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1、 1 KE Holdings Inc.Announces Second Quarter 2024 Unaudited Financial Results and Upsizing and Extension of Share Repurchase Program BEIJING,China,August 12,2024-KE Holdings Inc.(“Beike”or the“Company”)(NYSE:BEKE and HKEX:2423),a leading integrated online and offline platform for housing transactions

2、 and services,today announced its unaudited financial results for the second quarter ended June 30,2024 and upsizing and extension of the share repurchase program.Business and Financial Highlights for the Second Quarter 2024 Gross transaction value(GTV)1 was RMB839.0 billion(US$115.5 billion),an inc

3、rease of 7.5%year-over-year.GTV of existing home transactions was RMB570.7 billion(US$78.5 billion),an increase of 25.0%year-over-year.GTV of new home transactions was RMB235.3 billion(US$32.4 billion),a decrease of 20.2%year-over-year.GTV of home renovation and furnishing was RMB4.2 billion(US$0.6

4、billion),an increase of 22.3%year-over-year.GTV of emerging and other services was RMB28.8 billion(US$4.0 billion),an increase of 12.2%year-over-year.Net revenues were RMB23.4 billion(US$3.2 billion),an increase of 19.9%year-over-year.Net income was RMB1,900 million(US$262 million).Adjusted net inco

5、me2 was RMB2,693 million(US$371 million).Number of stores was 45,948 as of June 30,2024,a 6.9%increase from one year ago.Number of active stores3 was 44,423 as of June 30,2024,an 8.1%increase from one year ago.1 GTV for a given period is calculated as the total value of all transactions which the Co

6、mpany facilitated on the Companys 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 transactio

7、ns 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.2 Adjusted net income(loss)is a non-GAAP financial measure,whi

8、ch 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 considerat

9、ion,(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.3 Based on our accumulated operational e

10、xperience,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 stor

11、es 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 pr

12、eceding seven days,or(iii)have not been visited by any agent during the preceding 14 days.The number of active stores was 41,076 as of June 30,2023.2 Number of agents was 458,690 as of June 30,2024,a 5.2%increase from one year ago.Number of active agents4 was 411,478 as of June 30,2024,relatively fl

13、at compared with one year ago.Mobile monthly active users(MAU)5 averaged 49.7 million in the second quarter of 2024,compared to 48.0 million in the same period of 2023.Mr.Stanley Yongdong Peng,Chairman of the Board and Chief Executive Officer of Beike,commented,“In the second quarter of this year,ou

14、r series of operational enhancements and scientific management measures supported us in achieving high-quality results that notably exceeded the market performance.We further expanded our broader and deeper connections with service providers and new home projects on the supply side in our housing tr

15、ansaction services.Through a series of training programs and refined operational measures,we enhanced the operational efficiency of the supply side,optimizing the platform ecosystem.This year,our home renovation and furnishing and home rental services focused on capability building,achieving signifi

16、cant business growth and continuous operational improvement.We are also exploring ways to deepen our community engagement by increasing the density of services and innovating the operational models of community stores and service providers,with the aim of better understanding and meeting consumer ne

17、eds.”“The growth potential for our home transaction services remains significant,and the business models and capabilities of our home renovation and furnishing and home rental services have also been validated.Looking ahead,our core goal is to build an organization that can continuously progress fro

18、m one success to the next.Our next step is to achieve sustained growth by driving a positive cycle of scale,quality,and efficiency,”concluded Mr.Peng.Mr.Tao Xu,Executive Director and Chief Financial Officer of Beike,added,“In the second quarter of 2024,a series of easing policies were implemented,le

19、ading to an improvement in the transaction volume of the existing housing market,while the year-on-year decline in the new home market sequentially narrowed each 4“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

20、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

21、 transaction during the preceding three months.The number of active agents was 409,054 as of June 30,2023.5“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 leas

22、t 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 Companys mobile MAUs for each month of such period,by(ii)the number of mo

23、nths in such period.3 month although still remaining subdued overall.Amid gradually improving market sentiment,we continuously deepened our operations and achieved excellent performance in the second quarter.For the second quarter,our total net revenues reached RMB23.4 billion,up 19.9%year-over-year

24、.The contribution margin from existing home transaction services rose substantially both year-over-year and quarter-over-quarter,and the monetization capability of our new home transaction services has been further strengthened.Non-housing transaction services grew rapidly,with revenues from our hom

25、e renovation and furnishing business and home rental services reaching history highs.Our continuous improvement in operational efficiency generated a gross margin of 27.9%,ticking up from 27.4%in the same period last year.Our net income in the second quarter saw a 46.2%year-over-year increase,reachi

26、ng RMB1,900 million,and our adjusted net income grew by 13.9%to RMB2,693 million,showcasing improved profitability.With our robust cash reserves,we continued with shareholder returns through active share buybacks.As of the date of this press release,we have in aggregate repurchased shares with a tot

