Beike Recorded Historical High in Annual Second-hand Transaction Volume, 500 Million Yuan Invested in Ecosystem Construction, Agent Training, and Consumer Protection

On March 16, KE Holdings (NYSE: BEKE; HKEX: 2423) released its full-year and Q4 2025 performance data. In 2025, KE Holdings continued to drive strategic upgrades from “scale” to “efficiency,” with net revenue increasing by 1% to 94.6 billion yuan and net profit reaching 2.99 billion yuan. Amid market fluctuations, KE Holdings continued to increase investment in services and industry. In the real estate transaction business, second-hand transaction volume reached a new high with an 11% increase, and the proportion of existing home GTV contributed by non-Lianjia channels further increased to approximately 63%.

Peng Yongdong, co-founder, chairman, and CEO of KE Holdings, stated, “The true ability to withstand cycles does not come from scale itself, but from the continuous ability to create real value for consumers. KE Holdings will reform its service logic, shifting from a growth model driven by store size in the past to one driven by efficiency and value creation, generating more customer value and improving the overall resource conversion efficiency and output per unit on the platform.”

Vigorous Investment in Platform Ecosystem Construction Enhancing Brokerage Business Efficiency

According to KE Holdings’ financial report, by the end of 2025, the number of active KE Lianjia stores and agents increased by 21% and 7% year-over-year, respectively. Throughout the year, the proportion of GTV from non-Lianjia contributions to existing homes further increased to about 63%.

The rapid development of KE Lianjia stores and agents is inseparable from KE Holdings’ investment in industry and ecosystem. In June 2025, KE Holdings announced the “1+5+2” strategic system and committed to investing 400 million yuan, focusing on mechanisms, service commitments, and business support to empower store growth and promote a positive industry service cycle.

This strategic system is based on a “one organization” regional governance council and introduces ten key initiatives, including store points system, quality-effectiveness business districts, service commitments, and risk guarantees, to alleviate store operators’ operational pressure, stabilize confidence, and enhance collaboration efficiency.

As of March 2026, regional governance councils have been established in 76 cities nationwide, with 1,995 councils and a 98% store coverage rate. Since the beginning of this year, these councils have mediated 4,008 disputes.

In early 2026, KE Holdings further opened free professional training for approximately 500,000 active platform agents, focusing on enhancing agents’ professional skills through offline courses and training. By March 2026, this training had officially launched in 45 cities including Chongqing, Tianjin, Chengdu, Shenzhen, Guangzhou, Suzhou, Wuhan, and Hangzhou.

“To serve cities well, the platform must serve store owners and brand owners effectively. When store owners see benefits, they are willing to invest in agents. Agents think long-term, not short-term, which allows us to truly serve consumers and regain their trust in the platform,” said Li Fengyan, Chief Operating Officer of KE City’s Line.

100 Million Special Guarantee Fund and Full Implementation of the “True Guarantee” Service System

In 2025, KE Holdings officially launched the “True Guarantee” full-process service guarantee system. Through 35 service commitments (6 at the platform level and 29 at the brand level), it provides consumers with comprehensive protection from listing, contract signing, transaction services, to fulfillment.

KE Holdings’ financial report shows that in 2025, the net income from the existing home business was 25.02 billion yuan, with record-high second-hand home transaction volume on the platform, up 11% year-over-year. With the continuous development of the “True Guarantee” system, KE Holdings enhances service certainty, broadening its competitive moat and driving more consumers to choose proactively.

The “True Guarantee” system standardizes service processes, employs intelligent risk identification, and creates a platform for compensation and guarantees through the “one standard + two capabilities + 100 million yuan guarantee fund” mechanism, systematically addressing core pain points in real estate transactions. To ensure effective implementation of the “True Guarantee” commitments, KE Holdings established a “pre-C and post-B” guarantee mechanism, setting up a 100 million yuan special guarantee fund for rapid compensation in consumer disputes and providing ultimate protection against unforeseen risks. From 2001 to December 2025, KE’s platform service commitments have resulted in 405,000 cases of refunds, compensation, or advances, totaling 5.83 billion yuan.

The launch of “True Guarantee” marks KE Holdings’ strategic upgrade from a “housing search platform” to a “one-stop new housing service platform,” reflecting its original intention of “serving consumers well and helping service providers serve consumers better.” With “trust” as its foundation, KE Holdings has built a deep moat based on trust, promoting high-quality development in real estate transaction services.