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BEIJING, March 16, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, and also announced a final cash dividend.

Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2025

Gross transaction value (GTV)1 in 2025 was RMB3,183.3 billion (US$455.2 billion), a decrease of 5.0% year-over-year. GTV of existing home transactions was RMB2,151.5 billion (US$307.7 billion), a decrease of 4.2% year-over-year. GTV of new home transactions was RMB890.9 billion (US$127.4 billion), a decrease of 8.2% year-over-year.
In the fourth quarter of 2025, GTV was RMB724.1 billion (US$103.6 billion), a decrease of 36.7% year-over-year. GTV of existing home transactions was RMB482.0 billion (US$68.9 billion), a decrease of 35.3% year-over-year. GTV of new home transactions was RMB207.0 billion (US$29.6 billion), a decrease of 41.7% year-over-year.Net revenues in 2025 were RMB94.6 billion (US$13.5 billion), an increase of 1.2% year-over-year.
In the fourth quarter of 2025, net revenues were RMB22.2 billion (US$3.2 billion), a decrease of 28.7% year-over-year.Net income in 2025 was RMB2,991 million (US$428 million), a decrease of 26.7% year-over-year.
Adjusted net income2 in 2025 was RMB5,017 million (US$717 million), a decrease of 30.4% year-over-year.
In the fourth quarter of 2025, net income was RMB82 million (US$12 million), compared to RMB577 million in the same period of 2024. Adjusted net income was RMB517 million (US$74 million), a decrease of 61.5% year-over-year.Number of stores was 61,139 as of December 31, 2025, a 18.5% increase from one year ago. Number of active stores3 was 58,376 as of December 31, 2025, a 17.5% increase from one year ago.Number of agents was 523,009 as of December 31, 2025, a 4.6% increase from one year ago. Number of active agents4 was 445,632 as of December 31, 2025, relatively flat compared with one year ago.Mobile monthly active users (MAU)5 averaged 43.8 million in the fourth quarter of 2025, compared to 43.2 million in the same period of 2024.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “In 2025, in response to the profound evolution of residential service demands, we centered our efforts on customer value and drove a strategic upgrade toward efficiency-driven growth.

In our home transaction services, we leveraged data and AI capabilities to reshape our service and business models, consistently enhancing the platform’s professional service competencies and operational efficiency. In our home renovation and furnishing and home rental services, we focused on improving the quality of profitability and establishing sustainable, replicable operating models, bringing both businesses into a healthier stage of development.”

“Looking ahead, we believe that the true ability to navigate market cycles stems not from scale itself, but from the capacity to consistently create genuine value for consumers. In 2026, we will respond more profoundly to customer needs, building systematic service capabilities that span the residential lifecycle. Meanwhile, we will leverage AI technology to reconstruct our competitive moats, further amplifying the professional value of service providers and platform efficiency, and ultimately elevating the living experience for consumers through higher-quality services,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In 2025, we implemented a series of efficiency-enhancing initiatives focused on optimizing unit economics and the Company's cost structure, thereby strengthening the Company's operational resilience for the future. Despite a challenging market environment, the Company's net revenues grew by 1.2% year-over-year to RMB94.6 billion in 2025. Our cost and expense structure also improved: the contribution margin for new home transaction services increased by 0.2 percentage point year-over-year in 2025, while the contribution margin for existing home transaction services improved sequentially in the fourth quarter of 2025. Profitability for home renovation and furnishing, as well as home rental services, continued to progress, achieving a significant narrowing of loss and full-year profitability at the operating level, respectively. Operational efficiency also trended upward, with the ratio of operating expenses to net revenues decreasing by 1.4 percentage points year-over-year for the full year 2025.

We remain steadfast in our commitment to rewarding shareholders through proactive capital allocation measures. In 2025, we have in aggregate repurchased shares with a total consideration of approximately US$921 million, representing a year-over-year increase of approximately 29%. Meanwhile, we are here to declare a final cash dividend, with an aggregate amount of approximately US$0.3 billion. Altogether, our total shareholder return for 2025 reached approximately US$1.2 billion, up over 9% year-over-year.

Looking ahead, we will maintain prudent financial discipline and enhance resource allocation efficiency. While ensuring support for long-term strategic investments, we will continue to optimize our capital allocation structure to create sustainable, long-term value for our shareholders.”

Fourth Quarter 2025 Financial Results

Net Revenues

Net revenues decreased by 28.7% to RMB22.2 billion (US$3.2 billion) in the fourth quarter of 2025 from RMB31.1 billion in the same period of 2024, primarily attributable to the high base of net revenues from new home and existing home transaction services, which is partially offset by the increase of net revenues from home rental services.

Net revenues from existing home transaction services decreased by 39.0% to RMB5.4 billion (US$0.8 billion) in the fourth quarter of 2025 from RMB8.9 billion in the same period of 2024, primarily due to a high base effect for GTV of existing home transactions, which decreased by 35.3% to RMB482.0 billion (US$68.9 billion) in the fourth quarter of 2025 from RMB744.8 billion in the same period of 2024.Among that, (i) commission revenue decreased by 42.9% to RMB4.2 billion (US$0.6 billion) in the fourth quarter of 2025 from RMB7.4 billion in the same period of 2024, primarily due to a high base effect for GTV of existing home transactions served by Lianjia stores, which decreased by 43.0% to RMB177.6 billion (US$25.4 billion) in the fourth quarter of 2025 from RMB311.7 billion in the same period of 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform, decreased by 19.9% to RMB1.2 billion (US$0.2 billion) in the fourth quarter of 2025 from RMB1.5 billion in the same period of 2024, primarily due to a high base effect for GTV of existing home transactions served by connected agents on the Company’s platform in the same period of 2024, which decreased by 29.7% to RMB304.5 billion (US$43.5 billion) in the fourth quarter of 2025 from RMB433.2 billion in the same period of 2024.

Net revenues from new home transaction services decreased by 44.5% to RMB7.3 billion (US$1.0 billion) in the fourth quarter of 2025 from RMB13.1 billion in the same period of 2024, primarily due to due to a high base effect for GTV of new home transactions in the same period of 2024, which decreased by 41.7% to RMB207.0 billion (US$29.6 billion) in the fourth quarter of 2025 from RMB355.3 billion in the same period of 2024. Of these, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise in new home transaction services and other sales channels decreased by 41.3% to RMB168.7 billion (US$24.1 billion) in the fourth quarter of 2025 from RMB287.5 billion in the same period of 2024, while the GTV of new home transactions served by Lianjia brand decreased by 43.5% to RMB38.3 billion (US$5.5 billion) in the fourth quarter of 2025 from RMB67.8 billion in the same period of 2024.Net revenues from home renovation and furnishing decreased by 12.0% to RMB3.6 billion (US$0.5 billion) in the fourth quarter of 2025 from RMB4.1 billion in the same period of 2024, as the Company proactively optimized the channel mix and moderated pace of certain non-brokerage channels.Net revenues from home rental services increased by 18.1% to RMB5.4 billion (US$0.8 billion) in the fourth quarter of 2025 from RMB4.6 billion in the same period of 2024, primarily attributable to the increase in the number of rental units under the Carefree Rent model, partially offset by the impact of an increasing proportion of a new product offering within the Carefree Rent business. Under the new model, the homeowners retain control over and beneficial interest in the properties, while the Company provides leasing agency services and lease term management services to both homeowners and tenants. Accordingly, under the new model, revenue is recognized based on net service fees derived from two sources: (1) commissions earned for facilitating the signing of lease agreements between homeowners and tenants; and (2) fees for lease term management services rendered throughout the lease period.Net revenues from emerging and other services were RMB459 million (US$66 million) in the fourth quarter of 2025, relatively flat compared with RMB439 million in the same period of 2024.
Cost of Revenues

