Core Viewpoint - The company is actively addressing ongoing operational issues and believes that effective cost control and successful debt restructuring will improve its financial condition and provide liquidity and cash flow for continued operations [1] Group 1 - The company announced the sale of 33 assets, generating total proceeds of approximately RMB 11.7 million [1] - The company repaid bank loans amounting to approximately RMB 24.5 million [1] - The company is reducing its workforce from 1,579 employees to 1,483 employees [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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 E-House (China) Enterprise Holdings Limited 易居（中國）企業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2048） 更新公告 茲提述易居（中國）企業控股有限公司（「本公司」）於2025年4月25日刊發之截至 2024年12月31日止年度（「2024財年」）之年報（「2024年年報」）及本公司日期為 2025年7月4日及2025年8月6日有關2024年年報之更新公告。除文義另有規定 外，本公告所用詞彙應與2024年年報所界定者具有相同涵義。 本公司謹此提供有關其解決持續經營問題的計劃及措施的下列更新資料。自2025 年7月1日至2025年9月30日： (i) 本集團出售33項資產的所得款項總額約為人民幣11.7百萬元； (ii) 本集團償還銀行貸款約人民幣24.5百萬元；及 (iii) 本集團持續將員工人數從1,579人減少至1,483人。 本公 ...

Core Viewpoint - Beike-W (02423.HK) announced a share repurchase plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1 - The company plans to repurchase 297,100 shares at a total cost of 2 million USD [1] - The repurchase price per share ranges from 6.65 to 6.88 USD [1] - The repurchase is scheduled for September 29, 2025 [1]

Market Overview - On September 30, the real estate service sector rose by 0.76% compared to the previous trading day, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Key stocks in the real estate service sector showed varied performance: - Zhujiang Co. (600684) closed at 6.32, up 3.61% with a trading volume of 384,800 shares and a turnover of 239 million yuan [1] - TeFa Service (300917) closed at 45.34, up 2.09% with a trading volume of 75,200 shares and a turnover of 342 million yuan [1] - Other notable stocks include: - Zhongtian Service (002188) at 5.74, up 1.41% [1] - Wo Ai Wo Jia (000560) at 3.05, up 1.33% [1] - Zhaoshang Jiyu (001914) at 12.20, up 1.08% [1] - Shilianhang (002285) at 2.40, unchanged [1] - ST Mingcheng (600136) at 1.81, unchanged [1] - Ningbo Fuda (600724) at 4.96, down 0.40% [1] - Nandu Property (603506) at 13.81, down 0.58% [1] - Huangting International (000056) at 2.62, down 1.50% [1] Capital Flow - The real estate service sector experienced a net inflow of 7.415 million yuan from institutional investors, while retail investors saw a net outflow of 10.3936 million yuan [2] - The capital flow for key stocks indicates: - Zhujiang Co. had a net outflow of 28.9379 million yuan from institutional investors [3] - Wo Ai Wo Jia saw a net inflow of 15.1495 million yuan from institutional investors [3] - TeFa Service had a net inflow of 8.0566 million yuan from institutional investors [3] - Zhaoshang Jiyu experienced a net outflow of 6.4724 million yuan from institutional investors [3] - Huangting International had a significant net outflow of 15.0048 million yuan from institutional investors [3]

Market Performance - On September 29, the real estate service sector rose by 0.16% compared to the previous trading day, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 6.10, with a gain of 3.04% and a trading volume of 349,700 shares, amounting to a transaction value of 212 million yuan [1] - Other notable performers included: - Nandu Property (603506) at 13.89, up 2.06% [1] - Zhongtian Service (002188) at 5.66, up 1.98% [1] - Ningbo Fuda (600724) at 4.98, up 1.43% [1] - Shilianhang (002285) at 2.40, up 1.27% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 51.19 million yuan from institutional investors, while retail investors saw a net outflow of 10.52 million yuan [2] - Conversely, speculative funds recorded a net inflow of 61.71 million yuan [2] - Zhujiang Co. had a net inflow of 22.30 million yuan from institutional investors, representing 10.50% of its total trading volume [2]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and potential for future growth [1] Company Summary - Beike-W plans to repurchase 694,000 shares at a total cost of $4.497 million, which reflects a strategic move to enhance shareholder value [1]

