Group 1: Housing Rental Regulations - The first administrative regulations specifically targeting housing rental in China were implemented on September 15, addressing issues such as housing safety, deposit refunds, rental stability, and leasing registration [2] - The regulations provide systematic provisions on housing supply, contract norms, leasing entities, and rights protection, aiming to resolve industry pain points and offer institutional guarantees [2] - The regulations prohibit the separate rental of non-residential spaces for living, set limits on the number of tenants per room, and establish minimum living space standards to eliminate "shared rental" situations [2] Group 2: Real Estate Transaction Risks - Recent warnings from Xining's Housing Security and Real Estate Management Bureau highlighted risks in second-hand property transactions, including the use of false identities in negotiations [3] - Consumers are advised to verify property ownership documents and use regulated accounts for fund settlements to mitigate transaction risks [3] - The real estate market is increasingly focused on transaction safety and service quality, with a growing emphasis on consumer rights protection as the market transitions to a "stock era" [3][4] Group 3: Company Initiatives - Beike Holdings launched a "True Guarantee" full-process service assurance system on September 22, aimed at enhancing service quality and promoting healthy industry development [1][4] - The "True Guarantee" system includes 35 service commitments, focusing on real housing sources, payment security, commission refunds, privacy protection, and quality compensation [4][5] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers facing losses during compliant transactions, with a total of 55.6 billion yuan in compensation claims processed from 2001 to August 2025 [5]

格隆汇9月26日丨贝壳-W(02423.HK)公告，2025年9月25日耗资450万美元回购70万股。 贝壳-W(02423.HK)9月25日耗资450万美元回购70万股 贝壳-W(02423.HK)9月25日耗资450万美元回购 69.7万股 相关事件 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月25日，该公司斥资450万美元回购69.94万股。 该信息由智通财经网提供 ...

第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,146,105 | % | USD | 6.0976 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,129,902 | % | USD | 6.1952 | | | 變動日期 | 2025年9月3日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,132,359 | % | USD | 6.1818 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8日 | | ...

Summary of Beike's Conference Call Company Overview - **Company**: Beike (贝壳) - **Industry**: Real Estate Key Points and Arguments 1. **Short-term Performance**: Beike's short-term performance is impacted by the downturn in the real estate industry, but management has provided guidance for a gross operating profit margin of over 7% for the next three years and increased the buyback authorization to $5 billion, ensuring a solid cash reserve for investors [2][4][28]. 2. **Business Segmentation**: Beike's operations are divided into direct operations (Lianjia) and franchise operations (Beilian). The non-Lianjia stores have shown rapid growth, with active stores increasing by 35.8% to over 14,000, and active agents growing by 73,000 [2][5]. 3. **Revenue Sources**: Beike's revenue primarily comes from four segments: existing homes (27.5%), new homes (approximately 34%), home decoration (15%), and rental services (over 20%). The new home segment contributes significantly to revenue, while the rental segment is growing rapidly but has lower utilization, affecting overall profit margins [7][10]. 4. **ACN Network**: The ACN network enhances cooperation among agents, increasing overall revenue and attracting small and medium-sized agencies to the platform, which improves commission rates and expands into the new home market [2][12]. 5. **Data Support**: The "Property Dictionary" provides reliable data support, enhancing customer trust and brand image. Beike has committed to four standards for genuine listings and has compensated over 4.6 billion yuan to reinforce its market position [2][13]. 6. **Market Share**: Beike holds approximately 33%-34% market share in the second-hand housing market and about 13% in the new housing market, positioning it as an industry leader [4][10]. 7. **Profitability Trends**: The company's profit margins have fluctuated due to changes in revenue structure, with the rental business being the fastest-growing but with the lowest utilization, which has negatively impacted overall profit margins [8][9]. 8. **Future Strategy**: Beike aims to explore new avenues such as home decoration and rental services, with expectations of profitability in the home decoration segment by 2026 [10][22]. 9. **Competitive Advantages**: Beike's competitive advantages include both soft and hard moats, such as the ACN network and strategic store layouts in key cities like Beijing and Shanghai, which solidify its market position [11][15]. 10. **Investment Value**: Beike has a cash reserve of approximately 70 billion yuan, leading to a low valuation with a price-to-earnings ratio slightly above 10. The company is expected to maintain a dividend yield of at least 5% [28][29]. Additional Important Insights 1. **Market Conditions**: The current market environment is challenging, but Beike's stock buyback and dividend strategies provide a stable return for investors [29][30]. 2. **Future Performance Expectations**: Despite short-term pressures, Beike's management is optimistic about future performance, projecting a net profit margin exceeding 7% over the next three years [27]. 3. **Policy Impact**: Any policy adjustments in the fourth quarter could significantly benefit Beike, enhancing its potential for performance recovery [30].

