KE Holdings Inc. (NYSE: BEKE)

KE Holdings Inc. operates as a leading integrated online and offline platform for housing transactions and services in China. The company runs the Beike platform which connects home buyers, sellers, landlords, tenants, real estate developers and service providers to facilitate transactions. It owns and operates the Lianjia brand, China’s largest residential brokerage network by agent count. In 2025 the platform facilitated over 5.6 million housing transactions and recorded an aggregate gross transaction value of RMB3,183.3 billion (US$455.2 billion). As of the same date, Beike had more than 445,000 active agents and approximately 58,000 active brokerage stores representing 279 real estate brands. The Lianjia brand alone contributed over 90,000 agents and roughly 4,900 stores to the network.

The company generates revenue from five main streams: existing home transaction services, new home transaction services, home renovation and furnishing, home rental services and emerging and other services. For existing home transactions, revenue comes from commissions earned by the Lianjia brokerage, platform service fees paid by third party brokerage stores that operate on Beike, and fees for value added services such as transaction closing, escrow and agent training. New home transaction revenue consists of sales commissions charged to real estate developers for deals closed through the platform. Home renovation and furnishing income is derived from providing design, construction, material supply and after sales services to customers. Home rental revenue is generated through property management, leasing agency and related services for residential units. Emerging and other services include financial services, technology solutions and other newly developed businesses that complement the core housing offerings.

The company operates through the following segments: existing home transaction services, new home transaction services, home renovation and furnishing, home rental services and emerging and other services.

• Existing home transaction services: This segment provides brokerage services for existing home sales and rentals, earns commissions from the Lianjia brand, collects platform service fees from third party brokerage stores and offers value added services such as transaction closing, escrow and agent training.

• New home transaction services: This segment generates revenue by charging sales commissions to real estate developers for new home sales facilitated through the Beike platform.

• Home renovation and furnishing: This segment supplies design, construction, material provision and after sales services for home renovation projects.

• Home rental services: This segment manages residential rental units, provides leasing agency services and offers property management and related services.

• Emerging and other services: This segment includes financial services, technology solutions and other newly developed housing related businesses.

KE Holdings Inc. holds a leading position in China's housing transaction market due to its integrated online and offline platform, extensive authentic property listings and advanced technology including AI. The company competes with other online housing platforms, traffic focused platforms and traditional offline brokerage firms. Its competitive advantages come from the ability to combine online and offline networks, maintain high quality property data, deliver superior service quality, leverage strong brand recognition and apply AI driven tools to improve operational efficiency and customer experience. The scale of its agent and store network creates a powerful network effect that attracts more users and reinforces its market leadership.

The company serves home buyers and sellers, landlords and tenants, real estate developers, home renovation and furnishing providers and other housing related service participants. Its platform supports millions of individual consumers seeking to purchase, sell or rent residential properties. It also works with thousands of real estate developers that use Beike as a sales channel for new home projects. In addition, a large ecosystem of renovation contractors, furniture suppliers and property management firms rely on the platform to reach customers and grow their businesses.