Below is Dolphin Research's summary of $KE(BEKE.US) FY26 Q1 earnings call. For our take on the results, see 'BEKE: Real turn or another 'fake' bounce?'.

China’s leading property services platform — $KE(BEKE.US) — released its 2026 Q1 results pre-mkt on May 19. Overall, while the housing market has begun to find a floor, it is still facing headwinds.

With adjustments in the home improvement and rental units, revenue remained sharply down YoY. That said, proactive headcount rationalization, higher GPM, and disciplined opex drove earnings that beat by a wide margin.

Specifically: 1) Existing-home transactions are starting to bottom. Supported by a series of backstop measures announced by top-tier cities in Feb–Mar (easing purchase curbs and raising housing provident fund loan caps), the core existing-home brokerage business showed signs of bottoming and stabilizing this quarter...

Below is Dolphin Research's Trans of $KE(BEKE.US) FY2025 earnings call.

China's leading housing broker — $KE(BEKE.US) reported its last-quarter 2025 results pre-mkt tonight (Mar 16). Overall, given the very high base after the Sep. 2024 policy shift and a housing market that kept weakening in H2 2025, results were bleak amid heavy industry headwinds.

Specifically: (1) revenue still provided some support, but profit was well into the red. With a sharp contraction in the core Track 1 brokerage GTV (down nearly 40% YoY), Track 2 continued to grow and partly offset the weakness. Even so, total revenue declined nearly 30% YoY this quarter...

The following are the minutes of the $Beike (BEKE.US) FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "Beike: Is There Really Still Hope?" 1. Review of Core Financial Data Performance Overview: Total revenue was RMB 23.1 billion, a year-on-year increase of 2.1%; gross margin was 21.4%, a year-on-year decrease of 1.3 percentage points, mainly due to the decrease in the proportion of new home business revenue (which has a high contribution rate) and the decline in the contribution rate of the new home business itself...

Leading domestic housing intermediary--$KE(BEKE.US) announced its Q3 2025 results on the evening of November 10th before the US stock market opened. Overall, the performance can be summarized as "not good, but not as bad as feared." Additionally, due to the recent significant pullback in the company's stock price, the low expectations implied by the relatively low stock price have led to some bottoming out and recovery. Specifically: 1. Revenue is still supportive, but profits are deeply underwater: In terms of overall performance, although the core intermediary business revenue experienced negative growth in the sluggish real estate market, it was offset by the strong performance of the slightly "bloated" rental business...

The following is the $KE(BEKE.US) FY25 Q2 earnings call minutes. For earnings interpretation, please refer to the article "贝壳: The Real Estate Market Cools Again, Can Beijing and Shanghai's 'Relaxation of Purchase Restrictions' Turn the Tide?" 1. Review of Key Financial Information 1. Shareholder Return Plan: As of the end of June 2025, the company has repurchased $2 billion worth of shares, accounting for approximately 10.3% of the total outstanding shares before the repurchase plan began. The Board of Directors has approved an increase in the authorization amount for the new share repurchase plan to $5 billion, with an extension planned until August 31, 2028...

$KE(BEKE.US) announced its Q2 2025 earnings before the U.S. stock market opened on the evening of August 26. Overall, the performance was relatively mediocre, with revenue growth slowing as expected and profits slightly underperforming expectations, lacking any standout features. Specifically: 1. In terms of large numbers, due to the renewed cooling of the domestic real estate market in the second quarter, Beike's total revenue growth rate declined to 11% year-on-year, which was completely in line with expectations. The new home and innovative business segments performed relatively well, but the existing home business was weaker. However, in terms of profits, although the profit margin improved compared to the previous quarter, market expectations were higher, as the gross margin was 1 percentage point lower than expected...

Below is the earnings call $KE(BEKE.US) FY25 Q1 Minutes. For the earnings review, please refer to "As Long as You Survive the Roller Coaster of the Property Market, the Leading Shell is Fine". 1. Review of Key Earnings Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Management Statements 1. Strategic Focus Areas Home Renovation Business: Advancing product design and project management capabilities, with the average monthly orders per project manager increasing by 156% year-over-year. Rental Services: Managing over 500,000 rental properties...

Due to the clash with Alibaba's earnings on Thursday night, Dolphin has supplemented the earnings review of $KE(BEKE.US) released on the same day. Overall, the growth performance for the quarter was better than expected, but the old issue of increasing revenue without increasing profit that started last season has not been resolved. Total revenue increased by 42%, but adjusted net profit grew by 0% year-on-year. The specific points are as follows: 1. The core of the core stock housing business saw a 28% year-on-year increase in GTV this quarter, with the policy dividend still lingering. Compared to the expected 24% growth, it is also a good beat. According to the research by Beike Research Institute, the national second-hand housing transaction volume increased by 17% over the same period...