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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2025
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | 25. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. During the years ended December 31, 2023, 2024 and 2025, other than disclosed elsewhere, the Group had the following material related party transactions. ​
​ | ​ | ​
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
​ Yuanjing Mingde was a group whose management or operating policies were significantly influenced by a director and/or a principal shareholder of the Company. Such director ceased to be a director of Yuanjing Mingde from July 18, 2024 and the principal shareholder of the Company ceased to be a shareholder of Yuanjing Mingde from November 25, 2024. Transactions between the Group and Yuanjing Mingde before November 25, 2024 were disclosed as related party transactions. Xinhewan was an affiliate company of the Group. On January 9, 2023, the Group terminated the investment in Xinhewan and Xinhewan was no longer a related party thereafter. ​ 25. RELATED PARTY TRANSACTIONS (Continued) (i)The Group entered into the following transactions with 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
​ Commission support services refer to transaction facilitation services provided to brokerage firms. Platform services refer to the fees the Group charges for using the Group’s ACN and SaaS system. Franchise services refer to the fees the Group charges for using the Group’s franchise brands such as Deyou. Online marketing services mainly refer to the technical support, marketing and promotion services provided to the above related parties to promote their own services and products. Agency services provided to Ziroom and Yuanjin Mingde mainly refer to services to facilitate home sales or leases. Agency services commission is recognized upon the completion of contracts between referred customers and the related parties stated above. Agency services provided to Beihaojia business investees refer to new home transaction agency services provided to Beihaojia business investees to facilitate new home property sales. Commission is recognized upon receipt of the sales confirmations. Others refer to lease rental income from related parties, which have been disclosed above. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ Referral services provided by related parties mainly refer to customer referrals from related parties. Technical services and online marketing mainly refer to the cloud, marketing and promotion services provided by Tencent. ​ 25. RELATED PARTY TRANSACTIONS (Continued) Services from Ziroom include referral, cleaning, maintenance and renovation provided by Ziroom. Rental and property management services mainly include the office rental from Yuanjing Mingde, which was charged based on fair market price. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​ 25. RELATED PARTY TRANSACTIONS (Continued) (ii)As of December 31, 2024 and 2025, the Group had the following balances with 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
​ As of December 31, 2025, all amounts due from and prepayments to related parties and amounts due to related parties were trade in nature. ​
​ | ​ | ​ | ​ | ​
​ | ​ | 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.
​ 25. RELATED PARTY TRANSACTIONS (Continued)
(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.
As of December 31, 2025, all loan receivables from related parties were non-trade in nature. The interest rates of the loans provided to the related parties stated above ranged from 0.1% to 12%, and cash flows arising from the loans were presented within investing activities in the consolidated statements of cash flows. As of December 31, 2025, all loan payable to related parties were non-trade in nature. Loan payable to related parties were with interest rates ranging from 0% to 3% and with payment terms ranging from 6 to 36 months or without fixed payment terms. Balances without fixed payment terms were expected to be repaid within one year. ​
​ | ​ | ​ | ​ | ​
​ | ​ | 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
​
(iii) | On September 5, 2022, Beike Zhaofang (Beijing) Technology Co., Ltd., a wholly-owned subsidiary of the Company, entered into a donation agreement, or the Donation Agreement, with one of our principal shareholders, or the Donator. According to the Donation Agreement, the Donator agreed to donate RMB30 million free of charge during a three-year period to set up a scholarship for Huaqiao Academy run by the Group, or the Huaqiao Scholarship. The Group agreed to manage the Huaqiao Scholarship on behalf of the Donator by solely acting on its instructions. The Huaqiao Scholarship shall only be used to subsidize outstanding students of Huaqiao Academy, who will use the Huaqiao Scholarship to pay the tuition payable to Huaqiao Academy. The Huaqiao Scholarship shall be managed and accounted independently, and shall not be used for any other purpose unless instructed by the Donator, who is responsible for overseeing the use of the donated fund. In July 2025, the above two parties signed another Donation Agreement which is worth RMB30 million. As of December 31, 2025, accumulated donation payment of RMB40 million was made by the Donator under the aforementioned agreements, out of which payment of RMB10 million was made during the year ended December 31, 2025. As of December 31, 2025, RMB3.4 million of Huaqiao Scholarship has not been awarded.

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