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1、 1 KE Holdings Inc.Announces Third Quarter 2024 Unaudited Financial Results BEIJING,China,November 21,2024-KE Holdings Inc.(“Beike”or the“Company”)(NYSE:BEKE and HKEX:2423),a leading integrated online and offline platform for housing transactions and services,today announced its unaudited financial

2、results for the third quarter ended September 30,2024.Business and Financial Highlights for the Third Quarter 2024 Gross transaction value(GTV)1 was RMB736.8 billion(US$105.0 billion),an increase of 12.5%year-over-year.GTV of existing home transactions was RMB477.8 billion(US$68.1 billion),an increa

3、se of 8.8%year-over-year.GTV of new home transactions was RMB227.6 billion(US$32.4 billion),an increase of 18.4%year-over-year.GTV of home renovation and furnishing was RMB4.1 billion(US$0.6 billion),an increase of 24.6%year-over-year.GTV of emerging and other services was RMB27.3 billion(US$3.9 bil

4、lion),an increase of 31.9%year-over-year.Net revenues were RMB22.6 billion(US$3.2 billion),an increase of 26.8%year-over-year.Net income was RMB1,168 million(US$167 million).Adjusted net income2 was RMB1,782 million(US$254 million).Number of stores was 48,230 as of September 30,2024,a 12.1%increase

5、from one year ago.Number of active stores3 was 46,857 as of September 30,2024,a 14.6%increase from one year ago.1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Companys platform and evidenced by signed contracts as of the end of the

6、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

7、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,which is defined as net income(loss),excluding(i)share-based compensation expenses,(ii)amortization o

8、f 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 inve

9、stments,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 experience,we have introduced the operating metrics of number of active stores and number of active

10、 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 ha

11、ve 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 numb

12、er of active stores was 40,903 as of September 30,2023.2 Number of agents was 476,420 as of September 30,2024,a 11.0%increase from one year ago.Number of active agents4 was 423,400 as of September 30,2024,a 6.1%increase from one year ago.Mobile monthly active users(MAU)5 averaged 46.2 million in the

13、 third quarter of 2024,compared to 49.2 million in the same period of 2023.Mr.Stanley Yongdong Peng,Chairman of the Board and Chief Executive Officer of Beike,commented,“In the third quarter of 2024,we continued to demonstrate proactive and sustainable growth momentum.Against the backdrop of market

14、adjustments,each of our business lines achieved solid results.In our housing transaction services,we are actively pursuing growth while also committed to fostering a more harmonious ecosystem.Through initiatives such as the store point-based system,were helping store owners achieve better returns an

15、d benefit from the platforms value,ultimately enhancing their level of satisfaction with the platform.In our home renovation and furnishing and home rental services,we are also continuously strengthening our foundational capabilities across product development,process restructuring,and supply chain

16、improvements.Meanwhile,we have officially upgraded our management governance framework,adopting a mechanism of clear responsibilities and collective leadership to deliberate and plan key strategies and matters,ensuring steady and sustainable growth for the Company.”“All above initiatives are centere

17、d around our steadfast commitment to a long-term vision.By focusing on doing the right thing even if its difficult and continuously exploring innovations,we aim to build our business with a long-term perspective,ensuring sustainable growth and vitality.We are also pleased to see that the supportive

18、policy packages introduced by the government at the end of September have already shown promising initial results.In October,transaction volumes on our platform rebounded significantly,signaling the start of the market recovery.With an improving external environment,we will stay true to our long-ter

19、m vision,remaining optimistic,persistent,and united as we move toward a brighter future,”concluded Mr.Peng.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 yet completed the exit procedures,(ii)have not engaged

20、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 numb

21、er of active agents was 399,048 as of September 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 least once during a month,and(ii)the number of Weixin

22、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 months in such period.3 Mr.Tao Xu,Executive Director

23、 and Chief Financial Officer of Beike,added,“The market in the third quarter of this year gradually retreated following the pulse-like rebound fueled by the intensive supportive policies released in May.The existing home market was relatively stable,while the new home market was still in a bottoming

24、 stage with weak supply and demand.For performance in the third quarter,our net revenues reached RMB22.6 billion,gross margin stood at 22.7%;net income reached RMB1,168 million,and adjusted net income was RMB1,782 million.Home transaction services demonstrated a stable revenue performance.The moneti

25、zation capability of our new home transaction services has been further strengthened.We are actively advancing our one body,three wings strategy,with revenues of home renovation and furnishing,home rental services,and emerging and other services growing by 54.3%year-over-year in the third quarter.Th

