# EDGAR Filing Document

**Accession Number:** 0001809587
**File Stem:** 0001104659-25-109534
**Filing Date:** 2025-11
**Character Count:** 60668
**Document Hash:** 2c044a2fe0340d2b458cc192b3d26110
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-109534.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-109534

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251112

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KE Holdings Inc.
- **CENTRAL INDEX KEY:** 0001809587
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39436
- **FILM NUMBER:** 251468212

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ORIENTAL ELECTRONIC TECHNOLOGY BUILDING
- **STREET 2:** NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100086
- **BUSINESS PHONE:** 861058104689

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ORIENTAL ELECTRONIC TECHNOLOGY BUILDING
- **STREET 2:** NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100086

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-39436**

**KE Holdings Inc.**

(Registrant's Name)

**Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing 100086**

**People's Republic of China**

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2530742d1_ex99-1.htm) | [Press Release—KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results](tm2530742d1_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **KE Holdings Inc.** | **KE Holdings Inc.** | **KE Holdings Inc.** |
| By | : | /s/ XU Tao |
| Name | : | XU Tao |
| Title | : | Chief Financial Officer |

---

Date: November 12, 2025

## Exhibit 99.1

**Exhibit 99.1**

**KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results**

BEIJING, China, November 10, 2025 - KE Holdings Inc. ("**Beike**" or the "**Company**") (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2025.

**Business and Financial Highlights for the Third Quarter 2025**

· **Gross transaction value (GTV)** <sup>1</sup> was RMB736.7 billion (US$103.5 billion), relatively
 flat year-over-year. **GTV of existing home transactions** was RMB505.6 billion
 (US$71.0 billion), an increase of 5.8% year-over-year. **GTV of new home transactions** was RMB196.3 billion (US$27.6 billion), a decrease of 13.7% year-over-year.

· **Net revenues** were RMB23.1 billion (US$3.2 billion), an increase of 2.1% year-over-year.

· **Net income** was RMB747 million (US$105 million), a decrease of 36.1% year-over-year. **Adjusted net income** <sup>2</sup> was RMB1,286 million (US$181 million), a decrease of 27.8% year-over-year.

· **Number of stores** was 61,393 as of September 30, 2025, a 27.3% increase from one year ago. **Number of active stores** <sup>3</sup> was 59,012 as of September 30, 2025, a 25.9%
 increase from one year ago.

· **Number of agents** was 545,511 as of September 30, 2025, a 14.5% increase from one year ago. **Number of active agents** <sup>4</sup> was 471,501 as of September 30, 2025, an
 11.4% increase from one year ago.

<sup>1</sup> GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company's platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.

<sup>2</sup>. Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.

<sup>3</sup> Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.

"Active stores" as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 46,857 as of September 30, 2024.

<sup>4</sup> "Active agents" as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 423,400 as of September 30, 2024.

· **Mobile monthly active users (MAU)** <sup>5</sup> averaged 49.3 million in the third quarter of
 2025, compared to 46.2 million in the same period of 2024.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, "In the third quarter of 2025, we continued to explore ways to improve operational efficiency and enhance customer experience through organizational optimization, process restructuring, and technological innovation. In our home transaction services, we launched a pilot program in Shanghai featuring a 'buyer-seller agent specialization' mechanism, helping sell-side agents strengthen their capabilities in marketing and selling properties. In our home rental services, we are deeply integrating AI into our operations, with AI empowering the entire service providers' workflows and customer experience. This business contributed over RMB100 million in profit in the third quarter of 2025."

"Continuous innovation is key to navigating industry cycles. Through these efforts, we have identified a new path to growth—one that restructures our operating model with technology and drives scale expansion through efficiency. Looking ahead, we will accelerate the deep integration of AI capabilities into our core business scenarios to achieve dual improvement in experiences for both service providers and customers," concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, "In the third quarter of 2025, GTV of existing home transactions grew steadily, and the monetization capability of our new home transaction services remained robust. Both home renovation and furnishing business and home rental services achieved city-level profitability before deducting headquarters expenses, with their combined contribution profit to the Company's total gross profit reaching a record high. Our operational efficiency further improved. The operating expenses in the third quarter of 2025 were RMB4.3 billion, down 1.8% year-over-year and 6.7% quarter-over-quarter.

<sup>5</sup> "Mobile monthly active users" or "mobile MAU" are to the sum of (i) the number of accounts that have accessed our platform through our *Beike* or *Lianjia* mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company's mobile MAUs for each month of such period, by (ii) the number of months in such period.

With robust cash reserves, we reward our shareholders through consistently active share repurchase. In the third quarter of 2025, we allocated US$281 million to share repurchases, with the single-quarter share repurchase spending reaching its highest level in the past two years. As of the end of the third quarter of 2025, we repurchased around US$675 million worth of shares this year, up 15.7% year-over-year, which accounted for around 3% of the Company's total shares outstanding at the end of 2024. Since the launch of our share repurchase program in September 2022, we have repurchased around US$2.3 billion worth of shares as of the end of September this year, accounting for about 11.5% of our total issued shares before the program began.

