Group 1 - The company reported a net profit attributable to ordinary shareholders of 4.065 billion yuan for the year 2024, a decrease of 30.91% year-on-year [1] - In Q4 2024, the company achieved total net revenue of 31.125 billion yuan, an increase of 54.05% year-on-year, with a net profit of 570 million yuan, down 14.88% year-on-year [1] - The total number of stores reached 51,573 by December 31, 2024, representing a growth of 17.7% year-on-year, while the number of active stores increased by 18.3% to 49,693 [1] Group 2 - The company’s CEO highlighted that the Chinese real estate industry is entering a new phase, with customer demand shifting towards reducing decision-making risks and pursuing housing quality [2] - The total transaction volume on the platform reached 33,494 billion yuan, with net revenue hitting a historical high of 93.5 billion yuan, reflecting a year-on-year growth of 20.2% [2] - The company plans to enhance its strategic direction by integrating technology and humanistic values, aiming to improve consumer experience and service efficiency [2] Group 3 - The CFO noted that both the existing and new housing markets experienced significant recovery following the stimulus policies introduced in September 2024, with an increase in transaction volume for existing homes [3] - The proportion of existing home transactions in the national real estate transaction volume has further increased, indicating a shift in market dynamics [3]

Core Viewpoint - The influx of southbound capital into the Hong Kong stock market represents not only a significant capital flow but also an opportunity for redefining industrial value, particularly highlighted by the record net buying of HKD 747.017 billion in the past year, a 158% year-on-year increase [1][4]. Group 1: Southbound Capital Trends - Southbound capital has shown unprecedented enthusiasm for the Hong Kong stock market, with net buying expected to reach HKD 807.9 billion in 2024, a 136% year-on-year increase, setting a new record since the launch of the mutual market access [4]. - The capital market has referred to this trend as a large-scale "north water south transfer" [5]. - In 2024, southbound capital primarily favored high-yield and dividend stocks, with the top 10 net buying stocks being dominated by these categories [6]. Group 2: Impact on Real Estate Sector - In the ongoing adjustment period of the real estate industry, Beike has emerged as a representative of technology-driven new residential services, benefiting from the support of southbound capital [2]. - Beike's inclusion in the Hong Kong Stock Connect is expected to attract significant active and passive capital allocation, potentially increasing liquidity and trading activity [7]. - The stock price of Beike has risen from around HKD 45 to approximately HKD 65 since February, influenced by an upgrade in its ESG rating and expectations of its inclusion in the Stock Connect [8]. Group 3: Beike's Financial Performance - Beike reported a transaction volume of RMB 736.8 billion in Q3 2024, a 12.5% year-on-year increase, with net income rising by 26.8% to RMB 22.6 billion [15]. - As of Q3 2024, Beike's cash and cash equivalents totaled RMB 59.5 billion, with short-term borrowings only at RMB 3.07 billion, indicating a strong financial position compared to traditional real estate companies [16]. - Beike's business model, which focuses on technology-driven residential services, has allowed it to maintain resilience amid industry challenges [9][15]. Group 4: Strategic Positioning and Future Outlook - Beike's positioning as a "technology-driven one-stop new residential service platform" is reshaping capital perceptions of real estate-related stocks, similar to how major tech companies have transformed their respective industries [24]. - The company is actively pursuing a new growth model in the real estate sector, focusing on data-driven residential development services and enhancing user participation in the construction of quality housing [18]. - Beike's strategic initiatives, including the launch of its "Beihome" project, have shown promising results, with significant sales achieved shortly after launch [21]. Group 5: Long-term Growth Potential - The influx of capital from the Stock Connect is expected to support Beike's stock price in the short term, but the company's long-term growth potential will be tested by its ability to retain this capital [28]. - Beike's "one body, three wings" strategy, which includes a focus on existing housing, home decoration, and rental services, is crucial for navigating market cycles [30]. - The company has committed to returning value to shareholders through stock buybacks and dividends, reinforcing its long-term growth strategy [31].

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。 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） 自願性公告 MSCI ESG評級上調至A級 在MSCI的最新評估中，本公司在ESG社會類別中獲得了令人矚目的7.2分，優於 全球行業平均的4.3分。這一成就源於本公司在提升人力資本方面的持續努力，包 括為服務者提供量身定制的職業培訓計劃和系統化的職業發展路徑，以及建立完 善的隱私保護和數據安全措施。此外，本公司在探索將綠色環保概念融入各個業 務場景的機會方面取得了顯著進展，例如制定了「 鏈家 綠色門店標準」，對經紀門 店的環保裝修、物資循環利用和用電智能控制設備安裝等進行規範。這些努力促 使本公司在ESG環境類別的得分較前一年顯著提升1.8分。 MSCI ESG評級是由領先的面向全球投資界的關鍵決策支持工具和服務商MSCI編 製，旨在為機構投資者評估企業在財務層面對重大ESG ...