KE Holdings, which trades as Beike, operates China's largest integrated online and offline housing transaction platform. Beike connects home buyers, sellers, renters, landlords, agents, brokerage brands, and developers through its platform, which includes the ke.com website, Beike app, and related tools. Beike also owns and operates Lianjia, China's largest real estate brokerage brand, which serves as both a direct brokerage business and the standards-setting anchor for the broader platform. A defining feature of Beike's platform is its ACN (Agent Cooperation Network), which standardizes listing authenticity, defines transaction roles, and automatically allocates commissions across agents and brokerage brands who cooperate on a single deal — creating strong network effects as more agents and brands join. Beike earns revenue from existing home brokerage commissions (recognizing gross revenue from Lianjia's own transactions and net platform service fees from connected third-party brands), and from commissions charged to developers for new home sales through its agent network. Beyond transaction brokerage, Beike operates home renovation and furnishing services under its Beiwoo and Shengdu brands, and a home rental management business under the Carefree Rent brand, which manages scattered rental apartments on behalf of landlords. Non-transaction revenues reached 41% of total revenue in FY25, reflecting deliberate diversification. Beike's growth strategy is shifting from adding agents and stores toward improving agent productivity, AI integration across customer matching and operations, and scaling renovation and rental into profitable businesses.