Total cost of revenues decreased by 27.2% to RMB17.4 billion (US$2.5 billion) in the fourth quarter of 2025 from RMB24.0 billion in the same period of 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels decreased by 46.6% to RMB4.6 billion (US$0.7 billion) in the fourth quarter of 2025 from RMB8.7 billion in the same period of 2024, primarily due to the decrease in GTV of new home transactions facilitated through connected agents and other sales channels.Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation decreased by 39.8% to RMB3.9 billion (US$0.6 billion) in the fourth quarter of 2025 from RMB6.5 billion in the same period of 2024, primarily attributable to the decrease in commission of Lianjia agents, consistent with the decreased GTV of existing and new home transactions they served by, as well as the decreased fixed personnel costs due to Company's disciplined headcount control.Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing was RMB2.6 billion (US$0.4 billion) in the fourth quarter of 2025, a decrease of 10.8% from RMB2.9 billion in the same period of 2024, which was in line with the trend in net revenues from home renovation and furnishing.Cost of home rental services. The Company’s cost of revenues for home rental services, which mainly consists of variable cost, increased by 10.9% to RMB4.8 billion (US$0.7 billion) in the fourth quarter of 2025 from RMB4.4 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services, partially offset by an improved contribution margin resulting from   an increasing proportion of the new product offering with a higher contribution margin under the Carefree Rent business, as well as enhanced operational efficiency.Cost related to stores. The Company’s cost related to stores decreased by 9.6% to RMB0.7 billion (US$0.1 billion) in the fourth quarter of 2025 from RMB0.8 billion in the same period of 2024, primarily attributable to the Lianjia stores optimization.Other costs. The Company’s other costs were RMB765 million (US$109 million) in the fourth quarter of 2025, relatively flat compared with RMB747 million in the same period of 2024.
Gross Profit

Gross profit decreased by 33.7% to RMB4.8 billion (US$0.7 billion) in the fourth quarter of 2025 from RMB7.2 billion in the same period of 2024. Gross margin decreased to 21.4% in the fourth quarter of 2025 from 23.0% in the same period of 2024, primarily due to reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin, partially offset by the increased contribution margin of home rental services.

Income (Loss) from Operations

Total operating expenses decreased by 20.4% to RMB4.9 billion (US$0.7 billion) in the fourth quarter of 2025 from RMB6.2 billion in the same period of 2024, primarily due to the Company’s cost optimization initiatives.

General and administrative expenses decreased by 23.9% to RMB2.3 billion (US$0.3 billion) in the fourth quarter of 2025 from RMB3.0 billion in the same period of 2024, primarily due to the Company’s cost optimization initiatives, as well as the decrease in both the provision for credit losses and share-based compensation expenses.Sales and marketing expenses decreased by 17.7% to RMB1.9 billion (US$0.3 billion) in the fourth quarter of 2025 from RMB2.3 billion in the same period of 2024, primarily due to the Company’s cost optimization initiatives, including lower personnel costs as well as reduced advertising and promotion expenses.Research and development expenses were RMB715 million (US$102 million) in the fourth quarter of 2025, relatively flat compared with RMB739 million in the same period of 2024.
Loss from operations was RMB147 million (US$21 million) in the fourth quarter of 2025, compared to income from operations of RMB1,011 million in the same period of 2024. Operating margin decreased to negative 0.7% in the fourth quarter of 2025 from 3.2% in the same period of 2024, primarily due to the decreased gross profit margin, as well as certain one-off expenses related to the Company’s cost optimization initiatives incurred in the fourth quarter of 2025.

Adjusted income from operations6 was RMB323 million (US$46 million) in the fourth quarter of 2025, compared to RMB1,755 million in the same period of 2024. Adjusted operating margin7 was 1.5% in the fourth quarter of 2025, compared to 5.6% in the same period of 2024. Adjusted EBITDA8 was RMB910 million (US$130 million) in the fourth quarter of 2025, compared to RMB2,343 million in the same period of 2024.

Net Income

Net income was RMB82 million (US$12 million) in the fourth quarter of 2025, compared to RMB577 million in the same period of 2024.

Adjusted net income decreased by 61.5% to RMB517 million (US$74 million) in the fourth quarter of 2025, from RMB1,344 million in the same period of 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB88 million (US$13 million) in the fourth quarter of 2025, compared to RMB570 million in the same period of 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB523 million (US$75 million) in the fourth quarter of 2025, compared to RMB1,336 million in the same period of 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.08 (US$0.01) and RMB0.08 (US$0.01) in the fourth quarter of 2025, respectively, compared to basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders RMB0.51 and RMB0.49 in the same period of 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB0.48 (US$0.07) and RMB0.46 (US$0.07) in the fourth quarter of 2025, respectively, compared to RMB1.19 and RMB1.14 in the same period of 2024, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of December 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB55.5 billion (US$7.9 billion).

Fiscal Year 2025 Financial Results

Net Revenues

Net revenues were RMB94.6 billion (US$13.5 billion) in 2025, compared to RMB93.5 billion in 2024, primarily attributable to the increase of net revenues from home rental services and home renovation and furnishing, which was partially offset by the decrease of net revenues from new home and existing home transaction services.

Net revenues from existing home transaction services decreased by 11.3% to RMB25.0 billion (US$3.6 billion) in 2025 from RMB28.2 billion in 2024. GTV of existing home transactions decreased by 4.2% to RMB2,151.5 billion (US$307.7 billion) in 2025 from RMB2,246.5 billion in 2024. The steeper decline in net revenues relative to GTV in existing home transaction services was primarily attributable to a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis.Among that, (i) commission revenue decreased by 13.5% to RMB20.0 billion (US$2.9 billion) in 2025, from RMB23.1 billion in 2024, primarily due to the decreased GTV of existing home transactions served by Lianjia stores of 12.7% to RMB802.1 billion (US$114.7 billion) in 2025 from RMB918.5 billion in 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform, were RMB5.0 billion (US$0.7 billion) in 2025, relatively stable compared with RMB5.1 billion in 2024, while GTV of existing home transactions served by connected agents on the Company’s platform increased by 1.6% to RMB1,349.4 billion (US$193.0 billion) in 2025 from RMB1,328.0 billion in 2024.

