Beike's net income in 2025 increases by 1%: Non-housing business reaches a new high in proportion, and leasing achieves its first profit.

Ask AI · How can AI-human collaboration enhance the efficiency of Beike service providers?

On March 16, Beike released its performance data for the fourth quarter and the entire year of 2025. In 2025, thanks to a diversified and more resilient business structure, Beike’s revenue showed robust performance amidst a challenging external environment, with net revenue increasing by 1% to 94.6 billion yuan (RMB, the same below), and net profit reaching 2.99 billion yuan, with adjusted net profit at 5.02 billion yuan. In the real estate transaction business, the number of second-hand transactions grew by 11%, reaching a record high, while the new home business outperformed the market year-on-year. The proportion of “non-real estate transaction business” rose to a historical high of 41%, with home decoration business revenue reaching a historical high of 15.4 billion yuan, and the rental business achieved annual profitability for the first time. With deeper integration of AI and refined operations, the average number of second-hand transactions per broker increased from 2 to 3, the average monthly number of contracts handled by professional project managers in home decoration increased by over 100% year-on-year, and the average number of properties managed by asset managers increased by more than 40%, all reaching historical highs.

Beike’s co-founder, chairman, and CEO Peng Yongdong stated, “The ability to truly transcend cycles does not come from scale itself, but from the ability to continuously create real value for consumers. Beike will reform its service logic, transforming from a growth model driven by human and store scale to one driven by efficiency and value creation, enhancing the overall resource conversion efficiency and unit output of the platform. Moving forward, we will explore upgrading transaction services to a full-process ‘decision-making’ service, enhancing the professionalism and certainty of consumer services. We will reshape capabilities with AI technology, optimize resource allocation, and further amplify the professional value of service providers and platform efficiency. At the same time, we will build systematic service capabilities around the housing lifecycle.”

Beike’s executive director and CFO Xu Tao stated, “In 2025, we advanced a series of efficiency-enhancing measures aimed at optimizing the unit economic model and group cost structure, enhancing the company’s operational resilience for the future. The profit margin contribution from new homes in 2025 increased by 0.2 percentage points year-on-year, and the profit margin contribution from existing homes also rebounded in the fourth quarter. The group’s operating efficiency has improved, with operating expenses as a percentage of net revenue declining by 1.4 percentage points year-on-year in 2025. In 2026, we will maintain prudent financial discipline, continue to optimize capital allocation structure, enhance governance levels, and promote stable and sustainable business development.”

Focusing on growth quality, second-hand transaction volume increased by 11% to a record high, rental profitability and home decoration growth

In the context of the new normal of real estate development, Beike proactively adjusted its operating rhythm, not solely focusing on scale but pursuing long-term capability building in business. Especially in the home decoration and rental businesses, the focus is on enhancing profit quality and establishing sustainable, replicable business models, with both businesses entering a healthier development stage.

In 2025, Beike’s existing home business achieved net revenue of 25.02 billion yuan, with the platform’s second-hand transaction volume reaching a historical high, increasing by 11% year-on-year. For the entire year, the proportion of existing home GTV contributed by non-Lianjia sources further increased to about 63%, with non-Lianjia second-hand transaction volume growing by 15% year-on-year, enhancing platform attributes and stability of revenue under the platform model, making it lighter in asset structure.

The total GTV for new home transactions reached 890.9 billion yuan, continuing to outperform the market. Beike is upgrading its new home business from traditional “traffic distribution” to “certain result delivery” for developers and home buyers, attempting to provide support for structural judgment in the early stages of projects and services such as marketing and inventory management in later stages, based on previous focus on channel value.

The home decoration business achieved net revenue of 15.4 billion yuan, a year-on-year increase of 4.4%, with profit margin contribution rising to 31.4%, an increase of 0.7 percentage points year-on-year. In 2025, Beike actively controlled the rhythm of the home decoration business, focusing on building scalable, replicable professional service capabilities through a modular product system, productized model rooms, and BIM intelligent design tools, continuously enhancing the efficiency of designers. At the same time, approximately 80% of main materials and about 60% of auxiliary materials underwent national or local collective procurement to enhance bargaining power and long-term product quality stability.

As of the end of 2025, Beike’s housing rental services managed over 700,000 units, a year-on-year increase of 62%; total net revenue for the year was 21.9 billion yuan, a year-on-year increase of 52.8%. The profit margin contribution increased by 3.6 percentage points year-on-year to 8.6%, achieving annual profitability at the operational level.

“Human-machine collaboration” effect emerges, service provider efficiency reaches historic high

In the wave of AI, Peng Yongdong believes that AI is becoming a core production factor for upgrading the housing service industry. He stated that real estate transactions are not standardized commodity transactions; they involve both rational calculations and a considerable amount of emotional judgment. They require data support as well as genuine offline experiences.

“AI cannot be ignored, and humans cannot be replaced.” Peng Yongdong introduced that AI can maximize the rational aspects while amplifying the value of emotional aspects that must be handled by humans. Beike has clarified its strategic direction of choosing “human-machine collaboration” for its AI strategy. Based on AI capabilities, Beike is enhancing the professionalism of overall service provision on the platform, resource conversion efficiency, and the ability to enhance unit output.

For brokers, in the real estate transaction business, Beike has built an “AI Studio” system, such as AIGC that automatically generates marketing content and handles initial interactions, AI CRM providing customer insights and strategic recommendations, and AI training tools that capture “top seller” experiences to narrow capability gaps. For instance, in broker services, brokers used to spend a lot of time organizing property information and answering repetitive inquiries; now, through AI, they can automatically generate VR video explanations, property interpretations, and customer communication materials, allowing them to spend more time understanding customer needs and driving transaction decisions. Specifically, in terms of efficiency, in 2025, non-Lianjia brokers’ average number of second-hand transactions increased by 6% year-on-year, rising from less than 2 transactions in 2022 to over 3.

In the rental business, Beike has successfully run a closed loop of “AI participation in core strategy,” where AI is involved in or responsible for pricing for property acquisition, inventory scheduling, and regional resource allocation. The efficiency of property acquisition in trial areas improved by 13%, and the success rate of AI pricing for rental listings increased by 5.3 percentage points compared to manual pricing. For the entire year, asset managers averaged over 120 properties managed per month, an increase of 40%. (Xinyue)