0000950170-23-013162 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40486
Entity Registrant Name	ATRenew Inc.
Entity Central Index Key	0001838957
Entity Address, Address Line One	12th Floor, No. 6 Building
Entity Address, Address Line Two	Songhu Road
Entity Address, City or Town	Shanghai
Entity Incorporation, State or Country Code	E9
Entity Address, Country	CN
Local Phone Number	5290-7031
City Area Code	21
Entity Address, Postal Zip Code	433
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Location	Shanghai, the People’s Republic of China
Auditor Firm ID	1113
Business Contact
Document Information [Line Items]
Contact Personnel Name	Chen Chen
Contact Personnel Email Address	rex.chen@atrenew.com
Entity Address, Address Line One	12th Floor, No. 6 Building
Entity Address, Address Line Two	Songhu Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Local Phone Number	5290-7031
City Area Code	21
Entity Address, Postal Zip Code	433
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American depositary shares (every three ADSs represent two Class A ordinary shares, par value US$0.001 per share)
Trading Symbol	RERE
Security Exchange Name	NYSE
Class A Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.001 per share
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	90,688,686
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	47,240,103
Class C Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	11,287,336

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,703,626	$ 247,003	¥ 1,356,342
Restricted cash			150,000
Short-term investments (including the fair value measured investments of RMB160,467 and RMB282,230 as of December 31, 2021 and 2022)	782,230	113,413	510,467
Amount due from related parties, net (net of allowance for credit losses of RMB564 and RMB141 as of December 31, 2021 and 2022, respectively)	115,501	16,746	410,088
Inventories	433,467	62,847	478,751
Funds receivable from third party payment service providers	316,277	45,856	405,095
Prepayments and other receivables, net	539,077	78,159	840,102
Total current assets	3,890,178	564,024	4,150,845
Non-current assets:
Long-term investments (including the fair value measured investments of RMB52,212 and RMB15,780 as of December 31, 2021 and 2022)	219,583	31,837	241,527
Property and equipment, net	118,600	17,195	103,843
Intangible assets, net	544,650	78,967	1,075,811
Goodwill			1,803,415
Amount due from related parties, net, non-current	180,000	26,098
Other non-current assets	95,744	13,882	127,321
Total non-current assets	1,158,577	167,979	3,351,917
TOTAL ASSETS	5,048,755	732,003	7,502,762
Current liabilities:
Short-term borrowings	123,983	17,976	94,999
Amount due to related parties	47,604	6,902	73,976
Accounts payable	73,335	10,633	41,311
Contract liabilities	195,369	28,326	211,964
Accrued expenses and other current liabilities	449,489	65,170	296,627
Accrued payroll and welfare	132,468	19,206	105,787
Total current liabilities	1,022,248	148,213	824,664
Non-current liabilities:
Operating lease liabilities, non-current	33,523	4,860	34,501
Deferred tax liabilities	111,312	16,139	223,138
Total non-current liabilities	144,835	20,999	257,639
TOTAL LIABILITIES	1,167,083	169,212	1,082,303
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,131,263	1,903,854	12,954,163
Treasury shares (US$0.001 par value, 5,699,315 outstanding as of December 31, 2022)	(217,920)	(31,595)
Accumulated deficit	(9,006,884)	(1,305,875)	(6,538,947)
Accumulated other comprehensive income (loss)	(25,708)	(3,726)	4,322
TOTAL SHAREHOLDERS' EQUITY	3,881,672	562,791	6,420,459
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	5,048,755	732,003	7,502,762
Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	609	88	609
Common Class B
SHAREHOLDERS' EQUITY
Ordinary shares value	305	44	305
Common Class C
SHAREHOLDERS' EQUITY
Ordinary shares value	¥ 7	$ 1	¥ 7

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares
Related parties allowance for credit losses, net \| ¥	¥ 141	¥ 564
Ordinary stock, shares authorized	1,000,000,000
Treasury stock, shares outstanding	5,699,315
Short-Term Investments
Investments including the fair value measured investments \| ¥	¥ 282,230	160,467
Long-Term Investments
Investments including the fair value measured investments \| ¥	¥ 15,780	¥ 52,212
Common Class A
Ordinary stock, shares authorized	941,472,561	941,472,561
Ordinary stock, shares issued	100,854,060	100,854,060
Ordinary stock, shares outstanding	96,388,001	92,416,377
Common Class B
Ordinary stock, shares authorized	47,240,103	47,240,103
Ordinary stock, shares issued	47,240,103	47,240,103
Ordinary stock, shares outstanding	47,240,103	47,240,103
Common Class C
Ordinary stock, shares authorized	11,287,336	11,287,336
Ordinary stock, shares issued	11,287,336	11,287,336
Ordinary stock, shares outstanding	11,287,336	11,287,336

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Operating (expenses) income
Merchandise costs	¥ (7,596,613)	$ (1,101,405)	¥ (5,735,393)	¥ (3,610,434)
Fulfillment expenses	(1,123,495)	(162,891)	(1,062,066)	(666,317)
Selling and marketing expenses	(1,536,052)	(222,707)	(1,206,649)	(740,542)
General and administrative expenses	(230,421)	(33,408)	(433,629)	(177,542)
Technology and content expenses	(227,812)	(33,030)	(264,560)	(151,536)
Goodwill impairment loss	(1,819,926)	(263,864)	0	0
Other operating income, net	41,238	5,979	26,950	29,395
Loss from operations	(2,623,657)	(380,394)	(895,072)	(458,777)
Interest expense	(6,163)	(894)	(16,778)	(21,090)
Interest income	17,780	2,578	8,370	9,321
Other income (loss), net	38,791	5,624	(50,367)	(39,866)
Loss before income taxes	(2,573,249)	(373,086)	(953,847)	(510,412)
Income tax benefits	111,783	16,207	143,863	47,320
Share of loss in equity method investments	(6,471)	(938)	(6,563)	(7,526)
Net loss	(2,467,937)	(357,817)	(816,547)	(470,618)
Accretion of convertible redeemable preferred shares \| ¥	0		(508,627)	(1,304,498)
Net loss attributable to ordinary shareholders of the Company	¥ (2,467,937)	$ (357,817)	¥ (1,325,174)	¥ (1,775,116)
Net loss per share attributable to ordinary shareholders:
Basic \| (per share)	¥ (15.16)	$ (2.20)	¥ (13.76)	¥ (94.51)
Diluted \| (per share)	¥ (15.16)	$ (2.20)	¥ (13.76)	¥ (94.51)
Weighted average number of shares used in calculating net loss per ordinary share
Basic \| shares	162,819,410	162,819,410	96,306,113	18,782,620
Diluted \| shares	162,819,410	162,819,410	96,306,113	18,782,620
Net loss	¥ (2,467,937)	$ (357,817)	¥ (816,547)	¥ (470,618)
Foreign currency translation adjustments	(30,030)	(4,354)	2,239	2,441
Total comprehensive loss	(2,497,967)	(362,171)	(814,308)	(468,177)
Accretion of convertible redeemable preferred shares \| ¥	0		(508,627)	(1,304,498)
Total comprehensive loss attributable to ordinary shareholders	(2,497,967)	(362,171)	(1,322,935)	(1,772,675)
Product
Net revenues
Net revenues	8,676,672	1,257,999	6,654,893	4,244,023
Service
Net revenues
Net revenues	¥ 1,192,752	$ 172,933	¥ 1,125,382	¥ 614,176

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands	CNY (¥) shares	USD ($) shares	IPO CNY (¥)	Class A Ordinary Shares CNY (¥) shares	Class A Ordinary Shares Class A Ordinary Shares CNY (¥) shares	Class A Ordinary Shares Class A Ordinary Shares IPO CNY (¥) shares	Class A Ordinary Shares Class B Ordinary Shares CNY (¥) shares	Class A Ordinary Shares Class C Ordinary Shares CNY (¥) shares	Treasury stock CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Additional Paid-in Capital IPO CNY (¥)	Accumulated Deficit CNY (¥)	Accumulated Other Comprehensive (Loss) Income CNY (¥)
Beginning Balance at Dec. 31, 2019	¥ (3,439,004)			¥ 11								¥ (3,438,657)	¥ 358
Beginning Balance, Shares at Dec. 31, 2019 \| shares				18,782,620
Net loss	(470,618)											(470,618)
Accretion on convertible redeemable preferred shares	(1,304,498)											(1,304,498)
Foreign currency translation adjustments	2,441												2,441
Ending Balance at Dec. 31, 2020	(5,211,679)			¥ 11								(5,213,773)	2,083
Ending Balance, Shares at Dec. 31, 2020 \| shares				18,782,620
Net loss	(816,547)											(816,547)
Accretion on convertible redeemable preferred shares	(508,627)											(508,627)
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost			¥ 1,488,866			¥ 78					¥ 1,488,788
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost, Shares \| shares						12,072,478
Conversion of Class A/B/C ordinary shares upon the completion of IPO				¥ (11)	¥ 4			¥ 7
Conversion of Class A/B/C ordinary shares upon the completion of IPO, Shares \| shares				(18,782,620)	7,334,873		160,411	11,287,336
Conversion of convertible redeemable preferred shares upon the completion of IPO	11,001,310				¥ 456		¥ 305			¥ 11,000,549
Conversion of convertible redeemable preferred shares upon the completion of IPO, Shares \| shares					70,254,680		47,079,692
Issuance of ordinary shares upon exercise of options	70				¥ 70
Issuance of ordinary shares upon exercise of options Shares \| shares					2,627,997
Share-based compensation	454,482									454,482
Exercise of warrant	10,345				¥ 1					10,344
Exercise of warrant, Shares \| shares					126,349
Foreign currency translation adjustments	2,239												2,239
Ending Balance at Dec. 31, 2021	6,420,459				¥ 609		¥ 305	¥ 7		12,954,163		(6,538,947)	4,322
Ending Balance, Shares at Dec. 31, 2021 \| shares					92,416,377		47,240,103	11,287,336
Net loss	(2,467,937)	$ (357,817)										(2,467,937)
Issuance of ordinary shares upon exercise of options	¥ 2,864									2,864
Issuance of ordinary shares upon exercise of options Shares \| shares	3,971,624	3,971,624			3,971,624
Share-based compensation	¥ 174,236									174,236
Repurchase of ordinary shares value	(217,920)								¥ (217,920)
Repurchase of ordinary shares \| shares									(5,699,315)
Foreign currency translation adjustments	(30,030)												(30,030)
Ending Balance at Dec. 31, 2022	¥ 3,881,672	$ 562,791			¥ 609		¥ 305	¥ 7	¥ (217,920)	¥ 13,131,263		¥ (9,006,884)	¥ (25,708)
Ending Balance, Shares at Dec. 31, 2022 \| shares					96,388,001		47,240,103	11,287,336	(5,699,315)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Class A Ordinary Shares
Ordinary stock, par value		$ 0.001	$ 0.001
Class B Ordinary Shares
Ordinary stock, par value		0.001	0.001
Class C Ordinary Shares
Ordinary stock, par value		0.001	0.001
IPO
Issuance costs \| ¥	¥ 46,931
Ordinary Shares
Ordinary stock, par value		$ 0.001	$ 0.001	$ 0.001

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (2,467,937)	$ (357,817)	¥ (816,547)	¥ (470,618)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	405,408	58,779	373,745	360,781
Noncash lease expenses	53,765	7,795	40,156
Loss on the disposal of property and equipment	1,894	275	73	2,654
Provision for allowance for credit losses	5,870	851	2,090	12,700
Write-down of inventories	8,931	1,295	2,595
Share of loss in equity method investments	6,471	938	6,563	7,526
Loss on disposal of investment			110
Impairment loss of investments measured at measurement alternatives	0		16,500	3,500
Impairment loss of equity method investment	12,186	1,767	0	0
Impairment loss of property and equipment	0		0	6,449
Impairment loss of intangible assets, deferred cost and goodwill	2,097,257	304,074
Fair value change of investments	36,432	5,282	11,627
Share-based compensation	174,236	25,262	454,552
Loss on the disposal of business or subsidiary			585
Foreign exchange losses (gains)	(48,624)	(7,050)	16,607	34,740
Changes in operating assets and liabilities:
Inventories	36,412	5,279	(304,377)	(111,437)
Prepayments and other receivables, net	250,926	36,381	(514,815)	(123,535)
Amount due from related parties, net	291,045	42,198	(132,797)	(69,963)
Funds receivable from third party payment service providers	88,818	12,877	(280,832)	(45,842)
Other non-current assets	9,789	1,419	215	1,119
Accounts payable	14,468	2,098	14,110	(8,538)
Contract liabilities	(16,595)	(2,406)	178,079
Accrued expenses and other current liabilities	177,911	25,795	43,297	63,345
Accrued payroll and welfare	(19,753)	(2,864)	(9,613)	(457)
Amount due to related parties	(72,678)	(10,537)	27,729	(27,972)
Operating lease liabilities	(53,109)	(7,700)	(3,751)
Deferred tax liabilities	(111,826)	(16,213)	(143,863)	(47,320)
Net cash (used in) provided by operating activities	881,297	127,778	(1,017,962)	(412,868)
Cash flows from investing activities:
Purchase of property and equipment	(61,463)	(8,911)	(73,920)	(37,839)
Proceeds from disposal of property and equipment	5,517	800	2,896	12,733
Purchases of short-term investments	(666,252)	(96,597)	(787,217)	(99,776)
Purchases of long-term investments	(31,844)	(4,617)	(215,472)	(20,000)
Proceeds on acquisition of subsidiary, net	29,871	4,331
Prepayment for long-term investment	(180,000)	(26,098)
Proceeds from maturity of short-term investments	394,488	57,195	373,696	125,573
Collection of loan repayment from related parties	13,000	1,885	200,015	178,666
Loans to related parties	(13,000)	(1,885)	(166,400)	(140,732)
Loans to one third party	(12,000)	(1,740)	(37,000)
Collection of loan repayments from one third party	5,000	725	33,000
Cash provided by (used in) investing activities	(516,683)	(74,912)	(670,402)	18,625
Cash flows from financing activities:
Proceeds from short-term borrowings	185,983	26,965	253,700	764,143
Repayment for short-term borrowings	(156,970)	(22,759)	(560,972)	(595,094)
Repayment of related party loan				(223)
Proceeds from long-term borrowings				65,200
Prepaid subscription for convertible redeemable preferred shares				150,000
Prepaid subscription for convertible redeemable preferred shares from a related party				35,000
Proceeds from issuance of convertible redeemable preferred shares			1,138,232	512,715
Payment for convertible redeemable preferred shares issuance costs			(30,203)	(1,779)
Proceeds from IPO, net of issuance cost of RMB46,931			1,488,866
Proceeds from exercise of options	2,864	415
Repurchase of ordinary shares	(217,920)	(31,595)
Cash provided by (used in) financing activities	(186,043)	(26,974)	2,289,623	929,962
Effect of foreign exchange rate changes on cash and cash equivalents	18,413	2,668	(12,993)	(28,426)
Net increase in cash, cash equivalents and restricted cash	196,984	28,560	588,266	507,293
Cash, cash equivalent and restricted cash at the beginning of the year	1,506,642	218,443	918,376	411,083
Cash, cash equivalent and restricted cash at the end of the year	1,703,626	247,003	1,506,642	918,376
Cash and cash equivalents	1,703,626	247,003	1,356,342	918,076
Restricted cash and others included in the prepayments and other receivables, net			150,300	300
Supplemental cash flow disclosures of operations:
Interest expenses paid	6,163	894	16,778	21,090
Cash paid for amounts included in the measurement of operating lease liabilities	56,646	8,213	37,119
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	62,609	9,077	72,913
Supplemental disclosure of non-cash investing and financing activities:
Accretion of convertible redeemable preferred shares			508,627	1,304,498
Exercise of warrant			10,345
Payable for preferred shares issuance costs			(5,220)	¥ (15,618)
Payable for purchase of property and equipment	¥ (8,193)	$ (1,188)	(3,258)
Receivable from long-term investments			¥ 22,315

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
IPO
Net of issuance cost	¥ 46,931

Organization and Principal Activities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

Organization and principal activities

Description of Business

ATRenew Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on November 22, 2011. The Company through its subsidiaries (collectively, the “Group”) primarily sell pre-owned consumer electronics through its online platforms and offline stores, and provide services to third-party merchants to sell the products through its platforms. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”).

In April 2022, the Company terminated the former variable interest entity ("VIE") arrangements (see Note 2.2) between Shanghai Aihui Trading Co., Ltd (“Shanghai Aihui”), Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (previously Shanghai Yueyee Network Information Technology Co., Ltd) (“Shanghai Yueyee” or “Shanghai Wanwuxinsheng”) and its subsidiaries, and the shareholders of Shanghai Wanwuxinsheng, transferred their equity interests in former VIE to Shanghai Aihui. Following such termination and share transfer, Shanghai Wanwuxinsheng became the Company's subsidiary in which the Company holds direct equity ownership interests of 100%.

As of December 31, 2022, the Company’s major subsidiaries are as follows:


Subsidiaries	Date of incorporation/ establishment	Place of incorporation/ establishment	Percentage of direct/indirect ownership
Shanghai Wanwuxinsheng	May 21, 2010	Mainland China	100%
AiHuiShou International Company Limited	January 13, 2012	Hong Kong	100%
Shanghai Aihui	August 16, 2012	Mainland China	100%
Shanghai Yueyi Network Information Technology Co., Ltd (“Shanghai Yueyi”)	September 6, 2015	Mainland China	100%
AHS Device Hong Kong Limited	March 8, 2017	Hong Kong	100%
Changzhou Yueyi Network Information Technology Co., Ltd (“Changzhou Yueyi”)	June 23, 2017	Mainland China	100%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

2.1 Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

2.2 Basis of Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, former VIE and former VIE’s subsidiaries in which the Company is the primary beneficiary. U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. All intercompany balances and transactions and unrealized profit and losses have been eliminated in consolidation.

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Prior to April 2022, in order to comply with the PRC laws and regulations which used to prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group began to operate its websites and other restricted businesses in the PRC through Shanghai Yueyee and its wholly owned subsidiaries since 2011. On August 31, 2012, the Company, through its wholly owned foreign invested subsidiary, Shanghai Aihui, entered into contractual arrangements (“former VIE agreements”) with Shanghai Yueyee and its shareholders.

The following is a summary, as amended, of the former VIE agreements of which the Company is the primary beneficiary.

Former VIE Arrangements

Voting Rights Proxy Agreement

Pursuant to the voting rights proxy agreements signed between each of the shareholders of the former VIE and Shanghai Aihui, each shareholder irrevocably appointed Shanghai Aihui as its attorney-in-fact to exercise on each shareholder’s behalf and all rights that each shareholder has in respect of its equity interest in the former VIE (including but not limited to executing the exclusive right to the voting rights, the right to appoint directors and executive officers of the former VIE, and the right to determine dividend distribution). The powers of attorney will remain effective until the termination of VIE or otherwise instructed by Shanghai Aihui.

Exclusive Technology Consulting and Management Service Agreement and Business Operation Agreement

Pursuant to the exclusive business cooperation agreement between Shanghai Aihui and the former VIE, Shanghai Aihui has the exclusive right to provide the former VIE with complete business support and technical and consulting services, including but not limited to software development and maintenance, internet technical support, database and network security services, and other technical consultation and services. Without Shanghai Aihui’s prior written consent, the former VIE may not accept any consultations and/or services regarding the matters contemplated by this agreement provided by any third party during the term of the agreement. The former VIE agrees to pay Shanghai Aihui service fees at an amount equals to all pre-tax income of the former VIE. Due to the continuous loss generated by former VIE and former VIE's subsidiaries, no service fees have been charged by Shanghai Aihui for the years ended December 31, 2020 and 2021 and for the three months ended March 30, 2022. Shanghai Aihui has the exclusive ownership of all the intellectual property rights created as a result of the performance of the exclusive business cooperation agreement. The exclusive business cooperation agreement has an initial term of 10 years and unless terminated by Shanghai Aihui in advance. Before the expiration of these agreements, upon request by Shanghai Aihui, these agreements shall be renewed or replaced by new agreements.

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

Option Purchase Agreements

Pursuant to the option purchase agreements, each of the shareholders of the former VIE has irrevocably granted Shanghai Aihui, or any person designated by Shanghai Aihui, an exclusive option to purchase all or part of its equity interests in the former VIE. Shanghai Aihui may exercise such options at a price equal to the lowest price as permitted by applicable PRC laws at the time of transfer of equity. The former VIE and the shareholders of the former VIE covenant that, without Shanghai Aihui’s prior written consent, they will not, among other things, (i) supplement, change or amend the former VIE’s articles of association and bylaws, (ii) increase or decrease the former VIE’s registered capital or change its structure of registered capital, (iii) create any pledge or encumbrance on their equity interests in the former VIE, other than those created under the equity interest pledge agreement, (iv) sell, transfer, mortgage, or dispose of their legal or beneficial interests in and any assets of the former VIE and any legal or beneficial interests, (v) enter into any material contract by the former VIE, except in the ordinary course of business, or (vi) merge or consolidate the former VIE with any other entity. The option will remain effective unless Shanghai Aihui has purchased all of the former VIE’s equity.

Powers of Attorney

Pursuant to the power of attorney, each of the shareholders of the former VIE irrevocably authorize Shanghai Aihui to act on his behalf as the only exclusive agent and attorney to exercise all rights as the shareholders of the former VIE, including but not limited to, (i) making decisions as shareholders of the former VIE, (ii) exercising all rights under relevant PRC laws and the articles of association of the former VIE as the shareholders of the former VIE, (iii) handling the sale, transfer, pledge or disposal of the shareholder’s equity interests in the former VIE (in all or in part), including but not limited to signing all necessary equity transfer documents, other documents for disposing of the shareholder’s equity interests in the former VIE and handling all necessary procedures on behalf of the shareholder, (iv) in the name and on behalf of the shareholder, signing any resolutions and meeting minutes as a shareholder of the former VIE, (v) on behalf of the shareholder, nominating, electing, designating, appointing and removing the legal representative, directors, supervisors, general manager, chief financial officer and other senior management personnel of the former VIE, (vi) approving the amendment of the articles of association of the former VIE, and (vii) other matters agreed in the voting proxy agreement, if any. Without the written consent of Shanghai Aihui, the shareholders of the former VIE have no right to increase or decrease, transfer, pledge re-pledge, or otherwise dispose of or change the shareholders’ equity interests in the former VIE.

Share Pledge Agreements

Pursuant to the share pledge agreements, each of the shareholders of the former VIE has pledged the security interest in their respective equity interests in the former VIE, representing 100% equity interests in the former VIE in aggregate to Shanghai Aihui, to guarantee performance by the shareholders of their obligations under the powers of attorney, the exclusive business cooperation agreement and the exclusive option agreement, as well as the performance by the former VIE of its obligations under the exclusive business cooperation agreement and the exclusive option agreement. In the event of a breach by the former VIE or any of its shareholders of contractual obligations under these contractual arrangements, Shanghai Aihui, as pledgee, will have the right to dispose of the pledged equity interests in the former VIE and get compensated from the proceeds of such disposal. The shareholders of the former VIE also covenant that, without the prior written consent of Shanghai Aihui, they shall not transfer or agree to other’s transfer of the pledged equity interests, create or allow any new pledge or any other encumbrance on the pledged equity interests. The equity interest pledge agreement will remain effective until the exclusive technology consulting and management service agreement and the business operation agreement and the option purchase agreements are terminated or the former VIE and the shareholder of the former VIE discharge all their contractual obligations under these agreements. During the equity pledge period, Shanghai Aihui is entitled to all dividends and other distributions generated by the former VIE.

