Core Viewpoint - KE Holdings Inc. (Beike) is a leading platform for housing transactions in China, facing competition in the real estate sector [1] Financial Performance - For Q1 2026, BEKE reported an earnings per share (EPS) of $0.03, missing the estimated $0.08 [2][6] - The actual revenue for the same period was approximately $3.17 billion, slightly below the anticipated $3.22 billion [2][6] - A final cash dividend of $0.09 per ordinary share, or $0.27 per American Depositary Share (ADS), was announced, reflecting the company's commitment to shareholder value [2] Dividend and Financial Metrics - The total dividend payout will amount to approximately $300 million, funded from the company's cash surplus, indicating a strong financial position [3] - The company's price-to-earnings (P/E) ratio is approximately 36.66, and the price-to-sales ratio stands at about 1.27 [3] Gross Transaction Value (GTV) - BEKE's gross transaction value (GTV) for 2025 was approximately $455.2 billion, representing a 5% decline compared to the previous year [4] - The GTV for existing home transactions was around $307.7 billion, marking a 4.2% decrease year-over-year [4] - The GTV for new home transactions stood at $127.4 billion, reflecting an 8.2% decline from the previous year [4] Quarterly Performance - In Q4 2025, BEKE's GTV was approximately $103.6 billion, a significant 36.7% drop compared to the same period in the previous year [5] - The company's debt-to-equity ratio is roughly 0.31, suggesting a moderate level of debt relative to its equity [5] - The current ratio is approximately 1.61, indicating BEKE's ability to cover its short-term liabilities with its short-term assets [5]

Financial Data and Key Metrics Changes - In FY2025, the company initiated a strategic pivot from sales-driven to efficiency-driven growth, resulting in stable revenue despite market fluctuations, outperforming broader industry trends [5][6] - Full-year revenue from non-housing transaction business reached a record high of 41% of total revenue [6] - Q4 GTV was RMB 724.1 billion, down 36.7% year-on-year, while revenue was RMB 22.2 billion, a decrease of 28.7% year-on-year [9] - Q4 GAAP net profit was RMB 823 million, down 85.7% year-on-year, and non-GAAP net profit was RMB 517 million, representing a decline of 61.5% year-on-year [10][23] Business Line Data and Key Metrics Changes - Existing home business GTV reached RMB 482 billion in Q4, reflecting a 35.3% decrease year-on-year, while revenue was RMB 5.4 billion, down 39% year-on-year [11] - New home business GTV was RMB 207 billion in Q4, a year-on-year decrease of 45.7%, with revenue at RMB 7.3 billion, down 44.5% year-on-year [12][13] - Home renovation and furniture services revenue reached RMB 3.6 billion in Q4, a year-on-year decrease of 12% [14] - Home rental services revenue increased by 18.1% year-on-year to RMB 5.4 billion, driven by a 62% year-on-year increase in rental units under management [16] Market Data and Key Metrics Changes - The existing home transaction market in China saw a historical high in 2025, with the number of transactions increasing by over 10% year-on-year [32] - The new home market is experiencing greater differentiation, with higher quality projects attracting stronger demand [28] Company Strategy and Development Direction - The company is focusing on operational governance and strategic transformation to enhance service capabilities and operational efficiency [30] - The growth model is shifting from scale-driven to efficiency-driven, emphasizing customer value and decision support services [30][31] - AI technology is being embedded across operations to improve efficiency and enhance service delivery [35][66] Management's Comments on Operating Environment and Future Outlook - The management noted that the overall demand for better living remains stable, with consumers seeking professional and reliable services [29] - The company aims to validate its decision support service model in 2026, focusing on improving conversion rates and unit economics [44] Other Important Information - Total shareholder return for 2025 was approximately RMB 1.22 billion, significantly exceeding non-GAAP net income, representing around 170% of non-GAAP net income for the year [25][43] - The company repurchased approximately RMB 921 million in shares for the full year of 2025, reflecting a commitment to shareholder returns [24][25] Q&A Session Summary Question: What is the company's view on the new home business amidst market pressures? - Management acknowledged the structural changes in the new home market and emphasized the need for integrated solutions to improve project efficiency and address developer pain points [54][56][58] Question: How is AI impacting the real estate sector and the company's operations? - Management highlighted that AI is reshaping workflows, improving efficiency in standardized tasks, and allowing service professionals to focus on complex decision-making and client service [60][66][68] Question: How does the company view the influence of new media and KOLs in property transactions? - Management noted that the rise of influencers reflects a shift towards understanding customer needs and providing value beyond just property listings [72][75]