Net revenues from new home transaction services decreased by 9.1% to RMB30.6 billion (US$4.4 billion) in 2025 from RMB33.7 billion in 2024, primarily due to the decrease of GTV of new home transactions of 8.2% to RMB890.9 billion (US$127.4 billion) in 2025 from RMB970.0 billion in 2024. Of these, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise in new home transaction services and other sales channels decreased by 7.0% to RMB729.2 billion (US$104.3 billion) in 2025 from RMB784.4 billion in 2024, and the GTV of new home transactions served by Lianjia brand decreased by 12.9% to RMB161.6 billion (US$23.1 billion) in 2025 from RMB185.6 billion in 2024.Net revenues from home renovation and furnishing increased by 4.4% to RMB15.4 billion (US$2.2 billion) in 2025 from RMB14.8 billion in 2024.Net revenues from home rental services increased by 52.8% to RMB21.9 billion (US$3.1 billion) in 2025 from RMB14.3 billion in 2024, primarily attributable to the increase in the number of rental units under the Carefree Rent model, partially offset by a shift in revenue recognition mix resulting from an increasing proportion of the new product offering within the Carefree Rent business.Net revenues from emerging and other services were RMB1.6 billion (US$0.2 billion) in 2025, compared to RMB2.5 billion in 2024.
Cost of Revenues

Total cost of revenues increased by 5.5% to RMB74.4 billion (US$10.6 billion) in 2025 from RMB70.5 billion in 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels decreased by 8.3% to RMB20.9 billion (US$3.0 billion) in 2025, from RMB22.8 billion in 2024, primarily due to the decrease in GTV of new home transactions facilitated through connected agents and other sales channels.Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation decreased by 6.6% to RMB17.7 billion (US$2.5 billion) in 2025 from RMB18.9 billion in 2024, primarily due to the decrease in commission of home transaction services for Lianjia agents, resulting from the decreased GTV of home transactions they served by.Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 3.4% to RMB10.6 billion (US$1.5 billion) in 2025 from RMB10.2 billion in 2024, which was in line with the growth of net revenues from home renovation and furnishing.Cost of home rental services. The Company’s cost of revenues for home rental services which mainly consists of variable costs, increased by 47.0% to RMB20.0 billion (US$2.9 billion) in 2025 from RMB13.6 billion in 2024, primarily attributable to the growth of net revenues from home rental services, partially offset by an improved contribution margin resulting from an increasing proportion of the new product offering with a higher contribution margin under the Carefree Rent business, as well as enhanced operational efficiency.Cost related to stores. The Company’s cost related to stores was RMB2.9 billion (US$0.4 billion) in 2025, relatively flat compared with RMB2.9 billion in 2024.Other costs. The Company’s other costs were RMB2.4 billion (US$0.3 billion) in 2025, compared with RMB2.1 billion in 2024, primarily attributable to the increase in the direct technical infrastructure costs such as cloud storage costs.
Gross Profit

Gross profit decreased by 11.9% to RMB20.2 billion (US$2.9 billion) in 2025 from RMB22.9 billion in 2024. Gross margin decreased to 21.4% in 2025 from 24.6% in 2024, primarily due to (a) reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin and (b) a drop in contribution margin of existing home transaction services, which was primarily due to the increase in fixed compensation costs for Lianjia agents. The decline in gross margin was partially offset by the increased contribution margin of home rental services.

Income from Operations

Total operating expenses decreased by 5.6% to RMB18.1 billion (US$2.6 billion) in 2025 from RMB19.2 billion in 2024.

General and administrative expenses decreased by 9.9% to RMB8.1 billion (US$1.2 billion) in 2025, from RMB9.0 billion in 2024, primarily due to the decrease in share-based compensation expenses and provision for credit losses.Sales and marketing expenses decreased by 5.8% to RMB7.3 billion (US$1.0 billion) in 2025 from RMB7.8 billion in 2024, primarily due to the Company’s cost optimization initiatives, including lower personnel costs as well as reduced advertising and promotion expenses.Research and development expenses increased by 13.0% to RMB2.6 billion (US$0.4 billion) in 2025 from RMB2.3 billion in 2024, primarily due to the increased personnel costs.
Income from operations was RMB2,111 million (US$302 million) in 2025, compared to RMB3,765 million in 2024. Operating margin decreased to 2.2% in 2025 from 4.0% in 2024, primarily due to the decreased gross profit margin, partially offset by the improved operating leverage.

Adjusted income from operations12 was RMB4,250 million (US$608 million) in 2025, compared to RMB6,890 million in 2024. Adjusted operating margin13 was 4.5% in 2025, compared to 7.4% in 2024. Adjusted EBITDA14 was RMB6,877 million (US$983 million) in 2025, compared to RMB9,534 million in 2024.

Net Income

Net income was RMB2,991 million (US$428 million) in 2025, compared to RMB4,078 million in 2024.

Adjusted net income decreased by 30.4% to RMB5,017 million (US$717 million) in 2025, from RMB7,211 million in 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB2,994 million (US$428 million) in 2025, compared to RMB4,065 million in 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders15 was RMB5,020 million (US$718 million) in 2025, compared to RMB7,198 million in 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders16 were RMB2.70 (US$0.39) and RMB2.59 (US$0.37) in 2025, respectively, compared to RMB3.58 and RMB3.45 in 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders17 were RMB4.53 (US$0.65) and RMB4.34 (US$0.62) in 2025, respectively, compared to RMB6.33 and RMB6.10 in 2024, respectively.

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, August 2024 and August 2025, under which the Company may purchase up to US$5 billion of its Class A ordinary shares and/or ADSs until August 31, 2028, subject to obtaining general unconditional mandate for the repurchase from the shareholders of the Company at each of the next three annual general meetings to be held in the forthcoming years to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 27, 2025. As of December 31, 2025, the Company in aggregate has purchased approximately 159.3 million ADSs (representing approximately 477.8 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$2,546.5 million under this share repurchase program since its launch.

Final Cash Dividend

The Company is pleased to announce that its board of directors (the “Board”) has approved a final cash dividend (the “Dividend”) of US$0.092 per ordinary share, or US$0.276 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 8, 2026, Beijing/ Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.3 billion, which will be funded by cash surplus on the Company’s balance sheet.

For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 8, 2026 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 21, 2026 for holders of ordinary shares, and on or around April 24, 2026 for holders of ADSs.

Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon its future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

Conference Call Information

The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Monday, March 16, 2026 (8:00 P.M. Beijing/Hong Kong Time on Monday, March 16, 2026) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10052404-g5f4d3.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10052407-e3f4ch.html

A replay of the conference call will be accessible through March 23, 2026, by dialing the following numbers:

United States:+1-855-883-1031Mainland, China:400-1209-216Hong Kong, China:800-930-639International:+61-7-3107-6325Replay PIN (English line):10052404Replay PIN (Chinese simultaneous interpretation line):10052407   A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. The Group recognized fair value loss and impairment in relation to its investments in Beihaojia business. As such impairment does not represent a non-recurring item, it has not been excluded when calculating Non‑GAAP financial measures.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 24 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

Source: KE Holdings Inc.

 KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share data)   As of
December 31, As of
December 31,  2024 2025  RMB RMB US$       ASSETS      Current assets      Cash and cash equivalents 11,442,965 7,773,182 1,111,550Restricted cash 8,858,449 8,170,605 1,168,381Short-term investments 41,317,700 39,579,961 5,659,859Financing receivables, net of allowance for credit losses of RMB147,330 and RMB174,478 as of December 31, 2024 and 2025, respectively 2,835,527 1,353,682 193,574Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,612,202 as of December 31, 2024 and 2025, respectively 5,497,989 3,936,976 562,980Amounts due from and prepayments to related parties 379,218 409,867 58,610Loan receivables from related parties 18,797 315,755 45,152Inventories 1,609,876 2,854,034 408,121Prepayments, receivables and other assets 4,642,824 3,726,128 532,829Total current assets 76,603,345 68,120,190 9,741,056Non-current assets      Property, plant and equipment, net 2,400,211 2,069,624 295,952Right-of-use assets 23,366,879 19,144,129 2,737,574Long-term investments, net 23,790,106 20,148,524 2,881,201Intangible assets, net 857,635 722,676 103,341Goodwill 4,777,420 4,660,360 666,423Long-term loan receivables from related parties 131,410 39,573 5,659Other non-current assets 1,222,277 1,763,102 252,121Total non-current assets 56,545,938 48,547,988 6,942,271TOTAL ASSETS 133,149,283 116,668,178 16,683,327 KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)   As of
December 31, As of
December 31,  2024 2025  RMB RMB US$       LIABILITIES      Current liabilities      Accounts payable 9,492,629 6,052,129 865,443Amounts due to related parties 391,446 348,467 49,830Loan payable to related parties - 497,939 71,204Employee compensation and welfare payable 8,414,472 6,504,197 930,088Customer deposits payable 6,078,623 4,157,248 594,479Income taxes payable 1,028,735 702,607 100,471Short-term borrowings 288,280 207,717 29,703Lease liabilities current portion 13,729,701 10,658,576 1,524,156Contract liabilities and deferred revenue 6,051,867 5,690,293 813,701Accrued expenses and other current liabilities 7,268,505 7,588,077 1,085,080Total current liabilities 52,744,258 42,407,250 6,064,155Non-current liabilities      Deferred tax liabilities 317,697 317,209 45,360Lease liabilities non-current portion 8,636,770 6,969,571 996,635Long-term borrowings - 182,917 26,157Long-term loan payable to related parties - 259,249 37,072Other non-current liabilities 2,563 2,148 307Total non-current liabilities 8,957,030 7,731,094 1,105,531TOTAL LIABILITIES 61,701,288 50,138,344 7,169,686 KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)   As of
December 31, As of
December 31,  2024  2025   RMB RMB US$       SHAREHOLDERS’ EQUITY      KE Holdings Inc. shareholders’ equity      Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1) as of December 31, 2024; 3,366,778,024 Class A ordinary shares issued and 3,233,808,859 Class A ordinary shares outstanding(1) as of December 31, 2025; and 145,413,446 and 139,447,770 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively) 461  450  64 Treasury shares (949,410) (848,433) (121,324)Additional paid-in capital 72,460,562  64,802,176  9,266,588 Statutory reserves 926,972  1,054,872  150,845 Accumulated other comprehensive income 609,112  290,029  41,474 (Accumulated Deficit) / Retained Earnings (1,723,881) 1,142,194  163,332 Total KE Holdings Inc. shareholders' equity 71,323,816  66,441,288  9,500,979 Non-controlling interests 124,179  88,546  12,662 TOTAL SHAREHOLDERS' EQUITY 71,447,995  66,529,834  9,513,641 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 133,149,283  116,668,178  16,683,327            (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(All amounts in thousands, except for share, per share data, ADS and per ADS data)

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$            Net revenues           Existing home transaction services8,922,030  5,439,563  777,847  28,201,003  25,020,035  3,577,817 New home transaction services13,076,767  7,263,714  1,038,697  33,653,403  30,597,319  4,375,358 Home renovation and furnishing4,106,834  3,615,359  516,989  14,768,947  15,426,141  2,205,909 Home rental services4,580,502  5,411,219  773,794  14,334,479  21,900,320  3,131,704 Emerging and other services438,974  458,910  65,623  2,499,666  1,636,390  234,001 Total net revenues31,125,107  22,188,765  3,172,950  93,457,498  94,580,205  13,524,789 Cost of revenues           Commission-split(8,709,790) (4,648,344) (664,704) (22,766,957) (20,873,405) (2,984,857)Commission and compensation-internal(6,456,881) (3,889,844) (556,240) (18,903,786) (17,656,184) (2,524,801)Cost of home renovation and furnishing(2,884,614) (2,573,090) (367,947) (10,229,696) (10,581,816) (1,513,180)Cost of home rental services(4,370,712) (4,846,177) (692,994) (13,619,506) (20,020,954) (2,862,958)Cost related to stores(785,966) (710,483) (101,598) (2,854,988) (2,851,831) (407,806)Others(746,958) (764,515) (109,325) (2,138,510) (2,383,938) (340,898)Total cost of revenues(1)(23,954,921) (17,432,453) (2,492,808) (70,513,443) (74,368,128) (10,634,500)Gross profit7,170,186  4,756,312  680,142  22,944,055  20,212,077  2,890,289 Operating expenses           Sales and marketing expenses(1)(2,344,000) (1,930,139) (276,006) (7,783,341) (7,328,909) (1,048,020)General and administrative expenses(1)(2,961,294) (2,254,455) (322,382) (8,960,747) (8,075,414) (1,154,769)Research and development expenses(1)(738,683) (715,232) (102,277) (2,283,424) (2,580,564) (369,016)Impairment of goodwill, intangible assets and other long-lived assets(115,179) (3,617) (517) (151,576) (116,332) (16,635)Total operating expenses(6,159,156) (4,903,443) (701,182) (19,179,088) (18,101,219) (2,588,440)Income (loss) from operations1,011,030  (147,131) (21,040) 3,764,967  2,110,858  301,849 Interest income, net283,417  138,357  19,785  1,260,163  807,505  115,472 Share of results of equity investees6,144  (6,670) (954) 10,192  16,420  2,348 Impairment loss and provision related to equity investments accounted for using equity method-  (103,662) (14,823) -  (103,662) (14,823)Fair value changes in investments, net125,333  127,492  18,231  312,791  462,668  66,161 Impairment loss for equity investments accounted for using Measurement Alternative(971) (1,015) (145) (9,408) (2,731) (391)Foreign currency exchange loss(6,805) (4,658) (666) (34,674) (59,746) (8,544)Other income, net192,069  276,396  39,524  1,566,038  1,445,791  206,745 Income before income tax expense1,610,217  279,109  39,912  6,870,069  4,677,103  668,817 Income tax expense(1,032,969) (196,810) (28,143) (2,791,889) (1,686,089) (241,108)Net income577,248  82,299  11,769  4,078,180  2,991,014  427,709  KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$            Net loss (income) attributable to non-controlling interests shareholders(7,256) 5,555  794  (13,280) 2,961  423 Net income attributable to KE Holdings Inc.569,992  87,854  12,563  4,064,900  2,993,975  428,132 Net income attributable to KE Holdings Inc.’s ordinary shareholders569,992  87,854  12,563  4,064,900  2,993,975  428,132             Net income577,248  82,299  11,769  4,078,180  2,991,014  427,709 Currency translation adjustments348,802  (200,952) (28,736) 217,142  (429,040) (61,352)Unrealized gains (losses) on available-for-sale investments, net of reclassification(15,206) 17,921  2,563  147,668  109,957  15,724 Total comprehensive income (loss)910,844  (100,732) (14,404) 4,442,990  2,671,931  382,081 Comprehensive loss (income) attributable to non-controlling interests shareholders(7,256) 5,555  794  (13,280) 2,961  423 Comprehensive income (loss) attributable to KE Holdings Inc.903,588  (95,177) (13,610) 4,429,710  2,674,892  382,504 Comprehensive income (loss) attributable to KE Holdings Inc.’s ordinary shareholders903,588  (95,177) (13,610) 4,429,710  2,674,892  382,504  KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)  (All amounts in thousands, except for share, per share data, ADS and per ADS data)

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$Weighted average number of ordinary shares used in computing net income per share, basic and diluted           —Basic3,356,948,233 3,277,540,751 3,277,540,751 3,409,772,592 3,326,149,994 3,326,149,994—Diluted3,525,088,426 3,414,320,704 3,414,320,704 3,537,408,029 3,472,076,149 3,472,076,149            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,118,982,744 1,092,513,584 1,092,513,584 1,136,590,864 1,108,716,665 1,108,716,665—Diluted1,175,029,475 1,138,106,901 1,138,106,901 1,179,136,010 1,157,358,716 1,157,358,716            Net income per share attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.17 0.03 0.00 1.19 0.90 0.13—Diluted0.16 0.03 0.00 1.15 0.86 0.12            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.51 0.08 0.01 3.58 2.70 0.39—Diluted0.49 0.08 0.01 3.45 2.59 0.37            (1) Includes share-based compensation expenses as follows: Cost of revenues135,358 119,199 17,045 521,293 446,120 63,794Sales and marketing expenses53,410 49,912 7,137 197,320 181,877 26,008General and administrative expenses360,801 230,224 32,922 1,821,817 1,111,415 158,931Research and development expenses45,499 39,055 5,585 185,645 165,512 23,668              KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for share, per share data, ADS and per ADS data)

