KE Holdings Inc. (BEKE): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the core engine of KE Holdings Inc. (BEKE), and honestly, understanding how they manage such massive scale in China's property market is key to valuing them right now. Forget the noise; their business model is a sophisticated O2O (online-to-offline) machine built on standardizing brokerage through their Agent Cooperation Network, which supports over 471,501 agents as of Q3 2025. We're talking about a company sitting on RMB 55.7 billion in cash (Sep 2025) while serving 49.3 million monthly active users, seamlessly blending digital listings with physical stores. This canvas lays out precisely how they convert that reach into revenue across existing home sales, rentals, and renovation services-it's the blueprint you need to see the real value drivers below the surface.

KE Holdings Inc. (BEKE) - Canvas Business Model: Key Partnerships

You're looking at the engine room of KE Holdings Inc. (BEKE)'s platform strategy-the network effect built through its partners. This isn't just about listing properties; it's about integrating the entire housing ecosystem. The strength here is in the sheer scale of the network they've built, though you have to watch the margin pressure that comes with that scale.

Independent brokerage firms and agents utilizing the Beike platform

The Beike platform's core value proposition is empowering independent players. This network effect is visible in the growth metrics reported through the first three quarters of 2025. The platform continues to attract more service providers, which is key to maintaining market coverage.

Here's a look at the network scale based on the latest available figures:

• Number of stores rose by 31.8% to 60,546 as of Q2 2025.
• Number of agents increased by 21.6% to 557,974 as of Q2 2025.
• Active stores grew by 25.9% year-over-year in Q3 2025.
• Active agents grew by 11.4% year-over-year in Q3 2025.
• As of March 31, 2025, the number of active stores was 55,210.

The platform's ability to onboard and support these partners is critical for service delivery.

Major property developers for new home sales distribution

KE Holdings Inc. (BEKE) acts as a significant distribution channel for new property developments, which is a high-growth area, though subject to market cycles. The performance here directly impacts the New Home Transaction Services segment revenue.

The Gross Transaction Value (GTV) and associated revenue figures for new home sales show significant, albeit fluctuating, engagement with developers:

The platform's monetization capability in this area remains steady, as revenue performance tracked GTV performance in Q3 2025. Anyway, the contribution margin for new home transaction services was 24.1% in Q3 2025.

Financial institutions for integrated mortgage and escrow services

KE Holdings Inc. (BEKE) incorporates financial services, which are grouped under the Emerging and Other Services segment. This integration is designed to smooth the transaction process for customers using the platform.

While specific mortgage GTV figures tied directly to external financial institution partnerships aren't broken out in the latest reports, the segment itself is part of the overall strategy:

• The Emerging and Other Services segment includes the financial service business.
• Revenue from this segment decreased by 18.7% year-over-year in Q3 2025, reaching RMB396 million.

The partnership structure here is about embedding services to reduce friction for the primary housing transactions.

Technology partners like Tencent Cloud for AI and cloud infrastructure

Technology partnerships are foundational for KE Holdings Inc. (BEKE)'s digital transformation efforts, particularly in AI and visualization tools. Tencent Group is a confirmed, ongoing partner for core infrastructure.

The relationship is formalized through continuing agreements:

• Tencent Group will continue providing cloud services and other technical services to KE Holdings Inc. (BEKE).
• This support is governed by a new cloud services and technical services framework agreement dated December 11, 2024.

Plus, KE Holdings Inc. (BEKE)'s Realsee subsidiary announced a strategic partnership with Linkhome to co-develop advanced AI and 3D visualization tools.

Home renovation and furnishing supply chain vendors

The Home Renovation and Furnishing segment is a key diversification effort, relying heavily on a robust supply chain of vendors for design, materials, and labor. This segment is showing positive operational leverage.

Key performance indicators for this partnership-dependent segment include:

• The segment achieved a record high in contribution margin in Q1 2025.
• Sales and marketing expenses for the home renovation and furnishing business contributed to a 9.2% increase in overall sales and marketing expenses in Q1 2025.

If onboarding takes 14+ days, churn risk rises, so vendor efficiency is definitely a focus area.

KE Holdings Inc. (BEKE) - Canvas Business Model: Key Activities

You're looking at the core engine of KE Holdings Inc. (BEKE) operations as of late 2025. This is where the real work happens, turning network scale and technology into transaction volume and service revenue.

