BEIJING, April 17, 2025 (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 2024 Environmental, Social and Governance report (the "2024 ESG Report"), highlighting Beike's ongoing efforts to improve ESG strategy, enhance residential service experiences, empower industry participants, and contribute to a sustainable future for the value chain, all underpinned by its ...

VIE Structure and Regulatory Risks - As of December 31, 2024, the VIEs collectively held 34.2% of the company's cash, cash equivalents, and restricted cash, and 10.9% of total assets[31]. - Revenues contributed by the VIEs accounted for 0.8% of total net revenues for the fiscal years 2022, 2023, and 2024[31]. - The VIEs and their subsidiaries owned approximately 2%, 5%, and 13% of the company's issued patents, registered trademarks, and copyrights to software programs, respectively, as of December 31, 2024[31]. - The company operates primarily through its PRC subsidiaries and VIEs, relying on contractual arrangements to direct activities and receive economic benefits[30]. - The company faces unique risks associated with its VIE structure, including potential regulatory changes that could affect the enforceability of contractual arrangements[35]. - The company has not received any formal inquiry or sanction from PRC authorities regarding its historical issuance of securities to foreign investors[41]. - The company is subject to evolving PRC laws and regulations, including those related to cybersecurity and data privacy, which could materially affect its operations[39]. - The company must obtain various licenses and permits for its operations, including those for real estate brokerage and value-added telecommunication services[40]. - The company’s holding structure may limit its ability to offer securities to investors, potentially leading to significant declines in the value of its ADSs[39]. - The PCAOB has not issued any new determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction as of the date of the annual report[42]. - If identified as a Commission-Identified Issuer for two consecutive years, the company would be subject to trading prohibitions under the HFCAA[43]. - The company does not expect to be identified as a Commission-Identified Issuer after filing the annual report on Form 20-F for the fiscal year ended December 31, 2022 or 2023[42]. - The VIEs may transfer cash to the WFOEs by paying service fees based on 100% of the balance of the gross consolidated profits after certain deductions[49]. - The company has not made any dividends or distributions to the Parent by its subsidiaries for the years ended December 31, 2022, 2023, and 2024[50]. - The company is legally required to monitor and verify property listings to ensure compliance with PRC laws, which is critical for maintaining trust with customers[91]. - The company may face regulatory investigations or penalties if it fails to maintain the quality and authenticity of property listings[91]. - The PRC anti-monopoly regulators have strengthened enforcement, which could impact the company's operations and compliance costs[97]. - The maximum fines for illegal concentration of business operators can reach up to 10% of the previous year's sales revenue[101]. - The company is subject to risks associated with potential changes in PRC regulations affecting its VIE structure[207]. - The contractual arrangements with VIEs are governed by PRC law, which may lead to uncertainties in enforcement and potential adverse effects on the company's ability to direct VIE activities and receive economic benefits[216]. - Conflicts of interest may arise with certain shareholders of the VIEs, potentially impacting the company's ability to enforce contractual arrangements and receive timely payments[217]. - The company may invoke equity pledge agreements to enforce shareholder obligations, but reliance on legal proceedings could disrupt business operations and introduce uncertainty[218]. - Personal disputes involving VIE shareholders could adversely affect equity interests and the enforceability of contractual arrangements, leading to potential loss of control over VIEs[219]. - PRC tax authorities may scrutinize contractual arrangements, and any findings of non-compliance could result in increased tax liabilities and penalties for the VIEs, adversely affecting the company's financial position[220]. - Bankruptcy or liquidation of VIEs could result in loss of access to material assets necessary for business operations, significantly impacting the company's financial condition[221]. - The evolving interpretation of the PRC Foreign Investment Law may affect the viability of the company's corporate structure and operations, particularly regarding foreign investment restrictions[222]. - Changes in China's economic, political, or social conditions could materially impact the company's business operations and financial results, as revenues are primarily derived from China[224]. - The PRC government's oversight and discretion over business operations may lead to material adverse changes in operations and the value of the company's securities[230]. - Recent regulatory changes regarding overseas listings and foreign investment may hinder the company's ability to conduct future financing activities, potentially affecting the value of its securities[231]. Financial Performance and Cash Flow - As of December 31, 2024, total assets amounted to RMB 133,149,283 thousand, an increase from RMB 120,331,931 thousand as of December 31, 2023[57][58]. - Cash and cash equivalents decreased from RMB 19,634,716 thousand in 2023 to