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$            Income (loss) from operations1,011,030  (147,131) (21,040) 3,764,967  2,110,858  301,849 Share-based compensation expenses595,068  438,390  62,689  2,726,075  1,904,924  272,401 Amortization of intangible assets resulting from acquisitions and business cooperation agreement33,695  27,751  3,968  247,862  117,399  16,788 Impairment of goodwill, intangible assets and other long-lived assets115,179  3,617  517  151,576  116,332  16,635 Adjusted income from operations1,754,972  322,627  46,134  6,890,480  4,249,513  607,673             Net income577,248  82,299  11,769  4,078,180  2,991,014  427,709 Share-based compensation expenses595,068  438,390  62,689  2,726,075  1,904,924  272,401 Amortization of intangible assets resulting from acquisitions and business cooperation agreement33,695  27,751  3,968  247,862  117,399  16,788 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(1)27,960  (32,177) (4,601) 24,371  (92,433) (13,218)Impairment of goodwill, intangible assets and other long-lived assets115,179  3,617  517  151,576  116,332  16,635 Impairment of investments(1)971  4,124  590  9,408  5,840  835 Tax effects on non-GAAP adjustments(6,495) (6,602) (944) (26,399) (26,143) (3,738)Adjusted net income1,343,626  517,402  73,988  7,211,073  5,016,933  717,412             Net income577,248  82,299  11,769  4,078,180  2,991,014  427,709 Income tax expense1,032,969  196,810  28,143  2,791,889  1,686,089  241,108 Share-based compensation expenses595,068  438,390  62,689  2,726,075  1,904,924  272,401 Amortization of intangible assets38,041  32,412  4,635  268,684  138,260  19,771 Depreciation of property, plant and equipment238,496  323,199  46,217  743,728  934,119  133,577 Interest income, net(283,417) (138,357) (19,785) (1,260,163) (807,505) (115,472)Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(1)27,960  (32,177) (4,601) 24,371  (92,433) (13,218)Impairment of goodwill, intangible assets and other long-lived assets115,179  3,617  517  151,576  116,332  16,635 Impairment of investments(1)971  4,124  590  9,408  5,840  835 Adjusted EBITDA2,342,515  910,317  130,174  9,533,748  6,876,640  983,346             Net income attributable to KE Holdings Inc.’s ordinary shareholders569,992  87,854  12,563  4,064,900  2,993,975  428,132 Share-based compensation expenses595,068  438,390  62,689  2,726,075  1,904,924  272,401 Amortization of intangible assets resulting from acquisitions and business cooperation agreement33,695  27,751  3,968  247,862  117,399  16,788 Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration(1)27,960  (32,177) (4,601) 24,371  (92,433) (13,218)Impairment of goodwill, intangible assets and other long-lived assets115,179  3,617  517  151,576  116,332  16,635 Impairment of investments(1)971  4,124  590  9,408  5,840  835 Tax effects on non-GAAP adjustments(6,495) (6,602) (944) (26,399) (26,143) (3,738)Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders(7) (7) (1) (28) (28) (4)Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders1,336,363  522,950  74,781  7,197,765  5,019,866  717,831                    (1) Impairment and fair value change of certain investments related to the Beihaojia business has not been exclude when calculating Non-GAAP measures.

  KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)(All amounts in thousands, except for share, per share data, ADS and per ADS data) 

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$            Weighted average number of ADS used in computing net income per ADS, basic and diluted           —Basic1,118,982,744 1,092,513,584 1,092,513,584 1,136,590,864 1,108,716,665 1,108,716,665—Diluted1,175,029,475 1,138,106,901 1,138,106,901 1,179,136,010 1,157,358,716 1,157,358,716            Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted           —Basic1,118,982,744 1,092,513,584 1,092,513,584 1,136,590,864 1,108,716,665 1,108,716,665—Diluted1,175,029,475 1,138,106,901 1,138,106,901 1,179,136,010 1,157,358,716 1,157,358,716            Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.51 0.08 0.01 3.58 2.70 0.39—Diluted0.49 0.08 0.01 3.45 2.59 0.37            Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic0.68 0.40 0.06 2.75 1.83 0.26—Diluted0.65 0.38 0.06 2.65 1.75 0.25            Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders           —Basic1.19 0.48 0.07 6.33 4.53 0.65—Diluted1.14 0.46 0.07 6.10 4.34 0.62               KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands)

  For the Three Months Ended For the Year Ended December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025 RMB RMB US$ RMB RMB US$            Net cash provided by (used in) operating activities5,202,518  1,911,758  273,379  9,447,137  (376,170) (53,794)Net cash provided by (used in) investing activities(2,015,584) (1,111,818) (158,988) (9,378,025) 5,894,327  842,878 Net cash provided by (used in) financing activities1,109,860  (708,693) (101,343) (5,794,635) (9,793,199) (1,400,409)Effect of exchange rate change on cash, cash equivalents and restricted cash184,196  (113,929) (16,292) 169,476  (82,585) (11,807)Net increase (decrease) in cash, cash equivalents and restricted cash4,480,990  (22,682) (3,244) (5,556,047) (4,357,627) (623,132)Cash, cash equivalents and restricted cash at the beginning of the period15,820,424  15,966,469  2,283,175  25,857,461  20,301,414  2,903,063 Cash, cash equivalents and restricted cash at the end of the period20,301,414  15,943,787  2,279,931  20,301,414  15,943,787  2,279,931                      KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE(All amounts in thousands) 

   For the Three Months Ended For the Year Ended  December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025  RMB RMB US$ RMB RMB US$Existing home transaction services            Net revenues 8,922,030  5,439,563  777,847  28,201,003  25,020,035  3,577,817 Commission and compensation (5,315,541) (3,240,687) (463,412) (16,016,079) (15,185,117) (2,171,443)Contribution 3,606,489  2,198,876  314,435  12,184,924  9,834,918  1,406,374 New home transaction services            Net revenues 13,076,767  7,263,714  1,038,697  33,653,403  30,597,319  4,375,358 Commission and compensation (9,723,154) (5,209,466) (744,944) (25,304,481) (22,950,571) (3,281,888)Contribution 3,353,613  2,054,248  293,753  8,348,922  7,646,748  1,093,470 Home renovation and furnishing            Net revenues 4,106,834  3,615,359  516,989  14,768,947  15,426,141  2,205,909 Material costs, commission and compensation (2,884,614) (2,573,090) (367,947) (10,229,696) (10,581,816) (1,513,180)Contribution 1,222,220  1,042,269  149,042  4,539,251  4,844,325  692,729 Home rental services            Net revenues 4,580,502  5,411,219  773,794  14,334,479  21,900,320  3,131,704 Property leasing costs, commission and compensation (4,370,712) (4,846,177) (692,994) (13,619,506) (20,020,954) (2,862,958)Contribution 209,790  565,042  80,800  714,973  1,879,366  268,746 Emerging and other services            Net revenues 438,974  458,910  65,623  2,499,666  1,636,390  234,001 Commission and compensation (127,976) (88,035) (12,588) (350,183) (393,901) (56,327)Contribution 310,998  370,875  53,035  2,149,483  1,242,489  177,674                       KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)(All amounts in thousands) 

