Beike's First Financial Report: Net Profit Down 80% YoY in 3Q 2020
Since its listing in August 2020, Beike’s share price has risen four times.
On November 16, Beike released its first third-quarter financial report since listing. As of September 30, 2020, revenue reached CNY 20.5 billion, a year-on-year increase of 70.9%. Net profit was CNY 75 million, a decrease of 80% over the same period. The total transaction volume was CNY 1.05 trillion, a year-on-year increase of 87.2%.
In the third quarter, the revenue of stock house and new house transactions was CNY 8.8 billion and CNY 11.1 billion, an increase of 46.2% and 95% year-on-year, implying that the latter has become the new growth engine.
Operating costs in the third quarter were CNY 16.2 billion, an increase of 78% year-on-year. Beike claimed that the main reason was the increase in commission costs and salary expenses.
The gross profit was CNY 4.4 billion, a year-on-year increase of 49.1%; the gross profit margin was 21.3%, which was lower than 24.4% in the same period last year.
As of September 30, 2020, the number of stores reached 44,883, an increase of 41.7% year-on-year; the total number of agents was 477,810, an increase of 50.7% year-on-year; the average number of monthly active users was 47.9 million, an increase of 82.1% year-on-year.
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