We will keep proactively optimizing the business structure, strengthening technology empowerment, and enhancing shareholder returns, so as to generate greater value for investors over the long term."

**Third Quarter 2025 Financial Results**

**<u>Net Revenues</u>**

**Net revenues** increased by 2.1% to RMB23.1 billion (US$3.2 billion) in the third quarter of 2025 from RMB22.6 billion in the same period of 2024, primarily attributable to the increase of the growth of net revenues from home rental services, which is partially offset by the decrease of net revenues from new home and existing home transaction services.

· **Net revenues from existing home transaction services** were RMB6.0 billion (US$0.8 billion)
 in the third quarter of 2025, decreased by 3.6% from RMB6.2 billion in the same period of
 2024. GTV of existing home transactions increased by 5.8% to RMB505.6 billion (US$71.0 billion)
 in the third quarter of 2025 from RMB477.8 billion in the same period of 2024. The higher
 growth rate in GTV compared to net revenues in existing home transaction services was primarily
 attributable to a higher contribution from GTV of existing home transaction services served
 by connected agents on the Company's platform, for which revenue is recorded on a net
 basis from platform service, franchise service and other value-added services, while for
 GTV served by *Lianjia* brand, the revenue is recorded on a gross commission revenue
 basis.

Among that, **(i) commission revenue** was RMB4.8 billion (US$0.7 billion) in the third quarter of 2025, compared to RMB5.1 billion in the same period of 2024, while the GTV of existing home transactions served by *Lianjia* stores decreased by 2.3% to RMB190.0 billion (US$26.7 billion) in the third quarter of 2025 from RMB194.5 billion in the same period of 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) revenues derived from platform service, franchise service and other value-added services**, which are mostly charged to connected stores and agents on the Company's platform increased by 2.7% to RMB1,197 million (US$168 million) in the third quarter of 2025 from RMB1,165 million in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company's platform of 11.4% to RMB315.6 billion (US$44.3 billion) in the third quarter of 2025 from RMB283.3 billion in the same period of 2024, partially offset by the decrease in revenues from certain value-added services which were not directly driven by the GTV of existing home transactions served by connected agents and incentive-based reductions in platform service and franchise service fees for connected stores.

· **Net revenues from new home transaction services** decreased by 14.1% to RMB6.6 billion (US$0.9
 billion) in the third quarter of 2025 from RMB7.7 billion in the same period of 2024, primarily
 due to the decrease of GTV of new home transactions of 13.7% to RMB196.3 billion (US$27.6
 billion) in the third quarter of 2025 from RMB227.6 billion in the same period of 2024. Among
 that, the GTV of new home transactions facilitated on *Beike* platform through connected
 agents, dedicated sales team with the expertise on new home transaction services and other
 sales channels decreased by 12.4% to RMB160.3 billion (US$22.5 billion) in the third quarter
 of 2025 from RMB183.0 billion in the same period of 2024, and the GTV of new home transactions
 served by *Lianjia* brand decreased by 19.2% to RMB36.0 billion (US$5.1 billion) in
 the third quarter of 2025 from RMB44.5 billion in the same period of 2024.

· **Net revenues from home renovation and furnishing** were RMB4.3 billion (US$0.6 billion) in
 the third quarter of 2025, relatively flat compared with RMB4.2 billion in the same period
 of 2024.

· **Net revenues from home rental services** increased by 45.3% to RMB5.7 billion (US$0.8 billion)
 in the third quarter of 2025 from RMB3.9 billion in the same period of 2024, primarily attributable
 to the increase of the number of rental units under the *Carefree Rent* model.

· **Net revenues from emerging and other services** were RMB0.4 billion (US$0.06 billion) in the
 third quarter of 2025, compared to RMB0.5 billion in the same period of 2024.

**<u>Cost of Revenues</u>**

**Total cost of revenues** increased by 3.8% to RMB18.1 billion (US$2.5 billion) in the third quarter of 2025 from RMB17.4 billion in the same period of 2024.

· **Commission – split.** The Company's cost of revenues for commissions to connected agents
 and other sales channels decreased by 11.5% to RMB4.6 billion (US$0.6 billion) in the third
 quarter of 2025, from RMB5.2 billion in the same period of 2024, primarily due to the decrease
 in GTV of new home transactions facilitated through connected agents and other sales channels.

· **Commission and compensation – internal.** The Company's cost of revenues for internal
 commission and compensation decreased by 3.7% to RMB4.2 billion (US$0.6 billion) in the third
 quarter of 2025 from RMB4.4 billion in the same period of 2024, primarily due to the decrease
 in commission of new home transaction services for *Lianjia* agents and operation staff
 of new home transaction services, resulting from the decreased GTV of new home transactions
 they served by.