   For the Three Months Ended For the Year Ended  December 31,
2024 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025  RMB RMB US$ RMB RMB US$Reconciliation of profit/(loss)            Cost related to stores (785,966) (710,483) (101,598) (2,854,988) (2,851,831) (407,806)Other costs (746,958) (764,515) (109,325) (2,138,510) (2,383,938) (340,898)Amounts not allocated to segment:            Sales and marketing expenses (2,344,000) (1,930,139) (276,006) (7,783,341) (7,328,909) (1,048,020)General and administrative expenses (2,961,294) (2,254,455) (322,382) (8,960,747) (8,075,414) (1,154,769)Research and development expenses (738,683) (715,232) (102,277) (2,283,424) (2,580,564) (369,016)Impairment of goodwill, intangible assets and other long-lived assets (115,179) (3,617) (517) (151,576) (116,332) (16,635)Total operating expenses (6,159,156) (4,903,443) (701,182) (19,179,088) (18,101,219) (2,588,440)Income (loss) from operations 1,011,030  (147,131) (21,040) 3,764,967  2,110,858  301,849                     ________________________________
1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 49,693 as of December 31, 2024.
4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 445,271 as of December 31, 2024.
5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
12 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
13 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
14 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
15 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
16 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
17 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

KE Holdings Inc. (BEKE) Q4 2025 Earnings Call Transcript

KE Holdings remains a hold as core transaction volumes and revenues continue to decline sharply, with no imminent recovery in sight. Q4 results were weak: net revenues fell 28.7% y/y, GTV dropped 36.7%, and EBIT margin turned negative, reflecting broad-based pressure across key segments. Management maintains a neutral 2026 market outlook, and stabilization is not expected before 2027, limiting near-term re-rating potential.

Posted by Defense World Staff on Apr 3rd, 2026

Allspring Global Investments Holdings LLC boosted its stake in shares of KE Holdings Inc. Sponsored ADR (NYSE:BEKE – Free Report) by 91.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,598,706 shares of the company’s stock after purchasing an additional 1,241,387 shares during the period. Allspring Global Investments Holdings LLC owned about 0.23% of KE worth $41,735,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in KE during the first quarter valued at $44,000. EverSource Wealth Advisors LLC boosted its position in KE by 145.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,812 shares of the company’s stock worth $68,000 after purchasing an additional 2,257 shares during the last quarter. Franchise Capital Ltd purchased a new position in KE in the third quarter worth about $76,000. Parallel Advisors LLC grew its stake in shares of KE by 79.7% during the 3rd quarter. Parallel Advisors LLC now owns 5,180 shares of the company’s stock valued at $98,000 after purchasing an additional 2,298 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of KE during the 2nd quarter valued at about $116,000. Hedge funds and other institutional investors own 39.34% of the company’s stock.

Analyst Upgrades and Downgrades Several equities analysts have recently weighed in on BEKE shares. Barclays set a $23.00 price objective on shares of KE in a research note on Thursday, February 19th. The Goldman Sachs Group lowered shares of KE from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of KE in a research report on Friday, March 27th. Finally, Wall Street Zen cut shares of KE from a “hold” rating to a “sell” rating in a research note on Sunday, March 22nd. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.63.

Check Out Our Latest Stock Report on KE

KE Stock Performance BEKE opened at $14.79 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.02 and a current ratio of 2.95. The stock has a market capitalization of $16.71 billion, a price-to-earnings ratio of 41.07, a PEG ratio of 2.48 and a beta of -0.53. The company has a fifty day moving average of $17.03 and a 200 day moving average of $17.33. KE Holdings Inc. Sponsored ADR has a fifty-two week low of $14.40 and a fifty-two week high of $22.25.

KE (NYSE:BEKE – Get Free Report) last released its quarterly earnings data on Sunday, February 15th. The company reported $0.02 EPS for the quarter. KE had a net margin of 3.15% and a return on equity of 4.70%. The business had revenue of $3.17 billion during the quarter. As a group, sell-side analysts forecast that KE Holdings Inc. Sponsored ADR will post 0.67 earnings per share for the current fiscal year.

KE Dividend Announcement The company also recently announced an annual dividend, which will be paid on Friday, April 24th. Stockholders of record on Wednesday, April 8th will be given a dividend of $0.276 per share. This represents a dividend yield of 167.0%. The ex-dividend date is Wednesday, April 8th. KE’s dividend payout ratio is currently 86.11%.

KE Company Profile (Free Report)

KE Holdings Inc (NYSE: BEKE) is a technology-driven real estate services company that operates an integrated online and offline platform for housing transactions and related services in mainland China. The company provides consumer-facing property listing marketplaces alongside a broad network of offline brokerage offices and agents, aiming to facilitate sales, rentals and new-home transactions for individual and institutional clients.

The company’s offerings span property listings for new and resale homes, rental listings, brokerage representation and transaction facilitation.

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April 24, 2026 06:27 ET  | Source: KE Holdings Inc.

BEIJING, April 24, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will hold an annual general meeting of the Company’s shareholders (the “AGM”) at 3:00 p.m. Beijing time on Friday, June 12, 2026 at Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, PRC, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the “AGM Notice”). A circular of the Company dated April 24, 2026 in relation to the AGM, the AGM Notice and the form of proxy for the AGM are available on the Company’s website at https://investors.ke.com/. The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares (“ADSs”) of the Company vote in favor of the Proposed Resolutions.

Holders of record of the Company’s ordinary shares as of the close of business on May 12, 2026, Hong Kong time, are entitled to receive notice of, and to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 12, 2026, New York time, who wish to exercise their voting rights for the underlying Class A ordinary shares must give voting instructions to The Bank of New York Mellon, the depositary of the ADSs, if the ADSs are held by holders on the books and records of the depositary, or indirectly through a bank, brokerage or other securities intermediary, if the ADSs are held by any of them on behalf of holders of the ADSs.

The Company has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s annual report on Form 20-F can be accessed on the Company’s website at https://investors.ke.com/ and on the SEC’s website at https://www.sec.gov.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 24 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Beike may also make written or oral forward-looking statements in its periodic reports to the SEC and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike’s platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected] 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

Source: KE Holdings Inc. 

April 24, 2026 07:14 ET  | Source: KE Holdings Inc.

BEIJING, April 24, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today released its 2025 Environmental, Social and Governance report (the “2025 ESG Report”), highlighting Beike’s ongoing efforts to strengthen its governance framework, enhance residential service experiences, empower industry participants through technology, and contribute to a sustainable future for the value chain, all underpinned by its mission of “Admirable service, joyful living.”

Mr. Stanley Yongdong Peng, Co-founder, Chairman of the Board, and Chief Executive Officer of Beike, commented, “The true significance of Beike lies in the responsibility we choose to undertake for society. This requires us to always put consumer value at the core, collaborate with partners across the value chain to foster a virtuous industry cycle, and actively contribute to a more transparent, well-organized, and sustainable industry ecosystem. We believe this is how Beike creates sustainable value for our shareholders.”

Highlights of Beike’s 2025 ESG Achievements:

Strengthening Corporate Governance
Beike continued to reinforce a fair and transparent governance system. The Company incorporated key ESG metrics into executive performance appraisals. Specifically, the remuneration of the Chairman, core management, and key executives is directly linked to climate-related targets, reinforcing accountability for long-term sustainable value creation. In terms of data security, in 2025, Beike’s apps for consumer-end users all obtained authoritative information security certifications from China or international organizations.

