BEIJING, Nov. 10, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Business and Financial Highlights for the Third Quarter 2025
-- Gross transaction value (GTV)1 was RMB736.7 billion (US$103.5 billion),
relatively flat year-over-year. GTV of existing home
transactions was RMB505.6 billion (US$71.0 billion), an increase of 5.8%
year-over-year. GTV of new home transactions was RMB196.3 billion
(US$27.6 billion), a decrease of 13.7% year-over-year.
-- Net revenues were RMB23.1 billion (US$3.2 billion), an increase of 2.1%
year-over-year.
-- Net income was RMB747 million (US$105 million), a decrease of 36.1%
year-over-year. Adjusted net income2 was RMB1,286 million (US$181
million), a decrease of 27.8% year-over-year.
-- Number of stores was 61,393 as of September 30, 2025, a 27.3% increase
from one year ago. Number of active stores3 was 59,012 as of September
30, 2025, a 25.9% increase from one year ago.
-- Number of agents was 545,511 as of September 30, 2025, a 14.5% increase
from one year ago. Number of active agents4 was 471,501 as of September
30, 2025, an 11.4% increase from one year ago.
-- Mobile monthly active users (MAU)5 averaged 49.3 million in the third
quarter of 2025, compared to 46.2 million in the same period of 2024.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, "In the third quarter of 2025, we continued to explore ways to improve operational efficiency and enhance customer experience through organizational optimization, process restructuring, and technological innovation. In our home transaction services, we launched a pilot program in Shanghai featuring a 'buyer-seller agent specialization' mechanism, helping sell-side agents strengthen their capabilities in marketing and selling properties. In our home rental services, we are deeply integrating AI into our operations, with AI empowering the entire service providers' workflows and customer experience. This business contributed over RMB100 million in profit in the third quarter of 2025."
"Continuous innovation is key to navigating industry cycles. Through these efforts, we have identified a new path to growth--one that restructures our operating model with technology and drives scale expansion through efficiency. Looking ahead, we will accelerate the deep integration of AI capabilities into our core business scenarios to achieve dual improvement in experiences for both service providers and customers," concluded Mr. Peng.
Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, "In the third quarter of 2025, GTV of existing home transactions grew steadily, and the monetization capability of our new home transaction services remained robust. Both home renovation and furnishing business and home rental services achieved city-level profitability before deducting headquarters expenses, with their combined contribution profit to the Company's total gross profit reaching a record high. Our operational efficiency further improved. The operating expenses in the third quarter of 2025 were RMB4.3 billion, down 1.8% year-over-year and 6.7% quarter-over-quarter.
With robust cash reserves, we reward our shareholders through consistently active share repurchase. In the third quarter of 2025, we allocated US$281 million to share repurchases, with the single-quarter share repurchase spending reaching its highest level in the past two years. As of the end of the third quarter of 2025, we repurchased around US$675 million worth of shares this year, up 15.7% year-over-year, which accounted for around 3% of the Company's total shares outstanding at the end of 2024. Since the launch of our share repurchase program in September 2022, we have repurchased around US$2.3 billion worth of shares as of the end of September this year, accounting for about 11.5% of our total issued shares before the program began.
We will keep proactively optimizing the business structure, strengthening technology empowerment, and enhancing shareholder returns, so as to generate greater value for investors over the long term."
Third Quarter 2025 Financial Results
Net Revenues
Net revenues increased by 2.1% to RMB23.1 billion (US$3.2 billion) in the third quarter of 2025 from RMB22.6 billion in the same period of 2024, primarily attributable to the increase of the growth of net revenues from home rental services, which is partially offset by the decrease of net revenues from new home and existing home transaction services.
-- Net revenues from existing home transaction services were RMB6.0 billion
(US$0.8 billion) in the third quarter of 2025, decreased by 3.6% from
RMB6.2 billion in the same period of 2024. GTV of existing home
transactions increased by 5.8% to RMB505.6 billion (US$71.0 billion) in
the third quarter of 2025 from RMB477.8 billion in the same period of
2024. The higher growth rate in GTV compared to net revenues in existing
home transaction services was primarily attributable to a higher
contribution from GTV of existing home transaction services served by
connected agents on the Company's platform, for which revenue is recorded
on a net basis from platform service, franchise service and other
value-added services, while for GTV served by Lianjia brand, the revenue
is recorded on a gross commission revenue basis.Among that, (i)
commission revenue was RMB4.8 billion (US$0.7 billion) in the third
quarter of 2025, compared to RMB5.1 billion in the same period of 2024,
while the GTV of existing home transactions served by Lianjia stores
decreased by 2.3% to RMB190.0 billion (US$26.7 billion) in the third
quarter of 2025 from RMB194.5 billion in the same period of 2024; and(ii)
revenues derived from platform service, franchise service and other
value-added services, which are mostly charged to connected stores and
agents on the Company's platform increased by 2.7% to RMB1,197 million
(US$168 million) in the third quarter of 2025 from RMB1,165 million in
the same period of 2024, mainly due to an increase of GTV of existing
home transactions served by connected agents on the Company's platform of
11.4% to RMB315.6 billion (US$44.3 billion) in the third quarter of 2025
from RMB283.3 billion in the same period of 2024, partially offset by the
decrease in revenues from certain value-added services which were not
directly driven by the GTV of existing home transactions served by
connected agents and incentive-based reductions in platform service and
franchise service fees for connected stores.