· **Cost of home renovation and furnishing.** The Company's cost of revenues for home renovation
 and furnishing was RMB2.9 billion (US$0.4 billion) in the third quarter of 2025, relatively
 flat compared with RMB2.9 billion in the same period of 2024, which was in line with the
 trend of net revenues from home renovation and furnishing.

· **Cost of home rental services.** The Company's cost of revenues for home rental services
 which mainly consists of variable cost, increased by 38.8% to RMB5.2 billion (US$0.7 billion)
 in the third quarter of 2025 from RMB3.8 billion in the same period of 2024, primarily attributable
 to the growth of net revenues from home rental services.

· **Cost related to stores.** The Company's cost related to stores decreased by 5.8% to RMB663
 million (US$93 million) in the third quarter of 2025 from RMB703 million in the same period
 of 2024, primarily attributable to the decreased number of *Lianjia* stores.

· **Other costs.** The Company's other costs were RMB484 million (US$68 million) in the third
 quarter of 2025, compared with RMB502 million in the same period of 2024.

**<u>Gross Profit</u>**

**Gross profit** decreased by 3.9% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2025 from RMB5.1 billion in the same period of 2024. Gross margin decreased to 21.4% in the third quarter of 2025 from 22.7% in the same period of 2024, primarily due to a) reduced contribution of net revenues from existing home and new home transaction services, which historically carried higher contribution margins than the overall gross margin; and b) a drop in contribution margin of existing home transaction services, which was primarily due to deteriorated fixed compensation costs absorption rates for *Lianjia* agents caused by lower net revenues in this segment. The decline in gross margin was partially offset by the increased contribution margin of home rental services.

**<u>Income from Operations</u>**

**Total operating expenses** were RMB4.3 billion (US$0.6 billion) in the third quarter of 2025, relatively flat compared with RMB4.4 billion in the same period of 2024.

· **General and administrative expenses** were RMB1.9 billion (US$0.3 billion) in the third quarter
 of 2025, relatively flat compared with RMB1.9 billion in the same period of 2024.

· **Sales and marketing expenses** decreased by 10.7% to RMB1.7 billion (US$0.2 billion) in the third
 quarter of 2025 from RMB1.9 billion in the same period of 2024, primarily due to the decrease
 in personnel costs for home renovation and furnishing and the decreased advertising and promotion
 expenses.

· **Research and development expenses** increased by 13.2% to RMB648 million (US$91 million) in the
 third quarter of 2025 from RMB573 million in the same period of 2024, primarily due to the
 increased headcount of research and development personnel.

**Income from operations** was RMB608 million (US$85 million) in the third quarter of 2025, compared to RMB727 million in the same period of 2024. **Operating margin** decreased to 2.6% in the third quarter of 2025 from 3.2% in the same period of 2024, primarily due to the decreased gross profit margin, which was partially offset by the improved operating leverage.

**Adjusted income from operations**<sup>6</sup> was RMB1,173 million (US$165 million) in the third quarter of 2025, compared to RMB1,363 million in the same period of 2024. **Adjusted operating margin**<sup>7</sup> was 5.1% in the third quarter of 2025, compared to 6.0% in the same period of 2024. **Adjusted EBITDA**<sup>8</sup> was RMB1,922 million (US$270 million) in the third quarter of 2025, compared to RMB2,154 million in the same period of 2024.

**<u>Net Income</u>**

**Net income** was RMB747 million (US$105 million) in the third quarter of 2025, compared to RMB1,168 million in the same period of 2024.

**Adjusted net income** decreased by 27.8% to RMB1,286 million (US$181 million) in the third quarter of 2025, from RMB1,782 million in the same period of 2024.

**<u>Net Income attributable to KE Holdings Inc.'s Ordinary Shareholders</u>**

**Net income attributable to KE Holdings Inc.'s ordinary shareholders** was RMB749 million (US$105 million) in the third quarter of 2025, compared to RMB1,171 million in the same period of 2024.

**Adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders**<sup>9</sup> was RMB1,288 million (US$181 million) in the third quarter of 2025, compared to RMB1,785 million in the same period of 2024.

<sup>6</sup> Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.

<sup>7</sup> Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.

<sup>8</sup> Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.

<sup>9</sup> Adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.

**<u>Net Income per ADS</u>**

**Basic and diluted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders**<sup>10</sup> were RMB0.68 (US$0.10) and RMB0.65 (US$0.09) in the third quarter of 2025, respectively, compared to RMB1.04 and RMB1.00 in the same period of 2024, respectively.

**Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders**<sup>11</sup> were RMB1.17 (US$0.16) and RMB1.12 (US$0.16) in the third quarter of 2025, respectively, compared to RMB1.58 and RMB1.53 in the same period of 2024, respectively.