Group 1: Housing Rental Regulations - The first administrative regulations specifically targeting housing rental in China were implemented on September 15, addressing issues such as housing safety, deposit refunds, rental stability, and leasing registration [2] - The regulations provide systematic provisions on housing supply, contract norms, leasing entities, and rights protection, aiming to resolve industry pain points and offer institutional guarantees [2] - The regulations prohibit the separate rental of non-residential spaces for living, set limits on the number of tenants per room, and establish minimum living space standards to eliminate "shared rental" situations [2] Group 2: Real Estate Transaction Risks - Recent warnings from Xining's Housing Security and Real Estate Management Bureau highlighted risks in second-hand property transactions, including the use of false identities in negotiations [3] - Consumers are advised to verify property ownership documents and use regulated accounts for fund settlements to mitigate transaction risks [3] - The real estate market is increasingly focused on transaction safety and service quality, with a growing emphasis on consumer rights protection as the market transitions to a "stock era" [3][4] Group 3: Company Initiatives - Beike Holdings launched a "True Guarantee" full-process service assurance system on September 22, aimed at enhancing service quality and promoting healthy industry development [1][4] - The "True Guarantee" system includes 35 service commitments, focusing on real housing sources, payment security, commission refunds, privacy protection, and quality compensation [4][5] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers facing losses during compliant transactions, with a total of 55.6 billion yuan in compensation claims processed from 2001 to August 2025 [5]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The company is in the process of strategic transformation towards technology services, focusing on enhancing its influence in the capital market, promoting the development of new business sectors, and implementing measures to reverse losses [24][26]. 3. Summary According to the Directory 3.1. Research Basic Situation - Research object: Electronic City [17] - Industry: Real estate services [17] - Reception time: September 26, 2025 [17] - Reception personnel: Vice Chairman and President Zhang Yuwei, Vice President and Board Secretary Zhang Yi, Financial Controller Wu Di, Independent Director Zhang Yichi [17] 3.2. Detailed Research Institutions - Institutions: Investors participating in the company's online semi - annual performance briefing in 2025 [20] 3.3. Research Institution Proportion - No relevant content provided. 3.4. Main Content Data - **Quantum technology investment**: The company and its subsidiaries do not directly or indirectly hold equity in Bose Quantum. The company released a "2025 Valuation Enhancement Plan" in April 2025 to plan for market value management [24]. - **Results of technology transformation**: The company has built a technology service business system and model with its own characteristics. In technology industry services, it has created the Zhongguancun (Chaoyang) Industrial AI Industrial Park and completed the landing and system construction of professional R & D service projects. In information and digital services, it has enriched and expanded product solutions such as smart parks/factories and AI + industry applications [24][25]. - **Reasons for revenue and profit decline in H1 2025**: The company is in a business adjustment phase. The park real estate sector has no new projects under construction, and the inventory project sales pace has slowed down. The new technology service business revenue is 420 million yuan, but it cannot offset the performance gap caused by the real estate sector contraction [26]. - **Loss - reversing measures**: Accelerate the sales of inventory real estate to improve cash flow and reduce management costs. Promote the development of technology industry services and information and digital services to increase their revenue share and become a new profit growth engine [26]. - **Stock price fluctuation and asset restructuring**: Stock price fluctuations are affected by multiple factors. Currently, the company has no undisclosed major matters and focuses on strengthening its operating fundamentals [27]. - **Software sales and operation and maintenance service development plan**: Focus on the "space digitalization" scenario application, iterate smart park and factory solutions, and increase R & D in AI + industry applications to support digital upgrading [27][28].

Core Viewpoint - The real estate service sector experienced a slight increase of 0.01% on September 26, with Zhujiang Co. leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.65% and 1.76% respectively [1] Market Performance - The Shanghai Composite Index closed at 3828.11, down 0.65% - The Shenzhen Component Index closed at 13209.0, down 1.76% - The real estate service sector stocks showed mixed performance, with Zhujiang Co. rising by 0.85% to a closing price of 5.92 [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 5.92, up 0.85% with a trading volume of 224,300 shares and a transaction value of 1.33 billion yuan - Zhongtian Service (002188) closed at 5.55, up 0.73% with a trading volume of 84,900 shares and a transaction value of 47.33 million yuan - Other notable performances include: - China Merchants Jiyu (001914) at 12.11, up 0.58% - Nandu Property (603506) at 13.61, up 0.37% - ST Mingcheng (600136) remained unchanged at 1.83 [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 24.53 million yuan from institutional investors, while retail investors experienced a net outflow of 10.93 million yuan [1] - Specific stock capital flows included: - Woaijia (000560) with a net outflow of 15.46 million yuan from institutional investors - Tefa Service (300917) with a net inflow of 12.62 million yuan from institutional investors [2]

Core Viewpoint - The Hong Kong property market is expected to experience a strong upward trend in prices, with an annual increase projected between 3% to 5%, driven by various positive factors including the new government policy measures and the US interest rate cuts [1] Group 1: Market Trends - The Hong Kong private residential price index rose by 0.14% month-on-month in August, marking a continuous increase for three months and a recovery of 1.26% from the year's low [1] - The latest "Mafengwo Price Index" reported a value of 129.1 points as of September 22, reflecting a 2.23% increase from the year's low and a year-to-date rise of 0.76% [1] Group 2: Rental Market Dynamics - The private residential rental index increased by 1.12% month-on-month in August, continuing its upward trend for nine consecutive months, with the growth rate expanding due to the traditional peak rental season in Q3 [1] - The strong demand for housing in Hong Kong, coupled with government efforts to attract talent, is expected to further drive rental prices up, leading to an increase in "rent-to-buy" demand and long-term investors entering the market [1]