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    John Lam • UBS

    John Lam's questions to Ke Holdings Inc (BEKE) leadership

    John Lam's questions to Ke Holdings Inc (BEKE) leadership • Q1 2025

    Question

    John Lam from UBS Group AG inquired about the Beihaojia business, specifically its contribution to new home development and how its Customer-to-Manufacturer (C2M) business model is being implemented and reflected.

    Answer

    CFO Tao Xu explained that Beihaojia's C2M model uses Beike's massive database to provide developers with data-driven insights for project positioning and product design. He noted a total investment of about RMB 2.3 billion in related projects, with one project achieving a nearly 30% IRR, validating the model's ability to enhance sales certainty. Key advantages include a deep understanding of consumer needs and strong market pricing capabilities derived from Beike's core platform data.

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    John Lam's questions to Ke Holdings Inc (BEKE) leadership • Q1 2024

    Question

    John Lam requested an update on the progress and key highlights for KE Holdings' home decoration and furnishing business, as well as its home rental services business.

    Answer

    CFO Tao Xu reported strong Q1 growth in home renovation, with contracted sales of RMB 3.4 billion (+26% YoY) and revenue of RMB 2.4 billion (+71% YoY), driven by better service integration and delivery capabilities. For the rental business, Q1 revenue reached RMB 2.63 billion (+189% YoY), propelled by the 'Carefree Rent' model, which grew to manage over 240,000 units with an improved occupancy rate of 96.5%.

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