**<u>Cash, Cash Equivalents, Restricted Cash and Short-Term Investments</u>**

As of September 30, 2025, the combined balance of the Company's cash, cash equivalents, restricted cash and short-term investments amounted to RMB55.7 billion (US$7.8 billion).

**Share Repurchase Program**

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, August 2024 and August 2025, under which the Company may purchase up to US$5 billion of its Class A ordinary shares and/or ADSs until August 31, 2028, subject to obtaining general unconditional mandate for the repurchase from the shareholders of the Company at each of the next three annual general meetings to be held in the forthcoming years to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 27, 2025. As of September 30, 2025, the Company in aggregate has purchased approximately 145.1 million ADSs (representing approximately 435.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$2,300.5 million under this share repurchase program since its launch.

<sup>10</sup> ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.

<sup>11</sup> Adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled "Unaudited reconciliation of GAAP and non-GAAP results" for details.

**Conference Call Information**

The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, November 10, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: <u>https://s1.c-conf.com/diamondpass/10050534-isnceg.html</u>

Chinese Simultaneous Interpretation Line (listen-only mode): <u>https://s1.c-conf.com/diamondpass/10050535-1y2mts.html</u>

A replay of the conference call will be accessible through November 17, 2025, by dialing the following numbers:

---

| | |
|:---|:---|
| United States: | +1-855-883-1031 |
| Mainland, China: | 400-1209-216 |
| Hong Kong, China: | 800-930-639 |
| International: | +61-7-3107-6325 |
| Replay PIN (English line): | 10050534 |
| Replay PIN (Chinese simultaneous interpretation line): | 10050535 |

---

A live and archived webcast of the conference call will also be available at the Company's investor relations website at <u>https://investors.ke.com</u>.

**Exchange Rate**

This press release contains translations of certain RMB amounts into U.S. dollars ("**US$**") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

**Non-GAAP Financial Measures**

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company's business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. **Adjusted income (loss) from operations** is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. **Adjusted operating margin** is defined as adjusted income (loss) from operations as a percentage of net revenues. **Adjusted net income (loss)** is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. **Adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders** is defined as net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. **Adjusted EBITDA** is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. **Adjusted net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders** is defined as adjusted net income (loss) attributable to KE Holdings Inc.'s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the "**Unaudited reconciliation of GAAP and non-GAAP results**" included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

**About KE Holdings Inc.**

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates *Lianjia*, China's leading real estate brokerage brand and an integral part of its *Beike* platform. With more than 23 years of operating experience through *Lianjia* since its inception in 2001, the Company believes the success and proven track record of *Lianjia* pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

**Safe Harbor Statement**

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Among other things, the quotations from management in this press release, as well as Beike's strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "**SEC**") and The Stock Exchange of Hong Kong Limited (the "**Hong Kong Stock Exchange**"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.'s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike's goals and strategies; Beike's future business development, financial condition and results of operations; expected changes in the Company's revenues, costs or expenditures; Beike's ability to empower services and facilitate transactions on *Beike* platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike's ability to protect the Company's systems and infrastructures from cyber-attacks; Beike's dependence on the integrity of brokerage brands, stores and agents on the Company's platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.'s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: <u>https://investors.ke.com</u>.

For investor and media inquiries, please contact:

In China:

KE Holdings Inc.

Investor Relations

Siting Li

E-mail: ir@ke.com

Piacente Financial Communications

Jenny Cai

Tel: +86-10-6508-0677

E-mail: ke@tpg-ir.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: ke@tpg-ir.com

Source: KE Holdings Inc.

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(All amounts in thousands, except for share, per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br> **December 31,** | **As of**<br> **September 30,** | **As of**<br> **September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 11442965 | 9221654 | 1295358 |
| Restricted cash | 8858449 | 6744815 | 947439 |
| Short-term investments | 41317700 | 39765360 | 5585807 |
| Financing receivables, net of allowance for credit losses of RMB147,330 and RMB169,973 as of December 31, 2024 and September 30, 2025, respectively | 2835527 | 659905 | 92696 |
| Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,685,597 as of December 31, 2024 and September 30, 2025, respectively | 5497989 | 3777678 | 530647 |
| Amounts due from and prepayments to related parties | 379218 | 390379 | 54836 |
| Loan receivables from related parties | 18797 | 407348 | 57220 |
| Prepayments, receivables and other assets | 6252700 | 7458565 | 1047697 |
| **Total current assets** | **76603345** | **68425704** | **9611700** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment, net | 2400211 | 2286577 | 321194 |
| Right-of-use assets | 23366879 | 21835216 | 3067175 |
| Long-term investments, net | 23790106 | 19665242 | 2762360 |
| Intangible assets, net | 857635 | 755562 | 106133 |
| Goodwill | 4777420 | 4664706 | 655247 |
| Long-term loan receivables from related parties | 131410 | 259442 | 36444 |
| Other non-current assets | 1222277 | 1403274 | 197116 |
| **Total non-current assets** | **56545938** | **50870019** | **7145669** |
| **TOTAL ASSETS** | **133149283** | **119295723** | **16757369** |

