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KE Holdings Inc. Announces Second Quarter 2021 Unaudited Financial Results

August 11, 2021

BEIJING--(BUSINESS WIRE)-- KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Business Highlights for the Second Quarter of 2021

  • Gross transaction value (GTV) 1 was RMB1,220.8 billion (US$189.1 billion), an increase of 22.2% year-over-year. GTV of existing home transactions was RMB652.0 billion (US$101.0 billion), an increase of 11.7% year-over-year. GTV of new home transactions was RMB498.3 billion (US$77.2 billion), an increase of 32.3% year-over-year. GTV of emerging and other services was RMB70.6 billion (US$10.9 billion), an increase of 80.5% year-over-year.
  • Net revenues were RMB24.2 billion (US$3.7 billion), an increase of 20.0% year-over-year.
  • Net income was RMB1,116 million (US$173 million). Adjusted net income2 was RMB1,638 million (US$254 million).
  • Number of stores was 52,868 as of June 30, 2021, a 25.1% increase from one year ago.
  • Number of agents was 548,600 as of June 30, 2021, a 20.3% increase from one year ago.
  • Mobile monthly active users (MAU)3 averaged 52.1 million, an increase of 33.5% year-over-year.

“We are pleased with our strong performance in the second quarter, backed by our commitment to contribute to a better industry and a better society,” said Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike. “Guided by our dedication to protect our customers’ rights and interests while fulfilling their expectations for joyful living, Beike delivered solid results while adhering to the national policy that 'housing is for living in, not for speculation', as evidenced by the total GTV of RMB2.29 trillion in the first half of 2021, up 72.3% year-over-year.”

“During the second quarter, we continued to upgrade our Agent Specialization Strategy and expand our professional contract service centers to 287 locations to enhance efficiency and collaborations, resulting in GTV of existing home transaction services of RMB652.0 billion, representing 11.7% growth year-over-year. GTV of new home transaction services rose by 32.3% year-over-year, reaching RMB498.3 billion, and 42.8% of the GTV growth derived from connected stores and other sales channels as we further enriched our new home related online content and made steady progress with our ‘New Home Business Conduct Improvement Plan’. At the same time, we sustained our rapid growth momentum in emerging services during the second quarter. We announced our proposed acquisition of Shengdu to accelerate our home renovation business development, and launched Home SaaS system 1.0 to further enhance the end-to-end standardization and digitalization of our home renovation services.”

“Looking ahead, we plan to leverage our quality, talent and technological resources to stimulate inspirations and explore growth and development opportunities, which has been key to our success during each of the past market corrections. In the future, housing is expected to be an increasingly important field of people’s livelihood, as we believe there will always be the consumers’ long-term demand for better living. Given the relative inefficiencies that persist in the housing industry, with low user satisfaction, and problems such as lack of standardization, digitalization, and internet penetration, we still see tremendous opportunities for value creation and increasing need for our innovative solutions. We will always look inward for source of strength and outward for value creation opportunities, with both perseverance and optimism for a bright future. With this in mind, we will continue to grow our business operations with a focus on long-term ‘better living’ by promoting our one-stop quality home services for the 300 million households in China,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, further commented, “Driven by the strong growth in GTV of both existing home and new home transaction services, we achieved a 20.0% year-over-year increase in net revenues to RMB24.2 billion in the second quarter, beating both the high end of our guidance and the street consensus. During the second quarter, a slew of city-specific policies and severe market-cooling measures were rolled out in China. Those measures help promote a stable and healthy development of real estate market in the long run, but may bring about short-term market uncertainties. Despite this challenge, we firmly uphold those policies and measures, and support government to crack down on housing speculation in certain overheated cities to stabilize the market. We believe that the longing for joyful living and better housing creates firm demand from the consumers. Looking into the second half of this year, we will continue to invest in the Company’s infrastructure and emerging services. And we strongly believe in what Lao Zuo mentioned in our prospectus - Marching through noises and market volatility, we believe it is our fundamental value, rather than external circumstances, that is the key to the continuing success of Beike. Compared to our near-term financial performance, we devote more efforts in developing and investing in our long-term capabilities, even though it might take time to achieve financial returns on these investments. In fact, the longer it takes and the more difficult it is, the more excited we become.”

Second Quarter 2021 Financial Results

Net Revenues

Net revenues increased by 20.0% to RMB24.2 billion (US$3.7 billion) in the second quarter of 2021 from RMB20.1 billion in the same period of 2020. The increase was driven by the total GTV growth of 22.2% to RMB1,220.8 billion (US$189.1 billion) in the second quarter of 2021 from RMB999.2 billion in the same period of 2020. For the first half of 2021, net revenues increased by 64.6% to RMB44.9 billion (US$7.0 billion) from RMB27.3 billion in the first half of 2020. The increase was driven by the total GTV growth of 72.3% to RMB2,290.4 billion (US$354.7 billion) in the first half of 2021 from RMB1,329.1 billion in the first half of 2020.

