KE Holdings Inc. (NYSE:BEKE) Q2 2023 Earnings Conference Call August 31, 2023 8:00 AM ET

Company Participants

Siting Li - IR

Stanley Peng - Co-Founder, Chairman & CEO

Tao Xu - Executive Director & CFO

Conference Call Participants

Alex Yao - JPMorgan

Timothy Zhao - Goldman Sachs

Harry Chen - Citigroup

Miranda Zhuang - Bank of America Securities

Operator

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.'s Second Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. Today's conference call is being recorded.

I will now turn the call over to your host, Ms. Siting Li, IR Director of the company. Please go ahead, Siting.

Siting Li

Thank you, operator. Good evening, and good morning, everyone. Welcome to KE Holdings or Beike's second quarter 2023 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on our company's IR website, investors.ke.com. On today's call, we have Mr. Stanley Peng, our Co-Founder, Chairman and Chief Executive Officer; and Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategies and business development, and Mr. Xu will provide additional details on the company's financial results.

Before we continue, I refer you to our safe harbor statements in our earnings press release. Please apply to this call as we will make forward-looking statements. Please also note that Beike's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. Please refer to the company's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB.

With that, I will now turn the call over to our Chairman and CEO, Mr. Stanley Peng. Please go ahead.

Stanley Peng

Thank you, Siting. Hello, everyone. Thank you for joining Beike's second quarter 2023 earnings conference call. In the first half of the year, our performance improved significantly compared with the same period last year, with 43% year-on-year growth of our total GTV and 51% year-on-year growth of our total revenue.

Although, the housing market, there is a surge and a subsequent adjustment on a quarterly basis compared to the same period last year, China's real estate and residential market as a whole still demonstrated recovery. In addition, during the market correction, we successfully retained service providers, effectively reduced costs and raised our efficiencies, all while rapidly expanding our emerging businesses. This combination of initiatives has enabled us to capitalize more effectively on the market rebound and outperform the market.