What is the revenue and EPS growth rate for BEKE year over year?

What is BEKE's latest dividend and current dividend yield?

What guidance did BEKE's management provide for the next earnings period?

What does BEKE do and what are its main business segments?

What factors drove the changes in BEKE's revenue and profit?

What is BEKE's gross profit margin?

What were the key takeaways from BEKE’s earnings call?

What is the market's earnings forecast for BEKE next quarter?

- **Efficiency-Driven Growth**: Existing home contribution margin 40.4%, new home 28.3% (both YoY improvements). Rental services turned profitable with 10.4% margin.
- **AI Integration**: Automating 30% of rental units on a net basis, reducing risk and improving efficiency. Agents using AI for marketing and pricing.
- **Shareholder Returns**: USD 1.22 billion returned in 2025 (170% of non-GAAP net profit), including USD 921 million buybacks.
- **Market Expansion**: Rental units +62% YoY to 700,000. Home renovation gross margin 31.4%.
- **2026 Focus**: Validating decision support services, improving unit economics, and scaling AI-enabled workflows.

**【CFO Financial Commentary】**
- **Q4 2025 Financial Highlights**: Revenue of RMB 22.2 billion (-28.7% YoY), GAAP net income of RMB 82 million (-85.7% YoY). Non-GAAP net profit of RMB 517 million (-61.5% YoY), impacted by one-off cost optimization expenses.
- **Existing Home Business**: GTV of RMB 482 billion (-35.3% YoY), revenue of RMB 5.4 billion (-39% YoY). Contribution margin improved to 40.4% (stable YoY, +1.5ppt QoQ) due to headcount control and efficiency gains.
- **New Home Business**: GTV of RMB 207 billion (-4.7% YoY), revenue of RMB 7.3 billion (-44.5% YoY). Contribution margin rose to 28.3% (+2.6ppt YoY, +4.2ppt QoQ) from cost optimization.
- **Home Renovation**: Revenue of RMB 3.6 billion (-12% YoY), contribution margin 28.8%. Profitability improved through centralized procurement and risk provisioning.
- **Rental Services**: Revenue of RMB 5.4 billion (+18.1% YoY), units under management exceed 700,000 (+62% YoY). Contribution margin 10.4% (+5.9ppt YoY) from AI-driven efficiency and lighter product model.
- **Shareholder Returns**: Full-year share buybacks of USD 921 million (+29% YoY), final dividend of USD 0.3 billion. Total shareholder return USD 1.22 billion (170% of non-GAAP net profit).

**【CEO Strategic Update】**
- **Efficiency-Driven Growth**: Shift from agent/store scale to decision support services, embedding AI as a 'copilot' for agents. Existing home GTV from connected agents rose 15% YoY.
- **AI Integration**: Automating marketing materials, pricing support, and workflow. Rental business AI adoption reduces operational risk and improves leasing efficiency.
- **Diversified Services**: Home renovation gross margin 31.4% (+0.7ppt YoY), rental services turned profitable. Focus on replicable models and unit economics.
- **Market View 2026**: Neutral outlook, focusing on validating decision support service model and improving unit economics across segments.

**【Q&A Highlights】**
- **Operating Efficiency**: Agent productivity improved 6% YoY, Q4 sequential gains in transaction per agent. Store costs down 9.6% YoY, G&A expenses down 23.9% YoY.
- **New Home Strategy**: Transitioning from traffic distribution to integrated solutions for developers and buyers. 2025 new home GTV of RMB 890.9 billion despite market volatility.
- **AI Impact**: Enhancing agent capabilities (e.g., automated marketing, pricing support) while preserving human judgment in complex decisions.
- **Rental Growth**: Units under management +62% YoY, contribution margin 8.6% (+3.6ppt YoY). Long-term focus on stable cash flow and risk mitigation.
- **Renovation Profitability**: Contribution margin 31.4% (+0.7ppt YoY). 2026 plan to expand scale through standardized design and delivery systems.

