v3.26.1
Inventories
12 Months Ended
Dec. 31, 2025
Inventories  
Inventories

5. Inventories

Inventories consist of the following:

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As of December 31, 

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2024

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2025

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RMB

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RMB

Products

 

1,114,233

 

876,310

Packing materials and others

 

3,206

 

3,111

Inventories, net

 

1,117,439

 

879,421

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Inventories write-downs of RMB152,904, RMB150,752 and RMB126,891 were recorded in cost of products in the consolidated statements of operations for the years ended December 31, 2023, 2024 and 2025, respectively.