Press Release: KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results

Dow Jones
Nov 10

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)

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