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Real Estate Non-Trading Segment Supports 40% of Revenue; Beike's 2025 Net Profit Declined 27%
Caixin: The real estate market continues to adjust, and KE Holdings (NYSE: BEKE; 02423.HK) is under pressure, showing characteristics of “revenue stagnation and significant profit decline.” On March 16, KE Holdings announced its 2025 performance: total net revenue of 94.6 billion yuan, a slight increase of 1.2% year-over-year; but net profit was only 2.99 billion yuan, a drop of 26.7% year-over-year; adjusted net profit was 5.02 billion yuan, a decrease of 30.4%.
KE Holdings is a leading domestic real estate transaction service platform, with brokerage services as its core revenue source. In the company’s financial reports, net revenue refers to the actual income received by the company, roughly equivalent to “operating income” in other companies. The net income from the brokerage segment mainly comes from transaction commissions and service fees, after deducting refunds, costs, and taxes.