26、ey accounted for an increasing portion of our total net revenues at 38.3%,increasing by 6.8 percentage points from the same period of 2023.Among these,revenue from home renovation and furnishing reached RMB4.21 billion,rising by 32.6%year-over-year,while revenue from home rental services reached RMB

27、3.94 billion,up 118.4%year-over-year.With robust cash reserves,we continued to reward our shareholders who have grown with us,sharing the value created by the Company.In the third quarter,we allocated approximately US$200 million to share repurchases.As our businesses become more diverse,we have ele

28、vated our standards for resource allocation and prudent management.Moving forward,we will continue to focus on the fundamentals of our business,ensuring strict adherence to risk controls and maintaining healthy cash flow,while fully supporting the growth of our one body,three wings businesses.”Third

29、 Quarter 2024 Financial Results Net Revenues Net revenues increased by 26.8%to RMB22.6 billion(US$3.2 billion)in the third quarter of 2024 from RMB17.8 billion in the same period of 2023,primarily attributable to the increase of net revenues from new home transaction services and the expansion of ho

30、me renovation and furnishing and home rental business.Total GTV increased by 12.5%to RMB736.8 billion(US$105.0 billion)in the third quarter of 2024 from RMB655.2 billion in the same period of 2023,primarily attributable to the recovery of existing home transaction market and the Companys proactive g

31、rowth strategy and improved market coverage capabilities.4 Net revenues from existing home transaction services were RMB6.2 billion(US$0.9 billion)in the third quarter of 2024,relatively flat compared with RMB6.3 billion in the same period of 2023.GTV of existing home transactions increased by 8.8%t

32、o RMB477.8 billion(US$68.1 billion)in the third quarter of 2024 from RMB439.0 billion in the same period of 2023.The different trend between net revenues and GTV of existing home transaction services was primarily attributable to a higher contribution from GTV of existing home transaction services s

33、erved by connected agents on the Companys 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 wa

34、s RMB5.1 billion(US$0.7 billion)in the third quarter of 2024,relatively flat compared with RMB5.1 billion in the same period of 2023,while the GTV of existing home transactions served by Lianjia stores increased by 1.7%to RMB194.5 billion(US$27.7 billion)in the third quarter of 2024 from RMB191.2 bi

35、llion in the same period of 2023;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 RMB1.2 billion(US$0.2 billion)in the third quarter of 2024,relatively flat compared w

36、ith RMB1.2 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 14.3%to RMB283.3 billion(US$40.4 billion)in the third quarter of 2024 from RMB247.8 billion in the same period of 2023,offset by the dec

37、rease in revenues from certain value-added services which were not directly driven by GTV of existing home transactions served by connected agents.Net revenues from new home transaction services increased by 30.9%to RMB7.7 billion(US$1.1 billion)in the third quarter of 2024 from RMB5.9 billion in th

38、e same period of 2023,primarily due to the increase of GTV of new home transactions of 18.4%to RMB227.6 billion(US$32.4 billion)in the third quarter of 2024 from RMB192.1 billion in the same period of 2023,and the improved monetization capability.Among that,the GTV of new home transactions facilitat

39、ed on Beike platform through connected agents,dedicated sales team with the expertise on new home transaction services and other sales channels increased by 20.5%to RMB183.0 billion(US$26.1 billion)in the third quarter of 2024 from RMB151.9 billion in the same period of 2023,and the GTV of new home

40、transactions served by 5 Lianjia brand increased by 10.5%to RMB44.5 billion(US$6.3 billion)in the third quarter of 2024 from RMB40.3 billion in the same period of 2023.Net revenues from home renovation and furnishing increased by 32.6%to RMB4.2 billion(US$0.6 billion)in the third quarter of 2024 fro

41、m RMB3.2 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 renovation and furnishing business,b)a larger contribution from furniture and home furni

42、shing sales(in categories such as customized furniture,soft furnishings,and electrical appliances),and c)the shortened lead time driven by enhanced delivery capabilities.Net revenues from home rental services increased by 118.4%to RMB3.9 billion(US$0.6 billion)in the third quarter of 2024 from RMB1.

43、8 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 RMB0.5 billion(US$0.1 billion)in the third quarter of 2024,compared to RMB0.6 billion in the same period of 2023.