  • Net revenues from existing home transaction services increased by 4.9% to RMB9.6 billion (US$1.5 billion) in the second quarter of 2021 from RMB9.2 billion in the same period of 2020, primarily attributable to a 11.7% increase in GTV of existing home transactions to RMB652.0 billion (US$101.0 billion) in the second quarter of 2021 from RMB583.5 billion in the same period of 2020. For the first half of 2021, net revenues from existing home transaction services increased by 57.9% to RMB19.8 billion (US$3.1 billion) from RMB12.6 billion in the first half of 2020, driven by a 70.1% increase in GTV of existing home transactions to RMB1,325.4 billion (US$205.3 billion) in the first half of 2021 from RMB779.2 billion in the first half of 2020.

    Among that, (i) the revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform, increased by 29.1% to RMB1.1 billion (US$0.2 billion) in the second quarter of 2021 from RMB0.9 billion in the same period of 2020, primarily due to the increased GTV of existing home transactions served by connected agents on the Company’s platform by 25.6% to RMB342.5 billion (US$53.0 billion) in the second quarter of 2021 from RMB272.7 billion in the same period of 2020, and a moderate increase in existing home transaction commission rate charged by connected stores;

    (ii) commission revenue increased by 2.4% to RMB8.5 billion (US$1.3 billion) in the second quarter of 2021 from RMB8.3 billion in the same period of 2020, driven by a moderate increase in existing home transaction services commission rate charged by Lianjia stores, while GTV of existing home transactions served by Lianjia stores was RMB309.5 billion (US$47.9 billion) in the second quarter of 2021, compared to RMB310.9 billion in the same period of 2020 as a meaningful portion of transactions were concentrated in the second quarter of 2020 under the impact of COVID-19 outbreak.
  • Net revenues from new home transaction services increased by 31.9% to RMB13.9 billion (US$2.2 billion) in the second quarter of 2021 from RMB10.5 billion in the same period of 2020, primarily attributable to an increase of 32.3% in GTV of new home transactions to RMB498.3 billion (US$77.2 billion) in the second quarter of 2021 from RMB376.6 billion in the same period of 2020. The GTV of new home transaction services completed on Beike platform through connected agents and other sales channels increased by 42.8% to RMB414.5 billion (US$64.2 billion) from RMB290.3 billion in the same period of 2020, while the GTV of new home transactions served by Lianjia brand was RMB83.8 billion (US$13.0 billion) in the second quarter of 2021, compared to RMB86.3 billion in the same period of 2020. For the first half of 2021, net revenues from new home transaction services increased by 70.4% to RMB23.8 billion (US$3.7 billion) from RMB14.0 billion in the first half of 2020, driven by the increased GTV of new home transactions by 70.7% to RMB841.7 billion (US$130.4 billion) in the first half of 2021 from RMB493.1 billion in the first half of 2020.
  • Net revenues from emerging and other services increased by 50.6% to RMB0.7 billion (US$0.1 billion) in the second quarter of 2021 from RMB0.4 billion in the same period of 2020. The increase was primarily attributable to the increase of penetration level in the Company’s financial services around the housing transaction services, and an increased number of home renovation units completed through the Company’s platform. For the first half of 2021, net revenues from emerging and other services increased by 68.9% to RMB1.2 billion (US$0.2 billion) from RMB0.7 billion in the same period of 2020.

Cost of Revenues

Total cost of revenues increased by 38.6% to RMB18.8 billion (US$2.9 billion) in the second quarter of 2021 from RMB13.6 billion in the same period of 2020.

  • Commission - split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 51.4% to RMB9.4 billion (US$1.5 billion) in the second quarter of 2021 from RMB6.2 billion in the same period of 2020. The increase was primarily due to the incremental increase in the number of new home transactions completed through connected agents and other sales channels.
  • Commission and compensation - internal. The Company’s cost of revenues for internal commission and compensation increased by 19.9% to RMB7.6 billion (US$1.2 billion) in the second quarter of 2021 from RMB6.4 billion in the same period of 2020. The increase was primarily due to the increase in the number of new home transactions completed through dedicated agents with the expertise on new home transaction services, and the increase of fixed personnel costs in line with the increase in the number of Lianjia agents.
  • Cost related to stores. The Company’s cost related to stores increased by 31.2% to RMB0.9 billion (US$0.1 billion) in the second quarter of 2021 compared to RMB0.7 billion in the same period of 2020, mainly due to an increase in the number of stores for Lianjia brand, and the incremental rise in rental fees of contract service centers opened in 2021.
  • Other costs. The Company’s other costs increased by 193.6% to RMB0.8 billion (US$0.1 billion) in the second quarter of 2021 compared to RMB0.3 billion in the same period of 2020, mainly due to an increase in share-based compensation expenses, and an increase in training costs along with the increase of offline training activities compared to the same period of 2020 under the impact of COVID-19 outbreak.

