Financial Data and Key Metrics Changes - In Q2 2025, the total Gross Transaction Value (GTV) was RMB 878.7 billion, representing a year-over-year increase of 4.7% [11] - Revenue reached RMB 26 billion, up 11.3% year-over-year [11] - Gross margin declined by six percentage points year-over-year to 21.9% [11] - GAAP net income was RMB 1.31 billion, falling 31.2% year-over-year [11] - Non-GAAP net income reached RMB 1.82 billion, down 32.4% year-over-year [12] Business Line Data and Key Metrics Changes - Revenue from existing home transaction services was RMB 6.7 billion in Q2, down 8.4% year-over-year [15] - New home GTV reached RMB 255.4 billion, up 8.5% year-over-year [17] - Revenue from new home transactions was RMB 8.6 billion, rising by 8.6% year-over-year [18] - Revenue from home renovation and furniture business reached RMB 4.6 billion, increasing by 13% year-over-year [21] - Revenue from home rental services reached a record high of RMB 5.7 billion in Q2, up 78% year-over-year [24] Market Data and Key Metrics Changes - The total value of housing transactions nationwide was stable overall, but new home sales dropped by 5.2% year-over-year in the first half of 2025 [59] - Existing home transactions rose by 8.3% year-over-year, driven by a 19% increase in the number of transactions [60] - The rental yield reached 2.5% in June, about 40% higher than its lowest point [62] - The number of existing home transactions fell by over 5% month-over-month in July [64] Company Strategy and Development Direction - The company aims to shift its growth focus from scale to efficiency, enhancing operational capabilities while maintaining its agent and store network [35][70] - The strategy includes deeper operational efforts and leveraging AI to improve productivity and service quality [39][72] - The company is committed to an asset-light business model and will not engage in property development [25][52] Management's Comments on Operating Environment and Future Outlook - Management noted that the real estate market is facing challenges due to international trade friction and policy impacts, leading to a slowdown in momentum [8][9] - Future market recovery will depend on the pace of policy implementation and supply-demand balance improvements [64][65] - Management expressed confidence in the company's ability to outperform the market through operational improvements and a diversified portfolio [32][33] Other Important Information - The company has a robust cash liquidity of around RMB 70 billion, allowing for active shareholder returns through share buybacks [31] - The Board approved an increase in the share repurchase program, extending it to August 31, 2028 [32] Q&A Session Summary Question: Overview of the secondary home market in Q2 and future trajectory - Management indicated that the secondary home market saw a significant decline in transactions and prices in Q2, with expectations for continued downward pressure unless policy support is strengthened [57][64] Question: Actions taken to deliver value to investors amid sector downturn - Management highlighted a focus on efficiency and sustainable development, with plans to stabilize store and agent numbers while improving productivity [68][70] Question: Opportunities from new property development models - Management noted that new supply-side policies are pushing for better living quality, which will create opportunities for the company in demand forecasting and pricing strategies [80][81] Question: Key growth drivers in the home renovation and furnishing business - Management stated that operational efficiency improvements and centralized procurement have driven growth in the home renovation segment, with plans for further optimization [88][90]

Financial Data and Key Metrics Changes - Total Gross Transaction Value (GTV) reached RMB 878.7 billion, representing a year-over-year increase of 4.7% [10] - Revenue for Q2 was RMB 26 billion, up 11.3% year-over-year [10] - Gross margin declined by six percentage points year-over-year to 21.9% [11] - GAAP net income was RMB 1.31 billion, falling 31.2% year-over-year [11] - Non-GAAP net revenue reached RMB 1.82 billion, down 32.4% year-over-year [12] Business Line Data and Key Metrics Changes - Existing home sales transactions rose by 26%, outpacing the market growth rate of 19% [12] - New home orders increased by 19%, while the market declined by 6% [12] - Revenue from in-home transactions was RMB 6.7 billion, down 8.4% year-over-year [15] - Revenue from new home