-- Net revenues from new home transaction services decreased by 14.1% to
RMB6.6 billion (US$0.9 billion) in the third quarter of 2025 from RMB7.7
billion in the same period of 2024, primarily due to the decrease of GTV
of new home transactions of 13.7% to RMB196.3 billion (US$27.6 billion)
in the third quarter of 2025 from RMB227.6 billion in the same period of
2024. Among that, the GTV of new home transactions facilitated on Beike
platform through connected agents, dedicated sales team with the
expertise on new home transaction services and other sales channels
decreased by 12.4% to RMB160.3 billion (US$22.5 billion) in the third
quarter of 2025 from RMB183.0 billion in the same period of 2024, and the
GTV of new home transactions served by Lianjia brand decreased by 19.2%
to RMB36.0 billion (US$5.1 billion) in the third quarter of 2025 from
RMB44.5 billion in the same period of 2024.
-- Net revenues from home renovation and furnishing were RMB4.3 billion
(US$0.6 billion) in the third quarter of 2025, relatively flat compared
with RMB4.2 billion in the same period of 2024.
-- Net revenues from home rental services increased by 45.3% to RMB5.7
billion (US$0.8 billion) in the third quarter of 2025 from RMB3.9 billion
in the same period of 2024, primarily attributable to the increase of the
number of rental units under the Carefree Rent model.
-- Net revenues from emerging and other services were RMB0.4 billion
(US$0.06 billion) in the third quarter of 2025, compared to RMB0.5
billion in the same period of 2024.
Cost of Revenues
Total cost of revenues increased by 3.8% to RMB18.1 billion (US$2.5 billion) in the third quarter of 2025 from RMB17.4 billion in the same period of 2024.
-- Commission -- split. The Company's cost of revenues for commissions to
connected agents and other sales channels decreased by 11.5% to RMB4.6
billion (US$0.6 billion) in the third quarter of 2025, from RMB5.2
billion in the same period of 2024, primarily due to the decrease in GTV
of new home transactions facilitated through connected agents and other
sales channels.
-- Commission and compensation -- internal. The Company's cost of revenues
for internal commission and compensation decreased by 3.7% to RMB4.2
billion (US$0.6 billion) in the third quarter of 2025 from RMB4.4 billion
in the same period of 2024, primarily due to the decrease in commission
of new home transaction services for Lianjia agents and operation staff
of new home transaction services, resulting from the decreased GTV of new
home transactions they served by.
-- Cost of home renovation and furnishing. The Company's cost of revenues
for home renovation and furnishing was RMB2.9 billion (US$0.4 billion) in
the third quarter of 2025, relatively flat compared with RMB2.9 billion
in the same period of 2024, which was in line with the trend of net
revenues from home renovation and furnishing.
-- Cost of home rental services. The Company's cost of revenues for home
rental services which mainly consists of variable cost, increased by
38.8% to RMB5.2 billion (US$0.7 billion) in the third quarter of 2025
from RMB3.8 billion in the same period of 2024, primarily attributable to
the growth of net revenues from home rental services.
-- Cost related to stores. The Company's cost related to stores decreased by
5.8% to RMB663 million (US$93 million) in the third quarter of 2025 from
RMB703 million in the same period of 2024, primarily attributable to the
decreased number of Lianjia stores.
-- Other costs. The Company's other costs were RMB484 million (US$68
million) in the third quarter of 2025, compared with RMB502 million in
the same period of 2024.
Gross Profit
Gross profit decreased by 3.9% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2025 from RMB5.1 billion in the same period of 2024. Gross margin decreased to 21.4% in the third quarter of 2025 from 22.7% in the same period of 2024, primarily due to a) reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin; and b) a drop in contribution margin of existing home transaction services, which was primarily due to deteriorated fixed compensation costs absorption rates for Lianjia agents caused by lower net revenues in this segment. The decline in gross margin was partially offset by the increased contribution margin of home rental services.
Income from Operations
Total operating expenses were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.4 billion in the same period of 2024.