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

Spousal Consent Letters

Pursuant to the Spousal Consent Letters, the signing spouses undertake they will not assert any rights over the equity interests VIEs held by the shareholder of the former VIE, and that they will sign any necessary documents and take any necessary actions to ensure the proper performance and implementation of the voting proxy agreement, powers of attorney, share pledge agreements, and option purchase agreements, all of which may be amended or restated from time to time. In addition, in the event that any spouse obtains any equity interests in any VIE held by his or her spouse for any reason, he or she agreed to be bound by the contractual arrangements described above, as may be amended from time to time.

The irrevocable powers of attorney and voting proxy agreement described above have conveyed all shareholder rights held by the former VIE’s shareholders to Shanghai Aihui, including the right to designate and appoint the former VIE’s legal representative, director, supervisor, chief executive officer and other senior management members. The exclusive option agreements provide Shanghai Aihui with a substantive kick-out right of the former VIE shareholders through an exclusive option to purchase all or any part of the shareholders’ equity interest in the former VIE at the lowest price permitted under the PRC laws then in effect. In addition, through the exclusive technology consulting and management service agreement and business cooperation agreement, Shanghai Aihui has established the right to receive benefits from the former VIE that could potentially be significant to the former VIE, and through the share pledge agreement, Shanghai Aihui has, in substance, an obligation to absorb losses of the former VIE that could potentially be significant to the former VIE. As these contractual arrangements allow the Group to effectively control the former VIE and to derive substantially all of the economic benefits from it, the Group has consolidated the former VIE.

The Company believes that the contractual arrangements amongst Shanghai Aihui, Shanghai Yueyee and their respective shareholders are in compliance with PRC law and are legally enforceable. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system may retroactively affect the enforceability and legality of the historical contractual arrangements.

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

The following financial information of the former VIE and its subsidiaries were the amounts after elimination of intercompany transactions and balances:

As of December 31, 2021, the former VIE and former VIE's subsidiaries accounted for an aggregate of 83.72% and 93.84% of the consolidated total assets and the consolidated total liabilities, respectively. The former VIE and its subsidiaries contributed 96.41% and 95.55% of the Group’s consolidated revenue for the years ended December 31, 2020 and 2021, respectively. The former VIE and its subsidiaries accounted for 64.00% and 76.90% of the Group's consolidated operating cashflow, (35.89%) and 98.97% of the Group's consolidated investing cashflow, 38.10% and (13.33%) of the Group's consolidated financing cashflow for the years ended December 31, 2020 and 2021, respectively.

For three months ended March 31, 2022, the former VIE and its subsidiaries generated revenue of RMB2,077,250 and resulted net loss of RMB108,799, while the cash provided by or (used in) operating activities, investing activities and financing activities were RMB54,470, (RMB314,535) and RMB67,750, respectively.

2.3 Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include valuation of convertible redeemable preferred shares, convertible bonds, and share-based compensation, assessment for impairment of long-lived assets, including intangible assets, deferred cost, goodwill and long-term investments, fair value of assets and liabilities acquired in business combination, discount rate of operating lease liabilities, inventory provision, estimating the current expected credit losses on financial assets, depreciable lives of property and equipment, and useful life of intangible assets and realization of deferred tax assets.

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements

Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:


Level 1—	Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

Level 2—	Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.

Level 3—	Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

As of December 31, 2021 and 2022, information about inputs into the fair value measurements of the Group's assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


As of December 31,	Description	Fair value		Significant Other Observable Inputs (Level 2)
		RMB		RMB
2021	Short-term investments		160,467		160,467
2021	Long-term investments		52,212		52,212
2022	Short-term investments		282,230		282,230
2022	Long-term investments		15,780		15,780

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)

The following table presents the Group's assets measured at fair value on a non-recurring basis for the years ended December 31, 2020, 2021 and 2022:


Years ended December 31,	Description	Fair Value		Significant Unobservable Inputs (Level 3)		Total Loss for the Year
		RMB		RMB
2020	Property and equipment		—		—		6,449
2020	Equity investments without readily determinable fair value		—		—		3,500
2021	Equity investments without readily determinable fair value		—		—		16,500
2022	Equity method investments		—		—		12,186
2022	Goodwill		—		—		1,819,926
2022	Intangible assets - Non-Compete Commitment		—		—		14,733
2022	Intangible assets - technology/platform		2,000		2,000		6,217
2022	Intangible assets - brand names		20,000		20,000		185,975
2022	Deferred cost		16,659		16,659		70,406

The Group’s assets and liabilities measured at fair value on a recurring basis subsequent initial recognition include certain short-term investments and long-term investments that the Group elects to apply fair value option under ASC 825 Financial Instruments, and investments at fair value which were classified as level 2 within the fair value hierarchy as the key inputs to the valuation model are observable in active markets. The related losses from such level 2 fair value measurements recognized in the consolidated statements of operations were nil, RMB11,627, RMB36,432 for the years ended December 31, 2020, 2021 and 2022, respectively.

The Group’s assets and liabilities measured at fair value on a nonrecurring basis include the fair value of property and equipment, intangible assets, deferred cost, goodwill, equity method investments, and equity investments without readily determinable fair value when they are deemed to be impaired. The fair values of property and equipment and investments are determined using estimated disposal value. The fair values of intangible assets and goodwill are determined using undiscounted cashflow method (see Note 2.12 and 2.13). The fair value measurements used significant unobservable inputs and were classified as level 3 within the fair value hierarchy. The related losses from such level 3 fair value measurements recognized in the consolidated statements of operations were RMB9,949, RMB16,500 and RMB2,109,443 for the years ended December 31, 2020, 2021 and 2022, respectively.

The Group’s financial instruments not measured at fair value including cash and cash equivalents, certain short-term investments, other receivables, net, amount due from related parties, funds receivable from third party payment service providers, equity investments without readily determinable fair values, short-term borrowings, account payables, amount due to related parties, other current liabilities. The carrying amounts of the short-term financial instruments approximate their costs due to the short-term nature of these assets and liabilities. The fair value of equity investments without readily determinable fair values cannot be reasonably estimated without undue costs.

Summary of significant accounting policies—(Continued)

2.5 Functional currency and foreign currency translation

The functional currency of the Company and its subsidiaries, former VIE and former VIE's subsidiaries in the PRC is in Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Hong Kong (“HK”) is in Hong Kong dollars (“HKD”). The functional currency of the Group’s entities incorporated in the United States is in US dollars (“US$”).

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Transaction gains and losses are recognized in the consolidated statements of operations and comprehensive loss.

The Group’s reporting currency is RMB. For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income (loss) in the statements of comprehensive loss and the consolidated statements of change in shareholders’ equity.

2.6 Convenience Translation into United States Dollars

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972 on December 30, 2022, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 30, 2022, or at any other rate.

2.7 Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and cash in bank which are highly liquid, and monetary fund investments with original maturities of three months or less. As of December 31, 2021 and 2022, all cash and cash equivalents are unrestricted as to withdrawal and use.

2.8 Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash represents security deposits held in designated bank accounts as pledged guarantee provided for a related party.

2.9 Inventories

Inventories, consisting of pre-owned and new consumer electronics available for sale, are stated at lower of cost or net realizable value. Provision of inventory is determined using the specific identification method. Adjustments are recorded to write down the cost of inventory to the net realizable value due to slow-moving, which is determined based upon factors such as historical and forecasted consumer demand. Inventory provision was recognized nil, RMB2,595 and RMB8,931 for the years ended December 31, 2020, 2021 and 2022, respectively.

Summary of significant accounting policies—(Continued)

2.10 Property and Equipment, net

Property and equipment are recorded at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Category		Estimated useful lives
Machinery		3-15 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3 years
Motor vehicle		4 years
Software		3-5 years

Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in other operating income, net of consolidated statements of operations and comprehensive loss. The Group recognized RMB6,449, nil and nil of impairment loss for the years ended December 31, 2020, 2021 and 2022, respectively.

2.11 Intangible assets, net

Intangible assets mainly include those acquired through business combinations and business corporations. Intangible assets arising from the Group’s acquisition of Paipai business from JD.com, Inc. (“JD”) (see Note 3) including Business Cooperation Agreement (“BCA”), Non-Compete Commitment (“NCC”), technology/platform and brand names, and are recognized and measured at fair value with the assistance of a third-party valuation firm using valuation techniques such as discounted cash flow analysis. Major assumptions used in determining the fair value of these intangible assets include forecasts of future revenues and discount rate and royalty saving rate. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over their respective useful lives as follows:


The identifiable intangible assets		Amortization Years
Brand names		10 years
BCA		1-6 years
Technology/platform		5 years
NCC		5 years

Summary of significant accounting policies—(Continued)

2.12 Goodwill

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists.

On January 1, 2018, the Group chose to early adopt Financial Accounting Standards Board (“FASB”) revised guidance on ASU 2017-04 Testing of Goodwill for Impairment. Under this guidance, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of comparison of the fair value of a reporting unit to its carrying amount.

Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. The estimation of future cash flows involves forecasts of future revenues and net profit rate, and selection of terminal growth rate. Changes in these estimates and assumptions could materially affect the determination of fair value for each the reporting unit. The Group has determined it has only one reporting unit and performed its annual goodwill impairment analysis on December 31 of every year.

As of December 31, 2021, the Group performed qualitative assessment and concluded it was not more likely than not the fair value of the reporting unit was less than the carrying value and therefore no further quantitative assessment was performed. As a result, the Group did not recognize any goodwill impairment losses for the years ended December 31, 2020 and 2021.

As of December 31, 2022, in light of negative changes in market conditions, the Group identified impairment indicators and assessed it was more likely than not the fair value of the reporting unit was less the carrying value. The Group performed quantitative impairment tests on the goodwill, and recognized an impairment loss of RMB1,819,926.

The forecasts of future revenue, the net profit rate, the terminal growth rate and the discount rate were the significant unobservable inputs used in the fair value measurement of the reporting unit. The terminal growth rate and discount rate applied in the evaluation for the year ended December 31, 2022 were 3% and 17%, respectively.

Summary of significant accounting policies—(Continued)

2.13 Impairment of long-lived assets

The Group evaluates its long-lived assets including intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment analysis is performed if events indicate that it is impaired. Possible indications of impairment may include events or changes in circumstances affecting business forecast and operations. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the carrying amount of the assets exceeds the undiscounted net cash flows, an analysis is performed to determine the fair value of the assets using income approach based on the discounted cash flows and the group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset.

For the years ended December 31, 2020 and 2021, no impairment loss recognized for the long-lived assets. During the year ended December 31, 2022, in light of negative changes in market conditions, the Group identified impairment indicators for intangible assets and performed quantitative impairment tests and recognized RMB206,925 intangible assets impairment losses for the year ended December 31, 2022, of which the impairment loss of brand names, NCC, technology amounted to RMB185,975, RMB14,733 and RMB6,217, respectively.

The Company used Relief from Royalty ("RFR") method, a specific discounted cash flow method to estimate fair value of brand names and technology/platform which involves significant unobservable estimates and assumptions, including discount rate, royalty saving rate and forecasts of future revenues. The Company used incremental income method, a specific discounted cash flow method to estimate fair value of NCC which involves significant unobservable estimates and assumptions, including discount rate and forecasts of future revenues. The discount rate and royalty saving rate applied in the evaluation for the year ended December 31, 2022 were 19% and 1%, respectively.

2.14 Investments

Short-term investments include (i) Term deposits with original maturities longer than three months but less than one year, and (ii) wealth management products with unsecured principal purchased from financial institutions which have original maturities of less than one year. The Group elects to adopt the fair value option in accordance with ASC 825 Financial Instruments to record the investments in wealth management products at fair value in short-term investments in the consolidated balance sheets. Changes in the fair value of the investments are recorded as other (loss) income, net in the consolidated statements of operations. The Group recognized unrealized gain from fair value changes of nil, RMB467 and nil for the years ended December 31, 2020, 2021 and 2022, respectively.

Long-term investments include (i) equity method investments, (ii) equity securities without readily determinable fair value and (iii) investments at fair value.

Equity method investments

The Group accounts for its in-substance common stock equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes in earnings for share of the earnings or loss of the investee after the date of investment.

The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment losses of nil, nil and RMB12,186 in other (loss) income, net in the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022, respectively.

Summary of significant accounting policies—(Continued)

2.14 Investments —(Continued)

Equity securities without readily determinable fair value

The Group chose to early adopt ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018 and elected to measure these investments using measurement alternative at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other (loss) income.

The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in other (loss) income, net. The Group recorded impairment losses of RMB3,500, RMB16,500 and nil in other (loss) income, net in the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022, respectively.

Investments at fair value

The investments under fair value pertain to structured products in fund-linked notes. The Group elects to adopt the fair value option in accordance with ASC 825 Financial Instruments to record the investments at fair value in long-term investments under fair value in the consolidated balance sheets. Changes in the fair value of these investments are recorded as other (loss) income, net in the consolidated statements of loss. The Group recognized unrealized losses from fair value changes of nil, RMB12,094 and RMB36,432 for the years ended December 31, 2020, 2021 and 2022, respectively.

2.15 Convertible bonds

Convertible bond is accounted for as a liability or is separated into debt and equity components based on its terms in relation to the conversion feature, call and put options, and beneficial conversion feature. Debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date. Interest expenses are recognized in the statement of comprehensive income in the period in which they are incurred. The Group accounts for its convertible bonds in accordance with ASC 815 Derivatives and Hedging and ASC 470 Debt and classifies it as a liability in its entirety.

2.16 Mezzanine equity

Mezzanine equity represents the convertible redeemable preferred shares issued by the Company. The convertible redeemable preferred shares are redeemable at the holders’ option any time after a certain date and are contingently redeemable upon the occurrence of certain events outside of the Company’s control. Therefore, the Group classified all of the convertible redeemable preferred shares as mezzanine equity.

According to ASC 480, where fair value at date of issue is less than the mandatory redemption amount, the carrying amount is to be increased by periodic accretions so that the carrying amount will equal the mandatory redemption amount at the mandatory redemption date. The Company uses the current redemption value method in calculating the accretion of the convertible redeemable preferred shares as if these convertible redeemable preferred shares were redeemable at the end of each year. Each increase in carrying amount is to be recorded as charges against retained earnings or, in the absence of retained earnings, as charges against additional paid-in capital until additional paid-in capital is reduced to zero. Once paid-in capital is reduced to zero, the redemption value measurement adjustment is recognized as an increase in accumulated deficit.

Summary of significant accounting policies—(Continued)

2.17 Revenue recognition

Revenues are generated primarily from product revenue and service revenue through the platforms the Group offers to its customers. The Group also generates revenues from product sales through offline stores it operates.

The Group adopted ASC 606 Revenue from Contract with Customers (“ASC606”) for all periods presented. According to ASC 606, revenue is recognized when control of the promised good or service is transferred to the customer in an amount that reflects the consideration the Group expects to receive in exchange for those goods or services, after considering estimated sales return allowances, price concessions, discount and value added tax (“VAT”). Consistent with the criteria of ASC 606, the Group follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Disaggregation of revenues

For the year ended December 31, 2020, 2021 and 2022, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Net online product revenue		3,927,486		6,220,037		6,697,557
Net product revenue from offline channels		316,537		434,856		1,979,115
Net product revenue		4,244,023		6,654,893		8,676,672
Net service revenue for PJT marketplace		276,721		516,155		638,334
Net service revenue for Paipai marketplace		304,965		520,944		474,010
Net service revenue from other channels		32,490		88,283		80,408
Net service revenue		614,176		1,125,382		1,192,752

Net Product Revenue

The majority of the Group’s revenue is derived from online product sales. The Group recognizes revenue from the sale of phones and other consumer electronics goods through the two online platforms it operates: PJT Marketplace (“PJT”) (B2B channel) and Paipai Marketplace (“Paipai”) (B2C channel). The Group utilizes external delivery service providers to deliver goods to its customers. The Group presents revenue generated from its sales of products on a gross basis as the Group has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits and recognizes revenue at the point of time when the goods have been delivered to the customers. The customers pay for the goods in advance. The Group offers its customers right of return for a period of 3 to 7 days upon the receipts. Product revenues are reduced by estimated sales return, which has been immaterial in the historical periods.

For product sales through offline channels, the Group recognizes revenue at the point of time when customers pay and obtain control of the products. When transactions involving trade-in devices, the purchase of the pre-owned product and the sale of new product are separately settled in cash on a gross basis and accounted for as two separate transactions. From July 2020, the Group began to net settle the trade-in transactions, and the fair value of trade-in product is recognized as non-cash consideration for the sale of the new product.

Summary of significant accounting policies—(Continued)

2.17 Revenue recognition – (Continued)

Net Service Revenue

In addition to product sales, the Group’s PJT Marketplace and Paipai Marketplace also serve as online marketplace to provide third-party merchants platform services enabling them to transact with customers, for which the Group charges commission fees to its merchants and/or customers. Under the platform service arrangement, the Group acts as an agent and does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise.

For PJT Marketplace, the Group charges both the merchants and business buyers a commission fee. The commission fee charged to the merchants is determined as a percentage based on the executed transaction price, and the commission fee charged to business buyers is determined as a negotiated tiered amount. For Paipai Marketplace, commission fees are charged to merchants only, determined as a percentage based on the executed transaction price. For certain merchants who sell products on the Group’s platform, the Group enters into contractual agreements with these merchants for a fixed monthly marketplace management fee in addition to the commission fees charged for each transaction.

Commission fees are recognized in the consolidated statements of operations and comprehensive loss at the time when the service obligations to the merchants are determined to have been completed under each sales transaction upon the business buyers’ confirming the receipts of goods or over time for merchants paying fixed monthly management fees. Commission fees are not refundable if business buyers return the merchandise to merchants.

The Group provides a one-year warranty for pre-owned consumer electronics sold on Paipai Marketplace, which is not considered as a separate performance obligation. The costs associated with the warranty was immaterial during the years presented.

Reconciliation of contract balances

A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. A contract asset is recorded when the Group has transferred products to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. There was no contract asset as of December 31, 2020, 2021 and 2022. Accounts receivable was recorded within prepayments and other receivables, net and was RMB17,228 and RMB150,621 as of December 31, 2021 and 2022.

A contract liability exists when the Group has received consideration but has not transferred the related goods or services to the customer. The Group’s contract liabilities consist of payments received from customers before they received the products, mainly related to offline sales of pre-owned electronics and online channel sales, in which the Group receives advance payments pursuant to the agreements with certain offline customers before the products are transferred. As of December 31, 2021 and 2022, balances of the contract liabilities were RMB211,964 and RMB195,369. The opening balances of RMB25,606, RMB33,884 and RMB211,964 were recognized in the years ended December 31, 2020, 2021 and 2022, respectively. The contract liabilities of December 31, 2022 is expected to be recognized in revenue in 2023.

There were no costs of obtaining a contract for the years ended December 31, 2020, 2021 and 2022.

Summary of significant accounting policies—(Continued)

2.17 Revenue recognition — (Continued)

Geographic information

The following is the Group’s net product and service revenues by geographical location:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Mainland China		4,080,229		6,285,247		8,014,495
Hong Kong		145,641		339,616		659,277
Others		18,153		30,030		2,900
Net product revenue		4,244,023		6,654,893		8,676,672
Mainland China		611,975		1,123,351		1,191,924
Hong Kong		2,201		2,031		826
Others		—		—		2
Net service revenue		614,176		1,125,382		1,192,752

2.18 Merchandise costs

Merchandise costs primarily consists of cost of acquired products and inbound shipping charges.

2.19 Fulfillment expenses

Fulfillment expenses consist primarily of expenses incurred in operating the Group’s platform, centralized operation centers and stations, offline stores, warehouse operating costs such as personnel cost and expenses attributable to purchasing, receiving, inspecting and grading, packaging, and preparing customer orders for shipment, as well as outbound shipping charges.

2.20 Technology and content expenses

Technology and content expenses consist primarily of payroll and related expenses for technology and content employees involved in designing, developing and maintaining technology platform, and improving artificial intelligence, big data and cloud technologies and services, and technology infrastructure costs. Technology infrastructure costs include equipment depreciation, amortization and impairment of technology/platform, as well as data center costs. Technology and platform amortization is amortization of platform arising from acquisition of Paipai business (see Note 3). Technology and content expenses are expensed as incurred.

2.21 Selling and marketing expenses

Selling and marketing expenses consist primarily of platform promotion expenses, channel commissions, advertising expenses, amortization expense, impairment loss and payroll and related expenses for employees involved in marketing and business development activities. Platform promotion expenses consist of Paipai coupons distributed on end consumers who are not customers of the Group on Paipai platform to promote transaction volume. Channel commissions consist of commission paid to sales channel providers and collection channel providers. Amortization expense consist of amortization of business cooperation agreement, non-compete commitment, and brand names arising from the acquisition of Paipai business (see Note 3). Impairment loss consist of impairment loss of non-compete commitment, and brand names arising from the acquisition of Paipai business and were nil, nil and RMB200,708 for the years ended December 31, 2020, 2021 and 2022, respectively. Advertising expenses consist of the fees of advertising across multiple platforms in connection with business development. Total advertising expenses were recognized as incurred, and were RMB19,101, RMB82,340, and RMB82,921 for the years ended December 31, 2020, 2021 and 2022 respectively.

Summary of significant accounting policies—(Continued)

2.22 General and administrative expenses

General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations; costs associated with these functions including facilities and equipment depreciation expenses, rental and other general corporate related expenses.

2.23 Other operating income, net

Other operating income, net consists primarily of government subsidies and reimbursements from ADR program. Government subsidies represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purposes. The local governments have final discretion as to whether the Group has met all criteria to be entitled to the subsidies. The Group does not in all instances receive written confirmation from local governments indicating the approval of the cash subsidy before cash is received. Government subsidies are recognized in other operating income in the consolidated statements of operations and comprehensive loss when the government subsidies are received and no further conditions need to be met.

2.24 Share-based compensation

The Group grants share options and restricted share units to the management team and other employees (collectively, “Share-based Awards”). The Group accounted for the Share-based Awards in accordance with ASC 718 Compensation—Stock Compensation. Share-based Awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the straight-line method, net of actual forfeitures, if any, over the requisite service period, with a corresponding impact reflected in additional paid-in-capital. Share-based Awards that are subject to both the service period and the occurrence of Qualified IPO as performance condition are measured at the grant date fair value and share-based compensation expenses are recognized for the cumulatively vested amount upon the completion of the IPO first and then over the remaining requisite service period. The grant date fair value of share options is determined by Binomial option pricing model. The grant date fair value of restricted share units is determined by the fair value of underlying ordinary shares. The expected term represents the period that share-based awards are expected to be outstanding, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee exercise behavior. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies for the period before valuation date and with similar span as the expected expiration term. The Group accounts for forfeitures of the share-based awards when they occur. Previously recognized compensation cost for the awards is reversed in the period that the award is forfeited. Amortization of share-based compensation is presented in the same line item in the consolidated statements of operations as the cash compensation of those employees receiving the award.

