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： 2026年1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 ...

2026年北京市两会期间，北京市政协委员、北京市工商联副主席、贝壳董事长兼首席执行官彭永东立足 首都住房租赁市场实际，结合一线行业观察，提交了《关于完善重点群体多元化租住服务的提案》。聚 焦高校毕业生、老年群体、"有老有小"家庭及城市运行保障群体四大重点人群的租住痛点。 数据显示，北京租房居住人口已超750万，占常住人口的三分之一以上。近年来，在北京市委、市政府 的大力推动下，"一张床、一间房、一套房"的多元化住房租赁供应体系已基本形成。"基于贝壳在居住 服务领域的一线观察，一些重点人群的个性化租住需求仍期望被更好地满足。"彭永东称。 彭永东表示，高校毕业生对职住平衡要求高，青年群体工作变动频繁，处在从学校集体生活到社会生活 的切换期，在居住上希望得到更好的日常服务照顾；老年人享受租住服务面对很多个性化困难，如，80 岁以上"老老人"大多行动不便，难以适应"步梯楼"，部分业主不愿意把房子租给老年人；大量"有老有 小"家庭需兼顾子女教育与老人照料，希望选择租住孩子学校附近的大户型，还期望长期稳定的租期， 以及有保障的机构来保证租住的安全性和稳定性；外卖员、快递员、保洁员等城市运行保障群体，希望 租住在工作小区商 ...

面向独居老人，建议构建"租赁+养老"服务融合模式。对实际租住的80岁以上老人，由政府牵头引入商业保险机制，为独居老人配置意外险与责任险，打消 业主出租顾虑。依托社区养老服务网络，为60岁以上老年人提供专属租赁合同范本，提供上门签约、租金及水电燃气费代缴等服务，破解数字鸿沟。整合租 赁机构与居家安养资源，提供智能呼叫、定期设施安全巡访服务，强化租住安全与健康照护联动机制。 面向城市保障群体，建议支持低效商办住房改造为保障性租赁住房。通过改造补贴、税费减免等政策激励，推动闲置商业办公用房改建为集约化、低成本的 宿舍型或小户型租赁住房，完善消防、结构及配套设施标准，确保居住安全与基本品质。 彭永东表示，高校毕业生对职住平衡要求高，青年群体工作变动频繁，处在从学校集体生活到社会生活的切换期，在居住上希望得到更好的日常服务照顾； 老年人享受租住服务面对很多个性化困难，如，80岁以上"老老人"大多行动不便，难以适应"步梯楼"，部分业主不愿意把房子租给老年人；大量"有老有 小"家庭需兼顾子女教育与老人照料，希望选择租住孩子学校附近的大户型，还期望长期稳定的租期，以及有保障的机构来保证租住的安全性和稳定性；外 卖员、快递员、 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Property Market - **Survey**: UBS Evidence Lab's China Housing Survey conducted with 2,500 respondents from October 28 to November 18, 2025 Core Insights - **Subdued Purchase Intention**: There is a weakened intention to buy property in tier 1 and 2 cities, with intentions dropping from 23% to 21% in tier 1 and from 31% to 11% in tier 2 cities. Conversely, tier 3 cities saw an increase from 44% to 67% [2][10] - **Price Decline**: Average property prices in tier 1 cities have declined by 6% compared to initial purchase prices, contributing to a higher percentage of respondents reporting paper losses on properties [2][22] - **Increased Selling Pressure**: The intention to sell properties has risen from 10% to 17%, indicating more pressure in the secondary market [16] - **Secondary Listings Growth**: Secondary listings in 50 cities increased by 11% YoY as of December 2025, suggesting a growing expectation of price declines [2][16] Factors Influencing Confidence - **Boosting Factors**: The top three factors that could enhance household confidence in purchasing properties are lower mortgage rates, job promotions/salary increments, and lower down-payment requirements [3][67] - **Completion Risk**: Concerns about incomplete construction remain a significant factor diminishing confidence, alongside sluggish economic growth and high down-payment requirements [3][71] Macro Economic Implications - **Weak Sentiment**: Overall sentiment remains weak, with expectations for further property price declines likely to continue affecting sales and household consumption [4] - **Policy Expectations**: Anticipated policy measures include further mortgage rate cuts (10-20 basis points) and potential fiscal subsidies to stimulate the market [4] Market Valuation - **Valuation Metrics**: MSCI China Real Estate is trading at 11.4x and 0.60x 12-month-forward PE and P/BV, indicating a mixed valuation compared to historical averages [6] Additional Observations - **Divergence Among City Tiers**: There is a notable divergence in sentiment, with tier 1 cities experiencing significant deterioration while tier 3 cities show fragile improvement [4] - **Government Role**: The government is expected to prioritize the completion of unfinished projects to restore confidence in the housing market [3][71] Conclusion - The China property market is facing significant challenges, particularly in tier 1 and 2 cities, with declining purchase intentions and increased selling pressure. The outlook suggests continued price declines and a need for policy interventions to stabilize the market.

