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LEASES

12 Months Ended

Dec. 31, 2025

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