Core Viewpoint - Beike-W (02423) experienced a significant increase of over 6%, with a current price of HKD 46.24 and a trading volume of HKD 447 million, following the release of its third-quarter performance report [1] Financial Performance - In the third quarter, Beike reported a total transaction volume (GTV) of RMB 736.7 billion, with net revenue increasing by 2.1% to RMB 23.1 billion [1] - The net profit for the quarter was RMB 747 million, while the adjusted net profit reached RMB 1.286 billion, indicating a positive performance [1] - According to Bank of America Securities, Beike's third-quarter revenue of RMB 23.1 billion grew by 2% year-on-year, aligning with market consensus, while the adjusted net profit of RMB 1.3 billion exceeded expectations [1] Share Buyback Activity - In the third quarter of 2025, Beike's share buyback amount reached USD 281 million, marking the highest quarterly buyback in nearly two years [1] - As of the end of the third quarter of 2025, the total buyback amount for the fiscal year reached USD 675 million, reflecting a year-on-year increase of 15.7% [1] - Since initiating the buyback program in September 2022, Beike has repurchased approximately USD 2.3 billion worth of shares, representing 11.5% of the total shares outstanding prior to the buyback [1]