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PREPAYMENTS AND OTHER CURRENT ASSETS, NET
12 Months Ended
Dec. 31, 2025
PREPAYMENTS AND OTHER CURRENT ASSETS, NET  
PREPAYMENTS AND OTHER CURRENT ASSETS, NET

6.PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consist of the following:

As of December 31, 

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Prepayments for purchased goods or services(i)

 

125,070

 

85,683

Payments on behalf of franchised stores

 

45,228

 

42,558

Prepaid rental and other deposits

 

33,426

 

65,856

Deductible input VAT

 

45,946

 

144,208

Receivable from online retail platforms

 

11,830

 

25,248

Interest receivable

 

14,749

 

27,675

Others

 

39,155

 

90,685

 

315,404

 

481,913

(i)

The balance as of December 31, 2024 includes deferred IPO cost of RMB16.9 million. Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States had been deferred and recorded as deferred IPO cost and offset against the gross proceeds received from such offering.