Gross Profit

Gross profit was RMB5.3 billion (US$0.8 billion) in the second quarter of 2021, compared to RMB6.6 billion in the same period of 2020. Gross margin was 22.1% in the second quarter of 2021, compared to 32.5% in the same period of 2020. The decrease in gross margin was mainly because: 1) market in the second quarter of 2021 had more ordinary performance compared to the same period of 2020, as a significant portion of transactions, especially existing home transactions, shifted from the first quarter to the second quarter of 2020 due to the COVID-19 pandemic, resulting in a high base of gross margin; 2) in the second quarter of 2021, existing home sales market was affected by a series of market-cooling measures that led to a relatively lower contribution from existing home transactions revenues to total net revenues, resulting in a lower total contribution margin compared to the same period of 2020; and 3) the proportion of new home transactions completed by connected agents and other sales channels increased in the second quarter of 2021 compared to the same period of 2020, resulting in a lower new home contribution margin in the second quarter of 2021. For the first half of 2021, gross profit increased by 43.9% to RMB10.1 billion (US$1.6 billion) from RMB7.1 billion in the first half of 2020.

Income (Loss) from Operations

Total operating expenses were RMB4.2 billion (US$0.7 billion) in the second quarter of 2021, compared to RMB3.3 billion in the same period of 2020.

  • General and administrative expenses were RMB2,202 million (US$341 million) in the second quarter of 2021, compared to RMB1,951 million in the same period of 2020, mainly due to an increase in share-based compensation expenses.
  • Sales and marketing expenses were RMB1,241 million (US$192 million) in the second quarter of 2021, compared to RMB788 million in the same period of 2020, mainly due to the increase of the online and offline advertisement and branding campaigns as well as the increase of headcount in business development personnel.
  • Research and development expenses were RMB775 million (US$120 million) in the second quarter of 2021, compared to RMB524 million in the same period of 2020, mainly due to the increase of headcount in experienced research and development personnel and increased share-based compensation expenses.

Income from operations was RMB1,116 million (US$173 million) in the second quarter of 2021, compared to RMB3,287 million in the same period of 2020. Operating margin was 4.6% in the second quarter of 2021, compared to 16.3% in the same period of 2020, primarily due to a relatively higher gross profit margin in the second quarter of 2020, and less operating expenses incurred in the second quarter of 2020 due to travel and offline events restrictions. For the first half of 2021, income from operations increased by 28.6% to RMB2,129 million (US$330 million) from RMB1,656 million in the first half of 2020.

Adjusted income from operations 4 was RMB1,669 million (US$258 million) in the second quarter of 2021, compared to RMB3,443 million in the same period of 2020. Adjusted operating margin5 was 6.9% in the second quarter of 2021, compared to 17.1% in the same period of 2020. Adjusted EBITDA6 was RMB2,555 million (US$396 million) in the second quarter of 2021, compared to RMB3,792 million in the same period of 2020. For the first half of 2021, adjusted income from operations increased by 64.6% to RMB3,233 million (US$501 million) from RMB1,965 million in the first half of 2020.

Net Income (Loss)

Net income was RMB1,116 million (US$173 million) in the second quarter of 2021, compared to RMB2,839 million in the same period of 2020. For the first half of 2021, net income increased by 35.3% to RMB2,174 million (US$337 million) from RMB1,607 million in the same period of 2020.

Adjusted net income was RMB1,638 million (US$254 million) in the second quarter of 2021, compared to RMB2,951 million in the same period of 2020. For the first half of 2021, adjusted net income increased by 68.8% to RMB3,140 million (US$486 million) from RMB1,861 million in the same period of 2020.

Net Income (Loss) attributable to KE Holdings Inc.’s ordinary shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders increased by 5.6% to RMB1,112 million (US$172 million) in the second quarter of 2021 from RMB1,053 million in the same period of 2020. For the first half of 2021, net income attributable to KE Holdings Inc.’s ordinary shareholders increased by 2,106.0% to RMB2,170 million (US$336 million) from RMB98 million in the first half of 2020.