transactions was RMB 8.6 billion, rising by 8.6% year-over-year [17] - Home renovation and furniture business revenue reached RMB 4.6 billion, increasing by 13% year-over-year [20] - Home rental services revenue reached a record high of RMB 5.7 billion, up 78% year-over-year [22] Market Data and Key Metrics Changes - The total value of housing transactions nationwide was stable overall, but new home sales dropped by 5.2% year-over-year in the first half [56] - Existing home transactions rose 8.3% year-over-year, driven by a 19% increase in the number of transactions [57] - Rental yield reached 2.5% in June, about 40% higher than its lowest point [58] - The market downturn has picked up speed, with existing home transactions falling by over 5% month-over-month [60] Company Strategy and Development Direction - The company aims to shift focus from scale to efficiency, enhancing operational capabilities and productivity [34][66] - The strategy includes deeper operational efforts and leveraging AI for productivity gains [37][70] - The company will not adopt an asset-heavy model and will focus on delivering C2M product solutions for developers [24][50] Management's Comments on Operating Environment and Future Outlook - Management noted that the real estate market is facing challenges due to international trade friction and policy impacts [8] - Future market recovery will depend on the pace of policy changes and supply-demand balance improvements [60][61] - The company is committed to maximizing long-term value through operational improvements and AI-driven initiatives [30][31] Other Important Information - The company has a robust cash liquidity of around RMB 70 billion, allowing for active share buybacks and dividends [29] - The share repurchase program has been extended to August 31, 2028, with an increased authorization [30] Q&A Session Summary Question: Overview of the secondary home market and future trajectory - Management indicated that the secondary home market showed stability in Q1 but weakened significantly in Q2, with expectations for stronger policy support to boost demand [55][56] Question: Actions taken to deliver value to investors amid sector downturn - Management emphasized a shift from growth to efficiency, focusing on enhancing operational capabilities and consolidating lower-performing stores and agents [64][66] Question: Opportunities from new property development models - Management highlighted that new home products meeting national standards are expected to improve market dynamics and enhance the company's value to developers [76][80] Question: Key growth drivers in the home renovation and furnishing business - Management noted that operational efficiency improvements and centralized procurement have driven revenue growth and margin improvements in the home renovation segment [85][87]

Company Dynamics - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of the year, a year-on-year decrease of 20.81% [11] - Beike announced a net revenue of 26 billion yuan for Q2 2025, representing a year-on-year growth of 11.3% [12] - Nongfu Spring disclosed a net profit attributable to shareholders of approximately 7.622 billion yuan for the first half of 2025, marking a year-on-year increase of 22.1% [13] - Hanrui Cobalt achieved a net profit of 127 million yuan for the first half of the year, reflecting a year-on-year growth of 102.94% [14] Industry Insights - The total scale of public funds in China reached 35.08 trillion yuan as of July 2025, setting a new historical high [4] - The folding screen smartphone market in China is projected to reach a shipment volume of 9.47 million units by 2025, with a year-on-year growth of 3.3% [5]

Core Insights - Beike Holdings Limited reported a robust financial performance for Q2 2025, with a total transaction volume (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, and net revenue of 26 billion yuan, up 11.3% [1] - The company is transitioning towards an efficiency-driven growth model, leveraging AI technology to enhance service capabilities and adapt to changing consumer demands in the real estate market [1][2] - The real estate market in China is showing signs of recovery, with second-hand housing transactions increasing significantly, accounting for 76% of Beike's total property transactions [2] Financial Performance - In Q2 2025, Beike achieved a net profit of 1.307 billion yuan and an adjusted net profit of 1.821 billion yuan [1] - The non-property transaction services segment contributed 