---

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)**

**(All amounts in thousands, except for share, per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br> **December 31,** | **As of**<br> **September 30,** | **As of**<br> **September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 9492629 | 5955358 | 836544 |
| Amounts due to related parties | 391446 | 540885 | 75978 |
| Employee compensation and welfare payable | 8414472 | 5640906 | 792373 |
| Customer deposits payable | 6078623 | 3755202 | 527490 |
| Income taxes payable | 1028735 | 654724 | 91969 |
| Short-term borrowings | 288280 | 657414 | 92346 |
| Lease liabilities current portion | 13729701 | 12018779 | 1688268 |
| Contract liabilities and deferred revenue | 6051867 | 5484769 | 770441 |
| Accrued expenses and other current liabilities | 7268505 | 7906559 | 1110627 |
| **Total current liabilities** | **52744258** | **42614596** | **5986036** |
| **Non-current liabilities** |  |  |  |
| Deferred tax liabilities | 317697 | 317697 | 44627 |
| Lease liabilities non-current portion | 8636770 | 8283170 | 1163530 |
| Long-term borrowings |  | 137934 | 19375 |
| Other non-current liabilities | 2563 | 2269 | 319 |
| **Total non-current liabilities** | **8957030** | **8741070** | **1227851** |
| **TOTAL LIABILITIES** | **61701288** | **51355666** | **7213887** |

---

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)**

**(All amounts in thousands, except for share, per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br> **December 31,** | **As of**<br> **September 30,** | **As of**<br> **September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| **KE Holdings Inc. shareholders' equity** |  |  |  |
| Ordinary Shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding<sup>(1)</sup> as of December 31, 2024; 3,403,080,518 Class A ordinary shares issued and 3,272,515,613 Class A ordinary shares outstanding<sup>(1)</sup> as of September 30, 2025; and 145,413,446 and 140,951,375 Class B ordinary shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) | 461 | 454 | 64 |
| Treasury shares | (949410) | (778411) | (109343) |
| Additional paid-in capital | 72460562 | 66037233 | 9276195 |
| Statutory reserves | 926972 | 926972 | 130211 |
| Accumulated other comprehensive income | 609112 | 473060 | 66450 |
| (Accumulated Deficit) / Retained Earnings | (1723881) | 1182240 | 166068 |
| **Total KE Holdings Inc. shareholders' equity** | **71323816** | **67841548** | **9529645** |
| Non-controlling interests | 124179 | 98509 | 13837 |
| **TOTAL SHAREHOLDERS' EQUITY** | **71447995** | **67940057** | **9543482** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **133149283** | **119295723** | **16757369** |

---

(1) Excluding
 the Class A ordinary shares registered in the name of the depositary bank for future
 issuance of ADSs upon the exercise or vesting of awards granted under our share incentive
 plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**(All amounts in thousands, except for share, per share data, ADS and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net revenues** |  |  |  |  |  |  |
| Existing home transaction services | 6217054 | 5990720 | 841511 | 19278973 | 19580472 | 2750453 |
| New home transaction services | 7726316 | 6639287 | 932615 | 20576636 | 23333605 | 3277652 |
| Home renovation and furnishing | 4213041 | 4299985 | 604015 | 10662113 | 11810782 | 1659051 |
| Home rental services | 3941234 | 5726701 | 804425 | 9753977 | 16489101 | 2316210 |
| Emerging and other services | 487002 | 395764 | 55593 | 2060692 | 1177480 | 165400 |
| **Total net revenues** | **22584647** | **23052457** | **3238159** | **62332391** | **72391440** | **10168766** |
| **Cost of revenues** |  |  |  |  |  |  |
| Commission-split | (5199321) | (4599490) | (646087) | (14057167) | (16225061) | (2279121) |
| Commission and compensation-internal | (4381616) | (4218844) | (592618) | (12446905) | (13766340) | (1933746) |
| Cost of home renovation and furnishing | (2897013) | (2924060) | (410740) | (7345082) | (8008726) | (1124979) |
| Cost of home rental services | (3766972) | (5228519) | (734446) | (9248794) | (15174777) | (2131588) |
| Cost related to stores | (703045) | (662598) | (93075) | (2069022) | (2141348) | (300793) |
| Others | (501947) | (483863) | (67967) | (1391552) | (1619423) | (227479) |
| **Total cost of revenues**<sup>(1)</sup>** | **(17449914)** | **(18117374)** | **(2544933)** | **(46558522)** | **(56935675)** | **(7997706)** |
| **Gross profit** | **5134733** | **4935083** | **693226** | **15773869** | **15455765** | **2171060** |
| **Operating expenses** |  |  |  |  |  |  |
| Sales and marketing expenses<sup>(1)</sup> | (1933878) | (1727825) | (242706) | (5439341) | (5398770) | (758361) |
| General and administrative expenses<sup>(1)</sup> | (1900959) | (1866486) | (262184) | (5999453) | (5820959) | (817665) |
| Research and development expenses<sup>(1)</sup> | (572932) | (648280) | (91063) | (1544741) | (1865332) | (262022) |
| Impairment of goodwill, intangible assets and other long-lived assets | - | (84524) | (11873) | (36397) | (112715) | (15833) |
| **Total operating expenses** | **(4407769)** | **(4327115)** | **(607826)** | **(13019932)** | **(13197776)** | **(1853881)** |
| **Income from operations** | **726964** | **607968** | **85400** | **2753937** | **2257989** | **317179** |
| Interest income, net | 310493 | 176640 | 24812 | 976746 | 669148 | 93995 |
| Share of results of equity investees | 7783 | 8774 | 1232 | 4048 | 23090 | 3243 |
| Fair value changes in investments, net | 109170 | 112950 | 15866 | 187458 | 335176 | 47082 |
| Impairment loss for equity investments accounted for using Measurement Alternative | (388) | (502) | (71) | (8437) | (1716) | (241) |
| Foreign currency exchange gain (loss) | 45156 | (10141) | (1424) | (27869) | (55088) | (7738) |
| Other income, net | 472359 | 401396 | 56384 | 1373969 | 1169395 | 164264 |
| **Income before income tax expense** | **1671537** | **1297085** | **182199** | **5259852** | **4397994** | **617784** |
| Income tax expense | (503131) | (550337) | (77305) | (1758920) | (1489279) | (209198) |
| **Net income** | **1168406** | **746748** | **104894** | **3500932** | **2908715** | **408586** |

