KE Holdings Q2 2024: Healthy Revenue Growth as Portal Giant Exceeds Market Performance

Chinese portal giant KE Holdings (also known as Beike) has released its unaudited financial results for Q1 2024.

Highlights for the New York Stock Exchange-listed company include:

• Revenues of RMB23.4 billion (USD 3.2 billion), an increase of 19.9% year-over-year
• Net income was RMB1,900 million (USD 262 million), while Adjusted net income was USD 371 million
• Home Renovation and Furnishing revenues were RMB4.2 billion (USD 0.6 billion), an increase of 22.3% year-over-year.
• Number of active stores (8.1% increase), Number of active agents (flat), and Number of mobile monthly active users (flat) are all steady performers
• Total assets (USD 17.2 billion) outweigh total liabilities (USD 7 billion) by more than double

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services in China, ranging from existing and new home sales and rentals to home renovation, furnishing, and other services. The company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer at Beike, said:

"In the second quarter of this year, our series of operational enhancements and scientific management measures supported us in achieving high-quality results that notably exceeded the market performance.

"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 from one success to the next. Our next step is to achieve sustained growth by driving a positive cycle of scale, quality, and efficiency."

KE Holdings attributed most of its revenue growth to its existing home transaction services and the expansion of its home renovation and furnishing and home rental business—with a slight offset caused by lower revenue for the new home transaction service.

New home transactions plus the renovations segment now outweigh existing home transaction services.

The 22% YoY increase for the renovation segment, in particular, is another significant jump for KE Holdings; revenues were up 100%+ in Q2 2023; 72% YoY in Q3 2023; and 71% YoY in Q1 2024: