​

  ​ ​ ​

For the Year Ended December 31, 

​

​

2023

​

2024

​

2025

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

(in thousands)

Existing home transaction services

  ​

  ​

  ​

Net revenues

27,954,135

​

28,201,003

​

25,020,035

Commission and compensation costs

(14,762,910)

​

(16,016,079)

​

(15,185,117)

Contribution

13,191,225

​

12,184,924

​

9,834,918

New home transaction services

​

​

​

​

​

​

Net revenues

30,575,778

​

33,653,403

​

30,597,319

Commission and compensation costs

​

(22,455,253)

​

(25,304,481)

​

(22,950,571)

Contribution

8,120,525

​

8,348,922

​

7,646,748

Home renovation and furnishing

​

​

​

​

​

​

Net revenues

10,850,497

​

14,768,947

​

15,426,141

Material costs, commission and compensation

(7,705,325)

​

(10,229,696)

​

(10,581,816)

Contribution

​

3,145,172

​

4,539,251

​

4,844,325

Home rental services

​

​

​

​

​

​

Net revenues

6,099,747

​

14,334,479

​

21,900,320

Property leasing costs, commission and compensation

​

(6,163,044)

​

(13,619,506)

​

(20,020,954)

(Deficit)/Contribution

​

(63,297)

​

714,973

​

1,879,366

Emerging and other services

​

​

​

​

​

​

Net revenues

​

2,296,775

​

2,499,666

​

1,636,390

Commission and compensation costs

(217,341)

​

(350,183)

​

(393,901)

Contribution

2,079,434

​

2,149,483

​

1,242,489

​

​

​

​

​

​

​

Reconciliation of profit

​

​

​

Cost related to stores

(2,872,093)

(2,854,988)

(2,851,831)

Other costs

(1,882,952)

(2,138,510)

(2,383,938)

Amounts not allocated to segment:

​

​

​

​

​

​

Sales and marketing expenses

​

(6,654,178)

​

(7,783,341)

​

(7,328,909)

General and administrative expenses

(8,236,569)

(8,960,747)

(8,075,414)

Research and development expenses

(1,936,780)

(2,283,424)

(2,580,564)

Impairment of goodwill, intangible assets and other long-lived assets

​

(93,417)

​

(151,576)

​

(116,332)

Total operating expenses

(16,920,944)

(19,179,088)

(18,101,219)

Income from operations

4,797,070

3,764,967

2,110,858