2.25 Employee benefit expenses

As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The total expenses the Group incurred for the plan were RMB51,834, RMB93,142 and RMB101,204 for the years ended December 31, 2020, 2021 and 2022, respectively.

2.26 Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.

Summary of significant accounting policies—(Continued)

2.26 Income taxes—(Continued)

The Group accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2020, 2021 and 2022.

2.27 Operating leases

In the fourth quarter of 2021, the Group adopted ASU No. 2016-02, Leases (Topic 842) for the year ended December 31, 2021 by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term, not included in lease liabilities.

The Group evaluates whether an agreement constitute a lease by reviewing the contractual terms to determine which party obtains both the economic benefits and control of the assets at the inception of the contract. The Group has leased office and store premises for operating activities. All of the Group's leases with lease terms longer than 12 months have been deemed operating leases pursuant to the criteria in ASC Topic 842. The Group measures the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which is computed using the Group's incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. Fixed lease payments are included in the measurement of operating lease liabilities and variable payments are recognized as lease expenses in the period in which the obligation for those payments is incurred. The Group measures the operating lease right-of use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group. Operating lease right-of-use assets is included in other non-current assets and current portion of operating lease liabilities is included in accrued expenses and other current liabilities.

2.28 Comprehensive loss

Comprehensive loss is reported in the consolidated statements of operations and comprehensive loss. Accumulated other comprehensive loss, as presented on the accompanying consolidated balance sheets, represents accumulated foreign currency translation adjustments from its subsidiaries not using the RMB as their functional currency.

Summary of significant accounting policies—(Continued)

2.29 Net loss per share

Basic loss per share is computed by dividing net loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. The Company’s convertible redeemable preferred shares do not participate in losses. As such, net loss is allocated entirely to ordinary shareholders in the calculation of net loss per share.

Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares, share options and convertible bonds which could potentially dilute basic earnings per ordinary share in the future. To calculate the number of shares for diluted earnings per ordinary share, the effect of the convertible redeemable preferred shares and convertible bonds are computed using the as-if-converted method and the effect of the ordinary shares issuable upon the exercise of outstanding share options is computed using the treasury stock method.

2.30 Certain risks and concentrations

The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. No customer individually represents greater than 10% of the total net revenues.

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, other receivable, net, short-term investments, amount due from a related party and funds receivable from third party payment service providers. The Group places its cash and cash equivalents, short-term investments with financial institutions with high-credit ratings and quality. Amount due from a related party and funds receivable from third party payment service providers primarily comprise of the receivable from customers, where the amount is under the Group’s name on these online platforms. Due to the nature of the arrangement, the Group considers there to be no collection risks. Other receivables, net mainly consists of customer deposit where the Group paid on behalf of the business buyers for the purchase deposit. The Group conducts credit evaluations on vendors and require certain amounts of security deposits from them to manage its credit risk.

2.31 Segment reporting

Based on the criteria established by ASC 280 Segment Reporting, the Group’s chief operating decision maker has been identified as the Chairman of the Board of Directors and Chief-Executive Officer, who reviews consolidated results of the Group when making decisions about allocating resources and assessing performance. The Group has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Group has only one operating segment. The Company is domiciled in the Cayman Islands while the Group mainly operates its businesses in the PRC.

2.32 Recent accounting pronouncements

Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, or EGC as of December 31, 2020 and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. The Company ceased to qualify as EGC as of December 31, 2021, and adopted the new and revised accounting standards already effective for public companies.

Summary of significant accounting policies—(Continued)

2.32 Recent accounting pronouncements—(Continued)

Recently issued accounting pronouncements not yet adopted

In June 2022, the FASB issued ASU 2022-03, Fair value measurement (Topic 820) – Fair value measurement of equity securities subject to contractual sale restrictions. ASU 2022-03 clarifies the guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted.

In September 2022, the FASB issued ASU 2022-04, Disclosure of Supplier Finance Program Obligations. This ASU provided guidance to increase the transparency of supplier finance programs. The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. This update is effective for fiscal years beginning after December 15, 2022.

The Group is in process of evaluating the impact of the above ASUs and currently does not expect the adoption would have a material impact on its consolidated financial statements and related disclosures.

Business Combination

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Business Combination

Business combination

Acquisition of Paipai

The Group acquired Paipai, a pre-owned retail platform from JD.com, Inc. (“JD”) on June 3, 2019 for a net purchase consideration of RMB3,243,036, by issuing 26,379,291 shares of Series E convertible redeemable preferred shares. The Group accounted for this acquisition as business combination.

The fair value of the convertible redeemable preferred shares and purchase price allocation were determined by the Group with the assistance of a third-party valuation firm. The following table summarizes the consideration paid for Paipai and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date, as well as the depreciation/amortization period for the acquired assets.


		2019
		RMB
Consideration
26,379,291 shares of convertible redeemable preferred shares			3,243,036
Fair value of total consideration transferred			3,243,036
Recognized amounts of identifiable assets acquired and liabilities assumed	Amortization period
Intangible assets:
Business Cooperation Agreement	5-6 years		1,456,000
Brand names	10 years		321,000
Non-compete commitment	5 years		52,000
Technology and platform	5 years		29,000
Property and equipment, net	3 years		791
Deferred tax liabilities			(415,284	)
Goodwill			1,799,529
			3,243,036

The identifiable assets acquired are required to be recognized and measured at fair value as of the acquisition date. An intangible asset is identified if it meets either the separability criterion or the contractual-legal criteria in accordance with ASC 805, Business Combination. Fair value of fixed assets acquired approximates the net book value of these assets. The assembled workforce did not meet the separation criteria or the contractual-legal criteria and therefore, are not identifiable and not recognized apart from goodwill. Goodwill recognized from the acquisition was assigned to the entire group and is not expected to be deductible for income tax purposes. The acquisition cost incurred and expensed for the business combination was immaterial.

Business combination—(Continued)

Acquisition of Shenzhen Aileyou Information Technology Co., Ltd (“Aileyou”)

In June, 2022, in order to integrate the resource and expand its business, the Group acquired the remaining 40% equity interest in Aileyou, an existing equity method investment, for zero consideration. The Group accounted for this acquisition as business combination. Goodwill of RMB16,511 has been recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. The transaction costs related to the above acquisitions were immaterial. The financial results of the acquired business, which are not material, have been included in the Company's consolidated financial statements for the period subsequent to the acquisition. Pro forma information is not presented for the acquisition as the impact to the consolidated financial statements is not material.

Prepayments and Other Receivables, Net

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Receivables, Net

Prepayments and other receivables, net

Prepayments and other receivables, net consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Deposits		26,880			35,797
Customer deposits (1)		232,500			73,861
Account receivables		17,228			150,621
Advance to suppliers (2)		297,383			73,475
VAT recoverables		75,885			99,547
Others		65,924			52,345
Cash advanced to staff		33,992			39,130
Deferred cost (3)		91,245			87,065
Less: allowance for credit losses		(935	)		(2,358	)
Impairment losses on deferred cost		—			(70,406	)
Total		840,102			539,077

(1)

The amount relates to the refundable deposits paid to merchants to whom the Group provides platform service, mainly for consignment service.

(2)

The amount represents the prepayment to suppliers, mainly for purchasing official replacement products, new consumer electronics and pre-owned products.

(3)

Deferred cost represents acquired advertising resources for promotion purpose, and has been amortized based on actual consumptions. In 2022, impairment losses of RMB70,406 have been recognized based on estimated reduction on consumptions.

The movements in the allowance for credit losses for prepayments and other receivables are as follows:


	As of December 31,
	2020			2021			2022
	RMB			RMB			RMB
Balance as of January 1		390			—			935
Current period provision		4,600			1,525			6,293
Current period write-off		(4,990	)		(590	)		(4,870	)
Balance as of December 31		—			935			2,358

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net

Property and equipment, net consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Cost
Machinery		31,539			55,872
Electronic equipment		78,543			70,491
Leasehold improvement		106,709			124,990
Furniture and office equipment		9,882			13,782
Motor vehicles		1,423			3,515
Software		6,632			8,554
Total		234,728			277,204
Less: accumulated depreciation		(137,087	)		(166,244	)
Construction in progress		6,202			7,640
Property and equipment, net		103,843			118,600

Depreciation expense was RMB45,659, RMB36,670 and RMB45,815 for the years ended December 31, 2020, 2021 and 2022, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

Intangible assets, net

Intangible assets consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Business Cooperation Agreement		1,554,046			1,554,046
Brand names		321,000			321,000
Non-compete commitment		79,141			79,141
Technology/platform		31,600			31,600
Total		1,985,787			1,985,787
Less: accumulated amortization		(909,976	)		(1,234,212	)
Less: accumulated impairment loss		—			(206,925	)
Intangible assets		1,075,811			544,650

Amortization expenses related to intangible assets were RMB315,122, RMB317,795, and RMB324,236 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group expects to record amortization expenses of RMB274,015, RMB197,141, RMB62,836, RMB3,114 and RMB7,543 for the years ending December 31, 2023, 2024, 2025, 2026, 2027 and thereafter, respectively.

In the impairment assessment performed in 2022, the Group concluded that the carrying amounts of the intangible assets exceeded their respective fair values and recorded impairment losses of RMB206,925 for the year ended December 31, 2022, respectively.

Long-Term Investments

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Long-Term Investments

Long-term investments

The Group's long-term investments consist of:


	As of December 31,
	2021		2022
	RMB		RMB
Equity method investments:
Qingdao Qingle Venture Capital Partnership (“Qingle”)		30,002		30,002
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)		28,951		27,867
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)		22,803		21,355
Other investments		14,416		12,766
Equity securities without readily determinable fair values:
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)		63,430		63,430
AiFenLei Global Co., Ltd. (“AiFenLei”)		—		16,844
Other equity securities without readily determinable fair values		29,713		31,539
Investments at fair value:
China Dynamic Fund I SP		52,212		15,780
Total		241,527		219,583

Equity method investments:

As of December 31, 2021 and 2022, the Group held 11.95% equity interests of Qingle as its limited partner, amounted to RMB30,000 and accounted as an equity method investment.

Long-term investments —(Continued)

In November 2021, the Group acquired 29.0% equity interest in Wanwuchuangxin, a limited partnership managed by an unrelated third party, as a limited partner with cash consideration of RMB29,000, and accounted for the investment as an equity method investment.

In September 2017, the Group disposed of its mobile phone rental platform to an entity jointly formed by shareholder of the Group and a former employee, Jinsong, and retained 30% shareholding with no board representation. The Group determined it did not have the ability to exercise significant influence over Jinsong and accounted for it under alternative measurement. In 2019, the Group made an additional RMB8,430 investment in preferred shares and RMB1,940 investment in ordinary shares. In July 2021, the Group made another RMB55,000 investment in preferred shares and was entitled to nominate one director to the board. The total equity holding was 25.71% as of December 31, 2021 and 2022. The Group accounted for the investment in ordinary shares of RMB28,370 under equity method as the Group has the ability to exert significant influence over the investee. The investment in preferred shares of RMB63,430 is accounted for as equity securities without readily determinable fair value as they are not in substance ordinary shares. For the year ended December 31, 2021 and 2022, the Group recorded proportionately share of loss of RMB5,567 and RMB1,447 in share of lose in equity method investments, respectively.

Equity securities without readily determinable fair values:

In July 2019, the Group disposed of its household waste recycling business (“AiFenLei”) at zero consideration to the Founder and retained 52.5% economic rights without any voting or significant participating rights. The Group recognized RMB9,259 of loss upon disposal. The retained interest was accounted for under alternative measurement with minimal value at the time of the disposal due to the significant uncertainty associated with AiFenLei. In January 2022, the Group made an additional RMB16,844 investment in preferred shares. The total equity holding for ordinary shares and preferred shares was 33.2% and 0.7% as of December 31, 2022 due to passive dilution.

As of December 31, 2021 and 2022, the Group had RMB29,713 and RMB31,539 respectively, of investment in other equity securities without readily determinable fair values, accounted for using alternative measurement. For years ended December 31 2020, 2021 and 2022, the Group recorded impairment loss of RMB3,500, RMB16,500 and nil, respectively, for these alternative measurement investments.

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2022 are as follows:


	As of December 31,
	2021		2022
	RMB		RMB

Balance at beginning of the year		1,803,415		1,803,415
Goodwill acquired during the year (Note 3)		—		16,511
Impairment losses		—		(1,819,926	)
Balance at ending of the year		1,803,415		—

During the year ended December 31, 2022, the Group has one reporting unit. The Group performed qualitative assessment for the reporting unit and considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations.

The Group recorded an impairment loss of nil, nil and RMB1,819,926 for the years ended December 31, 2020, 2021 and 2022, respectively.

Short-term Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-term Borrowings

Short-term borrowings

In 2020, the Group entered into credit facility agreements with several Chinese commercial banks and drawn-down RMB610,683 at the weighted average interest rate of 6.26% per annum. In 2021, the Group drawn-down RMB197,000 at the weighted average interest rate of 5.09% per annum and repaid the short-term bank borrowings in the amount of RMB373,292. In 2022, the Group drawn-down RMB185,983 at the weighted average interest rate of 4.60% per annum and repaid the short-term bank borrowings in the amount of RMB112,000. As of December 31, 2021 and 2022, the remaining balance of these loan agreements was RMB50,000 and RMB123,983, respectively.

As of December 31, 2021 and 2022, the Group had unused one-year revolving credit facilities with several Chinese commercial banks to borrow up to RMB150,000 and RMB286,017, respectively for working capital needs.

In 2020 and 2021, the Group entered into several RMB denominated one-year loan agreements with several Chinese commercial banks for RMB153,000 at the weighted average interest rate of 5.29% per annum and RMB56,700 at the weighted average interest rate of 5.09% per annum, respectively. The Group repaid amount of RMB70,000, RMB155,450 and RMB14,250 during the year 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the remaining balance of these loan agreements was RMB14,250 and nil, respectively.

In December 2020, the Group entered into a US$ denominated two-year loan agreement with an independent third party for US$10,000 at the interest rate of 9.00% per annum. The Group repaid amount of RMB2,719, RMB32,230 RMB30,270 equivalent to US$417, US$5,000 and US$4,583 for the years ended December 2020, 2021 and 2022, respectively. As of December 31, 2022, the loan was fully repaid.

As of December 31, 2021 and 2022, the Group has short-term borrowings balance of RMB94,999 and RMB123,983 at weighted average interest rate of 6.08% and 4.54% per annum, respectively.

The Group is subject to certain financial covenants under its credit facilities agreements and the Group was in compliance with all of its debt covenants as of December 31, 2021 and 2022.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses And Other Liabilities Current [Abstract]

Accrued Expenses and Other Current Liabilities

10.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2021		2022
	RMB		RMB
Deposits from business partner		79,787		151,167
Other tax payable		38,209		90,407
Fulfillment payable		49,190		96,668
Operating lease liabilities - current		35,948		46,426
Collection on behalf of others		29,167		23,305
Others		64,326		41,516
Total		296,627		449,489

Taxation

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Taxation

11.

Taxation

a) Value added tax (“VAT”)

For sales of pre-owned consumer electronic products, the Group is subject to the VAT levy rate of 3% under the simplified method and is exempted by 1% in comply with relevant PRC VAT regulations of CaiShui [2009] No.9 and CaiShui [2014] No.57. The Group is subject to statutory VAT rate of 13% for sales of other products in the PRC. The Group is subject to VAT at the rate of 6% for service revenue.

b) Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Commencing from the year of assessment 2018/2019, the first Hong Kong dollars (“HKD”) 2 million of profits earned by its subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Under the Hong Kong tax laws, the Company is exempted from the Hong Kong income tax on its foreign-derived income. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

Mainland China

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. All of the Group’s PRC subsidiaries, consolidated former VIE and former VIE’s subsidiaries are subject to the statutory income tax rate of 25% except for Shanghai Yueyee which obtained qualification as High and New Technologies Enterprises, or HNTE in 2018 and was entitled to a preferential EIT rate of 15% from 2018 to 2020 if certain conditions are met. In 2021, Shanghai Yueyee renewed its qualification and was entitled to the preferential EIT rate of 15% from 2021 to 2023 if certain conditions are met.

Loss by tax jurisdictions


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Loss from Mainland China operations		456,596		882,229		2,616,828
Loss (income) from non-Mainland China operations		53,816		71,618		(43,579	)
Total loss before tax and share of loss of equity method investments		510,412		953,847		2,573,249

The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to pre-tax income is as follows:

11.

Taxation—(Continued)

b) Income tax—(Continued)

The current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss are as follows:


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Current tax expenses		—			—			43
Deferred tax benefits		(47,320	)		(143,863	)		(111,826	)
Total income tax benefits		(47,320	)		(143,863	)		(111,783	)

The Group did not incur any current income tax expenses for the years ended December 31, 2020 and 2021. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to pre-tax income is as follows:


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		(2.75	%)		(11.86	%)		(20.25	%)
Super deduction on technology and content expenses		3.52	%		2.83	%		0.68	%
Effect of preferential tax rate for high-tech enterprises		(6.16	%)		6.25	%		(1.84	%)
Effect of different tax rates of a subsidiary operating in other jurisdictions		(1.33	%)		(1.85	%)		2.01	%
Effect of enacted tax rate change of deferred tax liabilities		0.20	%		—			—
Effect of expired tax loss		—			(0.54	%)		—
Change in valuation allowance		(9.42	%)		(4.62	%)		(0.97	%)
True up		0.21	%		(0.13	%)		(0.29	%)
Total		9.27	%		15.08	%		4.34	%

If the preferential tax rate granted to an entity of the Group were not available, the Group’s income tax benefit would have increased by RMB31,460, decreased by RMB59,594 and increased by RMB47,273 for the years ended December 31, 2020, 2021 and 2022, respectively. The basic and diluted net loss per share attributable to the Company would decrease by RMB1.68, increased by RMB0.62 and decreased by RMB0.29 for the years ended December 31, 2020 2021, and 2022, respectively. Shanghai Yueyee obtained HNTE in December 2021 and it is subject to reduced income tax rate of 15% till 2023, bring an effect of preferential tax rate of income tax benefit amounted to nil, RMB93,250 and nil for the year ended December 31, 2020, 2021 and 2022.

11.

Taxation—(Continued)

b) Income tax—(Continued)

Deferred tax assets and deferred tax liabilities:


	As of December 31,
	2020			2021			2022
	RMB			RMB			RMB
Deferred tax assets
Tax loss carried forward		283,378			278,980			276,958
Deductible temporary differences		32,982			59,598			83,132
Allowance for credit losses		—			375			250
Inventory provision		—			649			689
Unrealized fair value losses for certain investments		—			438			3,808
Impairment loss of long-term investments		—			4,125			3,047
Total deferred tax assets		316,360			344,165			367,884
Less: valuation allowance		(316,360	)		(344,165	)		(367,884	)
Net deferred tax assets		—			—			—
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired		341,960			223,138			111,312
Total deferred tax liabilities		341,960			223,138			111,312

The movement of deferred tax valuation allowance is as follows:


	As of December 31,
	2020		2021		2022
	RMB		RMB		RMB
Balance at beginning of the year		268,534		316,360		344,165
Additions, net of foreign exchange impacts		47,826		27,805		23,719
Balance at end of the year		316,360		344,165		367,884

As of December 31, 2020, 2021 and 2022, the Group had net operating loss carry forwards of approximately RMB1,155,441, RMB1,199,251 and RMB1,140,585, respectively, which arose from the subsidiaries, former VIE and former VIE’s subsidiaries established in the PRC, Hong Kong. The loss carry forwards will expire until receive of notice from local tax authorities. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2020, 2021 and 2022, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not.

The deferred tax component of income tax benefits is related to the amortization and impairment of deferred tax liabilities resulting from the business and assets acquisitions.

In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. The Company’s subsidiaries, former VIE and former VIE's subsidiaries located in the PRC and Hong Kong were in accumulated deficit as of December 31, 2020, 2021 and 2022. Accordingly, no deferred tax liability has been accrued for the PRC dividend withholding taxes that would be payable upon the distribution of those amounts to the Company as of December 31, 2020, 2021 and 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Ordinary Shares

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Ordinary Shares

12.

Ordinary shares

Upon the consummation of the IPO, pursuant to the amended and restated Articles of Association, the Group’s existing preferred shares and ordinary shares was reclassified and re-designated into Class A ordinary shares, Class B ordinary shares and Class C ordinary shares, with each Class A ordinary share being entitled to one vote, each Class B ordinary share being entitled to three votes and each Class C ordinary share being entitled to fifteen votes on all matters that are subject to shareholder vote. Class A ordinary shares, Class B ordinary shares and Class C ordinary shares are entitled to the same dividend right. The authorized 1,000,000,000 shares of the Group were comprised of 941,472,561 Class A ordinary shares, 47,240,103 Class B ordinary shares and 11,287,336 Class C ordinary shares.

Upon the completion of IPO, the Group issued 10,822,000 shares of Class A ordinary shares at US$21.0 per share, with total proceeds of US$227,262, net of the underwriting discounts and commissions and offering expenses. Immediately upon the completion of the Group’s IPO, 70,254,680 preferred shares were converted into Class A ordinary shares and 47,079,692 preferred shares were converted to Class B ordinary shares.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Convertible Bonds

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Convertible Bonds

13.

Convertible bonds

On November 28, 2016, the Group’s PRC subsidiary, Shanghai Yueyee, issued non-interest bearing convertible bonds (the “2016 Notes”) with an aggregate principal amount of RMB200,000 and a maturity date of June 2018. Upon approval of ODI, the holders can at their option, to redeem the 2016 Notes in RMB and to purchase Series C-3 convertible redeemable preferred shares from the Company at US$2.6532 per share in US dollars for an amount equivalent to the principal of the 2016 Notes. This option to subscribe for the convertible redeemable preferred shares is not a free-standing financial instrument, but in essence a conversion option embedded in the 2016 Notes as it can only be exercised together with the redemption of the Notes. Among 2016 Notes, RMB40,000 was converted into 2,255,380 Series C-3 convertible redeemable preferred shares at the contractual conversion price in 2018.

The Group determined the conversion feature of the convertible bond is not an embedded derivative and therefore bifurcation from the convertible bonds is not required. Further, there’s no beneficial conversion feature associated with the conversion option as the effective conversion price was higher than the fair value of the underlying shares. The 2016 Notes were recorded as a liability in their entirety at amortized cost on the consolidated balance sheets.

As of December 31, 2021, RMB160,000 of the 2016 Notes were converted into Series C convertible redeemable preferred shares at the contractual conversion price which were subsequently converted to Class A ordinary shares upon completion of IPO immediately.

Convertible Redeemable Preferred Shares

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Convertible Redeemable Preferred Shares

14.

Convertible redeemable preferred shares

All series of convertible redeemable preferred shares were converted to Class A/B ordinary shares immediately upon the completion of the Group’s IPO in June 2021.

