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ACCOUNTS PAYABLE
12 Months Ended
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