BEKE on NYSE

Beike

Logo: KE Holdings, Public domain, via Wikimedia Commons5

Chinese real estate platform

KE Holdings Inc. (KE; Chinese: 贝壳控股有限公司; pinyin: Bèiké Kònggǔ Yǒuxiàn Gōngsī) is a publicly listed Chinese real estate holding company that engages in the provision of an integrated online and offline platform for housing transactions and services through its subsidiaries.3 From Wikipedia, CC BY-SA 4.0

$17.84 up 0.33 (1.85%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$13.5BRevenue, fiscal 20256
$428.1MNet income, fiscal 20256
2001Founded1

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  • TickerBEKE on NYSE1
  • IndustryReal Estate Agents & Managers (For Others)1
  • HeadquartersBeijing1
  • Founded inBeijing1
  • Websitebj.ke.com
  • Incorporated inCayman Islands7
  • Business addressOriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, 1000867
  • Filer categoryLarge accelerated filer7
KE Holdings headquarters (20231202114157)
Photo: N509FZ, CC BY-SA 4.0, via Wikimedia Commons9

KE Holdings Inc. (KE; Chinese: 贝壳控股有限公司; pinyin: Bèiké Kònggǔ Yǒuxiàn Gōngsī) is a publicly listed Chinese real estate holding company that engages in the provision of an integrated online and offline platform for housing transactions and services through its subsidiaries. It is the largest online real estate transaction platform in China.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.4%Gross margin6
2.2%Operating margin6
3.2%Net margin6
5.6%Revenue growth, 20256
4.5%Return on equity6
0.02×Debt to equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

New home transaction services brought in 32% of the revenue Beike broke down this way in fiscal 2025.

  1. New home transaction services30.6B CNY632%down 9% from 2024
  2. Existing home transaction services25.0B CNY626%down 11% from 2024
  3. Home Rental Services21.9B CNY623%up 53% from 2024
  4. Home Renovation and Furnishing Services15.4B CNY616%up 4% from 2024
  5. Emerging and other services1.6B CNY62%down 35% from 2024
Products and services by year
Products and services202320242025
New home transaction services30.6B CNY33.7B CNY30.6B CNY
Existing home transaction services28.0B CNY28.2B CNY25.0B CNY
Home Rental Services6.1B CNY14.3B CNY21.9B CNY
Home Renovation and Furnishing Services10.9B CNY14.8B CNY15.4B CNY
Emerging and other services2.3B CNY2.5B CNY1.6B CNY

Business segments

New Home Transaction Services brought in 32% of the revenue Beike broke down this way in fiscal 2025.

  1. New Home Transaction Services30.6B CNY632%down 9% from 2024
  2. Existing Home Transaction Services Segment[ Member]25.0B CNY626%down 11% from 2024
  3. Home Transaction Services21.9B CNY623%up 53% from 2024
  4. Home Renovation and Furnishing Services15.4B CNY616%up 4% from 2024
  5. Emerging And Other Services1.6B CNY62%down 35% from 2024
Business segments by year
Business segments202320242025
New Home Transaction Services30.6B CNY33.7B CNY30.6B CNY
Existing Home Transaction Services Segment[ Member]28.0B CNY28.2B CNY25.0B CNY
Home Transaction Services6.1B CNY14.3B CNY21.9B CNY
Home Renovation and Furnishing Services10.9B CNY14.8B CNY15.4B CNY
Emerging And Other Services2.3B CNY2.5B CNY1.6B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue79¢$10.6B
  • Research and development3¢$369.0M
  • Other costs14¢$1.8B
  • Interest0¢$6.8M
  • Income tax2¢$241.1M
  • Profit3¢$428.1M

