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9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（ ...

Core Insights - The real estate industry is shifting towards a multi-dimensional interaction model that emphasizes "professionalism, trust, and efficiency" in service delivery [1][2] - Users are increasingly willing to pay for "real cases" and professional interpretations rather than being attracted by "traffic tricks," indicating a return to the essence of content value [1] - The Shenzhen Real Estate Brokerage Association encourages agents to adopt a long-term perspective, focusing on compliance and professionalism to build trust and secure future success [1] Group 1 - The future of real estate services will involve a comprehensive integration of platforms, influencers, and users, moving away from one-way communication [1] - The entire process from online engagement to offline fulfillment needs to be streamlined, replacing single-segment advantages with full-chain capabilities [1] - The head of Beike's new media department emphasized that while traffic can be algorithmically distributed, user decisions ultimately rely on human trust [2] Group 2 - Beike Shenzhen has established the first high-skilled talent training base in Shenzhen for the new residential sector, focusing on knowledge, skills, and professional qualities [2] - The "Galaxy Plan" has been initiated to enhance practitioners' professional skills and operational capabilities in new media through systematic training, content technology support, and resource allocation [2] - The goal of the Galaxy Plan is to create high-quality real estate video content and build an ecological management matrix [2]

贝壳-W(02423)发布公告，于2025年9月16日斥资432.68万美元回购65.26万股股份。 ...

Core Viewpoint - Chinese assets have collectively surged, driven by strong performances in the U.S. and Hong Kong markets, with significant inflows from foreign investors [2][3]. Group 1: Performance of Chinese Assets - After the U.S. market opened on September 17, the Nasdaq Golden Dragon China Index rose by 2.4%, and various ETFs focused on Chinese stocks saw increases of over 5% [3]. - Notable Chinese stocks such as Baidu experienced a surge of over 7%, with its H-shares rising more than 15% [3]. - The Hang Seng Tech Index increased by 4.22%, reaching its highest level since December 2021, while the Hang Seng Index rose by 1.78% [3]. Group 2: Market Dynamics - Goldman Sachs indicated that the recent surge in Hong Kong stocks was driven by foreign capital, with net purchases from southbound funds amounting to approximately 9.441 billion HKD [3]. - The overall U.S. market showed mixed results, with the Dow Jones up by 0.47% and the Nasdaq down by 0.35% [4]. Group 3: Investor Sentiment - A recent Bank of America survey revealed that 28% of global fund managers are bullish on stocks, the highest level since February [5]. - The survey indicated that nearly half of the respondents expect the Federal Reserve to cut rates at least four times in the next 12 months [5]. Group 4: Federal Reserve Outlook - The Federal Reserve is expected to announce a 25 basis point rate cut, with a 96% probability according to market tools [6]. - Goldman Sachs forecasts that the Fed will implement three consecutive rate cuts of 25 basis points in September, October, and December [7].

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月16日斥资432.68万美元回购65.26万股股份。 ...

格隆汇9月17日丨贝壳-W(02423.HK)公告，9月17日耗资432.6万美元回购65.2万股。 ...

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9月17日 FF305 變動日期 2025年7月17日 | 13). | 購回股份(或其他證券)但沒有註銷 | | 634,935 | % | USD | 6.2998 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年7月18日 | | | | | | 14). | 購回股份(或其他證券)但沒有註銷 | | 469,818 | % | USD | 6.3854 | | | 變動日期 | 2025年7月21日 | | | | | | 15). | 購回股份(或其他證券)但沒有註銷 | | 468,291 | % | USD | 6.4062 | | | 變動日期 | 2025年7月22日 | | | | | | 16). | 購回股份(或其他證券)但沒有註銷 | | 459,873 | % | USD | 6.5235 | | | 變動日期 | ...

(於開曼群島註冊成立以不同投票權控制的有限責任公司) 股份代號: 2423 中期報告 2025 目錄 | 主要業績 | 2 | | --- | --- | | 業務回顧及展望 | 3 | | 管理層討論及分析 | 7 | | 中期財務資料的審閱報告 | 18 | | 未經審計中期簡明合併資產負債表 | 19 | | 未經審計中期簡明合併綜合收益表 | 22 | | 未經審計中期簡明合併股東權益變動表 | 25 | | 未經審計中期簡明合併現金流量表 | 26 | | 未經審計中期簡明合併財務資料附註 | 29 | | 一般資料 | 86 | | 公司資料 | 107 | | 釋義 | 109 | 主要業績 截至2025年6月30日止六個月經營及財務摘要 2025 年中期報告 2 • 截至2025年6月30日止六個月，總交易額1 為人民幣17,224億元，較2024年同期的人民幣14,689億元增 加17.3%。截至2025年6月30日止六個月，存量房交易的總交易額為人民幣11,638億元，較2024年同期 的人民幣10,238億元增加13.7%。截至2025年6月30日止六個月，新房交易的總交易額為人民幣4, ...

Core Insights - AI giants are experiencing significant gains, with the Hong Kong Internet ETF (513770) rising over 3% and achieving a nine-day consecutive increase, setting a new historical high [1] - Alibaba has made a strategic investment in Hello's Robotaxi business, indicating a deepening collaboration in autonomous driving and AI technologies [2][3] - The market anticipates a 96.1% probability of a 25 basis point rate cut by the Federal Reserve, which could benefit growth sectors, particularly in the Hong Kong internet space [3] Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a net inflow of 2.766 billion yuan over the past 20 days, indicating strong investor interest [3] - Alibaba's market capitalization has returned to 3 trillion HKD, with a peak increase of 5.7% during trading [4] - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 15 percentage points in terms of cumulative returns [8] Group 2: Key Holdings and Index Performance - The top three holdings in the Hong Kong Internet ETF are Tencent Holdings, Alibaba, and Xiaomi, accounting for nearly 70% of the total weight [6] - The price-to-earnings (P/E) ratio of the Hong Kong Internet ETF is at 25.25, significantly lower than the historical average and compared to the Hang Seng Tech Index [8] - The Hong Kong Internet ETF has surpassed 11 billion HKD in size, with an average daily trading volume of nearly 600 million HKD, indicating strong liquidity [10]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]