Core Viewpoint - The company has announced the grant of a total of 37,500 restricted share units under its 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories Share Incentive Plan - The grant consists of 37,500 restricted share units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted share units awarded to Ms. Chen Xiaohong, an independent non-executive director of the company [1] - Mr. Zhu Hansong, another independent non-executive director, will receive 11,250 restricted share units [1] - The grants do not require shareholder approval [1]

Core Viewpoint - Beike-W (02423.HK) announced the grant of a total of 37,500 restricted stock units under the 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories - **Stock Grant Details** - The company will grant 37,500 restricted stock units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted stock units to Ms. Chen Xiaohong, an independent non-executive director of the company, and 11,250 restricted stock units to Mr. Zhu Hansong, also an independent non-executive director [1]

KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2423） 授出受限制股份單位 本公司根據2020年股份激勵計劃批准於2025年9月2日授出合共37,500個受限制股 份單位（相當於相同數目的相關A類普通股），包括(i)向陳小紅女士（為本公司的 一名獨立非執行董事）授出26,250個受限制股份單位，及(ii)向朱寒松先生（為本 公司的一名獨立非執行董事）授出11,250個受限制股份單位（各自為一項「董事授 出」，統稱為「董事授出」）。該等董事授出毋須獲得股東批准。 董事授出受2020年股份激勵計劃的條款及條件以及本公司與陳小紅女士及朱寒松 先生各自訂立的董事服務協議及獎勵協議的規限。2020年股份激勵計劃的主要條 款載於本公司日期為2022年5月5日的上市文件附錄四「法定及一般資料－股份激 勵計劃－2020年股份激勵計劃」一節及本公司 ...

Core Viewpoint - The real estate industry is entering a weak cycle, but Beike (NYSE: BEKE; HKEX: 2423) continues to break through this cycle with its one-stop new housing service platform, achieving significant growth in its home decoration and furnishing business [1][4]. Financial Performance - In the first half of 2025, Beike reported total revenue of 49.3 billion yuan, a year-on-year increase of 24.1% [1]. - The home decoration and furnishing business contributed net revenue of 7.5 billion yuan, growing by 16.5%, with a Q2 profit margin of 32.1% [1][7]. - Revenue projections for the home decoration business are 5.047 billion yuan in 2022, 10.9 billion yuan in 2023, and 14.8 billion yuan in 2024, accounting for 8.3%, 14.01%, and 15.8% of total revenue respectively [4]. Strategic Developments - Beike has transitioned from a real estate brokerage to a comprehensive home decoration service provider, integrating technology to enhance service efficiency and customer experience [2][3]. - The company has launched a "full-case decoration service provider" strategy, focusing on integrating design, construction, supply chain, and after-sales services [5][18]. - Beike's strategic upgrade includes a shift from "assembly" to "complete machine" in home decoration services, emphasizing product strength and customer satisfaction [5][18]. Technological Innovation - Beike is leveraging big data, AI, and VR technologies to enhance service efficiency and customer experience in the home decoration sector [2][9]. - The company has developed a core digital platform, Home SaaS, which enables online collaboration among over 160,000 service providers [9][19]. - Beike's AI tools, such as AI Design Cow and BIM models, have significantly improved design efficiency and reduced material waste [19][20]. Market Positioning - Beike is positioned to capitalize on the growing demand for quality housing, supported by government policies aimed at expanding domestic demand and promoting consumption [4][20]. - The home decoration industry is expected to reach a retail scale of 4.89 trillion yuan by 2026, indicating a favorable market environment for Beike's growth [4]. Customer-Centric Approach - Beike's new product offerings include modular solutions that simplify the decision-making process for consumers, allowing for a seamless transition from design to delivery [21]. - The company aims to address the gap between consumer expectations for "good housing" and the realities of the home decoration industry by providing transparent and efficient services [8][20].

Core Viewpoint - Beike (BEKE.US) reported a strong second-quarter performance, with significant year-over-year growth in total transaction volume and net income, alongside an increased share buyback authorization, indicating confidence in future performance [1] Financial Performance - Total transaction volume (GTV) reached 878.7 billion yuan, representing a year-over-year increase of 4.7% [1] - Net income for the quarter was 26 billion yuan, showing an 11.3% year-over-year growth [1] - Adjusted net profit amounted to 1.821 billion yuan [1] Share Buyback Program - Beike announced an increase in its existing share buyback authorization from $3 billion to $5 billion [1] - The duration of the buyback plan has been extended to August 31, 2028 [1] Analyst Ratings - Multiple institutions reaffirmed a "buy" rating for Beike following the earnings report [1] - Dongfang Securities highlighted Beike's position as a leading real estate brokerage in China, focusing on enhancing platform value to strengthen market share [1] - Everbright Securities noted that Beike is expected to benefit from a real estate recovery, with significant growth potential in home decoration and rental services in the long term [1]

