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ACCOUNTS PAYABLE | 12 Months Ended
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Dec. 31, 2025
ACCOUNTS PAYABLE |
ACCOUNTS PAYABLE | 15. ACCOUNTS PAYABLE ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Payable related to new home transaction business |  | 5,954,209 | ​ | 3,469,628
Payable for home renovation materials and construction costs |  | 1,713,179 | ​ | 1,506,095
Payable for real estate properties under development | ​ | 538,406 | ​ | 93,164
Payable for advertising fees |  | 396,364 | ​ | 234,026
Payable for internet service fees | ​ | 333,835 | ​ | 312,209
Payable for leasehold improvements |  | 262,805 | ​ | 167,492
Others |  | 293,831 | ​ | 269,515
Total |  | 9,492,629 | ​ | 6,052,129
​ An ageing analysis of the trade payable as of December 31, 2024 and 2025, based on the invoice date, is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ | RMB | ​ | RMB
​ |  | (in thousands)
– Up to 3 months | ​ ​ ​ | 9,116,991 | ​ ​ ​ | 5,715,186
– 3 months to 1 year |  | 210,375 |  | 94,568
– Over 1 year |  | 165,263 |  | 242,375
Accounts payable |  | 9,492,629 |  | 6,052,129
​

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- Definition The entire disclosure for accounts payable at the end of the reporting period. + References No definition available. + Details
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