44、Cost of Revenues Total cost of revenues increased by 35.0%to RMB17.4 billion(US$2.5 billion)in the third quarter of 2024 from RMB12.9 billion in the same period of 2023.Commission split.The Companys cost of revenues for commissions to connected agents and other sales channels was RMB5.2 billion(US$0

45、.7 billion)in the third quarter of 2024,compared to RMB4.0 billion in the same period of 2023,primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.Commission and compensation internal.

46、The Companys cost of revenues for internal commission and compensation increased by 17.2%to RMB4.4 billion(US$0.6 billion)in the third quarter of 2024 from RMB3.7 billion in the same period of 2023,primarily due to an increase in the net revenues from 6 new home transactions derived from transaction

47、s facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved welfare for them.Cost of home renovation and furnishing.The Companys cost of revenues for home renovation and furnishing increased by 28.6%to RMB2.9

48、billion(US$0.4 billion)in the third quarter of 2024 from RMB2.3 billion in the 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 115.5%to RMB3.8 bi

49、llion(US$0.5 billion)in the third quarter of 2024 from RMB1.7 billion in the 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 RMB0.7 billion(US$0.1 billion)in the third quarter of 2024,re

50、latively flat compared with RMB0.7 billion in the same period of 2023.Other costs.The Companys other costs increased to RMB502 million(US$72 million)in the third quarter of 2024 from RMB480 million in the same period of 2023,mainly due to the increased tax and surcharges in line with the increased n

51、et revenues.Gross Profit Gross profit increased by 5.2%to RMB5.1 billion(US$0.7 billion)in the third quarter of 2024 from RMB4.9 billion in the same period of 2023.Gross margin was 22.7%in the third quarter of 2024,compared to 27.4%in the same period of 2023,primarily due to a)a lower contribution f

52、rom net revenues from existing home transaction services with a relatively higher margin than other revenue streams;b)a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.In

53、come from Operations 7 Total operating expenses increased by 11.0%to RMB4.4 billion(US$0.6 billion)in the third quarter of 2024 from RMB4.0 billion in the same period of 2023.General and administrative expenses were RMB1.9 billion(US$0.3 billion)in the third quarter of 2024,relatively flat compared

54、with RMB1.9 billion in the same period of 2023.Sales and marketing expenses increased by 18.6%to RMB1.9 billion(US$0.3 billion)in the third quarter of 2024 from RMB1.6 billion in the same period of 2023,mainly due to the increase in sales and marketing expenses for home renovation and furnishing bus

55、iness which was in line with the growth of net revenues from home renovation and furnishing and increased expenses on marketing and promotion activities for business development of new connected brands and stores.Research and development expenses increased by 21.5%to RMB573 million(US$82 million)in

56、the third quarter of 2024 from RMB472 million in the same period of 2023,primarily due to the increased headcount of research and development personnel and the increased technical service costs.Income from operations was RMB727 million(US$104 million)in the third quarter of 2024,compared to income f

57、rom operations of RMB911 million in the same period of 2023.Operating margin decreased to 3.2%in the third quarter of 2024 from 5.1%in the same period of 2023,primarily due to a lower gross margin partially offset by the improved operating leverage in the third quarter of 2024,compared to the same p

58、eriod of 2023.Adjusted income from operations6 was RMB1,363 million(US$194 million)in the third quarter of 2024,compared to RMB1,886 million in the same period of 2023.Adjusted operating margin7 was 6.0%in the third quarter of 2024,compared to 10.6%in the same period of 2023.Adjusted EBITDA8 was RMB

59、2,154 million(US$307 million)in the third quarter of 2024,compared to RMB2,515 million in the same period of 2023.6 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,(ii)amortization of i

60、ntangible 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.7 Adjusted operating margin is adjusted in

61、come(loss)from operations as 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 equipmen

62、t,(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

63、 reconciliation of GAAP and non-GAAP results”for details.8 Net Income Net income was RMB1,168 million(US$167 million)in the third quarter of 2024,compared to RMB1,170 million in the same period of 2023.Adjusted net income was RMB1,782 million(US$254 million)in the third quarter of 2024,compared to R

64、MB2,159 million in the same period of 2023.Net Income attributable to KE Holdings Inc.s Ordinary Shareholders Net income attributable to KE Holdings Inc.s ordinary shareholders was RMB1,171 million(US$167 million)in the third quarter of 2024,compared to RMB1,158 million in the same period of 2023.Ad

