| Schedule of 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 |
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