| Revenue |
3. Revenue For the years ended December 31, 2023, 2024 and 2025, substantially all of the Group’s revenues were generated in the PRC. The disaggregated revenues by types, segments and the timing of transfer of goods or services were as follows: Disaggregation of revenues | | | | | | | | | For Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Product sales derived from: | | | | | | | - E-Commerce, at point of time | | 2,092,215 | | 1,999,572 | | 2,009,790 | - Brand Management, at point of time | | 1,264,987 | | 1,469,561 | | 1,841,645 | - Inter-segment elimination | | — | | (2,205) | | (1,876) | | | 3,357,202 | | 3,466,928 | | 3,849,559 | Service revenue derived from | | | | | | | - E-Commerce, over time | | 5,418,263 | | 5,929,184 | | 6,152,425 | - E-Commerce, at point of time | | 110,638 | | 141,515 | | 109,014 | | | 5,528,901 | | 6,070,699 | | 6,261,439 | - Brand Management, over time | | 6,039 | | 4,790 | | 3,773 | - Inter-segment elimination | | (80,129) | | (120,188) | | (169,288) | | | 5,454,811 | | 5,955,301 | | 6,095,924 | | | | | | | | Total revenue | | 8,812,013 | | 9,422,229 | | 9,945,483 |
Service revenue by type | | | | | | | | | For Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | - Online store operations | | 1,604,695 | | 1,765,364 | | 1,912,010 | - Warehousing and fulfillment | | 2,194,469 | | 2,189,181 | | 2,051,679 | - Digital marketing and IT solutions | | 1,735,776 | | 2,120,944 | | 2,301,523 | - Inter-segment eliminations | | (80,129) | | (120,188) | | (169,288) | Total revenues from services | | 5,454,811 | | 5,955,301 | | 6,095,924 |
Contract liabilities The movement of the contract liabilities, which primarily consist of advances from customers for the years ended December 31, 2024 and 2025 were as follows: | | | | | Advances from | | | Customers | Opening Balance as of January 1, 2024 | | 163,237 | Net increase | | 10,532 | Ending Balance as of December 31, 2024 | | 173,769 | Net increase | | 14,214 | Ending Balance as of December 31, 2025 | | 187,983 |
Revenues amounted to RMB155,544 and RMB170,372 were recognized in the years ended December 31, 2024 and 2025 respectively, that were included in the balance of advance from customers at the beginning of the respective year.
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