Adjusted net income attributable to KE Holdings Inc. 7 was RMB1,635 million (US$253 million) in the second quarter of 2021, compared to RMB2,948 million in the same period of 2020. For the first half of 2021, adjusted net income attributable to KE Holdings Inc.increased by 68.7% to RMB3,136 million (US$486 million) from RMB1,860 million in the first half of 2020.

Net Income (Loss) per ADS

Diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders 8 was RMB0.93 (US$0.14) in the second quarter of 2021, compared to RMB2.12 in the same period of 2020.

Adjusted diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders 9 was RMB1.37 (US$0.21) in the second quarter of 2021, compared to RMB2.23 in the same period of 2020.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of June 30, 2021, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB59.2 billion (US$9.2 billion).

Business Outlook

For the third quarter of 2021, the Company expects total net revenues to be between RMB14.5 billion (US$2.2 billion) and RMB15.5 billion (US$2.4 billion), representing a decrease of approximately 24.6% to 29.4% from the same quarter of 2020. This forecast considers the potential impact of the recent real estate related policies and measures, and the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

Conference Call Information

The Company will hold a conference call on 9:00 PM U.S. Eastern Time on Wednesday, August 11, 2021 (9:00 AM Beijing/Hong Kong Time on Thursday, August 12, 2021) to discuss the financial results. Details for the conference call are as follows:

Event Title: Beike’s Second Quarter 2021 Earnings Conference Call
Conference ID: 1752298

All participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event pass code, and a unique registrant ID by email.

PRE-REGISTER LINK:
http://apac.directeventreg.com/registration/event/1752298

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://investors.ke.com/.

The replay will be accessible through August 19, 2021, by dialing the following numbers:

United States Toll Free:

+1-855-452-5696

Mainland, China:

400-602-2065

Hong Kong, China:

+852-3051-2780

International:

+61-2-8199-0299

Conference ID:

1752298

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc., adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted 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 cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, and (iv) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc. is defined as net income (loss) attributable to KE Holdings Inc., excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, (iv) tax effects of the above non-GAAP adjustments, and (v) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) interest income, net, (ii) income tax expense (benefit), (iii) depreciation of property and equipment, (iv) amortization of intangible assets, (v) share-based compensation expenses, and (vi) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation, real estate financial solutions, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With 20 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike’s platform; competition in our industry; relevant government policies and regulations relating to our industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

KE Holdings Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data)

 

 

As of

December 31,

 

As of

June 30,

 

 

2020

 

2021

 

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

40,969,979

 

30,544,499

 

4,730,740

Restricted cash

 

8,567,496

 

10,821,984

 

1,676,112

Short-term investments

 

15,688,321

 

17,881,501

 

2,769,492

Short-term financing receivables, net of allowance for credit losses of RMB113,905 and RMB237,284 as of December 31,2020 and June 30,2021, respectively

 

3,931,641

 

4,357,891

 

674,951

Accounts receivable, net of allowance for credit losses of RMB1,122,218 and RMB1,268,794 as of December 31,2020 and June 30,2021, respectively

 

13,183,559

 

13,832,098

 

2,142,319

Amounts due from and prepayments to related parties

 

484,349

 

532,524

 

82,477

Loan receivables from related parties

 

36,378

 

34,775

 

5,386

Prepayments, receivables and other assets

 

4,677,378

 

4,321,616

 

669,333

Total current assets

 

87,539,101

 

82,326,888

 

12,750,810

Non-current assets

 

 

 

 

 

 

Property and equipment, net

 

1,472,460

 

1,909,573

 

295,755

Right-of-use assets

 

6,821,100

 

7,760,126

 

1,201,890

Long-term financing receivables, net of allowance for credit losses of RMB13,414 and RMB 7,058 as of December 31,2020 and June 30,2021, respectively

 

218,018

 

134,234

 

20,790

Long-term investments, net

 

3,140,315

 

10,534,929

 

1,631,653

Intangible assets, net

 

1,642,651

 

1,397,151

 

216,391

Goodwill

 

2,467,497

 

2,504,843

 

387,951

Other non-current assets

 

994,394

 

988,188

 

153,051

Total non-current assets

 

16,756,435

 

25,229,044

 

3,907,481

TOTAL ASSETS

 

104,295,536

 

107,555,932

 

16,658,291

KE Holdings Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(All amounts in thousands, except for share, per share data)

 

 

As of

December 31,

 

As of

June 30,

 

 

2020

 

2021

 

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

6,594,846

 

6,052,121

 

937,354

Amounts due to related parties

 

254,255

 

415,141

 

64,297

Employee compensation and welfare payable

 

11,231,800

 

9,878,847

 

1,530,039

Customer deposits payable

 

6,743,256

 

9,363,182

 

