FF305 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) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 20 ...

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。 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） 董事會會議召開日期 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2025年11月10日（星期一）舉行董事會會議，以 （其中包括）考慮及通過本集團截至2025年9月30日止三個月的未經審計財務業績 及其發佈。 本公司的管理層將於美國東部時間2025年11月10日（星期一）上午七時正（即北 京╱香港時間同日的下午八時正）舉行業績電話會議。 1 本次電話會議的網上直播及錄音也將在本公司的投資者關係網站 （https://investors.ke.com）上提供。 承董事會命 貝殼控股有限公司 有意使用撥號參加電話會議的參與者請在會議計劃開始時間前至少20分鐘使用下 文提供的鏈接完成在線登記。撥號、會議密碼及唯一的訪問 ...

Macro Insights - The "14th Five-Year Plan" emphasized structural adjustments over absolute growth, while the "15th Five-Year Plan" is expected to focus more on clear and positive growth expectations[16] - The emphasis on economic construction, technological self-reliance, and enhancing national security capabilities is highlighted in the recent policy discussions[11] Investment Strategy - The stability of the "15th Five-Year Plan" suggests a shift in equity asset investment from short-term to long-term perspectives, aligning with a 5-10 year investment horizon[16] - The expected EPS growth for equity assets is anticipated to stabilize, driven by a stronger demand for economic growth during the "15th Five-Year Plan" period[16] Sector Focus - The focus on technology is shifting from hardware to software, aiming to seize strategic advantages in the new technological revolution[16] - Consumer demand is expected to lead supply, marking a shift from "supply creates demand" to "demand leads supply" in economic dynamics[16] Market Performance - The total position of equity funds increased to 98.46%, up by 100 bps from the previous week, indicating a bullish sentiment among institutional investors[24] - The average return for equity mixed funds was 3.8%, while stock ETFs averaged a return of 3.73% this week[31] Real Estate Insights - High rental yields may slow the decline in housing prices, but they do not necessarily indicate a price bottom, as seen in lower-tier cities where rental yields are high but prices continue to fall[39] - The relationship between rental income and housing prices is crucial, with rental income being a more significant indicator than rental yield in determining price trends[39]

Major Events - Silyus (09927) starts its public offering with cornerstone subscriptions amounting to $826.5 million, with 70% of the funds allocated for R&D [1] - Dipo Technology (01384) sees a public offering in Hong Kong oversubscribed by 7569.83 times, raising approximately HK$609.8 million from the global offering [1] - Bama Tea (06980) experiences a public offering in Hong Kong oversubscribed by 2680.04 times, with a share price set at HK$50 [1] - Cambridge Technology (06166) has its public offering in Hong Kong oversubscribed by 338.7 times, with a share price of HK$68.88 [1] - Sany Heavy Industry (06031) reports a public offering in Hong Kong oversubscribed by 52.93 times, netting approximately HK$13.307 billion from the global offering [1] - Kangzhe Pharmaceutical (00867) signs a distribution agreement with Novartis for ophthalmic drugs [1] - Postal Savings Bank of China (01658) is approved to establish a financial asset investment company [1] - Meidong Automotive (01268) invests $20 million to subscribe for shares in Silyus [1] - China Aluminum (02600) plans to increase capital in Yunnan Aluminum Foil by a total of 906.45 million yuan through cash or asset contributions from subsidiaries [1] - China Coal Energy (01898) subsidiary intends to acquire the remaining 30% stake in a new energy company for 115 million yuan [1] - China Software International (00354) successfully signs a project for the Wuhan Cybersecurity Base Intelligent Computing Center, promoting AI industry development in Wuhan [1] - China Gold International (02099) is included in the Hang Seng Hong Kong Chinese Enterprises Index [1] - Beike-W (02423) has its MSCI ESG rating upgraded to "AA" [1] Operating Performance - China National Pharmaceutical Group (01099) reports a net profit of approximately 5.307 billion yuan for the first three quarters, a year-on-year increase of 0.53% [2] - Qingdao Beer Co. (00168) announces a net profit of 5.274 billion yuan for the first three quarters, up 5.7% year-on-year [2] - Yuehai Investment (00270) reports a net profit of 4.067 billion HKD for the first three quarters, a 13.2% increase year-on-year [2] - China Southern Airlines (01055) posts a net profit of 2.307 billion yuan for the first three quarters, a year-on-year growth of 17.4% [2] - Zhongchuang Zhiling (00564) announces a net profit of 3.645 billion yuan for the first three quarters, up 19.17% year-on-year [2] - China Aluminum (02600) reports a net profit of 10.872 billion yuan for the first three quarters, a 20.65% increase year-on-year [2] - Heng Rui Pharmaceutical (01276) announces a net profit of 5.751 billion yuan for the first three quarters, a year-on-year increase of 24.5% [2] - Jihong Co. (02603) reports a net profit of 216 million yuan for the first three quarters, a significant increase of 60.11% year-on-year [2] - China Foreign Transport (00598) announces a net profit of 2.679 billion yuan for the first three quarters, down 5.17% year-on-year [2] - China Coal Energy (01898) reports a net profit of 12.485 billion yuan for the first three quarters, a decline of 14.6% year-on-year [2] - Fuyao Glass (06865) announces a net profit of 638 million yuan for the first three quarters, down 50.79% year-on-year [2] - Fenmei Packaging (00468) reports a profit attributable to equity holders of 76.982 million yuan for the first nine months, a decrease of 59.13% year-on-year [2] - CanSino Biologics (06185) announces a net profit of 14.44 million yuan for the first three quarters [2] - Wuzhou Real Estate (00230) reports a contract sales amount of approximately 3.22 billion yuan for the first nine months, a year-on-year decline of about 24.2% [2] Retail Performance - Anta Sports (02020) reports a low single-digit positive growth in retail sales for its Anta brand products in the third quarter [3]

