BEIJING, March 16, 2026 (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 fourth quarter and fiscal year ended December 31, 2025, and also announced a final cash dividend.
Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2025
-- Gross transaction value (GTV)1 in 2025 was RMB3,183.3 billion (US$455.2
billion), a decrease of 5.0% year-over-year. GTV of existing home
transactions was RMB2,151.5 billion (US$307.7 billion), a decrease of
4.2% year-over-year. GTV of new home transactions was RMB890.9 billion
(US$127.4 billion), a decrease of 8.2% year-over-year.In the fourth
quarter of 2025, GTV was RMB724.1 billion (US$103.6 billion), a decrease
of 36.7% year-over-year. GTV of existing home transactions was RMB482.0
billion (US$68.9 billion), a decrease of 35.3% year-over-year. GTV of new
home transactions was RMB207.0 billion (US$29.6 billion), a decrease of
41.7% year-over-year.
-- Net revenues in 2025 were RMB94.6 billion (US$13.5 billion), an increase
of 1.2% year-over-year.In the fourth quarter of 2025, net revenues were
RMB22.2 billion (US$3.2 billion), a decrease of 28.7% year-over-year.
-- Net income in 2025 was RMB2,991 million (US$428 million), a decrease of
26.7% year-over-year. Adjusted net income2 in 2025 was RMB5,017 million
(US$717 million), a decrease of 30.4% year-over-year.In the fourth
quarter of 2025, net income was RMB82 million (US$12 million), compared
to RMB577 million in the same period of 2024. Adjusted net income was
RMB517 million (US$74 million), a decrease of 61.5% year-over-year.
-- Number of stores was 61,139 as of December 31, 2025, a 18.5% increase
from one year ago. Number of active stores3 was 58,376 as of December 31,
2025, a 17.5% increase from one year ago.
-- Number of agents was 523,009 as of December 31, 2025, a 4.6% increase
from one year ago. Number of active agents4 was 445,632 as of December
31, 2025, relatively flat compared with one year ago.
-- Mobile monthly active users (MAU)5 averaged 43.8 million in the fourth
quarter of 2025, compared to 43.2 million in the same period of 2024.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, "In 2025, in response to the profound evolution of residential service demands, we centered our efforts on customer value and drove a strategic upgrade toward efficiency-driven growth.
In our home transaction services, we leveraged data and AI capabilities to reshape our service and business models, consistently enhancing the platform's professional service competencies and operational efficiency. In our home renovation and furnishing and home rental services, we focused on improving the quality of profitability and establishing sustainable, replicable operating models, bringing both businesses into a healthier stage of development."
"Looking ahead, we believe that the true ability to navigate market cycles stems not from scale itself, but from the capacity to consistently create genuine value for consumers. In 2026, we will respond more profoundly to customer needs, building systematic service capabilities that span the residential lifecycle. Meanwhile, we will leverage AI technology to reconstruct our competitive moats, further amplifying the professional value of service providers and platform efficiency, and ultimately elevating the living experience for consumers through higher-quality services," concluded Mr. Peng.
Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, "In 2025, we implemented a series of efficiency-enhancing initiatives focused on optimizing unit economics and the Company's cost structure, thereby strengthening the Company's operational resilience for the future. Despite a challenging market environment, the Company's net revenues grew by 1.2% year-over-year to RMB94.6 billion in 2025. Our cost and expense structure also improved: the contribution margin for new home transaction services increased by 0.2 percentage point year-over-year in 2025, while the contribution margin for existing home transaction services improved sequentially in the fourth quarter of 2025. Profitability for home renovation and furnishing, as well as home rental services, continued to progress, achieving a significant narrowing of loss and full-year profitability at the operating level, respectively. Operational efficiency also trended upward, with the ratio of operating expenses to net revenues decreasing by 1.4 percentage points year-over-year for the full year 2025.
We remain steadfast in our commitment to rewarding shareholders through proactive capital allocation measures. In 2025, we have in aggregate repurchased shares with a total consideration of approximately US$921 million, representing a year-over-year increase of approximately 29%. Meanwhile, we are here to declare a final cash dividend, with an aggregate amount of approximately US$0.3 billion. Altogether, our total shareholder return for 2025 reached approximately US$1.2 billion, up over 9% year-over-year.
