Investment Rating - Industry investment rating: Real Estate Stronger than the Market (maintained) [1] Core Viewpoints - Policy expectations are rising, enhancing the risk-reward ratio for the sector. The government is likely to introduce new support measures, especially with the upcoming Politburo meeting at the end of April. The short-term investment risk-reward ratio for the sector is improving due to potential policy enhancements aimed at boosting housing demand and supporting the market [2][3] - The real estate market still has significant development potential, with a projected demand for residential properties of 876 million square meters from 2025 to 2030. The estimated sales area for 2024 is 810 million square meters, which is below the mid-term demand center. The promotion of "good houses" is expected to accelerate the release of improvement and replacement demand [2] - Short-term policy and fundamental factors are expected to resonate positively, while the long-term product iteration presents new opportunities. Recommended stocks include companies with strong product capabilities and optimized inventory structures, such as China Resources Land, China Overseas Development, and Poly Developments [2] Summary by Sections Policy Environment Monitoring - The government emphasizes the significant development space in the real estate market, with new policies introduced in cities like Wuxi, Qingdao, and Suzhou to support housing demand [6] Market Operation Monitoring - Transaction volume remains stable, with new home sales in 50 key cities at 14,000 units, a slight decrease of 0.1% week-on-week. The average daily transaction volume for new homes in April shows a year-on-year decline of 22.2% [9][12] Capital Market Monitoring - The real estate sector saw a 3.4% increase in stock prices, outperforming the CSI 300 index, which rose by 0.59%. The current PE ratio for the real estate sector is 35.72, significantly higher than the CSI 300's 12.26, indicating a high valuation relative to historical levels [23][29]

图源丨Midjourney "你想要得到什么东西，最好的方式就是能配得上它。" 以下文章来源于连线Insight ，作者窦文雪 连线Insight . 产业升级创新者的聚集地。 来源丨连线Insight（ID：lxinsight） 作者丨窦文雪 编辑丨子夜 这句话出自《详谈：左晖》一书，是贝壳创始人左晖的代表性语录之一，他在世时常常对外透露类似的 观点，连带着贝壳也给人一种踏实肯干的印象。 但这个印象恐怕要发生转变了。 4月17日晚间，贝壳发布公告称，公司董事会主席、首席执行官及控股股东彭永东拟捐赠900万股A类普通 股。 公告显示，在承担相应的纳税义务后，50%税后资金将用于居住行业服务者及其家庭成员的医疗健康福 利，50%税后资金将用于应届毕业生等租客群体的租房帮扶。 截至4月17日收盘，贝壳报51.95港元/股，据此计算，捐赠金额约4.68亿港元，约合人民币4.40亿元。 彭永东为何突然捐出这么多股份？他为何能够捐出这么多钱？ 这或许与他此前拿了天价薪酬有关。 近日，贝壳发布了2024年的财报，但没有披露高管薪酬。据了解，从2022年-2023年，彭永东以及贝壳联 合创始人单一刚的年薪都在以惊人的速度增 ...

据贝壳解释，2022年5月贝壳香港上市时，根据联交所的上市规则，具有同股不同权（WVR）架构的公 司，WVR持有人（即超级投票权持有人）的股份所对应的经济利益占比不得低于10%。贝壳具有此架 构，且上市前超级投票权持有人之一贝壳董事会主席、首席执行官及控股股东彭永东持有的权益相对较 低。因此为了满足该上市规则的要求，在联交所批准的前提下，公司向彭永东授予限制性股票。该限制 性股票，在会计规则上采用"直线摊销法"，因此在每年的"股权薪酬"科目产生了较大数额，但并非一般 理解的年薪。 截至4月17日收盘，贝壳港股股价报51.95港元/股。 公告还显示，自公司于2020年8月在纽约证券交易所首次公开发行及2022年5月公司的A类普通股在香港 联合交易所有限公司上市以来，彭永东未曾出售、转让或以其他方式处置过其实益拥有的公司的任何股 份。在此次捐赠完成后，彭永东仍将为公司的控股股东。 事实上，贝壳今日公布彭永东捐赠900万股票的同时，也有意破除外界对彭永东"天价年薪"的误解。 此前的公开信息显示，彭永东2021年年薪847.8万元，2022年升至4.75亿元，2023年涨到7.13亿元，因此 引发市场关注。对此，贝壳 ...