Summary of Beike's Conference Call Company Overview - Beike operates as a leading integrated online and offline real estate transaction and service platform in China, with a comprehensive business layout including second-hand and new housing transactions, home decoration, and rental services [3][6] Key Financial Highlights - Total transaction volume for 2024 is projected to reach 3.3 trillion yuan, a year-on-year increase of 6.6% - Net revenue is expected to be 93.5 billion yuan, reflecting a 20.2% year-on-year growth, marking a historical high [2][7] - The company achieved profitability in 2024, with net profit attributable to shareholders at 4.06 billion yuan, adjusted to 7.2 billion yuan [2][7] - Gross margin is stable at 24.6%, with an operating expense ratio optimized to 20.4% and an adjusted net profit margin of 7.7% [2][7] - Cash and short-term investments total 61.6 billion yuan, with a $3 billion share repurchase plan in place [2][8] Business Segments Performance Existing Housing Transactions - The existing housing transaction volume is expected to reach 2.2 trillion yuan in 2024, a 4.8% increase year-on-year, accounting for 31% of the national second-hand housing transaction volume [2][13] - The overall commission rate for 2024 is projected at 1.26%, with the self-operated segment affected by policy changes, reducing to 2.51% [2][14] New Housing Transactions - New housing transaction volume is projected at 970 billion yuan, representing 11.4% of the national new housing market [2][17] - The commission rate for new housing is expected to reach 3.47%, the highest since 2017 [2][18] Home Decoration and Furniture - The home decoration business is expected to reach a transaction volume of 16.9 billion yuan by the end of 2024, with net revenue of 14.8 billion yuan, showing a compound annual growth rate of over 300% from 2021 to 2024 [2][20] - The home decoration market is projected to reach 7.1 trillion yuan by 2030, indicating significant growth potential [21] Rental Business - The rental business has expanded rapidly, managing over 430,000 units by 2024, with net revenue of 14.33 billion yuan and a profit margin of 5% [2][23] Strategic Initiatives - Beike's "One Body, Three Wings" strategy focuses on real estate brokerage as the core, with collaborative development in home decoration and rental services [2][6] - The ACN (Agent Cooperation Network) enhances service quality and efficiency, with a 75% cross-store cooperation rate in second-hand housing transactions [2][10][11] Market Position and Future Outlook - Beike maintains a strong market position, with a total transaction volume of 3.3 trillion yuan in 2024, significantly ahead of competitors [9] - The company has a robust store network with over 52,000 locations and 500,000 agents, reinforcing its competitive edge [9] - Future growth is anticipated in the home decoration and rental sectors, supported by strong cash flow and shareholder returns through buybacks and dividends [25]