RMB 11,442,965 thousand in 2024, representing a decline of approximately 41.6%[57][58]. - Total current liabilities increased to RMB 52,744,258 thousand in 2024 from RMB 39,523,983 thousand in 2023, reflecting a rise of about 33.4%[57][58]. - Total shareholders' equity remained stable at RMB 71,447,995 thousand in 2024 compared to RMB 72,201,105 thousand in 2023[57][58]. - Short-term investments rose to RMB 41,317,700 thousand in 2024 from RMB 34,257,958 thousand in 2023, indicating an increase of approximately 20.5%[57][58]. - Total non-current assets decreased to RMB 56,545,938 thousand in 2024 from RMB 50,578,308 thousand in 2023, a decline of about 11.8%[57][58]. - The amount due from Group companies increased significantly to RMB 87,092,970 thousand in 2024 from RMB 72,894,425 thousand in 2023, marking an increase of approximately 19.4%[57][58]. - Total liabilities increased to RMB 61,701,288 thousand in 2024 from RMB 48,130,826 thousand in 2023, reflecting a rise of about 28.2%[57][58]. - Restricted cash increased from RMB 6,222,745 thousand in 2023 to RMB 8,858,449 thousand in 2024, representing an increase of approximately 42.5%[57][58]. - The total current assets decreased to RMB 76,603,345 thousand in 2024 from RMB 69,753,623 thousand in 2023, a decline of about 9.5%[57][58]. - Total net revenues for the year ended December 31, 2024, reached RMB 93,457,498 thousand, a significant increase from RMB 77,776,932 thousand in 2023, representing a growth of approximately 20%[60]. - Gross profit for 2024 was RMB 22,944,055 thousand, up from RMB 21,718,014 thousand in 2023, indicating a year-over-year increase of about 5.6%[60]. - Net income attributable to KE Holdings Inc. for 2024 was RMB 4,064,900 thousand, compared to RMB 5,883,224 thousand in 2023, reflecting a decrease of approximately 30.8%[60]. - Operating cash flow from third parties for 2024 amounted to RMB 9,447,137 thousand, a notable increase from RMB 2,971,131 thousand in 2023[64]. - Cash flows from investing activities in 2024 resulted in a net outflow of RMB 9,378,025 thousand, compared to a net inflow in 2023, indicating a shift in investment strategy[64]. - The company reported a total cost of revenues of RMB 70,513,443 thousand for 2024, which is an increase from RMB 56,058,918 thousand in 2023, marking a rise of approximately 25.8%[60]. - The share of income from subsidiaries for 2024 was RMB 3,734,104 thousand, compared to RMB 5,883,224 thousand in 2023, indicating a decline of about 36.5%[60]. - The company experienced a significant increase in operating expenses, which totaled RMB 19,179,088 thousand in 2024, compared to RMB 16,920,944 thousand in 2023, reflecting a rise of approximately 7.4%[60]. - Operating cash flow from third parties for the year ended December 31, 2023, was RMB 11,414,244 thousand, an increase from RMB 8,518,843 thousand in 2022, representing a growth of approximately 34.5%[65]. - Net cash provided by operating activities for 2023 was RMB 11,414,244 thousand, compared to RMB 8,518,843 thousand in 2022, indicating a significant increase of approximately 34.5%[66]. - Cash flows from investing activities resulted in a net outflow of RMB 3,977,440 thousand in 2023, compared to an outflow of RMB 8,472,355 thousand in 2022, showing an improvement of approximately 53%[66]. - The company reported a net cash used in financing activities of RMB 7,218,210 thousand for 2023, compared to RMB 1,213,082 thousand in 2022, reflecting a significant increase in financing outflows[66]. - The total cash, cash equivalents, and restricted cash at the end of 2023 was RMB 25,857,461 thousand, up from RMB 25,594,259 thousand at the end of 2022, representing a slight increase of approximately 1%[66]. - Investment in subsidiaries and net assets of VIEs increased to RMB 70,866,589 thousand by December 31, 2023, from RMB 59,780,970 thousand at the end of 2022, marking an increase of approximately 18.5%[69]. - The share of income from subsidiaries for 2023 was RMB 3,734,104 thousand, compared to RMB 5,618,262 thousand in 2022, indicating a decrease of approximately 33.4%[69]. - The company incurred share-based compensation costs of RMB 2,726,075 thousand for subsidiaries and VIEs in 2023, compared to RMB 3,215,549 thousand in 2022, reflecting a decrease of approximately 15.2%[69]. - The cash paid for business combinations in 2023 was RMB 9,893 thousand, a decrease from RMB 3,147,760 thousand in 2022, indicating a significant reduction in acquisition-related expenditures[66]. - The effect of exchange rate changes on cash and cash equivalents resulted in a net increase of RMB 44,608 thousand in 2023, compared to an increase of RMB 28,644 thousand in 2022, showing a positive trend in currency impact[66]. - The company incurred a net loss of RMB1,397 million in 2022 but generated net incomes of RMB5,890 million in 2023 and RMB4,078 million (US$559 million) in 2024[119]. - The company expects to continue incurring costs and operating expenses to support anticipated future growth, which may exceed expectations[119]. - The company’s business is sensitive to economic conditions, with potential adverse effects from a severe or prolonged downturn in the global or Chinese economy[120]. - Labor costs in the PRC are expected to continue increasing, which may adversely affect the company's profitability if these costs cannot be passed on to customers[191]. - Certain PRC subsidiaries have failed to make full social insurance and housing fund contributions, which could lead to fines and adversely affect the company's financial condition[192]. - The company has historically