2024 年度環境、社會及管治 (ESG) 報告 目錄 | 導言 | 03 | | --- | --- | | 管理層致辭 | 03 | | 關於貝殼 | 03 | | 關於本報告 | 04 | | 2024 年 ESG 亮點績效 | 05 | | 堅實企業治理 | 07 | | --- | --- | | 管治架構 | 08 | | ESG 策略 | 09 | | 風險管理 | 14 | | 商業道德 | 16 | | 推動行業進步 | | 附錄：報告框架索引 | | --- | --- | --- | | 幫消費者安居 | 36 | | | 助服務者樂業 | 45 | | | 持續科技創新 | 50 | | | 邁向美好組織 | 53 | | --- | --- | | 員工權益與關懷 | 54 | | 職業健康與安全 | 60 | | 員工培訓與賦能 | 62 | | 營造可持續生態 | 66 | | --- | --- | | 環境生態 | 67 | | 社區生態 | 81 | 35 86 2024 年度環境、社會及管治 (ESG) 報告 導言 管理層致辭 「我們這個時代企業經營者的宿命，就是要去幹煙 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 據本公司所知，自本公司於2020年8月在紐約證券交易所首次公開發行及2022年 5月本公司的A類普通股在香港聯合交易所有限公司上市以來，彭先生未曾出售、 轉讓或以其他方式處置過其實益擁有的本公司的任何股份。於捐贈完成後，彭先 生仍將為本公司的控股股東。 基於以上公告，本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 貝殼控股有限公司 董事會主席兼首席執行官 彭永東 香港，2025年4月17日 於本公告日期 ， 董事會由本公司執行董事彭永東先生 、 單一剛先生 、 徐萬剛先生 及徐濤先生 ， 本公司非執行董事李朝暉先生以及本公司獨立非執行董事陳小紅女 士 、 朱寒松先生及武軍先生組成。 （股份代號：2423） 自願性公告 貝殼控股有限公司（「本公司」）已接獲本公司董事會主席、首席執行 ...

