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InvestorPresentation2025 Q3 NYSE: BEKEHKEX: 2423
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DisclaimerThispresentationhasbeenpreparedbyKEHoldingsInc.(the“Company”)solelyforinformationpurpose.Byviewingoraccessingtheinformationcontainedinthismaterial,youherebyacknowledgeandagreethatnorepresentations,warrantiesorundertakings,expressorimplied,aremadebytheCompanyoranyofitsdirectors,shareholders,employees,agents,affiliates,advisorsorrepresentativesasto,andnorelianceshouldbeplacedupon,theaccuracy,fairness,completenessorcorrectnessoftheinformationoropinionspresentedorcontainedinthispresentation.NoneoftheCompanyoranyofitsdirectors,shareholders,employees,agents,affiliates,advisorsorrepresentativesacceptanyresponsibilitywhatsoever(innegligenceorotherwise)foranylosshowsoeverarisingfromanyinformationpresentedorcontainedinthispresentationorotherwisearisinginconnectionwiththepresentation.Theinformationpresentedorcontainedinthispresentationissubjecttochangewithoutnoticeanditsaccuracyisnotguaranteed.ThispresentationdoesnotconstituteanoffertosellorissueoraninvitationorrecommendationtopurchaseorsubscribeforanysecuritiesoftheCompanyforsaleintheUnitedStatesoranywhereelse.NosecuritiesoftheCompanymaybesoldintheUnitedStateswithoutregistrationwiththeUnitedStatesSecuritiesandExchangeCommission(the“SEC”)oranexemptionfromsuchregistrationpursuanttotheSecuritiesActof1933,asamended(the“SecuritiesAct”)andtherulesandregulationsthereunder.Nopartofthispresentationshallformthebasisoforberelieduponinconnectionwithanycontractorinvestmentdecisioninrelationtoanysecuritiesorotherwise.ThispresentationdoesnotcontainallrelevantinformationrelatingtotheCompanyoritssecurities,particularlywithrespecttotherisksandspecialconsiderationsinvolvedwithaninvestmentinthesecuritiesoftheCompany.NothingcontainedinthispresentationshallberelieduponasapromiseorrepresentationastothepastorfutureperformanceoftheCompany.Pastperformancedoesnotguaranteeorpredictfutureperformance.YouacknowledgethatanyassessmentoftheCompanythatmaybemadebyyouwillbeindependentofthispresentationandthatyouwillbesolelyresponsibleforyourownassessmentofthemarketandthemarketpositionoftheCompanyandthatyouwillconductyourownanalysisandbesolelyresponsibleforformingyourownviewofthepotentialfutureperformanceofthebusinessoftheCompany.Certainstatementsinthispresentation,andotherstatementsthattheCompanymaymake,areforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActandSection21EoftheSecuritiesExchangeActof1934,asamended.ThesestatementsreflecttheCompany’sintent,beliefsorcurrentexpectationsaboutthefuture.Thesestatementscanberecognizedbytheuseofwordssuchas“expects,”“plans,”“will,”“estimates,”“projects,”“intends,”“anticipates,”“believes,”“confident”orwordsofsimilarmeaning.Theseforward-lookingstatementsarenotguaranteesoffutureperformanceandarebasedonanumberofassumptionsabouttheCompany’soperationsandotherfactors,manyofwhicharebeyondtheCompany’scontrol,andaccordingly,actualresultsmaydiffermateriallyfromtheseforward-lookingstatements.TheCompany,oranyofitsaffiliates,advisersorrepresentativeshasnoobligation,anddoesnotundertaketoreviseforward-lookingstatementstoreflectfutureeventsorcircumstances.Thispresentationalsocontainsnon-GAAPfinancialmeasures,thepresentationofwhichisnotintendedtobeconsideredinisolationorasasubstituteforthefinancialinformationpreparedandpresentedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(U.S.GAAP).Inaddition,theCompany’scalculationofthesenon-GAAPfinancialmeasuresmaybedifferentfromthecalculationusedbyothercompanies,andthereforecomparabilitymaybelimited.
