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KE Holdings Inc. logo

KE Holdings Inc.

2423.HK

HKSEReal EstateReal Estate - Services

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Latest quote

HK$47.00

+HK$1.62 · +3.57%

Aug 24, 4:08 PM HKT

2423.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

KE Holdings Inc. is a leading Chinese firm managing an expansive digital and physical ecosystem for real estate transactions and associated services. Its business is structured across several key divisions: the buying and selling of previously owned homes, transactions for new properties, home remodeling and furnishing offerings, and a variety of emergent and supplementary services. Central to the company's portfolio are Beike, its flagship online-to-offline platform; the Agent Cooperation Network (ACN), a proprietary system fostering synergy among diverse service providers; and various Software-as-a-Service (SaaS) solutions. KE Holdings also owns and operates prominent real estate brokerage brands like Lianjia and Deyou, which supports affiliated brokerage outlets, among others. The company was founded in 2001 and maintains its headquarters in Beijing, People's Republic of China.

Industry
Real Estate - Services
Sector
Real Estate
Headquarters
CN
CEO
Yongdong Peng
Listed since
May 11, 2022
Employees
119,245

Market position

Day range

Current HK$47.00

52-week range

Current HK$47.00

Open
HK$46.00
Previous close
HK$45.38
Volume
17.09M
1.38× average
Average volume
12.36M
Average daily volume
Market cap
150.1B HKD
Beta
-0.33
Market reference 1
50-day average
HK$42.2032
+11.37% above average
200-day average
HK$43.5551
+7.91% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
126.81B CNY
P/E (TTM)
28.06×
P/B (TTM)
1.99×
P/S (TTM)
1.5×
EV / EBITDA
39.45×
Earnings yield
2.35%
Free cash flow yield
-0.77%
Dividend yield
1.54%

Profitability & efficiency

Gross margin
24.05%
Operating margin
6.21%
Net margin
5.37%
Return on equity
4.39%
Return on assets
2.50%
Return on invested capital
1.62%

Financial health

Debt / equity
0.22×
Current ratio
1.61×
Altman Z-score
2.89
Piotroski F-score
7 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends31%19%7%-5%Gross margin, FY2021: 23.61%Gross margin, FY2022: 26.41%Gross margin, FY2023: 27.92%Gross margin, FY2024: 24.55%Gross margin, FY2025: 21.37%Operating margin, FY2021: -1.68%Operating margin, FY2022: -1.37%Operating margin, FY2023: 6.17%Operating margin, FY2024: 4.03%Operating margin, FY2025: 2.35%Net margin, FY2021: -0.65%Net margin, FY2022: -2.28%Net margin, FY2023: 7.56%Net margin, FY2024: 4.35%Net margin, FY2025: 3.17%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 23.61%. Gross margin FY2022 26.41%. Gross margin FY2023 27.92%. Gross margin FY2024 24.55%. Gross margin FY2025 21.37%. Operating margin FY2021 -1.68%. Operating margin FY2022 -1.37%. Operating margin FY2023 6.17%. Operating margin FY2024 4.03%. Operating margin FY2025 2.35%. Net margin FY2021 -0.65%. Net margin FY2022 -2.28%. Net margin FY2023 7.56%. Net margin FY2024 4.35%. Net margin FY2025 3.17%.