-- General and administrative expenses were RMB1.9 billion (US$0.3 billion)
in the third quarter of 2025, relatively flat compared with RMB1.9
billion in the same period of 2024.
-- Sales and marketing expenses decreased by 10.7% to RMB1.7 billion (US$0.2
billion) in the third quarter of 2025 from RMB1.9 billion in the same
period of 2024, primarily due to the decrease in personnel costs for home
renovation and furnishing and the decreased advertising and promotion
expenses.
-- Research and development expenses increased by 13.2% to RMB648 million
(US$91 million) in the third quarter of 2025 from RMB573 million in the
same period of 2024, primarily due to the increased headcount of research
and development personnel.
Income from operations was RMB608 million (US$85 million) in the third quarter of 2025, compared to RMB727 million in the same period of 2024. Operating margin decreased to 2.6% in the third quarter of 2025 from 3.2% in the same period of 2024, primarily due to the decreased gross profit margin, which was partially offset by the improved operating leverage.
Adjusted income from operations(6) was RMB1,173 million (US$165 million) in the third quarter of 2025, compared to RMB1,363 million in the same period of 2024. Adjusted operating margin(7) was 5.1% in the third quarter of 2025, compared to 6.0% in the same period of 2024. Adjusted EBITDA(8) was RMB1,922 million (US$270 million) in the third quarter of 2025, compared to RMB2,154 million in the same period of 2024.
Net Income
Net income was RMB747 million (US$105 million) in the third quarter of 2025, compared to RMB1,168 million in the same period of 2024.
Adjusted net income decreased by 27.8% to RMB1,286 million (US$181 million) in the third quarter of 2025, from RMB1,782 million in the same period of 2024.
Net Income attributable to KE Holdings Inc.'s Ordinary Shareholders
Net income attributable to KE Holdings Inc.'s ordinary shareholders was RMB749 million (US$105 million) in the third quarter of 2025, compared to RMB1,171 million in the same period of 2024.
Adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders(9) was RMB1,288 million (US$181 million) in the third quarter of 2025, compared to RMB1,785 million in the same period of 2024.
Net Income per ADS
Basic and diluted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders(10) were RMB0.68 (US$0.10) and RMB0.65 (US$0.09) in the third quarter of 2025, respectively, compared to RMB1.04 and RMB1.00 in the same period of 2024, respectively.
Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders(11) were RMB1.17 (US$0.16) and RMB1.12 (US$0.16) in the third quarter of 2025, respectively, compared to RMB1.58 and RMB1.53 in the same period of 2024, respectively.
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments
As of September 30, 2025, the combined balance of the Company's cash, cash equivalents, restricted cash and short-term investments amounted to RMB55.7 billion (US$7.8 billion).
Share Repurchase Program
As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, August 2024 and August 2025, under which the Company may purchase up to US$5 billion of its Class A ordinary shares and/or ADSs until August 31, 2028, subject to obtaining general unconditional mandate for the repurchase from the shareholders of the Company at each of the next three annual general meetings to be held in the forthcoming years to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 27, 2025. As of September 30, 2025, the Company in aggregate has purchased approximately 145.1 million ADSs (representing approximately 435.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$2,300.5 million under this share repurchase program since its launch.
Conference Call Information
The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, November 10, 2025) to discuss the financial results.
For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.
Participant Online Registration:
English Line: https://s1.c-conf.com/diamondpass/10050534-isnceg.html
Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10050535-1y2mts.html
A replay of the conference call will be accessible through November 17, 2025, by dialing the following numbers:
United States: +1-855-883-1031 Mainland, China: 400-1209-216 Hong Kong, China: 800-930-639 International: +61-7-3107-6325 Replay PIN (English line): 10050534 Replay PIN (Chinese simultaneous interpretation line): 10050535
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://investors.ke.com.
Exchange Rate
This press release contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.
Non-GAAP Financial Measures
The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company's business.
The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.
Please see the "Unaudited reconciliation of GAAP and non-GAAP results" included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.
About KE Holdings Inc.
KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China's leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Among other things, the quotations from management in this press release, as well as Beike's strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.'s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike's goals and strategies; Beike's future business development, financial condition and results of operations; expected changes in the Company's revenues, costs or expenditures; Beike's ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike's ability to protect the Company's systems and infrastructures from cyber-attacks; Beike's dependence on the integrity of brokerage brands, stores and agents on the Company's platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.'s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please visit: https://investors.ke.com.
For investor and media inquiries, please contact:
In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: ir@ke.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ke@tpg-ir.com
Source: KE Holdings Inc.