65、justed net income attributable to KE Holdings Inc.s ordinary shareholders9 was RMB1,785 million(US$254 million)in the third quarter of 2024,compared to RMB2,147 million in the same period of 2023.Net Income per ADS Basic and diluted net income per ADS attributable to KE Holdings Inc.s ordinary share

66、holders10 were RMB1.04(US$0.15)and RMB1.00(US$0.14)in the third quarter of 2024,respectively,compared to RMB0.99 and RMB0.97 in the same period of 2023,respectively.9 Adjusted net income(loss)attributable to KE Holdings Inc.s ordinary shareholders is a non-GAAP financial measure and defined as net i

67、ncome(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 fai

68、r 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 shareholde

69、rs.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 of the Company.Net income(loss)per ADS attributable to KE Holdings Inc.s ordinary shareholders is net i

70、ncome(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 basic and diluted net income per ADS attributable to KE Holdings Inc.s ordinary shareholders11 were RMB1.

71、58(US$0.23)and RMB1.53(US$0.22)in the third quarter of 2024,respectively,compared to RMB1.84 and RMB1.80 in the same period of 2023,respectively.Cash,Cash Equivalents,Restricted Cash and Short-Term Investments As of September 30,2024,the combined balance of the Companys cash,cash equivalents,restric

72、ted cash and short-term investments amounted to RMB59.5 billion(US$8.5 billion).Share Repurchase Program As previously disclosed,the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024,under which the Company may purchase up to US$

73、3 billion of its Class A ordinary shares and/or ADSs until August 31,2025,subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repu

74、rchase mandate granted by the annual general meeting held on June 14,2024.As of September 30,2024,the Company in aggregate has purchased approximately 102.2 million ADSs(representing approximately 306.5 million Class A ordinary shares)on the New York Stock Exchange with a total consideration of appr

75、oximately US$1,493.4 million under this share repurchase program since its launch.Conference Call Information The Company will hold an earnings conference call at 7:00 A.M.U.S.Eastern Time on Thursday,November 21,2024(8:00 P.M.Beijing/Hong Kong Time on Thursday,November 21,2024)to discuss the financ

76、ial 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.11 Ad

77、justed 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

78、 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 Participant Online Registration:English Line:https:/s1.c- Chinese Simultaneous Interpretation Line(listen-only mode):https:/s1.c- A

79、replay of the conference call will be accessible through November 28,2024,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):10042784 Replay PIN(Chinese simultaneous interpretat

80、ion line):10042787 A live and archived webcast of the conference 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

81、 reader.Unless otherwise stated,all translations from RMB to US$were made at the rate of RMB7.0176 to US$1.00,the noon buying rate in effect on September 30,2024,in the H.10 statistical release of the Federal Reserve Board.The Company makes no representation that the RMB or US$amounts referred could

82、 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)fr

83、om 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 evaluat

84、ing its operating results and formulating its business plan.Beike 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).11 Beike al

85、so 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

86、 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 Companys business.The presentation of these non-G

87、AAP 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

88、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 Co

89、mpanys 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

90、 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

91、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

92、 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 sharehol

93、ders,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 goodwil

94、l,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)

95、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)impai

96、rment of goodwill,intangible assets and other 12 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 wei

97、ghted 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 c

98、omparable 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 h

99、ousing 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,Chinas leading real estate brokerage brand and an integral part of its Beike platform.With more than 23 years of

100、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 sta

101、tements 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,”“believe

102、s,”“estimates,”“likely to,”and similar statements.Among other things,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 reports to the

103、 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.Statement

104、s 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 a

105、ny forward-looking statement,including but not limited to the following:Beikes goals and strategies;Beikes future business 13 development,financial condition and results of operations;expected changes in the Companys revenues,costs or expenditures;Beikes ability to empower services and facilitate tr

106、ansactions on Beike platform;competition in the industry in which Beike 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 a

107、nd agents on the Companys 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.A

108、ll 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 investor and media inquiries,please contact:In China:KE Holdings Inc.Investo

109、r Relations Siting Li E-mail: Piacente Financial Communications Jenny 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

110、 (All amounts in thousands,except for share,per share data)14 As of December 31,As of September 30,2023 2024 RMB RMB US$ASSETS Current assets Cash and cash equivalents 19,634,716 9,576,948 1,364,704 Restricted cash 6,222,745 6,243,476 889,688 Short-term investments 34,257,958 43,654,035 6,220,650 Sh

