In This Article:
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Total Revenue: RMB93.5 billion, up 20.2% year-over-year.
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Gross Margin: 24.6% for the full year.
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Adjusted Net Income: RMB7.21 billion for the full year.
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Net Operating Cash Inflow: RMB9.4 billion for the full year.
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GTV (Gross Transaction Value): RMB3.35 trillion for the full year.
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Existing Home Transactions GTV: RMB2.25 trillion, up nearly 11% year-over-year.
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New Home Transactions GTV: RMB970 billion, down 3.3% year-over-year.
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Home Renovation and Furnishing Revenue: RMB40.8 billion, up 36% year-over-year.
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Home Rental Services Revenue: RMB14.3 billion, up 135% year-over-year.
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Number of Active Stores: Nearly 49,700, up 80.3% year-over-year.
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Number of Agents: 445,000, up 12.1% year-over-year.
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Q4 Revenue: RMB31.1 billion, up 54.1% year-over-year.
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Q4 Gross Margin: 23%, down 2.4 percentage points year-over-year.
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Q4 GAAP Net Income: RMB575 million, down 13.8% year-over-year.
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Q4 Non-GAAP Net Income: RMB1.34 billion, down 21.6% year-over-year.
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Cash Liquidity: RMB78.7 billion at the end of Q4.
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Share Repurchase: USD760 million worth of shares repurchased in 2024.
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Final Cash Dividend for 2024: USD0.12 per ordinary share or USD0.36 per ADS.
Release Date: March 18, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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KE Holdings Inc (NYSE:BEKE) achieved a significant increase in active stores, growing by 80.3% year-over-year to nearly 49,700.
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The company reported a record high total revenue of RMB93.5 billion for 2024, marking a growth of over 20% year-over-year.
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The home renovation and furnishing business saw a 36% increase in revenue, reaching RMB40.8 billion, with improvements in supply chain management and reduced construction timelines.
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The home rental services revenue surged by 135% year-over-year to RMB14.3 billion, with improvements in operational efficiency and tenant experience.
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KE Holdings Inc (NYSE:BEKE) maintained a robust cash position, with a net operating cash inflow of RMB9.4 billion in 2024, and announced a final cash dividend for 2024, reflecting strong shareholder returns.
Negative Points
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The new home transaction business experienced a slight decline in GTV by 3.3% year-over-year, indicating challenges in the new home sales market.
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Gross margin for Q4 2024 declined by 2.4 percentage points year-over-year to 23%, primarily due to decreased contribution margins from certain services.
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GAAP net income for Q4 2024 decreased by 13.8% year-over-year, reflecting challenges in maintaining profitability.
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The company faced increased operating expenses in Q4 2024, with a 15.8% year-over-year rise, driven by higher personnel and marketing costs.
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Despite strong growth in the home rental business, the market remains challenging with declining rents and persistent oversupply, posing risks to future profitability.