智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月26日斥资449.7万美元回购69.4万股。 ...

FF305 第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,146,105 | % | USD | 6.0976 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,129,902 | % | USD | 6.1952 | | | 變動日期 | 2025年9月3日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,132,359 | % | USD | 6.1818 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8 ...

来源：新浪港股 贝壳-W（02423）发布公告，于2025年9月25日，该公司斥资450万美元回购69.94万股。 ...

9月22日，贝壳在天津发布"真保障"全流程服务保障体系。 □范丹妍 （图片由贝壳提供）房产交易是关系民生的重要领域。近年来，随着成都存量房市场交 易日益活跃，交易过程中发生的纠纷呈上升趋势。为提升居民住房消费信心、促进行业高质量发 展，房产经纪行业的领军企业一直在进行积极探索。2025年9月，贝壳正式推出"真保障"全流程服 务保障体系，涵盖"真实房源、房款安全、佣金可退、隐私保护、质量补偿"等重点环节，旨在通 过标准化、可执行、可赔付的保障体系，为消费者提供交易全流程的服务保障，让房产交易双方 都能省心和安心。推出"真保障"全流程服务保障体系存量房交易存在诸多风险，常见风险有产权 不明引发的纠纷、虚假承诺导致的损失、合同条款漏洞带来的麻烦、资金监管缺失潜在的风险、 房产经纪违规操作引发的问题等。为给消费者提供房产交易全流程的服务保障，让交易双方都能 省心和安心，早在2011年，链家便率先在行业内推出"真房源"承诺（真实存在、真实委托、真实 价格、真实图片），为房产交易信任体系奠定了基础；2024年11月，贝壳推出"3+3"平台级服务承 诺，同时宣布设立1亿元平台赔付保障资金，为选择贝壳的消费者提供更全面的服务 ...

格隆汇9月26日丨贝壳-W(02423.HK)公告，2025年9月25日耗资450万美元回购70万股。 贝壳-W(02423.HK)9月25日耗资450万美元回购70万股 贝壳-W(02423.HK)9月25日耗资450万美元回购 69.7万股 相关事件 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月25日，该公司斥资450万美元回购69.94万股。 该信息由智通财经网提供 ...

第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,146,105 | % | USD | 6.0976 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,129,902 | % | USD | 6.1952 | | | 變動日期 | 2025年9月3日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,132,359 | % | USD | 6.1818 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8日 | | ...

Summary of Beike's Conference Call Company Overview - **Company**: Beike (贝壳) - **Industry**: Real Estate Key Points and Arguments 1. **Short-term Performance**: Beike's short-term performance is impacted by the downturn in the real estate industry, but management has provided guidance for a gross operating profit margin of over 7% for the next three years and increased the buyback authorization to $5 billion, ensuring a solid cash reserve for investors [2][4][28]. 2. **Business Segmentation**: Beike's operations are divided into direct operations (Lianjia) and franchise operations (Beilian). The non-Lianjia stores have shown rapid growth, with active stores increasing by 35.8% to over 14,000, and active agents growing by 73,000 [2][5]. 3. **Revenue Sources**: Beike's revenue primarily comes from four segments: existing homes (27.5%), new homes (approximately 34%), home decoration (15%), and rental services (over 20%). The new home segment contributes significantly to revenue, while the rental segment is growing rapidly but has lower utilization, affecting overall profit margins [7][10]. 4. **ACN Network**: The ACN network enhances cooperation among agents, increasing overall revenue and attracting small and medium-sized agencies to the platform, which improves commission rates and expands into the new home market [2][12]. 5. **Data Support**: The "Property Dictionary" provides reliable data support, enhancing customer trust and brand image. Beike has committed to four standards for genuine listings and has compensated over 4.6 billion yuan to reinforce its market position [2][13]. 6. **Market Share**: Beike holds approximately 33%-34% market share in the second-hand housing market and about 13% in the new housing market, positioning it as an industry leader [4][10]. 7. **Profitability Trends**: The company's profit margins have fluctuated due to changes in revenue structure, with the rental business being the fastest-growing but with the lowest utilization, which has negatively impacted overall profit margins [8][9]. 8. **Future Strategy**: Beike aims to explore new avenues such as home decoration and rental services, with expectations of profitability in the home decoration segment by 2026 [10][22]. 9. **Competitive Advantages**: Beike's competitive advantages include both soft and hard moats, such as the ACN network and strategic store layouts in key cities like Beijing and Shanghai, which solidify its market position [11][15]. 10. **Investment Value**: Beike has a cash reserve of approximately 70 billion yuan, leading to a low valuation with a price-to-earnings ratio slightly above 10. The company is expected to maintain a dividend yield of at least 5% [28][29]. Additional Important Insights 1. **Market Conditions**: The current market environment is challenging, but Beike's stock buyback and dividend strategies provide a stable return for investors [29][30]. 2. **Future Performance Expectations**: Despite short-term pressures, Beike's management is optimistic about future performance, projecting a net profit margin exceeding 7% over the next three years [27]. 3. **Policy Impact**: Any policy adjustments in the fourth quarter could significantly benefit Beike, enhancing its potential for performance recovery [30].

Core Viewpoint - The introduction of the "True Guarantee" service system by Beike aims to enhance transaction safety and consumer confidence in the real estate market, addressing complexities and risks associated with second-hand housing transactions [1][2]. Group 1: Service System Overview - The "True Guarantee" system is built on "1 standard + 2 capabilities + 100 million yuan guarantee fund," encompassing 35 service commitments, including 6 platform-level and 29 brand-level commitments, creating a comprehensive risk protection network throughout the transaction cycle [2][3]. - The system has successfully intercepted risks in 16,000 transactions nationwide from July 2024 to July 2025, demonstrating its effectiveness in safeguarding consumer funds [3][4]. Group 2: Risk Management and Technology - Beike's intelligent risk control system, trained on millions of historical transaction data, can identify 62 types of risk characteristics, enabling proactive risk alerts and interventions [3][4]. - The system has increased the amount of funds under management to 97.2%, with a total guarantee fund of 750 billion yuan, ensuring 96% of funds are traceable throughout the transaction process [4]. Group 3: Industry Transformation - The "True Guarantee" system is shifting the real estate industry from "information competition" to "service guarantee competition," enhancing service quality and risk management capabilities [5]. - Beike's commitment to consumer safety and service quality is reflected in its platform-level service promises, which include "real housing sources, false claims compensated by 100 yuan," and "no reason to refund commission if the transaction fails" [5].

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].