111、ort-term financing receivables,net of allowance for credit losses of RMB122,482 and RMB118,504 as of December 31,2023 and September 30,2024,respectively 1,347,759 773,567 110,232 Accounts receivable and contract assets,net of allowance for credit losses of RMB1,681,127 and RMB1,640,694 as of Decembe

112、r 31,2023 and September 30,2024,respectively 3,176,169 3,277,775 467,079 Amounts due from and prepayments to related parties 419,270 407,966 58,135 Loan receivables from related parties 28,030 18,030 2,569 Prepayments,receivables and other assets 4,666,976 5,726,438 816,012 Total current assets 69,7

113、53,623 69,678,235 9,929,069 Non-current assets Property,plant and equipment,net 1,965,098 2,248,709 320,438 Right-of-use assets 17,617,915 22,259,923 3,172,014 Long-term investments,net 23,570,988 21,457,347 3,057,647 Intangible assets,net 1,067,459 948,723 135,192 Goodwill 4,856,807 4,839,219 689,5

114、83 Long-term loan receivables from related parties 27,000 25,360 3,614 Other non-current assets 1,473,041 1,338,196 190,693 Total non-current assets 50,578,308 53,117,477 7,569,181 TOTAL ASSETS 120,331,931 122,795,712 17,498,250 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Continu

115、ed)(All amounts in thousands,except for share,per share data)15 As of December 31,As of September 30,2023 2024 RMB RMB US$LIABILITIES Current liabilities Accounts payable 6,328,516 6,389,882 910,551 Amounts due to related parties 430,350 382,816 54,551 Employee compensation and welfare payable 8,145

116、,779 6,136,481 874,442 Customer deposits payable 3,900,564 3,999,101 569,867 Income taxes payable 698,568 616,621 87,868 Short-term borrowings 290,450 306,610 43,692 Lease liabilities current portion 9,368,607 12,900,946 1,838,370 Contract liability and deferred revenue 4,665,201 5,223,016 744,274 A

117、ccrued expenses and other current liabilities 5,695,948 7,191,733 1,024,813 Total current liabilities 39,523,983 43,147,206 6,148,428 Non-current liabilities Deferred tax liabilities 279,341 279,341 39,806 Lease liabilities non-current portion 8,327,113 8,472,711 1,207,352 Other non-current liabilit

118、ies 389 2,791 398 Total non-current liabilities 8,606,843 8,754,843 1,247,556 TOTAL LIABILITIES 48,130,826 51,902,049 7,395,984 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 September 30,

119、2023 2024 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.3,571,960,220 Class A ordinary shares issued and 3,

120、443,860,844 Class A ordinary shares outstanding(1)as of December 31,2023;3,491,188,042 Class A ordinary shares issued and 3,357,035,782 Class A ordinary shares outstanding(1)as of September 30,2024;and 151,354,549 and 145,897,002 Class B ordinary shares issued and outstanding as of December 31,2023

121、and September 30,2024,respectively)475 463 66 Treasury shares (866,198)(408,535)(58,216)Additional paid-in capital 77,583,054 72,274,027 10,298,966 Statutory reserves 811,107 811,107 115,582 Accumulated other comprehensive income 244,302 275,516 39,261 Accumulated deficit (5,672,916)(2,178,008)(310,

122、364)Total KE Holdings Inc.shareholders equity 72,099,824 70,774,570 10,085,295 Non-controlling interests 101,281 119,093 16,971 TOTAL SHAREHOLDERS EQUITY 72,201,105 70,893,663 10,102,266 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 120,331,931 122,795,712 17,498,250 (1)Excluding the Class A ordinary sh

123、ares 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 O

124、F OPERATIONS(All amounts in thousands,except for share,per share data,ADS and per ADS data)17 For the Three Months Ended For the Nine Months Ended September 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Net revenues Existing h

125、ome transaction services 6,307,085 6,217,054 885,923 21,904,172 19,278,973 2,747,232 New home transaction services 5,901,966 7,726,316 1,100,991 23,001,680 20,576,636 2,932,147 Home renovation and furnishing 3,176,739 4,213,041 600,354 7,209,569 10,662,113 1,519,339 Home rental services 1,804,374 3,

126、941,234 561,621 3,905,262 9,753,977 1,389,931 Emerging and other services 620,541 487,002 69,397 1,552,023 2,060,692 293,646 Total net revenues 17,810,705 22,584,647 3,218,286 57,572,706 62,332,391 8,882,295 Cost of revenues Commission-split(3,982,415)(5,199,321)(740,897)(15,345,975)(14,057,167)(2,0

