---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39281080.md"
description: "BEKE 4Q25 First Take: A high base after Sep-24 easing and renewed property market weakness since H2-25 combined to make this quarter look very weak. Total revenue fell nearly 30% YoY, while adj. profit dropped over 60%. Results still came in below already low expectations; details below:1) Track 1: In core brokerage, GTV for existing homes and new homes fell 35% and 42% YoY, respectively. Existing-home GTV also declined QoQ, underscoring the softness in China’s housing market. Take rates for both existing and new home transactions trended lower YoY, so revenue fell faster than GTV.2) Track 2: In new initiatives, home renovation revenue fell 12% YoY. Drivers included weaker market conditions that reduced traffic and demand, and a deliberate cutback of leads from non-brokerage store channels.Only the leasing biz. grew a solid 18% YoY, but that was a sharp deceleration from prior periods of high double-digit growth. Overall, under a cooling housing market, revenue growth across businesses was weak.3) GPM: With a softer monetization rate in Track 1 brokerage, GPM was about 24.5%, down ~100bps YoY, though the YoY decline narrowed vs. last quarter, indicating some effect from recent downsizing and cost controls. In addition, the home renovation GPM narrowed by ~100bps YoY.Leasing GPM was flat but low at just 9%, and as its revenue mix increased, it created a structural drag on overall GPM. Total GPM fell 160bps YoY, a larger drop than in the prior quarter.4) Opex control: Given the tougher backdrop, the company downsized, with active stores down by ~640 and active agents down by ~26k.As a result, total opex declined about 20% YoY; S&M fell roughly in line, while R&D was more rigid (likely due to AI-related development) and decreased only ~3%. The opex ratio still rose as revenue dropped faster. Adj. net profit was just RMB 520 mn, down 60% YoY and more than halved QoQ, missing expectations.$KE(BEKE.US) $BEKE-W(02423.HK)"
datetime: "2026-03-16T12:09:14.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39281080.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39281080.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39281080.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39281080.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39281080.md)


# BEKE 4Q25 First Take: A high base after Sep-24 eas…


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