27、al consideration of approximately US$480 million in 2024,which accounted for approximately 2.75%of the Companys total issued shares at the end of 2023.We have also upsized and extended the existing share repurchase program to August 31,2025,with the repurchase authorization being increased from US$2

28、 billion to US$3 billion.Moving forward,we will continue to reward the shareholders who have been staying alongside our growth and share the value created by the Company with them.”Second Quarter 2024 Financial Results Net Revenues Net revenues increased by 19.9%to RMB23.4 billion(US$3.2 billion)in

29、the second quarter of 2024 from RMB19.5 billion in the same period of 2023,primarily attributable to the increase of net revenues from existing home transaction services and the expansion of home renovation and furnishing and home rental business,partially offset by the decrease of net revenues from

30、 new home transaction services.Total GTV increased by 7.5%to RMB839.0 billion(US$115.5 billion)in the second quarter of 2024 from RMB780.6 billion in the same period of 2023,primarily attributable to the recovery of existing home transaction market driven by the release of supportive policies in the

31、 second quarter of 2024,partially offset by the sluggish new home transactions market due to weaknesses in both supply and demand in the second quarter of 2024.4 Net revenues from existing home transaction services increased by 14.3%to RMB7.3 billion(US$1.0 billion)in the second quarter of 2024 from

32、 RMB6.4 billion in the same period of 2023,primarily attributable to the increase of the GTV of existing home transactions of 25.0%to RMB570.7 billion(US$78.5 billion)in the second quarter of 2024 from RMB456.5 billion in the same period of 2023.The higher growth rate of the GTV of existing home tra

33、nsactions than that of net revenues was primarily attributable to a lower commission rate of existing home transactions charged by Lianjia stores in Beijing,partially offset by a higher contribution from GTV of existing home transactions served by Lianjia agents,for which revenue is recorded on a gr

34、oss commission basis,while for GTV served by connected agents on the Companys platform the revenue is recorded on a net basis from platform service,franchise service and other value-added services.Among that,(i)commission revenue increased by 17.1%to RMB6.0 billion(US$0.8 billion)in the second quart

35、er of 2024 from RMB5.1 billion in the same period of 2023,primarily due to an increase in GTV of existing home transactions served by Lianjia stores of 29.9%to RMB233.2 billion(US$32.1 billion)in the second quarter of 2024 from RMB179.4 billion in the same period of 2023,partially offset by the decr

36、ease in commission rate of existing home transactions charged by Lianjia stores in Beijing;and (ii)revenues derived from platform service,franchise service and other value-added services,which are mostly charged to connected stores and agents on the Companys platform were RMB1.4 billion(US$0.2 billi

37、on)in the second quarter of 2024 compared to RMB1.3 billion in the same period of 2023,mainly due to an increase of GTV of existing home transactions served by connected agents on the Companys platform of 21.8%to RMB337.5 billion(US$46.4 billion)in the second quarter of 2024 from RMB277.1 billion in

38、 the same period of 2023,partially offset by the decrease in certain value-added revenues such as training revenues which were not directly driven by GTV of existing home transactions served by connected agents.Net revenues from new home transaction services decreased by 8.8%to RMB7.9 billion(US$1.1

39、 billion)in the second quarter of 2024 from RMB8.7 billion in the same period of 2023,primarily due to the decrease of GTV of new home transactions of 20.2%to RMB235.3 billion(US$32.4 billion)in the second quarter of 2024 from RMB295.0 billion in the same period of 2023,partially offset by the impro

40、ved monetization capability.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 5 services and other sales channels decreased by 20.2%to RMB192.5 billion(US$26.5 billion)in the second quart

41、er of 2024 from RMB241.3 billion in the same period of 2023,and the GTV of new home transactions served by Lianjia brand decreased by 20.3%to RMB42.8 billion(US$5.9 billion)in the second quarter of 2024 from RMB53.7 billion in the same period of 2023.Net revenues from home renovation and furnishing

42、increased by 53.9%to RMB4.0 billion(US$0.6 billion)in the second quarter of 2024 from RMB2.6 billion in the same period of 2023,primarily attributable to a)the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home reno

43、vation and furnishing business,b)a larger contribution from furniture and home furnishing sales(in categories such as customized furniture,soft furnishings,and electrical appliances),and c)shortened lead time driven by enhanced delivery capabilities.Net revenues from home rental services increased b

44、y 167.1%to RMB3.2 billion(US$0.4 billion)in the second quarter of 2024 from RMB1.2 billion in the same period of 2023,primarily attributable to the increase of the number of rental units under the Carefree Rent model.Net revenues from emerging and other services were RMB0.9 billion(US$0.1 billion)in

45、 the second quarter of 2024,compared to RMB0.6 billion in the same period of 2023.Cost of Revenues Total cost of revenues increased by 19.2%to RMB16.9 billion(US$2.3 billion)in the second quarter of 2024 from RMB14.1 billion in the same period of 2023.Commission split.The Companys cost of revenues f