Out of $13.5B in revenue.6

Financial statements

Revenue10111213146$13.5B in 2025+25% since 2020
0$5.0B$10.0B$15.0B2020: $10.8B$10.8B20202021: $12.7B$12.7B2021+17%2022: $8.8B$8.8B2022−31%2023: $11.0B$11.0B2023+25%2024: $12.8B$12.8B2024+17%2025: $13.5B$13.5B2025+6%
Gross profit10111213146$2.9B in 2025+12% since 2020
0$1.0B$2.0B$3.0B$4.0B2020: $2.6B$2.6B20202021: $2.5B$2.5B2021−4%2022: $2.0B$2.0B2022−20%2023: $3.1B$3.1B2023+53%2024: $3.1B$3.1B2024+3%2025: $2.9B$2.9B2025−8%
Operating income10111213146$301.8M in 2025−31% since 2020
-$250.0M0$250.0M$500.0M$750.0M2020: $435.5M$435.5M20202021: -$212.6M-$212.6M20212022: -$120.8M-$120.8M2022−43%2023: $675.7M$675.7M20232024: $515.8M$515.8M2024−24%2025: $301.8M$301.8M2025−41%
Net income10111213146$428.1M in 2025+1% since 2020
-$500.0M0$500.0M$1.0B2020: $425.7M$425.7M20202021: -$82.2M-$82.2M20212022: -$201.0M-$201.0M2022+144%2023: $828.6M$828.6M20232024: $556.9M$556.9M2024−33%2025: $428.1M$428.1M2025−23%

Every line of the income statement in the latest annual report, as filed.6

Period ending2025-12-312024-12-312023-12-31
Total net revenues94.6B CNY93.5B CNY77.8B CNY
Commission and compensation-internal-17.7B CNY-18.9B CNY-17.0B CNY
Cost of home renovation and furnishing (including costs generated from related parties of RMB176,824, RMB116,207 and RMB48,000, for 2023, 2024 and 2025, respectively)-10.6B CNY-10.2B CNY-7.7B CNY
Cost of home rental services (including costs generated from related parties of RMB9,042, RMB11,150 and RMB11,493, for 2023, 2024 and 2025, respectively)-20.0B CNY-13.6B CNY-6.2B CNY
Cost related to stores (including costs generated from related parties of RMB15,356, RMB7,594 and RMB5,410, for 2023, 2024 and 2025, respectively)-2.9B CNY-2.9B CNY-2.9B CNY
Others (including costs generated from related parties of RMB9,401, RMB13,496 and RMB6,697, for 2023, 2024 and 2025, respectively)-2.4B CNY-2.1B CNY-1.9B CNY
Total cost of revenues-74.4B CNY-70.5B CNY-56.1B CNY
Gross profit20.2B CNY22.9B CNY21.7B CNY
General and administrative expenses (including expenses generated from related parties of RMB15,732, RMB5,702 and RMB378, for 2023, 2024 and 2025, respectively)-8.1B CNY-9.0B CNY-8.2B CNY
Impairment of goodwill, intangible assets and other long-lived assets-116.3M CNY-151.6M CNY-93.4M CNY
Total operating expenses-18.1B CNY-19.2B CNY-16.9B CNY
Income from operations2.1B CNY3.8B CNY4.8B CNY
Share of results of equity investees16.4M CNY10.2M CNY9.1M CNY
Impairment loss and provision related to equity investments accounted for using equity method-103.7M CNY-10.4M CNY
Fair value changes in investments, net462.7M CNY312.8M CNY78.3M CNY
Impairment loss for equity investments accounted for using measurement alternative-2.7M CNY-9.4M CNY-28.8M CNY
Foreign currency exchange loss-59.7M CNY-34.7M CNY-94.0M CNY
Other income, net1.4B CNY1.6B CNY1.9B CNY
Income before income tax expense4.7B CNY6.9B CNY7.9B CNY
Income tax expense-1.7B CNY-2.8B CNY-2.0B CNY
Net income3.0B CNY4.1B CNY5.9B CNY
Net loss (income) attributable to noncontrolling interests shareholders3.0M CNY-13.3M CNY-6.4M CNY
Net income attributable to KE Holdings Inc.3.0B CNY4.1B CNY5.9B CNY
Net income attributable to KE Holdings Inc.'s ordinary shareholders3.0B CNY4.1B CNY5.9B CNY
Currency translation adjustments-429.0M CNY217.1M CNY574.2M CNY
Unrealized gains on available-for-sale investments, net of reclassification110.0M CNY147.7M CNY82.8M CNY
Total other comprehensive income (loss)-319.1M CNY364.8M CNY657.0M CNY
Total comprehensive income2.7B CNY4.4B CNY6.5B CNY
Comprehensive loss (income) attributable to noncontrolling interests shareholders3.0M CNY-13.3M CNY-6.4M CNY
Comprehensive income attributable to KE Holdings Inc.2.7B CNY4.4B CNY6.5B CNY
Comprehensive income attributable to KE Holdings Inc.'s ordinary shareholders2.7B CNY4.4B CNY6.5B CNY
- Basic (in shares)3.3B shares3.4B shares3.5B shares
- Diluted (in shares)3.5B shares3.5B shares3.6B shares
- Basic (per share)0.90 CNY1.19 CNY1.67 CNY
- Diluted (per share)0.86 CNY1.15 CNY1.63 CNY
Share-based compensation expenses included in:1.9B CNY2.7B CNY3.2B CNY
Commission-split20.9B CNY22.8B CNY20.4B CNY
Sales and marketing expenses7.3B CNY7.8B CNY6.7B CNY
Research and development expenses2.6B CNY2.3B CNY1.9B CNY
Interest income, net807.5M CNY1.3B CNY1.3B CNY

