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Today’s Key News Recap

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02423

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89888

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BEKE

1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

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Integral Acquisition  1

Integra Group (Russia) Sponsored GDR RegS

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Intel

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iShares Silver Tr

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HESAI-W

Hesai

TME-SW

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Integral Acquisition 1 - Unit

INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

Baidu HK SDR 10to1

Baidu

INTEL-T

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

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XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap

Conference Minutes

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The following are the minutes of the $Barrick Mining(B.US)eike (BEKE.US) FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Beike: Is There Really Still Hope?&#34; 1. Review of Core Financial Data Performance Overview: Total revenue was RMB 23.1 billion, a year-on-year increase of 2.1%; gross margin was 21.4%, a year-on-year decrease of 1.3 percentage points, mainly due to the decrease in the proportion of new home business revenue (which has a high contribution rate) and the decline in the contribution rate of the new home business itself...

Kimball Electron

Accenture

ONLINE OFFLINE

Ameriprise Financial

BEKE (Minutes): How to Reduce Costs and Increase Efficiency is the Absolute Focus

Financial Analysis

HOPE

SBCWW

Leading domestic housing intermediary--$KE(BEKE.US) announced its Q3 2025 results on the evening of November 10th before the US stock market opened. Overall, the performance can be summarized as &#34;not good, but not as bad as feared.&#34; Additionally, due to the recent significant pullback in the company's stock price, the low expectations implied by the relatively low stock price have led to some bottoming out and recovery. Specifically: 1. Revenue is still supportive, but profits are deeply underwater: In terms of overall performance, although the core intermediary business revenue experienced negative growth in the sluggish real estate market, it was offset by the strong performance of the slightly &#34;bloated&#34; rental business...

SBC Medical

Hope Bancorp

SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

BEKE: Is there still hope?

Beike 3Q25 Quick Interpretation: Overall, Beike's performance this quarter can be summarized as &#34;not good, but not as bad as feared.&#34; Due to the recent general decline in U.S. stocks, the company's share price has also retreated by more than 15%, hitting bottom and recovering amid low expectations &amp; stock prices. 1) In terms of financial performance, total revenue for the quarter grew approximately 2% year-on-year, largely in line with expectations. Although the gross profit margin declined year-on-year, leading to a decrease in gross profit by 200 million (-4% yoy), the expectation was lower at -7%. Facing industry headwinds, the company timely reduced its expenses, with total operating expenses down approximately 2% year-on-year (about 80 million). As a result, the final operating profit only declined by slightly over 100 million year-on-year, better than market expectations. The market's main focus, adjusted net profit was 1.29 billion, down nearly 500 million from the same period last year (the decline was larger than operating profit, mainly due to lower SBC expenses this quarter). Although it is clearly not good in absolute terms, it is still much better than the market expectation of 1 billion adjusted profit. 2) In terms of operating indicators, this quarter the transaction volume of existing homes and new homes grew 6% and declined 14% year-on-year, respectively. The transaction situation of existing homes was consistent with market expectations, but new homes were worse. As policy benefits nearly fade and gradually enter last year's high base period, the real estate transaction situation is generally within the expected range of poor performance. 3) In terms of monetization, since the monetization rate of existing homes and new homes is still declining year-on-year, the revenue growth rate of both businesses is negative (in line with market expectations). However, from a quarter-on-quarter perspective, the monetization rate has actually stabilized and rebounded, which is not a bad news. Similarly, although the contribution gross profit margin of new home and existing home businesses (calculated by contribution profit/GTV) also declined year-on-year, it was generally stable from a quarter-on-quarter perspective. 4) Among other businesses, the housing rental business performed well, partially offsetting the decline in performance of core traditional businesses. This quarter, rental income continued to grow significantly by 45% year-on-year, much better than expected. Meanwhile, the contribution gross profit margin of the rental business also continued to rise slightly by 0.3 percentage points quarter-on-quarter, offsetting the year-on-year decline in core business profits. $KE(BEKE.US) $BEKE-W(02423.HK)

The following is the $KE(BEKE.US) FY25 Q2 earnings call minutes. For earnings interpretation, please refer to the article &#34;贝壳: The Real Estate Market Cools Again, Can Beijing and Shanghai's 'Relaxation of Purchase Restrictions' Turn the Tide?&#34; 1. Review of Key Financial Information 1. Shareholder Return Plan: As of the end of June 2025, the company has repurchased $2 billion worth of shares, accounting for approximately 10.3% of the total outstanding shares before the repurchase plan began. The Board of Directors has approved an increase in the authorization amount for the new share repurchase plan to $5 billion, with an extension planned until August 31, 2028...

BEKE (Minutes): Will eliminate and optimize inefficient stores and agents in Beijing and Shanghai

$KE(BEKE.US) announced its Q2 2025 earnings before the U.S. stock market opened on the evening of August 26. Overall, the performance was relatively mediocre, with revenue growth slowing as expected and profits slightly underperforming expectations, lacking any standout features. Specifically: 1. In terms of large numbers, due to the renewed cooling of the domestic real estate market in the second quarter, Beike's total revenue growth rate declined to 11% year-on-year, which was completely in line with expectations. The new home and innovative business segments performed relatively well, but the existing home business was weaker. However, in terms of profits, although the profit margin improved compared to the previous quarter, market expectations were higher, as the gross margin was 1 percentage point lower than expected...

BEKE: The real estate market cools again, can Beijing and Shanghai's 'relaxation of purchase restrictions' turn the tide?

Beike 2Q25 Quick Interpretation: Overall, Beike's performance this quarter was relatively mediocre. Total revenue was generally in line with market expectations, but profits were slightly lower, lacking any standout features. Specifically: 1) In terms of large numbers, affected by the cooling of the domestic real estate market in the second quarter, the total revenue growth rate slowed to 11%, consistent with expectations. New home and innovative businesses were relatively strong, but the existing home business was weaker. In terms of profit, both gross profit and operating profit were slightly below expectations. The adjusted net profit exceeded expectations mainly due to investment income and lower taxes. 2) By segment, due to the weakening of the second-hand housing market in major cities, the GTV of existing homes this quarter only increased by 2% year-on-year, and revenue even decreased by 8%, showing poor performance. However, the new home business benefited from the company's market share increase, with transaction volume and revenue both growing by 9% year-on-year against the trend. The innovative business, led by strong growth in the rental business (up 78% year-on-year), also slightly exceeded expectations in actual revenue. 3) On the gross profit side, due to the increased proportion of low-margin rental business in the structure, and the commission ratio of transaction intermediary business rising year-on-year, the overall gross profit margin of the company significantly narrowed by 6 percentage points year-on-year, dragging down gross profit by 13%. However, from a quarter-on-quarter perspective, the gross profit margin of rental and transaction intermediary businesses slightly improved compared to the previous quarter. It can only be said that the market's expected improvement was somewhat overestimated. 4) In terms of expenses, due to the continued increase in the number of stores, market expectations were for a significant increase in expense spending. However, the actual total operating expenses only increased by 3% year-on-year, partially offsetting the impact of the gross profit margin decline. Therefore, although the final profit was slightly below expectations, the actual 4.1% OPM showed a significant improvement from the previous quarter's low of 2.5%.$KE(BEKE.US) $BEKE-W(02423.HK)

Below is the earnings call $KE(BEKE.US) FY25 Q1 Minutes. For the earnings review, please refer to &#34;As Long as You Survive the Roller Coaster of the Property Market, the Leading Shell is Fine&#34;. 1. Review of Key Earnings Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Management Statements 1. Strategic Focus Areas Home Renovation Business: Advancing product design and project management capabilities, with the average monthly orders per project manager increasing by 156% year-over-year. Rental Services: Managing over 500,000 rental properties...