Financial Data and Key Metrics Changes - In 2025, the company initiated a strategic pivot from sales-driven to efficiency-driven growth, resulting in stable revenue despite market fluctuations, with non-housing transaction business accounting for a record high of 41% of total revenue [5][6] - Q4 GTV reached RMB 724.1 billion, a decrease of 36.7% year-on-year, while revenue was RMB 22.2 billion, down 28.7% year-on-year [8][9] - Q4 GAAP net profit was RMB 823 million, down 85.7% year-on-year, and non-GAAP net profit was RMB 517 million, representing a year-on-year decline of 61.5% [9][20] Business Line Data and Key Metrics Changes - Existing home business GTV reached RMB 482 billion in Q4, reflecting a 35.3% decrease year-on-year, while revenue was RMB 5.4 billion, down 39% year-on-year [10][11] - New home business GTV reached RMB 207 billion in Q4, a year-on-year decrease of 45.7%, with revenue at RMB 7.3 billion, down 44.5% year-on-year [12] - Home rental services revenue reached RMB 5.4 billion in Q4, a year-on-year increase of 18.1%, driven by a 62% increase in rental units under management [14][15] Market Data and Key Metrics Changes - The existing home transaction market in China saw a historical high in 2025, with the number of transactions increasing by over 10% year-on-year [30] - The new home market is experiencing greater differentiation, with higher quality projects attracting stronger demand [25] Company Strategy and Development Direction - The company is focusing on improving operational governance and leveraging data and AI to enhance service capabilities and customer value [27][28] - The growth model is shifting from scale-driven to efficiency-driven, emphasizing decision support services and resource optimization [28][34] - The company aims to build diversified service capabilities across the residential ecosystem to meet a full range of housing needs [29] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall demand for better living remains stable, with consumers seeking safe, professional, and reliable services [26] - The company plans to validate its decision support service model in 2026, focusing on improving conversion rates and unit economics [41][42] Other Important Information - Total shareholder return for 2025 was approximately $1.22 billion, significantly exceeding non-GAAP net income, representing around 170% of non-GAAP net income for the year [22][41] - The company has repurchased approximately $921 million in shares for the full year of 2025, reflecting a commitment to shareholder returns [8][21] Q&A Session Summary Question: Strategic upgrade from scale-driven expansion to efficiency-driven growth - Management emphasized that this transition is about upgrading value creation and improving community-based residential services, rather than simply cutting capacity [45][46] Question: New home business dynamics and relationship with developers - Management discussed the need to upgrade the new home business from a channel player to an integrated capability platform, focusing on enhancing online decision-making support and optimizing resource allocation [52][54] Question: Impact of AI on the real estate sector - Management highlighted that AI will reshape the division of labor and value creation in the industry, improving efficiency in standardized tasks while emphasizing the importance of human judgment and service [58][63]

1 KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and a Final Cash Dividend BEIJING, China, March 16, 2026 - 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 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會由執行董事彭永東先生、單一剛先生、徐萬剛先生及徐濤先生，非執行董事李朝暉先生以及獨立非執 行董事陳小紅女士、朱寒松先生及武軍先生組成。 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 貝殼控股有限公司 | | 股份代號 | 02423 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 末期現金股息 | | 公告日期 | 2026年3月16日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 截至2025年12月31日止年度之年度業績公告 及 宣派末期現金股息 領先的線上線下一體化的房產交易和服務平台貝殼控股有限公司（「貝殼」或「本公 司」）（紐交所代碼：BEKE；香港聯交所代號：2423）今日公佈其截至2025年12月 31日止年度（「報告期間」）未經審計財務業績，有關業績乃根據不同於國際財務報 告會計準則的美國公認會計準則（「公認會計準則」）編製。 於本公告中，「我們」指本公司，倘文義另有所指，則為本集團（定義見「一般資 料」一節）。 2025年財政年度經營及財務摘要 • 截至2025年12月31日止年度，總交易額1為人民幣31,833億元，較2024年的 人民幣33,494億元減少5.0%。截至2025年12月31日止年度，存量房交易的 總交易額為人民幣21 ...

Core Viewpoint - KE Holdings Inc. announced a final cash dividend of US$0.092 per ordinary share, totaling approximately US$0.3 billion, reflecting the company's commitment to enhancing shareholder value through effective capital allocation strategies [1][3]. Dividend Announcement - The dividend of US$0.092 per ordinary share and US$0.276 per ADS is payable to shareholders of record as of April 8, 2026, with payment expected around April 21, 2026, for ordinary shares and April 24, 2026, for ADS holders [1][2]. Shareholder Value Enhancement - In 2025, the company executed share repurchases totaling approximately US$921 million, leading to a total shareholder return of about US$1.2 billion, which is an increase of over 9% year over year [3]. Company Overview - KE Holdings Inc. operates as a leading integrated online and offline platform for housing transactions and services in China, with a focus on reinventing the housing transaction process through its Lianjia brand [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 內幕消息 貝殼控股有限公司公佈2025年第四季度及財政年度未經審計財務業績 及 末期現金股息 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部而刊發。 中國北京，2026年3月16日－領先的線上線下一體化的房產交易和服務平台貝 殼控股有限公司（「貝殼」或「本公司」）（紐交所代碼：BEKE；香港聯交所代號： 2423）今日公佈其截至2025年12月31日止第四季度及財政年度未經審計財務業 績，有關業績乃根據不同於國際財務報告會計準則的美國公認會計準則（「公認會 計準則」）編製，並公佈末期現金股息。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 2025年第四季度及財政年度業務及財務摘要 • 2025年總交 ...