Operating and maintaining the Agent Cooperation Network (ACN) is foundational. This network is the backbone for standardizing listings and fostering reciprocity among service providers. As of the second quarter of 2025, the platform had 557,974 agents, marking a 21.6% year-over-year increase. The active agent base stood at 491,573 as of June 30, 2025, up 19.5% year-over-year. By the third quarter of 2025, active agents still showed growth of 11.4% year-over-year.

Developing and deploying real estate technology is a constant activity, with a clear focus on AI integration to drive efficiency. Management noted plans to accelerate the integration of AI capabilities into core business scenarios. The home rental segment specifically enhanced operational efficiency through AI-driven refined operations. The platform infrastructure includes technology applications such as RealSee VR.

Managing the physical footprint is a massive undertaking. While the prompt mentioned a figure over 61,393 stores, the latest reported figures show the scale of the network. As of June 30, 2025, the total number of stores was 60,546, a 31.8% increase from the prior year. The number of active stores on the platform was 58,664 at the end of Q2 2025, representing a 32.1% year-over-year increase. By Q3 2025, active stores still showed growth of 25.9% year-over-year.

Executing existing and new home transaction services generates the core revenue. The total Gross Transaction Value (GTV) for the third quarter of 2025 was RMB736.7 billion, which was relatively flat year-over-year. However, within that, the GTV for existing home transactions saw a 5.8% increase. Conversely, new home transactions faced headwinds, with GTV falling by 13.7% year-over-year in Q3 2025. For context, Q2 2025 total GTV was RMB878.7 billion (USD 122.7 billion), up 4.7% year-over-year.

Scaling the high-growth home rental and renovation businesses is a key strategic activity for diversification. These segments are now contributing profitably before headquarters allocations. The home rental services segment saw net revenues increase by 45.3% year-over-year in Q3 2025, driven by the asset-light Carefree Rent model. The contribution margin for Carefree Rent expanded 430 bps year-over-year to 8.7% in Q3 2025, and the average units managed per property manager grew from approximately 90 to >130. The home renovation and furnishing business saw net revenues increase by 71.1% to RMB2.4 billion in the first quarter of 2025, with a GTV of RMB3.4 billion, up 26.1% year-over-year.

Here's a quick look at the performance mix from non-housing transaction services:

• Net revenues from non-home transaction services reached 35% of total revenue in Q1 2025, up 21.7 percentage points year-over-year.
• Home rental services revenue grew by 78.0% year-over-year to RMB5.7 billion in Q2 2025.
• Home renovation and furnishing business profit contribution margin reached 30.6% in Q1 2025.

The execution of these activities is reflected in the network scale, as shown below:

Finance: draft 13-week cash view by Friday.

KE Holdings Inc. (BEKE) - Canvas Business Model: Key Resources

You're looking at the core assets that power KE Holdings Inc. (BEKE) right now. These aren't abstract concepts; they are hard numbers and established networks that drive the business.

The foundation rests on the proprietary Beike platform and the Agent Cooperation Network (ACN). This digital backbone connects supply and demand across China's housing market.

The scale of the human capital supporting this network is significant. As of September 30, 2025, the active agent base stood at 471,501. That's a substantial pool of professionals directly interacting with the market. To give you the full picture of the network size at that date, the total number of agents was 545,511, operating across 59,012 active stores.

Another irreplaceable asset is the established, high-quality Lianjia real estate brokerage brand. This brand equity provides a crucial trust layer, especially in high-value transactions. Furthermore, the company maintains an extensive, standardized property database, often referred to as the Housing Dictionary, which is vital for platform efficiency.

Financially, the balance sheet holds significant weight as a key resource. As of September 30, 2025, KE Holdings Inc. reported significant liquidity with cash and investments totaling RMB 55.7 billion, which equated to approximately US$7.8 billion. This financial cushion supports operations and strategic moves, like the share repurchase program spending which reached its highest single-quarter level in the past two years during Q3 2025.

Here's a quick look at the operational scale that these resources generated in the third quarter of 2025:

The platform's reach is also quantified by user engagement. Mobile MAU averaged 49.3 million in the third quarter of 2025. This high traffic volume is a direct result of leveraging the platform and the agent network.

You can see the direct output of these resources in the segment performance, which relies heavily on the agent base and platform technology:

• Net revenues from existing home transaction services were RMB 6.0 billion in Q3 2025.
• Net revenues from home rental services reached a record high of RMB 5.7 billion in Q3 2025, up 45.3% year-over-year.
• The company had over 660,000 rental units under management at the end of Q3 2025.

The ability to generate RMB 736.7 billion in GTV while maintaining significant cash reserves is what defines the current strength of KE Holdings Inc.'s key resources.

