KE Holdings Inc ADR

BEKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Beike Earnings: Strong Top-Line Growth Overshadowed by Lower Profitability; Shares Fairly Priced

Jeff Zhang

May 16, 2025

KE Holdings, or Beike, posted a 42% year-on-year revenue growth for the first quarter of 2025, mainly due to a substantial increase in new home transactions and rental service income. However, adjusted net profit remained flat year on year, implying a 250-basis-point margin decline to 6.0%.

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KE Holdings Inc ADR

Beike Earnings: Strong Top-Line Growth Overshadowed by Lower Profitability; Shares Fairly Priced

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