127、03,130)Commission and compensation-internal(3,737,715)(4,381,616)(624,375)(13,098,490)(12,446,905)(1,773,670)Cost of home renovation and furnishing(2,252,251)(2,897,013)(412,821)(5,077,310)(7,345,082)(1,046,666)Cost of home rental services(1,748,021)(3,766,972)(536,789)(3,996,906)(9,248,794)(1,317,9

128、43)Cost related to stores(729,388)(703,045)(100,183)(2,145,039)(2,069,022)(294,833)Others(479,935)(501,947)(71,526)(1,335,018)(1,391,552)(198,295)Total cost of revenues(1)(12,929,725)(17,449,914)(2,486,591)(40,998,738)(46,558,522)(6,634,537)Gross profit 4,880,980 5,134,733 731,695 16,573,968 15,773,

129、869 2,247,758 Operating expenses Sales and marketing expenses(1)(1,630,543)(1,933,878)(275,575)(4,573,815)(5,439,341)(775,100)General and administrative expenses(1)(1,862,347)(1,900,959)(270,884)(5,588,830)(5,999,453)(854,915)Research and development expenses(1)(471,631)(572,932)(81,642)(1,403,160)(

130、1,544,741)(220,124)Impairment of goodwill,intangible assets and other long-lived assets(5,201)-(37,976)(36,397)(5,187)Total operating expenses(3,969,722)(4,407,769)(628,101)(11,603,781)(13,019,932)(1,855,326)Income from operations 911,258 726,964 103,594 4,970,187 2,753,937 392,432 Interest income,n

131、et 349,143 310,493 44,245 951,369 976,746 139,185 Share of results of equity investees 12,753 7,783 1,109 27,228 4,048 577 Impairment loss for equity investments accounted for equity method(6,182)-(6,182)-Fair value changes in investments,net 1,187 109,170 15,557 74,193 187,458 26,713 Impairment los

132、s for equity investments accounted for using Measurement Alternative(2,882)(388)(55)(12,195)(8,437)(1,202)Foreign currency exchange gain(loss)96,336 45,156 6,435 80,503 (27,869)(3,971)Other income,net 309,914 472,359 67,311 1,037,197 1,373,969 195,789 Income before income tax expense 1,671,527 1,671

133、,537 238,196 7,122,300 5,259,852 749,523 Income tax expense(501,237)(503,131)(71,696)(1,902,759)(1,758,920)(250,644)Net income 1,170,290 1,168,406 166,500 5,219,541 3,500,932 498,879 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(Continued)(All amounts in thousands,except f

134、or share,per share data,ADS and per ADS data)18 For the Three Months Ended For the Nine Months Ended September 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Net loss(income)attributable to non-controlling interests shareholder

135、s(12,248)2,667 380 (5,922)(6,024)(858)Net income attributable to KE Holdings Inc.1,158,042 1,171,073 166,880 5,213,619 3,494,908 498,021 Net income attributable to KE Holdings Inc.s ordinary shareholders 1,158,042 1,171,073 166,880 5,213,619 3,494,908 498,021 Net income 1,170,290 1,168,406 166,500 5

136、,219,541 3,500,932 498,879 Currency translation adjustments(180,974)(252,110)(35,925)712,745 (131,660)(18,761)Unrealized gains(losses)on available-for-sale investments,net of reclassification(49,243)130,261 18,562 (50,267)162,874 23,209 Total comprehensive income 940,073 1,046,557 149,137 5,882,019

137、3,532,146 503,327 Comprehensive loss(income)attributable to non-controlling interests shareholders(12,248)2,667 380 (5,922)(6,024)(858)Comprehensive income attributable to KE Holdings Inc.927,825 1,049,224 149,517 5,876,097 3,526,122 502,469 Comprehensive income attributable to KE Holdings Inc.s ord

138、inary shareholders 927,825 1,049,224 149,517 5,876,097 3,526,122 502,469 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 average number of ordinary shares used in computing n

139、et income per share,basic and diluted Basic 3,491,785,849 3,380,011,519 3,380,011,519 3,527,781,652 3,408,518,304 3,408,518,304 Diluted 3,569,150,049 3,501,151,763 3,501,151,763 3,612,305,297 3,522,652,156 3,522,652,156 Weighted average number of ADS used in computing net income per ADS,basic and di

