KE Holdings Inc Class A

02423: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Beike Earnings: Valuation Raised by 6% on Higher Agency Efficiency and Margin Outlook

Jeff Zhang

Aug 24, 2026

KE Holdings, or Beike, reported a 5% year-on-year revenue decline and a 178% increase in operating profit in the second quarter of 2026. Operating margin rose to 12.3% from 4.2% a year ago, driven by improved agent productivity, a pivot to performance-based compensation, and lower marketing costs.

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United States

KE Holdings Inc Class A

Beike Earnings: Valuation Raised by 6% on Higher Agency Efficiency and Margin Outlook

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