Initial Report(part3): KE Holdings Inc. (NYSE:BEKE) , 73% 5-yr Potential Upside (VIP GC,曾庆麟)
Overseas leader review The following section mainly analyzes the real estate brokerage market in the US The real estate brokerage market in the US is different from that in China. Its characteristics are as follows: 1) The US mainly sells existing houses, with second-hand existing houses accounting for about 90%, while China accounts for about 33%; 2) House sales are mainly single-family houses, accounting for about 82%; 3) The MLS system (full name Multiple Listing Service System or Housing Information Sharing System) is adopted. MLS is a place where agents with their membership status publish real housing listings. According to NAR statistics, 90% of home sellers have uploaded their listings to MLS. The US real estate brokerage market is relatively scattered. According to REALTRENDS Stat
Initial Report(part2): KE Holdings Inc. (NYSE:BEKE) , 73% 5-yr Potential Upside (VIP GC,曾庆麟)
New housing business There is great room for growth in the penetration rate of new housing business, and future growth mainly depends on the penetration rate. Currently, it is expected that the penetration rate of brokers in China's new housing transactions will be less than 40%, and the penetration rate in 2026 will only reach 45%, which is significantly lower than the expected penetration rate of 90.5% for existing houses, and there is obvious growth space. Based on the deep development of urbanization and the high and scarce land area in the city center, most real estate developers tend to choose locations in the suburbs or new development areas, and the customer visit rate is naturally low. For future customer acquisition needs, the position of brokers in new housing transactions will
Initial Report(part1): KE Holdings Inc. (NYSE:BEKE) , 73% 5-yr Potential Upside (VIP GC,曾庆麟)
Executive summary Industry: Despite fluctuations in real estate policies, the overall market size of the three major residential businesses (stock, new housing transactions, and housing leasing) is still steadily growing, and the penetration rate of real estate brokerage services is also continuing to rise Competition: China's largest online and offline integrated housing transaction and service platform, with significant competitive advantages. In 2021, Beike's transaction volume in the residential field (second-hand + first-hand) reached 3.85 trillion yuan, with a market share of 9.7%, ranking first, exceeding the sum of the second and fifth places combined Based on overseas experience, Beike has integrated the three elements of housing, customers, and agents in China, with very promine
Initial Report(part2): Pop Mart (HKSE)42.7% 1-yr Potential Upside (EIP, Calista CHEW)
2) Popmart has established a strong economic moat by actively seeking out global artists and securing intellectual property rights. This strategic move allows Popmart to develop its own unique toys and go beyond the production of toys solely derived from existing television series, establishing a distinctive brand presence. The company's in-house design team collaborates with artists to refine designs in alignment with the distinctive style of the intellectual property figures and incorporates valuable input from consumer feedback, enhancing the attractiveness of their products. This approach allows artists to concentrate on the creative design aspect while Popmart handles the commercialization process.A pivotal moment in Popmart's expansion was founder Wang Ning's visit to Kenny, the arti