2025年年终消费季临近，深圳将迎来一场聚焦"家庭建设"与"婚庆筹备"的双展联动盛宴。11月28日至30 日，第36届深圳名品家博会率先在福田会展中心开幕；11月29日至30日，第42届粤港澳大湾区（深圳） 婚博会将同期联展。由深圳市世纪东方会展有限公司主办的两大展会，将以"一站式"服务模式，整合近 400家品牌资源，为大湾区市民打造高效采购场景，助力年终消费市场升温。 双展覆盖全产业链，瞄准"家·爱"核心需求 相邻设展+沉浸体验，降低消费成本提升参展效率 本次双展采用"相邻设展"模式，家博会与婚博会展区紧邻，消费者可在同一时段、同一展馆内完成家装 采购与婚庆筹备，大幅降低时间成本与决策成本。 为增强消费体验，参展品牌均突破传统"产品展示"模式，转向"生活方式解决方案提供者"定位。通过场 景化布置（如模拟家装样板间、婚礼现场还原）、沉浸式体验（如家电智能交互演示、婚纱试穿体验） 等形式，让消费者直观感受产品与服务的实际效果，提前描绘"未来家"与"理想婚礼"的蓝图。 业内分析指出，此次双展联动不仅将直接拉动家居、婚庆等大宗消费，其辐射效应还将惠及设计、金融 （消费信贷）、物流、文旅（蜜月旅行）等关联产业，为20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The two main business segments are gradually becoming profitable, and significant share buybacks are being conducted to reward shareholders. The company is expected to see substantial incremental growth from its home decoration and rental businesses, which are turning profitable. Despite short-term pressures on the brokerage business due to market cycles, the company maintains a clear alpha compared to the industry. Continuous innovation and AI empowerment are expected to enhance quality and efficiency, leading to greater earnings elasticity as market conditions stabilize [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 23.1 billion yuan (up 2.1%) and a net profit attributable to shareholders of 750 million yuan (down 36.0%). Adjusted net profit was 1.29 billion yuan (down 27.8%). For the first three quarters of 2025, these figures were 72.4 billion yuan, 2.9 billion yuan, and 4.5 billion yuan, respectively, showing year-on-year changes of +16.1%, -16.8%, and -23.3% [6][10]. Business Segments - The rental revenue has increased significantly, countering the decline in the brokerage segment. The company reported a 45.3% year-on-year increase in rental revenue, with over 660,000 managed properties as of Q3 2025. The brokerage business saw a decline in revenue from existing and new homes, with year-on-year changes of -3.6% and -14.1%, respectively [10]. Profitability and Margins - The overall gross margin decreased by 1.3 percentage points year-on-year to 21.4%, with a gross profit decline of 3.9%. The profitability of the rental business improved significantly, contributing a profit margin of 8.7%. The company has successfully managed expenses, with selling, general, and administrative expenses as a percentage of revenue decreasing by 1.1 percentage points year-on-year to 18.4% [10]. Share Buybacks and Future Outlook - The company executed a share buyback amounting to 281 million USD in Q3 2025, the highest in nearly two years. Cumulatively, 675 million USD has been spent on buybacks in the first three quarters, representing nearly 3% of the total shares outstanding as of the end of 2024. The company expects adjusted net profits for 2025-2027 to be 5.78 billion, 7.62 billion, and 8.33 billion yuan, with corresponding price-to-earnings ratios of 24.3, 18.4, and 16.9 [10].

Core Viewpoint - The home decoration industry faces significant consumer protection challenges due to information opacity, complex processes, and various pitfalls, making it essential for consumers to understand their rights and available complaint channels [1] Group 1: Official Complaint Channels - Consumers can utilize the 12315 platform for complaints related to contract breaches, false advertising, and product quality, which is managed by local market supervision departments [2] Group 2: Industry-Specific Channels - The China Building Decoration Association's complaint mediation center offers specialized solutions for home decoration disputes, leveraging its deep understanding of industry standards and construction norms [3] - Local housing and urban-rural development committees are also crucial for addressing disputes, especially those affecting structural safety [3] Group 3: Third-Party Complaint Platforms - Third-party platforms like the Black Cat Complaint platform provide convenient and efficient complaint processes, allowing users to submit complaints through various channels and track progress in real-time [4] - The platform's collective complaint feature enhances the impact of multiple complaints against the same company, encouraging quicker resolutions [4] Group 4: Targeted Complaint Strategies - For material quality issues, consumers should report to both the merchant and the Black Cat platform, which will forward quality-related complaints to regulatory bodies [5] - In cases of contract disputes, it is advisable to file complaints with both the 12315 platform and the Black Cat platform to expedite resolution [5] - For construction quality issues, complaints should be directed to the renovation company and local housing authorities, with the option for professional assessment if necessary [5] Group 5: Preparation for Complaints - Adequate preparation is crucial for increasing the success rate of consumer rights protection [6] Group 6: Preventive Measures - Consumers should be proactive in avoiding pitfalls by understanding complaint channels, maintaining thorough documentation, and ensuring clear communication with contractors [7]

