格隆汇10月16日丨贝壳-W(02423.HK)公告，10月15日耗资500万美元回购81.4万股。 ...

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16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 - The 2024 Hong Kong Listed Companies Director Compensation Ranking was released, highlighting significant earnings among top executives, with Li Xiang of Li Auto leading the list with a total compensation of approximately 680 million HKD [3][5]. Summary by Categories Director Compensation - A total of 31 directors received over 100 million HKD in total compensation for 2024 [3]. - Li Xiang (Li Auto) topped the list with nearly 680 million HKD, followed by Wang Xuning (JS Global) at about 521 million HKD, and Li Jie (Jitu Express) at approximately 519 million HKD [3][5]. - Liu Qiangdong (JD.com) ranked fourth with around 449 million HKD [3]. Detailed Compensation Breakdown - Li Xiang's compensation included 2.83 million HKD in salary and benefits, with a significant portion (approximately 676.77 million HKD) attributed to share-based payments [4]. - Wang Xuning received a salary of 8.69 million HKD and a bonus of about 4.97 million HKD, totaling 521 million HKD [4]. - Liu Qiangdong's reported compensation was primarily share-based, with no cash salary or benefits listed [4]. Clarifications on Li Xiang's Compensation - Li Auto clarified that the reported 639 million RMB (approximately 6.39 billion HKD) was misunderstood; the actual cash salary was only 266,500 RMB [5]. - The high figure included stock-based compensation calculated under US GAAP, contingent on achieving sales targets, with no actual shares received yet [6].

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, intending to spend approximately $5 million to buy back 824,940 shares by October 14, 2025 [1] Summary by Categories - **Company Actions** - Beike-W plans to repurchase 824,940 shares at a cost of about $5 million [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15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 ...

KE Holdings (BEKE) Conference Call Summary Company Overview - **Company**: KE Holdings (BEKE) - **Market Cap**: $21.1 billion - **Enterprise Value**: $10.5 billion - **12-Month Price Target**: $21.40 (current price: $18.01, upside: 18.8%) [1][5] Key Financial Forecasts - **3Q25 Revenue Forecast**: Rmb 23.8 billion (2% above consensus) [1] - **3Q25 Non-GAAP Net Profit Forecast**: Rmb 1.3 billion (5% above consensus) [1] - **4Q25 Revenue Forecast**: Expected decline of 15% YoY to Rmb 26.5 billion [23] - **2025 Revenue Growth**: Total revenue expected to reach Rmb 99.64 billion [15] Core Insights - **New Home GTV**: Expected to decline by 8% YoY, but better than consensus [1] - **Existing Home GTV**: Expected to grow by 5% YoY, indicating a positive trend [1] - **Cost Reduction**: Fixed costs are being reduced through agent optimization, following a 6% QoQ decline in agent count [1] - **Profitability of New Initiatives**: Home renovation and rental services projected to generate Rmb 150 million operating profit in 3Q25, a significant improvement from a loss of Rmb 250 million in 3Q24 [1] Market Dynamics - **Government Support**: Recent supportive policies from provincial and municipal governments have stabilized the property market, including home purchase subsidies and easing restrictions [2] - **Transaction Trends**: 15 out of 43 tracked cities saw an increase in existing home transaction average selling price (ASP) month-over-month in September [2] - **Cautious Outlook for 4Q25**: Anticipated revenue and GTV declines due to high base effects from the previous year [2] Strategic Initiatives - **Service Upgrades**: KE Holdings has upgraded its service standards to enhance transaction security and efficiency, which is expected to drive market share gains [18] - **Community-Focused Strategy**: The company is shifting its home renovation business model to a community-focused approach, optimizing store formats to improve efficiency [18] Investment Considerations - **Share Buybacks**: KE has repurchased $281 million in 3Q25, totaling approximately $700 million year-to-date, which is equivalent to 3.2% of its market cap [19] - **Long-Term Growth**: New initiatives are expected to account for 47% of total revenue by 2027, up from 34% in 2024 [27] Financial Ratios and Valuation - **P/E Ratio**: Expected to be 22.3x in 2025 [12] - **Dividend Yield**: Projected at 2.1% for 2025 [12] - **Free Cash Flow Yield**: Expected to be 5.1% in 2025 [12] Conclusion - **Investment Rating**: Maintain "Buy" rating based on strong performance in new home GTV, cost reduction strategies, and profitability improvements in new initiatives [1][19]

格隆汇10月14日丨贝壳-W(02423.HK)发布公告，2025年10月13日耗资500万美元回购83万股。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年10月13日耗资约500万美元回购约83万股股份。 ...

Core Points - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 830,000 shares at a cost of about $5 million [1] Group 1 - The share buyback is scheduled for October 13, 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14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 2 頁 共 9 頁 v 1.3.0 FF305 FF305 | 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 ...