BEKE(BEKE)2025-04-17 11:27Revenue Growth - Net revenues increased by 20.2% to RMB93.5 billion in 2024 from RMB77.8 billion in 2023, driven by new home transaction services and expansion in home renovation and rental businesses [45]. - Total GTV rose by 6.6% to RMB3,349.4 billion in 2024 from RMB3,142.9 billion in 2023, reflecting the company's proactive growth strategy [45]. - Net revenues from home renovation and furnishing surged by 36.1% to RMB14.8 billion in 2024 from RMB10.9 billion in 2023, attributed to increased orders and enhanced delivery capabilities [46]. - Net revenues from home rental services skyrocketed by 135.0% to RMB14.3 billion in 2024 from RMB6.1 billion in 2023, mainly due to the growth in rental units under the Carefree Rent model [48]. - Total net revenues for the year ended December 31, 2024, reached RMB 93,457,498, an increase from RMB 77,776,932 in 2023, representing a growth of approximately 20% [147]. - Existing home transaction services generated RMB 28,201,003 in revenue, while new home transaction services contributed RMB 33,653,403, reflecting increases of 0.9% and 10.1% respectively compared to the previous year [147]. - Home renovation and furnishing segment reported net revenues of RMB 14,768,947 in 2024, significantly up from RMB 10,850,497 in 2023, with a contribution of RMB 4,539,251 [172]. - Home rental services achieved net revenues of RMB 14,334,479 in 2024, compared to RMB 6,099,747 in 2023, resulting in a contribution of RMB 714,973 [172]. Financial Performance - Gross profit increased by 5.6% to RMB22.9 billion in 2024 from RMB21.7 billion in 2023, with a gross margin of 24.6% compared to 27.9% in 2023 [58]. - Income from operations decreased to RMB3,765 million in 2024 from RMB4,797 million in 2023, resulting in an operating margin of 4.0% compared to 6.2% in 2023 [60]. - Net income fell to RMB4,078 million in 2024 from RMB5,890 million in 2023 [62]. - Net income attributable to KE Holdings Inc. for 2024 was RMB 4,064,900, a decrease of approximately 30.9% from RMB 5,883,224 in 2023 [149]. - The company reported a total comprehensive income of RMB 4,442,990 for 2024, down from RMB 6,546,627 in 2023, reflecting a decline of about 32.1% [150]. - Adjusted net income for 2024 was RMB 7,211,073, down from RMB 9,798,488 in 2023, reflecting a decrease of about 26.4% [203]. - Net income for 2024 was RMB 4,078,180, down from RMB 5,889,604 in 2023, with an effective tax rate of 40.6% [173][177]. Cash Flow and Investments - Net cash provided by operating activities decreased from RMB11,414,244 thousand in 2023 to RMB9,447,137 thousand in 2024 [78]. - Net cash used in investing activities increased from RMB3,977,440 thousand in 2023 to RMB9,378,025 thousand in 2024, reflecting higher investment in short-term and long-term assets [90]. - Net cash used in financing activities decreased from RMB7,218 million in 2023 to RMB5,795 million in 2024, with a notable repurchase of ordinary shares [93]. - Capital expenditures rose from RMB874 million in 2023 to RMB1,037 million in 2024, primarily for property, plant, and equipment [95]. - Cash, cash equivalents, and restricted cash decreased from RMB25,857,461 thousand at the beginning of 2024 to RMB20,301,414 thousand at the end of the year [78]. - The company reported a significant increase in customer deposits payable to RMB 6,078,623 as of December 31, 2024, compared to RMB 3,900,564 in 2023, reflecting a growth of 55.9% [153]. Assets and Liabilities - Total assets grew to RMB 133,149,283 as of December 31, 2024, compared to RMB 120,331,931 in 2023, representing an increase of approximately 10.7% [151]. - Total liabilities increased to RMB 61,701,288 as of December 31, 2024, up from RMB 48,130,826 as of December 31, 2023, representing a growth of 28.1% [153]. - Total shareholders' equity decreased slightly to RMB 71,447,995 as of December 31, 2024, compared to RMB 72,201,105 as of December 31, 2023, a decline of 1.0% [154]. - The accumulated deficit as of December 31, 2024, was RMB (32,472,121), reflecting a significant increase from RMB (37,127,085) as of December 31, 2023 [191]. Shareholder Returns and Dividends - A final cash dividend of US0.36 per ADS, was approved, amounting to approximately US715.5 million [117]. - The board of directors approved an increase in the share repurchase authorization from US3 billion, extending the program until August 31, 2025 [116]. Employee and Governance - The company had a total of 135,072 employees as of December 31, 2024, with the largest group being agents and supporting staff at 108,609 [113]. - The company plans to continue granting share-based incentive awards to employees to encourage contributions to growth and development [114]. - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period [124]. Research and Development - Research and development expenses increased to RMB 2,283,424 in 2024, compared to RMB 1,936,780 in 2023, marking a rise of approximately 17.8% [149].