BEKE Filings — Ke Holdings Inc.

BEKE Filings — Ke Holdings Inc. - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

Beike's revenue mix pivoted sharply toward rental services in 2025 as core home transaction revenue fell, while operating cash flow turned negative.

The core transaction business that built Beike contracted. Total in RMB terms edged up 1.2% to RMB94.6B, but fell 26.7% to RMB3.0B as existing and new home transaction services declined by double digits, offset only by a 52.8% increase in home rental services. The company is now a different business, with its cash reserves drawn down for a fourth straight year and turning negative.

Key takeaways

fell 26.7% to RMB3.0B as a 5.5% increase in cost of revenues, driven by a 47.0% increase in home rental service costs, outpaced the 1.2% growth.
Home rental services rose 52.8% to RMB21.9B, making it the largest revenue stream for the first time, while existing home transaction services revenue fell 11.3% and new home fell 9.1%.
The on existing home transactions narrowed to 39.3% from 43.2%, which the company attributed to higher fixed compensation for Lianjia agents.
turned negative at an outflow of RMB376M, a swing from positive RMB1.29B in 2024, as a RMB6.7B drain more than offset operating profits.
Cash and short-term investments fell to RMB55.5B after RMB9.8B was used in financing activities, including share repurchases and dividends, marking the fourth consecutive year of declining cash reserves.
The home rental 's improved to 8.6% from 5.0%, driven by a shift to a new, higher-margin Carefree Rent product model.

What changed

The cash and equivalents balance, flagged as a concern after four years of decline, fell further as turned negative and the company deployed RMB9.8B into share repurchases and dividends.
The trend, watched as the mix shifted toward lower-margin services, narrowed again as home renovation and rental services grew to dominate the revenue base.
The home rental , which turned profitable at 5.0% in 2024, expanded to 8.6% in 2025, showing the trajectory flagged last year is continuing.

What to watch

Whether returns to positive territory, or if the RMB6.7B outflow signals a structural shift in the company's cash generation.
The trajectory of existing home transaction , which fell to 39.3%, and whether fixed agent compensation costs can be adjusted if transaction volumes remain under pressure.
The growth rate of home rental services , which at 52.8% is now the company's primary growth engine, and whether its 8.6% can continue to expand.

Section summaries

Quantitative and Qualitative Disclosures About Market Risk

The company’s primary market risk is indirect foreign exchange exposure from RMB-denominated operations, with no material interest rate risk.

Substantially all revenues and expenses are in RMB, so the company has no significant direct foreign exchange risk.
Investment value is affected by RMB–USD exchange rates because the business is RMB-based while ADSs trade in USD.
As of December 31, 2025, RMB cash and equivalents were RMB38.3 billion and USD cash and equivalents were US$2.4 billion.
A hypothetical 10% of the RMB against the USD would reduce the combined USD cash balance from US$7.9 billion to US$7.3 billion.

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