BEKE-W (02423) released its annual performance, with a net income of 94.6 billion yuan, an increase of 1.2% year-on-year.

BEKE-W(02423) announced its financial performance for the fiscal year 2025, with the group achieving a net income of 94.6 billion RMB (unit as same), an increase of 1.2% year-on-year; a net profit of 2.991 billion RMB, a decrease of 26.7% year-on-year; an adjusted net profit of 5.017 billion RMB, a decrease of 30.4% year-on-year. Mr. Peng Yongdong, Chairman and CEO of Beike, said, "In 2025, facing the profound changes in residential service demand, we are strategically upgrading the platform towards efficiency-driven growth around customer value. In the real estate transaction service business, we are reshaping services and business models based on data and AI capabilities, continuously improving the platform's professional service capabilities and operational efficiency. In the home decoration and house leasing service business, we focus on improving profit quality and establishing sustainable and replicable operating models, both businesses are entering a healthier development stage." "Looking ahead, we believe that the ability to truly withstand cycles does not come from scale itself, but from the ability to continuously create real value for consumers. In 2026, we will respond more deeply to consumer demands, building systematic service capabilities around the residential lifecycle. At the same time, we will use AI technology to reshape our competitive barriers, further amplifying the professional value of service providers and platform efficiency, to enhance consumers' living experience with higher quality service," Mr. Peng concluded. Mr. Xu Tao, Beike's Executive Director and CFO, further stated, "In 2025, we implemented a series of efficiency measures, aiming to optimize the unit economic model and the company's cost structure, enhancing the company's future business resilience. Despite a challenging market environment, the company's net revenue in 2025 still achieved a year-on-year growth of 1.2%, reaching 94.6 billion RMB. Our cost structure also improved, with the profit margins from new houses increasing by 0.2 percentage points year-on-year in 2025, and profit margins from existing houses also rebounded in the fourth quarter of 2025. The profitability of home decoration and house leasing services continued to improve, with significant narrowing of operating losses at the operational level and achieving profitability for the entire year. Operational efficiency also improved, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-on-year in 2025. We have always been committed to returning value to shareholders through active capital allocation measures. In 2025, our stock repurchase totaled approximately $921 million, an increase of about 29% year-on-year. At the same time, we declared approximately $300 million in final cash dividends. Overall, our comprehensive shareholder return in 2025 reached approximately $1.2 billion, an increase of over 9% year-on-year.