Looking ahead, we will maintain prudent financial discipline and enhance resource allocation efficiency. While ensuring support for long-term strategic investments, we will continue to optimize our capital allocation structure to create sustainable, long-term value for our shareholders."
Fourth Quarter 2025 Financial Results
Net Revenues
Net revenues decreased by 28.7% to RMB22.2 billion (US$3.2 billion) in the fourth quarter of 2025 from RMB31.1 billion in the same period of 2024, primarily attributable to the high base of net revenues from new home and existing home transaction services, which is partially offset by the increase of net revenues from home rental services.
-- Net revenues from existing home transaction services decreased by 39.0%
to RMB5.4 billion (US$0.8 billion) in the fourth quarter of 2025 from
RMB8.9 billion in the same period of 2024, primarily due to a high base
effect for GTV of existing home transactions, which decreased by 35.3% to
RMB482.0 billion (US$68.9 billion) in the fourth quarter of 2025 from
RMB744.8 billion in the same period of 2024.Among that, (i) commission
revenue decreased by 42.9% to RMB4.2 billion (US$0.6 billion) in the
fourth quarter of 2025 from RMB7.4 billion in the same period of 2024,
primarily due to a high base effect for GTV of existing home transactions
served by Lianjia stores, which decreased by 43.0% to RMB177.6 billion
(US$25.4 billion) in the fourth quarter of 2025 from RMB311.7 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,
decreased by 19.9% to RMB1.2 billion (US$0.2 billion) in the fourth
quarter of 2025 from RMB1.5 billion in the same period of 2024, primarily
due to a high base effect for GTV of existing home transactions served by
connected agents on the Company's platform in the same period of 2024,
which decreased by 29.7% to RMB304.5 billion (US$43.5 billion) in the
fourth quarter of 2025 from RMB433.2 billion in the same period of 2024.
-- Net revenues from new home transaction services decreased by 44.5% to
RMB7.3 billion (US$1.0 billion) in the fourth quarter of 2025 from
RMB13.1 billion in the same period of 2024, primarily due to due to a
high base effect for GTV of new home transactions in the same period of
2024, which decreased by 41.7% to RMB207.0 billion (US$29.6 billion) in
the fourth quarter of 2025 from RMB355.3 billion in the same period of
2024. Of these, the GTV of new home transactions facilitated on Beike
platform through connected agents, dedicated sales team with the
expertise in new home transaction services and other sales channels
decreased by 41.3% to RMB168.7 billion (US$24.1 billion) in the fourth
quarter of 2025 from RMB287.5 billion in the same period of 2024, while
the GTV of new home transactions served by Lianjia brand decreased by
43.5% to RMB38.3 billion (US$5.5 billion) in the fourth quarter of 2025
from RMB67.8 billion in the same period of 2024.
-- Net revenues from home renovation and furnishing decreased by 12.0% to
RMB3.6 billion (US$0.5 billion) in the fourth quarter of 2025 from RMB4.1
billion in the same period of 2024, as the Company proactively optimized
the channel mix and moderated pace of certain non-brokerage channels.
-- Net revenues from home rental services increased by 18.1% to RMB5.4
billion (US$0.8 billion) in the fourth quarter of 2025 from RMB4.6
billion in the same period of 2024, primarily attributable to the
increase in the number of rental units under the Carefree Rent model,
partially offset by the impact of an increasing proportion of a new
product offering within the Carefree Rent business. Under the new model,
the homeowners retain control over and beneficial interest in the
properties, while the Company provides leasing agency services and lease
term management services to both homeowners and tenants. Accordingly,
under the new model, revenue is recognized based on net service fees
derived from two sources: (1) commissions earned for facilitating the
signing of lease agreements between homeowners and tenants; and (2) fees
for lease term management services rendered throughout the lease period.
-- Net revenues from emerging and other services were RMB459 million (US$66
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