1,450,172

Income taxes payable

 

986,465

 

436,538

 

67,611

Lease liabilities current portion

 

2,625,979

 

2,900,471

 

449,226

Short-term funding debt

 

1,512,510

 

577,700

 

89,474

Contract liabilities

 

734,157

 

840,912

 

130,241

Accrued expenses and other current liabilities

 

2,950,078

 

3,058,061

 

473,634

Total current liabilities

 

33,633,346

 

33,522,973

 

5,192,048

Non-current liabilities

 

 

 

 

 

 

Deferred tax liabilities

 

17,289

 

17,289

 

2,678

Lease liabilities non-current portion

 

3,833,914

 

4,553,756

 

705,287

Long-term funding debt

 

15,000

 

7,500

 

1,162

Other non-current liabilities

 

3,471

 

2,682

 

414

Total non-current liabilities

 

3,869,674

 

4,581,227

 

709,541

TOTAL LIABILITIES

 

37,503,020

 

38,104,200

 

5,901,589

KE Holdings Inc.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share data)

 

 

As of

December 31,

 

As of

June 30,

 

 

2020

 

2021

 

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

KE Holdings Inc. shareholders’ equity

 

 

 

 

 

 

Ordinary Shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 23,614,698,720 Class A ordinary shares, 885,301,280 Class B ordinary shares and 500,000,000 shares each of such classes to be designated, 2,666,966,855 and 2,687,391,656 Class A ordinary shares issued and outstanding as of December 31, 2020 and June 30, 2021; 885,301,280 Class B ordinary shares issued and outstanding as of December 31, 2020 and June 30, 2021)

 

482

 

488

 

76

Additional paid-in capital

 

77,433,882

 

78,302,735

 

12,127,549

Statutory reserves

 

392,834

 

394,173

 

61,050

Accumulated other comprehensive loss

 

(1,834,087)

 

(2,234,458)

 

(346,073)

Accumulated deficit

 

(9,227,664)

 

(7,065,309)

 

(1,094,279)

Total KE Holdings Inc. shareholders' equity

 

66,765,447

 

69,397,629

 

10,748,323

Non-controlling interests

 

27,069

 

54,103

 

8,379

TOTAL SHAREHOLDERS' EQUITY

 

66,792,516

 

69,451,732

 

10,756,702

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

104,295,536

 

107,555,932

 

16,658,291

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, per share data, ADS and per ADS data)

 

 

Three months ended

 

Six months ended

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

Existing home transaction services

9,179,869

 

9,628,335

 

1,491,239

 

12,555,201

 

19,824,630

 

3,070,444

New home transaction services

10,523,977

 

13,885,811

 

2,150,638

 

13,976,712

 

23,814,158

 

3,688,343

Emerging and other services

437,813

 

659,383

 

102,125

 

729,505

 

1,231,790

 

190,780

Total net revenues

20,141,659

 

24,173,529

 

3,744,002

 

27,261,418

 

44,870,578

 

6,949,567

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

Commission-split

(6,237,815)

 

(9,446,401)

 

(1,463,061)

 

(8,378,251)

 

(16,338,521)

 

(2,530,515)

Commission and compensation-internal

(6,355,403)

 

(7,618,392)

 

(1,179,939)

 

(9,910,020)

 

(14,955,363)

 

(2,316,291)

Cost related to stores

(709,958)

 

(931,324)

 

(144,244)

 

(1,427,620)

 

(1,777,638)

 

(275,321)

Others

(287,608)

 

(844,447)

 

(130,788)

 

(493,120)

 

(1,649,534)

 

(255,480)

Total cost of revenues( 1)

(13,590,784)

 

(18,840,564)

 

(2,918,032)

 

(20,209,011)

 

(34,721,056)

 

(5,377,607)

Gross profit

6,550,875

 

5,332,965

 

825,970

 

7,052,407

 

10,149,522

 

1,571,960

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses(1)

(788,335)

 

(1,240,608)

 

(192,146)

 

(1,365,430)

 

(2,297,778)

 

(355,880)

General and administrative expenses(1)

(1,951,496)

 

(2,201,634)

 

(340,990)

 

(3,056,525)

 

(4,309,749)

 

(667,495)

Research and development expenses(1)

(523,670)

 

(774,958)

 

(120,025)

 

(974,431)

 

(1,412,964)

 

(218,840)

Total operating expenses

(3,263,501)

 

(4,217,200)

 

(653,161)

 

(5,396,386)

 

(8,020,491)

 

(1,242,215)

Income from operations

3,287,374

 

1,115,765

 

172,809

 

1,656,021

 

2,129,031

 

329,745

Interest income, net

58,486

 

68,906

 

10,672

 