Financial Performance - For the fiscal year ending December 31, 2024, total transaction value reached RMB 3,349.4 billion, a 6.6% increase from RMB 3,142.9 billion in 2023[8] - Net revenue for the fiscal year ending December 31, 2024, was RMB 93.5 billion, up 20.2% from RMB 77.8 billion in 2023[8] - Net profit for the fiscal year ending December 31, 2024, was RMB 4,078.18 million, compared to RMB 5,889.60 million in 2023[8] - Adjusted net profit for the fiscal year ending December 31, 2024, was RMB 7,211 million, down from RMB 9,798 million in 2023[8] - The net revenue from existing housing business remained stable at RMB 28.2 billion in 2024, compared to RMB 28.0 billion in 2023, with total transaction value increasing by 10.8% to RMB 2246.5 billion[79] - The net revenue from home decoration services grew by 36.1% to RMB 14.8 billion in 2024, up from RMB 10.9 billion in 2023[81] - The net revenue from rental services surged by 135.0% to RMB 14.3 billion in 2024, compared to RMB 6.1 billion in 2023[81] - Operating costs for 2024 increased by 25.8% to RMB 70.5 billion from RMB 56.1 billion in 2023[80] - Gross profit rose by 5.6% from RMB 21.7 billion in 2023 to RMB 22.9 billion in 2024, with a gross margin of 24.6% in 2024 compared to 27.9% in 2023[88] Operational Metrics - The number of stores increased to 51,573 as of December 31, 2024, representing a 17.7% growth from 43,817 stores in 2023[8] - Active agents increased to 499,937 as of December 31, 2024, a 16.9% rise from 427,656 agents in 2023[8] - The average monthly active users reached 43.2 million for the fourth quarter of 2024, unchanged from the same period in 2023[8] - Approximately 6 million verified second-hand housing listings are available on the platform as of December 31, 2024[25] - The platform completed over 4.9 million property transactions in 2024, with a total transaction value of RMB 334.94 billion (approximately USD 45.89 billion) [12] Market Presence and Strategy - The company aims to reshape service provider operating models to provide more efficient services for consumers in the real estate market [13] - The company’s platform serves as an innovative sales channel for real estate developers and benefits other ecosystem participants, such as home decoration service providers [16] - The company is focused on enhancing its understanding of platform participants through active online and offline interactions [12] - The company’s strategic initiatives are aimed at expanding market reach and improving service delivery in the real estate industry [12] - The company aims to provide a one-stop solution to meet customer needs throughout the entire housing cycle and plans to further expand its service categories[20] Revenue Sources - The company has five main revenue sources: existing home business, new home business, home decoration and furnishing, rental services, and emerging businesses and others[19] - The total transaction value for existing home sales was RMB 2,246.5 billion, a 10.8% increase from RMB 2,028.0 billion in 2023[8] - The total transaction value for new home sales was RMB 970.0 billion, a 3.3% decrease from RMB 1,003.0 billion in 2023[8] - The total transaction value for home decoration and furniture reached RMB 16.9 billion, a 27.3% increase from RMB 13.3 billion in 2023[8] Technology and Innovation - The company has developed a scalable infrastructure that includes SaaS systems, client applications, and community engagement networks [16] - The integration of AI technology and applications is a key component of the company's infrastructure, enhancing service delivery across various stages of real estate transactions[26] - The company has established a comprehensive AI development platform to support various applications in the real estate sector[65] - The company has developed AI applications to enhance consumer experience and service efficiency, including AI assistants for property management and design[65][66] - The company has introduced VR technology into the real estate transaction and service industry in China, enhancing user experience and efficiency in property matching[71] Community and Agent Engagement - The deep community network is becoming a crucial foundation for the company's one-stop living services, helping agents transition into "living" consultants[33] - The company encourages agents to specialize in their local areas, allowing them to become experts in nearby properties and manage listings effectively[23] - The ACN network facilitates collaboration among agents, allowing for automatic commission distribution based on roles in property transactions, enhancing service efficiency and customer experience[21] - The company emphasizes training for agents through a combination of online courses, offline training, and practical tasks to enhance service quality[34] Financial Position and Cash Flow - Cash and cash equivalents, restricted cash, and short-term investments increased from RMB 601 billion as of December 31, 2023, to RMB 616 billion as of December 31, 2024[98] - The net cash generated from operating activities was RMB 9,447,137,000, a decrease from RMB 11,414,244,000 in 2023, reflecting a decline of approximately 17.3%[109] - The net cash used in investing activities for 2024 was RMB 9,378,025,000, significantly higher than RMB 3,977,440,000 in 2023, indicating an increase of approximately 135.5%[109] - The total cash and cash equivalents at the end of 2024 were RMB 20,301,414,000, down from RMB 25,857,461,000 at the end of 2023, a decrease of approximately 21.5%[109] Governance and Leadership - The company has a strong governance structure with experienced company secretaries overseeing compliance and investor relations[155][157] - The board of directors includes independent non-executive directors with extensive experience in finance and management, such as Zhu Hansong and Wu Jun[147][149] - The company has a strong leadership team with diverse backgrounds in technology, finance, and real estate, enhancing its strategic capabilities[136][141] - The management team is responsible for the daily operations of the business, including key positions held by Peng Yongdong as CEO and Xu Tao as CFO[152][154] Risks and Challenges - The business is subject to various risks, including regulatory constraints in the real estate sector and potential negative impacts on reputation and operational performance if consumer satisfaction declines[164] - Economic conditions significantly affect the company's business, with severe global or Chinese economic downturns potentially having a major adverse impact on financial performance[164] - The company faces challenges in ensuring compliance with evolving cybersecurity and data privacy laws in China, which could impact its reputation and operational outcomes[164] Shareholder Information - The company declared a final cash dividend of $0.117 per ordinary share or $0.351 per American depositary share for the year ended December 31, 2023, totaling approximately $400 million[192] - For the year ended December 31, 2024, the company plans to declare a final cash dividend of $0.12 per ordinary share or $0.36 per American depositary share, also totaling approximately $400 million[192] - The company's dual-class voting structure includes Class A ordinary shares and Class B ordinary shares, with Class A shares granting one vote per share and Class B shares granting ten votes per share[174]

