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v3.26.1

LEASES | 12 Months Ended
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Dec. 31, 2025
LEASES |
LEASES | 11. LEASES (a)The Group as a lessee The components of lease cost for the years ended December 31, 2023, 2024 and 2025 are listed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ |  | 2023 |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Operating lease cost |  | 7,785,841 |  | 14,221,894 |  | 19,039,544
Short‑term lease cost |  | 50,659 |  | 83,665 |  | 84,296
Total |  | 7,836,500 |  | 14,305,559 |  | 19,123,840
​ Supplemental cash flows information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ |  | 2023 |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows payment from operating leases |  | 7,965,277 | ​ | 14,896,620 | ​ | 19,486,006
Right‑of‑use assets obtained in exchange for lease liabilities: |  | ​ |  | ​ |  | ​
Total right‑of‑use assets obtained in exchange for new operating lease liabilities |  | 15,489,351 | ​ | 18,507,830 | ​ | 14,105,484
​ The components of right‑of‑use assets obtained in exchange for new operating lease liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Right‑of‑use assets obtained in exchange for lease liabilities |  | ​ |  | ​ |  | ​
Store leases |  | 3,262,410 |  | 2,730,509 |  | 1,795,943
Administrative office leases |  | 273,088 |  | 487,708 |  | 171,385
Leases of rental property management services |  | 11,953,853 |  | 15,289,613 |  | 12,138,156
Total |  | 15,489,351 |  | 18,507,830 |  | 14,105,484
​ Supplemental balance sheet information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Operating leases | ​ | ​ | ​ | ​
Store leases |  | 5,825,835 | ​ | 4,475,510
Administrative office leases |  | 755,707 | ​ | 704,252
Leases of rental property management services |  | 16,393,250 |  | 13,582,195
Land use rights |  | 392,087 |  | 382,172
Total operating lease assets |  | 23,366,879 |  | 19,144,129
Operating lease liabilities, current |  | 13,729,701 |  | 10,658,576
Operating lease liabilities, non‑current |  | 8,636,770 |  | 6,969,571
Total operating lease liabilities |  | 22,366,471 |  | 17,628,147
​ ​ 11. LEASES (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, |
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted‑average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | 2.43 |  | 2.38 |  | 2.08 | ​
Land use rights |  | 43.18 |  | 39.68 |  | 38.68 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted‑average discount rate |  | ​ |  | ​ |  | ​ | ​
Operating leases |  | 4.3 | % | 3.8 | % | 3.4 | %
Land use rights |  | 4.7 | % | 4.0 | % | 4.0 | %
​ Maturities of lease liabilities are as follows: ​
​ | ​ | ​
​ | ​ | As of
​ | ​ | December 31,
​ |  | 2025
​ | ​ ​ ​ | RMB
​ |  | (in thousands)
2026 |  | 11,054,303
2027 | ​ | 4,171,509
2028 |  | 1,608,921
2029 |  | 749,959
2030 | ​ | 318,772
Thereafter | ​ | 448,208
Total undiscounted lease payments | ​ | 18,351,672
Less: imputed interest |  | (723,525)
Total lease liabilities |  | 17,628,147
​ The Group’s lease agreements generally do not contain an option for the Group to renew a lease for a term agreed by the Group. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Payments under the lease arrangements are primarily fixed. ​ (b)The Group as a lessor Lease income for the years ended December 31, 2023, 2024 and 2025 is as follows, which is included in the home rental services line item in the consolidated statements of comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | (in thousands)
Operating lease income | ​ ​ ​ | 5,533,035 | ​ ​ ​ | 12,977,296 | ​ ​ ​ | 18,515,803
Total lease income |  | 5,533,035 |  | 12,977,296 |  | 18,515,803
​ ​ 11. LEASES (Continued) ​ Maturities of undiscounted lease receivables are as follows: ​
​ | ​ | ​
​ | ​ | As of
​ | ​ | December 31,
​ |  | 2025
​ | ​ ​ ​ | RMB
​ |  | (in thousands)
2026 | ​ | 14,087,999
2027 | ​ | 1,219,097
2028 | ​ | 281,162
2029 |  | 15,270
2030 |  | 9,592
Thereafter |  | 18,190
Total undiscounted lease receivables |  | 15,631,310
​

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