11.

Accrued expenses and other current liabilities

​

  ​ ​ ​

As of December 31, 

​

​

2024

  ​ ​ ​

2025

​

​

RMB

​

RMB

Accrued advertising expense

1,101,844

1,083,154

Accrued shipping and handling expenses

1,440,908

1,323,094

Amounts received on behalf of third-party merchants (Note a)

2,305,545

2,415,132

Accrued payroll and social benefits

685,021

689,526

Deposits from vendors

587,339

653,998

Income tax payables

558,515

564,414

Other tax payables (Note b)

444,836

492,840

Accrued rental expenses

64,436

56,138

Accrued administrative expenses

339,262

323,212

Refund liability (Note c)

510,655

468,454

Cash-settled share-based compensation (Note 23(c))

1,258,189

1,627,615

Loan from non-controlling interests shareholders (Note d)

206,000

159,500

Payables for repurchasing of ordinary shares

​

—

​

52,218

Others

160,871

31,851

Total

9,663,421

9,941,146

(a)

Amounts represent the cash collected on behalf of third-party merchants who sold their goods or services through the platforms and cash collected on behalf of the lessee of Shan Shan Outlets related to the consideration for goods sold in outlets.

(b)

Amounts represent VAT and related surcharges, PRC individual income tax of employees withheld by the Group, tariffs, import VAT and consumption tax pursuant to the Circular on Tax Policy for Cross-border E-commerce Retail Imports.

(c)

The Group offers online customers with an unconditional right of return for a period of 7 days upon receipt of products on sales from its platforms. Accordingly, the Group estimates the expected customer merchandize returns, based on historical return patterns, to record the revenue reversal and a corresponding refund liability which is included in accrued expenses and other current liabilities.

(d)

Balance mainly represents loans from non-controlling interests shareholders of Shan Shan Outlets for the outlets’ operation.