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.

Kysy yhtiöstä
Liikevaihto94,6mrd USD
+1,2 %v/v
Liikevoitto (EBIT)2 111milj. USD
−43,9 %v/v
EBIT-marginaali2,2%
−1,8 %-yks.v/v
Nettotulos2 994milj. USD
−26,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−20020406080100mrd USD2020: 70,5 mrd USD2020: EBIT 2,8 mrd USD20202021: 80,8 mrd USD2021: EBIT −1,4 mrd USD20212022: 60,7 mrd USD2022: EBIT −0,83 mrd USD20222023: 77,8 mrd USD2023: EBIT 4,8 mrd USD20232024: 93,5 mrd USD2024: EBIT 3,8 mrd USD20242025: 94,6 mrd USD2025: EBIT 2,1 mrd USD202594,62,1
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
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 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 engagementLyhyt aikaväli

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

Broaden service coverageKeskipitkä aikaväli

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

Strengthen offline executionKeskipitkä aikaväli

Housing transactions still require local market participation and agent support.

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →China residential property downturn1Regulatory oversight of real estate services2Competition for listings and agents3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. China residential property downturnVaikutus: KorkeaTodennäköisyys: Korkea

    The business depends on housing transaction volumes and related services.

    KohdistuuResidential brokerageRentalsRenovation services
  2. Regulatory oversight of real estate servicesVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuAgent conductTransaction feesPlatform rules
  3. Competition for listings and agentsVaikutus: KeskitasoTodennäköisyys: Korkea

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

    KohdistuuOnline platformAgent networkConsumer acquisition

Kirjanpito

Harkinnanvaraiset erät
Non-GAAP adjustments

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

Vaikutus: Affects comparability between reported and adjusted profitability

Fair value measurements

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

Vaikutus: Can create non-cash volatility in earnings

Impairment testing

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

Vaikutus: Can cause periodic charges when asset values weaken

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Päivitetty: 28.9.2026