v3.25.1
Other Receivables, Net
 12 Months Ended
Dec. 31, 2024
Other Receivables, Net [Abstract]  
Other Receivables, net

(4) Other Receivables, net

 

Other receivables, net consist of the following:

 

   As of December 31, 
   2023   2024 
   RMB   RMB 
Advances to staff (i)   12,748    13,967 
Advances to a third party channel vendor (ii)   27,386    
—
 
Rental deposits   11,820    10,952 
Loan receivable to third parties (iii)   83,156    747,711 
Other   7,058    7,323 
Less allowance for other receivables   (30,414)   (47,257)
Other receivables, net      111,754    732,696 
           
The following table summarizes the movement of the Group’s allowance for expected credit losses of other receivable          
Balance at the beginning of 2024        30,414 
Cumulative-effect adjustment upon adoption of ASU 2016-13        
—
 
write-off        (28,854)
Current period provision for expected credit losses        45,697 
Balance at the end of 2024        47,257 

 

(i) Amount represented advances to staffs or entrepreneurial agents of the Group for daily business operations, which are unsecured, interest-free and repayable on demand.
   
(ii) Amount represented receivables from Shenzhen Chetong Technology Co., Ltd. (“Chetong”) who provides platform services to the Group. The receivables were unsecured, interest-free and repayable on demand. With the cease of cooperation with Chetong in 2022, the Group requested repayment of the advances. The Group estimated the net amount expected to be collected was nil as of December 31, 2023, and accordingly recorded an allowance for credit losses of RMB27,386, net of the consolidated statement of income and comprehensive income for the year ended December 31, 2023. The amount was write off in 2024 and no balance as of December 31, 2024.
   
(iii)   Amount mainly represented 1) term-loan (matures in June 2024 with extension) to Sichuan Tianyi Real Estate Development Co., Ltd. (“Sichuan Tianyi”) of RMB40,000 and RMB65,000 as of December 31, 2023 and 2024 respectively, and corresponding interest receivable of RMB607 and RMB4,089 as of December 31, 2023 and 2024, respectively. The loan is guaranteed by the ultimate controlling owner of Sichuan Tianyi, whom is jointly liable, with the interest rate of 6% per annum. This loan receivable is expected to be settled within one year. 2) term-loan (matures in 2025) to a third party company principally engaged in provision of education service of RMB20,000 and RMB670,300 as of December 31, 2023 and 2024, respectively, with the interest rate of 5% per annum, and corresponding interest receivable of nil and RMB5,782 as of December 31, 2023 and 2024, respectively. 3) term-loan (matures in December 2024) to a third party manufacturing company of RMB21,000 as of December 31, 2023, with the interest rate of 5% per annum, the term loan was fully settled in 2024.