BEKE-W opened sharply higher by nearly 7% following its earnings release. As of press time, the stock was up 6.85% at HK$48.7, with a turnover of HK$5.8537 million.

On May 19, BEKE-W announced its first-quarter 2026 financial results. For the quarter, the company reported net revenue of RMB 18.9 billion and a net profit of RMB 1.255 billion, representing a year-on-year increase of 46.7%. The adjusted net profit reached RMB 1.611 billion, a 15.7% increase from the same period last year, surpassing market consensus expectations. The gross profit margin rose to 24.1%, an improvement of 3.5 percentage points year-on-year. The adjusted operating profit margin reached 8.8%, up 3.9 percentage points year-on-year, both marking new highs over the past seven quarters.

The first quarter saw positive developments in the property market, with a relatively pronounced "spring rebound" following the Lunar New Year, particularly evident in the secondary housing market. The transaction volume for secondary homes on the BEKE platform increased by 12% year-on-year, with March's monthly transaction volume hitting a record high, achieving a 21% year-on-year growth. Revenue from the existing home business reached RMB 6.1 billion, up 12.7% sequentially.

The company's operational quality is also improving, reflected in the synchronized growth of contribution margins across all core business segments. Specifically, revenue from the new home business for the quarter was RMB 5.1 billion, with its contribution margin improving by 2.3 percentage points year-on-year. Revenue from the home renovation business was RMB 2.3 billion, achieving a historically high contribution margin of 36.2%. Revenue from the rental business was RMB 5.0 billion, with its contribution margin increasing sequentially for the sixth consecutive quarter. The scale of managed rental properties exceeded 740,000 units, representing an approximate 47% year-on-year increase.