KE Holdings Inc. (Beike Findhouse) — Cyborg Score 7/10

Strategic Profile

In 2023, Beike established its "One Body, Three Wings" strategy and in March 2026 initiated a strategic transformation, deeply transitioning from a transaction platform to a community living service platform. By early 2026, Realsight 3.0 has digitized over 40 million properties, and Agent Copilot supports over 450,000 agents with content creation, contract analysis and market predictions at 92 percent accuracy. The Carefree Rent model manages over 300,000 units in top-tier Chinese cities as of early 2026.

Cyborg Score Rationale

In 2025, Beike's net revenue grew by 1% to 94.6 billion RMB, with revenue from its "Non-Property Transaction Business" increasing to 41% of the total, and its leasing business achieved full-year profitability for the first time. In Q1 2026, net income was USD 182 million (up 46.7% year-on-year), gross margin reached 24.1% (the highest since Q2 2024), and adjusted operating margin was 8.8% (a seven-quarter high). However, existing home GTV was down 7.9% and new home GTV was down 37.2%, reflecting structural headwinds in China's residential property market.

Top Insights

• Non-Property Transaction Business revenue reached 41% of total in 2025, signaling successful diversification beyond volatile home sales into rentals and renovations.
• Home rental services showed resilience with revenue down just 1.5% in Q1 2026, and rentals now effectively tied with new home transaction revenue at RMB 5 billion each.
• In April 2026, Beike announced the detailed rules for the "Healthy Home Shell Guardian Fund" and launched the "Healthy Home Shell Guardian Card", expanding service differentiation.
• Chinese policy prioritizes housing affordability and anti-monopoly measures, increasing the risk of commission caps and tighter platform rules; stricter data protection requirements raise compliance costs.

Named Competitors

• Lianjia — China's leading real estate brokerage brand and integral platform component
• Leju Holdings — Chinese property platform competitor
• Compass — Real estate technology platform expanding in Asian markets
• Zillow — US-based real estate marketplace (business model comparison)

Recent Developments

• (May 2026) Q1 2026 earnings: net income up 46.7% YoY to USD 182 million; gross margin 24.1% (seven-quarter high); adjusted operating margin 8.8%
• (April 2026) Launched "Healthy Home Shell Guardian Card" and detailed fund rules to enhance service guarantees
• (March 2026) CEO announced strategic transformation from transaction platform to community living service platform; 2025 full-year net revenue grew 1% to 94.6 billion RMB
• (February 2026) Ranked 93rd on 2025 Hurun China 500 with enterprise valuation of 142 billion yuan
• (Early 2026) Realsight 3.0 digitized over 40 million properties; Carefree Rent model manages 300,000+ units

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