KE Holdings Inc
F:KE8A
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KE Holdings Inc
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KE Holdings Inc
Ke Holdings, also known as Beike, is a housing transaction platform in China. It connects people who want to buy, sell, rent, or improve homes with real estate agents, property owners, and service providers. The company is best known for its online marketplace and the software tools it gives to brokerage firms and agents. The company makes money mainly by charging fees tied to housing transactions and by selling services to agents and homebuyers, such as listing exposure, lead generation, brokerage support, and home renovation or moving-related services. Its main customers are real estate brokerages, individual agents, homebuyers, sellers, landlords, and other housing service providers. What makes Ke Holdings different is that it sits in the middle of China’s housing value chain rather than acting like a single broker. It combines a digital marketplace with offline service networks and transaction support, so it earns from multiple parts of the home-buying process instead of only from one sale. This makes it both a marketplace and a service infrastructure provider for the real estate industry.
Ke Holdings, also known as Beike, is a housing transaction platform in China. It connects people who want to buy, sell, rent, or improve homes with real estate agents, property owners, and service providers. The company is best known for its online marketplace and the software tools it gives to brokerage firms and agents.
The company makes money mainly by charging fees tied to housing transactions and by selling services to agents and homebuyers, such as listing exposure, lead generation, brokerage support, and home renovation or moving-related services. Its main customers are real estate brokerages, individual agents, homebuyers, sellers, landlords, and other housing service providers.
What makes Ke Holdings different is that it sits in the middle of China’s housing value chain rather than acting like a single broker. It combines a digital marketplace with offline service networks and transaction support, so it earns from multiple parts of the home-buying process instead of only from one sale. This makes it both a marketplace and a service infrastructure provider for the real estate industry.
Profitability: Q2 non-GAAP net income rose 74.9% year over year to RMB 3.185 billion, with net margin reaching 13%, a 3-year high.
GTV recovery: Total GTV increased 6.3% year over year, led by existing-home GTV growth of 8%, while revenue declined 5.7% because of business adjustments and rental revenue-recognition changes.
Cost discipline: Gross margin expanded 6.7 percentage points to 28.6%, while GAAP operating expenses fell 14.1% year over year.
Existing homes: Growth came mainly from higher productivity rather than network expansion; connected-store transaction volume grew nearly 30%, and average transactions per active connected store rose 26%.
Business reset: Home renovation revenue fell 30.1% year over year after exiting inefficient cities and customer-acquisition channels, but management said broad-based contraction is now largely complete.
Rental transition: Carefree Rent is moving toward lighter, net-based products, reducing reported revenue but improving margins; managed units exceeded 790,000, up approximately 34% year over year.
Transformation: Management is shifting from scale-led expansion toward consumer-focused, specialized services supported by AI, deeper data, disciplined investment and a platform ecosystem.