KE Holdings Inc ADR

BEKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Beike Earnings: Agency Expansion and Negative Mix Shift Squeeze Margin; Shares Fairly Priced

Jeff Zhang

Aug 26, 2025

KE Holdings, or Beike, reported 11% year-on-year revenue growth for the second quarter of 2025. However, operating profit slumped by 47% due to agency network expansion and a mix shift to less profitable home rental, leading to a margin contraction to 6.2% from 12.0% in same period last year.

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KE Holdings Inc ADR

Beike Earnings: Agency Expansion and Negative Mix Shift Squeeze Margin; Shares Fairly Priced

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