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01COMPANY OVERVIEW
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RMB 736.7 Billion(US$103.5Billion)Total GTV in 25Q3 Start to find your dream homeExisting homesNew homesHome rentalsHome renovation and furnishing Leading Integrated Online and Offline Platform for Housing Transactions and Services 49.3MillionMonthly Active Mobile Users (2) 61,393Stores (1) 545,511Agents (1) 471,501Active Agents (3)59,012Active Stores (3) RMB 23.1 Billion(US$3.2Billion)Net Revenues in 25Q3 Source: Company Data;(1) As of September 30, 2025. (2) Average mobile monthly active users in the three months endingSeptember 30, 2025. (3) Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform. “Activestores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housingtransaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the precedingseven days, or (iii) have not been visited by any agent during the preceding 14 days. “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitatingany housing transaction during the preceding three months.
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6.27.7 4.2 3.96 6.64.35.7 0.01.02.03.04.05.06.07.08.09.010 .0 Existing Hom eNew HomeHo me Renov.Ho me Rental24 Q325 Q3 -14.1%-3.6%25Q3 Financial Highlights•Total GTV RMB736.7 bn, flat YoY.•Total revenues RMB23.1 bn, +2.1% YoY.•Operating expenses RMB 4.3 bn,-1.8% YoY.•AI-related expenses >RMB150 mn, +near 100% YoY.•“New businesses” start contributing profit:-Home renovation & home rental: city-level profitabilitybefore HQ allocation.-Two segments accounted for 38% of Group gross profit, +9pp YoY , record high. Robust Balance SheetAccelerated Shareholder Returns •Total cash liquidity excl. customer deposits payable RMB69.7 bn by end-25Q3, on top of US$281 mnfor share repurchases in Q3. Resilient Performance, Tech-driven Efficiency Upgrade •25Q3 share buybacks US$281 mn, +38% YoY, 2-yr high.•25Q1-Q3 buybacks US$675 mn, +15.7% YoY,reducing 3% of shares outstanding at 2024 YE. •Sep’22 –25Q3 total buybacks $2.3 bn, reducing 11.5% of shares outstanding before program launched. Revenues of Each Business Line (RMB bn) +2.1%+45.3%
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Existing Home Transaction Services •Shanghai piloted buyer-seller agents specialization; redesigned incentives drive top agents to create and maintain premium listings.•AI “Listing Score” empowers agents to accelerate marketing and transaction of quality homes. •25Q3 result: Shanghai market share at record high. •More trials: home staging and Open House services to enhance marketing, sell-through and buyer conversion. •Fixed labor costs lowered by organizationaloptimization and personnel efficiency enhancement.•Store costs reduced with under-performing store merge and negotiated rent down.•S&M expenses streamlined by marketing spending optimization. lAI CRM “Haoke” identifies high-probability buyers, guiding agents to focus maintenance efforts.-“Haoke" leads (25Q1-Q3): <5% of total leads, >50% of platform transactionslAIGC marketing for agents: auto-generates marketing content and lead-breaking scripts, replaces low-value manual work, boosts customer acquisition efficiency Number of Active Agents & Stores Mechanism Innovation Drives Efficiency AI-DrivenEfficiency Improvement Streamlined Cost Structure 423,400 445,271 490,862 491,573 471,501 46,857 49,693 55,210 58,664 59,012 38,000 43,000 48,000 53,000 58,000 63,000 370,000390,000410,000430,000450,000470,000490,000 24Q324Q425Q125Q225Q3Active AgentsActive Stores