---

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)**

**(All amounts in thousands, except for share, per share data, ADS and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Net loss (income) attributable to non-controlling interests shareholders | 2667 | 2535 | 356 | (6024) | (2594) | (364) |
| **Net income attributable to KE Holdings Inc.** | **1171073** | **749283** | **105250** | **3494908** | **2906121** | **408222** |
| **Net income attributable to KE Holdings Inc.'s ordinary shareholders** | **1171073** | **749283** | **105250** | **3494908** | **2906121** | **408222** |
| **Net income** | **1168406** | **746748** | **104894** | **3500932** | **2908715** | **408586** |
| Currency translation adjustments | (252110) | (150981) | (21208) | (131660) | (228088) | (32039) |
| Unrealized gains on available-for-sale investments, net of reclassification | 130261 | 85944 | 12072 | 162874 | 92036 | 12928 |
| **Total comprehensive income** | **1046557** | **681711** | **95758** | **3532146** | **2772663** | **389475** |
| Comprehensive loss (income) attributable to non-controlling interests shareholders | 2667 | 2535 | 356 | (6024) | (2594) | (364) |
| **Comprehensive income attributable to KE Holdings Inc.** | **1049224** | **684246** | **96114** | **3526122** | **2770069** | **389111** |
| **Comprehensive income attributable to KE Holdings Inc.'s ordinary shareholders** | **1049224** | **684246** | **96114** | **3526122** | **2770069** | **389111** |

---

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)**

**(All amounts in thousands, except for share, per share data, ADS and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Weighted average number of ordinary shares used in computing net income per share, basic and diluted** | | | | | | |
| —Basic | 3380011519 | 3313787988 | 3313787988 | 3408518304 | 3360457280 | 3360457280 |
| —Diluted | 3501151763 | 3451304318 | 3451304318 | 3522652156 | 3509432168 | 3509432168 |
| **Weighted average number of ADS used in computing net income per ADS, basic and diluted** |  |  |  |  |  |  |
| —Basic | 1126670506 | 1104595996 | 1104595996 | 1136172768 | 1120152427 | 1120152427 |
| —Diluted | 1167050588 | 1150434773 | 1150434773 | 1174217385 | 1169810723 | 1169810723 |
| **Net income per share attributable to KE Holdings Inc.'s ordinary shareholders** |  |  |  |  |  |  |
| —Basic | 0.35 | 0.23 | 0.03 | 1.03 | 0.86 | 0.12 |
| —Diluted | 0.33 | 0.22 | 0.03 | 0.99 | 0.83 | 0.12 |
| **Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders** |  |  |  |  |  |  |
| —Basic | 1.04 | 0.68 | 0.10 | 3.08 | 2.59 | 0.36 |
| —Diluted | 1.00 | 0.65 | 0.09 | 2.98 | 2.48 | 0.35 |
| **(1) Includes share-based compensation expenses as follows:** |  |  |  |  |  |  |
| Cost of revenues | 136101 | 122906 | 17264 | 385935 | 326921 | 45922 |
| Sales and marketing expenses | 53149 | 50863 | 7145 | 143910 | 131965 | 18537 |
| General and administrative expenses | 370106 | 232514 | 32661 | 1461016 | 881191 | 123781 |
| Research and development expenses | 47220 | 43854 | 6160 | 140146 | 126457 | 17763 |