46、or commissions to connected agents and other sales channels was RMB5.4 billion(US$0.7 billion)in the second quarter of 2024,compared to RMB5.8 billion in the same period of 2023,primarily due to the decrease in net revenues from new home transactions services derived from transactions facilitated th

47、rough connected agents and other sales channels.6 Commission and compensation internal.The Companys cost of revenues for internal commission and compensation increased by 7.9%to RMB4.4 billion(US$0.6 billion)in the second quarter of 2024 from RMB4.1 billion in the same period of 2023,primarily due t

48、o an increase in the GTV of existing home transactions facilitated through Lianjia agents.Cost of home renovation and furnishing.The Companys cost of revenues for home renovation and furnishing increased by 50.2%to RMB2.8 billion(US$0.4 billion)in the second quarter of 2024 from RMB1.8 billion in th

49、e same period of 2023,which was in line with the growth of net revenues from home renovation and furnishing.Cost of home rental services.The Companys cost of revenues for home rental services increased by 138.2%to RMB3.0 billion(US$0.4 billion)in the second quarter of 2024 from RMB1.3 billion in the

50、 same period of 2023,primarily attributable to the growth of net revenues from home rental services.Cost related to stores.The Companys cost related to stores was RMB681 million(US$94 million)in the second quarter of 2024,compared with RMB730 million in the same period of 2023 primarily attributable

51、 to the decrease in the amortization of the renovation costs for Lianjia stores.Other costs.The Companys other costs increased to RMB511 million(US$70 million)in the second quarter of 2024 from RMB431 million in the same period of 2023,mainly due to the increased tax and surcharges in line with the

52、increased net revenues and the increased maintenance costs of home rental services.Gross Profit Gross profit increased by 22.0%to RMB6.5 billion(US$0.9 billion)in the second quarter of 2024 from RMB5.3 billion in the same period of 2023.Gross margin was 27.9%in the second quarter of 2024,compared to

53、 27.4%in the same period of 2023 primarily due to a)a higher contribution margin for home renovation and furnishing primarily attributable to enhanced supply chain capabilities and continuous refined management;b)a higher contribution margin for home rental services primarily due to improved operati

54、onal efficiency;c)a lower costs related to stores as percentage of net revenues;and d)partially offset by a lower contribution 7 margin for new home transaction services led by a higher commission-split as percentage of net revenues from new home transaction services paid to connected agents and oth

55、er channels.Income(Loss)from Operations Total operating expenses increased by 5.6%to RMB4.5 billion(US$0.6 billion)in the second quarter of 2024 from RMB4.3 billion in the same period of 2023.General and administrative expenses were RMB2,079 million(US$286 million)in the second quarter of 2024,relat

56、ively flat compared with RMB2,105 million in the same period of 2023.Sales and marketing expenses increased by 14.1%to RMB1,882 million(US$259 million)in the second quarter of 2024 from RMB1,649 million in the same period of 2023,mainly due to the increase in sales and marketing expenses for home re

57、novation and furnishing business in line with the growth of net revenues from home renovation and furnishing.Research and development expenses increased by 6.3%to RMB505 million(US$69 million)in the second quarter of 2024 from RMB475 million in the same period of 2023.Income from operations was RMB2

58、,015 million(US$277 million)in the second quarter of 2024,compared to income from operations of RMB1,081 million in the same period of 2023.Operating margin increased to 8.6%in the second quarter of 2024 from 5.5%in the same period of 2023,primarily due to a slight increase in gross margin and impro

59、ved operating leverage in the second quarter of 2024,compared to the same period of 2023.Adjusted income from operations6 was RMB2,813 million(US$387 million)in the second quarter of 2024,compared to RMB2,148 million in the same period of 2023.Adjusted operating margin7 was 12.0%in the second quarte

60、r of 2024,compared to 11.0%in the same period of 2023.Adjusted EBITDA8 was RMB3,372 6 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,and(ii)amortization of intangible assets resulting

61、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.7 Adjusted operating margin is adjusted income(loss)from operations a

62、s a percentage of net revenues.8 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,(v

63、i)changes in fair value from long-term 8 million(US$464 million)in the second quarter of 2024,compared to RMB2,505 million in the same period of 2023.Net Income(Loss)Net income was RMB1,900 million(US$262 million)in the second quarter of 2024,compared to RMB1,300 million in the same period of 2023.A

64、djusted net income was RMB2,693 million(US$371 million)in the second quarter of 2024,compared to RMB2,364 million in the same period of 2023.Net Income(Loss)attributable to KE Holdings Inc.s Ordinary Shareholders Net income attributable to KE Holdings Inc.s ordinary shareholders was RMB1,892 million

65、(US$260 million)in the second quarter of 2024,compared to RMB1,309 million in the same period of 2023.Adjusted net income attributable to KE Holdings Inc.s ordinary shareholders9 was RMB2,685 million(US$369 million)in the second quarter of 2024,compared to RMB2,373 million in the same period of 2023

