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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.

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Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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