KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results

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 operations6 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 margin7 was 5.1% in the third quarter of 2025, compared to 6.0% in the same period of 2024. Adjusted EBITDA8 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 shareholders9 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 shareholders10 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 shareholders11 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$2,300.5 million under this share repurchase program since its launch. Conference Call Information The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, November 10, 2025) to discuss the financial results. For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering. Participant Online Registration: English Line: https://s1.c-conf.com/diamondpass/10050534-isnceg.html Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10050535-1y2mts.html A replay of the conference call will be accessible through November 17, 2025, by dialing the following numbers: United States:+1-855-883-1031Mainland, China:400-1209-216Hong Kong, China:800-930-639International:+61-7-3107-6325Replay PIN (English line):10050534Replay PIN (Chinese simultaneous interpretation line):10050535 A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com. Exchange Rate This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) 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 RelationsSiting LiE-mail: ir@ke.com Piacente Financial Communications Jenny CaiTel: +86-10-6508-0677E-mail: ke@tpg-ir.com In the United States:Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-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 ofDecember 31, As ofSeptember 30, 2024 2025 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 11,442,965 9,221,654 1,295,358Restricted cash 8,858,449 6,744,815 947,439Short-term investments 41,317,700 39,765,360 5,585,807Financing 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 92,696Accounts 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 3,777,678 530,647Amounts due from and prepayments to related parties 379,218 390,379 54,836Loan receivables from related parties 18,797 407,348 57,220Prepayments, receivables and other assets 6,252,700 7,458,565 1,047,697Total current assets 76,603,345 68,425,704 9,611,700Non-current assets Property, plant and equipment, net 2,400,211 2,286,577 321,194Right-of-use assets 23,366,879 21,835,216 3,067,175Long-term investments, net 23,790,106 19,665,242 2,762,360Intangible assets, net 857,635 755,562 106,133Goodwill 4,777,420 4,664,706 655,247Long-term loan receivables from related parties 131,410 259,442 36,444Other non-current assets 1,222,277 1,403,274 197,116Total non-current assets 56,545,938 50,870,019 7,145,669TOTAL 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 ofDecember 31, As ofSeptember 30, 2024 2025 RMB RMB US$ LIABILITIES Current liabilities Accounts payable 9,492,629 5,955,358 836,544Amounts due to related parties 391,446 540,885 75,978Employee compensation and welfare payable 8,414,472 5,640,906 792,373Customer deposits payable 6,078,623 3,755,202 527,490Income taxes payable 1,028,735 654,724 91,969Short-term borrowings 288,280 657,414 92,346Lease liabilities current portion 13,729,701 12,018,779 1,688,268Contract liabilities and deferred revenue 6,051,867 5,484,769 770,441Accrued expenses and other current liabilities 7,268,505 7,906,559 1,110,627Total current liabilities 52,744,258 42,614,596 5,986,036Non-current liabilities Deferred tax liabilities 317,697 317,697 44,627Lease liabilities non-current portion 8,636,770 8,283,170 1,163,530Long-term borrowings - 137,934 19,375Other non-current liabilities 2,563 2,269 319Total non-current liabilities 8,957,030 8,741,070 1,227,851TOTAL 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 ofDecember 31, As ofSeptember 30, 2024 2025 RMB RMB US$ SHAREHOLDERS’ EQUITY KE Holdings Inc. shareholders’ equity Ordinary Shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; 3,403,080,518 Class A ordinary shares issued and 3,272,515,613 Class A ordinary shares outstanding(1)as of September 30, 2025; and 145,413,446 and 140,951,375 Class B ordinary shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) 461 454 64 Treasury shares (949,410) (778,411) (109,343)Additional paid-in capital 72,460,562 66,037,233 9,276,195 Statutory reserves 926,972 926,972 130,211 Accumulated other comprehensive income 609,112 473,060 66,450 (Accumulated Deficit) / Retained Earnings (1,723,881) 1,182,240 166,068 Total KE Holdings Inc. shareholders' equity 71,323,816 67,841,548 9,529,645 Non-controlling interests 124,179 98,509 13,837 TOTAL SHAREHOLDERS' EQUITY 71,447,995 67,940,057 9,543,482 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 133,149,283 119,295,723 16,757,369 (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs. KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(All amounts in thousands, except for share, per share data, ADS and per ADS data) For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$ Net revenues Existing home transaction services6,217,054 5,990,720 841,511 19,278,973 19,580,472 2,750,453 New home transaction services7,726,316 6,639,287 932,615 20,576,636 23,333,605 3,277,652 Home renovation and furnishing4,213,041 4,299,985 604,015 10,662,113 11,810,782 1,659,051 Home rental services3,941,234 5,726,701 804,425 9,753,977 16,489,101 2,316,210 Emerging and other services487,002 395,764 55,593 2,060,692 1,177,480 165,400 Total net revenues22,584,647 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 profit5,134,733 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 operations726,964 607,968 85,400 2,753,937 2,257,989 317,179 Interest income, net310,493 176,640 24,812 976,746 669,148 93,995 Share of results of equity investees7,783 8,774 1,232 4,048 23,090 3,243 Fair value changes in investments, net109,170 112,950 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, net472,359 401,396 56,384 1,373,969 1,169,395 164,264 Income before income tax expense1,671,537 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 income1,168,406 746,748 104,894 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 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$ Net loss (income) attributable to non-controlling interests shareholders2,667 