KE Holdings Inc.: Buy Rating Affirmed Amid Growth in Core and New Business Segments with Positive Long-term OutlookWe lower 2025-2027E revenue/non- GAAP net profit forecasts by 6-16%/9-11% to reflect more severe-than- expected industry headwinds. Accordingly, we cut our SOTP-based target price by 8% to US$20.7 (was US$22.6). However, we are looking for 28% YoY growth for non-GAAP net profit to after seeing a drop of 24% in 2025E. The enhancement in shareholder return, evidenced by a 15.7% YoY increase in share repurchase spending to US$675mn in 9M25 (accounted for 3% of outstanding shares at end-2024), should provide support for valuation amid industry headwinds. We remain positive on Beike’s leading position in its core business, while the development of new businesses is on track to drive long-term revenue and earnings upside for Beike. Maintain BUY. Market share gains sustained for core business.