Core Viewpoint - The article highlights the recognition of Beike's home decoration segment as a leading enterprise in smart construction by Beijing's housing authority, emphasizing the importance of technological innovation and digital transformation in the home decoration industry [1][2]. Group 1: Company Recognition and Strategy - Beike's home decoration division, Beike Zhengzhuang, is the only home decoration company included in the second batch of leading smart construction enterprises in Beijing [1]. - The company aims to enhance its core competitiveness through technological innovation and to strengthen its industry leadership and collaborative links [1][2]. Group 2: Market Growth and Challenges - The home decoration industry has significant growth potential, but issues such as lack of transparency and low standardization hinder high-quality development [2]. - Beike is leveraging technology to drive digitalization and intelligence in residential services, addressing these industry challenges [2]. Group 3: Financial Performance - In the first half of the year, Beike's home decoration and furniture net income reached 7.5 billion yuan, a year-on-year increase of 16%, accounting for 15.21% of the company's total revenue [4]. - The gross margin for home decoration and furniture improved to 32.3% in the first half of 2025, up nearly two percentage points from the end of 2024 [4]. Group 4: Technological Innovations - Beike's AI design tool, "AI She Niu," has generated over 69 million design images, with more than 2.5 million users utilizing the app for home decoration [3]. - The company employs Building Information Modeling (BIM) technology to create accurate 3D models of home decoration projects, significantly improving design efficiency and reducing material waste [3]. Group 5: Future Directions - Beike plans to focus on enhancing product quality and customer satisfaction, transitioning from a fragmented service model to a comprehensive "full-case decoration service provider" model [6]. - The company is expanding its presence with new model showrooms in various cities, aiming to provide a seamless one-stop home decoration experience [6].

董事亦共同及個別承諾自前次刊發起資料發生任何變動時刊發經修訂公司資料表。 公司資料表 | 文件類別 | 日期 | | --- | --- | | 豁免 A. | 於2025年9月1日最新版本 | | B. 外國法律及法規 | 於2022年8月12日最新版本 | | 組織章程文件 C. | 於2022年8月12日最新版本 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本資料表的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本資料表全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公司名稱（股份代號）：貝殼控股有限公司(2423) 股票簡稱：貝殼－W 提供本資料表旨在於所訂明日期向公眾提供有關貝殼控股有限公司（「本公司」）的 資料。有關資料不應視作有關本公司及╱或其證券的完整資料概要。 除非本公司資料表另有界定，否則本公司資料表所用詞彙應與本公司日期為2022 年5月5日的上市文件所界定者具有相同涵義。 責任聲明 本公司的董事於本資料表日期謹共同及個別對本資料表所載資料的準確性承擔全 部責任，並經作出一切合理查詢後確認，就彼等所深知及確信，有關資料在所有 重 ...

Core Insights - The article highlights the recent movements of prominent fund managers in the public fund sector, focusing on their investment strategies and the performance of their funds in 2025 [1][2]. Group 1: Zhang Kun's Strategy - Zhang Kun has reduced his holdings in Meituan by 46.43% while increasing his position in Beike, indicating a continued focus on domestic demand logic [2][3]. - The E Fund Blue Chip Select Fund, managed by Zhang Kun, has a current scale of 34.943 billion and a year-to-date return of 12.85% [3]. - The fund's hidden heavyweights include Focus Media and Meituan, with Focus Media's holdings increasing by 13.76% [3]. - Zhang Kun believes that the current pessimism regarding domestic demand is unfounded and anticipates a positive feedback loop in domestic consumption [4]. Group 2: Ge Lan's Focus on Innovation - Ge Lan's China Europe Medical Health Fund has achieved a year-to-date return of 28.82%, with significant investments in the innovative drug sector [5]. - The fund's hidden heavyweights include Huadong Medicine and Zai Lab, with a notable increase of 2627.32% in holdings of Ailisi [5][6]. - Ge Lan emphasizes that innovation, consumption recovery, and domestic substitution will drive growth in the pharmaceutical industry in the second half of 2025 [6]. Group 3: Fu Pengbo's Growth Strategy - Fu Pengbo's Ruiyuan Growth Value Fund has a year-to-date return of 48.50%, leading among large-scale public funds [7]. - The fund has significantly increased its holdings in Alibaba and BYD by 161.10% and 184.78%, respectively, focusing on high-growth sectors like technology and manufacturing [7]. - Fu Pengbo plans to continue emphasizing sectors such as electronics, internet technology, and precision manufacturing, while also adapting to market conditions [8].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

Core Viewpoint - The real estate market is stabilizing, and Beike has reported solid financial results for the second quarter, with a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, net revenue of 26 billion yuan, and a net profit of 1.307 billion yuan [2] Group 1: Market Dynamics - The real estate sector is transitioning into a buyer's market, leading to increased choices for buyers and higher expectations from platforms [4] - Beike's CEO emphasizes the need to balance scale and efficiency while adapting to changing consumer demands and rapid technological advancements [4] Group 2: Operational Efficiency - Beike's core business is its brokerage operations, which are crucial for improving operational efficiency [5] - As the industry slows down, the challenges for brokers in customer acquisition and conversion have intensified [5] - Beike has established 18,999 regional governance councils and 534 performance-effectiveness circles to enhance collaboration and resource sharing among stores [7] Group 3: Technology Integration - The application of AI technology is a key driver for productivity enhancement, with Beike developing various AI applications to transform real estate brokerage services [10] - Beike has launched AI-driven marketing and CRM products to improve customer acquisition and engagement for brokers [12] - The AI assistant "Buding" has seen significant usage growth, with a 59% increase in conversation volume in July [16] Group 4: Business Growth - Non-real estate transaction services accounted for 41% of Beike's total net revenue, with the rental business experiencing a remarkable 78% year-on-year growth [17][18] - Beike has introduced flexible home decoration solutions and optimized processes using digital tools, significantly improving service efficiency [20][22] - The company is exploring a light-asset business model for its new service "Beihome," leveraging big data and AI algorithms for comprehensive service offerings [22]