Movement Alert|BEKE-W Falls 3.06% in Regular Trading, Profit-Taking Emerges as Revenue-Profit Divergence Sparks Debate

Market Focus
09/01

On September 1, BEKE-W declined 3.06% in regular trading, trading at 45.38 HKD/share, with turnover of approximately 19.57 million HKD. The pullback comes amid investor divergence over the company's first-half results and profit-taking pressure following a policy-driven rally.

BEKE-W previously reported H1 results showing net revenue of 43.4 billion yuan, down 12% year-over-year, while adjusted net profit surged 49.2% to 4.796 billion yuan, presenting a notable revenue-profit divergence. In Q2, the platform recorded GTV of 933.8 billion yuan, up 6.3% year-over-year, with secondhand housing transaction volume rising 25%. The adjusted operating margin reached 14.6%, improving 8.5 percentage points. Multiple brokerages including Goldman Sachs, Citi, and CLSA maintained buy ratings, with Citi raising its target price to 75.4 HKD.

On August 28, a major housing credit reform policy jointly issued by the central bank and financial regulators had driven BEKE-W shares up nearly 6%, creating short-term profit-taking pressure. Meanwhile, the company has maintained a steady buyback pace, repurchasing approximately 2 million USD in shares daily throughout August, with cumulative buybacks reaching roughly 2.99 billion USD since the program launched.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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