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4月17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（ ...

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） KE Holdings Inc. 通告 茲提述貝殼控股有限公司（「本公司」）日期為2025年4月17日的通函（「通函」）。 除非特別說明，本通告所用詞彙與通函所界定者具有相同涵義。 茲通告本公司謹訂於北京時間2025年6月13日（星期五）上午十時正假座中國北京 市海淀區創業路2號東方電子科技大廈舉行股東週年大會（「股東週年大會」），以考慮 及酌情通過以下各項決議案（「建議決議案」）： – 1 – 1. 作為普通決議案，省覽、考慮及採納本公司於2024年12月31日及截至該日 止年度的經審計合併財務報表及審計師報告； 2. 作為普通決議案，重選以下董事： (a) (i) 重選李朝暉先生為非執行董事；及 (ii) 重選陳小紅女士為獨立非執行董事； (b) 授權董事會釐定董事的薪酬； 將於2025年6月13日（星期 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有貝殼控股有限公司之股份，應立即將本通函連同隨附代表委任表格交予買主或承 讓人或經手買賣或轉讓之銀行、持牌證券交易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本通函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。 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） （股份代號：2423） (1)建議重選董事； (2)建議授出一般授權以發行股份； (3)建議授出一般授權以購回股份及╱或美國存託股份； (4)建議續聘審計師； 及 (5)股東週年大會通告 董事會函件載於本通函第4頁至第8頁。 股東週年大會將於2025年6月13日（星期五）上午十時正（北京時間）假座中國北京市海淀區創業路2號東方電子 科技大廈舉行。召開股東週年大會的通告載 ...

作者：猫哥 来源：大猫财经Pro(ID:caimao_shuangquan) 01 最近，最大的房地产中介贝壳公布了2024年的业绩，行业老大的地位很稳，但喜忧参半。 营收935亿，涨了20%多，但是净利润40.78亿，下滑了30%多。 虽然利润下滑，但是两位联合创始人的收入却相当可观。 2021年的时候，董事长兼CEO彭永东的年薪不到850万，执行董事单一刚在680万左右。 后来，房地 产的大环境越来越不行，但这两位联合创始人的收入却越来越高。 彭永东2022年的薪酬到了4.75亿，2023年是7.13亿，三年下来差不多合计12亿，单一刚少一 点，但是3年下来，也接近9亿。 2024年的年薪还没公布，但是根据披露出来的金额估算， 彭永东还能拿6亿，单一刚能拿到4 亿，俩人合计10亿，能占到净利润的25%。 贝壳的中介，一年到头苦哈哈卖房，平均年薪差不多是卖5套房的提成，而这俩高管的收入，相 当于一年卖了1万套。 这些高薪是哪儿来的呢？ 贝壳的老板叫左晖，他管公司的时候，贝壳搞了好几次股权激励政策，那时候主要激励对象是员 工，后来左晖去世了，到了2022年5月份，贝壳在香港上市的前几天，又做了一次股权激励。 ...