RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Schedule of significant related parties and their relationships with the Group


Related Party		Relationship with the Group
Ziroom Inc. and its subsidiaries (“Ziroom”)		A group whose management or operating policies are significantly influenced by a director of the Company
Yuanjing Mingde (Beijing) Holding Group Co., Ltd. and its subsidiaries (“Yuanjing Mingde”)		A group whose management or operating policies are significantly influenced by a director and/or a principal shareholder of the Company
IFM Investments Limited (“IFM”)		An affiliate company of the Group
Shanghai Xinhewan Industrial Development Co., Ltd. (“Xinhewan”)		An affiliate company of the Group
Brokerage firms		Firms that the Group has significant influence in
Beihaojia business investees		Investees that the Group has significant influence in
Tencent Holdings Limited, its subsidiaries and its controlled affiliated entities (“Tencent”)		A shareholder of the Company that can significantly influence the management and operating policies of the Group
Suofeiya Shengdu Home (Zhejiang) Co., Ltd. (“Suofeiya Shengdu”)		An affiliate company of the Group

Schedule of revenues from, services provided by, and other income from related parties


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Revenues from related parties
Commission support services provided to brokerage firms		606,062		473,539		368,038
Platform services provided to IFM		91,825		98,180		91,980
Online marketing services provided to Ziroom		74,961		55,386		30,587
Agency services provided to Ziroom		51,118		16,185		11,652
Platform and franchise services provided to brokerage firms		27,184		24,325		9,082
Agency services provided to Yuanjing Mingde		6,901		2,192		—
Agency services provided to Beihaojia business investees		—		—		73,975
Operating lease income from Suofeiya Shengdu		3,046		3,895		3,118
Others		4,550		3,465		62
Total		865,647		677,167		588,494


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Purchase services and goods from related parties
Referral services from brokerage firms		853,139		602,845		319,402
Technical services and online marketing from Tencent		122,452		186,970		239,721
Purchase of home furnishing from Suofeiya Shengdu		144,119		111,541		47,506
Rental and property management services from Yuanjing Mingde		21,882		13,949		—
Referral services from IFM		6,339		5,618		5,197
Purchase of services and renovation from Ziroom		10,661		4,774		8,890
Others		35,917		3,464		575
Total		1,194,509		929,161		621,291


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Interest income, net
Interest income from loans provided to IFM		5,076		3,421		1,552
Interest income from loans provided to Beihaojia business investees		—		2,258		10,014
Interest income from loans provided to others		1,911		1,331		329
Total		6,987		7,010		11,895

Schedule of lease balances and transactions with related parties


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Operating lease cost related to lease with related parties
Operating lease cost related to lease with Yuanjing Mingde		12,133		6,050		—
Operating lease cost related to lease with Ziroom		72		—		—
Operating lease cost related to lease with brokerage firms		35		42		42
Total		12,240		6,092		42


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Operating lease income from related parties
Operating lease income from Suofeiya Shengdu		3,046		3,895		3,118
Total		3,046		3,895		3,118


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
Operating Leases
Administrative office leases from brokerage firms		7		48
Total operating lease assets		7		48

Operating lease liabilities, current from brokerage firms		7		41
Operating lease liabilities, non-current from brokerage firms		—		7
Total operating lease liabilities		7		48

Schedule of amounts due from, due to, and prepayments to related parties


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
Amounts due from and prepayments to related parties
Ziroom		337,752		340,993
IFM		4,170		5,203
Tencent		3,115		2,056
Brokerage firms		20,074		21,196
Beihaojia business investees		2,393		36,430
Others		11,714		3,989
Total		379,218		409,867

Amounts due to related parties
Tencent		52,645		60,999
Ziroom		27,940		29,712
IFM		39,252		45,687
Brokerage firms		271,125		206,680
Beihaojia business investees		—		4,031
Others		484		1,358
Total		391,446		348,467

Schedule of loan receivables from related parties


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
Loan receivables from related parties (a)
Short‑term loans to IFM		10,000		12,000
Short-term loans to Beihaojia business investees		—		289,275
Short-term loans to others		8,797		14,480
Long-term loans to IFM		22,360		10,360
Long-term loans to Beihaojia business investees		109,050		15,900
Long-term loans to others		—		13,313
Total		150,207		355,328

Loan payable to related parties (b)
Short-term loans from Beihaojia business investees		—		497,939
Long-term loans from Beihaojia business investees		—		259,249
Total		—		757,188

(a)	The balance of loans included loans the Group provided to entities over which the Group had significant influence, net of allowance for credit losses.

(b)	Loan payable to related parties primarily arised from surplus funds generated from the pre-sales of corresponding real estate projects, which were repatriated to the Group by Beihaojia business investees.