66、.Net Income(Loss)per ADS Basic and diluted net income per ADS attributable to KE Holdings Inc.s ordinary shareholders10 were RMB1.67(US$0.23)and RMB1.61(US$0.22)in the second quarter of 2024,respectively,compared to RMB1.10 and RMB1.08 in the same period of 2023,respectively.investments,loan receiva

67、bles 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.9 Adjusted net income(loss)attrib

68、utable to KE Holdings Inc.s ordinary shareholders is a non-GAAP financial measure and 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 cooper

69、ation 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)e

70、ffects 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.10 ADS refers to American Depositary Share.Each ADS represents three Class A ordinary shares o

71、f 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.9 Adjusted bas

72、ic and diluted net income per ADS attributable to KE Holdings Inc.s ordinary shareholders11 were RMB2.36(US$0.32)and RMB2.28(US$0.31)in the second quarter of 2024,respectively,compared to RMB2.00 and RMB1.96 in the same period of 2023,respectively.Cash,Cash Equivalents,Restricted Cash and Short-Term

73、 Investments As of June 30,2024,the combined balance of the Companys cash,cash equivalents,restricted cash and short-term investments amounted to RMB59.7 billion(US$8.2 billion).Upsizing and Extension of Share Repurchase Program As previously disclosed,the Company established a share repurchase prog

74、ram in August 2022 and upsized and extended it in August 2023,under which the Company may purchase up to US$2 billion of its Class A ordinary shares and/or ADSs until August 31,2024(the“Existing Share Repurchase Program”).As of the date of this press release,the Company in aggregate has purchased ap

75、proximately 95.0 million ADSs(representing approximately 285.0 million Class A ordinary shares)on the New York Stock Exchange with a total consideration of approximately US$1,389.8 million under the Existing Share Repurchase Program since its launch.On August 12,2024,the Companys board of directors

76、approved modifications to the Existing Share Repurchase Program,pursuant to which the repurchase authorization has been further increased from US$2 billion to US$3 billion of its Class A ordinary shares and/or ADSs and extended until August 31,2025(the“Extended Share Repurchase Program”).In the annu

77、al general meeting(the“AGM”)held on June 14,2024,the shareholders of the Company have approved to grant the board of directors a general unconditional mandate to purchase the Companys own shares(the“2024 Share Repurchase Mandate”)which covers the repurchases to be made under the Extended Share Repur

78、chase Program until the conclusion of the next AGM of the Company.After the expiry of the 2024 Share Repurchase Mandate,the Company will seek for another general unconditional mandate for repurchase from the shareholders of the Company at the next AGM to continue its share repurchase under the Exten

79、ded Share Repurchase Program.Conference Call Information 11 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 weighte

80、d 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.10 The Company will hold an earnings conference call at 8:00 A.M.U.S.East

81、ern Time on Monday,August 12,2024(8:00 P.M.Beijing/Hong Kong Time on Monday,August 12,2024)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 s

82、cheduled call start time.Dial-in numbers,passcode and unique access PIN would be provided upon registering.Participant Online Registration:English Line:https:/s1.c- Chinese Simultaneous Interpretation Line(listen-only mode):https:/s1.c- A replay of the conference call will be accessible through Augu

83、st 19,2024,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):10040170 Replay PIN(Chinese simultaneous interpretation line):10040172 A live and archived webcast of the conferenc

84、e call will also be available at the Companys investor relations website at https:/.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

85、$were made at the rate of RMB7.2672 to US$1.00,the noon buying rate in effect on June 28,2024,in the H.10 statistical release of the Federal Reserve Board.The Company makes no representation that the RMB or US$amounts referred could be converted into US$or RMB,as the case may be,at any particular ra

86、te or at all.For analytical presentation,all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.Non-GAAP Financial Measures 11 The Company uses adjusted income(loss)from operations,adjusted net income(loss),adjusted net income(loss)a

87、ttributable 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

88、believes that these non-GAAP financial measures help identify underlying trends in the Companys 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 inf

89、ormation 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

90、 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 Companys business.The presentation of these non-GAAP financial measures should not be considered in isolation or const

91、rued 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

92、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 Companys data.Beike encourages investors and others to review its finan

93、cial 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 agreemen

94、t,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)amorti

95、zation 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

96、 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 o

97、f intangible assets resulting from acquisitions and business cooperation agreement,(iii)changes in fair value from long-term investments,loan receivables measured at 12 fair value and contingent consideration,(iv)impairment of goodwill,intangible assets and other long-lived assets,(v)impairment of i

98、nvestments,(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)amor

99、tization 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,an

100、d(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 ca

101、lculating 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 lea

102、ding 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 n

103、ew home sales,home rentals,to home renovation and furnishing,and other services.The Company owns and operates Lianjia,Chinas leading real estate brokerage brand and an integral part of its Beike platform.With more than 22 years of operating experience through Lianjia since its inception in 2001,the