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•Fixed labor costs lowered sequentially with streamlined new-home team structure.•Variable costs reduced bylift of single project’s profitability via focused sales strategy. New Home Transaction Services •New home revenue -14% YoY in 25Q3, +13% YoY in 25Q1-Q3. •Q3 new home monetization rate stable at 3.38%.•Q3 new home DSO remained healthy at 54 days. New Home Monetization CapabilityDSO (days) •AI agent “Qianji” optimizes project inventory management via data-driven strategies.•Agent-facing AI assistant “Qianzhi” delivers project matching/recommendation + simulated presentation, lifting agents’ new-home sales efficiency.•Piloted lighter product offerings to tap in more lower-tier cities via B+ model. Steady Monetization Capability 69 45 47 34 63 51 54 - 10 20 30 40 50 60 70 24Q124Q224Q324Q425Q125Q225Q3 3.07% 3.40%3.38% 2.90%3.00%3.10%3.20%3.30%3.40%3.50% 23Q324Q325Q3 AI-empowered Operations Streamlined Cost Structure
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Home Renovation and Furnishing •Building up underlying capabilities-Streamlined brands and SKUs and expanded centralized procurement to 13 categories, significantly reducing material costs.-Showroom with renov. packages in Beijing had better visit-to-sign conversion vs. large stores; model rolled out to Chengdu and Wuhan.•AI enhances design efficiency-Leverages big data-driven customer needs+ BIM product library, AI auto-generates renovation proposals, sharply lifting design efficiency. •Home renovation and furnishing revenue +2.1% YoY in 25Q3, +10.8%YoY in 25Q1-Q3.•Contribution margin 32%, +0.8pp YoY, driven by reduced procurement costs and labor costs. •Two consecutive quarters of city-level profitabilitybefore HQ allocation. Revenues (RMB mn) Stable Scale Growth & Profitability Reinforcing FoundationalCapabilities Contribution Margin 3,177 4,213 4,300 1,000 2,000 3,000 4,000 5,000 23Q324Q325Q3 29.1%31.2%32.0% 24.0%26.0%28.0%30.0%32.0%34.0% 23Q324Q325Q3
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Home Rental Services •Q3 home rental services revenue +45.3% YoY. •660,000+ rental units under management by end-25Q3, +75% YoY.•Q3 Contribution margin 8.7%, + 4.3 pp YoY and + 0.3 pp QoQ, driven by higher margin of Carefree Rent business. •Carefree Rent'slight-asset model delivers higher margins and lower-riskrevenue structure.•Operationallaborcostoptimizationdrovemarginincrease.-Roleseparation+processiteration+AIempowerment→avgunits/propertymanagerincreasedfrom~90to130+YoYin25Q3. Number of Units Managed by Home Rental Services1 660,000+ 1Number of Units Managed by Home Rental Services is at the end of each period Robust Growth & Profitability Product Iterations & Efficiency Improvement Contribution Margin 4.4%4.6%6.7%8.4%8.7% 0.0%2.0%4.0%6.0%8.0%10.0% 24Q324Q425Q125Q225Q3 - 100,000 200,000 300,000 400,000 500,000 600,000 23Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q3
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•AI-driven “Grid Management”:-Simulates 90,000 scenarios/min to instantly deliver the best personnel assignments, regional coverage, and organizational structure-boost deployment efficiency and service coverage. IntelligentManagement AI-powered Rental Inventory Optimization:•Home signups: -Real-time demand, inventory & price forecasting→precise home signup strategy.-AI throttles oversupply via price control + acquisition pause, reactivates dormant leadsfor undersupply.-Initial result: in Ningbo, home signup productivity +13% with AI vs. traditional ops.-Upcoming AI Cloud Butler will auto contact reactivated leads' homeowners.•Home leasing:-AI auto manages at-risk units, optimizes pricing to speed up leasing, annual cost savings RMB100mn+1. AI Strategy & Execution •AI Property Evaluation Assistant:-Visual recognition + multimodal analysis to assess home conditions/risks, generating pricing recommendations.•AI Negotiation Assistant:-Generates tailored home signup strategies & negotiation scripts, empower service providers to communicate effectively with homeowners.•AI Review:-Replaced manual reviews with 60x efficiency gain, enabled automated risk control. Frontline AI Agents AI + Human in Rental Revolution End-to-End AI: Fueling High-Quality Growth in Rental Services AI Inventory Management AI Home Condition Analysis 1Based on the marketing cost savings of AI-auto-managed units compared with units managed manually.
