Core Viewpoint - Beike-W (02423) announced a share repurchase plan, committing to buy back 812,800 shares for a total expenditure of $5 million by October 22, 2025 [1] Summary by Category - **Company Actions** - The company plans to repurchase 812,800 shares [1] - The total amount allocated for the buyback is $5 million [1] - **Financial Implications** - The share repurchase indicates the company's confidence in its financial health and future prospects [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23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 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | | 庫存股份變動 | 每 ...

Core Insights - The new rental era is driven by the dual forces of diversified housing demand and policy-market dynamics [3][6] - The implementation of the Housing Rental Regulations has led to a more structured and compliant rental market, presenting new development opportunities [3][6] Policy and Market Changes - The transformation in supply-demand dynamics is central to industry change, with increased financial support for affordable rental housing leading to enhanced supply and quality [6] - The actual number of mobile populations was significantly underestimated, with the 2020 census revealing 376 million, 140 million more than previous estimates, highlighting a hidden demand in the rental market [6] - There is a notable mismatch in supply and demand, with 24 million affordable rental units built but only 7 million occupied, while brand long-term apartments have a high occupancy rate in first-tier cities [6] User Demand and Industry Reconstruction - The shift in user demand is driving a comprehensive restructuring of the industry from product-focused to service-oriented [10][13] - The need for service upgrades and product structure adjustments is evident, with new projects requiring a focus on quality and spatial design [10] - Companies are encouraged to balance economic and social value, transitioning from landlords to micro-city operators [10][13] Asset Value and Operational Efficiency - The introduction of public REITs has altered valuation logic, emphasizing cash flow stability as a core metric [11] - Companies are exploring cost restructuring and innovative models to mitigate profit pressures, including digital management and energy-saving technologies [11][12] - The consensus among industry experts is that operational efficiency, user demand, and ecological co-construction are key to achieving a restructured housing relationship and urban symbiosis [13]

格隆汇10月22日丨贝壳-W(02423.HK)公告，10月21日耗资500万美元回购81.2万股。 ...

Core Viewpoint - Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 812,200 shares at a total cost of 5 million USD [1] - The buyback price per share ranges from 6.08 to 6.20 USD [1] Financial Implications - The total expenditure for the buyback represents a strategic investment in the company's own equity, potentially enhancing shareholder value [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22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 Viewpoint - Beike-W (02423.HK) announced a share repurchase plan, intending to buy back 810,000 shares at a cost of $5 million by October 20, 2025 [1] Summary by Categories Company Actions - The company plans to repurchase shares, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback is set at $5 million [1] - The number of shares targeted for repurchase is 810,000 [1]

贝壳-W(02423)发布公告，于2025年10月20日该公司斥资500万美元回购81.03万股，回购价格为每股 6.07-6.24美元。 ...

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21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 Viewpoint - Beike's decision to hide second-hand housing transaction prices has raised concerns about transparency in the real estate market, potentially leading to a "guessing game" for buyers and sellers, and altering the dynamics of price negotiations [2][12][15] Group 1: Impact on Market Dynamics - The removal of visible transaction prices may lead to increased information asymmetry, allowing sellers to set higher prices without a clear benchmark, which could result in inflated asking prices and flexible commission negotiations for intermediaries [11][12] - Beike's historical commitment to transparency has been compromised, which may erode customer trust and lead to a decline in transaction frequency as buyers and sellers become more hesitant [11][14] - The change is seen as a response to market pressures, including the rise of "zero commission" models that have disrupted traditional commission structures, prompting Beike to adapt its pricing strategy [14][15] Group 2: Historical Context and Recent Developments - Beike's move to hide transaction prices is not unprecedented; similar actions were taken in cities like Shenzhen and later in other major cities, indicating a broader trend in response to market conditions [3][14] - The decision aligns with recent initiatives from real estate associations aimed at stabilizing market expectations and preventing panic selling among homeowners [14][15] - The shift may also be a strategic maneuver to counteract negative market sentiment and protect property values, as publicized low transaction prices have been linked to increased seller anxiety [12][15] Group 3: Stakeholder Reactions - Real estate agents express mixed feelings; while some believe it will not significantly impact their operations, others worry about the long-term implications for market trust and competition [10][11] - Buyers are increasingly reliant on informal channels for price information, leading to a more fragmented and uncertain purchasing process [12][14] - There are calls for greater transparency in the market, with suggestions for government involvement to provide reliable transaction data to buyers and sellers [14][15]