The following table summarizes changes in the carrying amount of the convertible redeemable preferred shares for the years ended December 31, 2020 and 2021:


	Series A Convertible redeemable preferred shares (par value US$0.001)						Series B Convertible redeemable preferred shares (par value US$0.001)						Series C Convertible redeemable preferred shares (par value US$0.001)						Series D Convertible redeemable preferred shares (par value US$0.001)						Series E Convertible redeemable preferred shares (par value US$0.001)						Series F Convertible redeemable preferred shares (par value US$0.001)						Total
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount
Balance as of December 31, 2019		9,497,040			361,963			7,586,836			295,666			33,320,256			1,393,992			10,068,160			1,005,852			30,021,942			4,022,605			—			—			90,494,234			7,080,078
Issuance		—			—			—			—			—			—			—			—			4,203,072			495,318			—			—			4,203,072			495,318
Accretion		—			83,312			—			65,967			—			311,443			—			147,741			—			696,035			—			—			—			1,304,498
Balance as of December 31, 2020		9,497,040			445,275			7,586,836			361,633			33,320,256			1,705,435			10,068,160			1,153,593			34,225,014			5,213,958			—			—			94,697,306			8,879,894
Issuance		—			—			—			—		—			—				—			—			1,953,652			241,341			9,777,383			1,179,326			11,731,035			1,420,667
Issuance upon conversion of convertible bonds		—			—			—			—			10,906,031			192,122			—			—			—			—			—			—			10,906,031			192,122
Accretion		—			21,898			—			17,207			—			246,015			—			37,083			—			186,424			—			—			—			508,627
Convert to Class A Ordinary shares		(9,497,040	)		(467,173	)		(7,586,836	)		(378,840	)		(30,284,935	)		(1,467,859	)		(7,952,405	)		(940,464	)		(5,876,520	)		(916,388	)		(9,056,944	)		(1,092,428	)		(70,254,680	)		(5,263,152	)
Convert to Class B Ordinary shares		—			—			—			—			(13,941,352	)		(675,713	)		(2,115,755	)		(250,212	)		(30,302,146	)		(4,725,335	)		(720,439	)		(86,898	)		(47,079,692	)		(5,738,158	)
Balance as of December 31,2021		—			—			—			—			—			—			—			—			—			—			—			—			—			—

14.

Convertible redeemable preferred shares—(Continued)

The following table summarizes the issuance of convertible redeemable preferred shares:


Series	Issuance date	Share Issued		Issue Price per Share	Proceeds from Issuance
A, B, C-1, C-2	August 31, 2012 ~ November 11, 2016		44,887,552	US$0.21~US$2.65	US$63,902
C-3	June 26, 2018		1,884,512	US$2.65	US$5,000
C-3	December 7, 2018		7,819,871	US$2.65	RMB138,688
C-3	February 8, 2021 ~ May 25, 2021		10,906,031	US$2.65	RMB192,122
D	July 5, 2018		2,115,755	US$10.83	US$22,917
D	July 5, 2018		7,952,405	US$12.74	US$101,340
E	June 3 ~ September 16, 2019		2,521,844	US$17.84	US$45,000
E	June 3, 2019		27,500,098	US$0.70	US$20,115
E+	September 4 ~ September 14, 2020		4,203,072	US$17.84	US$75,000
E+	February 8, 2021 ~ May 25, 2021		1,953,652	US$17.84	RMB241,341
F	April 16, 2021 ~ May 25, 2021		9,777,383	US$19.43	US$168,000

Key terms of the convertible redeemable preferred shares are summarized as follows:

Dividend Rights

Each preferred share shall have the right to receive cumulative dividends, on an as-converted basis, when, as and if declared by the Board.

The order of distribution shall be made from holders of Series F convertible redeemable preferred shares, holders of Series E convertible redeemable preferred shares, holders of Series D convertible redeemable preferred shares, holders of Series C-3 convertible redeemable preferred shares and holders of Series C-1 and C-2 convertible redeemable preferred shares, holders of Series B convertible redeemable preferred shares to holders of Series A convertible redeemable preferred shares. No dividend shall be paid on the ordinary shares at any time unless and until all dividends on the convertible redeemable preferred shares have been paid in full.

In the event the Company declares dividends, for holder of Series A convertible redeemable preferred shares, the non-cumulative is at the rate of 8% of issue price, for holder of Series B, C-1, C-2, C-3, D, E and F convertible redeemable preferred shares, the cumulative dividend is at the rate of 8% of issue price.

No dividends have been declared on the convertible redeemable preferred shares.

14.

Convertible redeemable preferred shares—(Continued)

Liquidation Rights

Upon the occurrence of any liquidation or deemed liquidation event, whether voluntary or involuntary, all assets and funds of the Company legally available for distribution shall be distributed to the shareholders in the following order and manner:

Holders of convertible redeemable preferred shares of later series have preference to the distribution of assets or funds over holders of convertible redeemable preferred shares of earlier series and holders of ordinary shares, in the following sequence: holders of Series F convertible redeemable preferred shares, holders of Series E convertible redeemable preferred shares, holders of Series D convertible redeemable preferred shares, holders of Series C-3 convertible redeemable preferred shares and holders of Series C-1 and C-2 convertible redeemable preferred shares, holders of Series B convertible redeemable preferred shares to holders of Series A convertible redeemable preferred shares. The amount of preference will be equal to 150% of the issuance price plus any and all declared but unpaid dividends.

After distribution to the holder of convertible redeemable preferred shares the amount of preference, all remaining assets and funds of the Company available for distribution to the shareholders shall be distributed ratably among all the shareholders on a fully diluted basis.

Conversion Rights

The holders of the convertible redeemable preferred shares have the rights to convert of the preferred shares into ordinary shares at an initial conversion ratio of one for one at the option of the holders at any time. The initial conversion price is the issuance price of preferred shares, subject to adjustment in the event of (1) share split, share consolidation, share dividend or other similar event, and (2) issuance of new securities at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance. In that case, the conversion price shall be reduced concurrently to the subscription price of such issuance. Each preferred share shall automatically be converted, into ordinary shares upon the closing of a Qualified IPO.

Voting rights

Each preferred share confers the right to receive notice of, attend and vote at any general meeting of members on an as-converted basis. The holders of the convertible redeemable preferred shares vote together with the ordinary shareholders, and not as a separate class or series, on all matters put before the shareholders.

Redemption rights

At the option of a holder of the convertible redeemable preferred shares, the Company shall redeem at the redemption price all or any part of the outstanding convertible redeemable preferred shares, upon breach of contract, or at any time after the redemption start date for each series of convertible redeemable preferred shares. The redemption start date is December 31, 2022 for all series of convertible redeemable preferred shares.

The redemption price equals to the greater of (1) the issue price with a twenty percent compound per annum for Series A and Series B, or ten percent simple per annum return for Series C-1, C-2 and C-3, Series D, Series E and Series F (if the period is less than one year, such return shall be calculated pro rata) to the redemption price payment date, plus all accrued or declared but unpaid dividends or (2) the fair market value of preferred shares.

14.

Convertible redeemable preferred shares—(Continued)

Accounting of Convertible Redeemable Preferred Shares

The Company classified all preferred shares as mezzanine equity in the consolidated balance sheets because they are redeemable at the holders’ option any time after a certain date and are contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. The convertible redeemable preferred shares are recorded initially at fair value, net of issuance costs.

The Company records accretion on the convertible redeemable preferred shares to the redemption value from the issuance dates to the earliest redemption dates. The accretion, calculated as the current redemption value, is recorded against retained earnings, or in the absence of retained earnings, by charging against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit. The accretion of convertible redeemable preferred shares was RMB1,304,498, RMB508,627 and nil for the years ended December 31, 2020, 2021 and 2022, respectively.

The Company determined that the embedded conversion features and the redemption features do not require bifurcation as they either are clearly and closely related to the convertible redeemable preferred shares or do not meet the definition of a derivative.

The Company has determined that there was no beneficial conversion feature attributable to all convertible redeemable preferred shares because the initial effective conversion prices of these convertible redeemable preferred shares were higher than the fair value of the Company’s ordinary shares determined by the Company taking into account independent valuations.

Share Repurchase Program

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Share Repurchase Program

15.

Share repurchase program

On December 28, 2021, the Company’s Board of Directors authorized a share repurchase program (“Share repurchase program”) under which the Company may repurchase up to US$100 million worth of its shares over a twelve-month period starting from December 28. 2021. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management.

On December 28, 2022, the Company’s Board of Directors authorized an extension of the Company’s existing share repurchase program for another twelve-month period starting from December 28, 2022, with all other terms remain unchanged.

Under the Share repurchase program, for the year ended December 31, 2022, the Company has repurchased an aggregate of 5,699,315 shares for total cash consideration of US$34 million (RMB217.9 million) on the open market, at a weighted average price of US$5.94 per share.

The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury share as a component of the shareholders’ equity.

Share Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share Based Compensation

16.

Share based compensation

In March 2016, the Group’s shareholders and board of directors adopted the Amended and Restated Share Incentive Plan (“2016 Plan”) to grant share-based compensation awards to attract, motivate, retain and reward certain directors, officers, employees and other eligible persons and to further link the interests of award recipients with those of the Group’s shareholders. The maximum aggregate number of ordinary shares that may be issued under the 2016 Plan is 21,920,964 ordinary shares.

In 2021, the Group adopted the 2021 share incentive plan (“2021 Plan”), to promote the success and enhance the value of the Group by linking the personal interests of the directors, employees, and consultants to those of the Group’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Group’s shareholders. The maximum aggregate number of ordinary shares that may be issued under 2021 Plan is 6,021,619.

Share options

Under the 2016 Plan, options granted to employees vest upon satisfaction of a service condition, which is generally satisfied over four years. Additionally, the 2016 Plan includes a condition where employees can only exercise vested options upon the occurrence of the Company's ordinary shares becoming listed securities, which substantially creates a performance condition ("IPO Condition") that had not been met prior to the Company's IPO. The Group granted 4,074,384, 1,726,988 and 6,343,363 share options with IPO condition to certain employees in the 2019, 2020 and in the April and June 2021, respectively. Therefore, the Group has not recognized any stock-based compensation expenses related to the options granted until June 2021 the performance condition has been met by the IPO completion. The Group granted 525,706 and 3,559,433 share options with service condition to certain employees after completion of IPO in 2021 and 2022, respectively. The options expire in ten years from the date of grant.

16.

Share based compensation—(Continued)

In determining the fair value of the stock options, the binomial option pricing model was applied. The key assumptions used to determine the fair value of the options at the respective grant dates in 2020, 2021 and 2022 were as follows:


	For the years ended December 31,
	2020	2021	2022
Expected volatility	47.28%~48.09%	48.47%~48.70%	47.80%~48.20%
Risk-free interest rate (per annum)	0.66%~0.92%	1.35%~1.62%	1.51%~2.94%
Exercise multiples	2.2~2.8	2.2~2.8	2.2~2.8
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of underlying ordinary shares	RMB36.02~RMB47.16	RMB40.61~RMB109.73	RMB19.43~RMB62.05
Fair value of share option	RMB35.37~RMB46.53	RMB39.98~RMB109.10	RMB18.39~RMB61.01

The Group estimated expected volatility by reference to the historical price volatilities of ordinary shares of comparable companies over a period close to the contract term of the options. The Group estimated the risk-free interest rate based on the yield to maturity of U.S. government bonds at grant date with a maturity period close to the contract term of options, adjusted by country risk differential between U.S. and China. The Group estimated exercise multiples based on empirical research on typical employee stock option exercising behavior. The dividend yield was estimated as zero based on the plan to retain profit for corporate expansion and no dividend will be distributed in the near future. The Group determined the fair value of ordinary shares underlying each share option grant based on estimated equity value and allocation of it to each element of its capital structure. Upon the completion of IPO, the Company used the closing price of ordinary shares on the grant date as the fair value of ordinary share on the grant date. The assumptions used in share-based compensation expenses recognition represent the Group’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period.

The following table summarized the Group’s share option activities under the Option Plans for the year ended December 31, 2022:


	Number of options			Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual life		Aggregate intrinsic value
				RMB		RMB		Years		RMB
Outstanding as of December 31, 2021		17,942,271			0.63		31.78		7.04		676,115
Granted		3,559,433			0.65		22.46
Forfeited		(569,963	)		0.63		47.32
Exercised		(3,971,624	)		0.60		34.23				135,949
Outstanding as of December 31, 2022		16,960,117			0.64		28.73		6.66		305,280
Vested and expect to vest at December 31, 2022		16,960,117			0.64		28.73
Exercisable at December 31, 2022		10,031,941			0.64		24.33		5.94		180,574

The weighted-average grant-date fair value of options granted during the year 2020, 2021 and 2022 was RMB40.90, RMB57.05 and RMB22.46, respectively. The total intrinsic value of options exercised during the years ended December 31, 2020, 2021 and 2022, was nil, RMB16,372 and RMB135,949, respectively.

For the year ended December 31, 2022, share-based compensation of RMB169,941 has been recognized. As of December 31, 2022, there were RMB224,042 of total unrecognized compensation expenses related to options which is expected to be recognized over a weighted average period of 1.56 years.

16.

Share based compensation—(Continued)

Restricted share units

In April 2021, the Group granted a total of 2,964,091 Restricted Share Units ("RSUs") to the management team under 2021 plan, which is vested immediately upon grant. In July 2021, the Group granted a total of 16,500 RSUs under 2016 plan to the management team and the vesting period is three years. In 2022, the Group granted a total of 172,333 RSUs to the management team under 2021 plan, among which 133,333 RSUs vested immediately upon grant, 30,000 RSUs vested on first and second anniversary date of grant and 9,000 RSUs vested on first, second and third anniversary date of grant.

Compensation expense based on fair value is amortized over the requisite service period of award using the straight-line vesting attribution method.

A summary of the RSUs activities for the year ended December 31, 2022 is as follows:


	Number of restricted shares			Weighted average grant-date fair value		Weighted average remaining contractual life
				RMB		Years
Outstanding as of December 31, 2021		16,500			95.46		2.46
Granted		172,333			22.98		—
Vested		(138,833	)		27.70	—
Outstanding as of December 31, 2022		50,000			33.81		2.17

The weighted-average grant-date fair value of RSUs granted during the year 2021 and 2022 was RMB163,992, and RMB3,960, respectively. The total intrinsic value of RSUs vested during the years ended December 31, 2021 and 2022 was RMB162,343 and RMB3,845, respectively and total intrinsic value of outstanding RSUs as of December 31, 2022 was RMB1,690.

The share-based compensation expense related to RSUs of nil, RMB164,268 and RMB4,295 were recognized by the Group for the years ended December 31, 2020, 2021 and 2022, respectively.

As of December 31, 2022, there were RMB1,751 of total unrecognized compensation expenses related to RSUs for the future period.

The Group recorded share-based compensation expense of nil, RMB 454,552 and RMB 174,236 for the years ended December 31, 2020, 2021 and 2022, respectively, which were classified in the consolidated statements of operations as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Fulfillment expenses		—		59,583		44,408
Selling and marketing expenses		—		38,463		36,104
General and administrative expenses		—		316,911		71,696
Technology and content expenses		—		36,595		22,028

Net Loss Per Share Attributable To Ordinary Shareholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net loss per share attributable to ordinary shareholders

17.

Net loss per share attributable to ordinary shareholders

Basic and diluted net loss per share for each of the year presented were calculated as follows. The Group had convertible redeemable preferred shares (Note 14), share options and non-vested restricted share units (Note 16) and convertible bonds (Note 13) which could potentially dilute basic earnings per ordinary share in the future. The calculation of diluted net loss per share does not include the effect of share options, non-vested restricted share units, conversions of convertible bonds and convertible redeemable preferred shares as the effect of the inclusion was anti-dilutive.


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Numerator:
Net loss		(470,618	)		(816,547	)		(2,467,937	)
Accretion to convertible redeemable preferred shares redemption value		(1,304,498	)		(508,627	)		—
Net loss attributable to ordinary shareholders of the Company		(1,775,116	)		(1,325,174	)		(2,467,937	)
Denominator:
Weighted average number of ordinary shares used in computing basic and diluted loss per ordinary share (note)		18,782,620			96,306,113			162,819,410
Net loss per ordinary share basic and diluted		(94.51	)		(13.76	)		(15.16	)

Note: The vested but not exercised share options and RSUs with nominal exercise price were included in the weighted average number of ordinary shares for the purpose of calculating basic loss per ordinary share.

As of December 31, 2020, 2021 and 2022, diluted net loss per share does not include the following instruments as their inclusion would be antidilutive:


	2020		2021		2022
Convertible bonds and convertible redeemable preferred shares		105,885,960		—		—
Share Options		13,988,681		17,942,271		16,960,117
Non-vested restricted share units		—		16,500		55,500
Total		119,874,641		17,958,771		17,015,617

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2022

Statutory Reserves And Restricted Net Assets [Abstract]

Statutory Reserves and Restricted Net Assets

18.

Statutory reserves and restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries, former VIE and former VIE's subsidiaries incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

Under PRC law, the Company’s subsidiaries and consolidated former VIEs located in the PRC (collectively referred as the (“PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after-tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. Amounts restricted include share capital and the statutory reserve of the Company's PRC subsidiaries, former VIE and former VIE's subsidiaries.

The balance of restricted net assets was RMB440,953 and RMB481,846 as of December 31, 2021 and 2022, respectively.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

19.

Related party transactions

The table below sets forth major related parties and their relationships with the Group:


Company Name		Relationships with the Group
JD.com, Inc. and its subsidiaries (“JD Group”)		A shareholder of the Group
Aileyou		A former investee of the Group (note)
Shanghai Gulin Technology Co., Ltd and its subsidiaries(“Gulin Group”)		An investee of the Group
Jinsong and its subsidiaries (“Jinsong Group”)		An investee of the Group
AiFenLei and its subsidiaries (“AiFenLei Group”)		An investee of the Group
Shanghai Yueqing Information Technology Co., Ltd(“Yueqing”)		An investee of the Group

Note: Aileyou became a subsidiary of the Group subsequent to the acquisition in June 2022 (see Note 3).

For the years ended December 31, 2020, 2021 and 2022, significant related party transactions were as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Net Service Revenue
Services provided to Jinsong Group		—		1,389		5,936
Merchandise costs
Purchase from JD Group		25,440		6,906		10,849
Purchase from Gulin Group(1)		—		175,118		242,929
Operating expenses
Service received from JD Group(2)		166,079		363,946		363,764
Service received from Aileyou		2,019		8,502		—
Service received from Gulin Group		—		3,006		—
Interest income from loans provided to related parties		1,750		1,272		—


Amount due from related parties
Loan to Gulin Group	—	80,500	13,000
Loan to AiFenLei Group	138,332	85,900	—
Loan to Aileyou	2,400	—	—
Repayments from AiFenLei Group	175,755	110,015	—
Repayments from Aileyou	2,911	—	—
Repayments from Gulin Group	—	80,500	13,000
Repayments from Yueqing	—	9,500	—

19.

Related party transactions—(Continued)

As of December 31, 2021 and 2022, the amount due from/to related parties are as follows:


	As of December 31,
	2021		2022
	RMB		RMB
Due from JD Group (4)		320,955		96,745
Due from Jinsong Group
Other receivables from Jinsong Group		5,670		9,323
Due from AiFenLei Group
Other receivables from AiFenLei Group (5)		24,391		189,567
Due from Aileyou
Loans provided to Aileyou		1,869		—
Other receivables from Aileyou		40,317		—
Due from Gulin Group
Other receivables from Gulin Group		17,450		7
		410,652		295,642
Due to JD Group
Other payables to JD Group (3)		64,975		41,448
Due to Jinsong Group		8,611		5,281
Due to AiFenLei Group		5		—
Due to Gulin Group		385		875
		73,976		47,604

(1)

Gulin is the newly invested investee of the Group in 2021 and is one of the new product suppliers of the Group, the Group mainly purchases new products from Gulin.

(2)

JD Group mainly provides services related to the business on Paipai platform, including channel sales services, advertising services, logistic services and so on.

(3)

Other payables to JD Group mainly include channel commissions payable to JD Group.

(4)

Amount due from JD Group includes fund receivables from payment service provider of JD Group, cash collected by JD Group from third party merchants on behalf of the Group, and advance payment to customers on behalf of JD Group.

(5)

As of December 31, 2022, RMB180,000 was prepaid as deposit to subscribe for preferred shares of AiFenLei (see Note 22).

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

20.

Leases

The Group has leased office and store premises under operating lease agreements for the periods from 2021 to 2025. As of December 31, 2021 and 2022, the Group had no long-term leases that were classified as a financing lease.

For the year ended December 31, 2021 and 2022, the lease expense is as follow:


	Years ended December 31,
	2021		2022
	RMB		RMB
Operating lease expense		43,260		57,302
Short-term lease expense		57,180		66,016
Total lease expense		100,440		123,318

Supplemental consolidated balance sheet information related to leases was as follows:


	As of December 31, 2021			As of December 31, 2022
Operating lease:	RMB			RMB
Operating leases right-of-use assets		69,612			78,455
Current portion of lease liabilities		35,948			46,426
Non-current portion of lease liabilities		34,501			33,523
Total operating lease liabilities		70,449			79,949
Weighted-average remaining lease term (in years) – operating leases		2.18			1.88
Weighted-average discount rate – operating leases		5.64	%		5.40	%

As of December 31, 2022, future minimum lease payments under non-cancellable operating lease agreements for which the Group has recognized operating lease right-of-use assets and liabilities are as follows:


Years ending	RMB

2023		49,528
2024		28,388
2025		6,134
Total undiscounted cash flows		84,050
Less: imputed interest		(4,101	)
Total		79,949

Lease liabilities due within one year		46,426
Lease liabilities due after one year		33,523


Short-term lease commitment:
2023			25,322

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

21.

Commitments and contingencies

Commitments

The Group has entered into contracts to use store premises that are not qualify for leases under ASC 842 as the lessors have substantive right to substitute the assets throughout the period of use. The expenses incurred under such contracts during the year ended December 31, 2022 were RMB1,011. Future payments under these non-cancellable contracts are RMB607 for year 2023 and RMB102 for year 2024, respectively.

Contingencies

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not have any pending legal or administrative proceeding to which the Group is a party that will have a material effect on its business or financial condition.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

22.

Subsequent events

On March 31,2023, the Group entered into an agreement to subscribe for preferred shares of AiFenlei for a total consideration of US$40 million, of which, RMB180,000 had been prepaid as a deposit in December 2022. The Group is entitled to nominate two members of the Board of Directors upon closing. The transaction is expected to be closed in 2023.

Schedule I - Additional Information of Parent Company

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule I - Additional Information of Parent Company

SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY

ATRENEW INC.

CONDENSED BALANCE SHEETS

(Amounts in thousands, except for share, per share data or otherwise noted)


	As of December 31,
	2021			2022			2022
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		45,520			34,548			5,009
Amounts due from related parties, net		22,315			—			—
Prepayments and other receivables, net		47,524			32,403			4,698
Total current assets		115,359			66,951			9,707
Non-current assets:
Long-term investments		23,694			19,806			2,872
Investments in subsidiaries, former VIE and former VIE’s subsidiaries		6,297,373			3,783,114			548,500
Other non-current assets		16,670			14,909			2,162
Total Non-current assets		6,337,737			3,817,829			553,534
TOTAL ASSETS		6,453,096			3,884,780			563,241
LIABILITIES
Current liabilities:
Short-term borrowings		30,300			—			—
Accrued expenses and other current liabilities		2,337			3,108			450
Total current liabilities		32,637			3,108			450
TOTAL LIABILITIES		32,637			3,108			450
SHAREHOLDERS’ EQUITY
Class A Ordinary shares (US$0.001 par value, 941,472,561 and 941,472,561 shares authorized, 100,854,060 and 100,854,060 shares issued and 92,416,377 and 96,388,001 outstanding as of December 31, 2021 and 2022, respectively)		609			609			88
Class B Ordinary shares (US$0.001 par value, 47,240,103 and 47,240,103 shares authorized, 47,240,103 and 47,240,103 shares issued and outstanding as of December 31, 2021 and 2022, respectively)		305			305			44
Class C Ordinary shares (US$0.001 par value, 11,287,336 and 11,287,336 shares authorized, 11,287,336 and 11,287,336 shares issued and outstanding as of December 31, 2021 and 2022, respectively)		7			7			1
Additional paid-in capital		12,954,163			13,131,263			1,903,854
Treasury shares (US$0.001 par value, 5,699,315 outstanding as of December 31, 2022)		—			(217,920	)		(31,595	)
Accumulated deficit		(6,538,947	)		(9,006,884	)		(1,305,875	)
Accumulated other comprehensive income (loss)		4,322			(25,708	)		(3,726	)
TOTAL SHAREHOLDERS’ EQUITY		6,420,459			3,881,672			562,791
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		6,453,096			3,884,780			563,241

SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY

ATRENEW INC.

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands, except for share, per share data or otherwise noted)


	Years ended December 31,
	2020			2021			2022			2022
	RMB			RMB			RMB			US$
Net revenues		—			—			—			—
Expenses and (loss) income
Selling and marketing expenses		—			(28	)		—			—
General and administrative expenses		(1,000	)		(7,228	)		(15,909	)		(2,307	)
Other operating income		—			—			22,869			3,316
Interest income		6			82			—			—
Interest expenses		—			(4,238	)		(1,297	)		(188	)
Other (loss) income, net		(19,844	)		(43,287	)		207,914			30,145
Equity in losses of subsidiaries and share of loss from former VIE and former VIE’s subsidiaries		(449,780	)		(761,848	)		(2,681,514	)		(388,783	)
Net loss attributable to the Company		(470,618	)		(816,547	)		(2,467,937	)		(357,817	)
Accretion of convertible redeemable preferred shares		(1,304,498	)		(508,627	)		—			—
Net loss attributable to ordinary shareholders		(1,775,116	)		(1,325,174	)		(2,467,937	)		(357,817	)

Net loss attributable to the Company		(470,618	)		(816,547	)		(2,467,937	)		(357,817	)
Foreign currency translation adjustments		2,441			2,239			(30,030	)		(4,354	)
Total comprehensive loss		(468,177	)		(814,308	)		(2,497,967	)		(362,171	)
Accretion of convertible redeemable preferred shares		(1,304,498	)		(508,627	)		—			—
Total comprehensive loss attributable to ordinary shareholders		(1,772,675	)		(1,322,935	)		(2,497,967	)		(2,497,967	)

SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY

ATRENEW INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Amounts in thousands, except for share, per share data or otherwise noted)


	Years ended December 31,
	2020			2021			2022			2022
	RMB			RMB			RMB			USD
Cash used in operating activities		—			(4,295	)		37,835			5,486
Cash flows from investing activities:
Purchase of long-term investments		—			(32,427	)		(12,644	)		(1,833	)
Investments in subsidiaries’ and former VIE’s subsidiaries		(500,551	)		(2,589,491	)		(595,130	)		(86,286	)
Collection of investments in subsidiaries’ and former VIE’s subsidiaries		—			—			804,743			116,677
Cash (used in) provided by investing activities		(500,551	)		(2,621,918	)		196,969			28,558
Cash flows from financing activities:
Proceeds from long-term borrowings		65,200			—			—			—
Proceeds from exercise of options		—			—			2,864			415
Repurchase of ordinary shares		—			—			(217,920	)		(31,595	)
Repayment for short-term borrowings		(2,719	)		(32,230	)		(30,720	)		(4,454	)
Proceeds from issuance of convertible redeemable preferred shares		512,715			1,138,232			—			—
Proceeds from IPO, net of issuance cost of RMB46,931		—			1,488,866			—			—
Cash provided by (used in) financing activities		575,196			2,594,868			(245,776	)		(35,634	)

Net increase (decrease) in cash, cash equivalents		74,645			(31,345	)		(10,972	)		(1,591	)
Cash, cash equivalent at the beginning of the year		2,220			76,865			45,520			6,600
Cash, cash equivalent at the end of the year		76,865			45,520			34,548			5,009
Supplemental cash flow disclosures of continuing operations:
Interest expenses paid		—			(4,238	)		(1,297	)		(188	)
Supplemental disclosure of non-cash investing and financing activities:
Exercise of warrant		—			10,345			—			—

SCHEDULE I

NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same date and for the same period for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

2. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and former VIE. For the parent company, the Company records its investments in subsidiaries and former VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheet as “Investments in subsidiaries, former VIE and former VIE’s subsidiaries” or and the subsidiaries and former VIE’ profit or loss as “Equity in losses of subsidiaries and share of loss from former VIE and former VIE’s subsidiaries” on the Condensed Statements of Comprehensive Income (loss). Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and former VIE regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.

3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The footnote disclosures provide certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

4. As of December 31, 2022, there were no material contingencies, significant provisions of long-term obligations, guarantees of the Company. Besides the short-term borrowings existed as of the year ended December 31, 2020 and 2021, there were no other material contingencies, significant provisions of long-term obligations, guarantees of the Company for the years ended December 31, 2020 and 2021.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

2.1 Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of Consolidation

2.2 Basis of Consolidation

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

The following is a summary, as amended, of the former VIE agreements of which the Company is the primary beneficiary.

Former VIE Arrangements

Voting Rights Proxy Agreement

Exclusive Technology Consulting and Management Service Agreement and Business Operation Agreement

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

Option Purchase Agreements

Powers of Attorney

Share Pledge Agreements

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

Spousal Consent Letters

Summary of significant accounting policies—(Continued)

2.2 Basis of Consolidation—(Continued)

Former VIE Arrangements—(Continued)

The following financial information of the former VIE and its subsidiaries were the amounts after elimination of intercompany transactions and balances:

Use of Estimates

2.3 Use of Estimates

Fair Value Measurements

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements


Level 1—	Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

Level 2—	Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.

Level 3—	Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.


As of December 31,	Description	Fair value		Significant Other Observable Inputs (Level 2)
		RMB		RMB
2021	Short-term investments		160,467		160,467
2021	Long-term investments		52,212		52,212
2022	Short-term investments		282,230		282,230
2022	Long-term investments		15,780		15,780

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)

The following table presents the Group's assets measured at fair value on a non-recurring basis for the years ended December 31, 2020, 2021 and 2022:


Years ended December 31,	Description	Fair Value		Significant Unobservable Inputs (Level 3)		Total Loss for the Year
		RMB		RMB
2020	Property and equipment		—		—		6,449
2020	Equity investments without readily determinable fair value		—		—		3,500
2021	Equity investments without readily determinable fair value		—		—		16,500
2022	Equity method investments		—		—		12,186
2022	Goodwill		—		—		1,819,926
2022	Intangible assets - Non-Compete Commitment		—		—		14,733
2022	Intangible assets - technology/platform		2,000		2,000		6,217
2022	Intangible assets - brand names		20,000		20,000		185,975
2022	Deferred cost		16,659		16,659		70,406

Functional Currency And Foreign Currency Translation

2.5 Functional currency and foreign currency translation

Convenience Translation into United States Dollars

2.6 Convenience Translation into United States Dollars

Cash and Cash Equivalents

2.7 Cash and cash equivalents

Restricted Cash

2.8 Restricted cash

Inventories

2.9 Inventories

Property and Equipment, Net

2.10 Property and Equipment, net

Property and equipment are recorded at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Category		Estimated useful lives
Machinery		3-15 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3 years
Motor vehicle		4 years
Software		3-5 years

Intangible Assets, Net

2.11 Intangible assets, net


The identifiable intangible assets		Amortization Years
Brand names		10 years
BCA		1-6 years
Technology/platform		5 years
NCC		5 years

Goodwill

2.12 Goodwill

Impairment of Long-Lived Assets

2.13 Impairment of long-lived assets

Investments

2.14 Investments

Long-term investments include (i) equity method investments, (ii) equity securities without readily determinable fair value and (iii) investments at fair value.

Equity method investments

Summary of significant accounting policies—(Continued)

2.14 Investments —(Continued)

Equity securities without readily determinable fair value

Investments at fair value

Convertible Bonds

2.15 Convertible bonds

Mezzanine Equity

2.16 Mezzanine equity

Revenue Recognition

2.17 Revenue recognition

Disaggregation of revenues

For the year ended December 31, 2020, 2021 and 2022, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Net online product revenue		3,927,486		6,220,037		6,697,557
Net product revenue from offline channels		316,537		434,856		1,979,115
Net product revenue		4,244,023		6,654,893		8,676,672
Net service revenue for PJT marketplace		276,721		516,155		638,334
Net service revenue for Paipai marketplace		304,965		520,944		474,010
Net service revenue from other channels		32,490		88,283		80,408
Net service revenue		614,176		1,125,382		1,192,752

Net Product Revenue

Summary of significant accounting policies—(Continued)

2.17 Revenue recognition – (Continued)

Net Service Revenue

Reconciliation of contract balances

There were no costs of obtaining a contract for the years ended December 31, 2020, 2021 and 2022.

Summary of significant accounting policies—(Continued)

2.17 Revenue recognition — (Continued)

Geographic information

The following is the Group’s net product and service revenues by geographical location:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Mainland China		4,080,229		6,285,247		8,014,495
Hong Kong		145,641		339,616		659,277
Others		18,153		30,030		2,900
Net product revenue		4,244,023		6,654,893		8,676,672
Mainland China		611,975		1,123,351		1,191,924
Hong Kong		2,201		2,031		826
Others		—		—		2
Net service revenue		614,176		1,125,382		1,192,752

Merchandise Costs

2.18 Merchandise costs

Merchandise costs primarily consists of cost of acquired products and inbound shipping charges.

Fulfillment Expenses

2.19 Fulfillment expenses

Technology and Content Expenses

2.20 Technology and content expenses

Selling and Marketing Expenses

2.21 Selling and marketing expenses

Summary of significant accounting policies—(Continued)

General and Administrative Expenses

2.22 General and administrative expenses

Other Operating Income, Net

2.23 Other operating income, net

Share-based Compensation

2.24 Share-based compensation

Employee Benefit Expenses

2.25 Employee benefit expenses

Income Taxes

2.26 Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

Summary of significant accounting policies—(Continued)

2.26 Income taxes—(Continued)

Operating Leases

2.27 Operating leases

Comprehensive Loss

2.28 Comprehensive loss

Net Loss Per Share

2.29 Net loss per share

Certain Risks and Concentrations

2.30 Certain risks and concentrations

Segment Reporting

2.31 Segment reporting

Recent Accounting Pronouncements

2.32 Recent accounting pronouncements

Summary of significant accounting policies—(Continued)

2.32 Recent accounting pronouncements—(Continued)

Recently issued accounting pronouncements not yet adopted

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Major Subsidiaries

As of December 31, 2022, the Company’s major subsidiaries are as follows:


Subsidiaries	Date of incorporation/ establishment	Place of incorporation/ establishment	Percentage of direct/indirect ownership
Shanghai Wanwuxinsheng	May 21, 2010	Mainland China	100%
AiHuiShou International Company Limited	January 13, 2012	Hong Kong	100%
Shanghai Aihui	August 16, 2012	Mainland China	100%
Shanghai Yueyi Network Information Technology Co., Ltd (“Shanghai Yueyi”)	September 6, 2015	Mainland China	100%
AHS Device Hong Kong Limited	March 8, 2017	Hong Kong	100%
Changzhou Yueyi Network Information Technology Co., Ltd (“Changzhou Yueyi”)	June 23, 2017	Mainland China	100%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Fair Value Measurements of Assets and Liabilities are Measured at Fair Value on Recurring Basis


As of December 31,	Description	Fair value		Significant Other Observable Inputs (Level 2)
		RMB		RMB
2021	Short-term investments		160,467		160,467
2021	Long-term investments		52,212		52,212
2022	Short-term investments		282,230		282,230
2022	Long-term investments		15,780		15,780

Schedule of Assets Measured at Fair Value on Non-recurring Basis

The following table presents the Group's assets measured at fair value on a non-recurring basis for the years ended December 31, 2020, 2021 and 2022:


Years ended December 31,	Description	Fair Value		Significant Unobservable Inputs (Level 3)		Total Loss for the Year
		RMB		RMB
2020	Property and equipment		—		—		6,449
2020	Equity investments without readily determinable fair value		—		—		3,500
2021	Equity investments without readily determinable fair value		—		—		16,500
2022	Equity method investments		—		—		12,186
2022	Goodwill		—		—		1,819,926
2022	Intangible assets - Non-Compete Commitment		—		—		14,733
2022	Intangible assets - technology/platform		2,000		2,000		6,217
2022	Intangible assets - brand names		20,000		20,000		185,975
2022	Deferred cost		16,659		16,659		70,406

Property and Equipment Estimated Useful Lives

Property and equipment are recorded at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis over the following estimated useful lives:


Category		Estimated useful lives
Machinery		3-15 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3 years
Motor vehicle		4 years
Software		3-5 years

Schedule of Identifiable Intangible Assets

The identifiable intangible assets acquired are amortized on a straight-line basis over their respective useful lives as follows:


The identifiable intangible assets		Amortization Years
Brand names		10 years
BCA		1-6 years
Technology/platform		5 years
NCC		5 years

Schedule of Net Product and Service Revenues by Revenue Streams and Geographical Location

For the year ended December 31, 2020, 2021 and 2022, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Net online product revenue		3,927,486		6,220,037		6,697,557
Net product revenue from offline channels		316,537		434,856		1,979,115
Net product revenue		4,244,023		6,654,893		8,676,672
Net service revenue for PJT marketplace		276,721		516,155		638,334
Net service revenue for Paipai marketplace		304,965		520,944		474,010
Net service revenue from other channels		32,490		88,283		80,408
Net service revenue		614,176		1,125,382		1,192,752

The following is the Group’s net product and service revenues by geographical location:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Mainland China		4,080,229		6,285,247		8,014,495
Hong Kong		145,641		339,616		659,277
Others		18,153		30,030		2,900
Net product revenue		4,244,023		6,654,893		8,676,672
Mainland China		611,975		1,123,351		1,191,924
Hong Kong		2,201		2,031		826
Others		—		—		2
Net service revenue		614,176		1,125,382		1,192,752

Business Combination (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized and Depreciation or Amortization Period for Acquired Assets


		2019
		RMB
Consideration
26,379,291 shares of convertible redeemable preferred shares			3,243,036
Fair value of total consideration transferred			3,243,036
Recognized amounts of identifiable assets acquired and liabilities assumed	Amortization period
Intangible assets:
Business Cooperation Agreement	5-6 years		1,456,000
Brand names	10 years		321,000
Non-compete commitment	5 years		52,000
Technology and platform	5 years		29,000
Property and equipment, net	3 years		791
Deferred tax liabilities			(415,284	)
Goodwill			1,799,529
			3,243,036

Prepayments and Other Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepayments and Other Receivables, Net

Prepayments and other receivables, net consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Deposits		26,880			35,797
Customer deposits (1)		232,500			73,861
Account receivables		17,228			150,621
Advance to suppliers (2)		297,383			73,475
VAT recoverables		75,885			99,547
Others		65,924			52,345
Cash advanced to staff		33,992			39,130
Deferred cost (3)		91,245			87,065
Less: allowance for credit losses		(935	)		(2,358	)
Impairment losses on deferred cost		—			(70,406	)
Total		840,102			539,077

(1)

The amount relates to the refundable deposits paid to merchants to whom the Group provides platform service, mainly for consignment service.

(2)

The amount represents the prepayment to suppliers, mainly for purchasing official replacement products, new consumer electronics and pre-owned products.

Summary of Movements in Allowance for Credit Losses for Prepayments and Other Receivables

The movements in the allowance for credit losses for prepayments and other receivables are as follows:


	As of December 31,
	2020			2021			2022
	RMB			RMB			RMB
Balance as of January 1		390			—			935
Current period provision		4,600			1,525			6,293
Current period write-off		(4,990	)		(590	)		(4,870	)
Balance as of December 31		—			935			2,358

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Cost
Machinery		31,539			55,872
Electronic equipment		78,543			70,491
Leasehold improvement		106,709			124,990
Furniture and office equipment		9,882			13,782
Motor vehicles		1,423			3,515
Software		6,632			8,554
Total		234,728			277,204
Less: accumulated depreciation		(137,087	)		(166,244	)
Construction in progress		6,202			7,640
Property and equipment, net		103,843			118,600

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Intangible Assets, Net

Intangible assets consist of the following:


	As of December 31,
	2021			2022
	RMB			RMB
Business Cooperation Agreement		1,554,046			1,554,046
Brand names		321,000			321,000
Non-compete commitment		79,141			79,141
Technology/platform		31,600			31,600
Total		1,985,787			1,985,787
Less: accumulated amortization		(909,976	)		(1,234,212	)
Less: accumulated impairment loss		—			(206,925	)
Intangible assets		1,075,811			544,650

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Long-Term Investments

The Group's long-term investments consist of:


	As of December 31,
	2021		2022
	RMB		RMB
Equity method investments:
Qingdao Qingle Venture Capital Partnership (“Qingle”)		30,002		30,002
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)		28,951		27,867
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)		22,803		21,355
Other investments		14,416		12,766
Equity securities without readily determinable fair values:
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)		63,430		63,430
AiFenLei Global Co., Ltd. (“AiFenLei”)		—		16,844
Other equity securities without readily determinable fair values		29,713		31,539
Investments at fair value:
China Dynamic Fund I SP		52,212		15,780
Total		241,527		219,583

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2022 are as follows:


	As of December 31,
	2021		2022
	RMB		RMB

Balance at beginning of the year		1,803,415		1,803,415
Goodwill acquired during the year (Note 3)		—		16,511
Impairment losses		—		(1,819,926	)
Balance at ending of the year		1,803,415		—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

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-Name Accounting Standards Codification
-Topic 350
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-Section 55
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-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses And Other Liabilities Current [Abstract]

Summary of Accrued Expenses and Other Current Liabilities


	As of December 31,
	2021		2022
	RMB		RMB
Deposits from business partner		79,787		151,167
Other tax payable		38,209		90,407
Fulfillment payable		49,190		96,668
Operating lease liabilities - current		35,948		46,426
Collection on behalf of others		29,167		23,305
Others		64,326		41,516
Total		296,627		449,489

Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Loss by Tax Jurisdiction

Loss by tax jurisdictions


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Loss from Mainland China operations		456,596		882,229		2,616,828
Loss (income) from non-Mainland China operations		53,816		71,618		(43,579	)
Total loss before tax and share of loss of equity method investments		510,412		953,847		2,573,249

Summary of Current and Deferred Portion of Income Tax Expenses Included in Consolidated Statements of Operations and Comprehensive Loss

The current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss are as follows:


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Current tax expenses		—			—			43
Deferred tax benefits		(47,320	)		(143,863	)		(111,826	)
Total income tax benefits		(47,320	)		(143,863	)		(111,783	)

Schedule of Reconciliation of Total Tax Expenses Computed by Applying Respective Statutory Income Tax Rate to Pre-Tax Income


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		(2.75	%)		(11.86	%)		(20.25	%)
Super deduction on technology and content expenses		3.52	%		2.83	%		0.68	%
Effect of preferential tax rate for high-tech enterprises		(6.16	%)		6.25	%		(1.84	%)
Effect of different tax rates of a subsidiary operating in other jurisdictions		(1.33	%)		(1.85	%)		2.01	%
Effect of enacted tax rate change of deferred tax liabilities		0.20	%		—			—
Effect of expired tax loss		—			(0.54	%)		—
Change in valuation allowance		(9.42	%)		(4.62	%)		(0.97	%)
True up		0.21	%		(0.13	%)		(0.29	%)
Total		9.27	%		15.08	%		4.34	%

Summary of Deferred Tax Assets and Deferred Tax Liabilities

Deferred tax assets and deferred tax liabilities:


	As of December 31,
	2020			2021			2022
	RMB			RMB			RMB
Deferred tax assets
Tax loss carried forward		283,378			278,980			276,958
Deductible temporary differences		32,982			59,598			83,132
Allowance for credit losses		—			375			250
Inventory provision		—			649			689
Unrealized fair value losses for certain investments		—			438			3,808
Impairment loss of long-term investments		—			4,125			3,047
Total deferred tax assets		316,360			344,165			367,884
Less: valuation allowance		(316,360	)		(344,165	)		(367,884	)
Net deferred tax assets		—			—			—
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired		341,960			223,138			111,312
Total deferred tax liabilities		341,960			223,138			111,312

Movement of Deferred Tax Valuation Allowance

The movement of deferred tax valuation allowance is as follows:


	As of December 31,
	2020		2021		2022
	RMB		RMB		RMB
Balance at beginning of the year		268,534		316,360		344,165
Additions, net of foreign exchange impacts		47,826		27,805		23,719
Balance at end of the year		316,360		344,165		367,884

Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Summary of Changes in Carrying Amount of Convertible Redeemable Preferred Shares

The following table summarizes changes in the carrying amount of the convertible redeemable preferred shares for the years ended December 31, 2020 and 2021:


	Series A Convertible redeemable preferred shares (par value US$0.001)						Series B Convertible redeemable preferred shares (par value US$0.001)						Series C Convertible redeemable preferred shares (par value US$0.001)						Series D Convertible redeemable preferred shares (par value US$0.001)						Series E Convertible redeemable preferred shares (par value US$0.001)						Series F Convertible redeemable preferred shares (par value US$0.001)						Total
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount
Balance as of December 31, 2019		9,497,040			361,963			7,586,836			295,666			33,320,256			1,393,992			10,068,160			1,005,852			30,021,942			4,022,605			—			—			90,494,234			7,080,078
Issuance		—			—			—			—			—			—			—			—			4,203,072			495,318			—			—			4,203,072			495,318
Accretion		—			83,312			—			65,967			—			311,443			—			147,741			—			696,035			—			—			—			1,304,498
Balance as of December 31, 2020		9,497,040			445,275			7,586,836			361,633			33,320,256			1,705,435			10,068,160			1,153,593			34,225,014			5,213,958			—			—			94,697,306			8,879,894
Issuance		—			—			—			—		—			—				—			—			1,953,652			241,341			9,777,383			1,179,326			11,731,035			1,420,667
Issuance upon conversion of convertible bonds		—			—			—			—			10,906,031			192,122			—			—			—			—			—			—			10,906,031			192,122
Accretion		—			21,898			—			17,207			—			246,015			—			37,083			—			186,424			—			—			—			508,627
Convert to Class A Ordinary shares		(9,497,040	)		(467,173	)		(7,586,836	)		(378,840	)		(30,284,935	)		(1,467,859	)		(7,952,405	)		(940,464	)		(5,876,520	)		(916,388	)		(9,056,944	)		(1,092,428	)		(70,254,680	)		(5,263,152	)
Convert to Class B Ordinary shares		—			—			—			—			(13,941,352	)		(675,713	)		(2,115,755	)		(250,212	)		(30,302,146	)		(4,725,335	)		(720,439	)		(86,898	)		(47,079,692	)		(5,738,158	)
Balance as of December 31,2021		—			—			—			—			—			—			—			—			—			—			—			—			—			—

Summary of Issuance of Convertible Redeemable Preferred Shares

The following table summarizes the issuance of convertible redeemable preferred shares:


Series	Issuance date	Share Issued		Issue Price per Share	Proceeds from Issuance
A, B, C-1, C-2	August 31, 2012 ~ November 11, 2016		44,887,552	US$0.21~US$2.65	US$63,902
C-3	June 26, 2018		1,884,512	US$2.65	US$5,000
C-3	December 7, 2018		7,819,871	US$2.65	RMB138,688
C-3	February 8, 2021 ~ May 25, 2021		10,906,031	US$2.65	RMB192,122
D	July 5, 2018		2,115,755	US$10.83	US$22,917
D	July 5, 2018		7,952,405	US$12.74	US$101,340
E	June 3 ~ September 16, 2019		2,521,844	US$17.84	US$45,000
E	June 3, 2019		27,500,098	US$0.70	US$20,115
E+	September 4 ~ September 14, 2020		4,203,072	US$17.84	US$75,000
E+	February 8, 2021 ~ May 25, 2021		1,953,652	US$17.84	RMB241,341
F	April 16, 2021 ~ May 25, 2021		9,777,383	US$19.43	US$168,000

Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Determine the Fair Value of Stock Options Under Binomial Option Pricing Model


	For the years ended December 31,
	2020	2021	2022
Expected volatility	47.28%~48.09%	48.47%~48.70%	47.80%~48.20%
Risk-free interest rate (per annum)	0.66%~0.92%	1.35%~1.62%	1.51%~2.94%
Exercise multiples	2.2~2.8	2.2~2.8	2.2~2.8
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of underlying ordinary shares	RMB36.02~RMB47.16	RMB40.61~RMB109.73	RMB19.43~RMB62.05
Fair value of share option	RMB35.37~RMB46.53	RMB39.98~RMB109.10	RMB18.39~RMB61.01

Summary of Share Option Activities

The following table summarized the Group’s share option activities under the Option Plans for the year ended December 31, 2022:


	Number of options			Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual life		Aggregate intrinsic value
				RMB		RMB		Years		RMB
Outstanding as of December 31, 2021		17,942,271			0.63		31.78		7.04		676,115
Granted		3,559,433			0.65		22.46
Forfeited		(569,963	)		0.63		47.32
Exercised		(3,971,624	)		0.60		34.23				135,949
Outstanding as of December 31, 2022		16,960,117			0.64		28.73		6.66		305,280
Vested and expect to vest at December 31, 2022		16,960,117			0.64		28.73
Exercisable at December 31, 2022		10,031,941			0.64		24.33		5.94		180,574

Summary of Restricted Stock Option Activities

A summary of the RSUs activities for the year ended December 31, 2022 is as follows:


	Number of restricted shares			Weighted average grant-date fair value		Weighted average remaining contractual life
				RMB		Years
Outstanding as of December 31, 2021		16,500			95.46		2.46
Granted		172,333			22.98		—
Vested		(138,833	)		27.70	—
Outstanding as of December 31, 2022		50,000			33.81		2.17

Schedule of Share Based Compensation Expense


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Fulfillment expenses		—		59,583		44,408
Selling and marketing expenses		—		38,463		36,104
General and administrative expenses		—		316,911		71,696
Technology and content expenses		—		36,595		22,028

Net Loss Per Share Attributable To Ordinary Shareholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Basic And Diluted Net Loss Per Share


	Years ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Numerator:
Net loss		(470,618	)		(816,547	)		(2,467,937	)
Accretion to convertible redeemable preferred shares redemption value		(1,304,498	)		(508,627	)		—
Net loss attributable to ordinary shareholders of the Company		(1,775,116	)		(1,325,174	)		(2,467,937	)
Denominator:
Weighted average number of ordinary shares used in computing basic and diluted loss per ordinary share (note)		18,782,620			96,306,113			162,819,410
Net loss per ordinary share basic and diluted		(94.51	)		(13.76	)		(15.16	)

Summary of Diluted Net Loss Per Share not Include Following Instruments as their Inclusion would be Antidilutive

As of December 31, 2020, 2021 and 2022, diluted net loss per share does not include the following instruments as their inclusion would be antidilutive:


	2020		2021		2022
Convertible bonds and convertible redeemable preferred shares		105,885,960		—		—
Share Options		13,988,681		17,942,271		16,960,117
Non-vested restricted share units		—		16,500		55,500
Total		119,874,641		17,958,771		17,015,617

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedules of Related Party Transactions

The table below sets forth major related parties and their relationships with the Group:


Company Name		Relationships with the Group
JD.com, Inc. and its subsidiaries (“JD Group”)		A shareholder of the Group
Aileyou		A former investee of the Group (note)
Shanghai Gulin Technology Co., Ltd and its subsidiaries(“Gulin Group”)		An investee of the Group
Jinsong and its subsidiaries (“Jinsong Group”)		An investee of the Group
AiFenLei and its subsidiaries (“AiFenLei Group”)		An investee of the Group
Shanghai Yueqing Information Technology Co., Ltd(“Yueqing”)		An investee of the Group

Note: Aileyou became a subsidiary of the Group subsequent to the acquisition in June 2022 (see Note 3).

For the years ended December 31, 2020, 2021 and 2022, significant related party transactions were as follows:


	Years ended December 31,
	2020		2021		2022
	RMB		RMB		RMB
Net Service Revenue
Services provided to Jinsong Group		—		1,389		5,936
Merchandise costs
Purchase from JD Group		25,440		6,906		10,849
Purchase from Gulin Group(1)		—		175,118		242,929
Operating expenses
Service received from JD Group(2)		166,079		363,946		363,764
Service received from Aileyou		2,019		8,502		—
Service received from Gulin Group		—		3,006		—
Interest income from loans provided to related parties		1,750		1,272		—


Amount due from related parties
Loan to Gulin Group	—	80,500	13,000
Loan to AiFenLei Group	138,332	85,900	—
Loan to Aileyou	2,400	—	—
Repayments from AiFenLei Group	175,755	110,015	—
Repayments from Aileyou	2,911	—	—
Repayments from Gulin Group	—	80,500	13,000
Repayments from Yueqing	—	9,500	—

As of December 31, 2021 and 2022, the amount due from/to related parties are as follows:


	As of December 31,
	2021		2022
	RMB		RMB
Due from JD Group (4)		320,955		96,745
Due from Jinsong Group
Other receivables from Jinsong Group		5,670		9,323
Due from AiFenLei Group
Other receivables from AiFenLei Group (5)		24,391		189,567
Due from Aileyou
Loans provided to Aileyou		1,869		—
Other receivables from Aileyou		40,317		—
Due from Gulin Group
Other receivables from Gulin Group		17,450		7
		410,652		295,642
Due to JD Group
Other payables to JD Group (3)		64,975		41,448
Due to Jinsong Group		8,611		5,281
Due to AiFenLei Group		5		—
Due to Gulin Group		385		875
		73,976		47,604

(1)

Gulin is the newly invested investee of the Group in 2021 and is one of the new product suppliers of the Group, the Group mainly purchases new products from Gulin.

(2)

JD Group mainly provides services related to the business on Paipai platform, including channel sales services, advertising services, logistic services and so on.

(3)

Other payables to JD Group mainly include channel commissions payable to JD Group.

(4)

(5)

As of December 31, 2022, RMB180,000 was prepaid as deposit to subscribe for preferred shares of AiFenLei (see Note 22).

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Expense

For the year ended December 31, 2021 and 2022, the lease expense is as follow:


	Years ended December 31,
	2021		2022
	RMB		RMB
Operating lease expense		43,260		57,302
Short-term lease expense		57,180		66,016
Total lease expense		100,440		123,318

Summary of Supplemental Consolidated Balance Sheet Information Related to Lease

Supplemental consolidated balance sheet information related to leases was as follows:


	As of December 31, 2021			As of December 31, 2022
Operating lease:	RMB			RMB
Operating leases right-of-use assets		69,612			78,455
Current portion of lease liabilities		35,948			46,426
Non-current portion of lease liabilities		34,501			33,523
Total operating lease liabilities		70,449			79,949
Weighted-average remaining lease term (in years) – operating leases		2.18			1.88
Weighted-average discount rate – operating leases		5.64	%		5.40	%

Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Lease Agreement Based On 842


Years ending	RMB

2023		49,528
2024		28,388
2025		6,134
Total undiscounted cash flows		84,050
Less: imputed interest		(4,101	)
Total		79,949

Lease liabilities due within one year		46,426
Lease liabilities due after one year		33,523


Short-term lease commitment:
2023			25,322

Organization and Principal Activities - Additional Information (Details)	Apr. 30, 2022
Shanghai Wanwuxinsheng
Organization And Principal Activities [Line Items]
Equity ownership interests percentage	100.00%

Organization and Principal Activities - Summary of Major Subsidiaries (Details) - Subsidiaries	12 Months Ended
	Dec. 31, 2022
Shanghai Wanwuxinsheng
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	May 21, 2010
Place of incorporation/ establishment	Mainland China
Percentage of direct/indirect ownership	100.00%
AiHuiShou International Company Limited
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Jan. 13, 2012
Place of incorporation/ establishment	Hong Kong
Percentage of direct/indirect ownership	100.00%
Shanghai Aihui
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Aug. 16, 2012
Place of incorporation/ establishment	Mainland China
Percentage of direct/indirect ownership	100.00%
Shanghai Yueyi Network Information Technology Co., Ltd (“Shanghai Yueyi”)
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Sep. 06, 2015
Place of incorporation/ establishment	Mainland China
Percentage of direct/indirect ownership	100.00%
AHS Device Hong Kong Limited
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Mar. 08, 2017
Place of incorporation/ establishment	Hong Kong
Percentage of direct/indirect ownership	100.00%
Changzhou Yueyi Network Information Technology Co., Ltd (“Changzhou Yueyi”)
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Jun. 23, 2017
Place of incorporation/ establishment	Mainland China
Percentage of direct/indirect ownership	100.00%

Summary of Significant Accounting Policies - Additional Information (Details) ¥ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥) Customer Segment ¥ / shares	Dec. 31, 2022 USD ($) Customer Segment	Dec. 31, 2021 CNY (¥) Customer Segment	Dec. 31, 2020 CNY (¥) Customer Segment	Jan. 01, 2022 CNY (¥)	Jan. 01, 2021 CNY (¥)	Jan. 01, 2020 CNY (¥)
Summary Of Significant Accounting Policies [Line Items]
Business cooperation agreement initial term		10 years	10 years
Equity interest in former variable interest entities		100.00%	100.00%
Cash provided by or (used in) operating activities		¥ 881,297,000	$ 127,778	¥ (1,017,962,000)	¥ (412,868,000)
Cash provided by or (used in) investing activities		(516,683,000)	(74,912)	(670,402,000)	18,625,000
Cash provided by or (used in) financing activities		¥ (186,043,000)	(26,974)	2,289,623,000	929,962,000
Calculated rate per share \| ¥ / shares		¥ 6.8972
Inventory provision		¥ 8,931,000		2,595,000	0
Property and equipment impairment loss		0		0	6,449,000
Impairment long-lived assets				0	0
Intangible assets impairment losses		206,925,000
Goodwill impairment loss		1,819,926,000	263,864	0	0
Unrealized gain from fair value changes of short term investments		0		467,000	0
Equity method investment impairment loss		12,186,000	$ 1,767	0	0
Impairment loss of investments measured at measurement alternatives		0		16,500,000	3,500,000
Unrealized losses from fair value		36,432,000		12,094,000	0
Contract asset		0		0	0
Contract liabilities		195,369,000		211,964,000		¥ 211,964,000	¥ 33,884,000	¥ 25,606,000
Contract cost		0		0	0
Advertising expense		82,921,000		82,340,000	19,101,000
Employee benefit expenses		101,204,000		93,142,000	51,834,000
Unrecognized tax benefits, income tax penalties and interest expense		0		0	¥ 0
Accounts receivable		¥ 150,621,000		¥ 17,228,000
Number of operating segments \| Segment		1	1	1	1
Long-Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Discount rate		19.00%	19.00%
Royalty saving rate		1.00%	1.00%
Goodwill
Summary Of Significant Accounting Policies [Line Items]
Discount rate		17.00%	17.00%
Terminal growth rate		3.00%	3.00%
NCC
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses		¥ 14,733,000
NCC \| Paipai
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses		200,708,000		¥ 0	¥ 0
Brand Names
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses		185,975,000
Brand Names \| Paipai
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses		200,708,000		¥ 0	¥ 0
Technology/platform
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses		¥ 6,217,000
Customer \| Net Revenues \| Customers
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer		0	0	0	0
Percentage of concentration risk		10.00%	10.00%	10.00%	10.00%
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Dec. 31, 2021
Paipai Marketplace
Summary Of Significant Accounting Policies [Line Items]
Number of warranty period for pre-owned consumer				1 year
Level 2
Summary Of Significant Accounting Policies [Line Items]
Loss on assets and liabilities level 2 measured at fair value		¥ 36,432,000		¥ 11,627,000	¥ 0
Level 3
Summary Of Significant Accounting Policies [Line Items]
Loss on assets and liabilities measured at fair value		¥ 2,109,443,000		¥ 16,500,000	¥ 9,949,000
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Subsidiaries \| Shanghai Aihui Trading Co., Ltd (“Shanghai Aihui”)
Summary Of Significant Accounting Policies [Line Items]
Former variable interest entity service fees charged	¥ 0			¥ 0	¥ 0
Former VIE and Subsidiaries
Summary Of Significant Accounting Policies [Line Items]
Percentage of consolidated total assets				83.72%
Percentage of consolidated total liabilities				93.84%
Percentage of consolidated revenue				95.55%	96.41%
Percentage of consolidated operating cashflow				76.90%	64.00%
Percentage of consolidated investing cashflow				98.97%	(35.89%)
Percentage of consolidated financing cashflow				(13.33%)	38.10%
Net revenues	2,077,250,000
Net loss	(108,799,000)
Cash provided by or (used in) operating activities	54,470,000
Cash provided by or (used in) investing activities	(314,535,000)
Cash provided by or (used in) financing activities	¥ 67,750,000

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Short-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	¥ 282,230	¥ 160,467
Long-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	15,780	52,212
Level 2 \| Short-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	282,230	160,467
Level 2 \| Long-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	¥ 15,780	¥ 52,212

Summary of Significant Accounting Policies - Schedule of Assets Measured at Fair Value on Non-recurring Basis (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 CNY (¥)
Summary Of Significant Accounting Policies [Line Items]
Property and equipment	¥ 0		¥ 0	¥ 6,449
Equity investments without readily determinable fair value	0		16,500	3,500
Equity method investment impairment loss	12,186	$ 1,767	0	0
Goodwill			1,803,415	1,803,415		¥ 1,803,415
Goodwill impairment loss	1,819,926	$ 263,864	0	0
Intangible assets	544,650		1,075,811		$ 78,967
Intangible assets impairment losses	206,925
Deferred costs	87,065		91,245
Deferred costs impairment loss	70,406
Fair Value, Nonrecurring
Summary Of Significant Accounting Policies [Line Items]
Property and equipment				6,449
Equity investments without readily determinable fair value			¥ 16,500	¥ 3,500
Equity-method investments	12,186
Goodwill impairment loss	1,819,926
Deferred costs	16,659
Deferred costs impairment loss	70,406
Fair Value, Nonrecurring \| Non-Compete Commitment
Summary Of Significant Accounting Policies [Line Items]
Intangible assets impairment losses	14,733
Fair Value, Nonrecurring \| Technology/platform
Summary Of Significant Accounting Policies [Line Items]
Intangible assets	2,000
Intangible assets impairment losses	6,217
Fair Value, Nonrecurring \| Brand Names
Summary Of Significant Accounting Policies [Line Items]
Intangible assets	20,000
Intangible assets impairment losses	185,975
Fair Value, Nonrecurring \| Level 3
Summary Of Significant Accounting Policies [Line Items]
Deferred costs	16,659
Fair Value, Nonrecurring \| Level 3 \| Technology/platform
Summary Of Significant Accounting Policies [Line Items]
Intangible assets	2,000
Fair Value, Nonrecurring \| Level 3 \| Brand Names
Summary Of Significant Accounting Policies [Line Items]
Intangible assets	¥ 20,000

Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Machinery \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Machinery \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	15 years
Electronic Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	Over the shorter of the lease term or expected useful lives
Furniture and Office Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Motor Vehicle
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	4 years
Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	5 years

Summary of Significant Accounting Policies - Schedule of Identifiable Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Brand Names
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	10 years
Business Cooperation Agreement \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	1 year
Business Cooperation Agreement \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	6 years
Technology/platform
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	5 years
NCC
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	5 years

Summary of Significant Accounting Policies - Schedule of Net Product and Service Revenues by Revenue Streams (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Product
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 8,676,672	$ 1,257,999	¥ 6,654,893	¥ 4,244,023
Service
Disaggregation Of Revenue [Line Items]
Net revenues	1,192,752	$ 172,933	1,125,382	614,176
Offline Channels \| Product
Disaggregation Of Revenue [Line Items]
Net revenues	1,979,115		434,856	316,537
Online Product \| Product
Disaggregation Of Revenue [Line Items]
Net revenues	6,697,557		6,220,037	3,927,486
PJT Marketplace \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	638,334		516,155	276,721
Paipai Marketplace \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	474,010		520,944	304,965
Other Channel \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 80,408		¥ 88,283	¥ 32,490

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies - Schedule of Net Product and Service Revenues by Geographical Location (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Product
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 8,676,672	$ 1,257,999	¥ 6,654,893	¥ 4,244,023
Product \| Mainland China
Disaggregation Of Revenue [Line Items]
Net revenues	8,014,495		6,285,247	4,080,229
Product \| Hong Kong
Disaggregation Of Revenue [Line Items]
Net revenues	659,277		339,616	145,641
Product \| Others
Disaggregation Of Revenue [Line Items]
Net revenues	2,900		30,030	18,153
Service
Disaggregation Of Revenue [Line Items]
Net revenues	1,192,752	$ 172,933	1,125,382	614,176
Service \| Mainland China
Disaggregation Of Revenue [Line Items]
Net revenues	1,191,924		1,123,351	611,975
Service \| Hong Kong
Disaggregation Of Revenue [Line Items]
Net revenues	826		¥ 2,031	¥ 2,201
Service \| Others
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 2

- Definition

+ References

+ Details

Business Combination - Additional Information (Details) - CNY (¥)		1 Months Ended	12 Months Ended
	Jun. 03, 2019	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Amount of goodwill			¥ 16,511,000
Paipai Marketplace
Business Acquisition [Line Items]
Net purchase consideration	¥ 3,243,036
Effective date of acquisition	Jun. 03, 2019
Paipai Marketplace \| Series E Convertible Redeemable Preferred Shares
Business Acquisition [Line Items]
Shares issued for purchase consideration	26,379,291
Aileyou
Business Acquisition [Line Items]
Net purchase consideration		¥ 0
Amount of goodwill		¥ 16,511,000
Equity interest in percentage remaining		40.00%

Business Combination - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized and Depreciation or Amortization Period for Acquired Assets (Details) - CNY (¥)	Jun. 03, 2019	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		¥ 1,803,415,000	¥ 1,803,415,000	¥ 1,803,415,000
Paipai Marketplace
Consideration
26,379,291 shares of convertible redeemable preferred shares	¥ 3,243,036
Fair value of total consideration transferred	3,243,036
Recognized amounts of identifiable assets acquired and liabilities assumed
Property and equipment, net	791
Deferred tax liabilities	(415,284)
Goodwill	1,799,529
Fair value of total consideration transferred	¥ 3,243,036
Property and equipment, net, amortization period	3 years
Paipai Marketplace \| Business Cooperation Agreement
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets	¥ 1,456,000
Paipai Marketplace \| Business Cooperation Agreement \| Minimum
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets, amortization period	5 years
Paipai Marketplace \| Business Cooperation Agreement \| Maximum
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets, amortization period	6 years
Paipai Marketplace \| Brand Names
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets	¥ 321,000
Intangible assets, amortization period	10 years
Paipai Marketplace \| NCC
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets	¥ 52,000
Intangible assets, amortization period	5 years
Paipai Marketplace \| Technology/platform
Recognized amounts of identifiable assets acquired and liabilities assumed
Intangible assets	¥ 29,000
Intangible assets, amortization period	5 years

Business Combination - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized and Depreciation or Amortization Period for Acquired Assets (Parenthetical) (Details)	Jun. 03, 2019 shares
Paipai Marketplace \| Series E Convertible Redeemable Preferred Shares
Business Acquisition [Line Items]
Shares issued for purchase consideration	26,379,291

Prepayments and Oher Receivables, Net - Schedule of Prepayments and Other Receivables, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Prepaid Expense and Other Assets [Abstract]
Deposits	¥ 35,797		¥ 26,880
Customer deposits	73,861		232,500
Account receivables	150,621		17,228
Advance to suppliers (2)	73,475		297,383
VAT recoverables	99,547		75,885
Others	52,345		65,924
Cash advanced to staff	39,130		33,992
Deferred cost (3)	87,065		91,245
Less: allowance for credit losses	(2,358)		(935)
Impairment losses on deferred cost	(70,406)
Total	¥ 539,077	$ 78,159	¥ 840,102

Prepayments and Oher Receivables, Net - Schedule of Prepayments and Other Receivables, Net (Parenthetical) (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Prepaid Expense and Other Assets [Abstract]
Impairment Loss On Deferred Costs	¥ 70,406

Prepayments and Oher Receivables, Net - Summary of Movements in Allowance for Credit Losses for Prepayments and Other Receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance	¥ 935
Balance	2,358	¥ 935
Prepayments and Other Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance	935		¥ 390
Current period provision	6,293	1,525	4,600
Current period write-off	(4,870)	(590)	¥ (4,990)
Balance	¥ 2,358	¥ 935

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Property Plant And Equipment [Line Items]
Property and equipment, gross	¥ 277,204		¥ 234,728
Less: accumulated depreciation	(166,244)		(137,087)
Construction in progress	7,640		6,202
Property and equipment, net	118,600	$ 17,195	103,843
Machinery
Property Plant And Equipment [Line Items]
Property and equipment, gross	55,872		31,539
Electronic Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	70,491		78,543
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	124,990		106,709
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	13,782		9,882
Motor Vehicle
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,515		1,423
Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	¥ 8,554		¥ 6,632

Property and Equipment, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	¥ 45,815	¥ 36,670	¥ 45,659

Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Total	¥ 1,985,787	¥ 1,985,787
Less: accumulated amortization	(1,234,212)	(909,976)
Less: accumulated impairment loss	(206,925)
Intangible assets	544,650	1,075,811
Business Cooperation Agreement
Finite Lived Intangible Assets [Line Items]
Total	1,554,046	1,554,046
Brand Names
Finite Lived Intangible Assets [Line Items]
Total	321,000	321,000
NCC
Finite Lived Intangible Assets [Line Items]
Total	79,141	79,141
Technology/platform
Finite Lived Intangible Assets [Line Items]
Total	¥ 31,600	¥ 31,600

Intangible Assets, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expenses related to intangible assets	¥ 324,236	¥ 317,795	¥ 315,122
Estimated amortization expenses for 2023	274,015
Estimated amortization expenses for 2024	197,141
Estimated amortization expenses for 2025	62,836
Estimated amortization expenses for 2026	3,114
Estimated amortization expenses for 2027 and thereafter	7,543
Intangible assets impairment losses	¥ 206,925
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Investment Owned, at Fair Value

Long-Term Investments - Schedule of Long-Term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Jan. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule Of Equity Method Investments [Line Items]
Total	¥ 219,583	$ 31,837		¥ 241,527
Qingdao Qingle Venture Capital Partnership (“Qingle”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	30,002			30,002
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	27,867			28,951
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	21,355			22,803
Equity investments without readily determinable fair value	63,430			63,430
Other Investments
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	12,766			14,416
AiFenLei Global Co., Ltd. (“AiFenLei”)
Schedule Of Equity Method Investments [Line Items]
Equity investments without readily determinable fair value	16,844		¥ 16,844	0
Other Equity Securities Without Readily Determinable Fair Values
Schedule Of Equity Method Investments [Line Items]
Equity investments without readily determinable fair value	31,539			29,713
China Dynamic Fund I SP
Schedule Of Equity Method Investments [Line Items]
Investments at fair value	¥ 15,780			¥ 52,212

Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Jul. 31, 2019 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Jan. 31, 2022 CNY (¥)	Nov. 30, 2021 CNY (¥)	Jul. 31, 2021 CNY (¥)	Dec. 31, 2019 CNY (¥)	Sep. 30, 2017
Schedule Of Equity Method Investments [Line Items]
Loss in equity method investments		¥ 6,471	$ 938	¥ 6,563	¥ 7,526
Share of loss in equity method investments		6,471	$ 938	6,563	7,526
Alternative Investments
Schedule Of Equity Method Investments [Line Items]
Impairment loss		¥ 0		¥ 16,500	¥ 3,500
Qingdao Qingle Venture Capital Partnership (“Qingle”)
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage		11.95%		11.95%
Equity-method investment		¥ 30,002		¥ 30,002
Equity-method investments		30,000		30,000
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage							29.00%
Equity-method investment		¥ 27,867		¥ 28,951
Equity-method investment cash contribution							¥ 29,000
Jinsong
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage		25.71%		25.71%						30.00%
Preferred share investments amount								¥ 55,000	¥ 8,430
Ordinary share investments amount									¥ 1,940
Loss in equity method investments		¥ (1,447)		¥ (5,567)
Jinsong \| Ordinary Shares
Schedule Of Equity Method Investments [Line Items]
Equity-method investment		28,370
Jinsong \| Preferred Shares
Schedule Of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value		63,430
AiFenLei
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage	52.50%
Equity securities without readily determinable fair value		¥ 16,844		0		¥ 16,844
Share of loss in equity method investments	¥ (9,259)
AiFenLei \| Ordinary Shares
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage		33.20%
AiFenLei \| Preferred Shares
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage		0.70%
Other Equity Securities Without Readily Determinable Fair Values
Schedule Of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value		¥ 31,539		¥ 29,713

Goodwill - Summary of Changes in Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Goodwill [Line Items]
Balance at beginning of the year	¥ 1,803,415		¥ 1,803,415
Goodwill acquired during the year	16,511
Impairment loss	¥ (1,819,926)	$ (263,864)	0	¥ 0
Balance at ending of the year			¥ 1,803,415	¥ 1,803,415

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) Segment	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Goodwill and Intangible Assets Disclosure [Abstract]
Reporting unit	1	1
Impairment loss	¥ 1,819,926	$ 263,864	¥ 0	¥ 0

Short-term Borrowings - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)
Short Term Debt [Line Items]
Proceeds from short-term borrowings		¥ 185,983,000	$ 26,965,000	¥ 253,700,000		¥ 764,143,000
Repayment of short-term borrowings		156,970,000	$ 22,759,000	560,972,000		595,094,000
Remaining balance of loan agreements		¥ 123,983,000		¥ 94,999,000				$ 17,976,000
Weighted average interest rate		4.54%	4.54%	6.08%	6.08%
Debt instrument, covenant compliance		The Group is subject to certain financial covenants under its credit facilities agreements and the Group was in compliance with all of its debt covenants as of December 31, 2021 and 2022.	The Group is subject to certain financial covenants under its credit facilities agreements and the Group was in compliance with all of its debt covenants as of December 31, 2021 and 2022.	The Group is subject to certain financial covenants under its credit facilities agreements and the Group was in compliance with all of its debt covenants as of December 31, 2021 and 2022.	The Group is subject to certain financial covenants under its credit facilities agreements and the Group was in compliance with all of its debt covenants as of December 31, 2021 and 2022.
Bank Borrowings
Short Term Debt [Line Items]
Proceeds from short-term borrowings				¥ 56,700,000		153,000,000
Repayment of short-term borrowings		¥ 14,250,000		155,450,000		¥ 70,000,000
Remaining balance of loan agreements		0		¥ 14,250,000
Debt instrument, term				1 year	1 year
Weighted average interest rate				5.09%	5.09%	5.29%	5.29%
US$ Denominated Loan
Short Term Debt [Line Items]
Debt instrument, term	2 years
Proceeds from long-term borrowings \| $	$ 10,000,000
Debt instrument, interest rate	9.00%
Repayment of loan		30,270,000	$ 4,583,000	¥ 32,230,000	$ 5,000,000	¥ 2,719,000	$ 417,000
Credit Facility Agreements
Short Term Debt [Line Items]
Proceeds from short-term borrowings		185,983,000		197,000,000		¥ 610,683,000
Repayment of short-term borrowings		112,000,000		373,292,000
Remaining balance of loan agreements		¥ 123,983,000		¥ 50,000,000
Weighted average interest rate		4.60%	4.60%	5.09%	5.09%	6.26%	6.26%
Revolving Credit Facility
Short Term Debt [Line Items]
Debt instrument, term		1 year	1 year	1 year	1 year
Maximum \| Revolving Credit Facility
Short Term Debt [Line Items]
Unused revolving credit facilities		¥ 286,017,000		¥ 150,000,000

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accrued Expenses And Other Liabilities Current [Abstract]
Deposits from business partner	¥ 151,167		¥ 79,787
Other tax payable	90,407		38,209
Fulfillment payable	96,668		49,190
Operating lease liabilities - current	¥ 46,426		¥ 35,948
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total	Total
Collection on behalf of others	¥ 23,305		¥ 29,167
Others	41,516		64,326
Total	¥ 449,489	$ 65,170	¥ 296,627

Taxation - Additional Information (Details) ¥ / shares in Units, ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares	Dec. 31, 2020 CNY (¥) ¥ / shares	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)
Income Tax Disclosure [Line Items]
Statutory income tax rate		25.00%	25.00%	25.00%
Effect of preferential tax treatment on income tax benefit		¥ 47,273	¥ (59,594)	¥ 31,460
Effect of preferential tax treatment on basic and diluted net loss per share \| ¥ / shares		¥ (0.29)	¥ 0.62	¥ (1.68)
Net operating loss carry forwards		¥ 1,140,585	¥ 1,199,251	¥ 1,155,441
Percentage of tax withholding rate if the investor holds at least 25% in foreign invested enterprises		5.00%	5.00%	5.00%
Percentage of tax withholding rate if the investor holds less than 25% in foreign invested enterprises		10.00%	10.00%	10.00%
Accrued deferred tax liabilities		¥ 0	¥ 0	¥ 0
PRC
Income Tax Disclosure [Line Items]
VAT regulations exempted percentage		1.00%
Statutory income tax rate		25.00%	25.00%	25.00%
PRC \| Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (Previously Shanghai Yueyee Network Information Technology Co., Ltd) (“Shanghai Yueyee” or “Shanghai Wanwuxinsheng”) \| 2018 to 2020
Income Tax Disclosure [Line Items]
Preferential EIT rate				15.00%	15.00%	15.00%
PRC \| Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (Previously Shanghai Yueyee Network Information Technology Co., Ltd) (“Shanghai Yueyee” or “Shanghai Wanwuxinsheng”) \| 2021 to 2023
Income Tax Disclosure [Line Items]
Preferential EIT rate	15.00%	15.00%	15.00%
Effect of preferential tax treatment on income tax benefit		¥ 0	¥ 93,250	¥ 0
Hong Kong
Income Tax Disclosure [Line Items]
Statutory income tax rate		16.50%	16.50%	16.50%
Year of assessment					2018 2019	2018 2019
Threshold amount of profits earned for half the current tax rate \| $					$ 2	$ 2
Percentage of half current tax rate on first profits earned					8.25%	8.25%
Pre-Owned Consumer Electronic Products
Income Tax Disclosure [Line Items]
VAT levy rate		3.00%
Other Products \| PRC
Income Tax Disclosure [Line Items]
Statutory VAT rate		13.00%
Service \| PRC
Income Tax Disclosure [Line Items]
Statutory VAT rate		6.00%

Taxation - Summary of Loss by Tax Jurisdictions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income Tax Disclosure [Abstract]
Loss from Mainland China operations	¥ 2,616,828		¥ 882,229	¥ 456,596
Loss (income) from non-Mainland China operations	(43,579)		71,618	53,816
Total loss before tax and share of loss of equity-method investments	¥ 2,573,249	$ 373,086	¥ 953,847	¥ 510,412

Taxation - Summary of Current and Deferred Portion of Income Tax Expenses Included in Consolidated Statements of Operations and Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income Tax Disclosure [Abstract]
Current tax expenses	¥ 43
Deferred tax benefits	(111,826)		¥ (143,863)	¥ (47,320)
Total income tax benefits	¥ (111,783)	$ (16,207)	¥ (143,863)	¥ (47,320)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Taxation - Schedule of Reconciliation of Total Tax Expenses Computed by Applying Respective Statutory Income Tax Rate to Pre-Tax Income (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes	(20.25%)	(11.86%)	(2.75%)
Super deduction on technology and content expenses	0.68%	2.83%	3.52%
Effect of preferential tax rate for high-tech enterprises	(1.84%)	6.25%	(6.16%)
Effect of different tax rates of a subsidiary operating in other jurisdiction	2.01%	(1.85%)	(1.33%)
Effect of enacted tax rate change of deferred tax liabilities			0.20%
Effect of expired tax loss		(0.54%)
Change in valuation allowance	(0.97%)	(4.62%)	(9.42%)
True up	(0.29%)	(0.13%)	0.21%
Total	4.34%	15.08%	9.27%

Taxation - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
Deferred tax assets
Tax loss carried forward	¥ 276,958		¥ 278,980		¥ 283,378
Deductible temporary differences	83,132		59,598		32,982
Allowance for credit losses	250		375
Inventory provision	689		649
Unrealized fair value losses for certain investments	3,808		438
Impairment loss of long-term investments	3,047		4,125
Total deferred tax assets	367,884		344,165		316,360
Less: valuation allowance	(367,884)	¥ (344,165)	(344,165)	¥ (316,360)	(316,360)	¥ (268,534)
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired	111,312		223,138		341,960
Total deferred tax liabilities	¥ 111,312		¥ 223,138		¥ 341,960

Taxation - Movement of Deferred Tax Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at beginning of the year	¥ 344,165	¥ 316,360
Additions, net of foreign exchange impacts	23,719	27,805	¥ 47,826
Balance at end of the year	¥ 367,884	¥ 344,165	¥ 316,360

Ordinary Shares - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 18, 2021	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Ordinary stock, shares authorized		1,000,000,000
Common Class A
Class Of Stock [Line Items]
Number of voting rights		one vote	one vote
Ordinary stock, shares authorized		941,472,561	941,472,561
Ordinary stock, shares issued	10,822,000
Ordinary shares issued price per share	$ 21.0
Net proceeds from issuance of ordinary shares	$ 227,262
Number of preferred shares converted into ordinary shares.	70,254,680
Common Class B
Class Of Stock [Line Items]
Number of voting rights		three votes	three votes
Ordinary stock, shares authorized		47,240,103	47,240,103
Number of preferred shares converted into ordinary shares.	47,079,692
Common Class C
Class Of Stock [Line Items]
Number of voting rights		fifteen votes	fifteen votes
Ordinary stock, shares authorized		11,287,336	11,287,336

Convertible Bonds - Additional Information (Details) - Convertible Bonds - 2016 Notes - Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (Previously Shanghai Yueyee Network Information Technology Co., Ltd) (“Shanghai Yueyee” or “Shanghai Wanwuxinsheng”)		12 Months Ended
	Nov. 28, 2016 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2018 CNY (¥) shares	Nov. 28, 2016 $ / shares	Nov. 28, 2016 CNY (¥)
Debt Instrument [Line Items]
Aggregate principal amount					¥ 200,000,000
Maturity date	Jun. 30, 2018
Debt conversion, amount of debt converted			¥ 40,000,000
Beneficial conversion feature	¥ 0
Series C-3 Convertible Redeemable Preferred Shares
Debt Instrument [Line Items]
Conversion price \| $ / shares				$ 2.6532
Debt conversion, shares issued on conversion \| shares			2,255,380
Series C Convertible Redeemable Preferred Shares
Debt Instrument [Line Items]
Debt conversion, amount of debt converted		¥ 160,000,000

Convertible Redeemable Preferred Shares - Summary of Changes in the Carrying Amount of Convertible Redeemable Preferred Shares (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Balance		¥ 8,879,894	¥ 7,080,078
Balance, Shares		94,697,306	90,494,234
Issuance		¥ 1,420,667	¥ 495,318
Issuance, Shares		11,731,035	4,203,072
Issuance upon conversion of convertible bonds		¥ 192,122
Issuance upon conversion of convertible bonds, Shares		10,906,031
Accretion	¥ 0	¥ 508,627	¥ 1,304,498
Convert to Class A Ordinary shares		¥ (5,263,152)
Convert to Class A Ordinary shares, Shares		(70,254,680)
Convert to Class B Ordinary shares		¥ (5,738,158)
Convert to Class B Ordinary shares, Shares		(47,079,692)
Balance			¥ 8,879,894
Balance, Shares			94,697,306
Series A Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Balance		¥ 445,275	¥ 361,963
Balance, Shares		9,497,040	9,497,040
Accretion		¥ 21,898	¥ 83,312
Convert to Class A Ordinary shares		¥ (467,173)
Convert to Class A Ordinary shares, Shares		(9,497,040)
Balance			¥ 445,275
Balance, Shares			9,497,040
Series B Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Balance		¥ 361,633	¥ 295,666
Balance, Shares		7,586,836	7,586,836
Accretion		¥ 17,207	¥ 65,967
Convert to Class A Ordinary shares		¥ (378,840)
Convert to Class A Ordinary shares, Shares		(7,586,836)
Balance			¥ 361,633
Balance, Shares			7,586,836
Series C Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Balance		¥ 1,705,435	¥ 1,393,992
Balance, Shares		33,320,256	33,320,256
Issuance upon conversion of convertible bonds		¥ 192,122
Issuance upon conversion of convertible bonds, Shares		10,906,031
Accretion		¥ 246,015	¥ 311,443
Convert to Class A Ordinary shares		¥ (1,467,859)
Convert to Class A Ordinary shares, Shares		(30,284,935)
Convert to Class B Ordinary shares		¥ (675,713)
Convert to Class B Ordinary shares, Shares		(13,941,352)
Balance			¥ 1,705,435
Balance, Shares			33,320,256
Series D Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Balance		¥ 1,153,593	¥ 1,005,852
Balance, Shares		10,068,160	10,068,160
Accretion		¥ 37,083	¥ 147,741
Convert to Class A Ordinary shares		¥ (940,464)
Convert to Class A Ordinary shares, Shares		(7,952,405)
Convert to Class B Ordinary shares		¥ (250,212)
Convert to Class B Ordinary shares, Shares		(2,115,755)
Balance			¥ 1,153,593
Balance, Shares			10,068,160
Series E Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Balance		¥ 5,213,958	¥ 4,022,605
Balance, Shares		34,225,014	30,021,942
Issuance		¥ 241,341	¥ 495,318
Issuance, Shares		1,953,652	4,203,072
Accretion		¥ 186,424	¥ 696,035
Convert to Class A Ordinary shares		¥ (916,388)
Convert to Class A Ordinary shares, Shares		(5,876,520)
Convert to Class B Ordinary shares		¥ (4,725,335)
Convert to Class B Ordinary shares, Shares		(30,302,146)
Balance			¥ 5,213,958
Balance, Shares			34,225,014
Series F Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Issuance		¥ 1,179,326
Issuance, Shares		9,777,383
Convert to Class A Ordinary shares		¥ (1,092,428)
Convert to Class A Ordinary shares, Shares		(9,056,944)
Convert to Class B Ordinary shares		¥ (86,898)
Convert to Class B Ordinary shares, Shares		(720,439)

Convertible Redeemable Preferred Shares - Summary of Changes in the Carrying Amount of Convertible Redeemable Preferred Shares (Parenthetical) (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Series A Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001
Series B Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	0.001	0.001	0.001
Series C Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	0.001	0.001	0.001
Series D Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	0.001	0.001	0.001
Series E Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	0.001	0.001	0.001
Series F Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001

Convertible Redeemable Preferred Shares - Summary of Issuance of Convertible Redeemable Preferred Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands						1 Months Ended	3 Months Ended	4 Months Ended	12 Months Ended		50 Months Ended
	Sep. 14, 2020 USD ($) $ / shares shares	Jun. 03, 2019 USD ($) $ / shares shares	Dec. 07, 2018 CNY (¥) shares	Jul. 05, 2018 USD ($) $ / shares shares	Jun. 26, 2018 USD ($) $ / shares shares	May 25, 2021 USD ($) $ / shares shares	Sep. 16, 2019 USD ($) $ / shares shares	May 25, 2021 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares	Nov. 11, 2016 USD ($) $ / shares shares	Dec. 07, 2018 $ / shares	Aug. 31, 2012 $ / shares
Temporary Equity [Line Items]
Issuance, Shares									11,731,035	4,203,072
Proceeds from Issuance \| ¥									¥ 1,138,232	¥ 512,715
Series A, B, C-1, C-2 Convertible Redeemable Preferred Shares \| Issuance Date, August 31, 2012 to November 11, 2016
Temporary Equity [Line Items]
Issuance, Shares											44,887,552
Proceeds from Issuance \| $											$ 63,902
Series A, B, C-1, C-2 Convertible Redeemable Preferred Shares \| Issuance Date, August 31, 2012 to November 11, 2016 \| Minimum
Temporary Equity [Line Items]
Issue Price per Share \| $ / shares													$ 0.21
Series A, B, C-1, C-2 Convertible Redeemable Preferred Shares \| Issuance Date, August 31, 2012 to November 11, 2016 \| Maximum
Temporary Equity [Line Items]
Issue Price per Share \| $ / shares											$ 2.65
Series C-3 Convertible Redeemable Preferred Shares \| Issuance Date, June 26, 2018
Temporary Equity [Line Items]
Issuance, Shares					1,884,512
Issue Price per Share \| $ / shares					$ 2.65
Proceeds from Issuance \| $					$ 5,000
Series C-3 Convertible Redeemable Preferred Shares \| Issuance Date, December 7, 2018
Temporary Equity [Line Items]
Issuance, Shares			7,819,871
Issue Price per Share \| $ / shares												$ 2.65
Proceeds from Issuance \| ¥			¥ 138,688
Series C-3 Convertible Redeemable Preferred Shares \| Issuance Date, February 8, 2021 to May 25, 2021
Temporary Equity [Line Items]
Issuance, Shares								10,906,031
Issue Price per Share \| $ / shares						$ 2.65
Proceeds from Issuance \| ¥								¥ 192,122
Series D Convertible Redeemable Preferred Shares \| Issuance Date, July 5, 2018 with Issue Price $10.83
Temporary Equity [Line Items]
Issuance, Shares				2,115,755
Issue Price per Share \| $ / shares				$ 10.83
Proceeds from Issuance \| $				$ 22,917
Series D Convertible Redeemable Preferred Shares \| Issuance Date, July 5, 2018 with Issue Price $12.74
Temporary Equity [Line Items]
Issuance, Shares				7,952,405
Issue Price per Share \| $ / shares				$ 12.74
Proceeds from Issuance \| $				$ 101,340
Series E Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Issuance, Shares									1,953,652	4,203,072
Series E Convertible Redeemable Preferred Shares \| Issuance Date, June 3 to September 16, 2019
Temporary Equity [Line Items]
Issuance, Shares							2,521,844
Issue Price per Share \| $ / shares							$ 17.84
Proceeds from Issuance \| $							$ 45,000
Series E Convertible Redeemable Preferred Shares \| Issuance Date, June 3, 2019
Temporary Equity [Line Items]
Issuance, Shares		27,500,098
Issue Price per Share \| $ / shares		$ 0.70
Proceeds from Issuance \| $		$ 20,115
Series E+ Convertible Redeemable Preferred Shares \| Issuance Date, February 8, 2021 to May 25, 2021
Temporary Equity [Line Items]
Issuance, Shares								1,953,652
Issue Price per Share \| $ / shares						$ 17.84
Proceeds from Issuance \| ¥								¥ 241,341
Series E+ Convertible Redeemable Preferred Shares \| Issuance Date, September 4 to September 14, 2020
Temporary Equity [Line Items]
Issuance, Shares	4,203,072
Issue Price per Share \| $ / shares	$ 17.84
Proceeds from Issuance \| $	$ 75,000
Series F Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Issuance, Shares									9,777,383
Series F Convertible Redeemable Preferred Shares \| Issuance Date, April 16, 2021 to May 25, 2021
Temporary Equity [Line Items]
Issuance, Shares						9,777,383
Issue Price per Share \| $ / shares						$ 19.43
Proceeds from Issuance \| $						$ 168,000

Convertible Redeemable Preferred Shares - Additional Information (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Convertible redeemable preferred shares dividends declared	¥ 0
Liquidation preference percentage of issuance price plus declared but unpaid dividends	150.00%
Convertible redeemable preferred shares, conversion ratio	1
Convertible redeemable preferred shares, redemption start date	Dec. 31, 2022
Accretion of convertible redeemable preferred shares	¥ 0	¥ 508,627,000	¥ 1,304,498,000
Series A Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Non cumulative dividend rate percentage of issue price	8.00%
Accretion of convertible redeemable preferred shares		¥ 21,898,000	¥ 83,312,000
Series B, C-1, C-2, C-3, D,E and F Convertible Redeemable Preferred Shares
Temporary Equity [Line Items]
Cumulative dividend rate percentage of issue price	8.00%

Share Repurchase Program - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 28, 2021 USD ($)
Stockholders' Equity Note [Abstract]
Share repurchase program, amount of shares authorized to be repurchased \| $			$ 100,000,000
Shares repurchased \| shares	5,699,315	5,699,315
Cash consideration for shares repurchased	¥ 217,900,000	$ 34,000,000
Shares repurchased weighted average price \| ¥	¥ 5.94

