Exhibit 99.1

KE Holdings Inc. Announces Third Quarter 2023 Unaudited Financial Results

BEIJING, China, November 8, 2023 - KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Business and Financial Highlights for the Third Quarter of 2023

¹ GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services, and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.

² Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

³ Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.

“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 39,713 as of September 30, 2022.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “During the third quarter of 2023, China’s real estate market saw meaningful monthly rebound supported by a wave of government favorable policies, such as lowering down payment ratio. We achieved resilient top-line performance, which is a powerful testament to our across-the-board efforts for business growth and efficiency improvement.”

“As we see a horizon with prospects centered on ‘better living’, and are eager to fulfill the tremendous needs from consumers, we have upgraded our corporate strategy to ‘One Body, Three Wings’, a significant step in our roadmap to become the leading one-stop platform of residential services. Through prudent execution and efficiency improvement, we’ve reinforced the agility and resilience of our ‘One Body’ business, and are excited to connect to a broader range of industry participants to drive the sector’s high-quality advancement. We also aim to deepen our insights and ramp up our service capabilities by actively pursuing the rapid scale expansion of our new businesses, including home renovation and furnishing. We will always strive to uplift the industry standards, while forging lasting and synergistic relationships with all industry stakeholders. Our technology-empowered infrastructure, extensive datasets, strong customer traffic, and expansive store and agent network will position us well for the future, delivering unparalleled value to both our customers and the whole residential industry,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the third quarter of this year, China’s real estate market gradually picked up from the bottom with higher-tier cities leading the month-on-month recovery in September following the introduction of supportive polices. Our net revenues grew by 1.2% year-over-year to RMB17.8 billion in the third quarter. As we actively advanced our ‘One body, Three wings’ growth strategy, we achieved a resilient revenue performance for housing transaction services in the quarter, while our home renovation and furnishing services revenue saw a 72.1% of year-on-year jump, reaching RMB3.2 billion. Notably, our enhanced operational capability and careful cost discipline generated a gross margin of 27.4%, ticking up from 27.0% in same period last year. Our net income in the third quarter saw a 63.4% year-over-year increase, reaching RMB1,170 million, while adjusted net income grew by 14.4% to RMB2,159 million, showcasing stronger profitability. Our solid cash reserves and prudent financial management have allowed us to return to shareholders in the form of share repurchases and special cash dividend issued during the third quarter. Looking forward, we will continue to execute a strategic and disciplined approach, enhance capital allocation efficiency, and prioritize our investments in business areas that bring key value, while remaining dedicated to shareholder returns. We believe this will enable us to achieve sustainable and organic growth, and create long-term value for our shareholders.”

⁴ “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 372,718 as of September 30, 2022.

⁵ “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.

Third Quarter 2023 Financial Results

Net Revenues

Net revenues increased by 1.2% to RMB17.8 billion (US$2.4 billion) in the third quarter of 2023 from RMB17.6 billion in the same period of 2022. The increase was primarily attributable to the increase of net revenues from home renovation and furnishing and rental property management services, which was partially offset by the decrease of net revenues from existing and new home transaction services. Total GTV decreased by 11.1% to RMB655.2 billion (US$89.8 billion) in the third quarter of 2023 from RMB737.1 billion in the same period of 2022, which was primarily attributable to the soft market sentiment, especially in new home transactions, while the market also experienced a sequential recovery month-on-month, especially in September after many high-tier cities introduced supportive polices.

Among that, (i) commission revenue decreased by 16.1% to RMB5.1 billion (US$0.7 billion) in the third quarter of 2023 from RMB6.1 billion in the same period of 2022, primarily due to a decrease in GTV of existing home transactions served by Lianjia stores of 13.0% to RMB191.2 billion (US$26.2 billion) in the third quarter of 2023 from RMB219.7 billion in the same period of 2022; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform, increased by 13.4% to RMB1.2 billion (US$0.2 billion) in the third quarter of 2023 from RMB1.0 billion in the same period of 2022, mainly due to an 8.1% increase of GTV of existing home transactions served by connected agents on the Company’s platform to RMB247.8 billion (US$34.0 billion) in the third quarter of 2023 from RMB229.3 billion in the same period of 2022.