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share
data)
As of As of
December 31, September 30,
------------- -----------------------
2024 2025
------------- -----------------------
RMB RMB US$
------------- ----------- ----------
ASSETS
Current assets
Cash and cash equivalents 11,442,965 9,221,654 1,295,358
Restricted cash 8,858,449 6,744,815 947,439
Short-term investments 41,317,700 39,765,360 5,585,807
Financing receivables, net of
allowance for credit losses of
RMB147,330 and RMB169,973 as of
December 31, 2024 and September
30, 2025, respectively 2,835,527 659,905 92,696
Accounts receivable and contract
assets, net of allowance for
credit losses of RMB1,636,163
and RMB1,685,597 as of December
31, 2024 and September 30,
2025, respectively 5,497,989 3,777,678 530,647
Amounts due from and prepayments
to related parties 379,218 390,379 54,836
Loan receivables from related
parties 18,797 407,348 57,220
Prepayments, receivables and
other assets 6,252,700 7,458,565 1,047,697
------------- ----------- ----------
Total current assets 76,603,345 68,425,704 9,611,700
------------- ----------- ----------
Non-current assets
Property, plant and equipment,
net 2,400,211 2,286,577 321,194
Right-of-use assets 23,366,879 21,835,216 3,067,175
Long-term investments, net 23,790,106 19,665,242 2,762,360
Intangible assets, net 857,635 755,562 106,133
Goodwill 4,777,420 4,664,706 655,247
Long-term loan receivables from
related parties 131,410 259,442 36,444
Other non-current assets 1,222,277 1,403,274 197,116
------------- ----------- ----------
Total non-current assets 56,545,938 50,870,019 7,145,669
------------- ----------- ----------
TOTAL ASSETS 133,149,283 119,295,723 16,757,369
============= =========== ==========
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share
data)
As of As of
December 31, September 30,
------------- ---------------------
2024 2025
------------- ---------------------
RMB RMB US$
-------------
LIABILITIES
Current liabilities
Accounts payable 9,492,629 5,955,358 836,544
Amounts due to related parties 391,446 540,885 75,978
Employee compensation and welfare
payable 8,414,472 5,640,906 792,373
Customer deposits payable 6,078,623 3,755,202 527,490
Income taxes payable 1,028,735 654,724 91,969
Short-term borrowings 288,280 657,414 92,346
Lease liabilities current portion 13,729,701 12,018,779 1,688,268
Contract liabilities and deferred
revenue 6,051,867 5,484,769 770,441
Accrued expenses and other current
liabilities 7,268,505 7,906,559 1,110,627
------------- ---------- ---------
Total current liabilities 52,744,258 42,614,596 5,986,036
------------- ---------- ---------
Non-current liabilities
Deferred tax liabilities 317,697 317,697 44,627
Lease liabilities non-current
portion 8,636,770 8,283,170 1,163,530
Long-term borrowings - 137,934 19,375
Other non-current liabilities 2,563 2,269 319
------------- ---------- ---------
Total non-current liabilities 8,957,030 8,741,070 1,227,851
------------- ---------- ---------
TOTAL LIABILITIES 61,701,288 51,355,666 7,213,887
------------- ---------- ---------
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share
data)
As of As of
December 31, September 30,
------------- ---------------------------
2024 2025
------------- ---------------------------
RMB RMB US$
------------- ------------ -------------
SHAREHOLDERS' EQUITY
KE Holdings Inc.
shareholders' equity
Ordinary Shares
(US$0.00002 par value;
25,000,000,000 ordinary
shares authorized,
comprising of
24,114,698,720 Class A
ordinary shares and
885,301,280 Class B
ordinary shares.
3,479,616,986 Class A
ordinary shares issued
and 3,337,567,403 Class
A ordinary shares
outstanding(1) as of
December 31, 2024;
3,403,080,518 Class A
ordinary shares issued
and 3,272,515,613 Class
A ordinary shares
outstanding(1) as of
September 30, 2025; and
145,413,446 and
140,951,375 Class B
ordinary shares issued
and outstanding as of
December 31, 2024 and
September 30, 2025,
respectively) 461 454 64
Treasury shares (949,410) (778,411) (109,343)
Additional paid-in
capital 72,460,562 66,037,233 9,276,195
Statutory reserves 926,972 926,972 130,211
Accumulated other
comprehensive income 609,112 473,060 66,450
(Accumulated Deficit) /
Retained Earnings (1,723,881) 1,182,240 166,068
------------ ----------- ----------
Total KE Holdings Inc.