Enhancing Service Quality
Beike continued to enhance its consumer protection framework across the service value chain. The Company launched its “3+3” platform-level service commitments for its home transaction services and rolled out transaction fund safety and risk compensation mechanisms in multiple cities. For home renovation and furnishing services, the Company implemented an innovative renovation fund custody model, under which funds are disbursed in installments upon phased acceptance to safeguard customer funds. In 2025, this model was rolled out across 43 cities nationwide, with over 90% of users adopting the custody arrangement.

Professional Development for Service Providers
Beike established a comprehensive and differentiated talent development system, providing agents, store owners, home renovation and home rental service providers with clear career pathways and robust professional capability support, thereby facilitating their professional transformation and value enhancement. In particular, Beike implemented a full-lifecycle training system for Lianjia agents, covering key stages of their career from onboarding and development to targeted upskilling and leadership training, achieving a training coverage rate of over 99% and a total learning duration of more than 2.89 million hours in 2025.

Empowering Services with Technology
Beike leverages technology as a core engine to transform traditional business processes, enhancing customer experience, empowering service providers, and improving overall operational efficiency. For example, in home renovation and furnishing services, through the application of AI-powered BIM design tools, proposal preparation time was reduced to 15 minutes from four hours, significantly improving efficiency and customer satisfaction. In home rental services, the Company launched an AI-powered home-seeking assistant that enhances the rental experience through intelligent matching, AI-generated listing insights, and real-time support.

Low-Carbon Operations and Environmental Management
Beike continued to strengthen its own green and low-carbon management by building an integrated carbon management system with a 95% digitization rate, which supports accurate accounting of greenhouse gas emissions. In addition, the Company established management measures for Lianjia stores to respond to extreme weather events, enhancing emergency response, strengthening operational resilience, and improving business continuity and service stability. In line with new regulations of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), the Company also disclosed climate scenario analysis and financial impact assessments in its ESG Report.

The Company’s 2025 ESG Report is available in both English and Chinese. To support environmental conservation, it is strongly recommended to use the electronic version, accessible on the Company’s investor relations website at https://investors.ke.com/governance/sustainability.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 24 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike’s platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected] 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

Source: KE Holdings Inc. 

May 15, 2026 09:15 ET  | Source: KE Holdings Inc.

BEIJING, May 15, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today provides an update to the dial-in of its first quarter 2026 earnings call.

Further to its press release dated May 7, 2026 (the “Press Release”), the Company updates that the earnings conference call, scheduled for 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing/Hong Kong Time on Tuesday, May 19, 2026, will be conducted in Chinese with English simultaneous interpretation.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

Chinese Line: https://s1.c-conf.com/diamondpass/10054239-fn5s21.html

English Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10054238-3nd54a.html

A replay of the conference call will be accessible through May 26, 2026, by dialing the following numbers:

United States:+1-855-883-1031Mainland, China:400-1209-216Hong Kong, China:800-930-639International:+61-7-3107-6325Replay PIN (Chinese line):10054239Replay PIN (English simultaneous interpretation line):10054238
Except the updates as disclosed above, all other information contained in the Press Release remains unchanged. This notice is supplemental to and should be read in conjunction with the Press Release.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 24 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

100% Upside in This Real Estate Stock, Institutions Buying InKE NYSE: BEKE reported a sharp improvement in first-quarter profitability despite lower transaction volume and revenue, as management said cost controls, operating efficiency gains and higher contribution margins across core businesses helped offset a softer year-over-year property market comparison.

On the company’s first-quarter 2026 earnings call, Tao Xu, executive director and chief financial officer, said non-GAAP operating profit rose 45.1% year-over-year to CNY 1.67 billion, while non-GAAP operating margin reached 8.8%, the highest level in seven quarters. GAAP net income increased 46.7% year-over-year to CNY 1.26 billion, and non-GAAP net income rose 15.7% to CNY 1.61 billion.

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Xu said the quarter reflected “structural improvement rather than a cyclical one,” citing cost structure optimization in 2025, more refined management and technology-driven productivity improvements. Total gross transaction value, or GTV, declined 15.6% year-over-year to CNY 711.2 billion, and revenue fell 19% to CNY 18.9 billion, reflecting a high base in the prior-year period.

Margins Improve as Revenue Declines KE’s gross margin expanded to 24.1%, up 3.5 percentage points from a year earlier and 2.7 percentage points sequentially. Xu attributed the year-over-year improvement to higher contribution from rental services, a more favorable mix toward existing-home transactions and improved contribution margin in existing-home services.

Total GAAP operating expenses fell 22.3% year-over-year to CNY 3.3 billion, which Xu said was the lowest level in nearly three years. Sales and marketing expenses declined 39%, general and administrative expenses fell 8.6%, and research and development expenses decreased 15.6%.

Xu said the company spent approximately $195 million on share repurchases during the quarter, which he said reflected both shareholder returns and management’s confidence in the company’s medium- to long-term development. He also said KE’s broader cash balances, excluding customer deposits, stood at approximately CNY 65.6 billion.

Existing-Home Business Shows Resilience Existing-home transaction services remained KE’s largest business line by GTV. First-quarter GTV in the segment was CNY 534.4 billion, down 7.9% year-over-year but up 10.9% quarter-over-quarter. Revenue from existing-home transaction services was CNY 6.1 billion, down 10.7% year-over-year and up 12.7% sequentially.

Xu said the segment’s contribution margin reached 41.3%, the highest level in seven quarters, driven by lower fixed labor costs following optimization of Lianjia’s agent and store scale and improved organizational efficiency.

Stanley Peng, co-founder, chairman and chief executive officer, said the existing-home market saw a “noticeable spring rebound” after Chinese New Year, with improved transaction momentum, buyer decisiveness and seller sentiment. He cautioned, however, that the market remains in a phase of structural adjustment and confidence rebuilding.

In response to a question from Jefferies analyst Thomas Chong, Xu said the latest recovery differed from prior rebounds because it was not solely driven by short-term policy stimulus, because prices had shown signs of stabilization, and because seller expectations and supply mix were improving. He said existing-home transactions on KE’s platform grew 12% year-over-year in the first quarter, while March set a new monthly record, up 21% year-over-year.

New Homes, Renovation and Rental Businesses New-home transaction services saw a steeper year-over-year decline. GTV fell 37.2% to CNY 145.9 billion, while revenue declined 37% to CNY 5.1 billion. Xu said the segment’s contribution margin rose 2.3 percentage points year-over-year to 25.7%, supported by cost structure optimization and refined operations.

Home renovation and furnishing revenue fell 20.6% year-over-year to CNY 2.3 billion. Xu said the decline reflected KE’s proactive exit from low-quality customer acquisition channels and cities with weaker unit economics. The segment’s contribution margin improved 3.6 percentage points year-over-year to 36.2%, helped by material cost savings through centralized purchasing and tender-based local procurement, as well as improved labor assignment efficiency.

Peng said the company is prioritizing profitability, standardization, product capabilities and delivery quality in the renovation business rather than near-term scale. In response to Goldman Sachs analyst Timothy Zhao, Peng said revenue had been affected by business adjustments, reduced exposure in certain cities and weaker market demand, but added that underlying capabilities were improving.

