Key Points
- Strong Revenue Growth: Shell (Beike 贝壳) reported a total revenue of ¥49.3 billion RMB in H1 2025, marking a significant +24.1% year-over-year increase, driven by expanded total transaction volume and growth in home furnishing, renovation, and housing rental businesses.
- Strategic Business Mix Shift: While net profit was ¥2.162 billion RMB (a slight decline), the company strategically diversified, with non-property transaction services accounting for over 38% of total net revenue, highlighted by an 85.2% YoY increase in housing rental services revenue.
- Expanded Share Buyback: The board approved an expansion of the share repurchase program from $3 billion USD to $5 billion USD, with approximately $2.02 billion USD in total repurchases since September 2022 through June 2025, signaling strong confidence in shareholder returns.
- Operational Scale: The company demonstrated significant operational growth with 58,664 active stores (+32% YoY) and 491,573 active agents (+19.5% YoY), supporting scalable distribution for its diverse services.
Shell (Beike 贝壳) H1 2025 headlines matter for investors watching Chinese proptech.
On August 26, 2025, Shell (Beike 贝壳), listed as NYSE: BEKE and 02423.HK, published its interim financial results for the first half of 2025.
These results reveal a mix of fast revenue growth, margin compression, and a materially expanded share repurchase plan.
Financial highlights — H1 2025 results (quick snapshot)
Total revenue for the period: ¥49.3 billion RMB.
Year-over-year revenue growth: +24.1%.
Net profit: ¥2.162 billion RMB ($296 million USD), a slight decline versus the prior year.
Adjusted net profit: ¥3.214 billion RMB ($440 million USD).
Gross margin: 21.3%, down from 26.8% in H1 2024.
Driving revenue growth: GTV expansion and business mix
The company credited revenue growth mainly to larger total transaction volume and expansion in home furnishing, renovation, and housing rental businesses.
Total Gross Transaction Value (GTV) for the six months ended June 30, 2025: ¥1,722.4 billion RMB ($235.6 billion USD), a 17.3% year-over-year increase.
Core business breakdown (net revenue and GTV trends):
- Existing home transactions: Net revenue ¥13.6 billion RMB ($1.86 billion USD), up 4.0%.
- Existing home GTV: ¥1,163.8 billion RMB ($159.2 billion USD), up 13.7%.
- New home transactions: Net revenue ¥16.7 billion RMB ($2.29 billion USD), up 29.9%.
- New home GTV: ¥487.6 billion RMB ($66.7 billion USD), up 26.0%.
Shell disclosed that second-hand home transactions accounted for over 75% of total real estate sales transactions on its platform in H1 2025.
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Diversification beyond property transactions — building non-transaction revenue
Non-property transaction services made up over 38% of total net revenue in H1 2025.
Key non-transaction lines and scale:
- Home furnishing & renovation: Net revenue ¥7.5 billion RMB ($1.03 billion USD), +16.5% YoY.
- Housing rental services: Revenue ¥10.8 billion RMB ($1.48 billion USD), up 85.2% YoY.
- Managed rental properties: >590,000 units under management, an increase of over 88% YoY.
- Other emerging businesses: ~¥0.8 billion RMB ($110 million USD).
That mix shift highlights a strategic push to monetize adjacent services and increase recurring revenue footprints.
Operational scale and balance sheet strength
Operational scale in H1 2025:
- Active stores: 58,664, +32% YoY.
- Active agents: 491,573, +19.5% YoY.
- Average mobile MAU: 48.7 million.
Liquidity and leverage snapshot as of June 30, 2025:
- Combined cash, cash equivalents, restricted cash, and short-term investments: ¥53.1 billion RMB ($7.26 billion USD).
- Asset-liability ratio: 44.3%.
These figures indicate a sizable cash position that management is explicitly using to support shareholder returns.
- Combined Cash, Cash Equivalents, Restricted Cash, and Short-term Investments: ¥53.1 billion RMB ($7.26 billion USD)
- Asset-Liability Ratio: 44.3%
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Share buyback program expanded to $5 billion USD
The board approved an expansion and extension of the buyback authorization from $3 billion USD to $5 billion USD.
The program expiration date was extended to August 31, 2028.
Repurchase activity to date:
- H1 2025 repurchases: approx. $394 million USD.
- Total repurchases since September 2022 through June 2025: approx. $2.02 billion USD.
- ADSs repurchased represented ~10.3% of total outstanding shares prior to the program’s start.
- ADSs repurchased in H1 2025 represent ~1.7% of total shares outstanding at the end of 2024.
- All repurchased Class A ordinary shares (ADSs) have been fully canceled.
Management frames the expanded autorization as a way to “create and continuously enhance long-term value for shareholders” through proactive returns supported by a strong cash position.
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What this means for investors, founders, and operators
Revenue acceleration + margin pressure: Revenue is scaling fast, up 24.1%, but gross margin compression from 26.8% to 21.3% suggests the company is reinvesting in growth or seeing pricing and mix effects.
Platform monetization: With non-property transaction revenue >38%, Shell (Beike 贝壳) is actively turning transaction traffic into recurring and high-growth service lines like rentals and renovation.
Balance sheet optionality: A cash pile of ¥53.1 billion RMB ($7.26 billion USD) plus a larger buyback authorization gives management flexibility to support the stock and fund strategic initiatives.
Shareholder returns signal confidence: Increasing the buyback cap to $5 billion USD and canceling repurchased ADSs is a strong signal that management believes the shares are a good use of capital today.
Operational tailwinds: More active stores, agents, and a large MAU base suggest scalable distribution for cross-selling services.
Key takeaways — H1 2025 in three bullets
- Top-line momentum: Revenue growth of 24.1% and GTV up 17.3% show the core marketplace is expanding.
- Margin & mix: Gross margin fell to 21.3%, while non-transaction services now represent a larger share of revenue.
- Capital allocation: Buyback authorization extended to $5 billion USD, with cumulative repurchases of ~$2.02 billion USD to date.
Where to read the filings and primary disclosures
For the full interim financial statements and management commentary, see the company’s Investor Relations page:
Investor Relations – KE Holdings Inc. (贝壳找房)
Also covered by Chinese financial press and data portals including:
Final thought
Shell (Beike 贝壳) H1 2025 results show a company scaling revenue, evolving its business mix toward higher recurring services, and using a strengthened buyback program to return capital to shareholders.
References
- 贝壳：上半年净利润21.6亿元 股份回购授权增加至50亿美元 – The Paper (澎湃新闻)
- 东方财富 (Eastmoney)
- Investor Relations – KE Holdings Inc. (贝壳找房)
Shell (Beike 贝壳) H1 2025
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