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KE (BEKE) investor relations material
KE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 focused on optimizing business structure, enhancing efficiency via AI, and achieving city-level profitability in home renovation and rental businesses before high-quality expenses.
Gross transaction value (GTV) was RMB 736.7 billion, flat year-over-year; existing home GTV up 5.8%, new home GTV down 13.7%.
Net revenues rose 2.1% year-over-year to RMB 23.1 billion; net income fell 36.1% to RMB 747 million; adjusted net income dropped 27.8% to RMB 1,286 million.
Share repurchase spending reached a two-year high, reflecting commitment to shareholder returns.
Number of stores and agents increased significantly year-over-year, with active stores up 25.9% and active agents up 11.4%.
Financial highlights
Total GTV was RMB 736.7 billion, flat year-over-year; total revenues reached RMB 23.1 billion, up 2.1% year-over-year.
Gross margin declined by 1.3 percentage points to 21.4%.
GAAP net income was RMB 747 million, down 36.1% year-over-year; non-GAAP net income was RMB 1.29 billion, down 27.8% year-over-year.
Gross profit dropped 3.9% year-over-year to RMB 4.9 billion.
Net operating cash inflow was RMB 851 million in Q3.
Outlook and guidance
Confident in long-term outperformance of new home business despite near-term market volatility.
Plans to expand new home business into more cities and increase brokerage penetration.
Home rental services expected to maintain strong operating leverage as scale and efficiency improve.
Conservative approach for home renovation outside core cities until operational standards are met.
Management emphasized ongoing integration of AI and technology to drive operational efficiency and customer experience.
AI's direct revenue impact or new business models
Renovation: Key hurdles for non-core city expansion
Long-term capital allocation & shareholder returns
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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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