KE Holdings Inc. (BEKE) Q4 2025 Earnings Call Transcript

- **Rental Business Surge**: Revenue +45.3% YoY to RMB 5.7 billion, contribution margin 8.7% (up 4.3ppt), 660,000 units under management (+75% YoY). 
- **AI-Driven Efficiency**: Rental AI tools boost lease-out of 350,000 units, 30,000 agents promoted via short videos, property manager efficiency up 44% YoY. 
- **Share Repurchase Intensity**: Q3 repurchased RMB 281 million (highest in 2 years), cumulative 2025 repurchases +15.7% YoY. 
- **Strategic Shifts**: Agent specialization pilot in Shanghai, Carefree rent model expansion, R&D investment doubling in AI. 
- **Cost Optimization**: Fixed labor costs down 20% YoY, store count reduced 8%, centralized procurement savings 20%.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: Total GTV of RMB 736.7 billion (flat YoY), revenue RMB 23.1 billion (+2.1% YoY), GAAP net income RMB 747 million (-36.1% YoY), Non-GAAP net income RMB 1.29 billion (-27.8% YoY). Gross margin 21.4% (-1.3ppt YoY). 
- **Existing Home Business**: Revenue RMB 6 billion (-3.6% YoY), GTV RMB 505.6 billion (+5.8% YoY). Contribution margin 39% (-2ppt YoY). 
- **New Home Business**: GTV RMB 196.3 billion (-13.7% YoY), revenue RMB 6.6 billion (-14.1% YoY). Contribution margin 24.1% (-0.7ppt YoY). 
- **Home Renovation**: Revenue RMB 4.3 billion (flat YoY), contribution margin 32% (+0.8ppt YoY). 
- **Rental Services**: Revenue RMB 5.7 billion (+45.3% YoY), GTV RMB 196.3 billion. Contribution margin 8.7% (+4.3ppt YoY). 660,000 units under management (+75% YoY). 
- **Cost Optimization**: Store costs RMB 663 million (-5.8% YoY), G&A expenses RMB 1.9 billion (flat YoY), R&D expenses RMB 648 million (+13.2% YoY). 
- **Share Repurchase**: Q3 repurchase RMB 281 million (highest in 2 years), cumulative 2025 repurchases RMB 675 million (+15.7% YoY). 

**【CEO Strategic Initiatives】**
- **Agent Specialization Pilot**: Shanghai seller/buyer agent specialization with ACN commission split adjustment. High-quality listings account for >75% of transactions. 
- **AI Integration**: Rental services AI tools include listing score system, grid management, and sign-up assistants. 350,000 units leased in Q3 with 90% price adjustment adoption. 
- **Carefree Rent Model**: 25% of units on net revenue basis, contribution margin 8.7%. Property manager efficiency up 44% YoY (130 units/month). 
- **Operational Efficiency**: Store count reduced 8% to 5,200, rent savings 10%. R&D team expanded to 2,300 (600 AI-focused). 

**【Q&A Highlights】**
- **New Home Growth**: Brokerage penetration 50% vs 30% 2023, B+ product pilot in 4 cities. 
- **Rental Profitability**: Carefree rent contribution profit RMB 500 million (+186% YoY), 30,000 agents promoted via short videos. 
- **Renovation Expansion**: 30% conversion in 2nd/3rd tier cities vs 20% in Beijing. AI identifies high-potential homes for renovation. 
- **Cost Control**: Fixed labor costs down 20% YoY, variable costs optimized, centralized procurement savings 20%.

KE Holdings Inc. (BEKE) Q3 2025 Earnings Call Transcript

- **Q2 Financial Resilience**: Despite YoY declines in GAAP and Non-GAAP net income, rental services revenue surged 78% YoY to RMB 5.7 billion. 
- **Segment Strengths**: Existing home GTV growth (+4.7% YoY) outpaced market, while new home revenue rose 8.6% YoY. 
- **AI-Driven Efficiency**: Sheniu CRM adoption exceeded 75% in Beijing/Shanghai, boosting agent conversion rates by 30%. 
- **Shareholder Returns**: USD 394 million repurchased in Q2, with expanded USD 5 billion program extended to 2028. 
- **Strategic Shifts**: Transitioning from scale to efficiency, with premium home renovation stores and AI-powered rental management leading innovation.

**【Management Opening Remarks】**
- Siting Li welcomed participants and outlined the agenda, emphasizing the company's Q2 performance and strategic updates. She highlighted the availability of the press release and noted the use of non-GAAP financial measures.

**【CFO Financial Commentary】**
- **Q2 Financial Highlights**: Total GTV of RMB 878.7 billion (+4.7% YoY), revenue of RMB 26 billion (+11.3% YoY), GAAP net income of RMB 1.31 billion (-31.2% YoY), and Non-GAAP net income of RMB 1.82 billion (-32.4% YoY). Gross margin declined to 21.9% due to higher costs in housing transaction services.
- **Segment Performance**: 
  - *Existing Home*: GTV of RMB 583.5 billion, revenue of RMB 6.7 billion (-8.4% YoY), contribution margin of 39.9% (-7.5ppt YoY). 
  - *New Home*: GTV of RMB 255.4 billion (+8.5% YoY), revenue of RMB 8.6 billion (+8.6% YoY), contribution margin of 24.4% (-0.6ppt YoY). 
  - *Home Renovation*: Revenue of RMB 4.6 billion (+13% YoY), contribution margin of 32.1% (+0.8ppt YoY). 
  - *Rental Services*: Revenue of RMB 5.7 billion (+78% YoY), contribution margin of 8.4% (+2.5ppt YoY). 
- **Cost Management**: R&D expenses rose 25.6% YoY to RMB 633 million, driven by AI initiatives. Share repurchases totaled USD 394 million in Q2, with an expanded program of USD 5 billion extended to 2028.

