On April 24, KE Holdings Inc. released its 2025 Annual Report, disclosing that company co-founders Peng Yongdong and Shan Yigang had donated the full value of their 2025 restricted stock awards. The after-tax funds are designated to provide medical security and children's education support for residential industry service workers and their families, offer assistance to new graduates, and establish the "Healthy Home Guardian Fund." The report publicly revealed that Peng Yongdong's total book compensation for 2025 was 235 million yuan. Of this amount, 226 million yuan represented the amortization of restricted shares granted in 2022 during KE Holdings' Hong Kong listing to meet compliance requirements, with the related amortization amount decreasing by 42% year-on-year. According to the accounting-defined vesting schedule, the five-year amortization period for the restricted stock is now in its mid-to-late stages.
Yesterday, coinciding with the company's anniversary, the "Healthy Home Guardian Fund" was officially launched, opening its application channel. KE Holdings has already distributed one-on-one exclusive guardian cards to over 500,000 of its employees, Lianjia employees, and other industry service workers. On the same day, two service workers completed the application and review process and successfully received 20,000 yuan in critical illness funds. One of them, a service worker from Beijing diagnosed with non-Hodgkin lymphoma in March, is currently undergoing hospitalization. The other, a Lianjia service worker from Chengdu, besides qualifying for the 20,000 yuan critical illness fund, also met the application criteria for both the "Family Warmth Support Fund" and the "Children's Education Fund." The remaining 180,000 yuan in guardian funds is under review and is expected to be disbursed within 10 business days. It is reported that over ten industry service workers have recently submitted applications.
According to public information, this marks Peng Yongdong's second donation within a year. In April 2025, Peng Yongdong announced the donation of 9 million Class A ordinary shares of KE Holdings. After fulfilling the corresponding tax obligations, 50% of the funds were allocated to medical and health benefits for service workers in the residential industry and their family members, while the other 50% was designated for rental assistance for groups such as new graduates. This was Peng Yongdong's first sale of shares since KE Holdings' US listing in 2020, with the entire proceeds directed towards donations. Prior to this, Peng Yongdong had not sold, transferred, or otherwise disposed of any KE shares he beneficially owned.
The "Healthy Home Guardian Fund" is understood to comprise three sub-programs. The "Life Emergency Fund" is designed for scenarios involving a sudden critical illness diagnosis. Upon diagnosis and submission of complete documentation, applicants can receive 20,000 yuan within two business days. Unlike traditional insurance models that operate on a reimbursement basis, this emergency fund is positioned as "lifesaving first aid," providing immediate financial support to families in crisis. The other two programs offer a safety net for special circumstances: the "Family Warmth Support Fund" provides a one-time grant of 100,000 yuan to service workers who have completely lost their ability to work or to eligible families. Beneficiaries with children can also receive a one-time educational support payment ranging from 20,000 to 100,000 yuan through the "Children's Education Fund," based on their children's school age, to help families overcome difficulties. This project benefits over 500,000 industry service workers, including eligible brand owners, store owners, agents, cleaners, maintenance personnel, and others.
This initiative also complements the internal "Green Plan" at KE Holdings. Launched in 2008, the "Green Plan" specifically provides critical illness support for KE service workers and their family members. In 2025, the Green Plan distributed a total of 117 million yuan in aid, benefiting 9,782 individuals, equating to approximately one family receiving assistance every hour. An annual funding shortfall of 10.8376 million yuan was fully covered by the company's senior executives. Between 2021 and 2025, cumulative subsidies contributed by executives of KE Group, KE Holdings, Lianjia, and long-term employees exceeded 112 million yuan.
In 2025, KE Holdings maintained stable operations amidst a complex market environment, reporting net revenues of 94.6 billion yuan, a 1% increase year-on-year. Net profit was 2.99 billion yuan, with an adjusted net profit of 5.02 billion yuan. The volume of second-hand home transactions grew by 11% year-on-year, reaching a record high. The proportion of non-property transaction business increased to 41%, with home renovation and furnishing revenue reaching 15.4 billion yuan. The rental business achieved profitability for the full year.
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