Core Viewpoint - *ST Dongyi's stock has experienced a significant increase of 241.59% since September 26, leading to a suspension of trading for verification due to multiple abnormal fluctuations [1][4]. Group 1: Stock Performance and Trading Suspension - The stock price of *ST Dongyi reached 17.66 yuan per share as of November 13, marking a "12 consecutive boards" achievement [1]. - The company announced a trading suspension starting November 14, pending the completion of the verification process, which is expected to last no more than three trading days [1][4]. Group 2: Abnormal Fluctuations and Company Self-Examination - Since the announcement regarding the selection of restructuring investors on September 26, the stock has shown nine instances of abnormal fluctuations, indicating a significant deviation from the company's fundamentals [4]. - The company conducted a self-examination and found no need for additional disclosures or corrections regarding previously released information [4]. Group 3: Restructuring and Bankruptcy Risks - *ST Dongyi is facing a restructuring application from creditors, and if the court accepts the application, the stock will be subject to "delisting risk warning" [5]. - There is a risk of bankruptcy if the restructuring fails, which could lead to the termination of the stock listing [5]. Group 4: Financial Performance - For the first three quarters, *ST Dongyi reported a revenue of 544 million yuan, a decrease of 52.02% year-on-year, with a net loss attributable to shareholders of 58.26 million yuan [7]. - The company has been issued a "delisting risk warning" due to negative net assets as of the end of 2024 and has received an audit report indicating significant uncertainty regarding its ability to continue as a going concern [7].

Core Viewpoint - Beike-W (02423) experienced a stock price increase of over 3% following the release of its Q3 2025 earnings report, with a current price of HKD 43.6 and a trading volume of HKD 146 million [1] Financial Performance Summary - Total transaction volume for Q3 2025 was RMB 736.7 billion, showing a year-on-year stability [1] - The total transaction volume for existing homes was RMB 505.6 billion, reflecting a year-on-year increase of 5.8% [1] - The total transaction volume for new homes was RMB 196.3 billion, indicating a year-on-year decrease of 13.7% [1] - Net revenue reached RMB 23.1 billion, marking a year-on-year increase of 2.1% [1] - Net profit was RMB 747 million, representing a year-on-year decrease of 36.1% [1] - Adjusted net profit stood at RMB 1.286 billion, down 27.8% year-on-year [1] Business Segment Analysis - Revenue changes by business segment included: existing homes (-4%), new homes (-14%), home decoration (+2%), and rental services (+45%) [1] - Gross margin decreased by 1.3 percentage points to 21.4%, primarily due to a decline in the contribution margin from brokerage income [1] - Adjusted net profit of RMB 1.3 billion exceeded expectations by 5%, attributed to a reduction in home decoration sales expenses [1] Future Outlook - Expectations for Q4 indicate a projected year-on-year revenue decline of 27%, influenced by a high base from the previous year following policy changes [1] - Profitability in 2026 is anticipated to improve significantly, driven by enhanced efficiency in brokerage operations, better margins in home decoration, and increased rental profits due to expanded listings and AI efficiency [1] - The company maintains a "Buy" rating based on these projections [1]

Core Viewpoint - *ST Dongyi has reached a trading limit with a price of 13.18 yuan, reflecting a 5.01% increase, driven by significant progress in its pre-restructuring phase, reduced losses, and potential transformation into the computing power industry [1][2]. Group 1: Company Developments - The company is in a critical phase of restructuring, having made substantial progress in its pre-restructuring efforts, signing agreements with industrial and financial investors, and receiving a guarantee deposit of 184 million yuan, which boosts market confidence [2]. - The third quarter report for 2025 shows a significant reduction in net losses by 89.98% year-on-year, indicating an improvement in the company's operational status [2]. - There is a potential for the company to inject computing power business, which may provide new growth opportunities, although the synergy with its existing home decoration business remains to be seen [2]. Group 2: Market Reactions - The company was included in the "Dragon and Tiger List" on November 5, with a trading volume of 95.8 million yuan and total purchases of 56.78 million yuan, indicating inflow of funds [2]. - Recent activity in the home decoration sector has shown some stocks performing well, creating a certain level of sectoral synergy [2]. - Technical analysis suggests that the stock may show positive signals, such as breaking through resistance levels, attracting more investor attention [2].