104、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 th

105、e“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,

106、the quotations from management in this press release,as well as Beikes strategic and operational plans,contain forward-looking statements.Beike may also make written or oral forward-looking statements in its periodic 13 reports to the U.S.Securities and Exchange Commission(the“SEC”)and The Stock Exc

107、hange 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 Hold

108、ings 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 foll

109、owing:Beikes goals and strategies;Beikes future business development,financial condition and results of operations;expected changes in the Companys revenues,costs or expenditures;Beikes ability to empower services and facilitate transactions on Beike platform;competition in the industry in which Bei

110、ke operates;relevant government policies and regulations relating to the industry;Beikes ability to protect the Companys systems and infrastructures from cyber-attacks;Beikes dependence on the integrity of brokerage brands,stores and agents on the Companys platform;general economic and business cond

111、itions 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 th

112、is press release,and KE Holdings Inc.does not undertake any obligation to update any forward-looking statement,except as required under applicable law.For investor and media inquiries,please contact:In China:KE Holdings Inc.Investor Relations Siting Li E-mail: Piacente Financial Communications Jenny

113、 Cai Tel:+86-10-6508-0677 E-mail:ketpg- In the United States:Piacente Financial Communications Brandi Piacente Tel:+1-212-481-2050 E-mail:ketpg- Source:KE Holdings Inc.KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands,except for share,per share data)14 As of D

114、ecember 31,As of June 30,2023 2024 RMB RMB US$ASSETS Current assets Cash and cash equivalents 19,634,716 9,409,071 1,294,731 Restricted cash 6,222,745 8,117,582 1,117,016 Short-term investments 34,257,958 42,222,652 5,810,030 Short-term financing receivables,net of allowance for credit losses of RMB

115、122,482 and RMB118,595 as of December 31,2023 and June 30,2024,respectively 1,347,759 1,460,169 200,926 Accounts receivable and contract assets,net of allowance for credit losses of RMB1,681,127 and RMB 1,687,261 as of December 31,2023 and June 30,2024,respectively 3,176,169 3,904,153 537,229 Amount

116、s due from and prepayments to related parties 419,270 416,759 57,348 Loan receivables from related parties 28,030 27,770 3,821 Prepayments,receivables and other assets 4,666,976 5,098,886 701,631 Total current assets 69,753,623 70,657,042 9,722,732 Non-current assets Property,plant and equipment,net

117、 1,965,098 2,065,608 284,237 Right-of-use assets 17,617,915 20,487,100 2,819,119 Long-term investments,net 23,570,988 22,132,865 3,045,584 Intangible assets,net 1,067,459 927,533 127,633 Goodwill 4,856,807 4,847,762 667,074 Long-term loan receivables from related parties 27,000 19,300 2,656 Other no

118、n-current assets 1,473,041 1,360,787 187,250 Total non-current assets 50,578,308 51,840,955 7,133,553 TOTAL ASSETS 120,331,931 122,497,997 16,856,285 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Continued)(All amounts in thousands,except for share,per share data)15 As of December

119、31,As of June 30,2023 2024 RMB RMB US$LIABILITIES Current liabilities Accounts payable 6,328,516 6,684,706 919,846 Amounts due to related parties 430,350 398,473 54,832 Employee compensation and welfare payable 8,145,779 6,064,974 834,568 Customer deposits payable 3,900,564 5,794,761 797,386 Income

120、taxes payable 698,568 747,112 102,806 Short-term borrowings 290,450 445,530 61,307 Lease liabilities current portion 9,368,607 11,632,047 1,600,623 Contract liability and deferred revenue 4,665,201 5,422,197 746,119 Accrued expenses and other current liabilities 5,695,948 6,186,560 851,299 Total cur

121、rent liabilities 39,523,983 43,376,360 5,968,786 Non-current liabilities Deferred tax liabilities 279,341 279,341 38,439 Lease liabilities non-current portion 8,327,113 8,136,397 1,119,605 Other non-current liabilities 389 2,791 384 Total non-current liabilities 8,606,843 8,418,529 1,158,428 TOTAL L

122、IABILITIES 48,130,826 51,794,889 7,127,214 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Continued)(All amounts in thousands,except for share,per share data)16 As of December 31,As of June 30,2023 2024 RMB RMB US$SHAREHOLDERS EQUITY KE Holdings Inc.shareholders equity Ordinary shar

123、es(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.3,571,960,220 Class A ordinary shares issued and 3,443,860,844 Class A ordinary shares outstanding(1)as of December 31,2023;3,529,562,630 Cla

124、ss A ordinary shares issued and 3,395,696,348 Class A ordinary shares outstanding(1)as of June 30,2024;and 151,354,549 and 147,500,681 Class B ordinary shares issued and outstanding as of December 31,2023 and June 30,2024,respectively)475 467 64 Treasury shares (866,198)(350,595)(48,243)Additional p