---

**KE Holdings Inc.**

**UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except for share, per share data, ADS and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Income from operations** | **726964** | **607968** | **85400** | **2753937** | **2257989** | **317179** |
| Share-based compensation expenses | 606576 | 450137 | 63230 | 2131007 | 1466534 | 206003 |
| Amortization of intangible assets resulting from acquisitions and business cooperation agreement | 29883 | 29882 | 4197 | 214167 | 89648 | 12593 |
| Impairment of goodwill, intangible assets and other long-lived assets | - | 84524 | 11873 | 36397 | 112715 | 15833 |
| **Adjusted income from operations** | **1363423** | **1172511** | **164700** | **5135508** | **3926886** | **551608** |
| **Net income** | **1168406** | **746748** | **104894** | **3500932** | **2908715** | **408586** |
| Share-based compensation expenses | 606576 | 450137 | 63230 | 2131007 | 1466534 | 206003 |
| Amortization of intangible assets resulting from acquisitions and business cooperation agreement | 29883 | 29882 | 4197 | 214167 | 89648 | 12593 |
| Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | (16867) | (19485) | (2737) | (3589) | (60256) | (8464) |
| Impairment of goodwill, intangible assets and other long-lived assets |  | 84524 | 11873 | 36397 | 112715 | 15833 |
| Impairment of investments | 388 | 502 | 71 | 8437 | 1716 | 241 |
| Tax effects on non-GAAP adjustments | (6494) | (6553) | (920) | (19904) | (19541) | (2745) |
| **Adjusted net income** | **1781892** | **1285755** | **180608** | **5867447** | **4499531** | **632047** |
| **Net income** | 1168406 | 746748 | 104894 | 3500932 | 2908715 | 408586 |
| Income tax expense | 503131 | 550337 | 77305 | 1758920 | 1489279 | 209198 |
| Share-based compensation expenses | 606576 | 450137 | 63230 | 2131007 | 1466534 | 206003 |
| Amortization of intangible assets | 36125 | 35282 | 4956 | 230643 | 105848 | 14868 |
| Depreciation of property, plant and equipment | 166373 | 250101 | 35131 | 505232 | 610920 | 85815 |
| Interest income, net | (310493) | (176640) | (24812) | (976746) | (669148) | (93995) |
| Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | (16867) | (19485) | (2737) | (3589) | (60256) | (8464) |
| Impairment of goodwill, intangible assets and other long-lived assets |  | 84524 | 11873 | 36397 | 112715 | 15833 |
| Impairment of investments | 388 | 502 | 71 | 8437 | 1716 | 241 |
| **Adjusted EBITDA** | **2153639** | **1921506** | **269911** | **7191233** | **5966323** | **838085** |
| **Net income attributable to KE Holdings Inc.'s ordinary shareholders** | **1171073** | **749283** | **105250** | **3494908** | **2906121** | **408222** |
| Share-based compensation expenses | 606576 | 450137 | 63230 | 2131007 | 1466534 | 206003 |
| Amortization of intangible assets resulting from acquisitions and business cooperation agreement | 29883 | 29882 | 4197 | 214167 | 89648 | 12593 |
| Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | (16867) | (19485) | (2737) | (3589) | (60256) | (8464) |
| Impairment of goodwill, intangible assets and other long-lived assets |  | 84524 | 11873 | 36397 | 112715 | 15833 |
| Impairment of investments | 388 | 502 | 71 | 8437 | 1716 | 241 |
| Tax effects on non-GAAP adjustments | (6494) | (6553) | (920) | (19904) | (19541) | (2745) |
| Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders | (7) | (7) | (1) | (21) | (21) | (3) |
| **Adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders** | **1784552** | **1288283** | **180963** | **5861402** | **4496916** | **631680** |

---

**KE Holdings Inc.**

**UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)**

**(All amounts in thousands, except for share, per share data, ADS and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Weighted average number of ADS used in computing net income per ADS, basic and diluted** |  |  |  |  |  |  |
| —Basic | 1126670506 | 1104595996 | 1104595996 | 1136172768 | 1120152427 | 1120152427 |
| —Diluted | 1167050588 | 1150434773 | 1150434773 | 1174217385 | 1169810723 | 1169810723 |
| **Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted** |  |  |  |  |  |  |
| —Basic | 1126670506 | 1104595996 | 1104595996 | 1136172768 | 1120152427 | 1120152427 |
| —Diluted | 1167050588 | 1150434773 | 1150434773 | 1174217385 | 1169810723 | 1169810723 |
| **Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders** |  |  |  |  |  |  |
| —Basic | 1.04 | 0.68 | 0.10 | 3.08 | 2.59 | 0.36 |
| —Diluted | 1.00 | 0.65 | 0.09 | 2.98 | 2.48 | 0.35 |
| **Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders** |  |  |  |  |  |  |
| —Basic | 0.54 | 0.49 | 0.06 | 2.08 | 1.42 | 0.20 |
| —Diluted | 0.53 | 0.47 | 0.07 | 2.01 | 1.36 | 0.19 |
| **Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders** |  |  |  |  |  |  |
| —Basic | 1.58 | 1.17 | 0.16 | 5.16 | 4.01 | 0.56 |
| —Diluted | 1.53 | 1.12 | 0.16 | 4.99 | 3.84 | 0.54 |