41% to total net revenue, marking a historical high for the company [1][4] - The home decoration and rental services experienced high-quality growth, with rental business net revenue reaching 5.7 billion yuan, a 78% increase year-on-year [5] Business Strategy - Beike is focusing on deepening its operational efficiency and enhancing its ecosystem to support both existing and new housing businesses [1][2] - The company is implementing a "one-stop" new residential service platform strategy, expanding into home decoration, rental, and other related services [4][6] - AI tools are being utilized to improve customer engagement and operational efficiency, with over 335,000 agents using the AI CRM tool "Lai Ke" to better understand user intentions [3][4] Market Trends - The second-hand housing market is gaining traction, with a 26% year-on-year increase in transaction volume on Beike's platform [2] - The overall housing market in China remains stable, with various regions introducing more lenient purchasing policies to boost market confidence [1][2] - Beike's home decoration business is enhancing its product offerings and operational capabilities, achieving a net revenue of 4.6 billion yuan in Q2 2025, a 13% increase [4][5]

Core Viewpoint - The company reported a net income of 26 billion RMB in Q2 2025, driven by growth in new housing, home decoration, and rental services, despite a decline in net income from existing housing [2][3]. Financial Performance - Total transaction volume (GTV) reached 878.7 billion RMB, a year-on-year increase of 4.7%, with existing housing transactions at 583.5 billion RMB (up 2.2%) and new housing transactions at 255.4 billion RMB (up 8.5%) [1]. - Net income from existing housing was 6.7 billion RMB, down 8.4% year-on-year, while new housing net income increased by 8.6% to 8.6 billion RMB [2]. - Home decoration net income rose by 13.0% to 4.6 billion RMB, and rental services net income surged by 78.0% to 5.7 billion RMB [2]. Cost Analysis - Operating costs for home decoration increased by 11.6% to 3.1 billion RMB, while rental service costs rose by 73.3% to 5.2 billion RMB [2]. - Gross profit for Q2 2025 was 5.7 billion RMB, down 12.5% from 6.5 billion RMB in the same period of 2024, with a gross margin decline from 27.9% to 21.9% [3]. Operational Metrics - As of June 30, 2025, the company had 60,546 stores, a 31.8% increase year-on-year, and 557,974 agents, up 21.6% [3]. - The company reported a cash and cash equivalents balance of 53.1 billion RMB [3]. Share Buyback Program - The company announced an expansion of its share repurchase program, increasing the authorization from 3 billion USD to 5 billion USD, with the program extended until August 31, 2028 [4].

Core Insights - The company reported a net revenue of RMB 49.3 billion for the first half of 2025, a 24.1% increase from RMB 39.7 billion in the same period of 2024 [1] - The net profit for the first half of 2025 was RMB 2.162 billion, down from RMB 2.333 billion in 2024, while the adjusted net profit was RMB 3.214 billion, compared to RMB 4.086 billion in 2024 [1] Group 1: Financial Performance - Total transaction value for the first half of 2025 reached RMB 1,722.4 billion, a 17.3% increase from RMB 1,468.9 billion in 2024 [1] - The total transaction value for existing homes was RMB 1,163.8 billion, up 13.7% from RMB 1,023.8 billion in 2024 [1] - The total transaction value for new homes was RMB 487.6 billion, reflecting a 26.0% increase from RMB 387.1 billion in 2024 [1] Group 2: Operational Metrics - The number of stores as of June 30, 2025, was 60,546, a 31.8% increase from 45,948 stores as of June 30, 2024 [1] - The number of active stores reached 58,664, up 32.1% from 44,423 active stores in 2024 [1] - The number of agents as of June 30, 2025, was 557,974, a 21.6% increase from 458,690 agents in 2024 [2] Group 3: User Engagement - The average monthly active users for the three months ending June 30, 2025, was 48.7 million, slightly down from 49.7 million in the same period of 2024 [2] - The number of active agents as of June 30, 2025, was 491,573, a 19.5% increase from 411,478 active agents in 2024 [2]

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6月 30日止六個月（「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）。 截至2025年6月30日止六個月經營及財務摘要 1 特定期間的總交易額按本公司於本公司平台上促成的所有交易的總價值計算，並以截至期 末簽署的合約得以證實，包括存量房交易、新房交易、家裝家居以及新興業務及其他（不 包括房屋租賃服務）的價值，且包括於有關期末已簽約但有待完成的交易。為免生疑問， 就隨後未能完成的交易而言，該等交易應佔的相應總交易額將被相應扣減。 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 ...

