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ACCOUNTS PAYABLE

12 Months Ended

Dec. 31, 2025

ACCOUNTS PAYABLE

ACCOUNTS PAYABLE

9.ACCOUNTS PAYABLE

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Accounts payable mainly comprise payments for goods and services payables to third parties.

Accounts payable consist of the following:

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​	​	​	​	​
​	​ ​ ​	As of December 31,
​	​ ​ ​	2024	​ ​ ​	2025
​	​	RMB	​	RMB
Raw materials		387,884		434,434
Packaging material		127,653		109,952
Equipment		40,700		16,946
Decoration material		17,065		10,778
Storage and logistics		20,346		37,411
Others		3,443		20,268
​		597,091		629,789

​

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