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 ...

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]