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) [Q2 2025 Key Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Key%20Financial%20%26%20Operational%20Highlights) In Q2 2025, the company's GTV and net revenues grew year-over-year, but net income and adjusted net income declined significantly, while its store and agent network continued to expand and active users slightly decreased Q2 2025 Key Financial Metrics | Metric | Q2 2025 | YoY Change | | :--- | :--- | :--- | | GTV | RMB 87.87 billion (US$12.27 billion) | +4.7% | | Existing Home Transaction GTV | RMB 58.35 billion (US$8.15 billion) | +2.2% | | New Home Transaction GTV | RMB 25.54 billion (US$3.56 billion) | +8.5% | | Net Revenues | RMB 26.00 billion (US$3.60 billion) | +11.3% | | Net Income | RMB 1.307 billion (US$182 million) | -31.2% | | Adjusted Net Income | RMB 1.821 billion (US$254 million) | -32.4% | Q2 2025 Key Operational Metrics | Metric | June 30, 2025 | YoY Change | | :--- | :--- | :--- | | Number of Stores | 60,546 | +31.8% | | Number of Active Stores | 58,664 | +32.1% | | Number of Agents | 557,974 | +21.6% | | Number of Active Agents | 491,573 | +19.5% | | Mobile Monthly Active Users (MAU) | 48.7 million | -2.0% (vs. 49.7 million in Q2 2024) | [Management Commentary & Strategic Focus](index=2&type=section&id=Management%20Commentary%20%26%20Strategic%20Focus) Management noted high-quality business development despite shifts in China's property market, transitioning to an efficiency-driven phase enhanced by AI, while diversifying growth and focusing on shareholder returns - The company maintained high-quality business development while recognizing significant shifts in consumer demand within China's real estate industry[10](index=10&type=chunk) - Following substantial expansion of its agent and store network, the platform is entering a new efficiency-driven development phase, with AI breakthroughs presenting significant opportunities for productivity enhancement[10](index=10&type=chunk) - In housing transaction services, the company is leveraging scientific management and AI to enhance service capabilities and explore new growth models driven by efficiency rather than scale[10](index=10&type=chunk) - Net revenues from non-housing transaction services reached a record **41% of total net revenues**, highlighting diversified growth drivers[12](index=12&type=chunk) - The company has repurchased approximately **US$394 million** of its shares and approved an upsize of its existing share repurchase program from **US$3.0 billion to US$5.0 billion**, extending it to August 31, 2028[12](index=12&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) [Net Revenues Analysis](index=3&type=section&id=Net%20Revenues%20Analysis) Q2 2025 net revenues increased by 11.3% YoY to RMB 26.0 billion, driven by growth in new home, home renovation, and home rental services, despite a decline in existing home transaction services Q2 2025 Net Revenues Composition | Service Type | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Existing Home Transaction Services | 6.72 billion (US$0.94 billion) | -8.4% | | New Home Transaction Services | 8.62 billion (US$1.20 billion) | +8.6% | | Home Renovation and Furnishing | 4.57 billion (US$0.64 billion) | +13.0% | | Home Rental Services | 5.68 billion (US$0.79 billion) | +78.0% | | Emerging and Other Services | 0.43 billion (US$0.06 billion) | -50.6% (vs. 0.87 billion in Q2 2024) | | **Total Net Revenues** | **26.01 billion (US$3.63 billion)** | **+11.3%** | [Existing Home Transaction Services](index=4&type=section&id=Existing%20Home%20Transaction%20Services) Net revenues from existing home transaction services decreased by 8.4% YoY to RMB 6.72 billion, despite a 2.2% GTV increase, due to a higher contribution from transactions facilitated by connected agents Existing Home Transaction Services Key Data | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Net Revenues | 6.72 billion (US$0.94 billion) | -8.4% | | GTV | 58.35 billion (US$8.15 billion) | +2.2% | | Commission Revenue (Lianjia brand) | 5.40 billion (US$0.70 billion) | -10.4% | | GTV from Lianjia Stores | 21.31 billion (US$2.97 billion) | -8.6% | | Platform, franchise, and other value-added services revenue (Connected agents) | 1.40 billion (US$0.20 billion) | Flat | | GTV from Connected Agents | 37.04 billion (US$5.17 billion) | +9.7% | [New