125、aid-in capital 77,583,054 73,059,977 10,053,387 Statutory reserves 811,107 811,107 111,612 Accumulated other comprehensive income 244,302 397,365 54,679 Accumulated deficit (5,672,916)(3,349,081)(460,849)Total KE Holdings Inc.shareholders equity 72,099,824 70,569,240 9,710,650 Non-controlling intere

126、sts 101,281 133,868 18,421 TOTAL SHAREHOLDERS EQUITY 72,201,105 70,703,108 9,729,071 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 120,331,931 122,497,997 16,856,285 (1)Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or ve

127、sting 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)17 For the

128、Three Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Net revenues Existing home transaction services 6,415,888 7,334,889 1,009,314 15,597,087 13,061,919 1,797,380 New home transaction services 8,695,630 7,933,

129、805 1,091,728 17,099,714 12,850,320 1,768,263 Home renovation and furnishing 2,624,899 4,040,224 555,953 4,032,830 6,449,072 887,422 Home rental services 1,193,534 3,187,540 438,620 2,100,888 5,812,743 799,860 Emerging and other services 553,970 873,972 120,263 931,482 1,573,690 216,547 Total net re

130、venues 19,483,921 23,370,430 3,215,878 39,762,001 39,747,744 5,469,472 Cost of revenues Commission-split(5,753,173)(5,439,667)(748,523)(11,363,560)(8,857,846)(1,218,880)Commission and compensation-internal(4,118,839)(4,444,340)(611,562)(9,360,775)(8,065,289)(1,109,821)Cost of home renovation and fur

131、nishing(1,848,140)(2,776,351)(382,039)(2,825,059)(4,448,069)(612,075)Cost of home rental services(1,260,041)(3,001,325)(412,996)(2,248,885)(5,481,822)(754,324)Cost related to stores(729,912)(680,930)(93,699)(1,415,651)(1,365,977)(187,965)Others(430,626)(510,767)(70,284)(855,083)(889,605)(122,413)Tot

132、al cost of revenues(1)(14,140,731)(16,853,380)(2,319,103)(28,069,013)(29,108,608)(4,005,478)Gross profit 5,343,190 6,517,050 896,775 11,692,988 10,639,136 1,463,994 Operating expenses Sales and marketing expenses(1)(1,649,458)(1,881,726)(258,934)(2,943,272)(3,505,463)(482,368)General and administrat

133、ive expenses(1)(2,105,234)(2,079,299)(286,121)(3,726,483)(4,098,494)(563,972)Research and development expenses(1)(474,789)(504,509)(69,423)(931,529)(971,809)(133,725)Impairment of goodwill,intangible assets and other long-lived assets(32,775)(36,397)(5,008)(32,775)(36,397)(5,008)Total operating expe

134、nses(4,262,256)(4,501,931)(619,486)(7,634,059)(8,612,163)(1,185,073)Income from operations 1,080,934 2,015,119 277,289 4,058,929 2,026,973 278,921 Interest income,net 338,735 356,578 49,067 602,226 666,253 91,679 Share of results of equity investees 8,805 351 48 14,475 (3,735)(514)Fair value changes

135、 in investments,net 29,841 70,523 9,704 73,006 78,288 10,773 Impairment loss for equity investments accounted for using Measurement Alternative(7,214)(1,902)(262)(9,313)(8,049)(1,108)Foreign currency exchange loss(50,540)(55,277)(7,606)(15,833)(73,025)(10,049)Other income,net 172,310 363,972 50,084

136、727,283 901,610 124,066 Income before income tax expense 1,572,871 2,749,364 378,324 5,450,773 3,588,315 493,768 Income tax expense(273,366)(848,960)(116,821)(1,401,522)(1,255,789)(172,802)Net income 1,299,505 1,900,404 261,503 4,049,251 2,332,526 320,966 KE Holdings Inc.UNAUDITED CONDENSED CONSOLID

137、ATED STATEMENT OF OPERATIONS(Continued)(All amounts in thousands,except for share,per share data,ADS and per ADS data)18 For the Three Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Net loss(income)attributabl

138、e to non-controlling interests shareholders 9,228 (8,343)(1,148)6,326 (8,691)(1,196)Net income attributable to KE Holdings Inc.1,308,733 1,892,061 260,355 4,055,577 2,323,835 319,770 Net income attributable to KE Holdings Inc.s ordinary shareholders 1,308,733 1,892,061 260,355 4,055,577 2,323,835 31

139、9,770 Net income 1,299,505 1,900,404 261,503 4,049,251 2,332,526 320,966 Currency translation adjustments 1,233,419 84,115 11,575 893,719 120,450 16,574 Unrealized gains(losses)on available-for-sale investments,net of reclassification(15,649)7,282 1,002 (1,024)32,613 4,488 Total comprehensive income

