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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
Dec. 31, 2023
CNY (¥)
¥ / shares
shares
Net revenues:        
Net revenues ¥ 12,556,023 $ 1,795,488 ¥ 14,401,249 ¥ 14,948,129
Operating costs and expenses:        
Cost of products sold (11,832,617) (1,692,042) (13,572,020) (14,099,151)
Fulfillment expenses (345,222) (49,366) (381,035) (400,538)
Selling and marketing expenses (258,643) (36,985) (313,897) (448,387)
General and administrative expenses (69,459) (9,933) (70,907) (224,202)
Technology expenses (60,391) (8,636) (69,635) (124,341)
Other operating (expenses) income, net 7,932 1,134 8,359 (1,607)
Total operating costs and expenses (12,558,400) (1,795,828) (14,399,135) (15,298,226)
(Loss) Income from operations (2,377) (340) 2,114 (350,097)
Interest income 3,885 556 7,041 8,834
Interest expense (35,572) (5,087) (28,331) (20,141)
Foreign exchange gain (loss) 480 69 (909) 610
Other income (loss), net 11,082 1,585 (595) 7,612
Loss before income taxes (22,502) (3,217) (20,680) (353,182)
Income tax expense (13) (2) (96) (251)
Net loss (22,515) (3,219) (20,776) (353,433)
Net loss attributable to non-controlling interest 4,094 585 8,398 16,829
Net loss attributable to redeemable non-controlling interest 1,106 158 1,992 30,852
Adjustment attributable to redeemable non-controlling interest (49,077) (7,018) (54,357) (86,941)
Net loss attributable to ordinary shareholders (66,392) (9,494) (64,743) (392,693)
Other comprehensive income (loss), net of tax of nil        
Unrealized gains of available-for-sale securities 677 97 1,074 4,343
Realized gains of available-for-sale securities (646) (92) (1,217) (4,166)
Foreign currency translation adjustments (1,753) (251) 1,986 (3,249)
Comprehensive loss ¥ (68,114) $ (9,740) ¥ (62,900) ¥ (395,765)
Loss per share:        
Loss per share, basic | (per share) ¥ (0.38) $ (0.05) ¥ (0.38) ¥ (2.33)
Loss per share, diluted | (per share) ¥ (0.38) $ (0.05) ¥ (0.38) ¥ (2.33)
Weighted average number of shares used in computation of loss per share:        
Weighted average number of shares used in computation of loss per share, basic 174,026,392 174,026,392 171,835,632 168,609,128
Weighted average number of shares used in computation of loss per share, diluted 174,026,392 174,026,392 171,835,632 168,609,128