The following is a summary of the KE Holdings Inc. (BEKE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• KE Holdings reported a total GTV of RMB736.8 billion in Q3 2024, reflecting a 12.5% year-over-year increase.

• Net revenue reached RMB22.6 billion, a 26.8% increase from the previous year.

• GAAP net income was RMB1.2 billion, slightly down by 0.2% year-over-year, while non-GAAP net income decreased by 17.5% to RMB1.8 billion.

Business Progress:

• KE Holdings expanded its active store count by 14.6% year-over-year, adding nearly 6,000 stores, reaching over 46,800 active stores.

• The company grew the number of active agents to over 420,000, an addition of 24,000 agents from the previous year.

• Revenue from home renovation and furnishing, and home rental services grew by approximately 33% and 118% year-over-year, respectively.

• Significant improvements were made in store and platform operating efficiencies, including a new leadership committee and CEO appointments for strategic business lines.

Opportunities:

• The company's market expansion is supported by strong performance in home transaction services, with existing and new home transactions showing robust growth.

• Opportunities in home renovation and rental services are expanding, with revenues approaching RMB10 billion in these sectors.

Risks:

• The fluctuating real estate market poses a risk, although recent positive governmental policies have started showing signs of market stabilization.

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