KE Holdings remains a hold as China's property market downturn overshadows operational improvements. Home rental and renovation segments now contribute profitably, with margin gains from asset-light models and supply chain efficiencies. Despite BEKE's productivity gains and cost reductions, macro headwinds and falling home prices depress transaction volumes and sentiment.
KE Holdings Inc. ( BEKE ) Q3 2025 Earnings Call November 10, 2025 7:00 AM EST Company Participants Siting Li - Investor Relations Director & Joint Company Secretary Tao Xu - CFO & Executive Director Yongdong Peng - Co-Founder, Chairman & CEO Conference Call Participants John Lam - UBS Investment Bank, Research Division Griffin Chan - Citigroup Inc., Research Division Jiong Shao - Barclays Bank PLC, Research Division Timothy Zhao - Goldman Sachs Group, Inc., Research Division Presentation Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc. Third Quarter 2025 Earnings Conference Call.
I downgrade BEKE to hold due to weakening core business, margin pressure, and fading recovery momentum despite headline revenue growth. Core brokerage revenues declined, profitability eroded, and new business growth hasn't offset the margin hit from the core segment. Housing market demand is deteriorating, with transaction volumes falling and recovery momentum stalling, increasing downside risk for near-term performance.
| - Industry | - Sector | Yongdong Peng CEO | XBER Exchange | US4824971042 ISIN |
| CN Country | 131,881 Employees | 9 Apr 2025 Last Dividend | - Last Split | - IPO Date |
KE Holdings Inc. is a prominent entity in the People's Republic of China, recognized for its innovative approach toward housing transactions and services. By seamlessly integrating online and offline platforms, the company has carved a niche in the real estate sector, catering to a diverse range of needs from existing to new home services. Founded in 2001 and based in Beijing, KE Holdings has expanded its operations across various segments, including home transaction services, renovation, furnishing, and other emerging services, thereby establishing a comprehensive ecosystem for real estate transactions.
This segment entails a breadth of services designed to facilitate the buying and selling of existing homes, leveraging a vast network of real estate professionals and cutting-edge technology to ensure smooth transactions and high customer satisfaction.
Focused on the sale and purchase of new constructions, this service leverages extensive market knowledge and a network of developers to offer buyers diverse options and streamlined services for acquiring new homes.
Understanding the importance of a personalized home interior, KE Holdings provides comprehensive renovation and furnishing services aimed at transforming spaces into comfortable and stylish havens that reflect the tastes and preferences of the homeowners.
KE Holdings Inc. is continuously exploring new avenues to enhance its service portfolio. This segment includes innovative solutions and services in the real estate sector that meet the evolving needs of customers and market dynamics.
Beike stands as the cornerstone of KE Holdings' offerings, providing an integrated online and offline platform for housing transactions and services. It is designed to streamline processes, making buying, selling, and renting homes more efficient and user-friendly.
Under the Lianjia brand, the company operates a network of real estate brokerage stores, offering professional and comprehensive brokerage services that cater to a wide array of customer demands in the housing market.
This operational system fosters collaboration and reciprocity among service providers, ensuring that all parties involved in the real estate transaction process work together harmoniously and efficiently.
KE Holdings caters to the technological needs of the real estate sector with its SaaS offerings, providing robust software solutions that support various aspects of real estate transactions and management.