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KE (BEKE) investor relations material
KE Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary26 Aug, 2025
Executive summary
Q2 2025 revenue rose 11.3% year over year to RMB26 billion, with GTV up 4.7% to RMB878.7 billion, driven by growth in new home, renovation, and rental services.
Gross margin declined by 6 percentage points to 21.9%, and GAAP net income fell 31.2% year over year to RMB1.31 billion; adjusted net income dropped 32.4% to RMB1.82 billion.
Non-housing transaction services contributed 41% of total revenue, reflecting successful diversification.
Store and agent networks expanded, with active stores up over 30% and active agents up 19.5% year over year.
AI-driven operations and ecosystem improvements are central to long-term strategy.
Financial highlights
Revenue: RMB26 billion, up 11.3% year over year.
Gross margin: 21.9%, down 6 percentage points year over year.
GAAP net income: RMB1.31 billion, down 31.2% year over year; non-GAAP net income: RMB1.82 billion, down 32.4%.
Net operating cash inflow: RMB826 million in Q2.
Share repurchases totaled $394 million in Q2, with $2 billion repurchased since September 2022.
Outlook and guidance
Management expects continued focus on operational efficiency, AI-driven productivity, and community-focused operations.
Store and agent growth will slow, with emphasis shifting to efficiency and sustainable development.
Platform scale will be maintained while prioritizing productivity and customer-centric service innovation.
How does the revenue mix shift affect profitability?
AI investment's impact on efficiency and MAU?
Rationale for the $5B share repurchase extension?
Describe the expanded share repurchase program
Detail Beihaojia's asset-light model and capital limits
How will AI drive efficiency in core operations?
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Q3 202520 Nov, 2025
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Frequently asked questions
KE Holdings Inc., through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services. The company's online platform enables real estate agents, developers, and owners to list their properties, participate in B2B transactions, facilitate the sale of goods and services, provide professional advertising services to sellers, provide property management solutions, and feature real estate related news. It also provides an integrated solution for listing rental properties on the web site and on mobile devices. KE Holdings Inc is based in Beijing, China.
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