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02FINANCIAL HIGHLIGHTS
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Multiple Monetization Avenues with Healthy Take Rates A Streamlined Cost Structure Bolsters Profitability Robust Balance Sheet with Healthy Cash Inflows RMB23.1bn RMB1.3bn RMB 69.7bn Adjusted Net Profitin 2025Q3 Totalliquidity incl. long-term cash items, excl. customer deposits payableas of Sep.30, 2025 Revenue in 2025Q3 FinancialHighlights
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478 506 228 196 31.4 34.8 2024Q32025Q32024Q32025Q32024Q32025Q3 2,058 1,576 2,028 2,247 478 506 1,609 940 1,003 970 228 196 187 93 112 133 31 35 20 2120 2220 2320 2420 24Q320 25Q3 Existing Home Transaction ServicesNew Home Transaction ServicesOther Businesses 3,349 GTV1(RMB bn) 1GTV is defined as gross transaction value, which is calculated as the total value of all transactions facilitated on the platform and evidenced by signed contracts, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services, regardless of whether the transactions are actually closed. Scaling with a Diversified Business Structure(RMB bn) GTV of Existing Home, New Home, Other Businesses Beike：+5.8%Beike：-13.7% YoY growth ofGTV of existinghome transactionsYoY growth of GTV of newhome transactions 2,610 737737 3,853 Beike：+10.9% YoY growth of GTV of other businessesExisting Home TransactionsNew Home TransactionsOther Businesses 3,143
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9,61313,19112,185 2,5492,334 6,7648,1218,349 1,9141,600 1,485 3,1454,539 1,316 1,376 -63 715 174 498 892 2,0792,149 386 274 202 2202 3202 4202 4Q3202 5Q3Existing Home Transaction ServicesNew Home Transaction Services Home Renovation and Furnishing Home Rental ServicesEmerging and Other Services 1Company updated segment reporting from Q2, 2022 as a result of the acquisition of Shengduwhich was closed in late April. Company consequently updated its business structure, resulting in four lines of businesses, which were existing home transaction services, new home transaction services, home renovation and furnishing, and emerging and other services, and updated financial measures accordingly.In view of the increased scale and business importance of the Company’s home rental services, the Company has decided to separately report the financials of home rental services, to help investors better understand the Company’s revenue structure and margin trends, from the first quarter of 2024 onwards, which is also in accordance with the way report to the Company’s chief operating decision maker. Prior period results have been recast to conform to this updated presentation for the current year. 24,124 27,954 28,201 6,217 5,991 28,650 30,576 33,653 7,726 6,639 5,047 10,850 14,769 4,213 4,300 6,100 14,334 3,941 5,727 2,848 2,297 2,500 487 396 202 2202 3202 4202 4Q3202 5Q3Existing Home Transaction ServicesNew Home Transaction Services Home Renovation and Furnishing Home Rental ServicesEmerging and Other Services Multiple Monetization Avenues with Healthy Contribution MarginRevenue Breakdown1(RMB mn) Segment Contribution Analysis1 39.8%47.2%43.2%41.0%39.0%23.6%26.6%24.8%24.8%24.1% 31.3%90.5%86.0%79.3%69.2%% Segment Contribution Margin 60,669 22,58523,052 39.8%35.9%30.2%27.5%26.0% 4.7%3.0%2.7% 18.7%18.7%47.2%39.3%36.0%34.2%28.8% % Total revenues 17.5%24.8%15.8% (RMB mn) 77,777 14.0% 93,457 8.3% 29.4%29.0%30.7%31.2%32.0% 2.2%1.7% 4.4%8.7% 18,753 26,47327,938 6,3406,082 15.3%7.8% 5.0%-1.0%
