KE Holdings reports Q2 adjusted EPS RMB1.55, consensus RMB1.53

Reports Q2 revenue RMB26.0B, consensus RMB26.19B. CEO and Chairman of the Board Stanley Yongdong Peng commented, “In Q2 2025, our business maintained its high-quality development. At the same time, we recognized significant shifts in consumer demand, driven by the evolving trends in China’s real estate sector. As our platform achieves substantial expansion in terms of agent and store networks, we are advancing into a new phase of efficiency-driven development, with AI technology breakthroughs unlocking tremendous opportunities for productivity gains…” CFO Tao Xu added, “At the beginning of the year, the real estate market continued the recovery momentum from the end of last year. However, that momentum softened in Q2. In the first half of the year, our platform’s agent and store network continued to scale, with various high-quality industry brands joining our platform. The number of active non-Lianjia stores on our platform increased by 36.8% year-over-year. The number of active non-Lianjia agents on our platform increased by nearly 24% year-over-year…The home rental services business enhanced operational efficiency through differentiated products and AI-driven refined operations. In the second quarter, net revenues from non-housing transaction services accounted for a record high of 41% of our total net revenues, highlighting our diversified growth drivers. The operating expense ratio declined year-on-year and quarter-on-quarter, and the operating leverage gradually emerged…”