| Schedule of reportable segment results with prior periods' segment information retrospectively presented to conform to current period presentation |
| | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Net revenues: | | | | | | | E-Commerce | | 7,621,114 | | 8,070,271 | | 8,271,229 | Brand Management | | 1,271,027 | | 1,474,351 | | 1,845,418 | Inter-segment eliminations * | | (80,128) | | (122,393) | | (171,164) | Total consolidated net revenues | | 8,812,013 | | 9,422,229 | | 9,945,483 | | | | | | | | | | | | | | | **Adjusted Operating Profits (Losses): | | | | | | | E-Commerce | | 163,990 | | 179,622 | | 219,320 | Brand Management | | (187,663) | | (168,767) | | (93,028) | Inter-segment eliminations * | | — | | (210) | | (133) | Total Adjusted Operating (Losses) Profits | | (23,673) | | 10,645 | | 126,159 | Unallocated expenses: | | | | | | | Share-based compensation expenses | | (103,449) | | (81,601) | | (19,931) | Amortization of intangible assets resulting from business acquisition | | (31,875) | | (36,257) | | (31,128) | Acquisition-related expenses | | (12,171) | | — | | — | Cancellation fees of repurchased shares | | — | | (678) | | (150) | Loss on variance from expected contingent acquisition payment | | — | | — | | — | Impairment of goodwill | | (35,212) | | (6,934) | | (18,395) | Total other (expenses) income | | (10,646) | | 21,838 | | (257,318) | Loss before income tax | | (217,026) | | (92,987) | | (200,763) |
* The Inter-segment eliminations mainly consist of revenues from services provided by E-commerce to Brand Management. ** Adjusted Operating Profits (Losses) represent segment profits (losses), which is income (loss) from operations from each segment without allocating share-based compensation expenses, acquisition-related expenses, amortization of intangible assets resulting from business acquisition, cancellation fees of repurchased shares, loss on variance from expected contingent acquisition payment and impairment of goodwill. | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | E-Commerce | | 121,237 | | 114,590 | | 106,031 | Brand Management | | 45,566 | | 44,666 | | 43,845 | Total depreciation of property and equipment, net | | 166,803 | | 159,256 | | 149,876 |
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