reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong top-line growth and margins further hurt in 2H2...
China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand delivery. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Jin Yoon
BEKE 2Q25 Results: Visibility Remains Limited in the 2H
What’s new: KE Holdings’ reported 2Q25 revs that were in line with consensus but below our expectations. Housing market downturn has picked since beginning of Jul. Visibility remains limited in the 2H and any signs of recovery would be dependent on the potential policy rollouts in the coming months. We maintain our PT at US$26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 2Q25: In line results; pressured 3Q25 outlo...
Beike’s 2Q25 revenue grew 11% yoy to Rmb26b, in line with our and consensus estimates. Non-GAAP net profit declined 32% yoy to Rmb1.8b, better than expected. Non-GAAP net margin shrank 5ppt yoy to 7% in 2Q25. Beike guided for 3Q25 revenue to be lukewarm, remaining flattish or growing 2% yoy to Rmb22.5b-23.0b, 6% below consensus estimates. Maintain BUY with a lower target price of HK$60.00 (US$23.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, August 27, 2025
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb13.83/Target: Rmb16.70) Amid a challenging business environment, Aier delivered satisfactory 1H25 results with revenue and adjusted net earnings up 9.1% and 14.3% yoy respectively. The results are in line with our estimates. Management is confident about the growth outlook for Aier given rigid service demand despite the relatively weak economic conditions. Aier has further expanded its hospital network and will continue to improv...
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
02423 KE HOLDINGS INC.
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
KE Holdings Inc. Announces Upsizing and Extension of Share Repurchase ...
KE Holdings Inc. Announces Upsizing and Extension of Share Repurchase Program BEIJING, Aug. 26, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors have approved the upsizing and extension of its share repurchase program. As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$...
KE Holdings Inc. Announces Second Quarter 2025 Unaudited Financial Res...
KE Holdings Inc. Announces Second Quarter 2025 Unaudited Financial Results and Upsizing and Extension of Share Repurchase Program BEIJING, Aug. 26, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the second quarter ended June 30, 2025. Business and Financial Highlights for the Second Quarter 2025 Gross transaction value (GTV)1 was RMB878.7 billion (US$122.7 billion), an increase of 4.7% year-over-year. ...
KE Holdings Inc. to Report Second Quarter 2025 Financial Results on Au...
KE Holdings Inc. to Report Second Quarter 2025 Financial Results on August 26, 2025 Eastern Time BEIJING, Aug. 14, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the second quarter of 2025 before the U.S. market opens on Tuesday, August 26, 2025. The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Tuesday, August 26, 2025 (8:00 P.M. Beiji...
- Greater China Research Team
Greater China Strategy: Alpha Picks -- July Conviction Calls
June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
KE Holdings Inc. Announces Results of Annual General Meeting
KE Holdings Inc. Announces Results of Annual General Meeting BEIJING, June 27, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that each of the proposed resolutions submitted for shareholders’ approval (the “Proposed Resolutions”) as set forth in the notice of annual general meeting dated April 17, 2025 have been adopted at the meeting held in Beijing, China today. After the adoption of the Proposed Resolutions, all corporate authorization...
- Jin Yoon
BEKE 1Q25 Results: Uncertainties in the Housing Recovery Trend
What’s new: KE Holdings’ reported 1Q25 results that were above consensus and our expectations. While housing transaction volume (existing and new homes) continues to grow QTD, recovery trend remains uncertain. Furthermore, existing homes transaction volume could also face tougher comps in Jun. We maintain our PT at USD26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 1Q25: Solid earnings beat with AI integrati...
Beike’s 1Q25 revenue grew 42% yoy to Rmb23.3b, beating our and consensus estimates and better than the previously guided 37% yoy. Non-GAAP net profit remained flat yoy at Rmb1.4b, better than expectations. Non-GAAP net margin shrank 3ppt yoy to 6% in 1Q25. Beike guided a typical seasonal slowdown in 2Q25 on a sequential basis, while its yoy growth momentum still remains intact. Maintain BUY with a lower target price of HK$66.00 (US$25.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 16, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Ge...
KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Resu...
KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results BEIJING, May 15, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025. Business and Financial Highlights for the First Quarter 2025 Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580....
KE Holdings Inc. to Report First Quarter 2025 Financial Results on May...
KE Holdings Inc. to Report First Quarter 2025 Financial Results on May 15, 2025 Eastern Time BEIJING, April 30, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the first quarter of 2025 before the U.S. market opens on Thursday, May 15, 2025. The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing Time on Thu...
KE Holdings Inc. Releases 2024 Environmental, Social and Governance Re...
KE Holdings Inc. Releases 2024 Environmental, Social and Governance Report BEIJING, April 17, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today released its 2024 Environmental, Social and Governance report (the “2024 ESG Report”), highlighting Beike’s ongoing efforts to improve ESG strategy, enhance residential service experiences, empower industry participants, and contribute to a sustainable future for the value chain, all underpinned by its mission ...
KE Holdings Inc. Files Its Annual Report on Form 20-F
KE Holdings Inc. Files Its Annual Report on Form 20-F BEIJING, April 17, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission on April 17, 2025. The annual report can be accessed on the Company’s investor relations website at The Company will provide a hard copy of its annual report containing the audited co...
KE Holdings Inc. to Hold Annual General Meeting on June 13, 2025
KE Holdings Inc. to Hold Annual General Meeting on June 13, 2025 BEIJING, April 17, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will hold an annual general meeting of the Company’s shareholders (the “AGM”) at 10:00 a.m. Beijing time on Friday, June 13, 2025 at Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, PRC, for the purposes of considering and, if thought fit, passing each of the Prop...
- Jin Yoon
BEKE 4Q24 Results: Housing Transaction Volume Remains Resilient in 1Q
What’s new: KE Holdings’ reported 4Q24 revs that were above consensus and our expectations. Housing transaction volume (existing and new homes) could remain resilient, while margins could be partly impacted by continued investments in the core business segments. We maintain our PT at USD26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 4Q24: Solid top-line beat; earnings miss; e...
Beike’s 4Q24 revenue grew 54% yoy to Rmb31.1b, beating our and consensus estimates and better than the previously guided 39-44% yoy. Non-GAAP net profit declined 22% yoy to Rmb1.3b, missing expectations due to strategic investments in scaling up its platform. Non-GAAP net margin shrank 4ppt yoy to 4.3% in 4Q24. Beike guided a resilient 1Q25 home market, fuelled by the Spring Festival and stabilised 2025 outlook. Maintain BUY with a higher target price of HK$80.00 (US$31.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend...
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