140、luted Basic 1,163,928,616 1,126,670,506 1,126,670,506 1,175,927,217 1,136,172,768 1,136,172,768 Diluted 1,189,716,683 1,167,050,588 1,167,050,588 1,204,101,766 1,174,217,385 1,174,217,385 Net income per share attributable to KE Holdings Inc.s ordinary shareholders Basic 0.33 0.35 0.05 1.48 1.03 0.15

141、 Diluted 0.32 0.33 0.05 1.44 0.99 0.14 Net income per ADS attributable to KE Holdings Inc.s ordinary shareholders Basic 0.99 1.04 0.15 4.43 3.08 0.44 Diluted 0.97 1.00 0.14 4.33 2.98 0.42 (1)Includes share-based compensation expenses as follows:Cost of revenues 136,990 136,101 19,394 363,556 385,935

142、 54,995 Sales and marketing expenses 51,637 53,149 7,574 129,118 143,910 20,507 General and administrative expenses 576,635 370,106 52,740 1,765,532 1,461,016 208,193 Research and development expenses 48,867 47,220 6,729 138,905 140,146 19,971 For the Three Months Ended For the Nine Months Ended Sep

143、tember 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 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 Three Months E

144、nded For the Nine Months Ended September 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Income from operations 911,258 726,964 103,594 4,970,187 2,753,937 392,432 Share-based compensation expenses 814,129 606,576 86,437 2,397,1

145、11 2,131,007 303,666 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,495 29,883 4,258 458,268 214,167 30,519 Impairment of goodwill,intangible assets and other long-lived assets 5,201 -37,976 36,397 5,187 Adjusted income from operations 1,886,083

146、1,363,423 194,289 7,863,542 5,135,508 731,804 Net income 1,170,290 1,168,406 166,500 5,219,541 3,500,932 498,879 Share-based compensation expenses 814,129 606,576 86,437 2,397,111 2,131,007 303,666 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,4

147、95 29,883 4,258 458,268 214,167 30,519 Changes in fair value from long-term investments,loan receivables measured at fair value and contingent consideration 11,720 (16,867)(2,404)(26,861)(3,589)(511)Impairment of goodwill,intangible assets and other long-lived assets 5,201 -37,976 36,397 5,187 Impai

148、rment of investments 9,064 388 55 18,377 8,437 1,202 Tax effects on non-GAAP adjustments(6,560)(6,494)(925)(19,682)(19,904)(2,836)Adjusted net income 2,159,339 1,781,892 253,921 8,084,730 5,867,447 836,106 Net income 1,170,290 1,168,406 166,500 5,219,541 3,500,932 498,879 Income tax expense 501,237

149、503,131 71,696 1,902,759 1,758,920 250,644 Share-based compensation expenses 814,129 606,576 86,437 2,397,111 2,131,007 303,666 Amortization of intangible assets 158,893 36,125 5,148 468,807 230,643 32,866 Depreciation of property,plant and equipment 193,791 166,373 23,708 578,606 505,232 71,995 Int

150、erest income,net(349,143)(310,493)(44,245)(951,369)(976,746)(139,185)Changes in fair value from long-term investments,loan receivables measured at fair value and contingent consideration 11,720 (16,867)(2,404)(26,861)(3,589)(511)Impairment of goodwill,intangible assets and other long-lived assets 5,

151、201 -37,976 36,397 5,187 Impairment of investments 9,064 388 55 18,377 8,437 1,202 Adjusted EBITDA 2,515,182 2,153,639 306,895 9,644,947 7,191,233 1,024,743 Net income attributable to KE Holdings Inc.s ordinary shareholders 1,158,042 1,171,073 166,880 5,213,619 3,494,908 498,021 Share-based compensa

152、tion expenses 814,129 606,576 86,437 2,397,111 2,131,007 303,666 Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,495 29,883 4,258 458,268 214,167 30,519 Changes in fair value from long-term investments,loan receivables measured at fair value and c

153、ontingent consideration 11,720 (16,867)(2,404)(26,861)(3,589)(511)Impairment of goodwill,intangible assets and other long-lived assets 5,201 -37,976 36,397 5,187 Impairment of investments 9,064 388 55 18,377 8,437 1,202 Tax effects on non-GAAP adjustments(6,560)(6,494)(925)(19,682)(19,904)(2,836)Eff

154、ects 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 2,147,084 1,784,552 254,300 8,078,787 5,861,402 835,245 KE Holdings Inc.UNAUDITED RECONCILIATION OF GAAP AN

155、D 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 Nine Months Ended September 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Weight

