BEKENYSEReal Estate Agents & Managers (For Others)US GAAP · USD

KE Holdings Inc.

KE Holdings Inc. operates an integrated online and offline platform for housing transactions and services in China. Its business connects residential property buyers, sellers, landlords, tenants, and service providers through digital tools and brokerage-related services, with operations centered on mainland China and listings in New York and Hong Kong.

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Revenue94.6bn USD
+1.2 %y/y
Operating profit (EBIT)2,111m USD
−43.9 %y/y
EBIT margin2.2%
−1.8 ppy/y
Net income2,994m USD
−26.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20020406080100bn USD2020: 70.5 bn USD2020: EBIT 2.8 bn USD20202021: 80.8 bn USD2021: EBIT -1.4 bn USD20212022: 60.7 bn USD2022: EBIT -0.83 bn USD20222023: 77.8 bn USD2023: EBIT 4.8 bn USD20232024: 93.5 bn USD2024: EBIT 3.8 bn USD20242025: 94.6 bn USD2025: EBIT 2.1 bn USD202594.62.1
RevenueOperating profit (EBIT)

Business

Share of revenue
Residential brokerage45 %

Brokerage services for buying and selling homes, including agent-led transactions.

Housing platform services20 %

Online tools and marketplace services that help users search, compare, and transact.

Rental services15 %

Services supporting rental listings, tenant matching, and lease-related transactions.

Home renovation and related services15 %

Renovation, furnishing, and other post-transaction housing services.

Other housing services5 %

Ancillary services connected to residential real estate transactions and ownership.

Products

Reported · share of revenue
32.4%26.5%23.2%16.3%FY2025100 %
  • New Home Transaction Services32.4 %
  • Existing Home Transaction Services26.5 %
  • Home Rental Services23.2 %
  • Home Renovation and Furnishing Services16.3 %
  • Emerging and Other Services1.7 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

KE serves consumers involved in residential property transactions, especially buyers, sellers, tenants, and landlords in China’s housing market. It also serves real estate agents and service partners that rely on the platform for lead generation, transaction execution, and housing-related workflow tools. The business is tied to residential housing activity, so customer demand depends on transaction volumes, rental turnover, and home-service needs.

Home buyers

Buyers use the platform to search listings, compare homes, and complete transactions.

Home sellers

Sellers use KE’s brokerage and platform reach to market properties and close sales.

Landlords and tenants

They use rental services for listings, matching, and lease-related transactions.

Real estate agents

Agents use the platform for lead flow, transaction support, and service tools.

Home renovation customers

Customers buy renovation and related housing services after a property transaction.

Strategy

KE’s strategy centers on linking online discovery with offline housing transactions and service fulfillment. The platform model is designed to deepen user engagement across the residential property lifecycle, from search and brokerage to rentals and post-transaction services. Its strategic position depends on maintaining platform traffic, agent participation, and service breadth in China’s large but cyclical housing market.

Deepen platform engagementShort term

Higher user engagement improves lead generation and transaction conversion across housing services.

Broaden service coverageMedium term

More service layers increase monetization per transaction and improve customer retention.

Strengthen offline executionMedium term

Housing transactions still require local market participation and agent support.

Geography

KE is economically concentrated in mainland China, where residential housing transactions and related services are generated. The company is incorporated in the United States and has secondary market listings in New York and Hong Kong, but its operating footprint and customer base are centered in China. This geographic concentration means performance is closely linked to Chinese housing-market activity and local regulatory conditions.

Risks

KE is exposed to Chinese residential real-estate cyclicality, since transaction volumes and service demand depend on housing-market conditions. It also faces regulatory and execution risks tied to brokerage practices, platform trust, and the coordination of online and offline service delivery. Because the business is concentrated in one country and one end market, a slowdown in housing activity or tighter regulation can affect multiple revenue streams at once.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →China residential property downturn1Regulatory oversight of real estate services2Competition for listings and agents3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. China residential property downturnImpact: HighLikelihood: High

    The business depends on housing transaction volumes and related services.

    ExposureResidential brokerageRentalsRenovation services
  2. Regulatory oversight of real estate servicesImpact: HighLikelihood: Medium

    Brokerage, listings, and housing-platform activities operate under policy scrutiny.

    ExposureAgent conductTransaction feesPlatform rules
  3. Competition for listings and agentsImpact: MediumLikelihood: High

    Marketplace businesses depend on attracting inventory, traffic, and service providers.

    ExposureOnline platformAgent networkConsumer acquisition

Accounting

Judgemental items
Non-GAAP adjustments

Adjusted earnings exclude share-based compensation, amortization, and fair-value changes.

Impact: Affects comparability between reported and adjusted profitability

Fair value measurements

Long-term investments, loan receivables, and contingent consideration may be marked to fair value.

Impact: Can create non-cash volatility in earnings

Impairment testing

Goodwill, intangibles, and other long-lived assets may require impairment review.

Impact: Can cause periodic charges when asset values weaken

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Last updated: 28/09/2026