Core Viewpoint - The introduction of the "True Guarantee" service system by Beike aims to enhance transaction safety and consumer confidence in the real estate market, addressing complexities and risks associated with second-hand housing transactions [1][2]. Group 1: Service System Overview - The "True Guarantee" system is built on "1 standard + 2 capabilities + 100 million yuan guarantee fund," encompassing 35 service commitments, including 6 platform-level and 29 brand-level commitments, creating a comprehensive risk protection network throughout the transaction cycle [2][3]. - The system has successfully intercepted risks in 16,000 transactions nationwide from July 2024 to July 2025, demonstrating its effectiveness in safeguarding consumer funds [3][4]. Group 2: Risk Management and Technology - Beike's intelligent risk control system, trained on millions of historical transaction data, can identify 62 types of risk characteristics, enabling proactive risk alerts and interventions [3][4]. - The system has increased the amount of funds under management to 97.2%, with a total guarantee fund of 750 billion yuan, ensuring 96% of funds are traceable throughout the transaction process [4]. Group 3: Industry Transformation - The "True Guarantee" system is shifting the real estate industry from "information competition" to "service guarantee competition," enhancing service quality and risk management capabilities [5]. - Beike's commitment to consumer safety and service quality is reflected in its platform-level service promises, which include "real housing sources, false claims compensated by 100 yuan," and "no reason to refund commission if the transaction fails" [5].

Core Viewpoint - The article highlights the launch of Beike's "True Guarantee" service system aimed at addressing common issues faced by homebuyers in Jinan, such as unpaid property fees and misleading listings, thereby enhancing consumer trust and transaction security [1][2][4]. Group 1: Service System Implementation - Beike has introduced a comprehensive service guarantee system called "True Guarantee," which includes commitments like "real listings, false claims compensated 100 times," "no-questions-asked commission refunds if transactions fail," and "advance payment for property fee losses," supported by a 100 million yuan guarantee fund [2][3]. - The system is built on a framework of "1 standard + 2 capabilities + 100 million yuan guarantee fund," ensuring a structured approach to service delivery and risk management [2]. Group 2: Addressing Transaction Issues - The company aims to eliminate the "price gouging" phenomenon in real estate transactions, which has led to consumer distrust in intermediaries [1][2]. - Beike's proactive measures include a full-process standard covering property listing, contract signing, transaction services, and commitment fulfillment, which helps in identifying and mitigating transaction risks [2][3]. Group 3: Post-Transaction Support - Beike extends its "True Guarantee" to post-transaction services, addressing issues like property defects after purchase, ensuring that buyers have support even after the transaction is completed [3][4]. - The company has established a "full-cycle quality screening" mechanism for properties, which includes pre-transaction inspections and post-transaction guarantees for structural issues and unpaid property fees [3]. Group 4: Performance Metrics - Beike has invested over 31.55 million yuan in service commitment guarantees, maintaining a monthly service commitment fulfillment rate of 98.5%, demonstrating its dedication to consumer satisfaction and trust [3].

Core Viewpoint - The article discusses the evolution of the real estate market in China, highlighting the shift from a focus on property transactions to an emphasis on service quality and consumer experience in the context of a changing economic cycle [2][3][15]. Group 1: Market Trends - The logic behind the continuous rise in housing prices over the past 20 years has changed, leading to a weakened financial attribute of real estate and a return to its fundamental purpose of housing [2]. - As of March 2025, over 40% of new homes in various cities will have a sales cycle exceeding 18 months, with Shanghai's second-hand housing cycle at 18.4 months [2]. - The average household in China now owns 1.03 residential properties, indicating a shift to a buyer's market and a change in the demographic of homebuyers, primarily consisting of younger generations [6][7]. Group 2: Service Evolution - Beike's "True Guarantee" service system was launched to enhance the transaction experience by covering key aspects such as real listings, payment security, commission refunds, privacy protection, and quality compensation [2][3][15]. - The transition from "True Listings" to "True Guarantee" reflects a broader change in consumer demands within the housing market, emphasizing the importance of service quality [3][4][15]. - Beike's service commitments include a "3+3" model, which guarantees real listings, commission refunds for unsuccessful transactions, and coverage for property debts, among other assurances [7][11]. Group 3: Company Strategy - Beike aims to establish itself as a "one-stop new housing service platform," moving beyond just verifying property information to providing comprehensive transaction support [15][16]. - The company has accumulated a total of 5.56 billion yuan in compensation payments since 2001, demonstrating its commitment to service quality and consumer trust [11]. - In the first half of the year, Beike reported a 26% year-on-year increase in second-hand housing transactions, with these transactions making up 76% of its total trading volume [11]. Group 4: Challenges and Innovations - Issues such as water leakage, which accounts for 10% of customer complaints, highlight the complexities of second-hand housing transactions and the need for improved service standards [12]. - Beike has implemented a "leakage information inspection and disclosure" service standard to address these challenges, showcasing its proactive approach to service improvement [12]. - The company has developed an AI-based risk identification and intervention system to enhance payment security, addressing the 5% of transactions that do not utilize escrow payment methods [13].

贝壳-W(02423.HK)9月25日耗资450万美元回购69.7万股 贝壳-W(02423.HK)9月23日耗资450万美元回购 70.9万股 相关事件 格隆汇9月25日丨贝壳-W(02423.HK)公告，2025年9月25日耗资450万美元回购69.7万股。 ...

贝壳-W(02423)发布公告，于2025年9月24日，该公司斥资450万美元回购69.72万股。 ...