**【CEO Strategic Commentary】**
- **Shift to Efficiency**: Peng emphasized transitioning from scale to efficiency, focusing on AI-driven operations and community-centric models. 
- **Home Renovation**: Piloting premium stores in Beijing, integrating modular designs and pre-signing measurements to reduce customer uncertainty. 
- **Rental Business**: Leveraging AI for property management, achieving 50% growth in unit staff productivity. 
- **Beihaojia Model**: Maintaining asset-light strategy, offering C2M product solutions without providing funding. Self-owned funding cap set at RMB 1 billion post-exit of Chengdu and Shanghai projects.

**【Q&A Highlights】**
- **Market Trends**: Q2 secondary home market softened due to trade friction and policy impacts. New home sales by top 100 developers fell 14.5% YoY, while existing home transactions outperformed (+26% YoY vs. market +19%).
- **Growth Strategy**: Slowing store expansion outside Beijing/Shanghai, focusing on high-quality districts. AI tools like Sheniu CRM boosted agent conversion rates by 30% in Xi'an. 
- **Rental Growth**: Units under management rose to 590,000 (+89% YoY), driven by Carefree Rent model with net revenue recording. 
- **Home Renovation Cost Optimization**: Centralized procurement reduced material costs, while project manager efficiency doubled. 
- **Beihaojia Future**: No new projects beyond Chengdu/Beijing, focusing on platform services for developers.

KE Holdings Inc. (BEKE) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 42.4% YoY revenue growth to RMB23.3B, driven by 53% YoY new home GTV and 28% YoY existing home GTV.
- **AI Efficiency**: 200,000 agents using AI tools saw 30%+ conversion rate improvements, with 40% traffic using AI search assistants.
- **Profit Stability**: Non-GAAP net income stable at RMB1.39B despite 4.5ppt YoY gross margin decline.
- **Share Buybacks**: $139M repurchased in Q1, part of $1.76B since 2022.
- **Market Leadership**: Outperformed industry with 53% YoY new home GTV vs. -0.4% national decline, and 28% YoY existing home GTV vs. 16% national growth.

**【CEO Summary Section】**
- **Revenue Growth**: Total GTV increased 34% YoY to RMB844.2 billion, driven by 28% YoY growth in existing home GTV and 53% YoY growth in new home GTV. Revenue rose 42.4% YoY to RMB23.3 billion.
- **AI Integration**: Rolled out AI-powered tools like property maintenance assistants and agent assistants, used by over 200,000 agents, achieving 30%+ lead-to-transaction conversion rate improvements.
- **Margin Focus**: Gross margin stabilized at 28.7%, with contribution margin in new home business improving 1.1ppt YoY to 23.4%.
- **Share Repurchase**: Repurchased $139M in Q1, bringing total buybacks since 2022 to $1.76B (9.2% of shares outstanding).

**【CFO Financial Commentary】**
- **Profitability**: GAAP net income rose 97.9% YoY to RMB855M, while Non-GAAP net income remained stable at RMB1.39B. Operating expenses fell 31.3% QoQ to RMB4.2B, driven by cost control.
- **Cash Flow**: Generated RMB74.3B in cash liquidity, supporting investments in AI and strategic growth initiatives.
- **Segment Performance**: Home renovation/furniture business saw 22.3% YoY revenue growth and 32.6% contribution margin, while home rental revenue surged 93.8% YoY to RMB5.1B.

**【Q&A Highlights】**
- **Market Outlook**: Existing home market expected to grow 16% YoY in 2025, outpacing new home market which faces 7% YoY GTV decline from top 100 developers.
- **AI Impact**: AI tools achieved 30%+ efficiency gains for agents, with 40% of traffic using AI home search assistants.
- **Expansion Strategy**: Focusing on high-quality store expansion (large stores >10 agents) to improve retention (94% 6-month rate) and productivity (+20% over 3 years).
- **C2M Success**: Beihaojia projects delivered 30% IRR, with Xi'an project achieving full sellout using AI-driven product positioning.

KE Holdings Inc. (BEKE) Q1 2025 Earnings Call Transcript

- **Revenue & GTV Records**: 2024 revenue RMB93.5 billion (+20.2% YoY), GTV RMB3.35 trillion, with existing home GTV up 11% YoY. Q4 revenue RMB31.1 billion (+54.1% YoY), existing home GTV RMB744.8 billion (+59.1% YoY).
- **AI-Driven Efficiency**: AI tools handle 60% of rental tasks, save 85% of business analysis time, and reduce renovation timelines by 10 days. Pudding assistant to launch in March 2025.
- **Profitability & Cash**: Adjusted net income RMB7.21 billion (2024), net cash RMB9.4 billion. Q4 non-GAAP net income RMB1.34 billion despite 21.6% YoY decline. Share repurchases US$716 million (2024), dividend US$0.36/ADS (~US$400 million total).
- **Rental & Renovation Growth**: Rental revenue RMB14.3 billion (+135% YoY), renovation RMB14.8 billion (+36% YoY). 2025 focus on AI-enabled service quality, district optimization, and showroom upgrades.

