BeKe-W Releases Annual Performance, Net Revenue of 94.6 Billion Yuan, Year-over-Year Increase of 1.2%

Beike-W (02423) announced its financial results for the fiscal year 2025. The group achieved a net revenue of RMB 94.6 billion (same below), an increase of 1.2% year-over-year; net profit of RMB 2.991 billion, a decrease of 26.7%; and adjusted net profit of RMB 5.017 billion, a decrease of 30.4%.

Chairman and CEO Peng Yongdong stated, "In 2025, facing profound changes in housing service demand, we focused on customer value and upgraded our platform strategy toward efficiency-driven growth.

In the real estate transaction services business, we are reshaping services and business models based on data and AI capabilities, continuously enhancing the platform’s professional service ability and operational efficiency. In home decoration, furniture, and housing rental services, we focus on improving profitability quality and establishing sustainable, replicable business models. Both businesses are entering healthier development stages."

Looking ahead, we believe that the true ability to withstand cycles does not come from scale itself but from the continuous ability to create real value for consumers. In 2026, we will respond more deeply to consumer needs and build systematic service capabilities around the housing lifecycle. At the same time, we will reshape capabilities barriers with AI technology, further amplifying the professional value of service providers and platform efficiency, to enhance consumers’ living experience with higher-quality services," Peng summarized.

Xu Tao, Executive Director and CFO of Beike, further stated, "In 2025, we implemented a series of efficiency improvement measures aimed at optimizing unit economics and our cost structure to enhance our resilience for the future. Despite a challenging market environment, our net revenue in 2025 still grew by 1.2% year-over-year to RMB 94.6 billion. Our cost and expense structure also improved, with the profit margin contribution from new homes increasing by 0.2 percentage points year-over-year, and the profit margin from existing homes rebounding sequentially in Q4 2025. Profitability in home decoration, furniture, and housing rental services continued to improve, with significant reductions in operating losses and full-year profitability. Operating efficiency also increased, with operating expenses as a percentage of net revenue decreasing by 1.4 percentage points year-over-year.

We remain committed to returning value to shareholders through active capital allocation. In 2025, our share repurchase expenditure totaled approximately $921 million, an increase of about 29% year-over-year. Additionally, we declared a final cash dividend of approximately $300 million. As a result, our total comprehensive shareholder return for 2025 reached about $1.2 billion, an increase of over 9% year-over-year.