The earnings call reflects a strong performance with significant revenue growth and successful expansion of active stores and agents. The company is leveraging AI for efficiency gains and has seen notable growth in its home renovation business. However, there are concerns about declining gross margins, a sequential decline in new home transaction revenue, and ongoing challenges in the existing home market. The cash outflow is another area of concern.

Company Guidance -

Q3 2025

During the first quarter of 2025, KE Holdings Inc. reported a 34% year-over-year increase in platform GTV, reaching RMB844.2 billion, and a 42.4% rise in net revenue to RMB23.3 billion. The company's GAAP net income surged by 97.9% to RMB855 million, while non-GAAP net income remained stable at RMB1.39 billion. The existing home transaction business experienced a GTV increase of 28% year-over-year, and new home transactions saw a 53% GTV growth, outperforming the industry which reported a slight decline. The number of active stores grew to over 55,200, with a 23% increase in active agents. The contribution margin for new home transactions increased by 1.1 percentage points year-over-year to 23.4%, despite a sequential decline due to seasonality. KE Holdings also emphasized the role of AI in improving efficiency, with tools like the AI-powered home seeking assistant and agent assistant enhancing customer service and operational productivity. The company remains cautiously optimistic about the market outlook, focusing on efficiency and AI-driven growth while continuing its active shareholder returns strategy.

Strong Revenue Growth

Net revenue reached RMB23.3 billion, up 42.4% year-over-year.

Increase in GTV

Total GTV was RMB844.2 billion, representing a year-over-year increase of 34%.

Expansion of Active Stores and Agents

The number of active stores surpassed 55,200, a record high, increasing over 12,600 from the same period one year ago. The number of active agents grew by 23% year-over-year.

AI Implementation

AI tools were deployed for home transaction business and agent services, leading to efficiency improvements, such as a 30% increase in conversion rate from leads to formal client mandates.

Home Renovation Business Growth

Revenue reached RMB2.9 billion, increasing by 22.3% year-over-year, with a 32.6% contribution margin, up 2 percentage points year-over-year.

KE Holdings, Inc. Class A (HK:2423) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

HK:2423 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 19, 2025	2025 (Q3)	- / -	0.548	―	―	―
Aug 06, 2025	2025 (Q2)	0.56 / -	0.825	―	―	―
May 15, 2025	2025 (Q1)	0.35 / 0.43	0.424	1.18% (<+0.01)	―	―
Mar 18, 2025	2024 (Q4)	0.62 / 0.41	0.522	-21.65% (-0.11)	―	―
Nov 21, 2024	2024 (Q3)	0.53 / 0.55	0.645	-15.04% (-0.10)	―	―
Aug 12, 2024	2024 (Q2)	0.57 / 0.82	0.703	17.35% (+0.12)	―	―
May 23, 2024	2024 (Q1)	0.36 / 0.42	1.084	-60.89% (-0.66)	―	―
Mar 14, 2024	2023 (Q4)	0.49 / 0.52	0.489	6.75% (+0.03)	―	―
Nov 08, 2023	2023 (Q3)	0.28 / 0.65	0.572	12.76% (+0.07)	―	―
Aug 31, 2023	2023 (Q2)	0.50 / 0.70	-0.199	453.27% (+0.90)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HK:2423 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	HK$46.52	HK$46.90	+0.82%
May 15, 2025	HK$53.15	HK$50.25	-5.46%
Mar 18, 2025	HK$62.85	HK$65.84	+4.76%
Nov 21, 2024	HK$52.42	HK$50.90	-2.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does KE Holdings, Inc. Class A (HK:2423) report earnings?

KE Holdings, Inc. Class A (HK:2423) is schdueled to report earning on Nov 19, 2025, After Close (Confirmed).

What is KE Holdings, Inc. Class A (HK:2423) earnings time?

KE Holdings, Inc. Class A (HK:2423) earnings time is at Nov 19, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of KE Holdings, Inc. Class A stock?

The P/E ratio of KE Holdings, Inc. Class A is N/A.

What is HK:2423 EPS forecast?

Currently, no data Available

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