shareholders' equity 71,323,816 67,841,548 9,529,645
------------ ----------- ----------
Non-controlling
interests 124,179 98,509 13,837
TOTAL SHAREHOLDERS'
EQUITY 71,447,995 67,940,057 9,543,482
------------ ----------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 133,149,283 119,295,723 16,757,369
============ =========== ==========
(1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(All amounts in thousands, except for share, per share
data, ADS and per ADS data)
For the Three Months Ended For the Nine Months Ended
--------------------------------------- -----------------------------------------
September September September September September September 30,
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 2025
------------ ------------ ----------- ------------ ------------ -------------
RMB RMB US$ RMB RMB US$
------------ ------------ ----------- ------------ ------------ -------------
Net revenues
Existing home
transaction services 6,217,054 5,990,720 841,511 19,278,973 19,580,472 2,750,453
New home transaction
services 7,726,316 6,639,287 932,615 20,576,636 23,333,605 3,277,652
Home renovation and
furnishing 4,213,041 4,299,985 604,015 10,662,113 11,810,782 1,659,051
Home rental services 3,941,234 5,726,701 804,425 9,753,977 16,489,101 2,316,210
Emerging and other
services 487,002 395,764 55,593 2,060,692 1,177,480 165,400
Total net revenues 22,584,647 23,052,457 3,238,159 62,332,391 72,391,440 10,168,766
----------- ----------- ---------- ----------- ----------- ----------
Cost of revenues
Commission-split (5,199,321) (4,599,490) (646,087) (14,057,167) (16,225,061) (2,279,121)
Commission and
compensation-internal (4,381,616) (4,218,844) (592,618) (12,446,905) (13,766,340) (1,933,746)
Cost of home
renovation and
furnishing (2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)
Cost of home rental
services (3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)
Cost related to stores (703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)
Others (501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)
Total cost of
revenues(1) (17,449,914) (18,117,374) (2,544,933) (46,558,522) (56,935,675) (7,997,706)
----------- ----------- ---------- ----------- ----------- ----------
Gross profit 5,134,733 4,935,083 693,226 15,773,869 15,455,765 2,171,060
----------- ----------- ---------- ----------- ----------- ----------
Operating expenses
Sales and marketing
expenses(1) (1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)
General and
administrative
expenses(1) (1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)
Research and
development
expenses(1) (572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)
Impairment of
goodwill, intangible
assets and other
long-lived assets - (84,524) (11,873) (36,397) (112,715) (15,833)
----------- ----------- ---------- ----------- ----------- ----------
Total operating
expenses (4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)
----------- ----------- ---------- ----------- ----------- ----------
Income from operations 726,964 607,968 85,400 2,753,937 2,257,989 317,179
Interest income, net 310,493 176,640 24,812 976,746 669,148 93,995
Share of results of
equity investees 7,783 8,774 1,232 4,048 23,090 3,243
Fair value changes in
investments, net 109,170 112,950 15,866 187,458 335,176 47,082
Impairment loss for
equity investments
accounted for using
Measurement
Alternative (388) (502) (71) (8,437) (1,716) (241)
Foreign currency
exchange gain (loss) 45,156 (10,141) (1,424) (27,869) (55,088) (7,738)
Other income, net 472,359 401,396 56,384 1,373,969 1,169,395 164,264
Income before income
tax expense 1,671,537 1,297,085 182,199 5,259,852 4,397,994 617,784
----------- ----------- ---------- ----------- ----------- ----------
Income tax expense (503,131) (550,337) (77,305) (1,758,920) (1,489,279) (209,198)
Net income 1,168,406 746,748 104,894 3,500,932 2,908,715 408,586
----------- ----------- ---------- ----------- ----------- ----------
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Continued)
(All amounts in thousands, except for share, per share
data, ADS and per ADS data)
For the Three Months Ended For the Nine Months Ended
------------------------------------- -----------------------------------
September September September September September September
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 30, 2025
---------- ------------ ----------- ---------- ---------- -----------
RMB RMB US$ RMB RMB US$
---------- ------------ ----------- ---------- ---------- -----------
Net loss (income)
attributable to
non-controlling
interests
shareholders 2,667 2,535 356 (6,024) (2,594) (364)
Net income
attributable to KE
Holdings Inc. 1,171,073 749,283 105,250 3,494,908 2,906,121 408,222
--------- -------- ------- --------- --------- --------
Net income
attributable to KE
Holdings Inc.'s
ordinary
shareholders 1,171,073 749,283 105,250 3,494,908 2,906,121 408,222
