reports
- Jin Yoon
BEKE 1Q25 Results: Uncertainties in the Housing Recovery Trend
What’s new: KE Holdings’ reported 1Q25 results that were above consensus and our expectations. While housing transaction volume (existing and new homes) continues to grow QTD, recovery trend remains uncertain. Furthermore, existing homes transaction volume could also face tougher comps in Jun. We maintain our PT at USD26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 1Q25: Solid earnings beat with AI integrati...
Beike’s 1Q25 revenue grew 42% yoy to Rmb23.3b, beating our and consensus estimates and better than the previously guided 37% yoy. Non-GAAP net profit remained flat yoy at Rmb1.4b, better than expectations. Non-GAAP net margin shrank 3ppt yoy to 6% in 1Q25. Beike guided a typical seasonal slowdown in 2Q25 on a sequential basis, while its yoy growth momentum still remains intact. Maintain BUY with a lower target price of HK$66.00 (US$25.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 16, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Ge...
KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Resu...
KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results BEIJING, May 15, 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 first quarter ended March 31, 2025. Business and Financial Highlights for the First Quarter 2025 Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580....
KE Holdings Inc. to Report First Quarter 2025 Financial Results on May...
KE Holdings Inc. to Report First Quarter 2025 Financial Results on May 15, 2025 Eastern Time BEIJING, April 30, 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 first quarter of 2025 before the U.S. market opens on Thursday, May 15, 2025. The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing Time on Thu...
KE Holdings Inc. Releases 2024 Environmental, Social and Governance Re...
KE Holdings Inc. Releases 2024 Environmental, Social and Governance Report BEIJING, April 17, 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 released its 2024 Environmental, Social and Governance report (the “2024 ESG Report”), highlighting Beike’s ongoing efforts to improve ESG strategy, enhance residential service experiences, empower industry participants, and contribute to a sustainable future for the value chain, all underpinned by its mission ...
KE Holdings Inc. Files Its Annual Report on Form 20-F
KE Holdings Inc. Files Its Annual Report on Form 20-F BEIJING, April 17, 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 filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission on April 17, 2025. The annual report can be accessed on the Company’s investor relations website at The Company will provide a hard copy of its annual report containing the audited co...
KE Holdings Inc. to Hold Annual General Meeting on June 13, 2025
KE Holdings Inc. to Hold Annual General Meeting on June 13, 2025 BEIJING, April 17, 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 hold an annual general meeting of the Company’s shareholders (the “AGM”) at 10:00 a.m. Beijing time on Friday, June 13, 2025 at Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, PRC, for the purposes of considering and, if thought fit, passing each of the Prop...
- Jin Yoon
BEKE 4Q24 Results: Housing Transaction Volume Remains Resilient in 1Q
What’s new: KE Holdings’ reported 4Q24 revs that were above consensus and our expectations. Housing transaction volume (existing and new homes) could remain resilient, while margins could be partly impacted by continued investments in the core business segments. We maintain our PT at USD26. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 4Q24: Solid top-line beat; earnings miss; e...
Beike’s 4Q24 revenue grew 54% yoy to Rmb31.1b, beating our and consensus estimates and better than the previously guided 39-44% yoy. Non-GAAP net profit declined 22% yoy to Rmb1.3b, missing expectations due to strategic investments in scaling up its platform. Non-GAAP net margin shrank 4ppt yoy to 4.3% in 4Q24. Beike guided a resilient 1Q25 home market, fuelled by the Spring Festival and stabilised 2025 outlook. Maintain BUY with a higher target price of HK$80.00 (US$31.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend...
KE Holdings Inc. Announces a Final Cash Dividend of US$0.4 Billion in ...
KE Holdings Inc. Announces a Final Cash Dividend of US$0.4 Billion in Aggregate BEIJING, March 18, 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 its board of directors (the “Board”) approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/Hong Kong Time and New York Time, respecti...
KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudit...
KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Final Cash Dividend BEIJING, March 18, 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, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, and also announced a final cash dividend. Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2024 Gross transaction value (GTV)1 in 2024...
KE Holdings Inc. Announces Inclusion of its Class A Ordinary Shares in...
KE Holdings Inc. Announces Inclusion of its Class A Ordinary Shares in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect Programs BEIJING, March 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 that the Company’s Class A ordinary shares traded on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) have been included in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock C...
KE Holdings Inc. to Report Fourth Quarter and Fiscal Year 2024 Financi...
KE Holdings Inc. to Report Fourth Quarter and Fiscal Year 2024 Financial Results on March 18, 2025 Eastern Time BEIJING, March 05, 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 fourth quarter and fiscal year 2024 before the U.S. market opens on Tuesday, March 18, 2025. The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Tuesday, March 18, ...
KE Holdings Inc. Upgraded to ‘A’ in MSCI ESG Rating
KE Holdings Inc. Upgraded to ‘A’ in MSCI ESG Rating BEIJING, Feb. 28, 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 “BBB” to “A.” This achievement marks the second consecutive year of improvement for Beike, reflecting its steadfast commitment to excellence in ESG practices within the industry...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 1H25 outlook shaped by implications of fiscal stimuli ...
We saw largely in-line top-line growth across companies in 3Q24, mainly pressured by a lukewarm macro environment, but with earnings beat thanks to enhanced efficiency from AI integration. Alongside pending visibility on further domestic supportive policies, we believe the key 2025 highlights are: a) re-acceleration of e-commerce GMV growth, b) potential upside in ad take rate monetisation, c) rejuvenation of online games grossing, and d) sustained travel enthusiasm. 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 3Q24 Results: Favorable Policy Measures to Drive Meaningful Seque...
What’s new: KE Holdings’ reported 3Q24 revs that were largely in line with consensus and our expectations. Transaction volume could see meaningful sequential recovery in 4Q mainly driven by favorable policy measures introduced since late Sep. We maintain our PT at USD26. Analysts: Jin Yoon
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, November 22, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 29% yoy, 15% mom and 14% wow during 11-17 Nov 24. PEV market share dipped 2.6ppt wow to 51.5%. BYD's price cuts aim to boost sales but risk pressuring 4Q24 margins. The NDRC indicated support for ICE-cars, the first time in recent years. The Guangzhou Auto Show highlighted record-breaking figures and new trends in technology, models and pricing. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, and Desay SV. IT Hardware Co...
KE Holdings Inc. Announces Third Quarter 2024 Unaudited Financial Resu...
KE Holdings Inc. Announces Third Quarter 2024 Unaudited Financial Results BEIJING, Nov. 21, 2024 (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 its unaudited financial results for the third quarter ended September 30, 2024. Business and Financial Highlights for the Third Quarter 2024 Gross transaction value (GTV)1 was RMB736.8 billion (US$105.0 billion), an increase of 12.5% year-over-year. GTV of existing home transactions was RMB477.8 bi...
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