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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 CNY (¥) | Dec. 31, 2024 CNY (¥) | Dec. 31, 2023 CNY (¥)
Total net revenues | ¥ 94,580,205 | ¥ 93,457,498 | ¥ 77,776,932
Cost of revenues: |  |  |
Commission-split | 20,873,405 | 22,766,957 | 20,419,577
Cost of home renovation and furnishing | 10,581,816 | 10,229,696 | 7,705,325
Cost of home rental services | 20,020,954 | 13,619,506 | 6,163,044
Cost related to stores | 2,851,831 | 2,854,988 | 2,872,093
Others | 2,383,938 | 2,138,510 | 1,882,952
Operating expenses: |  |  |
Sales and marketing expenses | 7,328,909 | 7,783,341 | 6,654,178
General and administrative expenses | 8,075,414 | 8,960,747 | 8,236,569
Research and development expenses | 2,580,564 | 2,283,424 | 1,936,780
Interest income, net | 807,505 | 1,260,163 | 1,263,332
Existing home transaction services |  |  |
Total net revenues | 25,020,035 | 28,201,003 | 27,954,135
New home transaction services |  |  |
Total net revenues | 30,597,319 | 33,653,403 | 30,575,778
Home renovation and furnishing |  |  |
Total net revenues | 15,426,141 | 14,768,947 | 10,850,497
Home rental services |  |  |
Total net revenues | 21,900,320 | 14,334,479 | 6,099,747
Emerging and other services |  |  |
Total net revenues | 1,636,390 | 2,499,666 | 2,296,775
Related Party |  |  |
Cost of revenues: |  |  |
Commission-split | 331,521 | 601,193 | 869,298
Cost of home renovation and furnishing | 48,000 | 116,207 | 176,824
Cost of home rental services | 11,493 | 11,150 | 9,042
Cost related to stores | 5,410 | 7,594 | 15,356
Others | 6,697 | 13,496 | 9,401
Operating expenses: |  |  |
Sales and marketing expenses | 9,113 | 21,001 | 6,776
General and administrative expenses | 378 | 5,702 | 15,732
Research and development expenses | 208,679 | 152,818 | 92,080
Interest income, net | 11,895 | 7,010 | 6,987
Related Party | Existing home transaction services |  |  |
Total net revenues | 464,327 | 644,130 | 830,295
Related Party | New home transaction services |  |  |
Total net revenues | 67,818 | 1,289 | 2,713
Related Party | Home renovation and furnishing |  |  |
Total net revenues | 3,174 | 7,360 | 6,471
Related Party | Home rental services |  |  |
Total net revenues | 29,818 | 1,815 | 106
Related Party | Emerging and other services |  |  |
Total net revenues | ¥ 23,357 | ¥ 22,573 | ¥ 26,062

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