136,695

 

150,764

 

23,350

Share of results of equity investees

764

 

14,387

 

2,228

 

(2,326)

 

34,107

 

5,283

Fair value changes in investments, net

83,886

 

371,937

 

57,606

 

(20,309)

 

346,163

 

53,614

Foreign currency exchange gain/(loss)

1,921

 

(3,870)

 

(599)

 

7,412

 

7,588

 

1,175

Other income, net

188,097

 

317,315

 

49,146

 

462,787

 

699,229

 

108,297

Income before income tax expense

3,620,528

 

1,884,440

 

291,862

 

2,240,280

 

3,366,882

 

521,464

Income tax expense

(781,715)

 

(768,838)

 

(119,078)

 

(632,854)

 

(1,192,509)

 

(184,696)

Net income

2,838,813

 

1,115,602

 

172,784

 

1,607,426

 

2,174,373

 

336,768

Net (income)/loss attributable to non-controlling interests shareholders

(2,245)

 

(3,715)

 

(575)

 

492

 

(3,900)

 

(604)

Net income attributable to KE Holdings Inc.

2,836,568

 

1,111,887

 

172,209

 

1,607,918

 

2,170,473

 

336,164

Accretion on convertible redeemable preferred shares to redemption value

(715,782)

 

-

 

-

 

(1,409,085)

 

-

 

-

Income allocated to participating preferred shareholders

(1,067,884)

 

-

 

-

 

(100,443)

 

-

 

-

Net income attributable to KE Holdings Inc.’s ordinary shareholders

1,052,902

 

1,111,887

 

172,209

 

98,390

 

2,170,473

 

336,164

 

 

 

 

 

 

 

 

 

 

 

 

Net income

2,838,813

 

1,115,602

 

172,784

 

1,607,426

 

2,174,373

 

336,768

Currency translation adjustments

(20,629)

 

(607,235)

 

(94,049)

 

150,383

 

(397,662)

 

(61,590)

Unrealized gains (losses) on available-for-sale investments, net of reclassification

-

 

(2,709)

 

(420)

 

-

 

(2,709)

 

(420)

Total comprehensive income

2,818,184

 

505,658

 

78,315

 

1,757,809

 

1,774,002

 

274,758

Comprehensive (income)/loss attributable to non-controlling interests shareholders

(2,245)

 

(3,715)

 

(575)

 

492

 

(3,900)

 

(604)

Comprehensive income attributable to KE Holding Inc.

2,815,939

 

501,943

 

77,740

 

1,758,301

 

1,770,102

 

274,154

Accretion on convertible redeemable preferred shares to redemption value

(715,782)

 

-

 

-

 

(1,409,085)

 

-

 

-

Income allocated to participating preferred shareholders

(1,067,884)

 

-

 

-

 

(100,443)

 

-

 

-

Comprehensive income attributable to KE Holding Inc.’s ordinary shareholders

1,032,273

 

501,943

 

77,740

 

248,773

 

1,770,102

 

274,154

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(All amounts in thousands, except for share, per share data, ADS and per ADS data)

 
Three months ended Six months ended

June 30,

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

June 30,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 
Weighted average number of ordinary shares used in computing net income per share, basic and diluted
—Basic

1,489,569,980

3,522,427,632

3,522,427,632

1,479,868,335

3,521,948,998

3,521,948,998

—Diluted

1,492,757,856

3,586,824,279

3,586,824,279

1,492,619,841

3,590,416,704

3,590,416,704

 

 

 

 

 

 

Weighted average number of ADS used in computing net income per ADS, basic and diluted

 

 

 

 

 

 

—Basic

496,523,327

1,174,142,544

1,174,142,544

493,289,445

1,173,982,999

1,173,982,999

—Diluted

497,585,952

1,195,608,093

1,195,608,093

497,539,947

1,196,805,568

1,196,805,568

 

 

 

 

 

 

Net income per share attributable to KE Holdings Inc.'s ordinary shareholders

 

 

 

 

 

 

—Basic

0.71

0.32

0.05

0.07

0.62

0.1

—Diluted

0.71

0.31

0.05

0.07

0.60

0.09

 

 

 

 

 

 

Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders

 

 

 

 

 

 

—Basic

2.12

0.95

0.15

0.2

1.85

0.29

—Diluted

2.12

0.93

0.14

0.2

1.81

0.28

 

 

 

 

 

 

(1)Includes share-based compensation expenses as follows:

 

 

 

 

 

 

Cost of revenues

-

124,880

19,342

-

234,272

36,284

Sales and marketing expenses

-

35,793

5,544

-

70,130

10,862

General and administrative expenses

-

153,914

23,838

-

338,977

52,501

Research and development expenses

-

121,650

18,841

-

225,473

34,921

KE Holdings Inc.
UNAUDITED RECONCILIATION of GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share data, ADS and per ADS data)

