ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

7. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

Accounts receivable, net consists of the following:


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
New home transaction services		5,863,587		3,558,480
Existing home transaction services		546,658		463,634
Home renovation and furnishing		265,355		407,180
Home rental services		52,135		54,531
Emerging and other services		86,681		106,273
Accounts receivable		6,814,416		4,590,098
Allowance for credit losses		(1,517,099)		(1,498,651)
Accounts receivable, net		5,297,317		3,091,447

RMB5.9 billion and RMB3.6 billion of the Group’s gross accounts receivable was from new home transaction services with RMB1.3 billion and RMB1.2 billion allowance for credit losses recorded as of December 31, 2024 and 2025, respectively.

The Group usually allows a credit period within 90 days to its customers. Ageing analysis of accounts receivable based on the date of delivery of service to customers is as follows:


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
– Up to 3 months		4,315,046		2,198,699
– 3 months to 1 year		649,209		727,822
– Over 1 year		1,850,161		1,663,577
Accounts receivable		6,814,416		4,590,098
Less: allowance for credit losses		(1,517,099)		(1,498,651)
Accounts receivable, net		5,297,317		3,091,447

7. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET (Continued)

The movements in the allowance for credit losses of accounts receivable are as follows:


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Balance at the beginning of the year		(1,951,419)		(1,566,129)		(1,517,099)
Additions		(174,237)		(108,963)		(79,980)
Write‑offs		559,527		157,993		98,428
Balance at the end of the year		(1,566,129)		(1,517,099)		(1,498,651)

Contract assets, net consists of the following:


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
Contract assets – gross		319,736		959,080
Allowance for credit losses		(119,064)		(113,551)
Contract assets, net		200,672		845,529

The contract assets are mainly related to the Group’s home renovation business and home rental services under new model. The Group’s contract assets represent the amount for which the Group has satisfied some or all of its performance obligations but has not yet obtained an unconditional right to receive payment.