KE (BEKE) Q4 2024 earnings summary

Executive summary

• Achieved record net revenues of RMB 93.5 billion in 2024, up 20.2% year-over-year, with Q4 revenues at RMB 31.1 billion, up 54.1% year-over-year.

• Total GTV in 2024 was RMB 3,349.4 billion, up 6.6% year-over-year, with Q4 GTV up 55.5% year-over-year.

• Active stores grew to nearly 49,700, and agent count rose 12.1% to 445,000+.

• Significant investment in AI and digital tools to enhance efficiency, customer experience, and empower service providers.

• Non-housing transaction services contributed 33.8% of total net revenues in 2024, up 9.1 percentage points.

Financial highlights

• Full-year revenue reached RMB 93.5 billion, up 20.2% year-over-year; gross margin for 2024 was 24.6%.

• Adjusted net income for 2024 was RMB 7.21 billion, with an adjusted net margin of 7.7%.

• Q4 net revenue was RMB 31.1 billion, up 54.1% year-over-year; Q4 net income was RMB 577 million, down 13.9% year-over-year.

• Net operating cash inflow in 2024 was RMB 9.45 billion, 1.3 times adjusted net income.

• Cash, cash equivalents, and short-term investments totaled RMB 61.6 billion at year-end.

Outlook and guidance

• Expect modest recovery in the existing home market in 2025, with continued structural divergence favoring existing homes.

• New home market adjustment may persist, but year-over-year decline is expected to narrow.

• Continued focus on technology-driven growth, efficiency, and ecosystem collaboration in 2025.

• Management expects growth driven by technology integration and a human-centric approach.