Compare Beike with another company

The story

Lianjia (formerly Homelink) was founded as a real estate brokerage by Zuo Hui in November 2001 with initially 27 employees.

Due to the competition for real estate brokerages, information was not centralized and it was difficult to maintain accurate up to date information. In April 2018, Zuo, Peng Yongdong and Shan Yigang launched Beike, an online platform that helps match customer to real estate agents. KE was incorporated in July 2018 as a holding company for both Lianjia and Beike.

At the start, Beike drew most of its senior management from Lianjia. It aimed to establish an independent third-party trading platform similar to Taobao that would allow resources to be open to all real estate agents. Zuo came up with the idea of an agent cooperation network after studying multiple service listing systems in the U.S.

KE received financial backing from Tencent, SoftBank Group and Hillhouse Investment.

In August 2020, KE held its initial public offering on the New York Stock Exchange (NYSE) raising US$2.12 billion. On the first day of trading, the stock jumped 87% valuing the company at just under US$40 billion.

In May 2022, KE became a dual-listed company after it listed its shares on the Hong Kong Stock Exchange.

From Wikipedia’s article on Beike, shared under CC BY-SA 4.0.8

Products and brands

KE owns two majors businesses. Lianjia and Beike. Lianjia is a real estate agent while Beike is an online platform that helps match customers to estate agents (which includes Lianjia). Lianjia has been compared to Redfin while Beike has been compared to Zillow.

KE operates four business segments:

Existing home transaction services

New home transaction services

Read the full text

Home renovation and furnishing

Emerging and other services

From Wikipedia’s article on Beike, shared under CC BY-SA 4.0.8

Timeline

  1. Aug 2020Went public Listed on NYSE1
  2. 2001Founded Founded in Beijing1

Recent filings

  1. Oct 13, 20266-K
  2. Oct 8, 20266-K
  3. Oct 5, 20266-K
  4. Oct 2, 20266-K
  5. Sep 29, 20264
  6. Sep 29, 2026SCHEDULE 13D/A
  7. Sep 28, 20266-K
  8. Sep 25, 2026144
  9. Sep 23, 20264
  10. Sep 21, 20266-K
  11. Sep 21, 2026144
  12. Sep 14, 20266-K
  13. Sep 8, 20266-K
  14. Sep 8, 20266-K
  15. Sep 4, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Yahoo FinanceBEKE quote
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