Core Viewpoint - KE Holdings Inc. reported a decline in gross transaction value and net income for the fiscal year 2025, while implementing strategic upgrades to enhance operational efficiency and customer value [1][4][6]. Financial Performance - Gross transaction value (GTV) for 2025 was RMB3,183.3 billion (US$455.2 billion), a decrease of 5.0% year-over-year [2]. - Net revenues for 2025 were RMB94.6 billion (US$13.5 billion), an increase of 1.2% year-over-year [6][7]. - Net income for 2025 was RMB2,991 million (US$428 million), a decrease of 26.7% year-over-year [7][31]. - Adjusted net income for 2025 was RMB5,017 million (US$717 million), a decrease of 30.4% year-over-year [7][31]. Quarterly Highlights - In Q4 2025, GTV was RMB724.1 billion (US$103.6 billion), a decrease of 36.7% year-over-year [2]. - Net revenues in Q4 2025 were RMB22.2 billion (US$3.2 billion), a decrease of 28.7% year-over-year [9]. - Net income in Q4 2025 was RMB82 million (US$12 million), compared to RMB577 million in Q4 2024 [3][17]. Operational Efficiency - The company focused on enhancing unit economics and cost structure, leading to improved operational resilience [6]. - The contribution margin for new home transaction services increased by 0.2 percentage points year-over-year in 2025 [6]. - The ratio of operating expenses to net revenues decreased by 1.4 percentage points year-over-year for the full year 2025 [6]. Strategic Initiatives - The company leveraged data and AI capabilities to enhance service models and operational efficiency [5]. - Plans for 2026 include building systematic service capabilities across the residential lifecycle and leveraging AI technology to improve service provider value [5]. Shareholder Returns - The company repurchased shares totaling approximately US$921 million in 2025, a year-over-year increase of 29% [8]. - A final cash dividend of approximately US$0.3 billion was declared, with a dividend of US$0.092 per ordinary share [38]. Market Position - The number of stores increased by 18.5% year-over-year to 61,139 as of December 31, 2025 [7]. - The number of agents was 523,009 as of December 31, 2025, a 4.6% increase from the previous year [7].

Investment Rating - The report suggests a positive outlook for the real estate industry, emphasizing the importance of revitalizing existing land resources and managing inventory effectively [2][18]. Core Insights - The implementation of the "incremental storage linkage mechanism" aims to accelerate the revitalization of existing land resources, aligning with the central government's strategy of controlling new supply, reducing inventory, and optimizing supply [2][18]. - The recent policy document (Document No. 38) indicates that new construction land will prioritize major projects and public welfare, which is not intended to halt land supply but rather to shift focus towards utilizing existing land [14][15]. - The report highlights that the overall impact of the new policy is more beneficial than detrimental for real estate companies, particularly those with significant inventory in suburban areas [17][18]. Summary by Sections 1. Market Overview - The A-share real estate sector has underperformed the broader market, with a weekly decline of -0.53%, lagging behind the benchmark by 0.72 percentage points [20][21]. - The Hong Kong real estate sector also showed a decline of -3.95%, underperforming the market by 2.82 percentage points [32]. 2. Credit Market - The issuance of real estate credit bonds totaled 10.58 billion, with a net financing amount of 1.007 billion, indicating a challenging financing environment [20][39]. - Cumulative issuance of real estate credit bonds reached 744.80 billion, with a net financing deficit of -156.55 billion compared to the previous year [20][39]. 3. REITs Market - The REITs index experienced a decline of -0.74%, with the property REITs index down by -1.27% and the operating rights REITs index down by -0.08% [40][41]. - The total transaction volume for REITs was 9.91 billion, with a decrease of 4.68% compared to the previous week [54]. 4. Housing Market - New and second-hand housing transaction areas saw significant year-on-year declines of -41.58% and -46.88%, respectively, indicating ongoing challenges in the housing market [6][18]. - The report anticipates a stabilization in the second-hand housing market, while new housing metrics are expected to bottom out [2][18]. 5. Land Market - The supply and transaction area of land in major cities increased by 9.10% and 3.54% respectively, while the premium rate decreased by 4.49% [5]. - The report emphasizes that the new policy will not stop land supply but will focus on optimizing the quality of land offered [15][18].