KE Holdings Inc (HKSE:02423)
HK$ 34.95 -1.5 (-4.12%) Market Cap: 126.96 Bil Enterprise Value: 92.56 Bil PE Ratio: 28.02 PB Ratio: 1.71 GF Score: 61/100
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Q2 2024 Ke Holdings Inc Earnings Call Transcript

Aug 12, 2024 / 12:00PM GMT
Release Date Price: HK$35.85 (-1.38%)

Key Points

Positve
  • KE Holdings Inc (BEKE) achieved a 7.5% year-over-year increase in total GTV, reaching RMB839 billion.
  • Net revenue for Q2 2024 was RMB23.4 billion, representing a 19.9% year-over-year increase.
  • GAAP net income rose by 46.2% year-over-year to RMB1.9 billion.
  • The home renovation and furnishing business saw revenue growth of 53.9% year-over-year.
  • The home rental services revenue increased by 167.1% year-over-year, with the number of managed units exceeding 310,000.
Negative
  • The new home transaction services revenue declined by 8.8% year-over-year.
  • The contribution margin for new home transaction services fell by 2.2 percentage points year-over-year.
  • Despite improvements, the new home market remains subdued with a year-over-year decline in sales.
  • The overall market recovery is constrained by expectations of further price drops and cautious buyer sentiment.
  • The company faces challenges in balancing scale, quality, and efficiency in its new business ventures.
Operator

Hello, ladies and gentlemen. Thank you for standing by for Ke Holdings Inc's second-quarter 2024 earnings conference call. Please note that today's call, including the management's prepared remarks and question and answer session will all be in English. Simultaneous interpretation in Chinese is available on a separate line for the duration of the call. To access the call in Chinese, you will need to dial into the Chinese language line. (Operator instructions) Today's conference call is being recorded.

I will now turn the call over to your host, Ms. Siting Li, IR, Director of the company. Please go ahead, Siting.

Siting Li
Ke Holdings Inc - Investor Relations

Thank you, operator. Good evening and good morning, everyone. Welcome to Ke Holdings Inc or Beike's second-quarter 2024 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website, investors.ke.com.

On today's call we have Mr. Yongdong Peng, our Co-Founder, Chairman and Chief

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