Core Viewpoint - The company has successfully upgraded its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating Improvement - The company's ESG rating was upgraded by MSCI, indicating significant progress in its environmental, social, and governance practices [1] - The company achieved a score of 6.6 in the governance category, surpassing the industry average [1] Group 2: Governance and Ethical Practices - The company has made notable advancements in corporate behavior through the enhancement of its business ethics and anti-corruption policies [1] - A comprehensive business ethics training program has been implemented, contributing to the company's progress in governance [1] Group 3: Environmental Initiatives - The company's score in the environmental category has significantly improved, attributed to the implementation of the "Apartment Environmental Convention" [1] - This convention encourages tenants and apartment managers to adopt green practices and promotes urban community development through apartment projects [1] Group 4: MSCI ESG Rating Significance - MSCI ESG ratings serve as a critical decision-support tool for global investors, assessing companies' resilience to significant ESG risks and providing benchmarks for maximizing investment returns over specific periods [1]

Core Viewpoint - The company has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - The improvement in the company's ESG environment score is attributed to the implementation of the "Apartment Environmental Pact," which encourages tenants and property managers to adopt green practices [1] Group 2: Company Mission and Strategy - The company is dedicated to reshaping the residential service industry in China through infrastructure transformation and technology-driven innovation, aiming to create long-term sustainable value [1] - The mission of the company is to provide "dignified service for a better living," focusing on empowering the professional growth of service providers and enhancing consumer living experiences [1]

Core Insights - The company Beike-W (02423) has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - Significant progress in corporate behavior has been made through the continuous improvement of business ethics and anti-corruption policies, along with the implementation of comprehensive business ethics training programs [1] - The company's score in the environmental category of ESG has also seen a significant year-on-year improvement, attributed to the implementation of the "Apartment Environmental Pact," which guides tenants and apartment managers in adopting green practices [1] Group 2: Mission and Vision - The company adheres to the mission of "Dignified Service, Better Living," aiming to reshape the residential service industry in China through infrastructure transformation and technology-driven innovation [1] - The focus is on creating long-term sustainable value while empowering the professional growth of service providers and enhancing the living experience for consumers [1]

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） 自願性公告 MSCI ESG評級上調至AA級 本公告乃貝殼控股有限公司（「本公司」）自願作出。 本公司今日欣然宣佈，摩根士丹利資本國際公司（「MSCI」）在其環境、社會和管 治(ESG)評級中，將本公司ESG評級從「A」上調至「AA」，標誌著從2023年至2025 年連續三次評級上調。這一成就彰顯了本公司在行業內對推動ESG實踐的堅定承 諾。 在MSCI的最新評估中，本公司在ESG管治類別中獲得了令人矚目的6.6分，優於 行業平均水平。通過持續完善商業道德與反貪污細則政策，並實施全面的商業道 德標準培訓計劃，本公司在企業行為方面取得顯著進展。本公司在ESG環境類別 中的評分也同比顯著提升，這一成就得益於本公司推行《公寓環保公約》，該公約 引導租戶與公寓管理人員踐行綠色實踐，並通過公寓項目推動城市社區發展。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以 ...

Core Viewpoint - Beike has launched a "phone marketing, disturb one, compensate one hundred" service commitment starting in 2024, aiming to enhance the professionalism and standardization of real estate brokerage services while addressing consumer complaints about unsolicited marketing calls [1][2]. Group 1: Service Commitment Implementation - The commitment has been implemented in cities such as Wuhan, Xi'an, Chengdu, Shenzhen, and Hangzhou, covering nearly 5,000 stores and 70,000 agents [1]. - The initiative was first introduced by Wuhan Lianjia in July 2024, which prohibits agents from making unsolicited marketing calls without authorization, with a compensation of 100 yuan for violations [1]. - The commitment has been gradually promoted nationwide, with cities like Luoyang and Langfang also adopting the policy, leading to a broader implementation across various Lianjia stores [1]. Group 2: Internal Mechanisms and Consumer Engagement - Beike has established a strict internal supervision mechanism and a rapid response process to ensure timely handling of customer complaints [2]. - The commitment has achieved a 100% fulfillment rate, with users successfully receiving the 100 yuan compensation for complaints [2]. - Beike encourages consumer feedback to enhance service quality continuously and plans to expand the commitment to cities like Zhengzhou, Jinan, Shenyang, Dalian, and Kunming [2]. Group 3: Strategic Upgrades and Community Engagement - The "phone marketing, disturb one, compensate one hundred" initiative is part of Beike's strategic upgrade from "true sources" to "true guarantees," emphasizing comprehensive service assurance for consumers [2]. - Beike has recently revamped its brand and launched a "true guarantee" service assurance system covering key transaction aspects such as real sources, payment security, commission refunds, privacy protection, and quality compensation [2]. - Additionally, Beijing Lianjia has organized community events like the "Lianjia Wenyu River Park Happy Run," engaging over 500 participants to promote fitness and community involvement [2][3].