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Mar 31
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KE Holdings Q1 2025 Earnings Report
KE Holdings reported strong revenue growth and nearly doubled its net income in Q1 2025.
Key Takeaways
KE Holdings delivered a solid Q1 2025, driven by robust performances in its home rental and new home segments. Total revenue increased significantly, and profitability improved across the board with net income almost doubling year-over-year.
Revenue rose to $3.21 billion, reflecting strong performance in all segments, especially home rentals.
Net income increased to $118 million, up from $58 million a year earlier.
Adjusted EPS stood at $0.17, reflecting stable adjusted profitability.
Platform expansion continued with significant growth in store and agent counts.
KE Holdings
KE Holdings
KE Holdings Revenue by Segment
Revenue by Segment
Existing Home Services Revenue
CapyFin.comNew Home Services Revenue
CapyFin.comHome Renovation Revenue
CapyFin.comHome Rental Revenue
CapyFin.comEmerging Services Revenue
CapyFin.com Forward Guidance
KE Holdings will continue to invest in AI while adopting a more prudent stance on other investments to maintain operational efficiency and long-term growth.
Positive Outlook
- Continued investment in AI to boost service efficiency.
- Platform expansion with more active agents and stores.
- Home rental services scaling rapidly.
- Stable performance in national new home sales market.
- Focus on return on investment to ensure sustainability.
Challenges Ahead
- Decline in mobile MAU compared to last year.
- Gross margin compressed due to fixed compensation costs.
- Reduced performance in emerging and other services segment.
- Share-based compensation still a significant cost.
- Macroeconomic uncertainty could impact real estate demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income