External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.</li><li>Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.</li><li>The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ke Holdings’ (Beike) 3Q25 revenue rose 2.1% YoY to RMB23.1bn, inline with Bloomberg consensus, and non-GAAP net profit reached RMB1.3bn in the quarter, down 28% YoY but 5% ahead of consensus.Although overall industry headwinds persist, Beike has achieved market share gains and operating efficiency improvement of its core housing transaction business.The company is also driving profitability improvement for both home renovation &amp; furnishing (HR&amp;F) and home rental services, which in our view should all help drive a recovery in non-GAAP net profit in 2026E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ke Holdings (BEKE US) - Driving Profitability Improvement of New Businesses...

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est. </li>
<li>Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024. </li>
<li>We cut TP by US$1 to US$24 and maintain BUY.</li>
</ul>


Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est. 
Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024. 
We cut TP by US$1 to US$24 and maintain BUY.


[KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change

<ul><li>Ke Holdings’ (Beike) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).</li><li>Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.</li><li>Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ke Holdings’ (Beike) 2Q25 revenue rose 11% YoY to RMB26.0bn, inline with both CMBI estimates and Bloomberg consensus, mainly driven by new home transactions (+9% YoY), home rental services (+78% YoY), and home renovation and furnishing (HR&amp;F) business (+13% YoY).Non-GAAP net profit reached RMB1.8bn in the quarter (down 32% YoY), beating CMBI estimates/consensus by 4%/6%.Although property sales still see challenges in delivering a solid recovery, and Beike is hard to be immune from the industry headwind, the company is on the right track of operating efficiency improvement, which should bring better earnings elasticity when the industry recovers, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ke Holdings (BEKE US) - On the Right Track of Driving Operating Efficiency Improvement

<ul><li>For Ke Holdings’ (Beike) 2Q25 results which will be released on 26 Aug, we are anticipating revenue of RMB26.1bn, up 11.7% YoY, and non-GAAP net profit of RMB1.75bn, translating into non-GAAP net margin of 6.7%.</li><li>Our 2Q25E revenue/ non-GAAP NP forecasts are 0.4/2.2% ahead of Bloomberg consensus.</li><li>We remain positive that Beike is well positioned to expand its market share in home transaction business, aided by its strong technological capability, superior service quality, and well-established agent cooperation network (ACN). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For Ke Holdings’ (Beike) 2Q25 results which will be released on 26 Aug, we are anticipating revenue of RMB26.1bn, up 11.7% YoY, and non-GAAP net profit of RMB1.75bn, translating into non-GAAP net margin of 6.7%.Our 2Q25E revenue/ non-GAAP NP forecasts are 0.4/2.2% ahead of Bloomberg consensus.We remain positive that Beike is well positioned to expand its market share in home transaction business, aided by its strong technological capability, superior service quality, and well-established agent cooperation network (ACN). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ke Holdings (BEKE US) - 2Q25 Preview: Expecting Upbeat Results

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Exhibiting home revenue recovered significantly in 4Q24, while new home revenue recovered from 3Q24.</li>
<li>The growth rate of active stores and active agents accelerated quarter by quarter.</li>
<li>We conclude an upside of 105% and a price target of US$42.00. Buy.</li>
</ul>


Exhibiting home revenue recovered significantly in 4Q24, while new home revenue recovered from 3Q24.
The growth rate of active stores and active agents accelerated quarter by quarter.
We conclude an upside of 105% and a price target of US$42.00. Buy.


KE (BEKE US, 2423 HK): 2024 Result, Accelerating Quarter by Quarter, Upside Above 100%

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)