Core Insights - The 26th "Bo Xue Da Kao" organized by Beijing Lianjia took place from November 19 to 20, with over 20,000 agents participating, marking the 15th anniversary of the event [1] - This year's exam has expanded its focus beyond real estate transaction services to include assessments on renovation and rental services, aiming to enhance agents' comprehensive service capabilities to meet diverse consumer needs [1][3] Group 1 - The new residential era is shifting consumer demands from merely having a place to live to prioritizing quality living, leading to a new consumption trend focused on quality [3] - The exam has made significant breakthroughs in both depth and breadth, increasing the emphasis on the latest real estate policies and practical applications, as well as strengthening knowledge assessments in renovation and rental services [3][4] - Agents are now expected to integrate knowledge of real estate and renovation, providing a one-stop service experience for clients from purchasing to renovation [3][4] Group 2 - The incorporation of the latest housing market policies into practical service scenarios for agents is a key feature of this year's exam [4] - The rise of professional agents in the industry is noted, with a growing number of individuals choosing to pursue long-term careers in this field [4] - The increasing demand for quality service from consumers presents new challenges for agents' professional capabilities, emphasizing the importance of continuous learning and improvement [4]

Core Insights - The company, Beike Holdings Limited, reported a significant decline in profits for Q3, with earnings dropping 36.1% to 747 million yuan despite a slight revenue increase of 2.1% to 23.1 billion yuan [4][2]. - The company has spent 675 million USD on share buybacks this year, totaling 2.3 billion USD since September 2022, representing about 11.5% of the total shares before the buyback [7][6]. Financial Performance - In 2024, Beike's revenue is projected to rise by 20.2% to 93.5 billion yuan, but profits are expected to fall by 31% to 4.078 billion yuan [2]. - For the first half of the year, revenue increased by 24% to 49.3 billion yuan, while profits decreased by 7% to 2.162 billion yuan [2]. - The Q3 performance showed a total transaction volume of existing homes reaching 505.6 billion yuan, up 5.8% year-on-year, but revenue from this segment fell by 3.6% to 6 billion yuan [4][5]. Market Challenges - The decline in profits is attributed to a challenging real estate market, affecting the company's primary revenue source from intermediary services [4][5]. - The company has implemented a new strategy called "one body and three wings," focusing on real estate brokerage as the core, with additional segments in renovation, leasing, and property development [5]. Strategic Initiatives - Beike's renovation business reported stable revenue of 4.3 billion yuan in Q3, but future growth is limited due to a decrease in new home transactions [6]. - The property development segment, managed by the brand "Beihome," utilizes a C2M model but faces high capital investment and long timelines for returns, especially in a weak real estate market [6]. Stock Performance and Outlook - Despite a strong performance in the Hong Kong stock market, Beike's stock has dropped 37% from its peak over the past year, trading between 30 to 50 HKD [6][7]. - Analysts have lowered their earnings forecasts for Beike for 2025 to 2027 by 24%, 29%, and 27%, respectively, and downgraded the rating from "buy" to "hold" [7]. - The current price-to-earnings ratio stands at 34 times, indicating that the stock is not cheap, and significant price breakthroughs are unlikely without a recovery in the real estate market [8].

北京商报讯（记者 王寅浩 李晗）11月14日，合生创展披露10月未经审核经营简报。简报显示，10月合 生创展连同其附属公司及其合营公司及联营公司的总合约销售金额约为19.01亿元。其中，物业合约销 售约16.49亿元；装修合约销售约2.52亿元。 ...

Core Insights - The total contract sales amount for the company and its joint ventures and associates reached approximately RMB 13.165 billion for the ten months ending October 31, 2025 [1] - Property contract sales accounted for approximately RMB 11.719 billion, while renovation contract sales were about RMB 1.446 billion [1] - In October 2025 alone, the total contract sales amounted to approximately RMB 1.901 billion, with property sales at around RMB 1.649 billion and renovation sales at approximately RMB 0.252 billion [1] Sales Performance - For the ten months ending October 31, 2025, the total property contract sales area was approximately 499,644 square meters, with an average selling price of about RMB 23,460 per square meter [1] - The total contract sales area for properties managed under the "He Sheng" brand was approximately 53,477 square meters, with a contract sales amount of about RMB 4.706 billion [1] - In October 2025, the contract sales area for "He Sheng" managed properties was approximately 3,298 square meters, with a sales amount of about RMB 261 million [1] Comparison with Previous Period - The total contract sales amount for the first ten months of 2025 was approximately RMB 13.165 billion, compared to approximately RMB 11.264 billion for the first nine months of the same year [2]