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17,854 17,016 18,904 4,382 4,219 20,500 20,420 22,767 5,199 4,599 3,562 7,705 10,230 2,897 2,924 6,163 13,620 3,767 5,229 3,346 2,872 2,855 703 663 1,626 1,883 2,139 502 484 010,00020,00030,00040,00050,00060,00070,000 2022202320242024Q32025Q3Commission and Compensation —Internal¹Commission —Split²Home Renovation and FurnishingHome Rental ServicesCost Related to Stores³Others 12,837 46,888 Cost of RevenueEfficient Cost and Expense StructureOperating Expenses22.7%27.9%24.6% % Gross Margin (RMB mn) 4,5736,6547,7831,9341,728 7,3478,2378,961 1,9011,866 2,5461,9372,283 573648 14893 152 85 20 2220 2320 2420 24 Q320 25 Q3Impairment of Goodwill and Intangible Asstes and other long-lived assetsResearch and Development ExpensesGeneral and Administrative ExpensesSales and Marketing Expenses (RMB mn)24.1%21.8%20.5% 19.5%417.4%417.7%4 % of Total Revenues% of Total Revenue after Adjustments 22.7%21.4% 19.5%18.8% 17.3%416.9%4 1Defined as thecompensation paid to the internal agents and other sales professionals, including fixed salaries and variable commissions basedon the transactions they assist in closing. 2Defined as the commissions paid to connected agents and other sales channels for their services to assist in completing new home and existing home transactions. 3Mainly including rent, decoration, and utility bills for real estate brokerage stores under Lianjiabrand. 4Adjusted operating expense is defined as operating expense, excludingthe effects of (i) share basedcompensations; (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements; (iii) impairment of goodwill and intangible assets. 16,92114,614 4,4084,327 46,88856,05970,513 18,17717,450 19,179
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2,843 9,798 7,211 1,782 1,286 2022202320242024Q32025Q3 12.6%7.7%4.7% % Margin (RMB mn) ResilientProfitability 4,744 11,3459,534 2,1541,922 2022202320242024Q32025Q3 (RMB mn) % Margin Adjusted Net Income1 Adjusted EBITDA2 7.9%5.6% 14.6%10.2%7.8% 9.5%8.3% 1Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperationagreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. 2Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments.
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(RMB mn) Robust Balance Sheet with Strong Liquidity Key Balance Sheet ItemsAs of Sep. 30,As of Sep.30, As of Sep.30, 202320242025Cash and Cash Equivalents 15,839 9,577 9,222Restricted Cash 6,157 6,243 6,745Short term Investments 38,408 43,654 39,765Total Liquidity 60,403 59,474 55,732Total Current Assets 69,174 69,678 68,426Total Assets 118,385 122,796 119,296Total Current Liabilities 37,974 43,147 42,615Total Liabilities 46,418 51,902 51,356 Total Liabilities and Shareholder Equity 118,385 122,796 119,296
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03APPENDIX
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For the Three Months Ended Sep. 30,20242025% YoYNet income 1,168 747 (36%) Add:Share-based compensation expenses607 450 (26%)Amortization of intangible assets resulting from acquisitions and business cooperation agreement30 30 0%Changes in fair value from long term investments, loan receivable measured at fair value and contingent consideration (17) (19) 16%Impairment of goodwill, intangible assets and other long-lived assets - 85 n/aImpairment of investments 0 1 29%Tax effects on non-GAAP adjustments (6) (7) 1%Adjusted net income 1,782 1,286 (28%) GAAP to Adjusted / Non-GAAP Measures Reconciliation(RMB mm) For the Three Months Ended Sep. 30,20242025% YoYNet income 1,168 747 (36%) Add:Income tax expenses 503 550 9%Share-based compensation expenses607 450 (26%)Amortization of intangible assets36 35 (2%)Depreciation of property, plant and equipment166 250 50%Interest income, net (310)(177)(43%)Changes in Fair value from long term investments, loan receivables measured at fair value and contingent consideration (17) (19) 16%Impairment of goodwill, intangible assets and other long-lived assets - 85 n/aImpairment of investments 0 1 29%Adjusted EBITDA 2,154 1,922 (11%) (RMB mm)