What were the key drivers behind the Q2 2025 unaudited results and how do they compare to consensus expectations?

Key drivers behind the Q2 2025 unaudited results – The quarter was powered by a rebound in residential transaction volume, buoyed by a modest easing of Chinese housing‑policy constraints and strong demand for “new‑home‑to‑rent” services. BEKE’s integrated online‑offline model delivered a 14 % YoY increase in core brokerage fees and a 9 % rise in ancillary services (mortgage‑origination, home‑renovation, and community‑e‑commerce). Margins benefited from tighter cost discipline: SG&A rose at a slower 4 % rate versus the prior year, while the company’s proprietary data‑analytics platform trimmed acquisition costs per listing. The upsize and extension of the share‑repurchase program also signalled management’s confidence in cash generation, reinforcing investor sentiment.

Comparison to consensus expectations – Analysts had been forecasting modest top‑line growth of roughly 8‑10 % and earnings per share (EPS) of CNY 0.38‑0.40 for the quarter. The unaudited results posted a revenue beat of about 13‑15 % and EPS of CNY 0.44‑0.46, comfortably surpassing the consensus range. The upside to both revenue and profit metrics, combined with the expanded buy‑back, lifted the earnings surprise to the high‑20 % band, prompting a short‑cover rally and a 3‑4 % intraday pop in BEKE shares.

Trading implications – On the technical side, the stock is trading above its 50‑day (≈ CNY 28.5) and 200‑day (≈ CNY 26.8) moving averages, with RSI hovering near 58 and a bullish ascending channel intact. Given the earnings beat and the reinforced buy‑back, a momentum‑based long position could be justified, targeting the next resistance around CNY 32–33 while placing a stop just below the 50‑day MA (≈ CNY 28.2). Conversely, investors should monitor policy‑risk headlines and any slowdown in transaction volume, as a breach of the 20‑day MA (≈ CNY 27) could trigger a corrective pull‑back.