Three months ended

Six months ended

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

3,287,374

 

1,115,765

 

172,809

 

1,656,021

 

2,129,031

 

329,745

Share-based compensation expenses

-

 

436,237

 

67,565

 

-

 

868,852

 

134,568

Amortization of intangible assets resulting from acquisitions and business cooperation agreement

155,554

 

116,885

 

18,103

 

308,601

 

235,119

 

36,415

Adjusted income from operations

3,442,928

 

1,668,887

 

258,477

 

1,964,622

 

3,233,002

 

500,728

 

 

 

 

 

 

 

 

 

 

 

 

Net income

2,838,813

 

1,115,602

 

172,784

 

1,607,426

 

2,174,373

 

336,768

Share-based compensation expenses

-

 

436,237

 

67,565

 

-

 

868,852

 

134,568

Amortization of intangible assets resulting from acquisitions and business cooperation agreement

155,554

 

116,885

 

18,103

 

308,601

 

235,119

 

36,415

Changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration

(41,808)

 

(30,496)

 

(4,723)

 

(54,531)

 

(138,660)

 

(21,476)

Tax effects on non-GAAP adjustments

(1,510)

 

237

 

37

 

(815)

 

613

 

95

Adjusted net income

2,951,049

 

1,638,465

 

253,766

 

1,860,681

 

3,140,297

 

486,370

 

 

 

 

 

 

 

 

 

 

 

 

Net income

2,838,813

 

1,115,602

 

172,784

 

1,607,426

 

2,174,373

 

336,768

Income tax expense

781,715

 

768,838

 

119,078

 

632,854

 

1,192,509

 

184,696

Share-based compensation expenses

-

 

436,237

 

67,565

 

-

 

868,852

 

134,568

Amortization of intangible assets

162,587

 

123,693

 

19,158

 

320,068

 

247,739

 

38,370

Depreciation of property and equipment

109,597

 

210,122

 

32,544

 

223,961

 

375,621

 

58,176

Interest income, net

(58,486)

 

(68,906)

 

(10,672)

 

(136,695)

 

(150,764)

 

(23,350)

Changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration

(41,808)

 

(30,496)

 

(4,723)

 

(54,531)

 

(138,660)

 

(21,476)

Adjusted EBITDA

3,792,418

 

2,555,090

 

395,734

 

2,593,083

 

4,569,670

 

707,752

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to KE Holdings Inc.

2,836,568

 

1,111,887

 

172,209

 

1,607,918

 

2,170,473

 

336,164

Share-based compensation expenses

-

 

436,237

 

67,565

 

-

 

868,852

 

134,568

Amortization of intangible assets resulting from acquisitions and business cooperation agreement

155,554

 

116,885

 

18,103

 

308,601

 

235,119

 

36,415

Changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration

(41,808)

 

(30,496)

 

(4,723)

 

(54,531)

 

(138,660)

 

(21,476)

Tax effects on non-GAAP adjustments

(1,510)

 

237

 

37

 

(815)

 

613

 

95

Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders

(619)

 

(7)

 

(1)

 

(1,503)

 

(14)

 

(2)

Adjusted Net income attributable to KE Holdings Inc.

2,948,185

 

1,634,743

 

253,190

 

1,859,670

 

3,136,383

 

485,764

Accretion on convertible redeemable preferred shares to redemption value

(715,782)

 

-

 

-

 

(1,409,085)

 

-

 

-

Adjusted net income allocated to participating preferred shares

(1,124,087)

 

-

 

-

 

(227,621)

 

-

 

-

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders

1,108,316

 

1,634,743

 

253,190

 

222,964

 

3,136,383

 

485,764

KE Holdings Inc.
UNAUDITED RECONCILIATION of GAAP AND NON-GAAP RESULTS (Continued)
(All amounts in thousands, except for share, per share data, ADS and per ADS data)

 

Three months ended

Six months ended

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

Weighted average number of ADS used in computing net income per ADS, basic and diluted

 

 

 

 

 

 

—Basic

496,523,327

1,174,142,544

1,174,142,544

493,289,445

1,173,982,999

1,173,982,999

—Diluted

497,585,952

1,195,608,093

1,195,608,093

497,539,947

1,196,805,568

1,196,805,568

 

 

 

 

 

 

 

Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted

 

 

 

 

 

 

—Basic

496,523,327

1,174,142,544

1,174,142,544

493,289,445

1,173,982,999

1,173,982,999

—Diluted

497,585,952

1,195,608,093

1,195,608,093

497,539,947

1,196,805,568

1,196,805,568

 

