On August 12th, Beike (NYSE: BEKE; HKEX: 2423), a technology driven one-stop new residential service platform, released its financial results for the second quarter of 2024. According to the financial report, the total trading volume (GTV) of Beike in the second quarter was 839 billion yuan (RMB, the same below), with a net income of 23.4 billion yuan, a year-on-year increase of 19.9%. The net profit reached 1.9 billion yuan, a year-on-year increase of 46.2%, and the adjusted net profit was 2.69 billion yuan, a year-on-year increase of 13.9%, exceeding market consensus expectations.
Beike always adheres to a neutral market concept, strengthens the construction of business bottom level capabilities, and builds a new "one-stop" residential service model. During the reporting period, Beike achieved better performance than the market, with a net income of 7.3 billion yuan from its existing housing business, a year-on-year increase of 14.3%, and a net income of 7.9 billion yuan from its new housing business. The new track business is accelerating its growth, with non real estate transaction service revenue increasing by 85.3% year-on-year, accounting for about 35%. Among them, the net revenue of home decoration and home furnishing business increased by 53.9% year-on-year to 4 billion yuan, and the net revenue of housing rental services increased by 167.1% year-on-year to 3.2 billion yuan.