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    Griffin Chan • Citigroup

    Griffin Chan's questions to Ke Holdings Inc (BEKE) leadership

    Griffin Chan's questions to Ke Holdings Inc (BEKE) leadership • Q4 2024

    Question

    Griffin Chan questioned the results of the company's aggressive agent and store network expansion in 2024 and inquired about the strategy for 2025, asking if Beike would continue this growth path or pivot to focus more on AI-driven efficiency.

    Answer

    Tao Xu, Executive Director and CFO, confirmed that the 2024 strategy focused on growth, resulting in a 20% increase in active non-Lianjia stores and an 11% rise in agents, with a strong ROI demonstrated by a six-month payback period for new stores. For 2025, Xu stated that while growth and ecosystem development remain key, there will be an increasing focus on enhancing efficiency through digital tools and promoting the 'large store model' to drive productivity gains.

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    Griffin Chan's questions to Ke Holdings Inc (BEKE) leadership • Q1 2024

    Question

    Griffin Chan questioned management on the perceived effect of government-led home replacement ('old-for-new') policies on overall housing demand and asked how KE Holdings intends to participate and leverage its market leadership position.

    Answer

    CFO Tao Xu described the 'destocking' policies as a positive measure to rebalance market dynamics. He explained that KE Holdings is an active participant, having pioneered an 'old-for-new' model in Qingdao in 2022. This model, which has since expanded to 12 cities, helps developers attract incremental buyers and provides a more efficient experience for clients, completing nearly 200 such transactions in Qingdao in 2023.

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