KE Holdings Inc. (BEKE) - Canvas Business Model: Value Propositions

You're looking at the core value KE Holdings Inc. (BEKE) delivers to its users as of late 2025. It's all about integrating the digital experience with physical service delivery, and the numbers show where the focus is shifting.

Integrated online-to-offline (O2O) housing transaction experience.

The scale of the platform's reach, which underpins the O2O model, is evident in the transaction volumes and network size reported for the third quarter of 2025.

Standardized, high-quality service via the ACN model.

The ACN model, which connects third-party stores and agents, shows continued network expansion as of September 30, 2025, suggesting a push for standardized reach.

• Active stores as of September 30, 2025: 61,393
• Active agents as of September 30, 2025: 545,511
• Active stores increase year-over-year: 25.9%
• Active agents increase year-over-year (Q3 2025): 11.4%

Comprehensive one-stop services: buy, sell, rent, and renovate.

The diversification away from pure transaction fees is clear in the revenue mix, with non-housing services taking up a significant portion of the top line.

Net revenues from non-housing transaction services accounted for 41% of total net revenues in the second quarter of 2025.

Increased transaction efficiency and transparency for all parties.

Efficiency is being driven through cost control in certain areas, even as the company invests in its platform structure.

• Total Operating Expenses (Q3 2025): RMB4.3 billion (relatively flat year-over-year)
• Sales and marketing expenses (Q3 2025): RMB1.7 billion (decreased by 10.7%)
• Operating Margin (Q2 2025): 4.1%

Carefree Rent model offering landlords professional unit management.

The Carefree Rent model is a major growth driver in the rental segment, showing substantial revenue acceleration.

Home rental services net revenue growth was 78% year-over-year in the second quarter of 2025.

The home rental contribution margin expanded 430 bps year-over-year to 8.7% in the third quarter of 2025.

The average units managed per property manager grew from approximately 90 to over 130.

KE Holdings Inc. (BEKE) - Canvas Business Model: Customer Relationships

You're looking at how KE Holdings Inc. (BEKE) keeps its customers engaged, which is a blend of old-school, in-person service and modern digital tools. The core relationship is built around its massive network of agents and physical locations, which is still growing substantially as of late 2025.

The high-touch component is anchored by Lianjia, which KE Holdings Inc. owns and operates. Lianjia is positioned as China's leading real estate brokerage brand, known for its service quality, and it brings over 23 years of operating experience since its 2001 start. This physical presence is key for trust building. As of September 30, 2025, the network size looked like this:

This extensive offline footprint supports personalized service. For instance, in Q3 2025, KE Holdings Inc. was actively refining agent specialization, launching a pilot program in Shanghai that featured a 'buyer-seller agent specialization' mechanism to help sell-side agents strengthen their marketing capabilities. Still, agent productivity remains a focus, with organizational optimization driving a notable decline in labor cost for existing home transaction services in Q3 2025.

Digital self-service is managed through the Beike app, which is the primary digital touchpoint. The platform's reach is substantial, with Mobile monthly active users (MAU) averaging 49.3 million in the third quarter of 2025. This digital scale allows for information access and initial engagement before a human agent steps in. The company is also pushing technology to enhance efficiency, using AI breakthroughs to unlock productivity gains across its operations.

The relationship management between agent and client is supported by the platform's infrastructure, which is designed to reinvent how transactions are completed. This digital backbone facilitates personalized follow-up, though the depth of CRM integration isn't always public. We can see the success of this hybrid model in ancillary services; for example, in 2024, home renovation contract orders generated through the agent network in cities outside Beijing and Shanghai accounted for around 30% of all such orders in those areas. The conversion rate from existing home transaction to home renovation contract in those same cities was less than 5%, compared to over 20% in Beijing.

Community engagement and trust are built through the combination of the trusted Lianjia brand and the widespread physical store presence. The company believes its proactive engagement with platform participants both online and offline enables it to know them better and serve them better. This offline presence is critical for capturing high-value services like home renovation, where the conversion rates in Tier 1 cities like Beijing (over 20%) significantly outpace non-Tier 1 cities (less than 5%) in 2024.

• Lianjia brings over 23 years of operating experience since 2001.
• Mobile MAU averaged 49.3 million in Q3 2025.
• The network included 61,393 total stores as of September 30, 2025.
• Active agents numbered 471,501 at the end of Q3 2025.

KE Holdings Inc. (BEKE) - Canvas Business Model: Channels

You're mapping out how KE Holdings Inc. (BEKE) gets its services to customers as of late 2025. The setup is a blend of digital reach and physical presence, which is key to their model.