---

**KE Holdings Inc.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

**(All amounts in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Net cash provided by (used in) operating activities | 2248527 | 851130 | 119557 | 4244619 | (2287928) | (321385) |
| Net cash provided by (used in) investing activities | (518848) | (944347) | (132652) | (7362441) | 7006145 | 984149 |
| Net cash used in financing activities | (3389027) | (3163542) | (444380) | (6904495) | (9084506) | (1276095) |
| Effect of exchange rate change on cash, cash equivalents and restricted cash | (46881) | (9346) | (1311) | (14720) | 31344 | 4405 |
| **Net decrease in cash and cash equivalents and restricted cash** | **(1706229)** | **(3266105)** | **(458786)** | **(10037037)** | **(4334945)** | **(608926)** |
| Cash, cash equivalents and restricted cash at the beginning of the period | 17526653 | 19232574 | 2701583 | 25857461 | 20301414 | 2851723 |
| **Cash, cash equivalents and restricted cash at the end of the period** | **15820424** | **15966469** | **2242797** | **15820424** | **15966469** | **2242797** |

---

**KE Holdings Inc.**

**UNAUDITED SEGMENT CONTRIBUTION MEASURE**

**(All amounts in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Existing home transaction services** |  |  |  |  |  |  |
| Net revenues | 6217054 | 5990720 | 841511 | 19278973 | 19580472 | 2750453 |
| Commission and compensation | (3667827) | (3656835) | (513673) | (10700539) | (11944430) | (1677824) |
| Contribution | 2549227 | 2333885 | 327838 | 8578434 | 7636042 | 1072629 |
| **New home transaction services** |  |  |  |  |  |  |
| Net revenues | 7726316 | 6639287 | 932615 | 20576636 | 23333605 | 3277652 |
| Commission and compensation | (5812384) | (5039448) | (707887) | (15581327) | (17741105) | (2492078) |
| Contribution | 1913932 | 1599839 | 224728 | 4995309 | 5592500 | 785574 |
| **Home renovation and furnishing** |  |  |  |  |  |  |
| Net revenues | 4213041 | 4299985 | 604015 | 10662113 | 11810782 | 1659051 |
| Material costs, commission and compensation | (2897013) | (2924060) | (410740) | (7345082) | (8008726) | (1124979) |
| Contribution | 1316028 | 1375925 | 193275 | 3317031 | 3802056 | 534072 |
| **Home rental services** |  |  |  |  |  |  |
| Net revenues | 3941234 | 5726701 | 804425 | 9753977 | 16489101 | 2316210 |
| Property leasing costs, commission and compensation | (3766972) | (5228519) | (734446) | (9248794) | (15174777) | (2131588) |
| Contribution | 174262 | 498182 | 69979 | 505183 | 1314324 | 184622 |
| **Emerging and other services** |  |  |  |  |  |  |
| Net revenues | 487002 | 395764 | 55593 | 2060692 | 1177480 | 165400 |
| Commission and compensation | (100726) | (122051) | (17145) | (222206) | (305866) | (42965) |
| Contribution | 386276 | 273713 | 38448 | 1838486 | 871614 | 122435 |

---

**KE Holdings Inc.**

**UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)**

**(All amounts in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Reconciliation of profit |  |  |  |  |  |  |
| Cost related to stores | (703045) | (662598) | (93075) | (2069022) | (2141348) | (300793) |
| Other costs | (501947) | (483863) | (67967) | (1391552) | (1619423) | (227479) |
| **Amounts not allocated to segment:** |  |  |  |  |  |  |
| Sales and marketing expenses | (1933878) | (1727825) | (242706) | (5439341) | (5398770) | (758361) |
| General and administrative expenses | (1900959) | (1866486) | (262184) | (5999453) | (5820959) | (817665) |
| Research and development expenses | (572932) | (648280) | (91063) | (1544741) | (1865332) | (262022) |
| Impairment of goodwill, intangible assets and other long-lived assets | - | (84524) | (11873) | (36397) | (112715) | (15833) |
| **Total operating expenses** | **(4407769)** | **(4327115)** | **(607826)** | **(13019932)** | **(13197776)** | **(1853881)** |
| **Income from operations** | **726964** | **607968** | **85400** | **2753937** | **2257989** | **317179** |

---