SkiStar AB (publ) publishes the Annual and Sustainability Report for the financial year 2024/25 on SkiStar’s web page, https://investor.skistar.com/en. The Swedish Annual Report 2024/25 is also available on SkiStar's website in European Single Electronic Format (ESEF). This information is information that SkiStar AB is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 19 November 2025, 07. ...

Core Insights - The struggling property market in China has significantly impacted KE Holdings Ltd., leading to a 36% year-on-year profit decline in Q3 to 747 million yuan [2][4] - Despite a 20.2% revenue increase to 93.5 billion yuan in 2024, profit fell 31% to 4.08 billion yuan, indicating challenges in maintaining profitability amidst falling commissions [3][4] - KE Holdings has engaged in substantial share repurchases, totaling $2.3 billion over the last three years, with $675 million spent in 2023 alone [11] Financial Performance - Revenue for KE Holdings increased by 2.1% year-on-year in Q3 to 23.1 billion yuan, but profit saw a steep decline of 36.1% [4] - The total value of existing home transactions facilitated by KE rose 5.8% to 505.6 billion yuan, yet revenue from this segment fell 3.6% to 6 billion yuan [5] - New home transaction value dropped 13.7% to 196.3 billion yuan, leading to a 14.1% revenue decline in that segment [5] Business Strategy - KE Holdings has implemented a "one body, three wings" strategy to diversify its operations, focusing on core brokerage, home improvement, rental services, and property development [7] - The home improvement segment remained flat at 4.3 billion yuan, while the property development segment faces challenges due to high spending and modest returns in a weak market [8][9] Market Conditions - The ongoing downturn in China's property market continues to pressure KE's core brokerage operations, with no immediate recovery in sight [10] - Analysts have expressed bearish sentiments, with UBS reducing profit forecasts for 2025-2027 by 24% to 29% and downgrading the stock recommendation from "buy" to "hold" [13] Stock Performance - KE Holdings' shares have declined approximately 40% from their 12-month high, despite a strong rally in the Hong Kong stock market [10] - The company’s stock trades at a high forward P/E ratio of 34 times, indicating potential challenges for price appreciation in the near term [14] Long-term Outlook - KE Holdings has shown resilience compared to other sector players, maintaining revenue growth and market share despite profit declines [15] - The company's strong balance sheet positions it well to weather the downturn, with potential for significant benefits once the market recovers [16]

Core Points - Vallourec has signed an exclusive sale agreement with VINCI Immobilier for the Déville-lès-Rouen site, marking a significant milestone in the selling process [1][6] - The sale follows a major decontamination and rehabilitation process initiated by Vallourec since 2023, fulfilling commitments to local officials [2] - VINCI Immobilier's project aims to transform the site into a business hub, creating 300 jobs and providing spaces for local businesses [4] Company Overview - Vallourec is a leader in premium seamless tubular solutions, serving energy markets and demanding industrial applications, with nearly 13,000 employees across more than 20 countries [7] - VINCI Immobilier, a subsidiary of the VINCI Group, operates in property development, managed residences, and real estate services, focusing on urban planning and sustainable development [9][10]