Home Transaction Services](index=5&type=section&id=New%20Home%20Transaction%20Services) Net revenues from new home transaction services grew 8.6% YoY to RMB 8.62 billion, in line with an 8.5% GTV increase, driven by the company's enhanced coverage capabilities New Home Transaction Services Key Data | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Net Revenues | 8.62 billion (US$1.20 billion) | +8.6% | | GTV | 25.54 billion (US$3.56 billion) | +8.5% | | GTV from Beike platform's connected agents and other channels | 20.82 billion (US$2.91 billion) | +8.2% | | GTV from Lianjia Brand | 4.71 billion (US$0.66 billion) | +10.1% | [Home Renovation and Furnishing](index=5&type=section&id=Home%20Renovation%20and%20Furnishing) Net revenues from home renovation and furnishing services increased by 13.0% YoY to RMB 4.57 billion, driven by increased sales of furniture and home appliances and more orders referred by agents Home Renovation and Furnishing Net Revenues | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Net Revenues | 4.57 billion (US$0.64 billion) | +13.0% | - The growth was primarily attributable to increased contributions from sales of furniture, soft furnishings, and home appliances, as well as growth in renovation orders referred by agents from housing transaction services[15](index=15&type=chunk) [Home Rental Services](index=5&type=section&id=Home%20Rental%20Services) Net revenues from home rental services surged by 78.0% YoY to RMB 5.68 billion, primarily due to an increase in the number of rental units under the "Carefree Rent" model Home Rental Services Net Revenues | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Net Revenues | 5.68 billion (US$0.79 billion) | +78.0% | - The growth was mainly attributable to the increase in the number of rental units under the "Carefree Rent" model[15](index=15&type=chunk) [Emerging and Other Services](index=5&type=section&id=Emerging%20and%20Other%20Services) Net revenues from emerging and other services significantly decreased to RMB 0.43 billion in Q2 2025 from RMB 0.87 billion in the prior-year period Emerging and Other Services Net Revenues | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | | :--- | :--- | :--- | | Net Revenues | 0.43 billion (US$0.06 billion) | 0.87 billion | [Cost of Revenues Analysis](index=5&type=section&id=Cost%20of%20Revenues%20Analysis) Total cost of revenues in Q2 2025 rose 20.5% YoY to RMB 20.31 billion, outpacing revenue growth, mainly driven by increased commission splits, internal commissions, and home rental service costs Q2 2025 Cost of Revenues Composition | Cost Type | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Commission - split | 5.93 billion (US$0.83 billion) | +9.1% | | Commission and compensation - internal | 4.73 billion (US$0.66 billion) | +6.4% | | Cost of home renovation and furnishing | 3.10 billion (US$0.43 billion) | +11.6% | | Cost of home rental services | 5.20 billion (US$0.73 billion) | +73.3% | | Store-related costs | 0.76 billion (US$0.11 billion) | +11.9% | | Other costs | 0.59 billion (US$0.08 billion) | +15.7% (vs. 0.51 billion in Q2 2024) | | **Total Cost of Revenues** | **20.31 billion (US$2.84 billion)** | **+20.5%** | [Gross Profit](index=6&type=section&id=Gross%20Profit) Q2 2025 gross profit fell 12.5% YoY to RMB 5.70 billion, with gross margin contracting to 21.9% from 27.9%, primarily due to a revenue mix shift and lower contribution margin from existing home services Q2 2025 Gross Profit and Gross Margin | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Gross Profit | 5.70 billion (US$0.80 billion) | -12.5% | | Gross Margin | 21.9% | -6.0 ppts (vs. 27.9% in Q2 2024) | - The decrease in gross margin was mainly due to a lower revenue contribution from existing home transaction services, which have a relatively higher contribution margin, and a decrease in the contribution margin of existing home transaction services due to a higher proportion of fixed compensation costs[19](index=19&type=chunk) [Operating Expenses](index=7&type=section&id=Operating%20Expenses) Total operating expenses in Q2 2025 were RMB 4.64 billion, remaining relatively flat year-over-year, with a notable increase in R&D expenses offset by stable G&A and S&M costs Q2 2025 Operating Expenses Composition | Expense Type | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Total