ICPC主席：首先，非常感谢邀请我们来到这个美丽的园区，这是一个方方面面都非常棒的地方，是一 个广交朋友、一起聚会的好地方。我想对大家表达感谢，给我们提供这样的机会。英语有一个非常好的 词是"together"，能够聚在一起，非常感谢！ 任总：非常感谢ICPC主席、各位教练、各位年轻的世界金牌获得者。我们认为，我们正处在一个快速 变动的时代，希望在年轻人，你们正放射着青春的光芒。你们是年轻人的榜样，时代的希望是寄托在你 们青年人身上的。 练秋湖畔贝壳图书馆漫谈 ◆以下内容引自2025年11月14日华为任正非先生与ICPC主席、教练及获奖选手座谈会纪要 练秋湖畔贝壳图书馆漫谈 ——任总与ICPC主席、教练及获奖选手座谈会纪要 2025年11月14日上午 Veronika Soboleva：大家早上好！首先，非常感谢任总将ICPC的队伍带到练秋湖这么漂亮的园区，非 常荣幸今天能够来到这里。所有参加的成员都代表ICPC，这一年都非常努力，他们来自超过三十多个 国家和地区，有110多人，包括来自世界各地的教练和参赛获胜者。有一些同事是远程参加，有一些是 现场参加，非常高兴来到这里分享我们的想法，聆听您的洞见。非常感谢 ...

Core Viewpoint - The report from Huachuang Securities emphasizes the need for investment focus on assets and business models that can generate excess returns (Alpha) amid ongoing cyclical pressures on volume and prices in the real estate market [1] Group 1: Industry Insights - The restructuring of the industry value chain highlights the increasing Alpha attributes of leading real estate transaction and service platforms, such as Beike, which possess strong competitive advantages and stable cash flows [1] - Leading intermediaries maintain high barriers to entry through stringent control, emphasizing the importance of cash flow and certainty [1] Group 2: Company Focus - Centralized transactions are identified as the most efficient model for second-hand housing intermediaries, with leading firms implementing strong control over agents to establish a high-quality internal centralized transaction system known as ACN (Agent Cooperation Network), significantly enhancing transaction efficiency [1] - The report recommends focusing on the leading intermediary Beike-W, noting the company's stable cash flow following cost reduction and efficiency improvements [1]

Core Viewpoint - Beike's strategic decision to partner with Shengdu in the home decoration sector three years ago has proven successful, as evidenced by its recent financial performance, particularly in the home decoration segment [1] Financial Performance - In Q3, Beike reported a net income of 23.1 billion yuan, a year-on-year increase of 2.1%, with total transaction volume reaching 736.7 billion yuan [2] - The home decoration segment generated a net income of 4.3 billion yuan, contributing a profit margin of 32%, marking two consecutive quarters of profitability at the city level before deducting headquarters expenses [1][2] Business Segmentation - Beike's total transaction volume for existing homes was 505.6 billion yuan in Q3, reflecting a year-on-year increase of 5.8% [2] - The non-real estate business's net income share rose to 45%, a historical high, with the rental service segment generating 5.7 billion yuan, up 45.3% year-on-year [3] Home Decoration Segment Growth - Beike's home decoration segment has shown steady growth, with projected net incomes of 10.9 billion yuan and 14.8 billion yuan for 2023 and 2024, respectively [3] - In the first half of 2025, the home decoration segment's net income reached 7.5 billion yuan, a year-on-year increase of 16.5% [3] Technological Integration - Beike has been actively developing its home decoration business since 2019, launching various platforms and systems to enhance service quality and operational efficiency [4] - The company has introduced a Home SaaS system to standardize and digitize key processes in home decoration [4] Strategic Initiatives - Beike initiated the "Full Case Decoration Service Provider" strategy to address industry pain points, integrating design, construction, supply chain, and after-sales services [6] - The company has implemented a bidding and centralized procurement model to ensure product quality and streamline supply chain management [6] Consumer Protection Measures - Beike is addressing consumer concerns regarding prepayment in home decoration by offering a fund custody service, which ensures that payments are only released upon successful completion of key project milestones [8][9]