Core Viewpoint - The company Beike is covered for the first time with a target price of HKD 65.64, based on a 26x adjusted PE for 2026, and is rated as "Buy" [1] Group 1: Company Overview - Beike, established in 2001 (formerly known as Lianjia), is a leading O2O real estate transaction platform in China [1] - The company is expected to benefit from supportive policies that may lead to a moderate market recovery, highlighting its importance as a channel leader [1] Group 2: Market Conditions - The real estate market is building a foundation for stabilization, with central policies signaling support for the sector [1] - In the first half of 2025, the nationwide sales area of commercial housing saw a narrowing year-on-year decline, and second-hand housing transactions showed a notable recovery [1] - However, new and second-hand housing sales faced renewed pressure since the third quarter, with the fourth quarter entering a high base period [1] Group 3: Business Performance - Beike's GTV growth is expected to significantly outperform the industry, with market share anticipated to continue rising from 2025 to 2027 [2] - The company has implemented a new system in Shanghai, optimizing personnel and focusing on core quality listings [2] - The AICRM intelligent system has covered over 335,000 agents, with penetration rates in Beijing and Shanghai reaching 75% as of August [2] Group 4: Home Decoration Business - The home decoration business is projected to grow, with expected revenue increases of 9%, 13%, and 12% from 2025 to 2027, reaching CNY 161 billion, CNY 182 billion, and CNY 204 billion respectively [3] - The operating profit margin for home decoration is expected to reach 3-5% in 2026, with a long-term target of 8-10% by 2028-2029 [3] - The company aims to enhance profitability through price increases and improved efficiency in material and labor costs [3] Group 5: Financial Forecast - Revenue is forecasted to reach CNY 100.1 billion, CNY 113.3 billion, and CNY 125.9 billion from 2025 to 2027, with year-on-year growth rates of +7%, +13%, and +11% respectively [3] - Adjusted net profit is projected to be CNY 60.4 billion, CNY 82.01 billion, and CNY 98.2 billion for the same period, driven by revenue improvement and operational leverage [3]

Group 1 - The company is enhancing its home decoration and customization business but has not yet seen significant synergy effects [1] - The management emphasizes an integrated online and offline marketing strategy, upgrading the online traffic matrix to attract young consumers [1] - The company collaborates with platforms like Douyin, Xiaohongshu, Meituan, and Tmall to create a closed loop of "online seeding - offline experience" [1] Group 2 - Offline initiatives include a trade-in program and joint brand marketing to leverage government and enterprise subsidies [1] - The company has launched a "Ten Thousand Plate Service Plan" to integrate upstream and downstream resources and improve last-mile service [1] - The company is expanding its network by collaborating with real estate companies like Jianfa Real Estate and Lianfa Group to offer exclusive home decoration services to property owners [1]

Core Viewpoint - The company is facing significant financial challenges, including a negative net asset value and potential delisting risks due to ongoing restructuring efforts and stock trading anomalies [4][5][10]. Group 1: Stock Trading Anomalies - The company's stock experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 12% over three consecutive trading days [4]. - The company has confirmed that there are no undisclosed significant matters affecting stock prices and that prior disclosures are accurate [5][8]. Group 2: Financial Health and Risks - As of the end of 2024, the company's audited net assets were negative, leading to a "delisting risk warning" being implemented [5]. - The company has been subject to a pre-restructuring application by creditors, which, if accepted by the court, could further complicate its financial situation and lead to additional delisting risks [10]. Group 3: Restructuring and Future Prospects - The success of the company's restructuring efforts is uncertain, impacting the potential injection of computing power business and related assets [3][10]. - The planned donation of the Helinger Intelligent Computing Center has not yet been realized, and increased market competition may affect its profitability [3][10].

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].