Operating Expenses | 4.64 billion (US$0.65 billion) | +3.1% (vs. 4.50 billion in Q2 2024) | | General and administrative expenses | 2.08 billion (US$0.29 billion) | Flat | | Sales and marketing expenses | 1.90 billion (US$0.27 billion) | Flat | | Research and development expenses | 0.63 billion (US$0.09 billion) | +25.6% | - The increase in R&D expenses was primarily due to an increased headcount of R&D personnel and higher technical service fees[23](index=23&type=chunk) [Income from Operations](index=7&type=section&id=Income%20from%20Operations) Q2 2025 income from operations dropped sharply by 47.5% YoY to RMB 1.06 billion, with the operating margin decreasing to 4.1% from 8.6%, mainly due to the decline in gross margin Q2 2025 Income from Operations and Margin | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Income from Operations | 1.06 billion (US$0.15 billion) | -47.5% | | Operating Margin | 4.1% | -4.5 ppts (vs. 8.6% in Q2 2024) | | Adjusted income from operations | 1.61 billion (US$0.22 billion) | -42.9% (vs. 2.81 billion in Q2 2024) | | Adjusted operating margin | 6.2% | -5.8 ppts (vs. 12.0% in Q2 2024) | | Adjusted EBITDA | 2.20 billion (US$0.31 billion) | -34.7% (vs. 3.37 billion in Q2 2024) | - The decrease in operating margin was mainly attributable to the decrease in gross margin, partially offset by improved operating leverage[23](index=23&type=chunk) [Net Income & EPS](index=8&type=section&id=Net%20Income%20%26%20EPS) Both net income and adjusted net income decreased significantly year-over-year in Q2 2025, leading to a substantial decline in both basic and diluted net income per ADS Q2 2025 Net Income | Metric | Q2 2025 (RMB) | YoY Change | | :--- | :--- | :--- | | Net Income | 1.31 billion (US$0.18 billion) | -31.2% (vs. 1.90 billion in Q2 2024) | | Adjusted Net Income | 1.82 billion (US$0.25 billion) | -32.4% (vs. 2.69 billion in Q2 2024) | | Net income attributable to KE Holdings Inc.'s ordinary shareholders | 1.30 billion (US$0.18 billion) | -31.2% (vs. 1.89 billion in Q2 2024) | | Adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders | 1.82 billion (US$0.25 billion) | -32.4% (vs. 2.68 billion in Q2 2024) | Q2 2025 Net Income per ADS | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | | :--- | :--- | :--- | | Basic net income per ADS | 1.16 (US$0.16) | 1.67 | | Diluted net income per ADS | 1.11 (US$0.15) | 1.61 | | Adjusted basic net income per ADS | 1.62 (US$0.23) | 2.36 | | Adjusted diluted net income per ADS | 1.55 (US$0.22) | 2.28 | [Financial Position & Shareholder Returns](index=9&type=section&id=Financial%20Position%20%26%20Shareholder%20Returns) [Cash and Investments](index=9&type=section&id=Cash%20and%20Investments) The company maintained a strong liquidity position with a total of RMB 53.1 billion in cash, cash equivalents, restricted cash, and short-term investments as of June 30, 2025 Cash and Investment Balance | Metric | June 30, 2025 (RMB) | | :--- | :--- | | Aggregate amount of cash, cash equivalents, restricted cash and short-term investments | 53.1 billion (US$7.4 billion) | [Share Repurchase Program](index=9&type=section&id=Share%20Repurchase%20Program) The board upsized the share repurchase authorization from US$3.0 billion to US$5.0 billion and extended it to August 31, 2028, having repurchased a cumulative US$2.18 billion in ADSs since inception - The share repurchase authorization was increased from **US$3.0 billion to US$5.0 billion**[33](index=33&type=chunk) - The share repurchase program was extended to **August 31, 2028**[33](index=33&type=chunk) - Since the launch of the program, the company has repurchased a total of approximately **138.7 million ADSs** for an aggregate consideration of approximately **US$2.18 billion**[32](index=32&type=chunk) - In the first half of 2025, the company repurchased approximately **US$394 million** of its shares, representing about **1.7% of the company's total outstanding shares** as of year-end 2024[12](index=12&type=chunk) [Supplementary Information](index=10&type=section&id=Supplementary%20Information) [Conference Call Information](index=10&type=section&id=Conference%20Call%20Information) The company will host an earnings conference call on August 26, 2025, to discuss financial results, providing registration details, dial-in numbers, and replay information - The earnings conference call