| Schedule of major subsidiaries and consolidated VIEs (inclusive of the VIEs' subsidiaries) |
As of December 31, 2025, the details of the Company’s major subsidiaries and consolidated VIEs (inclusive of the VIEs’ subsidiaries) are as follows: | | | | | | | | | | Date of | | | | Percentage of | | | | incorporation or | | Place of | | direct or indirect | | Name | | acquisition | | incorporation | | economic ownership | | Subsidiaries | | | | | | | | Beike Group (Cayman) Limited | | August 6, 2018 | | Cayman Islands | | 100 | % | Beike Finance Holdings (Cayman) Limited | | August 14, 2018 | | Cayman Islands | | 100 | % | Beike Fintech Holdings (Cayman) Limited | | August 14, 2018 | | Cayman Islands | | 100 | % | Beike Investments (Cayman) Limited | | August 6, 2018 | | Cayman Islands | | 100 | % | Shengdu Co., Ltd. | | October 13, 2021 | | Cayman Islands | | 100 | % | Beike Investments (BVI) Limited | | July 12, 2018 | | BVI | | 100 | % | Beike Group (BVI) Limited | | July 12, 2018 | | BVI | | 100 | % | Beike Fintech Holdings (BVI) Limited | | August 15, 2018 | | BVI | | 100 | % | Sharehome HK International Limited | | December 16, 2016 | | Hong Kong | | 100 | % | Beike Kestone Holdings (Hong Kong) Limited | | August 13, 2018 | | Hong Kong | | 100 | % | Shengdu (Hong Kong) Company Limited | | November 8, 2021 | | Hong Kong | | 100 | % | Shanghai Beike Investment Holdings Group Co., Ltd. | | June 6, 2019 | | PRC | | 100 | % | Beixi (Tianjin) Technology Co., Ltd. | | November 21, 2019 | | PRC | | 100 | % | Beike (Tianjin) Investment Co., Ltd. | | September 29, 2018 | | PRC | | 100 | % | Beihan (Tianjin) Technology Co., Ltd. | | November 27, 2019 | | PRC | | 100 | % | Lianjia (Tianjin) Enterprise Management Co., Ltd. | | August 13, 2018 | | PRC | | 100 | % | Beijing Lianjia Zhidi Real Estate Brokerage Co., Ltd. | | July 25, 2005 | | PRC | | 100 | % | Beijing Lianjia Gaoce Real Estate Brokerage Co., Ltd. | | September 20, 2016 | | PRC | | 100 | % | Beijing Haichuan Xingye Real Estate Management Consulting Co., Ltd. | | April 19, 2007 | | PRC | | 100 | % | Deyou Real Estate Agency Co., Ltd. | | September 5, 2002 | | PRC | | 100 | % | Shanghai Xiaoheng Internet Technology Co., Ltd. | | October 30, 2017 | | PRC | | 100 | % | Shanghai Deyou Property Consulting Co., Ltd. | | April 16, 2014 | | PRC | | 100 | % | Sichuan Lianjia Real Estate Brokerage Co., Ltd. | | December 30, 2009 | | PRC | | 100 | % | Ningbo Fangjianghu Internet Technology Co., Ltd. | | July 17, 2018 | | PRC | | 100 | % | Tianjin Haibei Information Technology Co., Ltd. | | September 14, 2018 | | PRC | | 100 | % | Beike Zhaofang (Beijing) Technology Co., Ltd. | | August 3, 2015 | | PRC | | 100 | % | Beike Zhaofang Technology Co., Ltd. | | November 21, 2017 | | PRC | | 100 | % | Beike Technology Co., Ltd. | | June 28, 2017 | | PRC | | 100 | % | Shanghai Haibi Technology Co., Ltd. | | October 25, 2018 | | PRC | | 100 | % | Deyou (Tianjin) Real Estate Brokerage Service Co., Ltd. | | October 16, 2017 | | PRC | | 100 | % | Shanghai Huibeiju Technology Co., Ltd. | | October 27, 2022 | | PRC | | 100 | % | Shanghai Chenhaibei Internet Technology Co., Ltd. | | January 16, 2020 | | PRC | | 100 | % | Beijing Beike Jiaju Technology Co., Ltd. | | September 28, 2016 | | PRC | | 100 | % | Qingdao Shengjia Huazhang Enterprise Management Co., Ltd. | | December 9, 2021 | | PRC | | 100 | % | Beike Meijia Technology (Zhejiang) Co., Ltd. | | November 21, 2022 | | PRC | | 100 | % | Beijing Beiwoo Decoration Co., Ltd. | | January 5, 2022 | | PRC | | 100 | % | Shengdu Home Renovation Co., Ltd. | | April 20, 2022 | | PRC | | 100 | % | Beijing Meichen Information Consulting Co., Ltd. | | September 6, 2016 | | PRC | | 100 | % | Beijing Xinfu Housing Rental Co., Ltd. | | September 5, 2013 | | PRC | | 100 | % | Tianjin Haibei Technology Service Co., Ltd. | | July 14, 2017 | | PRC | | 100 | % | Beike Meijia Zhijia Technology (Zhejiang) Co., Ltd. | | June 24, 2024 | | PRC | | 100 | % | Shanghai Shengyi Investment Management Co., Ltd. | | November 28, 2013 | | PRC | | 100 | % | Beike Meijia Supply Chain Management (Zhejiang) Co., Ltd. | | December 29, 2022 | | PRC | | 100 | % | Beike Shengdu (Zhejiang) Architectural Decoration Engineering Co., Ltd. | | July 31, 2017 | | PRC | | 100 | % | Consolidated VIEs | | | | | | | | Beijing Lianjia Real Estate Brokerage Co., Ltd. (“Beijing Lianjia”) (i) | | September 30, 2001 | | PRC | | 100 | % | Beijing Yiju Taihe Technology Co., Ltd. (“Yiju Taihe”) | | July 23, 2010 | | PRC | | 100 | % | Tianjin Xiaowu Information & Technology Co., Ltd. (“Tianjin Xiaowu”) | | November 14, 2017 | | PRC | | 100 | % | Subsidiaries of VIEs | | | | | | | | Beijing Zhongrongxin Financing Guarantee Co., Ltd. | | November 10, 2006 | | PRC | | 100 | % | Beijing Ehomepay Technologies Co., Ltd. | | August 8, 2013 | | PRC | | 100 | % |
(i) | The Company has 30% direct shareholding in Beijing Lianjia through one of its wholly owned PRC subsidiaries. The Company depends on a series of contractual arrangements to provide its subsidiary with a “controlling financial interest” in the VIEs, as defined in FASB Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). |
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| Schedule of financial positions of the businesses that currently constitute the VIE entities and the operation results for the years |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | (in thousands) | ASSETS | | | | | Current assets | | | | | Cash and cash equivalents | | 1,739,264 | | 1,201,262 | Restricted cash | | 5,202,757 | | 5,605,542 | Short‑term investments | | — | | 593,183 | Financing receivables, net | | 2,812,597 | | 1,353,682 | Accounts receivable, net | | 31,061 | | 37,795 | Amounts due from and prepayments to related parties | | 335,704 | | 338,044 | Prepayments, receivables and other assets | | 188,222 | | 179,706 | Amounts due from non‑VIE subsidiaries of the Group | | 1,584,119 | | 1,718,105 | Total current assets | | 11,893,724 | | 11,027,319 | Non-current assets | | | | | Property and equipment, net | | 65,468 | | 58,878 | Right‑of‑use assets | | 650 | | 485 | Long‑term investments, net | | 2,436,087 | | 2,599,369 | Intangible assets, net | | 19,782 | | 13,463 | Goodwill | | 7,522 | | 7,522 | Other non‑current assets | | 44,594 | | 124,813 | Total non‑current assets | | 2,574,103 | | 2,804,530 | TOTAL ASSETS | | 14,467,827 | | 13,831,849 | | | | | | LIABILITIES | | | | | Current liabilities | | | | | Accounts payable | | 66,266 | | 57,987 | Amounts due to related parties | | 322 | | 463 | Employee compensation and welfare payable | | 374,213 | | 411,090 | Customer deposits payable | | 4,141,792 | | 3,369,240 | Income taxes payable | | 35,277 | | 34,984 | Lease liabilities current portion | | 369 | | 198 | Contract liabilities and deferred revenue | | 2,785 | | 2,990 | Accrued expenses and other current liabilities | | 210,085 | | 109,199 | Amounts due to non‑VIE subsidiaries of the Group | | 6,888,426 | | 6,911,139 | Total current liabilities | | 11,719,535 | | 10,897,290 | Non-current liabilities | | | | | Deferred tax liabilities | | 2,374 | | 1,679 | Lease liabilities non‑current portion | | 452 | | 146 | Total non‑current liabilities | | 2,826 | | 1,825 | TOTAL LIABILITIES | | 11,722,361 | | 10,899,115 |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Total net revenues from third party | | 595,498 | | 764,160 | | 891,657 | Total net revenues from non-VIE subsidiaries of the Group | | 263,430 | | 363,013 | | 415,938 | Total net revenues | | 858,928 | | 1,127,173 | | 1,307,595 | Net income | | 194,948 | | 252,990 | | 187,269 | | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Net cash provided by operating activities | | 1,890,990 | | 2,893,547 | | 314,122 | Net cash provided by (used in) investing activities | | (193,772) | | (3,791,134) | | 762,889 | Net cash provided by (used in) financing activities | | (1,212,136) | | 1,673,754 | | (1,212,228) | Net increase (decrease) in cash, cash equivalents and restricted cash | | 485,082 | | 776,167 | | (135,217) |
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