Financial PerformanceBeike’s home transaction revenue beat the estimate by RMB1b, and the adjusted profit beat by RMB0.8b, suggesting a potential upside to future quarters.
Market LeadershipKE Holdings is seen as a key beneficiary of the recent China policy pivot and potential cyclical recovery as the clear market leader in property brokerage in China.
Revenue GrowthRevenue increased 20% YoY to RMB23.4bn, and was 9% ahead of both forecast and Bloomberg consensus estimates, thanks to a beat on GTV of both new home transactions and existing home transactions.