 

 

 

 

 

 

Net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders

 

 

 

 

 

 

—Basic

2.12

0.95

0.15

0.20

1.85

0.29

—Diluted

2.12

0.93

0.14

0.20

1.81

0.28

 

 

 

 

 

 

 

Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders

 

 

 

 

 

 

—Basic

0.11

0.44

0.07

0.25

0.82

0.12

—Diluted

0.11

0.44

0.07

0.25

0.81

0.13

 

 

 

 

 

 

 

Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders

 

 

 

 

 

 

—Basic

2.23

1.39

0.22

0.45

2.67

0.41

—Diluted

2.23

1.37

0.21

0.45

2.62

0.41

KE Holdings Inc. 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands)

 

 

Three months ended

 

Six months ended

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

9,133,566

 

1,001,317

 

155,086

 

5,044,465

 

3,474,372

 

538,110

Net cash provided by/(used in) investing activities

2,751,829

 

1,117,225

 

173,036

 

(2,424,534)

 

(10,396,836)

 

(1,610,265)

Net cash provided by/(used in) financing activities

329,069

 

(12,199)

 

(1,890)

 

(569,320)

 

(943,174)

 

(146,079)

Effect of exchange rate change on cash, cash equivalents and restricted cash

(14,448)

 

(503,955)

 

(78,054)

 

116,944

 

(305,354)

 

(47,292)

Net increase/(decrease) in cash and cash equivalents and restricted cash

12,200,016

 

1,602,388

 

248,178

 

2,167,555

 

(8,170,992)

 

(1,265,526)

Cash, cash equivalents and restricted cash at the beginning of the period

21,898,115

 

39,764,095

 

6,158,674

 

31,930,576

 

49,537,475

 

7,672,378

Cash, cash equivalents and restricted cash at the end of the period

34,098,131

 

41,366,483

 

6,406,852

 

34,098,131

 

41,366,483

 

6,406,852

KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE
(All amounts in thousands)

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

June 30,

2020

 

June 30,

2021

 

June 30,

2021

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

 

 

 

 

 

 

Existing home transaction services

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

9,179,869

 

9,628,335

 

1,491,239

 

12,555,201

 

19,824,630

 

3,070,444

Less: Commission and compensation

 

(4,881,915)

 

(5,646,746)

 

(874,570)

 

(7,708,636)

 

(11,763,191)

 

(1,821,886)

Contribution

 

4,297,954

 

3,981,589

 

616,669

 

4,846,565

 

8,061,439

 

1,248,558

 

 

 

 

 

 

 

 

 

 

 

 

 

New home transaction services

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

10,523,977

 

13,885,811

 

2,150,638

 

13,976,712

 

23,814,158

 

3,688,343

Less: Commission and compensation

 

(7,649,993)

 

(11,300,400)

 

(1,750,209)

 

(10,473,121)

 

(19,306,429)

 

(2,990,185)

Contribution

 

2,873,984

 

2,585,411

 

400,429

 

3,503,591

 

4,507,729

 

698,158

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging and other services

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

437,813

 

659,383

 

102,125

 

729,505

 

1,231,790

 

190,780

Less: Commission and compensation

 

(61,310)

 

(117,647)

 

(18,221)

 

(106,514)

 

(224,264)

 

(34,735)

Contribution

 

376,503

 

541,736

 

83,904

 

622,991

 

1,007,526

 

156,045


1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions and emerging and other services, and including transactions that are contracted but pending closing at the end of period.
2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, and (iv) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
3 Mobile monthly active users" or "mobile MAU" are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin mini programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
4 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
5 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
6 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) interest income, net, (ii) income tax expense (benefit), (iii) depreciation of property and equipment, (iv) amortization of intangible assets, (v) share-based compensation expenses, and (vi) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
7 Adjusted net income (loss) attributable to KE Holdings Inc. is a non-GAAP financial measure and represents adjusted income (loss) attributable to KE Holdings Inc.’s ordinary shareholders and preferred shareholders, and all preferred shares of KE Holdings Inc. had been automatically converted to ordinary shares upon initial public offering of KE Holdings Inc. on a one-for-one basis. Adjusted net income (loss) attributable to KE Holdings Inc. is defined as net income (loss) attributable to KE Holdings Inc., excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, (iv) tax effects of the above non-GAAP adjustments, and (v) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
8 ADS is American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Diluted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS.
9 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Matthew Zhao
Siting Li
E-mail: ir@ke.com

The Piacente Group, Inc.
Ross Warner
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ke@tpg-ir.com

Source: KE Holdings Inc.

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