Core Insights - The total contract sales amount for the company and its joint ventures and associates for the ten months ending October 31, 2025, was approximately RMB 13.165 billion, representing a year-on-year decrease of 9.46% [1] - In October 2025 alone, the total contract sales amount was approximately RMB 1.901 billion, showing a year-on-year increase of 15.28% [1] Sales Breakdown - Property contract sales amounted to approximately RMB 11.719 billion for the ten months, while renovation contract sales were about RMB 1.446 billion [1] - For October 2025, property contract sales were approximately RMB 1.649 billion, and renovation contract sales were around RMB 0.252 billion [1] Sales Area and Pricing - The total property contract sales area for the ten months was approximately 499,644 square meters, with an average selling price of about RMB 23,460 per square meter [1] - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand was approximately 53,477 square meters, with a contract sales amount of about RMB 4.706 billion [1] - In October 2025, the contract sales area for properties managed by He Sheng was approximately 3,298 square meters, with a contract sales amount of about RMB 0.261 billion [1]

Core Viewpoint - The total contract sales amount of the company and its joint ventures and associates for the ten months ending October 31, 2025, is approximately RMB 13.165 billion, representing a year-on-year decrease of 9.46% [1] Group 1: Sales Performance - For the ten months ending October 31, 2025, the property contract sales amount is approximately RMB 11.719 billion, while the renovation contract sales amount is approximately RMB 1.446 billion [1] - In October 2025 alone, the total contract sales amount is approximately RMB 1.901 billion, showing a year-on-year increase of 15.28% [1] - The property contract sales for October 2025 are approximately RMB 1.649 billion, and the renovation contract sales are approximately RMB 0.252 billion [1] Group 2: Sales Area and Pricing - The total property contract sales area for the ten months ending October 31, 2025, is approximately 499,644 square meters, with an average selling price of approximately RMB 23,460 per square meter [1] - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand for the ten months is approximately 53,477 square meters, with a contract sales amount of approximately RMB 4.706 billion [1] - In October 2025, the contract sales area for properties managed under the "He Sheng" brand is approximately 3,298 square meters, with a contract sales amount of approximately RMB 261 million [1]

Group 1 - The company, Juran Smart Home, announced the appointment of a new auditing firm, Lixin Certified Public Accountants, for the 2025 financial statement audit and internal control audit, to ensure the independence and objectivity of the audit work [1] - The company has communicated with both the current auditor, PwC Zhongtian, and the new auditor, Lixin, regarding this change, and both firms have acknowledged and agreed to the transition [1] - For the first half of 2025, the revenue composition of Juran Smart Home is as follows: 56.34% from product sales, 40.34% from leasing and franchise management services, and 1.61% from renovation services [1] Group 2 - As of the latest report, the market capitalization of Juran Smart Home is 18.4 billion yuan [2]

Group 1 - The core point of the article is that Juran Smart Home (SZ 000785) announced the convening of its 11th Board of Directors meeting on November 11, 2025, to discuss the reappointment of an accounting firm and other documents [1] - For the first half of 2025, Juran Smart Home's revenue composition was as follows: 56.34% from product sales, 40.34% from leasing and franchise management services, and 1.61% from renovation services [1] - As of the time of reporting, Juran Smart Home's market capitalization was 18.4 billion yuan [1]

Core Insights - The company, He Sheng Chuang Zhan, reported its unaudited operating brief for September, revealing a total contract sales amount of approximately 1.362 billion yuan [1] Group 1: Sales Breakdown - Total contract sales included approximately 1.216 billion yuan from property contracts [1] - Contract sales from renovation amounted to about 146 million yuan [1]

Core Viewpoint - The company reported a total contract sales amount of approximately RMB 11.264 billion for the nine months ending September 30, 2025, representing a year-on-year decrease of 12.62% [1] Group 1: Total Contract Sales - The total contract sales amount for the company and its joint ventures and associates for the nine months was approximately RMB 11.264 billion, with property contract sales around RMB 10.070 billion and renovation contract sales about RMB 1.194 billion [1] - For the month of September 2025, the total contract sales amount was approximately RMB 1.362 billion, showing a year-on-year increase of 17% [1] Group 2: Property Sales Performance - The property contract sales area for the nine months was approximately 428,315 square meters, with an average selling price of about RMB 23,510 per square meter [1] - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand was approximately 50,179 square meters, with a contract sales amount of about RMB 4.445 billion [1] Group 3: Monthly Sales Data - In September 2025, the contract sales area for properties managed by the company and its joint ventures and associates was approximately 2,588 square meters, with a contract sales amount of about RMB 209 million [1]