ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

3.ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET

The Group’s accounts receivable as of December 31, 2024 and 2025 are as follows:


				Allowance for
		Accounts		uncollectible		Accounts
As of December 31, 2024		receivable		Accounts receivable		receivable, net
Accounts receivable from referral services		20,945		—		20,945
Total		20,945		—		20,945


				Allowance for
		Accounts		uncollectible		Accounts
As of December 31, 2025		receivable		Accounts receivable		receivable, net
Accounts receivable from referral services		72,851		—		72,851
Total		72,851		—		72,851

The movement of allowance for uncollectible accounts receivable for the years ended December 31, 2023, 2024 and 2025 are nil.

The Group’s contract assets as of December 31, 2024 and 2025 are as follows:


				Allowance for
				Uncollectible		Contract assets,
As of December 31, 2024		Contract assets		Contract assets		net
Contract assets from loan facilitation service		1,225,550		(208,720)		1,016,830
Contract assets from post facilitation service		210,664		(63,316)		147,348
Contract assets from referral services		1,056,539		—		1,056,539
Total		2,492,753		(272,036)		2,220,717


			Allowance for
			Uncollectible	Contract assets,
As of December 31, 2025		Contract assets	Contract assets	net
Contract assets from loan facilitation service		637,587	(132,154)	505,433
Contract assets from post facilitation service		114,425	(55,878)	58,547
Contract assets from referral services		335,428	—	335,428
Total		1,087,440	(188,032)	899,408

The movement of allowance for uncollectible contract assets for the years ended December 31, 2023, 2024 and 2025 are as follows:


		Opening							Ending
		balance as of				Current		Write off in	balance as of
		January 1,				year net		the current	December 31,
		2023		Reclassification⁽¹⁾		provision		year	2023
Contract assets from loan facilitation service		288,365		19,619		123,001		(154,678)	276,307
Contract assets from post facilitation service		26,601		3,123		74,155		(59,510)	44,369
Total		314,966		22,742		197,156		(214,188)	320,676


		Opening						Ending
		balance as of		Current		Write off in		balance as of
		January 1,		year net		the current		December 31,
		2024		provision		year		2024
Contract assets from loan facilitation service		276,307		295,839		(363,426)		208,720
Contract assets from post facilitation service		44,369		148,957		(130,010)		63,316
Total		320,676		444,796		(493,436)		272,036

3.ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET – continued


		Opening								Ending
		balance as of				Current		Write off in		balance as of
		January 1,				year net		the current		December 31,
		2025		Reclassification⁽²⁾		provision		year		2025
Contract assets from loan facilitation service		208,720		262		182,957		(259,785)		132,154
Contract assets from post facilitation service		63,316		212		136,041		(143,691)		55,878
Contract assets from referral services		—		—		18,092		(18,092)		—
Total		272,036		474		337,090		(421,568)		188,032

The Group’s contract assets generated from related parties and recorded in amounts due from related parties as of December 31, 2024 are as follows (The amounts as of December 31, 2025 are nil):


		Accounts		Allowance for		Accounts
		receivable		uncollectible		receivable
		and contract		accounts receivable		and contract
As of December 31, 2024		assets		and contract assets		Assets, net
Contract assets from loan facilitation service		4,949		(3,942)		1,007
Contract assets from post facilitation service		2,979		(1,821)		1,158
Contract assets from referral services		58		—		58
Total		7,986		(5,763)		2,223

The movement of allowance for uncollectible accounts receivables and contract assets generated from related parties and recorded in amounts due from related parties for the year ended December 31, 2023, 2024 and 2025 are as follows:


		Opening			Current		Ending
		balance as of			year net	Write off in	balance as of
		January 1,			(reversal)	the current	December 31,
		2023	Reclassification⁽¹⁾		provision	year	2023

Contract assets from loan facilitation service		88,348	(19,619)		(22,554)	(27,633)	18,542
Contract assets from post facilitation service		7,259	(3,123)		11,745	(11,555)	4,326
Total		95,607	(22,742)		(10,809)	(39,188)	22,868


		Opening		Current		Ending
		balance as of		year net	Write off in	balance as of
		January 1,		(reversal)	the current	December 31,
		2024		provision	year	2024
Contract assets from loan facilitation service		18,542		(1,968)	(12,632)	3,942
Contract assets from post facilitation service		4,326		3,941	(6,446)	1,821
Total		22,868		1,973	(19,078)	5,763


		Opening			Current		Ending
		balance as of			year net	Write off in	balance as of
		January 1,			(reversal)	the current	December 31,
		2025		Reclassification⁽²⁾	provision	year	2025
Contract assets from loan facilitation service		3,942		(262)	324	(4,004)	—
Contract assets from post facilitation service		1,821		(212)	1,289	(2,898)	—
Total		5,763		(474)	1,613	(6,902)	—

(1)	Jinshang ceased to be a related party of the Company in 2023 and therefore outstanding balance with Jinshang was reclassified from amount due from related parties into accounts receivable and contract assets. See Note 12 Related party balances and transactions.

3.ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET – continued

(2)	Kincheng ceased to be a related party of the Company in 2025 and therefore outstanding balance with Kincheng was reclassified from amount due from related parties into accounts receivable and contract assets. See Note 12 Related party balances and transactions.

The principal of accounts receivable and contract assets by year of origination:


		2024		2023		2022		Total
As of December 31, 2024
Loan facilitation service		1,009,370		180,515		35,665		1,225,550
Post facilitation service		176,794		14,366		19,504		210,664
Referral Service		1,074,429		2,447		608		1,077,484
Total		2,260,593		197,328		55,777		2,513,698


		2025		2024		2023		Total
As of December 31, 2025
Loan facilitation service		439,787		183,006		14,794		637,587
Post facilitation service		45,308		58,834		10,283		114,425
Referral Service		228,953		179,302		24		408,279
Total		714,048		421,142		25,101		1,160,291