140、 2,517,275 1,991,801 274,080 4,941,946 2,485,589 342,028 Comprehensive loss(income)attributable to non-controlling interests shareholders 9,228 (8,343)(1,148)6,326 (8,691)(1,196)Comprehensive income attributable to KE Holdings Inc.2,526,503 1,983,458 272,932 4,948,272 2,476,898 340,832 Comprehensive

141、 income attributable to KE Holdings Inc.s ordinary shareholders 2,526,503 1,983,458 272,932 4,948,272 2,476,898 340,832 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)19 Weighted averag

142、e number of ordinary shares used in computing net income per share,basic and diluted Basic 3,559,273,186 3,406,250,235 3,406,250,235 3,555,127,466 3,422,928,331 3,422,928,331 Diluted 3,632,443,288 3,525,256,472 3,525,256,472 3,643,230,834 3,533,558,988 3,533,558,988 Weighted average number of ADS us

143、ed in computing net income per ADS,basic and diluted Basic 1,186,424,395 1,135,416,745 1,135,416,745 1,185,042,489 1,140,976,110 1,140,976,110 Diluted 1,210,814,429 1,175,085,491 1,175,085,491 1,214,410,278 1,177,852,996 1,177,852,996 Net income per share attributable to KE Holdings Inc.s ordinary s

144、hareholders Basic 0.37 0.56 0.08 1.14 0.68 0.09 Diluted 0.36 0.54 0.07 1.11 0.66 0.09 Net income per ADS attributable to KE Holdings Inc.s ordinary shareholders Basic 1.10 1.67 0.23 3.42 2.04 0.28 Diluted 1.08 1.61 0.22 3.34 1.97 0.27 (1)Includes share-based compensation expenses as follows:Cost of

145、revenues 132,570 125,401 17,256 226,566 249,834 34,379 Sales and marketing expenses 46,416 43,458 5,980 77,481 90,761 12,489 General and administrative expenses 655,554 513,776 70,698 1,188,897 1,090,910 150,114 Research and development expenses 46,687 48,416 6,662 90,038 92,926 12,787 For the Three

146、 Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$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)20 For the Th

147、ree Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Income from operations 1,080,934 2,015,119 277,289 4,058,929 2,026,973 278,921 Share-based compensation expenses 881,227 731,051 100,596 1,582,982 1,524,431 2

148、09,769 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 152,640 29,991 4,127 302,773 184,284 25,358 Impairment of goodwill,intangible assets and other long-lived assets 32,775 36,397 5,008 32,775 36,397 5,008 Adjusted income from operations 2,147,576 2

149、,812,558 387,020 5,977,459 3,772,085 519,056 Net income 1,299,505 1,900,404 261,503 4,049,251 2,332,526 320,966 Share-based compensation expenses 881,227 731,051 100,596 1,582,982 1,524,431 209,769 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 152,6

150、40 29,991 4,127 302,773 184,284 25,358 Changes in fair value from long-term investments,loan receivables measured at fair value and contingent consideration(2,671)87 12 (38,581)13,278 1,827 Impairment of goodwill,intangible assets and other long-lived assets 32,775 36,397 5,008 32,775 36,397 5,008 I

151、mpairment of investments 7,214 1,902 262 9,313 8,049 1,108 Tax effects on non-GAAP adjustments(6,562)(6,494)(894)(13,122)(13,410)(1,845)Adjusted net income 2,364,128 2,693,338 370,614 5,925,391 4,085,555 562,191 Net income 1,299,505 1,900,404 261,503 4,049,251 2,332,526 320,966 Income tax expense 27

152、3,366 848,960 116,821 1,401,522 1,255,789 172,802 Share-based compensation expenses 881,227 731,051 100,596 1,582,982 1,524,431 209,769 Amortization of intangible assets 156,994 36,012 4,955 309,914 194,518 26,767 Depreciation of property,plant and equipment 195,093 173,690 23,901 384,815 338,859 46

153、,629 Interest income,net(338,735)(356,578)(49,067)(602,226)(666,253)(91,679)Changes in fair value from long-term investments,loan receivables measured at fair value and contingent consideration (2,671)87 12 (38,581)13,278 1,827 Impairment of goodwill,intangible assets and other long-lived assets 32,

154、775 36,397 5,008 32,775 36,397 5,008 Impairment of investments 7,214 1,902 262 9,313 8,049 1,108 Adjusted EBITDA 2,504,768 3,371,925 463,991 7,129,765 5,037,594 693,197 Net income attributable to KE Holdings Inc.s ordinary shareholders 1,308,733 1,892,061 260,355 4,055,577 2,323,835 319,770 Share-ba

155、sed compensation expenses 881,227 731,051 100,596 1,582,982 1,524,431 209,769 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 152,640 29,991 4,127 302,773 184,284 25,358 Changes in fair value from long-term investments,loan receivables measured at fai