========= ======== ======= ========= ========= ========
Net income 1,168,406 746,748 104,894 3,500,932 2,908,715 408,586
Currency
translation
adjustments (252,110) (150,981) (21,208) (131,660) (228,088) (32,039)
Unrealized gains on
available-for-sale
investments, net
of
reclassification 130,261 85,944 12,072 162,874 92,036 12,928
Total comprehensive
income 1,046,557 681,711 95,758 3,532,146 2,772,663 389,475
--------- -------- ------- --------- --------- --------
Comprehensive loss
(income)
attributable to
non-controlling
interests
shareholders 2,667 2,535 356 (6,024) (2,594) (364)
Comprehensive
income
attributable to KE
Holdings Inc. 1,049,224 684,246 96,114 3,526,122 2,770,069 389,111
--------- -------- ------- --------- --------- --------
Comprehensive
income
attributable to KE
Holdings Inc.'s
ordinary
shareholders 1,049,224 684,246 96,114 3,526,122 2,770,069 389,111
========= ======== ======= ========= ========= ========
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Continued)
(All amounts in thousands, except for share, per share
data, ADS and per ADS data)
For the Three Months Ended For the Nine Months Ended
------------------------------------------- -------------------------------------------
September 30, September 30, September 30, September 30, September 30, September 30,
2024 2025 2025 2024 2025 2025
------------- ------------- ------------- ------------- ------------- -------------
RMB RMB US$ RMB RMB US$
------------- ------------- ------------- ------------- ------------- -------------
Weighted
average number
of ordinary
shares used in
computing net
income per
share, basic
and diluted
--Basic 3,380,011,519 3,313,787,988 3,313,787,988 3,408,518,304 3,360,457,280 3,360,457,280
--Diluted 3,501,151,763 3,451,304,318 3,451,304,318 3,522,652,156 3,509,432,168 3,509,432,168
Weighted
average number
of ADS used in
computing net
income per ADS,
basic and
diluted
--Basic 1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427
--Diluted 1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723
Net income per
share
attributable to
KE Holdings
Inc.'s ordinary
shareholders
--Basic 0.35 0.23 0.03 1.03 0.86 0.12
--Diluted 0.33 0.22 0.03 0.99 0.83 0.12
Net income per
ADS
attributable to
KE Holdings
Inc.'s ordinary
shareholders
--Basic 1.04 0.68 0.10 3.08 2.59 0.36
--Diluted 1.00 0.65 0.09 2.98 2.48 0.35
(1) Includes share-based compensation expenses as
follows:
Cost of
revenues 136,101 122,906 17,264 385,935 326,921 45,922
Sales and
marketing
expenses 53,149 50,863 7,145 143,910 131,965 18,537
General and
administrative
expenses 370,106 232,514 32,661 1,461,016 881,191 123,781
Research and
development
expenses 47,220 43,854 6,160 140,146 126,457 17,763
KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share
data, ADS and per ADS data)
For the Three Months Ended For the Nine Months Ended
----------------------------------- -----------------------------------
September September September September September September
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 30, 2025
---------- ---------- ----------- ---------- ---------- -----------
RMB RMB US$ RMB RMB US$
---------- ---------- ----------- ---------- ---------- -----------
Income from
operations 726,964 607,968 85,400 2,753,937 2,257,989 317,179
Share-based
compensation
expenses 606,576 450,137 63,230 2,131,007 1,466,534 206,003
Amortization of
intangible
assets
resulting from
acquisitions
and business
cooperation
agreement 29,883 29,882 4,197 214,167 89,648 12,593
Impairment of
goodwill,
intangible
assets and
other
long-lived
assets - 84,524 11,873 36,397 112,715 15,833
--------- --------- ------- --------- --------- --------
Adjusted income
from
operations 1,363,423 1,172,511 164,700 5,135,508 3,926,886 551,608
--------- --------- ------- --------- --------- --------
Net income 1,168,406 746,748 104,894 3,500,932 2,908,715 408,586
Share-based
compensation
expenses 606,576 450,137 63,230 2,131,007 1,466,534 206,003
Amortization of
intangible
assets
resulting from
acquisitions
and business
cooperation
agreement 29,883 29,882 4,197 214,167 89,648 12,593
Changes in fair
value from
long-term
investments,
loan
receivables
measured at
fair value and
contingent
consideration (16,867) (19,485) (2,737) (3,589) (60,256) (8,464)
Impairment of
goodwill,
intangible
assets and
other
long-lived
assets - 84,524 11,873 36,397 112,715 15,833
Impairment of
investments 388 502 71 8,437 1,716 241
Tax effects on
non-GAAP
adjustments (6,494) (6,553) (920) (19,904) (19,541) (2,745)
--------- --------- ------- --------- --------- --------
Adjusted net
income 1,781,892 1,285,755 180,608 5,867,447 4,499,531 632,047
--------- --------- ------- --------- --------- --------
Net income 1,168,406 746,748 104,894 3,500,932 2,908,715 408,586
Income tax
expense 503,131 550,337 77,305 1,758,920 1,489,279 209,198
Share-based
compensation
expenses 606,576 450,137 63,230 2,131,007 1,466,534 206,003
Amortization of
