External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For Ke Holdings’ (Beike) 4Q25 results, we are anticipating revenue of RMB22.2bn, down 28.5% YoY due to high base, and non-GAAP NP of RMB427mn, translating into NPM of 1.9%, after taking into account the impact from one-off cost reduction measures.</li><li>Our 4Q25E revenue and non-GAAP NP forecasts were in line with Bloomberg consensus if excluding the impact from one-off cost reduction measures.</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><p><em>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.</em></p>

For Ke Holdings’ (Beike) 4Q25 results, we are anticipating revenue of RMB22.2bn, down 28.5% YoY due to high base, and non-GAAP NP of RMB427mn, translating into NPM of 1.9%, after taking into account the impact from one-off cost reduction measures.Our 4Q25E revenue and non-GAAP NP forecasts were in line with Bloomberg consensus if excluding the impact from one-off cost reduction measures.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) - Cost Reduction and New Business Profitability Improvement...

KE Holdings

Ke Holdings (BEKE US) - Cost Reduction and New Business Profitability Improvement...