156、r value and contingent consideration (2,671)87 12 (38,581)13,278 1,827 Impairment of goodwill,intangible assets and other long-lived assets 32,775 36,397 5,008 32,775 36,397 5,008 Impairment of investments 7,214 1,902 262 9,313 8,049 1,108 Tax effects on non-GAAP adjustments(6,562)(6,494)(894)(13,12

157、2)(13,410)(1,845)Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders(7)(7)(1)(14)(14)(2)Adjusted net income attributable to KE Holdings Inc.s ordinary shareholders 2,373,349 2,684,988 369,465 5,931,703 4,076,850 560,993 KE Holdings Inc.UNAUDITED RECON

158、CILIATION OF GAAP AND NON-GAAP RESULTS(Continued)(All amounts in thousands,except for share,per share data,ADS and per ADS data)21 For the Three Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Weighted average

159、number of ADS used in computing net income per ADS,basic and diluted Basic 1,186,424,395 1,135,416,745 1,135,416,745 1,185,042,489 1,140,976,110 1,140,976,110 Diluted 1,210,814,429 1,175,085,491 1,175,085,491 1,214,410,278 1,177,852,996 1,177,852,996 Weighted average number of ADS used in calculatin

160、g adjusted net income per ADS,basic and diluted Basic 1,186,424,395 1,135,416,745 1,135,416,745 1,185,042,489 1,140,976,110 1,140,976,110 Diluted 1,210,814,429 1,175,085,491 1,175,085,491 1,214,410,278 1,177,852,996 1,177,852,996 Net income per ADS attributable to KE Holdings Inc.s ordinary sharehol

161、ders Basic 1.10 1.67 0.23 3.42 2.04 0.28 Diluted 1.08 1.61 0.22 3.34 1.97 0.27 Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.s ordinary shareholders Basic 0.90 0.69 0.09 1.59 1.53 0.21 Diluted 0.88 0.67 0.09 1.54 1.49 0.21 Adjusted net income per ADS attributable to KE H

162、oldings Inc.s ordinary shareholders Basic 2.00 2.36 0.32 5.01 3.57 0.49 Diluted 1.96 2.28 0.31 4.88 3.46 0.48 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands)22 For the Three Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,202

163、4 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Net cash provided by(used in)operating activities(196,144)4,772,954 656,778 7,431,689 3,857,678 530,836 Net cash provided by(used in)investing activities 2,055,696 (8,134,019)(1,119,277)7,633,614 (6,843,593)(941,709)Net cash used in fina

164、ncing activities(2,537,964)(3,931,260)(540,959)(2,869,607)(5,377,054)(739,907)Effect of exchange rate change on cash,cash equivalents and restricted cash 36,149 35,666 4,908 22,137 32,161 4,422 Net increase(decrease)in cash and cash equivalents and restricted cash(642,263)(7,256,659)(998,550)12,217,

165、833 (8,330,808)(1,146,358)Cash,cash equivalents and restricted cash at the beginning of the period 38,454,355 24,783,312 3,410,297 25,594,259 25,857,461 3,558,105 Cash,cash equivalents and restricted cash at the end of the period 37,812,092 17,526,653 2,411,747 37,812,092 17,526,653 2,411,747 KE Hol

166、dings Inc.UNAUDITED SEGMENT CONTRIBUTION MEASURE(All amounts in thousands)23 For the Three Months Ended For the Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB RMB US$RMB RMB US$Existing home transaction services Net revenues 6,415,888 7,334,889 1,0

167、09,314 15,597,087 13,061,919 1,797,380 Less:Commission and compensation (3,490,480)(3,851,787)(530,024)(8,169,959)(7,032,712)(967,733)Contribution 2,925,408 3,483,102 479,290 7,427,128 6,029,207 829,647 New home transaction services Net revenues 8,695,630 7,933,805 1,091,728 17,099,714 12,850,320 1,

168、768,263 Less:Commission and compensation (6,330,323)(5,947,840)(818,450)(12,462,059)(9,768,943)(1,344,251)Contribution 2,365,307 1,985,965 273,278 4,637,655 3,081,377 424,012 Home renovation and furnishing Net revenues 2,624,899 4,040,224 555,953 4,032,830 6,449,072 887,422 Less:Material costs,commi

169、ssion and compensation (1,848,140)(2,776,351)(382,039)(2,825,059)(4,448,069)(612,075)Contribution 776,759 1,263,873 173,914 1,207,771 2,001,003 275,347 Home rental services Net revenues 1,193,534 3,187,540 438,620 2,100,888 5,812,743 799,860 Less:Property leasing costs,commission and compensation (1

170、,260,041)(3,001,325)(412,996)(2,248,885)(5,481,822)(754,324)(Deficit)/Contribution (66,507)186,215 25,624 (147,997)330,921 45,536 Emerging and other services Net revenues 553,970 873,972 120,263 931,482 1,573,690 216,547 Less:Commission and compensation (51,209)(84,380)(11,611)(92,317)(121,480)(16,717)Contribution 502,761 789,592 108,652 839,165 1,452,210 199,830