Home rental services revenue slipped 1.5% year-over-year to CNY 5 billion. Xu said the decline was tied to the continued shift of Carefree Rent toward a lighter, lower-risk product model, with more units recognized on a net revenue basis. Managed rental units exceeded 740,000 at the end of the quarter, up about 47% year-over-year. The rental services contribution margin reached 14.8%, marking the sixth consecutive quarter of sequential improvement.

Strategic Shift Toward Decision Support Peng used much of the call to describe KE’s strategic and organizational restructuring, saying the housing services industry is moving away from a listings-driven model toward one centered on decision support. He said consumers increasingly need help evaluating whether to buy, where to buy, how to price a property and how to make trade-offs involving school districts, commute, comfort and asset quality.

“KE Holdings is evolving from a platform that organizes transactions into one that supports higher quality housing decisions,” Peng said through the call’s English interpretation.

Peng said the company is sending managers back to the front lines, improving agent specialization and turning non-standard services into more standardized products. He cited “Commit to Sell,” a Beijing pilot designed to help sellers set reserve prices online and allow buyers to bid with deposits, as one example of a product intended to improve price discovery and transaction efficiency.

Peng said Commit to Sell remains in an early pilot stage with a small sample size, but early signs show shorter transaction cycles and high homeowner satisfaction. He also said KE is testing other services such as community open days to concentrate buyer interest.

AI and Outlook Management repeatedly emphasized artificial intelligence as part of KE’s operating transformation. Peng said AI can commoditize basic information sorting while amplifying the value of service providers who help customers make complex housing decisions. He said an internal application-building platform for frontline employees had covered more than 7,100 employees by the end of April, with more than 4,400 applications seeing actual traffic and total visits exceeding 4.12 million.

Xu said KE is maintaining a disciplined approach to AI investment, scaling spending in core business models and foundational AI capabilities while reallocating resources away from lower-return projects.

Asked about the sustainability of margins, Xu said the first-quarter improvement was not driven by a single business or one-off factor, but by operating quality, resource allocation, cost structure and unit economics. He said quarterly margins may fluctuate seasonally, but management remains confident in year-over-year margin improvement for the full year.

About KE NYSE: BEKEKE Holdings Inc NYSE: BEKE is a technology-driven real estate services company that operates an integrated online and offline platform for housing transactions and related services in mainland China. The company provides consumer-facing property listing marketplaces alongside a broad network of offline brokerage offices and agents, aiming to facilitate sales, rentals and new-home transactions for individual and institutional clients.

The company’s offerings span property listings for new and resale homes, rental listings, brokerage representation and transaction facilitation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Next-generation Chinese real estate company KE Holdings (BEKE +2.99%) was a hot company on the stock exchange on Tuesday. Investors eagerly lapped up its equity after the company posted first-quarter results that beat estimates.

Beating the forecasts KE Holdings, which specializes in online real estate transactions and services, saw its total net revenue decline by 19% year-over-year to 18.9 billion yuan ($2.78 billion) in the quarter. That was on the back of a nearly 16% drop in gross transaction value (GTV) to 712 billion yuan ($105 billion). Much of this was due to a more than 37% slide in the GTV of new home transactions.

Image source: Getty Images.

The company's net income not under generally accepted accounting principles (GAAP) rose to over 1.6 billion yuan ($235 million) from the year-ago profit of nearly 1.4 billion yuan ($206 million). In terms of earnings per ordinary share, net income was 1.42 yuan ($0.21).

Both leading metrics topped the consensus analyst estimates. Prognosticators tracking KE Holdings' fortunes were modeling 18.64 billion yuan ($2.74 billion) in revenue and a much more modest 1.02 yuan ($0.15) per ordinary share in net profitability.

In its earnings release, the company quoted CEO Stanley Peng as saying that "Our performance in this quarter reflected our ongoing efforts to enhance resource allocation, organizational efficiency and service quality, and also laid a foundation for the company to further transition from scale-driven growth to efficiency-driven growth, and from transaction matching to decision-making services."

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A solid performer in a rocky market Investors weren't spooked about that top-line slide. The same quarter of 2025 was marked by a real estate boom in China, so the return to a steadier market cooled results. Additionally, KE Holdings reduced its footprint in secondary business segments such as home renovation and furnishing.

I'm impressed with this resilient company's first-quarter performance, particularly considering that year-over-year market swoon. I very much like that management has the courage to shift from underperforming segments. There's a lot to like about KE Holdings, and I feel it's a smart play on one of the world's largest real estate sectors.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

KE Holdings delivers integrated housing transaction and service solutions across China through a broad online and offline platform.

CoreView Capital Management Ltd reported a sale of 550,541 shares of KE Holdings (BEKE +2.99%) in its May 14, 2026, SEC filing, with an estimated transaction value of $9.45 million based on quarterly average pricing.

What happenedAccording to a filing with the Securities and Exchange Commission dated May 14, 2026, CoreView Capital Management Ltd reduced its position in KE Holdings by 550,541 shares. The estimated value of the trade, calculated using the average share price over the quarter, was approximately $9.45 million. The quarter-end value of the BEKE stake declined by $10.71 million, a figure that includes both trading and price changes.

Holdings after the filing:NASDAQ:JD: $163,863,781 (34.7% of AUM)NASDAQ:BZ: $140,337,711 (29.7% of AUM)NYSE:TAL: $125,037,766 (26.4% of AUM)NYSE:BEKE: $38,470,445 (8.1% of AUM)NASDAQ:MOMO: $5,040,887 (1.1% of AUM)As of May 14, 2026, BEKE shares were priced at $16.60, down 10% over the past year and well underperforming the S&P 500, which is up 28%.Company OverviewMetricValuePrice (as of Friday)$16.60Market Capitalization$18.5 billionRevenue (TTM)$13.51 billionNet Income (TTM)$427.71 millionCompany SnapshotKE Holdings offers an integrated platform for housing transactions and services, including existing and new home sales, home renovation, rental services, and related financial and contract solutions.The firm provides brokerage, property management, and value-added housing services via its online and offline ecosystem.It targets home buyers, sellers, renters, and real estate agents across major cities in China, leveraging a broad network of branded stores and digital platforms.KE Holdings Inc. operates at scale as a leading real estate services platform in China, combining online technology with a vast offline agent network. The company’s diversified business model and strong brand portfolio position it as a key intermediary in residential property transactions. Its integrated approach and technology-driven solutions enhance transparency and efficiency within the Chinese housing market.

What this transaction means for investorsCoreView reported only five holdings last quarter, and even after this reduction, KE Holdings remained the fund’s fourth-largest position at roughly $38 million, trailing JD.com, Kanzhun, and TAL Education. That suggests the fund still sees value in the business, even as China's housing market remains uneven.

KE's latest results painted a mixed picture. First-quarter revenue fell 19% year over year to $2.7 billion as transaction volumes weakened across both existing and new home sales. Gross transaction value dropped 15.6%, with new home transactions particularly soft, falling 37.2%. But there were bright spots. Net income climbed 47% to $182 million, while adjusted net income rose 16% to $234 million as management focused on efficiency, cost controls, and higher-margin businesses.

CEO Stanley Peng said the company is shifting from scale-driven growth toward efficiency-driven growth and more decision-oriented services for consumers, and CFO Tao Xu highlighted that gross margin and adjusted operating margin reached their highest levels in seven quarters. For long-term investors, it seems the key question is whether China's housing market stabilizes. KE has proven it can improve profitability even in a difficult environment, but a sustained recovery in transaction activity would likely be the biggest catalyst for the stock.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Hello Group and JD.com. The Motley Fool has a disclosure policy.