hired dispatched workers, and exceeding the 10% limit of dispatched workers could result in fines and operational challenges[193]. Market Conditions and Competitive Landscape - The housing-related industry in China has experienced a slowdown, affecting transaction volumes and prices, which may adversely impact the company's financial performance[78]. - The PRC government has implemented various measures to stabilize the housing market, including easing restrictions on residential property purchases and reducing mortgage rates[82]. - In 2023, the company reduced commission rates for existing home transactions in Beijing, splitting fees equally between sellers and buyers[83]. - The company's business is sensitive to economic conditions, and a prolonged downturn in the global or Chinese economy could materially affect its financial condition[75]. - The company faces increasing competition in the housing transactions and services industry, which could lead to declining market share and commission rates[157]. - The company derives a substantial portion of its revenues from major cities, particularly Beijing and Shanghai, exposing it to market risks[161]. - The company may face competition from related parties, such as Ziroom, in the home rental services sector[158]. - Expansion into new geographical areas poses risks due to varying housing market conditions and potential competition from established local players[176]. Strategic Initiatives and Business Development - The company launched its home renovation and furnishing services, Beiwoo, in April 2020, and completed the acquisition of Shengdu in April 2022[93]. - The corporate strategy was upgraded to "One Body, Three Wings" in 2023, adding the Beihaojia business to facilitate supply-side upgrades for new homes[93]. - The company has expanded into new service categories, including home renovation and furnishing, and launched its Beihaojia business, which focuses on upgrading new homes[172]. - The Beihaojia business primarily provides C2M product solutions for real estate developers, leveraging extensive data accumulation, but market acceptance remains uncertain[173]. - The company has upgraded its corporate strategy to "One Body, Three Wings," adding Beihaojia as a third wing, although this business model is still in its early stages[172]. - The company may incur additional costs due to project delays caused by factors such as labor shortages and material delivery delays[128]. - The company is subject to risks associated with maintaining relationships with real estate developers, which are critical for new property listings[125]. - The company’s home renovation and furnishing services are exposed to risks related to project cost overruns and quality issues[127]. - The company may be required to pay damages for breach of contract if it fails to renew agreements with landlords on satisfactory terms[134]. - The company relies on a large number of business partners, including real estate developers and financial institutions, to provide quality services, and any failure on their part could materially impact the company's reputation and financial condition[146]. - The company faces significant risks associated with strategic alliances, investments, or acquisitions, which may not yield expected results and could adversely affect financial performance[147]. Compliance and Internal Controls - The company has maintained a comprehensive data protection program and implemented strict internal policies to ensure compliance with data protection regulations[116]. - As of the date of the annual report, there had been no material incidents of data leakage or regulatory sanctions against the company[116]. - The PRC Data Security Law, effective September 2021, requires security reviews for data activities that may affect national security[111]. - The company is subject to various anti-corruption laws, and violations could adversely affect its reputation and financial condition[169]. - The company does not maintain business interruption insurance or key-man insurance, which could expose it to significant costs and disruptions[186]. - The company has concluded that its internal control over financial reporting was effective as of December 31, 2024, but failure to maintain this could lead to loss of investor confidence[200]. - The company may need additional capital for growth and operations, and may face challenges in obtaining this capital on acceptable terms[201]. - The company is subject to new internet advertising regulations effective May 1, 2023, which may impose additional compliance obligations and operational costs[196]. - Violations of advertising laws could result in penalties, including fines up to RMB2 million, which may adversely affect the company's financial condition[197]. - The company may face legal and regulatory proceedings that could materially affect its business and financial condition[165]. Intellectual Property and Data Management - The company’s intellectual property rights are essential for its competitive position, and failure to protect these rights could lead to significant business risks[149]. - The validity and enforceability of intellectual property rights in internet-related industries in China are evolving, increasing the risk of infringement claims against the company[155]. - The company generates and processes a large amount of data, facing risks related to cybersecurity and data privacy compliance[105]. - Regulatory authorities globally are considering new data protection laws, which could impose additional compliance costs on the company[117].