156、ed average number of ADS used in computing net income per ADS,basic and diluted Basic 1,163,928,616 1,126,670,506 1,126,670,506 1,175,927,217 1,136,172,768 1,136,172,768 Diluted 1,189,716,683 1,167,050,588 1,167,050,588 1,204,101,766 1,174,217,385 1,174,217,385 Weighted average number of ADS used in

157、 calculating adjusted net income per ADS,basic and diluted Basic 1,163,928,616 1,126,670,506 1,126,670,506 1,175,927,217 1,136,172,768 1,136,172,768 Diluted 1,189,716,683 1,167,050,588 1,167,050,588 1,204,101,766 1,174,217,385 1,174,217,385 Net income per ADS attributable to KE Holdings Inc.s ordina

158、ry shareholders Basic 0.99 1.04 0.15 4.43 3.08 0.44 Diluted 0.97 1.00 0.14 4.33 2.98 0.42 Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.s ordinary shareholders Basic 0.85 0.54 0.08 2.44 2.08 0.30 Diluted 0.83 0.53 0.08 2.38 2.01 0.29 Adjusted net income per ADS attributa

159、ble to KE Holdings Inc.s ordinary shareholders Basic 1.84 1.58 0.23 6.87 5.16 0.74 Diluted 1.80 1.53 0.22 6.71 4.99 0.71 KE Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands)22 For the Three Months Ended For the Nine Months Ended September 30,2023 Septemb

160、er 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Net cash provided by operating activities 1,956,650 448,890 63,971 9,388,339 4,306,568 613,680 Net cash used in investing activities(15,323,257)(518,848)(73,936)(7,689,643)(7,362,441)(1,049,140)N

161、et cash used in financing activities(2,614,917)(1,589,390)(226,486)(5,484,524)(6,966,444)(992,710)Effect of exchange rate change on cash,cash equivalents and restricted cash 164,808 (46,881)(6,685)186,945 (14,720)(2,097)Net decrease in cash and cash equivalents and restricted cash(15,816,716)(1,706,

162、229)(243,136)(3,598,883)(10,037,037)(1,430,267)Cash,cash equivalents and restricted cash at the beginning of the period 37,812,092 17,526,653 2,497,528 25,594,259 25,857,461 3,684,659 Cash,cash equivalents and restricted cash at the end of the period 21,995,376 15,820,424 2,254,392 21,995,376 15,820

163、,424 2,254,392 KE Holdings Inc.UNAUDITED SEGMENT CONTRIBUTION MEASURE(All amounts in thousands)23 For the Three Months Ended For the Nine Months Ended September 30,2023 September 30,2024 September 30,2024 September 30,2023 September 30,2024 September 30,2024 RMB RMB US$RMB RMB US$Existing home trans

164、action services Net revenues 6,307,085 6,217,054 885,923 21,904,172 19,278,973 2,747,232 Less:Commission and compensation (3,237,237)(3,667,827)(522,661)(11,407,196)(10,700,539)(1,524,815)Contribution 3,069,848 2,549,227 363,262 10,496,976 8,578,434 1,222,417 New home transaction services Net revenu

165、es 5,901,966 7,726,316 1,100,991 23,001,680 20,576,636 2,932,147 Less:Commission and compensation (4,418,771)(5,812,384)(828,258)(16,880,830)(15,581,327)(2,220,321)Contribution 1,483,195 1,913,932 272,733 6,120,850 4,995,309 711,826 Home renovation and furnishing Net revenues 3,176,739 4,213,041 600

166、,354 7,209,569 10,662,113 1,519,339 Less:Material costs,commission and compensation (2,252,251)(2,897,013)(412,821)(5,077,310)(7,345,082)(1,046,666)Contribution 924,488 1,316,028 187,533 2,132,259 3,317,031 472,673 Home rental services Net revenues 1,804,374 3,941,234 561,621 3,905,262 9,753,977 1,3

167、89,931 Less:Property leasing costs,commission and compensation (1,748,021)(3,766,972)(536,789)(3,996,906)(9,248,794)(1,317,943)(Deficit)/Contribution 56,353 174,262 24,832 (91,644)505,183 71,988 Emerging and other services Net revenues 620,541 487,002 69,397 1,552,023 2,060,692 293,646 Less:Commission and compensation (64,122)(100,726)(14,353)(156,439)(222,206)(31,664)Contribution 556,419 386,276 55,044 1,395,584 1,838,486 261,982