intangible
assets 36,125 35,282 4,956 230,643 105,848 14,868
Depreciation of
property, plant
and equipment 166,373 250,101 35,131 505,232 610,920 85,815
Interest income,
net (310,493) (176,640) (24,812) (976,746) (669,148) (93,995)
Changes in fair
value from
long-term
investments,
loan
receivables
measured at
fair value and
contingent
consideration (16,867) (19,485) (2,737) (3,589) (60,256) (8,464)
Impairment of
goodwill,
intangible
assets and
other
long-lived
assets - 84,524 11,873 36,397 112,715 15,833
Impairment of
investments 388 502 71 8,437 1,716 241
--------- --------- ------- --------- --------- --------
Adjusted EBITDA 2,153,639 1,921,506 269,911 7,191,233 5,966,323 838,085
--------- --------- ------- --------- --------- --------
Net income
attributable to
KE Holdings
Inc.'s ordinary
shareholders 1,171,073 749,283 105,250 3,494,908 2,906,121 408,222
Share-based
compensation
expenses 606,576 450,137 63,230 2,131,007 1,466,534 206,003
Amortization of
intangible
assets
resulting from
acquisitions
and business
cooperation
agreement 29,883 29,882 4,197 214,167 89,648 12,593
Changes in fair
value from
long-term
investments,
loan
receivables
measured at
fair value and
contingent
consideration (16,867) (19,485) (2,737) (3,589) (60,256) (8,464)
Impairment of
goodwill,
intangible
assets and
other
long-lived
assets - 84,524 11,873 36,397 112,715 15,833
Impairment of
investments 388 502 71 8,437 1,716 241
Tax effects on
non-GAAP
adjustments (6,494) (6,553) (920) (19,904) (19,541) (2,745)
Effects of
non-GAAP
adjustments on
net income
attributable to
non-controlling
interests
shareholders (7) (7) (1) (21) (21) (3)
Adjusted net
income
attributable to
KE Holdings
Inc.'s ordinary
shareholders 1,784,552 1,288,283 180,963 5,861,402 4,496,916 631,680
--------- --------- ------- --------- --------- --------
KE Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Continued)
(All amounts in thousands, except for share, per share
data, ADS and per ADS data)
For the Three Months Ended For the Nine Months Ended
------------------------------------------- -------------------------------------------
September 30, September 30, September 30, September 30, September 30, September 30,
2024 2025 2025 2024 2025 2025
------------- ------------- ------------- ------------- ------------- -------------
RMB RMB US$ RMB RMB US$
------------- ------------- ------------- ------------- ------------- -------------
Weighted
average
number of ADS
used in
computing net
income per
ADS, basic
and diluted
--Basic 1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427
--Diluted 1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723
Weighted
average
number of ADS
used in
calculating
adjusted net
income per
ADS, basic
and diluted
--Basic 1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427
--Diluted 1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723
Net income
per ADS
attributable
to KE
Holdings
Inc.'s
ordinary
shareholders
--Basic 1.04 0.68 0.10 3.08 2.59 0.36
--Diluted 1.00 0.65 0.09 2.98 2.48 0.35
Non-GAAP
adjustments
to net income
per ADS
attributable
to KE
Holdings
Inc.'s
ordinary
shareholders
--Basic 0.54 0.49 0.06 2.08 1.42 0.20
--Diluted 0.53 0.47 0.07 2.01 1.36 0.19
Adjusted net
income per
ADS
attributable
to KE
Holdings
Inc.'s
ordinary
shareholders
--Basic 1.58 1.17 0.16 5.16 4.01 0.56
--Diluted 1.53 1.12 0.16 4.99 3.84 0.54
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
(All amounts in thousands)
For the Three Months Ended For the Nine Months Ended
------------------------------------ ----------------------------------------
September September September September September September 30,
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 2025
----------- ----------- ---------- ------------ ----------- -------------
RMB RMB US$ RMB RMB US$
----------- ----------- ---------- ------------ ----------- -------------
Net cash
provided by
(used in)
operating
activities 2,248,527 851,130 119,557 4,244,619 (2,287,928) (321,385)
Net cash
provided by
(used in)
investing
activities (518,848) (944,347) (132,652) (7,362,441) 7,006,145 984,149
Net cash
used in
financing
activities (3,389,027) (3,163,542) (444,380) (6,904,495) (9,084,506) (1,276,095)
Effect of
exchange
rate change
on cash,
cash
equivalents
and
restricted
cash (46,881) (9,346) (1,311) (14,720) 31,344 4,405
---------- ---------- --------- ----------- ---------- ----------
Net decrease
in cash and
cash
equivalents
and
restricted
cash (1,706,229) (3,266,105) (458,786) (10,037,037) (4,334,945) (608,926)
Cash, cash
equivalents
and
restricted
cash at the
beginning
of the
period 17,526,653 19,232,574 2,701,583 25,857,461 20,301,414 2,851,723
---------- ---------- --------- ----------- ---------- ----------
Cash, cash
equivalents
and
restricted
cash at the
end of the
period 15,820,424 15,966,469 2,242,797 15,820,424 15,966,469 2,242,797
========== ========== ========= =========== ========== ==========
KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE
(All amounts in thousands)
For the Three Months Ended For the Nine Months Ended
-------------------------------------- -----------------------------------------
September September September September September September 30,
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 2025
----------- ----------- ------------ ------------ ------------ -------------
RMB RMB US$ RMB RMB US$
----------- ----------- ------------ ------------ ------------ -------------
Existing home
transaction
services
Net revenues 6,217,054 5,990,720 841,511 19,278,973 19,580,472 2,750,453
Commission and
compensation (3,667,827) (3,656,835) (513,673) (10,700,539) (11,944,430) (1,677,824)
Contribution 2,549,227 2,333,885 327,838 8,578,434 7,636,042 1,072,629
---------- ---------- -------- ----------- ----------- ----------
New home
transaction
services
Net revenues 7,726,316 6,639,287 932,615 20,576,636 23,333,605 3,277,652
Commission and
compensation (5,812,384) (5,039,448) (707,887) (15,581,327) (17,741,105) (2,492,078)
Contribution 1,913,932 1,599,839 224,728 4,995,309 5,592,500 785,574
---------- ---------- -------- ----------- ----------- ----------
Home
renovation
and
furnishing
Net revenues 4,213,041 4,299,985 604,015 10,662,113 11,810,782 1,659,051
Material
costs,
commission
and
compensation (2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)
---------- ---------- -------- ----------- ----------- ----------
Contribution 1,316,028 1,375,925 193,275 3,317,031 3,802,056 534,072
---------- ---------- -------- ----------- ----------- ----------
Home rental
services
Net revenues 3,941,234 5,726,701 804,425 9,753,977 16,489,101 2,316,210
Property
leasing
costs,
commission
and
compensation (3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)
---------- ---------- -------- ----------- ----------- ----------
Contribution 174,262 498,182 69,979 505,183 1,314,324 184,622
---------- ---------- -------- ----------- ----------- ----------
Emerging and
other
services
Net revenues 487,002 395,764 55,593 2,060,692 1,177,480 165,400
Commission and
compensation (100,726) (122,051) (17,145) (222,206) (305,866) (42,965)
Contribution 386,276 273,713 38,448 1,838,486 871,614 122,435
---------- ---------- -------- ----------- ----------- ----------
KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)
(All amounts in thousands)
For the Three Months Ended For the Nine Months Ended
-------------------------------------- -----------------------------------------
September September September September September September 30,
30, 2024 30, 2025 30, 2025 30, 2024 30, 2025 2025
----------- ----------- ------------ ------------ ------------ -------------
RMB RMB US$ RMB RMB US$
----------- ----------- ------------ ------------ ------------ -------------
Reconciliation
of profit
Cost related to
stores (703,045) (662,598) (93,075) (2,069,022) (2,141,348) (300,793)
Other costs (501,947) (483,863) (67,967) (1,391,552) (1,619,423) (227,479)
Amounts not
allocated to
segment:
Sales and
marketing
expenses (1,933,878) (1,727,825) (242,706) (5,439,341) (5,398,770) (758,361)
General and
administrative
expenses (1,900,959) (1,866,486) (262,184) (5,999,453) (5,820,959) (817,665)
Research and
development
expenses (572,932) (648,280) (91,063) (1,544,741) (1,865,332) (262,022)
Impairment of
goodwill,
intangible
assets and
other
long-lived
assets - (84,524) (11,873) (36,397) (112,715) (15,833)
---------- ---------- -------- ----------- ----------- ----------
Total operating
expenses (4,407,769) (4,327,115) (607,826) (13,019,932) (13,197,776) (1,853,881)
---------- ---------- -------- ----------- ----------- ----------
Income from
operations 726,964 607,968 85,400 2,753,937 2,257,989 317,179
========== ========== ======== =========== =========== ==========
________________________
(1) GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company's platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
(2) Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.
(3) Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
"Active stores" as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 46,857 as of September 30, 2024.
(4) "Active agents" as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 423,400 as of September 30, 2024.
(5) "Mobile monthly active users" or "mobile MAU" are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company's mobile MAUs for each month of such period, by (ii) the number of months in such period.
(6) Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.
(7) Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
(8) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.
(9) Adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.
(10) ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
(11) Adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.
(END) Dow Jones Newswires
November 10, 2025 05:00 ET (10:00 GMT)