贝壳-W(02423)发布公告，于2026年1月23日，该公司斥资300万美元回购49.2万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2026年1月23日，该公司斥资300万美元回购49.2万股。 ...

Group 1 - The company Beike-W (02423.HK) announced a share buyback of 492,000 shares at a cost of $3 million on January 23, 2026 [1]

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： 2026年1月26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（不包括庫存股 份）數目百分比 (註3) ...

Investment Rating - The report maintains a "Buy" rating for the company, Beike (BEKE), with a target price of HKD 58.37 for the Hong Kong stock and USD 22.45 for the US stock based on a 18x adjusted PE for 2026 [9]. Core Insights - The report highlights that the second-hand housing market is stabilizing, which positively impacts Beike's performance. In January 2026, the number of second-hand housing transactions in 79 cities increased by 33% year-on-year, indicating a potential rebound in the market [9][15]. - Beike's market share remains stable and is expected to grow, with a market share of 32% in 2025, up 1 percentage point from 2024. The company is well-positioned to benefit from market recovery in core cities [9][54]. - The report provides a sensitivity analysis for Beike's performance under different market scenarios for 2026, indicating a high confidence in earnings recovery driven by cost reduction and market improvement [9][64]. Summary by Sections 1. Market Stability and Performance Impact - The total residential transaction volume in 2025 was 1.4 billion square meters, down 5% year-on-year, but showed signs of stabilization when excluding policy effects from Q4 2024. The second-hand market accounted for 47% of this volume, marking a continuous increase over four years [13][14]. - In early 2026, the annualized second-hand transaction volume is projected to be 860 million square meters, a 24% increase from 2025, suggesting a strong start to the year [15][18]. 2. Core Business Resilience and Market Share Growth - Beike's estimated gross transaction value (GTV) for 2025 is projected at RMB 2.1 trillion, a decrease of 6% year-on-year, with Q4 2025 GTV expected to be RMB 432.3 billion, down 42% [20][29]. - The company has a long-term strategy focused on enhancing operational capabilities, with a significant portion of GTV (over 80%) coming from first and second-tier cities, which are expected to show market elasticity during recovery phases [39][42]. - Beike's market share in 2025 is estimated at 32%, with a stable growth trajectory despite market challenges, indicating strong defensive capabilities [54][62]. 3. Earnings Forecast and Valuation - The report outlines three scenarios for Beike's earnings in 2026: optimistic, neutral, and pessimistic, with expected adjusted net profits of RMB 87 billion, RMB 73 billion, and RMB 60 billion respectively, reflecting year-on-year growth rates of 59%, 33%, and 10% [67][71]. - The valuation is based on a general cash flow approach and adjusted PE method, with a target price reflecting the company's potential in a recovering market [9][64].

Group 1 - The company Beike-W (02423) announced a share repurchase plan, intending to buy back approximately 493,700 shares at a cost of about 3 million USD [1] - The repurchase price is set between 6.04 and 6.13 USD per share [1]