will be held on **August 26, 2025, at 8:00 AM U.S. Eastern Time**[40](index=40&type=chunk) - An online registration link is provided to obtain dial-in numbers, a passcode, and a unique access PIN[40](index=40&type=chunk) - A replay of the conference call will be accessible until **September 2, 2025**[40](index=40&type=chunk) [Exchange Rate](index=11&type=section&id=Exchange%20Rate) RMB amounts in this release are translated to U.S. dollars for convenience at a rate of RMB 7.1636 to US$1.00, the noon buying rate on June 30, 2025 - The exchange rate for RMB to USD translation is **7.1636 to 1.00** as of June 30, 2025[41](index=41&type=chunk) [Non-GAAP Financial Measures](index=11&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like adjusted income from operations and adjusted net income to evaluate performance by excluding certain expenses to better identify underlying business trends - The company uses non-GAAP financial measures, including adjusted income from operations, adjusted net income, and adjusted EBITDA, to evaluate its operating performance and for business planning[42](index=42&type=chunk) - Non-GAAP measures exclude items such as share-based compensation expenses, amortization of intangible assets, changes in fair value of long-term investments, impairment of goodwill and other assets, and related tax effects[43](index=43&type=chunk) - These non-GAAP financial measures help identify underlying trends in the company's business and provide useful information about its operating results[42](index=42&type=chunk) [Company Information & Legal Disclosures](index=12&type=section&id=Company%20Information%20%26%20Legal%20Disclosures) [About KE Holdings Inc.](index=12&type=section&id=About%20KE%20Holdings%20Inc.) KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China, operating the Beike platform and Lianjia brand across various housing-related sectors - KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China[45](index=45&type=chunk) - The company owns and operates Lianjia, a leading real estate brokerage brand in China and an integral part of its Beike platform[45](index=45&type=chunk) - Its services cover existing and new home sales, home rentals, home renovation and furnishing, and other services[45](index=45&type=chunk) [Safe Harbor Statement](index=13&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements protected under the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties, and the company undertakes no obligation to update them - This press release contains forward-looking statements that can be identified by terminology such as "will," "expects," and "anticipates"[47](index=47&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, including factors related to business development, financial condition, industry competition, government policies, and cyber-attacks[47](index=47&type=chunk) - The company does not undertake any obligation to update any forward-looking statement, except as required under applicable law[47](index=47&type=chunk) [Investor and Media Inquiries](index=13&type=section&id=Investor%20and%20Media%20Inquiries) This section provides contact information for KE Holdings Inc.'s investor relations and Piacente Financial Communications for investor and media inquiries - Email contact information is provided for KE Holdings Inc.'s Investor Relations department[49](index=49&type=chunk) - Contact names, phone numbers, and emails are provided for Piacente Financial Communications in both China and the United States[49](index=49&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Balance Sheets](index=15&type=section&id=Balance%20Sheets) As of June 30, 2025, the company's total assets were RMB 123.69 billion, a decrease from December 31, 2024, with corresponding declines in total liabilities and shareholders' equity Condensed Consolidated Balance Sheets Summary (in thousands) | Metric | December 31, 2024 (RMB) | June 30, 2025 (RMB) | June 30, 2025 (US$) | | :--- | :--- | :--- | :--- | | Total Assets | 133,149,283 | 123,691,043 | 17,266,602 | | Total Liabilities | 61,701,288 | 54,851,358 | 7,656,955 | | Total Shareholders' Equity | 71,447,995 | 68,839,685 | 9,609,647 | [Statements of Operations](index=18&type=section&id=Statements%20of%20Operations) In Q2 2025, net revenues grew 11.3% YoY, but faster growth in cost of revenues led to significant