KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2021.
Business Highlights for the First Quarter of 2021
Gross transaction value (GTV)1was RMB1,069.6 billion (US$163.3 billion), an increase of 224.2% year-over-year.GTV of existing home transactionswas RMB673.4 billion (US$102.8 billion), an increase of 244.2% year-over-year.GTV of new home transactionswas RMB343.4 billion (US$52.4 billion), an increase of 194.9% year-over-year.GTV of emerging and other serviceswas RMB52.7 billion (US$8.1 billion), an increase of 197.3% year-over-year.
Net revenueswere RMB20.7 billion (US$3.2 billion), an increase of 190.7% year-over-year.
Net incomewas RMB1,059 million (US$162 million).Adjusted net income2was RMB1,502 million (US$229 million).
Number of storeswas 48,717 as of March 31, 2021, a 25.4% increase from one year ago.
Number of agentswas 528,424 as of March 31, 2021, a 41.8% increase from one year ago.
Mobile monthly active users (MAU)3averaged 48.5 million, an increase of 78.2% year-over-year.
Mr. Stanley Yongdong Peng, Co-founder and Chief Executive Officer of Beike, commented, "We are grateful to have achieved stellar first quarter results that were bolstered by the tailwinds from China’s robust economic growth following the COVID-19 pandemic and the adherence of the national policy of ‘houses are for living, not for speculation.’ The solid growth also highlighted the strength of our core values and business model. As our consistent efforts to deliver an excellent consumer experience and unmatched service quality bore fruit, our GTV reached RMB1.07 trillion in the first quarter, up 224.2% year over year. Meanwhile, the self-reinforcing virtuous cycle of efficiency and scalability driven by quality service was further enhanced on our platform."
"Additionally, our Agent Specialization strategy that encourages real estate agents to become specialists in a particular field and the contract service centers that streamline the signing process, guarantee transaction security and enhance efficiency of multiple parties, have lifted GTV of our existing home transaction services to RMB673.4 billion in the first quarter, representing a year-over-year growth of 244.2%. GTV of our new home transaction services was RMB343.4 billion, up 194.9% year-over-year, driven by a 220.0% GTV growth from connected stores and other sales channels as we continued to improve the quality and enhance the efficiency. We also made significant progress in enriching online content for new home projects, as well as launching the ‘New Home Business Conduct Improvement Plan’ to foster a fair, safe, efficient and orderly network for the new home transaction services. Our emerging services, including home renovation services and financial services, continued to gain traction, armed us with the ability to address a wider range of home-related consumer needs, and served as incremental growth drivers."
"Going forward, we will continue to evolve our business and invest in initiatives aligned with our core values, while creating a new and improved norm for the industry built on trust and generating long-term value for everyone we interact with." concluded Mr. Peng.
KE Holdings shares rose 1.07% in after hour trading.
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