Movement Alert|BEKE-W Falls 3.06% in Regular Trading, H1 Revenue Drops 12% YoY Weighing on Sentiment

Market Focus09-09

On September 9, BEKE-W fell 3.06% in regular trading, trading at HK$44.42/share, with turnover of approximately HK$97.55 million.

The decline comes as the market digests BEKE-W's interim results released on September 8. The company reported H1 revenue of RMB 43.4 billion, down 12% year-over-year, with total gross transaction value (GTV) falling 4.5% to RMB 1.65 trillion. New home transaction GTV saw a sharper 17.1% decline. Although adjusted net profit rose 49.2% to RMB 4.8 billion and operating margin improved from 3.3% to 9.9%, the persistent top-line contraction — coupled with reduced contributions from home renovation and furnishing services — has raised concerns over revenue growth sustainability.

Notably, multiple investment banks had previously reaffirmed bullish stances following Q2 results in late August. Goldman Sachs raised its target price to HK$63, Citi lifted its target to HK$75.4, and Changjiang Securities maintained a Buy rating, all citing superior profitability and operational efficiency gains. However, the widening gap between profit improvement and revenue decline appears to be tempering near-term market enthusiasm.

(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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