**【CEO Summary Section】**
- **Market Evolution & Strategy**: China's real estate industry is transitioning from scale-driven growth to quality-focused service. Beike is leveraging AI to reduce customer decision-making risks and enhance living experiences. The company's "one body, three wings" strategy (core brokerage, renovation, rental, and product solutions) achieved record-high GTV of RMB3.35 trillion in 2024, with existing home GTV up 11% YoY to RMB2.25 trillion.
- **AI Integration**: Launched AI tools like Pudding (home-seeking assistant), Sheniu (AI design tool), and Digital AI Agents to improve agent efficiency, customer engagement, and operational workflows. AI now handles 60% of rental property management tasks and saves 85% of business analysis time.
- **Growth Metrics**: Active stores reached 49,700 (18.3% YoY), agents 445,000 (12.1% YoY), and served 8.6 million customers in 2024. Revenue hit RMB93.5 billion (20.2% YoY), with new businesses (renovation, rental, product solutions) contributing 33.8% of total revenue.

**【CFO Financial Commentary】**
- **2024 Financial Highlights**: Full-year revenue RMB93.5 billion (+20.2% YoY), adjusted net income RMB7.21 billion, and net operating cash inflow RMB9.4 billion. Q4 revenue RMB31.1 billion (+54.1% YoY), with existing home GTV up 59.1% YoY to RMB744.8 billion. New home GTV RMB355.3 billion (+49.3% YoY), outperforming the top 100 developers by 43.3%.
- **Profitability**: Gross margin 24.6% (2024), adjusted operating margin 7.4%. Q4 gross margin 23% (down 2.4ppts YoY due to emerging business costs). Non-GAAP net income RMB1.34 billion (Q4) despite 21.6% YoY decline, driven by R&D and ecosystem investments.
- **Cash & Share Repurchases**: Ended 2024 with RMB78.7 billion cash, repurchasing US$716 million in shares (3.9% of outstanding shares). 2024 dividend of US$0.36/ADS (total ~US$400 million) exceeds net income by 113%.

**【Q&A Key Takeaways】**
- **Market Outlook**: Existing home market to stabilize in 2025 with transaction volume growth, while new home market faces slower recovery. Beike expects to leverage AI to enhance agent efficiency and customer experience, with AI-driven tools reducing construction timelines by 10 days in Q4.
- **Rental Business**: Managed units surpass 430,000 (135% YoY revenue growth) through AI-powered AIMS system, reducing vacancy periods to 12 days. 2025 focus on service quality and secondary leasing efficiency.
- **Renovation Growth**: 2024 revenue RMB14.8 billion (+36% YoY), with Beijing contribution margin 35%. 2025 initiatives include showroom upgrades, professional project manager training, and district-focused service optimization.

Actual	-0.0162	0.1342	0.1439	-0.2326	0.0063	-0.082	-0.0776	0.2206	0.1869	0.4251	0.2702	0.2465	0.2028	0.1634	0.3136	0.218	0.1561	0.1639	0.2163	0.1573	0.0343
Forecast	0.0799	0.1171	0.2096	-0.05	-0.0886	-0.0708	-0.2188	0.1303	0.0816	0.2285	0.1907	0.107	0.1904	0.1368	0.2196	0.2064	0.2365	0.1356	0.2081	0.1483	0.0829
Surprise	-120.28%	+14.60%	-31.35%	-365.20%	+107.11%	-15.82%	+64.53%	+69.30%	+129.04%	+86.04%	+41.69%	+130.37%	+6.51%	+19.44%	+42.81%	+5.62%	-34.00%	+20.87%	+3.94%	+6.07%	-58.62%

BEKE

BEKE fundamentals

BEKE Q4 2025 Earnings

Earnings Call

You can ask Aime

BEKE

BEKE fundamentals

BEKE Q4 2025 Earnings

Earnings Call

BEKE Earnings Call Summary for Q4/20258:00 AM on Mar 16, 2026

BEKE Earnings Call Summary for Q3/20257:00 AM on Nov 10, 2025

BEKE Earnings Call Summary for Q2/20258:00 AM on Aug 26, 2025

BEKE Earnings Call Summary for Q1/20258:00 AM on May 15, 2025

BEKE Earnings Call Summary for Q4/20248:00 AM on Mar 18, 2025

You can ask Aime