BEIJING, April 17, 2025 (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 that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 10:00 a.m. Beijing time on Friday, June 13, 2025 at Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, PRC, for the purposes of considering and, if thought fit, passin ...

I wrote about KE Holdings (NYSE: BEKE ) with a hold rating, as I wanted to see more signs of growth acceleration and an improved macro environment. After waiting for a few months, reviewing 4Q24 earnings, and looking atI am an individual investor that is now fully focus on managing my own capital that I have saved up over the years. My investing background spreads across a wide spectrum as I believe there are merits to each approach, for instance: Fundamental investing [Bottoms-up etc.], Technical investing ...

海外公司报告 | 公司动态研究 贝壳（BEKE） 证券研究报告 高弹性兑现，"三翼"激活成长引擎——2024 年报点评 事件：公司 2024 年实现收入 935 亿元，同比+20.2%；净利润为 40.78 亿元，同比-30.8%； non-GAAP 调整后净利润为 72.11 亿元，同比-26.4%；毛利率 24.6%，较 23 同期下降 3.3pct。 Q4 业绩高增，交易额再上新台阶。收入端，24Q4 公司实现收入 311 亿元，同比+54.1%，主 要因总交易额增长及房屋租赁业务扩张；单季度 GTV 为 11438 亿元，同比+55.5%，主要受益 于支持政策带动市场复苏。利润端，24Q4 公司实现毛利 72 亿元，同比+39.4%，毛利率 23%、 较 23 年同期下降 2.5pct，主要因 1）薪酬成本占存量房净收入比例提升；2）新房业务及其 他贡献利润率下降。24Q4 公司实现经调整经营利润 13.44 亿元，同比-21.59%。公司宣布启 动末期现金分红计划，拟派发每股普通股 0.12 美元股息，预计支付股息总额约 4 亿美元。 政策加持下，存量房业务持续受益于β上行。截止 24 年末，贝壳活 ...

