reports
- Jin Yoon
BEKE 4Q25 Results: Improving Margin Outlook
What’s new: KE Holdings’ reported 4Q25 revs that were largely in line with consensus and our expectations. While housing transaction volume could remain challenging – especially for new home segment – margins could improve in 1Q26 and FY26 as the company further enhances operating efficiency across key business segments. We maintain our PT at US$20. Analysts: Jin Yoon
- Julia Pan Mengyao
KE Holdings Inc (2423 HK): 4Q25: Earnings Miss; Stabilising 2026 Outlo...
Beike’s 4Q25 revenue dropped 29% yoy to Rmb22.1b, in line with our and consensus estimates. Non-GAAP net profit declined 61% yoy to Rmb523m, missing our and consensus expectations. Non-GAAP net margin shrank 2ppt yoy to 2.4% in 4Q25. Beike guided for 1Q26 revenue to come in between Rmb18.5b-19.0b, down 19-21%, in line with our and street expectations. Maintain HOLD with an unchanged target price of HK$41.00 (US$15.00).
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Tham Mun Hon
Greater China Daily: Tuesday, March 17, 2026
Top Stories Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, given that February’s PMI remained in contractionary territory at 49.0. ...
KE Holdings Inc. Announces a Final Cash Dividend of US$0.3 Billion in ...
KE Holdings Inc. Announces a Final Cash Dividend of US$0.3 Billion in Aggregate BEIJING, March 16, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors (the “Board”) approved a final cash dividend (the “Dividend”) of US$0.092 per ordinary share, or US$0.276 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 8, 2026, Beijing/Hong Kong Time and New York Time, res...
KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2025 Unaudit...
KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and a Final Cash Dividend BEIJING, March 16, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, and also announced a final cash dividend. Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2025 Gross transaction value (GTV)1 in 2025 was...
KE Holdings Inc. to Report Forth Quarter and Fiscal Year 2025 Financia...
KE Holdings Inc. to Report Forth Quarter and Fiscal Year 2025 Financial Results on March 16, 2026 Eastern Time BEIJING, March 04, 2026 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the fourth quarter and fiscal year 2025 before the U.S. market opens on Monday, March 16, 2026. The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Monday, March 16, 202...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Jin Yoon
BEKE 3Q25 Results: Housing Market Could Remain Challenging into FY26
What’s new: KE Holdings’ reported 3Q25 revs that were in line with consensus and our expectations. Visibility could remain limited in 4Q25 and into FY26, and any signs of recovery would be dependent on future policy rollouts. We lower our PT from US$26 to US$20 on lowered outlook. Our updated PT of US$20 implies 22.3x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 3Q25: Revenue In Line; 4Q25 And 2026 Outloo...
Beike’s 3Q25 revenue grew 2% yoy to Rmb23.1b, in line with our and consensus estimates. Non-GAAP net profit declined 28% yoy to Rmb1.3b, better than expectations. Non-GAAP net margin shrank 2ppt yoy to 5.6% in 3Q25. Beike guided a lacklustre 4Q25 revenue slumping 29% yoy to Rmb22b, missing consensus estimates by 25%. Downgrade to HOLD with a lower target price of HK$39.00 (US$15.00) against a subdued macro backdrop.
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
Greater China Daily: Tuesday, November 11, 2025
Top Stories Strategy | Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Price Corrections We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22-1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F ...
KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Resu...
KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results BEIJING, Nov. 10, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2025. Business and Financial Highlights for the Third Quarter 2025 Gross transaction value (GTV)1 was RMB736.7 billion (US$103.5 billion), relatively flat year-over-year. GTV of existing home transactions was RMB505.6 billion (U...
KE Holdings Inc. to Report Third Quarter 2025 Financial Results on Nov...
KE Holdings Inc. to Report Third Quarter 2025 Financial Results on November 10, 2025 Eastern Time BEIJING, Oct. 28, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the third quarter of 2025 before the U.S. market opens on Monday, November 10, 2025. The Company’s management will hold an earnings conference call at 7:00 A.M. Eastern Time on Monday, November 10, 2025 (8:00 P.M. Beijing T...
KE Holdings Inc. Upgraded to “AA” in MSCI ESG Rating
KE Holdings Inc. Upgraded to “AA” in MSCI ESG Rating BEIJING, Oct. 27, 2025 (GLOBE NEWSWIRE) -- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, is pleased to announce today a significant upgrade in its Environmental, Social and Governance (ESG) rating by Morgan Stanley Capital International (“MSCI”) from “A” to “AA,” marking its third consecutive rating upgrade from 2023 to 2025. This achievement highlights Beike’s steadfast commitment to excellence in ESG practices within the ...
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 3Q25 Results Preview: Lukewarm Top-line Gro...
Beike will release its 3Q25 results in November. We estimate 3Q25 top-line growth at 4% yoy, slightly better than consensus estimate due to stronger-than-expected new home GTV growth. Beike expects adjusted net margin to shrink at a moderated 3ppt yoy to 4.5% in 3Q25, underpinned by fixed cost reductions and milder pressure from new homes. We foresee further policy support rollout to hold up ASP and stabilise market sentiment. Maintain BUY with a target price of HK$60.00 (US$23.00).
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Thursday, October 23, 2025
Top Stories Company Results | Han’s Laser (002008 CH/BUY/Rmb$36.73/Target: Rmb$45.70) Han’s Laser’s 3Q25 revenue grew 35% yoy and 9% qoq to Rmb5.1b, while margins recovered sequentially by 4.7ppt qoq to 35.0%, beating estimates. This was mainly driven by the robust growth in its PCB equipment business which we estimate to have contributed to 62% of its bottom line in 3Q25. Going forward, we expect the PCB business, together with the Apple supply chain business, to continue to support Han’s Lase...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong top-line growth and margins further hurt in 2H2...
China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand delivery. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Jin Yoon
BEKE 2Q25 Results: Visibility Remains Limited in the 2H
What’s new: KE Holdings’ reported 2Q25 revs that were in line with consensus but below our expectations. Housing market downturn has picked since beginning of Jul. Visibility remains limited in the 2H and any signs of recovery would be dependent on the potential policy rollouts in the coming months. We maintain our PT at US$26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 2Q25: In line results; pressured 3Q25 outlo...
Beike’s 2Q25 revenue grew 11% yoy to Rmb26b, in line with our and consensus estimates. Non-GAAP net profit declined 32% yoy to Rmb1.8b, better than expected. Non-GAAP net margin shrank 5ppt yoy to 7% in 2Q25. Beike guided for 3Q25 revenue to be lukewarm, remaining flattish or growing 2% yoy to Rmb22.5b-23.0b, 6% below consensus estimates. Maintain BUY with a lower target price of HK$60.00 (US$23.00).
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