The primary digital channel is the Beike online platform, accessible via its app and website. This is where users start their journey. Mobile monthly active users (MAU) were reported at 39 million in older data, which gives you a sense of the digital scale they operate at. The platform aggregates listings and data for all their services.

The offline backbone remains the physical store network. KE Holdings owns and operates Lianjia, its flagship brokerage brand, alongside other connected brokerage brand physical stores. Older data indicated a network of approximately 42,000 stores covering 103 cities in China, supported by nearly half a million agents.

For the new home primary market distribution, KE Holdings uses direct sales teams working with developers. This channel showed some pressure in the third quarter of 2025, with new home Gross Transaction Value (GTV) falling 13.7% year-over-year, and net revenue for that segment declining 14.1% year-over-year based on Q3 2025 figures.

Inter-broker collaboration happens through the Agent Cooperation Network (ACN). This network allows third-party agents to access the Beike platform's resources. While specific 2025 ACN participation numbers aren't immediately available, the platform's overall GTV growth in Q1 2025 was 34.0% year-over-year, indicating broad platform activity.

The home renovation and furnishing services utilize home renovation showrooms and design centers as a physical touchpoint, complementing the online service discovery. The home rental services channel is also growing its reach; its contribution margin expanded 430 basis points year-over-year to reach 8.7% in the third quarter of 2025.

Here's a look at the financial performance across the core transaction channels for the periods reported in 2025:

The platform's revenue for the quarter ending September 30, 2025, was 23.05B CNY. For context, the revenue in the second quarter of 2025 was $2.78 billion. The trailing twelve months revenue as of September 30, 2025, stood at 103.52B CNY, representing a 25.42% increase year-over-year.

The company maintains a conservative financial structure; for instance, the debt-to-equity ratio was reported at 0.32, and the current ratio stood at 1.33 in Q2 2025.

Finance: draft 13-week cash view by Friday.

KE Holdings Inc. (BEKE) - Canvas Business Model: Customer Segments

You're looking at the customer base for KE Holdings Inc. (BEKE) as of late 2025, specifically using the numbers from their Q3 2025 report. This company serves a broad ecosystem, from individual buyers and sellers to professional agents and developers. Honestly, the sheer scale of their platform is what stands out first.

The core consumer segment-mass-market homebuyers and sellers in China's Tier 1 and Tier 2 cities-is reflected in the massive digital reach. Mobile monthly active users (MAU) averaged 49.3 million in the third quarter of 2025. This digital audience feeds the transaction engine, which saw Gross Transaction Value (GTV) for existing homes climb to RMB505.6 billion (US$71.0 billion) year-over-year in Q3 2025. Still, the total GTV for the quarter was RMB736.7 billion, which was flat compared to the prior year, showing the broader market headwinds impacting new home sales.

The platform's professional partners-the independent real estate agents and small brokerage firms-form a critical segment, as they are the ones executing the transactions. KE Holdings Inc. continues to expand its network capacity to support these partners, which is a key focus for them. Here's a quick look at the network size as of September 30, 2025:

This expansion in physical and agent presence is designed to capture more market share, even when overall transaction volume is flat.

For property landlords and renters, the Carefree Rent service is a growing focus, shifting towards an asset-light model. This segment is showing strong revenue momentum. Net revenues from home rental services hit a record high of RMB5.7 billion in Q3 2025, marking a substantial year-over-year increase of 45.3%. The operational scale is evident here:

• Rental units under management exceeded 660,000 by the end of Q3 2025.
• This compares to just over 370,000 units managed in the same period of 2024.
• The contribution margin for home rental services expanded to 8.7% year-over-year.

Real estate developers are another key segment, relying on KE Holdings Inc. for sales and marketing, though this area faced challenges. The GTV for new home transactions actually fell by 13.7% year-over-year in Q3 2025. To help developers plan better, the company is using machine learning algorithms to forecast unit needs, aiming for full plot and market coverage by 2026.

Finally, homeowners needing post-transaction services are served by the renovation and furnishing business. Revenue from this segment was RMB4.3 billion in Q3 2025, which was relatively flat compared to the previous year. The contribution margin improved slightly to 32%, helped by centralized purchasing and efficiency gains in order dispatching.

KE Holdings Inc. (BEKE) - Canvas Business Model: Cost Structure

The cost structure for KE Holdings Inc. (BEKE) in late 2025 is heavily weighted towards variable compensation and significant investment in technology to drive platform efficiency.