海外公司报告 | 公司动态研究 事件：公司 2024 年实现收入 935 亿元，同比+20.2%；净利润为 40.78 亿元，同比-30.8%； non-GAAP 调整后净利润为 72.11 亿元，同比-26.4%；毛利率 24.6%，较 23 同期下降 3.3pct。 投资建议：公司存量房及新房交易业务增速良好，"一体三翼"战略稳步推进、业绩增势可观。 考虑 24Q4 公司存量房货币化率有所下滑，我们小幅调整公司 25-26 年 Non-GAAP 净利润为 82.2、90.0 亿元（前值：91.4、98.5 亿元）、新增 27 年 Non-GAAP 净利润预测 97.3 亿元，维 持"买入"评级。 风险提示：业务拓展不及预期、市场热度持续性不及预期、政策调控不确定性 Q4 业绩高增，交易额再上新台阶。收入端，24Q4 公司实现收入 311 亿元，同比+54.1%，主 要因总交易额增长及房屋租赁业务扩张；单季度 GTV 为 11438 亿元，同比+55.5%，主要受益 于支持政策带动市场复苏。利润端，24Q4 公司实现毛利 72 亿元，同比+39.4%，毛利率 23%、 较 23 年同期下降 2.5pct，主 ...

I published my investment thesis on KE Holdings (NYSE: BEKE ) in June of 2024. The stock rallied almost 50% in less than six months, which led to my downgrade to ‘hold’ in November. Since then, theI am the co-founder and portfolio manager for a multi-family office with a focus on U.S and Asia markets. I have a bachelor's and master's degree in accounting and finance from one of the top programs in the U.S. I am a CFA Charterholder. Prior to starting on my own, I worked as an analyst at a U.S multi-billion d ...

证券研究报告 贝壳 (BEKE US) 4Q 收入超预期,利润改善空间待观察 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 20 日│美国 | 互联网 | 贝壳 4Q 业绩：营收同比增长 54.1%至 311.3 亿元，高于 VA 一致预期 7% （下同）。GTV 同比提升 55.5%至 1.14 万亿元，高于预期 9%。分业务看， 存量房、新房、家装家居、租赁的营收同比分别增长 47.5%、72.7%、12.8%、 108.7%。毛利率同比下降 2.4pct 至 23.0%（3.5 亿奖金发放和经纪人数量 增加）。经调整净利润同比下滑 21.6%至 13.4 亿（低于预期 40%），主因一 次性费用（6.5 亿奖金发放、5 亿新房家装坏账计提、2 亿研发费用）。我们 预期 1Q 存量房和新房 GTV 同比增速超 20%和 50%，25-26 年公司市占率 和存量房交易占比有望提升，但利润改善程度仍待观察。维持"买入"评级。 存量房房营收高于预期，市占率扩张可期 展望 25 年，我们认为在一线城市房地产市场率先修复的背景下（贝壳深耕 区域占优），贝壳 ...

Exhibit 99.3 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. KE Holdings Inc. 貝殼控股有限公司 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited ...

KE Holdings Inc. (NYSE:BEKE) Q4 2024 Earnings Conference Call March 18, 2025 8:00 AM ET Company Participants Siting Li - IR Director Stanley Peng - Co-Founder, Chairman & CEO Tao Xu - Executive Director & CFO Conference Call Participants Jizhou Dong - Nomura Timothy Zhao - Goldman Sachs Griffin Chan - Citi Eddy Wang - Morgan Stanley Sophie Zhang - CICC [Transcript Provided to Seeking Alpha by the Company] Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.’s Fourth Quarter a ...