Cost of Revenues

Total cost of revenues was to RMB12.9 billion (US$1.8 billion) in the third quarter of 2023, compared to RMB12.8 billion in the same period of 2022.

Gross Profit

Gross profit increased by 2.6% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2023 from RMB4.8 billion in the same period of 2022. Gross margin was 27.4% in the third quarter of 2023, compared to 27.0% in the same period of 2022. The increase in gross margin was primarily due to a lower percentage of costs related to stores of net revenues with a relatively flat contribution margin in the third quarter of 2023 compared to the same period of 2022.

Income (Loss) from Operations

Total operating expenses increased by 12.0% to RMB4.0 billion (US$0.5 billion) in the third quarter of 2023 from RMB3.5 billion in the same period of 2022.

Income from operations was RMB911 million (US$125 million) in the third quarter of 2023, compared to RMB1,216 million in the same period of 2022. Operating margin was 5.1% in the third quarter of 2023, compared to 6.9% in the same period of 2022, primarily due to the increased contribution of net revenues from home renovation and furnishing and rental property management services, which was still in ramp-up period with a relatively lower operating margin than that of existing and new home transaction services in the third quarter of 2023, compared to the same period of 2022.

Adjusted income from operations⁶ was RMB1,886 million (US$259 million) in the third quarter of 2023, compared to RMB2,108 million in the same period of 2022. Adjusted operating margin⁷ was 10.6% in the third quarter of 2023, compared to 12.0% in the same period of 2022. Adjusted EBITDA⁸ was RMB2,515 million (US$345 million) in the third quarter of 2023, compared to RMB2,343 million in the same period of 2022.

Net Income (Loss)

Net income was RMB1,170 million (US$160 million) in the third quarter of 2023, compared to RMB716 million in the same period of 2022.

Adjusted net income was RMB2,159 million (US$296 million) in the third quarter of 2023, compared to RMB1,888 million in the same period of 2022.

⁶ Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

⁷ Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.

⁸ Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

Net Income (Loss) attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB1,158 million (US$159 million) in the third quarter of 2023, compared to RMB723 million in the same period of 2022.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders⁹ was RMB2,147 million (US$294 million) in the third quarter of 2023, compared to RMB1,895 million in the same period of 2022.

Net Income (Loss) per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹⁰ were RMB0.99 (US$0.14) and RMB0.97 (US$0.13) in the third quarter of 2023, respectively, compared to RMB0.61 and RMB0.60 in the same period of 2022, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹¹ were RMB1.84 (US$0.26) and RMB1.80 (US$0.24) in the third quarter of 2023, respectively, compared to RMB1.59 and RMB1.57 in the same period of 2022, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of September 30, 2023, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB60.4 billion (US$8.3 billion).

Business Outlook

For the fourth quarter of 2023, the Company expects the total net revenues to be between RMB18.0 billion (US$2.47 billion) and RMB18.5 billion (US$2.54 billion), representing an increase of approximately 7.5% to 10.5% from the same quarter of 2022. This forecast considers the potential impact of the recent real estate related policies and measures, which remain uncertain and may continue to affect the Company’s operations. Therefore, the Company’s ongoing and preliminary view is contingent on the business situation and market condition.

⁹ Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

¹⁰ ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.

¹¹ Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, under which the Company may purchase up to US$2 billion of its Class A ordinary shares and/or ADSs until August 31, 2024, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 15, 2023. From the launch of the share repurchase program in September 2022 to September 2023, the Company in aggregate purchased approximately 49.5 million ADSs (representing approximately 148.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$736.5 million under the share repurchase program, and certain of these purchases were settled in early October 2023.

Conference Call Information

The Company will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, November 8, 2023 (8:00 P.M. Beijing/Hong Kong Time on Wednesday, November 8, 2023) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10034424-6dgyf8.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10034531-nfg7dv.html

A replay of the conference call will be accessible through November 15, 2023, by dialing the following numbers:

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2960 to US$1.00, the noon buying rate in effect on September 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 21 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

KE Holdings Inc.

Investor Relations

Siting Li

E-mail: ir@ke.com

Piacente Financial Communications

Jenny Cai

Tel: +86-10-6508-0677

E-mail: ke@tpg-ir.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: ke@tpg-ir.com

Source: KE Holdings Inc.

KE Holdings Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)

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UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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UNAUDITED SEGMENT CONTRIBUTION MEASURE

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