Income trends

Revenue

92.13B CNY-1.42%

Operating income

2.17B CNY-42.38%

Net income

2.92B CNY-28.25%
Income trends across reported periods102.94B CNY65B CNY27.07B CNY−10.87B CNYRevenue, FY2021: 80.75B CNYRevenue, FY2022: 60.67B CNYRevenue, FY2023: 77.78B CNYRevenue, FY2024: 93.46B CNYRevenue, FY2025: 92.13B CNYOperating income, FY2021: −1.35B CNYOperating income, FY2022: −832.91M CNYOperating income, FY2023: 4.8B CNYOperating income, FY2024: 3.76B CNYOperating income, FY2025: 2.17B CNYNet income, FY2021: −524.13M CNYNet income, FY2022: −1.39B CNYNet income, FY2023: 5.88B CNYNet income, FY2024: 4.06B CNYNet income, FY2025: 2.92B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 80.75B CNY. Revenue FY2022 60.67B CNY. Revenue FY2023 77.78B CNY. Revenue FY2024 93.46B CNY. Revenue FY2025 92.13B CNY. Operating income FY2021 −1.35B CNY. Operating income FY2022 −832.91M CNY. Operating income FY2023 4.8B CNY. Operating income FY2024 3.76B CNY. Operating income FY2025 2.17B CNY. Net income FY2021 −524.13M CNY. Net income FY2022 −1.39B CNY. Net income FY2023 5.88B CNY. Net income FY2024 4.06B CNY. Net income FY2025 2.92B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue92.13B CNY93.46B CNY77.78B CNY60.67B CNY80.75B CNY
Cost of goods sold72.44B CNY70.51B CNY56.06B CNY54.53B CNY78.26B CNY
Gross profit19.69B CNY22.94B CNY21.72B CNY16.03B CNY19.07B CNY
Research and development2.51B CNY2.28B CNY1.94B CNY2.96B CNY3.85B CNY
Selling, general, and administrative15.4B CNY16.74B CNY14.89B CNY11.92B CNY13.23B CNY
Operating expenses17.52B CNY19.18B CNY16.92B CNY14.61B CNY17.17B CNY
Interest income834.51M CNY1.29B CNY1.29B CNY769.09M CNY385.38M CNY
Interest expense7.42M CNY28.55M CNY28.15M CNY14.49M CNY11.86M CNY
Depreciation and amortization1.04B CNY1.01B CNY1.4B CNY1.5B CNY1.37B CNY
Operating income2.17B CNY3.76B CNY4.8B CNY−832.91M CNY−1.35B CNY
Net income2.92B CNY4.06B CNY5.88B CNY−1.39B CNY−524.13M CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
73%
8 beats, 3 misses, 0 met estimates
Average EPS surprise
+5.85%
11 comparable reports
Latest EPS result
1.1
Estimate 0.84 · Beat by 31.42%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.170.830.490.15Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 18, 2025: actual 0.409, estimate 0.618, surprise -33.83%, Miss. Q2 2025, reported May 15, 2025: actual 0.432, estimate 0.354, surprise +22.00%, Beat. Q3 2025, reported Aug 26, 2025: actual 0.558, estimate 0.539, surprise +3.53%, Beat. Q4 2025, reported Nov 10, 2025: actual 0.407, estimate 0.383, surprise +6.24%, Beat. Q1 2026, reported Mar 16, 2026: actual 0.175, estimate 0.273, surprise -35.83%, Miss. Q2 2026, reported May 19, 2026: actual 0.544, estimate 0.359, surprise +51.70%, Beat. Q3 2026, reported Aug 21, 2026: actual 1.1, estimate 0.837, surprise +31.42%, Beat. Q4 2026, reported Nov 10, 2026: actual —, estimate 0.669, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates34.83B29.85B24.87B19.88BQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 18, 2025: actual 33.49B HKD, estimate 29.65B HKD, surprise +12.96%, Beat. Q2 2025, reported May 15, 2025: actual 24.89B HKD, estimate 24.42B HKD, surprise +1.95%, Beat. Q3 2025, reported Aug 26, 2025: actual 28.46B HKD, estimate 28.38B HKD, surprise +0.28%, Beat. Q4 2025, reported Nov 10, 2025: actual 25.19B HKD, estimate 25.17B HKD, surprise +0.07%, Beat. Q1 2026, reported Mar 16, 2026: actual 25.33B HKD, estimate 24.7B HKD, surprise +2.53%, Beat. Q2 2026, reported May 19, 2026: actual 21.73B HKD, estimate 21.22B HKD, surprise +2.39%, Beat. Q3 2026, reported Aug 21, 2026: actual 28.61B HKD, estimate 28.12B HKD, surprise +1.75%, Beat. Q4 2026, reported Nov 10, 2026: actual —, estimate 24.89B HKD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

8 ratings
Strong buy00%
Buy788%
Hold113%
Sell00%
Strong sell00%

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.9405

2025 complete year+110.7% since 2023

2026 partial: HK$0.7217

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Apr 2, 2026

HK$0.7217

Annual

Record Apr 8, 2026 · Payment Apr 21, 2026

Dividend

Ex-dividend Apr 8, 2025

HK$0.9405

Annual

Record Apr 9, 2025 · Payment Apr 22, 2025

Dividend

Ex-dividend Apr 3, 2024

HK$0.916

Annual

Record Apr 5, 2024 · Payment Apr 19, 2024

Dividend

Ex-dividend Sep 14, 2023

HK$0.4464

Special

Record Sep 15, 2023 · Payment Sep 27, 2023

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ETFs holding 2423.HK

Funds reporting this stock among their holdings, ordered by reported position size.

KraneShares CSI China Internet ETF logoKraneShares CSI China Internet ETFKWEB
Market value
226.12M
Weight
4.27%
AUM
5.3B USD
Expense ratio
0.69%
Price / 1D
$26.15-1.91%
Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
169.68M
Weight
0.03%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.295-0.47%
Vanguard FTSE Emerging Markets ETF logoVanguard FTSE Emerging Markets ETFVWO
Market value
162.14M
Weight
0.10%
AUM
162.3B USD
Expense ratio
0.06%
Price / 1D
$59.985-0.77%
iShares Core MSCI Emerging Markets ETF logoiShares Core MSCI Emerging Markets ETFIEMG
Market value
132.82M
Weight
0.08%
AUM
160B USD
Expense ratio
0.09%
Price / 1D
$80.6697-1.10%
iShares MSCI Emerging Markets ETF logoiShares MSCI Emerging Markets ETFEEM
Market value
29.44M
Weight
0.09%
AUM
31.22B USD
Expense ratio
0.72%
Price / 1D
$66.22-1.34%
iShares MSCI China ETF logoiShares MSCI China ETFMCHI
Market value
28.43M
Weight
0.45%
AUM
6.29B USD
Expense ratio
0.59%
Price / 1D
$54.875-1.41%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
26.42M
Weight
0.03%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.28-0.48%
iShares Core MSCI Total International Stock ETF logoiShares Core MSCI Total International Stock ETFIXUS
Market value
16.19M
Weight
0.03%
AUM
60.91B USD
Expense ratio
0.07%
Price / 1D
$97.4954-0.46%

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