Agent compensation and commission expenses are definitely a high variable cost component. The decrease in Sales and Marketing expenses in Q3 2025 was primarily driven by a reduction in the commission of new home transaction services for Lianjia agents and associated operation staff, reflecting the lower Gross Transaction Value (GTV) served in that segment. This clearly shows the direct link between transaction volume and this major cost driver.

Store operating expenses, which include rent and utilities for the physical network, saw a reduction in Q3 2025. Store costs totaled RMB 663 million in the third quarter, a decrease of 5.8% year-over-year, largely attributed to lower store rental costs as the company refined its physical footprint management.

Technology investment remains a core cost. Technology and R&D expenses for KE Holdings Inc. (BEKE) were RMB 648.28 million in Q3 2025, representing a year-over-year increase of 13.2%, driven by higher personnel expenses as the R&D team expanded, with AI-related personnel doubling compared to the prior year.

Sales and marketing expenses for brand promotion and customer acquisition totaled RMB 1.73 billion in Q3 2025, marking a decrease of 10.7% year-over-year, largely due to the aforementioned reduction in agent-related labor and commission costs.

Fixed labor costs for platform and corporate personnel are embedded within the General and Administrative (G&A) expenses. G&A expenses for Q3 2025 were RMB 1.9 billion, which was relatively flat compared to the same period last year. This category covers the fixed overhead for corporate staff supporting the platform operations.

Here's a quick look at the major operating expense categories for Q3 2025:

The overall GAAP operating expenses for the quarter were RMB 4.3 billion, down 6.7% quarter-over-quarter.

You can see the cost focus by looking at the expense breakdown:

• Technology and R&D investment: RMB 648.28 million
• Personnel cost reduction in Sales/Marketing drove savings.
• Store rental costs were actively managed downward.
• G&A was kept flat, partly due to reduced bad debt provisions.

Finance: draft 13-week cash view by Friday.

KE Holdings Inc. (BEKE) - Canvas Business Model: Revenue Streams

You're looking at how KE Holdings Inc. (BEKE) actually brings in the money based on their latest numbers, which is key for understanding their strategy right now. Honestly, the revenue mix shows a clear pivot toward services that aren't just about the one-time sale of a property.

The core of the revenue still comes from transaction services, but the growth engine appears to be shifting. For the third quarter of 2025, the company reported total revenues of RMB 23.1 billion, which was up 2.1% year-over-year. This top-line resilience, despite market headwinds, is what management is banking on.

Here's a breakdown of the key revenue components from the Q3 2025 results:

Commission from existing home transaction services, reported as net revenue, was RMB 6.0 billion in Q3 2025. This segment saw a 3.6% decrease year-over-year, coming down from RMB 6.2 billion in the same period last year. The GTV (Gross Transaction Value) growth outpaced revenue growth here, which suggests a slight dip in the effective take rate or a higher contribution from connected agents whose revenues are recorded net.

For new home transaction services, the net revenue was RMB 6.6 billion in Q3 2025. That's a 14.1% drop from Q3 2024's RMB 7.7 billion, tracking closely with the 13.7% decrease in new home GTV to RMB 196.3 billion. The monetization capability here is holding steady, though the overall market volume is clearly softer.

The home rental segment is definitely a bright spot, showing significant scale. Net revenues from home rental services hit a record high of RMB 5.7 billion in Q3 2025, a massive 45.3% jump from RMB 3.9 billion in Q3 2024. This growth is tied directly to the number of rental units under management, which grew to over 660,000 by the end of Q3 2025, up from over 370,000 in Q3 2024. Also, both home renovation/furnishing and home rental achieved city-level profitability before headquarters expenses.

Net revenues from home renovation and furnishing were RMB 4.3 billion in Q3 2025, which was relatively flat compared to RMB 4.2 billion in Q3 2024. This business, along with rental, is contributing more to the gross profit mix, which is a strategic move to higher-margin activities.

Emerging services revenue, which includes financial and value-added services, is a smaller piece of the pie. In Q3 2025, this segment brought in RMB 0.4 billion (US$0.06 billion), down from RMB 0.5 billion in the prior year period. You'll want to watch this area for future diversification, but for now, it's a minor contributor to the overall revenue base.

The revenue streams show a clear focus:

• Maintain transaction volume through technology adoption.
• Aggressively scale the rental business for recurring revenue.
• Stabilize the home improvement segment near current levels.
• Keep exploring new, value-added services.

Finance: draft 13-week cash view by Friday.