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 shareholders1,171,073 749,283 105,250 3,494,908 2,906,121 408,222 Net income1,168,406 746,748 104,894 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 reclassification130,261 85,944 12,072 162,874 92,036 12,928 Total comprehensive income1,046,557 681,711 95,758 3,532,146 2,772,663 389,475 Comprehensive loss (income) attributable to non-controlling interests shareholders2,667 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 shareholders1,049,224 684,246 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, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$Weighted average number of ordinary shares used in computing net income per share, basic and diluted —Basic3,380,011,519 3,313,787,988 3,313,787,988 3,408,518,304 3,360,457,280 3,360,457,280—Diluted3,501,151,763 3,451,304,318 3,451,304,318 3,522,652,156 3,509,432,168 3,509,432,168 Weighted average number of ADS used in computing net income per ADS, basic and diluted —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 1,150,434,773 1,150,434,773 1,174,217,385 1,169,810,723 1,169,810,723 Net income per share attributable to KE Holdings Inc.'s ordinary shareholders —Basic0.35 0.23 0.03 1.03 0.86 0.12—Diluted0.33 0.22 0.03 0.99 0.83 0.12 Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 0.65 0.09 2.98 2.48 0.35 (1) Includes share-based compensation expenses as follows: Cost of revenues136,101 122,906 17,264 385,935 326,921 45,922Sales and marketing expenses53,149 50,863 7,145 143,910 131,965 18,537General and administrative expenses370,106 232,514 32,661 1,461,016 881,191 123,781Research and development expenses47,220 43,854 6,160 140,146 126,457 17,763 KE Holdings Inc.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for share, per share data, ADS and per ADS data) For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$ Income from operations726,964 607,968 85,400 2,753,937 2,257,989 317,179 Share-based compensation expenses606,576 450,137 63,230 2,131,007 1,466,534 206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883 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 operations1,363,423 1,172,511 164,700 5,135,508 3,926,886 551,608 Net income1,168,406 746,748 104,894 3,500,932 2,908,715 408,586 Share-based compensation expenses606,576 450,137 63,230 2,131,007 1,466,534 206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883 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 investments388 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 income1,781,892 1,285,755 180,608 5,867,447 4,499,531 632,047 Net income1,168,406 746,748 104,894 3,500,932 2,908,715 408,586 Income tax expense503,131 550,337 77,305 1,758,920 1,489,279 209,198 Share-based compensation expenses606,576 450,137 63,230 2,131,007 1,466,534 206,003 Amortization of intangible assets36,125 35,282 4,956 230,643 105,848 14,868 Depreciation of property, plant and equipment166,373 250,101 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 investments388 502 71 8,437 1,716 241 Adjusted EBITDA2,153,639 1,921,506 269,911 7,191,233 5,966,323 838,085 Net income attributable to KE Holdings Inc.’s ordinary shareholders1,171,073 749,283 105,250 3,494,908 2,906,121 408,222 Share-based compensation expenses606,576 450,137 63,230 2,131,007 1,466,534 206,003 Amortization of intangible assets resulting from acquisitions and business cooperation agreement29,883 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 investments388 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 shareholders1,784,552 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, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$ Weighted average number of ADS used in computing net income per ADS, basic and diluted —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 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 —Basic1,126,670,506 1,104,595,996 1,104,595,996 1,136,172,768 1,120,152,427 1,120,152,427—Diluted1,167,050,588 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 —Basic1.04 0.68 0.10 3.08 2.59 0.36—Diluted1.00 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 —Basic0.54 0.49 0.06 2.08 1.42 0.20—Diluted0.53 0.47 0.07 2.01 1.36 0.19 Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders —Basic1.58 1.17 0.16 5.16 4.01 0.56—Diluted1.53 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 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$ Net cash provided by (used in) operating activities2,248,527 851,130 119,557 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 period17,526,653 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 period15,820,424 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 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ RMB RMB US$Existing home transaction services Net revenues 6,217,054 5,990,720 841,511 19,278,973 19,580,472 2,750,453 Commission and compensation (3,667,827) (3,656,835) (513,673) (10,700,539) (11,944,430) (1,677,824)Contribution 2,549,227 2,333,885 327,838 8,578,434 7,636,042 1,072,629 New home transaction services Net revenues 7,726,316 6,639,287 932,615 20,576,636 23,333,605 3,277,652 Commission and compensation (5,812,384) (5,039,448) (707,887) (15,581,327) (17,741,105) (2,492,078)Contribution 1,913,932 1,599,839 224,728 4,995,309 5,592,500 785,574 Home renovation and furnishing Net revenues 4,213,041 4,299,985 604,015 10,662,113 11,810,782 1,659,051 Material costs, commission and compensation (2,897,013) (2,924,060) (410,740) (7,345,082) (8,008,726) (1,124,979)Contribution 1,316,028 1,375,925 193,275 3,317,031 3,802,056 534,072 Home rental services Net revenues 3,941,234 5,726,701 804,425 9,753,977 16,489,101 2,316,210 Property leasing costs, commission and compensation (3,766,972) (5,228,519) (734,446) (9,248,794) (15,174,777) (2,131,588)Contribution 174,262 498,182 69,979 505,183 1,314,324 184,622 Emerging and other services Net revenues 487,002 395,764 55,593 2,060,692 1,177,480 165,400 Commission and compensation (100,726) (122,051) (17,145) (222,206) (305,866) (42,965)Contribution 386,276 273,713 38,448 1,838,486 871,614 122,435 KE Holdings Inc.UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)(All amounts in thousands) For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ 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.

KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results

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