TAL Edu

Shell (Minutes): If the property market worsens in Q3, there may be more supportive policies.

Due to the clash with Alibaba's earnings on Thursday night, Dolphin has supplemented the earnings review of $KE(BEKE.US) released on the same day. Overall, the growth performance for the quarter was better than expected, but the old issue of increasing revenue without increasing profit that started last season has not been resolved. Total revenue increased by 42%, but adjusted net profit grew by 0% year-on-year. The specific points are as follows: 1. The core of the core stock housing business saw a 28% year-on-year increase in GTV this quarter, with the policy dividend still lingering. Compared to the expected 24% growth, it is also a good beat. According to the research by Beike Research Institute, the national second-hand housing transaction volume increased by 17% over the same period...

As long as you endure the real estate market's 'roller coaster', Longyi Beike will be fine

BEKE delivered solid performance this quarter, but its stock price still fell, reflecting lingering macro uncertainties in the property market.Due to overlapping with Alibaba's earnings release last night, we'll briefly comment on BEKE's performance first and provide a detailed analysis later.Overall, thanks to property support policies since late last year, the company's key metrics including GTV, revenue, and profit this quarter all exceeded expectations.However, in terms of stock price reaction, BEKE had already declined significantly before the earnings release, showing profit-taking tendencies. Although the better-than-expected results did cause a short-term rally, the stock eventually fell again. This is mainly because BEKE's performance remains heavily dependent on macro property market uncertainties, while recent high-frequency data shows both YoY and MoM declines in April and early May property transactions. Therefore, the solid Q1 results indeed presented a potential selling opportunity.From the earnings perspective, the main weakness was the QoQ decline in combined commission rates for both new and existing home transactions. Contributing factors include the growing proportion of non-self-operated business in revenue structure, possibly due to regulatory considerations, but also reflecting the prevailing &#34;volume over price&#34; trend. The company has been promoting transactions through commission discounts.The result is that while profits were better than more conservative expectations, on an absolute trend basis, adjusted net profit merely stayed flat YoY despite 37% total revenue growth. The problem of revenue growth without corresponding profit growth that emerged last quarter hasn't been reversed.$KE(BEKE.US)$BEKE-W(02423.HK)

KE Holdings Repurchased Shares

Ke Holdings Conducts Fourth Share Repurchase This Year But Stock Price Remains Weak

Beihaojia's C2M Model Shines with Project Beilian C1 in Shanghai Market

Ke Bie-W repurchased 542,600 shares for $2.9998 million

Shenzhen housing market volume up 12% year-on-year, hits a new high

KE Holdings Announces Large-Scale Layoffs

Keenon repurchased 520,000 shares for $2.9964 million

Ke Holdings' Bihaojia Launches Top-Class Luxury Residential Project Bei Chen S1 in Chengdu

Ke Beach-W repurchased 515,500 shares

Kejian Find House Launches Large-Scale Layoffs

Ke Holdings Reports Third Quarter Earnings With Revenue Growth but Declining Net Profit

Kejian-W repurchased about 516,600 shares for about 3 million US dollars

Partial Owners in Shanghai Century Jiangwan Sell Houses Based on Listed Prices

Guosheng Securities Issues Buy Rating on KE Holdings-W

Kejian-W repurchased 544,200 shares

Alberta Investment Management Corp Significantly Reduced Holdings in KE Holdings

Goldman Sachs Cuts Forward Estimates and Target Prices for Ke Holdings

Kejian-W repurchased 530,800 shares for 3 million USD

Ke.com Reports Q3 2025 Earnings: Revenue Growth and Non-Housing Transaction Business Breakthrough

Kejian-W repurchased 534,000 shares for $3 million

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LEMO SERVICES

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ZHONGJIA GX RTS

DOUMOB

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ARTGO HOLDINGS

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TIANYU SEMI

TONGDA HONG TAI

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