declines in gross profit and income from operations, with net income falling 31.2% Condensed Consolidated Statements of Operations Summary (Q2, in thousands) | Metric | Q2 2024 (RMB) | Q2 2025 (RMB) | Q2 2025 (US$) | | :--- | :--- | :--- | :--- | | Net revenues | 23,370,430 | 26,010,636 | 3,630,944 | | Cost of revenues | (16,853,380) | (20,310,846) | (2,835,286) | | Gross profit | 6,517,050 | 5,699,790 | 795,658 | | Operating expenses | (4,501,931) | (4,640,334) | (647,765) | | Income from operations | 2,015,119 | 1,059,456 | 147,893 | | Net income | 1,900,404 | 1,306,644 | 182,400 | | Net income attributable to KE Holdings Inc.'s ordinary shareholders | 1,892,061 | 1,301,071 | 181,622 | | Basic net income per ADS | 1.67 | 1.16 | 0.16 | | Diluted net income per ADS | 1.61 | 1.11 | 0.15 | [Reconciliation of GAAP and Non-GAAP Results](index=21&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section provides a detailed reconciliation of GAAP to non-GAAP financial measures, including adjusted income from operations, adjusted net income, and adjusted EBITDA, which also showed significant declines in Q2 2025 GAAP to Non-GAAP Reconciliation Summary (Q2, in thousands) | Metric | Q2 2024 (RMB) | Q2 2025 (RMB) | Q2 2025 (US$) | | :--- | :--- | :--- | :--- | | Adjusted income from operations | 2,812,558 | 1,606,758 | 224,294 | | Adjusted net income | 2,693,338 | 1,820,979 | 254,198 | | Adjusted EBITDA | 3,371,925 | 2,203,097 | 307,539 | | Adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders | 2,684,988 | 1,815,399 | 253,419 | | Adjusted basic net income per ADS | 2.36 | 1.62 | 0.23 | | Adjusted diluted net income per ADS | 2.28 | 1.55 | 0.22 | [Segment Contribution Measure](index=25&type=section&id=Segment%20Contribution%20Measure) This section presents the contribution measure for each business segment, reflecting the revenue and cost structures of the existing home, new home, home renovation, home rental, and other services Segment Contribution Summary (Q2, in thousands) | Segment | Q2 2024 (RMB) | Q2 2025 (RMB) | Q2 2025 (US$) | | :--- | :--- | :--- | :--- | | Contribution from existing home transaction services | 3,483,102 | 2,684,041 | 374,677 | | Contribution from new home transaction services | 1,985,965 | 2,103,438 | 293,629 | | Contribution from home renovation and furnishing services | 1,263,873 | 1,466,644 | 204,736 | | Contribution from home rental services | 186,215 | 474,422 | 66,227 | | Contribution from emerging and other services | 789,592 | 321,529 | 44,883 | [Statements of Cash Flows](index=24&type=section&id=Statements%20of%20Cash%20Flows) In Q2 2025, net cash from operating activities decreased substantially, net cash from investing activities shifted to an inflow, and net cash used in financing activities increased, resulting in a net decrease in cash Condensed Consolidated Statements of Cash Flows Summary (Q2, in thousands) | Cash Flow Type | Q2 2024 (RMB) | Q2 2025 (RMB) | Q2 2025 (US$) | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 4,104,624 | 826,213 | 115,335 | | Net cash (used in)/provided by investing activities | (8,134,019) | 1,664,823 | 232,401 | | Net cash used in financing activities | (3,262,930) | (6,182,037) | (862,978) | | Net decrease in cash, cash equivalents and restricted cash | (7,256,659) | (3,685,811) | (514,519) |

Core Insights - Beike (NYSE: BEKE; HKEX: 2423) reported its Q2 2025 financial performance on August 26, showing a total transaction volume (GTV) of 878.7 billion RMB, a year-on-year increase of 4.7% [1] - The company's net revenue reached 26 billion RMB, reflecting an 11.3% year-on-year growth, while net profit was reported at 1.307 billion RMB, with adjusted net profit at 1.821 billion RMB [1] Business Segments - The existing home business GTV reached 583.5 billion RMB, up 2.2% year-on-year, while the new home business GTV was 255.4 billion RMB, marking an 8.5% increase [1] - The home decoration and furnishing business generated net revenue of 4.6 billion RMB, a 13% year-on-year growth, and the housing rental service net revenue was 5.7 billion RMB, showing a significant increase of 78% [1] - In Q2, non-real estate transaction service net revenue accounted for 41% of total net revenue, achieving a historical high and establishing a diversified growth pattern [1]

格隆汇8月26日丨贝壳-W(02423.HK)发布公告，2025年8月25日耗资400万美元回购63.3万股。 ...