Core Viewpoint - The report from Huachuang Securities suggests that in the context of ongoing cyclical pressures on volume and price in the real estate market, investment should focus on assets and business models that can generate excess returns (Alpha) [1] Group 1: Industry Insights - The restructuring of the industry value chain highlights the increasing Alpha attributes of leading real estate transaction and service platforms, exemplified by Beike, which possess strong moats and stable cash flows [1] - Leading intermediaries have established high barriers to entry through stringent control, emphasizing the importance of cash flow and certainty [1] Group 2: Company Focus - Centralized transactions are identified as the most efficient model for second-hand housing intermediaries, with leading firms enhancing transaction efficiency through a robust internal centralized transaction system (ACN) that tightly manages agents [1] - The report recommends focusing on the leading intermediary Beike-W, particularly noting its stable cash flow following cost reduction and efficiency improvements [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 本月底法定/註冊股本總額： USD 500,000 FF301 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 貝殼控股有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 24,114,698,720 | USD | | 0.00002 USD | | 482,293.97 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 24,114,698,720 ...

Core Viewpoint - Beike-W (02423) announced a share buyback of 539,500 shares for a total expenditure of $2.9993 million on December 3, 2025 [1] Summary by Categories - **Company Actions** - Beike-W has initiated a share repurchase program, indicating confidence in its stock value and future prospects [1] - The total amount allocated for the buyback is $2.9993 million, which reflects the company's strategy to enhance shareholder value [1] - **Market Implications** - The buyback of 539,500 shares may positively influence the stock price by reducing the number of shares outstanding, potentially increasing earnings per share [1]

Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Related Events - On December 4, 2025, Beike-W will spend $3 million to repurchase 540,000 shares at a price range of $5.50 to $5.58 per share [1] - On December 2, 2025, Beike-W also spent $3 million to repurchase 542,600 shares [1]

Group 1 - The company, Beike-W (02423.HK), announced a share buyback plan on December 3, 2025, involving an expenditure of 3 million USD to repurchase 540,000 shares [1] - The repurchase price per share is set between 5.5 and 5.58 USD [1]

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12月4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 | ...

Core Insights - The report maintains a "stronger than market" rating for the real estate sector, indicating a positive outlook despite ongoing challenges in the market [1] - The real estate market in 2025 is characterized by an initial recovery followed by a decline, with high inventory levels and weak demand impacting overall performance [4][13] - The report anticipates that the supportive policies for the real estate market will continue into 2026, although market confidence will take time to recover [4][5] Market Review - In 2025, the national real estate market experienced a decline in sales, with a 9.6% year-on-year drop in sales amount from January to October, although the decline was less severe than in 2024 [13] - The second-hand housing market outperformed the new housing market, with a reported 8% increase in transactions for the top ten cities compared to a 10.5% decline in new homes [13][46] - The overall market remains in an adjustment phase, with supply-demand relationships still needing improvement [13] 2026 Outlook - Positive factors are expected to converge, leading to a gradual stabilization of the real estate market, particularly in core urban areas and quality housing [4][5] - The report predicts a 6% decline in sales area and an 8.5% decline in investment for 2026, reflecting ongoing market pressures [4][5] Investment Opportunities - The demand for "good houses" is projected to grow, with an average annual improvement demand of 590 million square meters from 2025 to 2030, representing 67% of total demand [4] - Quality real estate companies with strong land acquisition and product capabilities are expected to benefit first from the "good house" trend, with companies like China Overseas Development and China Resources Land highlighted as potential beneficiaries [5][6] - The Hong Kong real estate market is showing signs of stabilization, with a 20.3% year-on-year increase in transaction volume for the first ten months of 2025, presenting investment opportunities for Hong Kong-based real estate firms [4][5][52] Key Company Forecasts - The report includes earnings forecasts for several key companies, indicating a positive outlook for firms like Poly Developments and China Overseas Development, with expected earnings per share (EPS) growth over the next few years [6][7] - Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property, are also recommended for investment consideration [5][6]