services, with fund custody being a starting point for enhancing customer satisfaction [9][11]. - The company aims to leverage technology, such as lightweight BIM and smart construction sites, to improve efficiency and consumer trust in the industry [9][11]. Group 4: Performance Metrics - Since the launch of the fund custody model in November last year, it has been implemented in over 30 cities, safeguarding 3.3 billion yuan for more than 20,000 users, with a completion release rate exceeding 99% [15]. - In Jinan, since the service went live on September 27, it has provided fund custody services for over 80 families, amounting to 4.3 million yuan [15].

Core Points - Beike-W (02423) announced a share repurchase plan, intending to spend approximately $5 million to buy back around 813,100 shares by October 23, 2025 [1] Summary by Category - **Company Actions** - The company plans to repurchase approximately 813,100 shares at a cost of about $5 million [1]

Core Insights - The implementation of the Housing Rental Regulations has led to a new development opportunity in the rental industry, with market order becoming more standardized and policy benefits gradually being released [1][2] Group 1: Market Dynamics - The shift in supply and demand dynamics is central to the industry's transformation, driven by both policy and market forces [1] - The introduction of guaranteed rental housing has expanded both the quality and quantity of available housing, increasing financial support for more participants and enhancing the overall quality of housing [1][2] Group 2: Compliance and Efficiency - Compliance and efficiency are foundational to the industry's restructuring, with companies needing to adopt technological measures to ensure the authenticity of housing information and compliance with regulations [2] - The regulations are expected to eliminate non-compliant companies, leaving those that genuinely focus on user needs [2] Group 3: Service and Product Innovation - Changes in tenant demands are reflected in service upgrades and adjustments in product structure, with new projects needing to emphasize quality and spatial design [2] - Companies are increasingly integrating various asset types (long-term rentals, commercial, elderly care, office spaces) to provide comprehensive living solutions [2] Group 4: Social Value and Community Engagement - The new rental era requires companies to balance economic and social value, transitioning from landlords to micro-city operators that cater to specific community needs [2] - Attention to details such as charging needs for delivery personnel and breakfast supply reflects the importance of service quality in the new rental landscape [2] Group 5: Asset Valuation - The introduction of public REITs has altered valuation logic, with cash flow stability becoming a core indicator for asset valuation [3] - Uncertainties regarding land tenure and renewal policies are identified as major bottlenecks, necessitating improvements in operational efficiency and service enhancement to boost market recognition during asset exit [3]

Core Insights - The 2025 Responsibility China ESG Annual Ceremony was held in Guangzhou, focusing on corporate social responsibility and ESG development pathways [2] - Hou Wenjing, Secretary-General of the Beike Public Welfare Foundation, emphasized the foundation's commitment to "business for good" and integrating public welfare into corporate strategy [2] Group 1: Community Support for the Elderly - Beike Public Welfare has developed a systematic approach to community support for the elderly, highlighted by the "I Teach You to Use a Mobile Phone" project, which has engaged over 445,000 active agents and served approximately 1.3 million elderly individuals across over 130 cities [3][5] - The "I Teach You to Prevent Falls" project, launched in 2023, has reached over 144,000 elderly individuals through health classes and materials [5] - The "Independent Guardian Plan," initiated in 2024, aims to provide smart home solutions for elderly individuals living alone, with plans to serve 2,000 households in three cities [5] Group 2: Community Building Initiatives - The "Beike Medical Love Home" project has provided temporary housing and support for families of critically ill children, serving 1,848 families with over 19,000 nights of accommodation [6] - Beike's offline store network has been transformed into community service nodes, exemplified by the "Neighbor Home" and "Rider Station" projects in Guangzhou, which integrate various community services [8] - The foundation's approach combines business resources, store networks, and technology to address key community needs, reinforcing its commitment to creating value for consumers and society [8]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend $5 million to repurchase 813,100 shares [1]