Core Insights - The housing rental market is entering a traditional off-season, with a significant decline in online rental demand across 40 cities in October, down 14% month-on-month [1] - Major cities like Beijing and Shanghai experienced a drop of over 8% in rental demand, while second-tier cities such as Tianjin and Taiyuan saw declines exceeding 25% [1] - The user base for rental searches has gradually surpassed that of new home searches in the online housing market [1] Summary by Categories Rental Demand - The primary reason for the decline in rental demand is the conclusion of traditional peak rental seasons, such as graduation and job entry periods in the third quarter, leading to a reduced influx of new renters like fresh graduates and migrant workers [1] - Additionally, labor mobility has slowed due to industrial upgrades in certain cities, and local rental demand has stabilized under the "work-live balance" policy, contributing to an overall seasonal low in demand [1] Rental Prices - According to data from the China Index Academy, the average monthly rent for residential properties in 50 key cities in October was 34.57 yuan per square meter, reflecting a month-on-month decrease of 0.49% [1] - Cumulatively, the average rent in these cities has decreased by 2.45% over the first ten months of the year, with the decline rate widening by 0.38 percentage points compared to the same period in 2024 [1]

Group 1 - The company, Beike-W (02423), announced a share repurchase plan, committing to buy back 544,200 shares for a total expenditure of $3 million [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 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11月19日 | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年11月17日 | 3,366,778,024 | | 0 | | 3,366,778,024 | | 1). 其他 (請註明) | | | % | | | | | ...

Core Viewpoint - Beike's Q3 performance exceeded market expectations, leading to positive ratings from multiple international and domestic institutions, highlighting the company's effective cost control and growth potential in its home decoration and rental business [1] Group 1: Institutional Ratings - Major international banks such as Goldman Sachs, Morgan Stanley, and Bank of America, along with domestic firms like Zhongtai Securities and CICC, maintain "Buy" or "Overweight" ratings for Beike [1] - Goldman Sachs retains a "Buy" rating, noting that while the real estate market's downturn may pressure transaction volumes, efficiency improvements will mitigate some impacts [1] - Morgan Stanley sets a target price of 52 HKD, while JPMorgan analyst Alex Yao also maintains a "Buy" rating with a target price of 47 HKD [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to 23.1 billion yuan, aligning with market expectations [1] - Adjusted net profit reached 1.29 billion yuan, surpassing market forecasts, primarily due to effective cost management [1] - CICC expresses optimism about Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike's Q3 2025 financial report has led multiple international and domestic institutions to maintain "buy" or "overweight" ratings despite a sluggish real estate market impacting transaction volume outlook [1] Group 1: Ratings and Target Prices - Goldman Sachs maintains a "buy" rating for Beike, noting that while the real estate market's downturn may pressure transaction volume, improvements in company efficiency will mitigate some of these impacts [1] - Morgan Stanley also keeps a "buy" rating with a target price of HKD 52, while JPMorgan analyst Alex Yao sets a target price of HKD 47 [1] - Bank of America Securities reiterates a "buy" rating, highlighting Q3 revenue of CNY 23.1 billion, a 2% year-on-year increase, and an adjusted net profit of CNY 1.3 billion, which exceeded expectations [1] Group 2: Financial Performance - Beike's Q3 revenue grew by 2.1% year-on-year to CNY 23.1 billion, aligning with market expectations, while adjusted net profit reached CNY 1.29 billion, surpassing market forecasts due to effective cost control [1] - Bank of America Securities emphasizes significant profitability in home decoration and rental businesses, projecting profit growth in the coming year from cost-saving measures [1] - CICC maintains an "outperform" rating, expressing confidence in Beike's competitive edge in the one-stop residential service platform and its long-term profitability potential from both core and new business segments [1]

Core Viewpoint - Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase approximately 539,200 shares at a total cost of about $3 million [1] - The buyback price per share is set between $5.52 and $5.66 [1] - The buyback is scheduled to take place on November 17, 2025 [1]

Core Insights - The struggling property market in China has significantly impacted KE Holdings Ltd., leading to a 36% year-on-year profit decline in Q3 to 747 million yuan [2][4] - Despite a 20.2% revenue increase to 93.5 billion yuan in 2024, profit fell 31% to 4.08 billion yuan, indicating challenges in maintaining profitability amidst falling commissions [3][4] - KE Holdings has engaged in substantial share repurchases, totaling $2.3 billion over the last three years, with $675 million spent in 2023 alone [11] Financial Performance - Revenue for KE Holdings increased by 2.1% year-on-year in Q3 to 23.1 billion yuan, but profit saw a steep decline of 36.1% [4] - The total value of existing home transactions facilitated by KE rose 5.8% to 505.6 billion yuan, yet revenue from this segment fell 3.6% to 6 billion yuan [5] - New home transaction value dropped 13.7% to 196.3 billion yuan, leading to a 14.1% revenue decline in that segment [5] Business Strategy - KE Holdings has implemented a "one body, three wings" strategy to diversify its operations, focusing on core brokerage, home improvement, rental services, and property development [7] - The home improvement segment remained flat at 4.3 billion yuan, while the property development segment faces challenges due to high spending and modest returns in a weak market [8][9] Market Conditions - The ongoing downturn in China's property market continues to pressure KE's core brokerage operations, with no immediate recovery in sight [10] - Analysts have expressed bearish sentiments, with UBS reducing profit forecasts for 2025-2027 by 24% to 29% and downgrading the stock recommendation from "buy" to "hold" [13] Stock Performance - KE Holdings' shares have declined approximately 40% from their 12-month high, despite a strong rally in the Hong Kong stock market [10] - The company’s stock trades at a high forward P/E ratio of 34 times, indicating potential challenges for price appreciation in the near term [14] Long-term Outlook - KE Holdings has shown resilience compared to other sector players, maintaining revenue growth and market share despite profit declines [15] - The company's strong balance sheet positions it well to weather the downturn, with potential for significant benefits once the market recovers [16]

Group 1 - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 539,200 shares at a total cost of around 3 million USD [1] - The buyback price per share is set between 5.52 and 5.66 USD [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan, intending to repurchase 540,000 A-shares at a cost of $3 million on November 17, 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11月18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 ...