Share Based Compensation - Additional Information (Details) - CNY (¥)	1 Months Ended				6 Months Ended	12 Months Ended				30 Months Ended	48 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Apr. 30, 2021	Mar. 31, 2016	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 18, 2021	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense						¥ 174,236,000	¥ 454,552,000
Share options granted						3,559,433
Weighted average grant date fair value per share, Granted						¥ 22.46	¥ 57.05	¥ 40.90
Aggregate intrinsic value, Exercised						¥ 135,949,000	¥ 16,372,000	¥ 0
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Share-based compensation expense						¥ 4,295,000	164,268,000
Number of shares, granted						172,333
Unrecognized compensation expense						¥ 1,751,000					¥ 1,751,000
Number of shares vested						138,833
Weighted average grant date fair value						¥ 3,960,000	163,992,000
Intrinsic value, vested						3,845,000	¥ 162,343,000
Intrinsic value, outstanding						1,690,000					1,690,000
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense						169,941,000
Total unrecognized compensation expenses related to options for the future period						¥ 224,042,000					¥ 224,042,000
Unrecognized compensation expenses, weighted average recognition period						1 year 6 months 21 days
2016 Plan \| Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	16,500
2016 Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Share-based compensation expense										¥ 0
Share options expiration period											10 years
2016 Plan \| Stock Options \| Performance Condition (IPO Condition)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share options granted		6,343,363	6,343,363					1,726,988	4,074,384
2016 Plan \| Stock Options \| Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share options granted					525,706	3,559,433
2016 Plan \| Ordinary Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares issued				21,920,964
2021 Plan \| Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted			2,964,091			172,333
Number of shares vested						133,333
2021 Plan \| First and Second Anniversary \| Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares vested						30,000
2021 Plan \| First, Second and Third Anniversary \| Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares vested						9,000
2021 Plan \| Ordinary Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares issued					6,021,619		6,021,619

Share Based Compensation - Schedule of Assumptions Used to Determine the Fair Value of Stock Options Under Binomial Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2022 ¥ / shares $ / shares	Dec. 31, 2021 ¥ / shares $ / shares	Dec. 31, 2020 ¥ / shares $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	47.80%	48.47%	47.28%
Expected volatility, Maximum	48.20%	48.70%	48.09%
Risk-free interest rate (per annum), Minimum	1.51%	1.35%	0.66%
Risk-free interest rate (per annum), Maximum	2.94%	1.62%	0.92%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise multiples \| $ / shares	$ 2.2	$ 2.2	$ 2.2
Fair value of underlying ordinary shares	$ 19.43	$ 40.61	$ 36.02
Fair value of share option	$ 18.39	$ 39.98	$ 35.37
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise multiples \| $ / shares	$ 2.8	$ 2.8	$ 2.8
Fair value of underlying ordinary shares	$ 62.05	$ 109.73	$ 47.16
Fair value of share option	$ 61.01	$ 109.10	$ 46.53

Share Based Compensation - Summary of Share Option Activities (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of options Outstanding, Beginning Balance	17,942,271
Number of options, Granted	3,559,433
Number of options, Forfeited	(569,963)
Number of options, Exercised	(3,971,624)
Number of options Outstanding, Ending Balance	16,960,117	17,942,271
Number of options, Vest and expect to vest	16,960,117
Number of options, Exercisable	10,031,941
Weighted average exercise price per share, Outstanding, Beginning Balance	¥ 0.63
Weighted average exercise price per share, Granted	0.65
Weighted average exercise price per share, Forfeited	0.63
Weighted average exercise price per share, Exercised	0.60
Weighted average exercise price per share, Outstanding, Ending Balance	0.64	¥ 0.63
Weighted average exercise price per share, Vest and expect to vest	0.64
Weighted average exercise price per share, Exercisable	0.64
Weighted average grant date fair value per share, Outstanding, Beginning Balance	31.78
Weighted average grant date fair value per share, Granted	22.46	57.05	¥ 40.90
Weighted average grant date fair value per share, Forfeited	47.32
Weighted average grant date fair value per share, Exercised	34.23
Weighted average grant date fair value, Outstanding, Ending Balance	28.73	¥ 31.78
Weighted average grant date fair value, Vest and expect to vest	28.73
Weighted average grant date fair value, Exercisable	¥ 24.33
Weighted average remaining contractual life, Outstanding	6 years 7 months 28 days	7 years 14 days
Weighted average remaining contractual life, Exercisable	5 years 11 months 8 days
Aggregate intrinsic value, Outstanding	¥ 305,280	¥ 676,115
Aggregate intrinsic value, Exercised	135,949	¥ 16,372	¥ 0
Aggregate intrinsic value, Exercisable	¥ 180,574

Share Based Compensation - Summary of Restricted Stock Option Activities (Details) - Restricted Share Units - ¥ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares Outstanding, Beginning Balance	16,500
Number of shares, granted	172,333
Number of shares, vested	(138,833)
Number of shares Outstanding, Ending Balance	50,000	16,500
Weighted average grant date fair value, Outstanding	¥ 95.46
Weighted average grant date fair value, Granted	22.98
Weighted average grant date fair value, Vested	27.70
Weighted average grant date fair value, Outstanding	¥ 33.81	¥ 95.46
Weighted average remaining contractual life, Outstanding	2 years 2 months 1 day	2 years 5 months 15 days

Share Based Compensation - Schedule of Share Based Compensation Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	¥ 174,236	¥ 454,552
Fulfillment Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	44,408	59,583
Selling and Marketing Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	36,104	38,463
General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	71,696	316,911
Technology and Content Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	¥ 22,028	¥ 36,595

Net Loss Per Share Attributable To Ordinary Shareholders - Summary of Basic And Diluted Net Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ (2,467,937)	$ (357,817)	¥ (816,547)	¥ (470,618)
Accretion of convertible redeemable preferred shares \| ¥	0		(508,627)	(1,304,498)
Net loss attributable to ordinary shareholders of the Company	¥ (2,467,937)	$ (357,817)	¥ (1,325,174)	¥ (1,775,116)
Denominator:
Weighted average number of ordinary shares used in computing basic loss per ordinary share (note)	162,819,410	162,819,410	96,306,113	18,782,620
Weighted average number of ordinary shares used in computing diluted loss per ordinary share (note)	162,819,410	162,819,410	96,306,113	18,782,620
Net loss per ordinary share basic \| (per share)	¥ (15.16)	$ (2.20)	¥ (13.76)	¥ (94.51)
Net loss per ordinary share diluted \| (per share)	¥ (15.16)	$ (2.20)	¥ (13.76)	¥ (94.51)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Net Loss Per Share Attributable To Ordinary Shareholders - Summary of Diluted Net Loss Per Share not Include Following Instruments as their Inclusion would be Antidilutive (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	17,015,617	17,958,771	119,874,641
Convertible Bonds and Convertible Redeemable Preferred Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share			105,885,960
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	16,960,117	17,942,271	13,988,681
Non-vested restricted share units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	55,500	16,500

Statutory Reserves and Restricted Net Assets - Additional Information (Details) - CNY (¥) ¥ in Thousands	36 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Reserves And Restricted Net Assets [Abstract]
Minimum requirements of after tax profit allocation	10.00%
Rate of right to discontinue allocation to statutory reserve	50.00%
Restricted net assets	¥ 481,846	¥ 440,953

Related Party Transactions - Summary of Sets Forth Major Related Parties and Their Relationships with Group (Details)	36 Months Ended
	Dec. 31, 2022
JD Group
Related Party Transaction [Line Items]
Relationships with the Group	A shareholder of the Group
Aileyou
Related Party Transaction [Line Items]
Relationships with the Group	A former investee of the Group
Gulin Group
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group
Jinsong Group
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group
AiFenLei Group
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group
Yueqing
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group

Related Party Transactions - Summary of Significant Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest income from loans provided to related parties		¥ 1,272	¥ 1,750
JD Group
Related Party Transaction [Line Items]
Purchase from related party	¥ 10,849	6,906	25,440
Service received from related party	363,764	363,946	166,079
Gulin Group
Related Party Transaction [Line Items]
Purchase from related party	242,929	175,118
Service received from related party		3,006
Aileyou
Related Party Transaction [Line Items]
Service received from related party		8,502	¥ 2,019
Service \| Jinsong Group
Related Party Transaction [Line Items]
Net service revenue from related party	¥ 5,936	¥ 1,389

Related Party Transactions - Summary of Amount Due from Related Parties (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Amount due from related parties
Loan to related party	¥ 13,000	$ 1,885	¥ 166,400	¥ 140,732
Gulin Group
Amount due from related parties
Loan to related party	13,000		80,500
Repayments from related party	¥ 13,000		80,500
AiFenLei Group
Amount due from related parties
Loan to related party			85,900	138,332
Repayments from related party			110,015	175,755
Aileyou
Amount due from related parties
Loan to related party				2,400
Repayments from related party				¥ 2,911
Yueqing
Amount due from related parties
Repayments from related party			¥ 9,500

Related Party Transactions - Summary of Amount Due From/To Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Related Party Transaction [Line Items]
Amount due from related parties current			¥ 410,652
Amount due from related parties current and noncurrent	¥ 295,642
Amount due to related parties current	47,604	$ 6,902	73,976
JD Group
Related Party Transaction [Line Items]
Amount due from related parties current			320,955
Amount due from related parties current and noncurrent	96,745
JD Group \| Other Payables
Related Party Transaction [Line Items]
Amount due to related parties current	41,448		64,975
Jinsong Group
Related Party Transaction [Line Items]
Amount due to related parties current	5,281		8,611
Jinsong Group \| Other Receivables
Related Party Transaction [Line Items]
Amount due from related parties current			5,670
Amount due from related parties current and noncurrent	9,323
AiFenLei Group
Related Party Transaction [Line Items]
Amount due to related parties current			5
AiFenLei Group \| Other Receivables
Related Party Transaction [Line Items]
Amount due from related parties current			24,391
Amount due from related parties current and noncurrent	189,567
Aileyou \| Other Receivables
Related Party Transaction [Line Items]
Amount due from related parties current			40,317
Aileyou \| Loans
Related Party Transaction [Line Items]
Amount due from related parties current			1,869
Gulin Group
Related Party Transaction [Line Items]
Amount due to related parties current	875		385
Gulin Group \| Other Receivables
Related Party Transaction [Line Items]
Amount due from related parties current			¥ 17,450
Amount due from related parties current and noncurrent	¥ 7

Related Party Transactions - Summary of Amount Due From/To Related Parties (Parenthetical) (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021 Supplier	Dec. 31, 2022 CNY (¥)
Related Party Transaction [Line Items]
Number of new product supplier \| Supplier	1
AiFenLei Group \| Prepaid Deposit
Related Party Transaction [Line Items]
Due from Related Parties, non Current \| ¥		¥ 180,000

- Definition

Aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date, which are usually due after one year (or one business cycle).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(11))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

+ Details

Leases - Additional Information (Details) - CNY (¥)	12 Months Ended
Leases - Additional Information (Details) - CNY (¥)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease agreement period description.	leased office and store premises under operating lease agreements for the periods from 2021 to 2025
Long-term finance lease liability	¥ 0	¥ 0

Leases - Summary of Lease Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	¥ 57,302	¥ 43,260
Short-term lease expense	66,016	57,180
Total lease expense	¥ 123,318	¥ 100,440

Leases - Summary of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Leases [Abstract]
Operating leases right-of-use assets	¥ 78,455		¥ 69,612
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets	Other non-current assets
Current portion of lease liabilities	¥ 46,426		¥ 35,948
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Non-current portion of lease liabilities	¥ 33,523	$ 4,860	¥ 34,501
Total operating lease liabilities	¥ 79,949		¥ 70,449
Weighted-average remaining lease term (in years) – operating leases	1 year 10 months 17 days	1 year 10 months 17 days	2 years 2 months 4 days
Weighted-average discount rate – operating leases	5.40%	5.40%	5.64%

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Lease Agreements Based On 842 (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	¥ 49,528
2024	28,388
2025	6,134
Total undiscounted cash flows	84,050
Less: imputed interest	(4,101)
Operating lease liabilities current and non-current	79,949	¥ 70,449
Lease liabilities due within one year	46,426
Lease liabilities due after one year	33,523
Short-term lease commitment:
2023	¥ 25,322

Commitments and Contingencies - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Commitments and Contingencies Disclosure [Abstract]
Contractual expense	¥ 1,011
Contracts commitment, 2023	607
Contracts commitment, 2024	¥ 102

Subsequent Events - Additional Information (Details) ¥ in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Cash consideration for shares repurchased		¥ 217,900	$ 34.0
Cash consideration for shares repurchased \| ¥		(217,920)
Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased \| shares	1,426,490
Cash consideration for shares repurchased \| $	$ 4.1
AiFenLei \| Preferred Shares \| Prepaid Deposit
Subsequent Event [Line Items]
Prepaid deposit \| ¥		¥ 180,000
AiFenLei \| Preferred Shares \| Subsequent Event
Subsequent Event [Line Items]
Subscription for preferred shares value \| $	$ 40.0

Schedule I - Additional Information of Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,703,626	$ 247,003	¥ 1,356,342	¥ 918,076
Amount due from related parties, net (net of allowance for credit losses of RMB564 and RMB141 as of December 31, 2021 and 2022, respectively)	115,501	16,746	410,088
Total current assets	3,890,178	564,024	4,150,845
Non-current assets:
Long-term investments	219,583	31,837	241,527
Other non-current assets	95,744	13,882	127,321
Total non-current assets	1,158,577	167,979	3,351,917
TOTAL ASSETS	5,048,755	732,003	7,502,762
Current liabilities:
Short-term borrowings	123,983	17,976	94,999
Total current liabilities	1,022,248	148,213	824,664
TOTAL LIABILITIES	1,167,083	169,212	1,082,303
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,131,263	1,903,854	12,954,163
Treasury shares (US$0.001 par value, 5,699,315 outstanding as of December 31, 2022)	(217,920)	(31,595)
Accumulated deficit	(9,006,884)	(1,305,875)	(6,538,947)
Accumulated other comprehensive income (loss)	(25,708)	(3,726)	4,322
TOTAL SHAREHOLDERS' EQUITY	3,881,672	562,791	6,420,459	¥ (5,211,679)	¥ (3,439,004)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,048,755	732,003	7,502,762
Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	609	88	609
Common Class B
SHAREHOLDERS' EQUITY
Ordinary shares value	305	44	305
Common Class C
SHAREHOLDERS' EQUITY
Ordinary shares value	7	1	7
Parent Company
Current assets:
Cash and cash equivalents	34,548	5,009	45,520
Amount due from related parties, net (net of allowance for credit losses of RMB564 and RMB141 as of December 31, 2021 and 2022, respectively)			22,315
Prepayments and other receivables, net	32,403	4,698	47,524
Total current assets	66,951	9,707	115,359
Non-current assets:
Long-term investments	19,806	2,872	23,694
Investments in subsidiaries, former VIE and former VIE's subsidiaries	3,783,114	548,500	6,297,373
Other non-current assets	14,909	2,162	16,670
Total non-current assets	3,817,829	553,534	6,337,737
TOTAL ASSETS	3,884,780	563,241	6,453,096
Current liabilities:
Short-term borrowings			30,300
Accrued expenses and other current liabilities	3,108	450	2,337
Total current liabilities	3,108	450	32,637
TOTAL LIABILITIES	3,108	450	32,637
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,131,263	1,903,854	12,954,163
Treasury shares (US$0.001 par value, 5,699,315 outstanding as of December 31, 2022)	(217,920)	(31,595)
Accumulated deficit	(9,006,884)	(1,305,875)	(6,538,947)
Accumulated other comprehensive income (loss)	(25,708)	(3,726)	4,322
TOTAL SHAREHOLDERS' EQUITY	3,881,672	562,791	6,420,459
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	3,884,780	563,241	6,453,096
Parent Company \| Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	609	88	609
Parent Company \| Common Class B
SHAREHOLDERS' EQUITY
Ordinary shares value	305	44	305
Parent Company \| Common Class C
SHAREHOLDERS' EQUITY
Ordinary shares value	¥ 7	$ 1	¥ 7

Schedule I - Additional Information of Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, shares authorized	1,000,000,000
Treasury stock, par value	$ 0.001
Treasury stock, shares outstanding	5,699,315
Common Class A
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	941,472,561	941,472,561
Ordinary stock, shares issued	100,854,060	100,854,060
Ordinary stock, shares outstanding	96,388,001	92,416,377
Common Class B
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	47,240,103	47,240,103
Ordinary stock, shares issued	47,240,103	47,240,103
Ordinary stock, shares outstanding	47,240,103	47,240,103
Common Class C
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	11,287,336	11,287,336
Ordinary stock, shares issued	11,287,336	11,287,336
Ordinary stock, shares outstanding	11,287,336	11,287,336
Parent Company
Condensed Balance Sheet Statements Captions [Line Items]
Treasury stock, par value	$ 0.001
Treasury stock, shares outstanding	5,699,315
Parent Company \| Common Class A
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	941,472,561	941,472,561
Ordinary stock, shares issued	100,854,060	100,854,060
Ordinary stock, shares outstanding	96,388,001	92,416,377
Parent Company \| Common Class B
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	47,240,103	47,240,103
Ordinary stock, shares issued	47,240,103	47,240,103
Ordinary stock, shares outstanding	47,240,103	47,240,103
Parent Company \| Common Class C
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001
Ordinary stock, shares authorized	11,287,336	11,287,336
Ordinary stock, shares issued	11,287,336	11,287,336
Ordinary stock, shares outstanding	11,287,336	11,287,336

Schedule I - Additional Information of Parent Company - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Expenses and (loss) income
Selling and marketing expenses	¥ (1,536,052)	$ (222,707)	¥ (1,206,649)	¥ (740,542)
General and administrative expenses	(230,421)	(33,408)	(433,629)	(177,542)
Other operating income	41,238	5,979	26,950	29,395
Interest income	17,780	2,578	8,370	9,321
Interest expense	(6,163)	(894)	(16,778)	(21,090)
Other (loss) income, net	38,791	5,624	(50,367)	(39,866)
Net loss	(2,467,937)	(357,817)	(816,547)	(470,618)
Accretion of convertible redeemable preferred shares	0		(508,627)	(1,304,498)
Net loss attributable to ordinary shareholders of the Company	(2,467,937)	(357,817)	(1,325,174)	(1,775,116)
Net loss attributable to the Company	(2,467,937)	(357,817)	(816,547)	(470,618)
Foreign currency translation adjustments	(30,030)	(4,354)	2,239	2,441
Total comprehensive loss	(2,497,967)	(362,171)	(814,308)	(468,177)
Accretion of convertible redeemable preferred shares	0		508,627	1,304,498
Total comprehensive loss attributable to ordinary shareholders	(2,497,967)	(362,171)	(1,322,935)	(1,772,675)
Parent Company
Expenses and (loss) income
Selling and marketing expenses			(28)
General and administrative expenses	(15,909)	(2,307)	(7,228)	(1,000)
Other operating income	22,869	3,316
Interest income			82	6
Interest expense	(1,297)	(188)	(4,238)
Other (loss) income, net	207,914	30,145	(43,287)	(19,844)
Equity in losses of subsidiaries, and share of loss from former VIE and former VIE's subsidiaries	(2,681,514)	(388,783)	(761,848)	(449,780)
Net loss	(2,467,937)	(357,817)	(816,547)	(470,618)
Accretion of convertible redeemable preferred shares			(508,627)	(1,304,498)
Net loss attributable to ordinary shareholders of the Company	(2,467,937)	(357,817)	(1,325,174)	(1,775,116)
Net loss attributable to the Company	(2,467,937)	(357,817)	(816,547)	(470,618)
Foreign currency translation adjustments	(30,030)	(4,354)	2,239	2,441
Total comprehensive loss	(2,497,967)	(362,171)	(814,308)	(468,177)
Accretion of convertible redeemable preferred shares			508,627	1,304,498
Total comprehensive loss attributable to ordinary shareholders	¥ (2,497,967)	$ (2,497,967)	¥ (1,322,935)	¥ (1,772,675)

Schedule I - Additional Information of Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Condensed Cash Flow Statements Captions [Line Items]
Cash used in operating activities	¥ 881,297	$ 127,778	¥ (1,017,962)	¥ (412,868)
Cash flows from investing activities:
Purchase of long-term investments	(31,844)	(4,617)	(215,472)	(20,000)
Cash provided by (used in) investing activities	(516,683)	(74,912)	(670,402)	18,625
Cash flows from financing activities:
Proceeds from exercise of options	2,864	415
Repurchase of ordinary shares	(217,920)	(31,595)
Repayment for short-term borrowings	(156,970)	(22,759)	(560,972)	(595,094)
Proceeds from issuance of convertible redeemable preferred shares			1,138,232	512,715
Proceeds from IPO, net of issuance cost of RMB46,931			1,488,866
Cash provided by (used in) financing activities	(186,043)	(26,974)	2,289,623	929,962
Net increase in cash, cash equivalents and restricted cash	196,984	28,560	588,266	507,293
Cash, cash equivalent and restricted cash at the beginning of the year	1,506,642	218,443	918,376	411,083
Cash, cash equivalent and restricted cash at the end of the year	1,703,626	247,003	1,506,642	918,376
Supplemental cash flow disclosures of continuing operations:
Interest expenses paid	6,163	894	16,778	21,090
Supplemental disclosure of non-cash investing and financing activities:
Exercise of warrant			10,345
Parent Company
Condensed Cash Flow Statements Captions [Line Items]
Cash used in operating activities	37,835	5,486	(4,295)
Cash flows from investing activities:
Purchase of long-term investments	(12,644)	(1,833)	(32,427)
Investments in subsidiaries' and former VIE's subsidiaries	595,130	86,286	(2,589,491)	(500,551)
Collection of investments in subsidiaries and former VIEs subsidiaries	804,743	116,677
Cash provided by (used in) investing activities	196,969	28,558	(2,621,918)	(500,551)
Cash flows from financing activities:
Proceeds from long-term borrowings				65,200
Proceeds from exercise of options	2,864	415
Repurchase of ordinary shares	(217,920)	(31,595)
Repayment for short-term borrowings	(30,720)	(4,454)	(32,230)	(2,719)
Proceeds from issuance of convertible redeemable preferred shares			1,138,232	512,715
Proceeds from IPO, net of issuance cost of RMB46,931			1,488,866
Cash provided by (used in) financing activities	(245,776)	(35,634)	2,594,868	575,196
Net increase in cash, cash equivalents and restricted cash	(10,972)	(1,591)	(31,345)	74,645
Cash, cash equivalent and restricted cash at the beginning of the year	45,520	6,600	76,865	2,220
Cash, cash equivalent and restricted cash at the end of the year	34,548	5,009	45,520	¥ 76,865
Supplemental cash flow disclosures of continuing operations:
Interest expenses paid	¥ (1,297)	$ (188)	(4,238)
Supplemental disclosure of non-cash investing and financing activities:
Exercise of warrant			¥ 10,345

Schedule I - Additional Information of Parent Company - Condensed Statements of Cash Flows (Parenthetical) (Details) - IPO - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements Captions [Line Items]
Net of issuance cost	¥ 46,931
Parent Company
Condensed Cash Flow Statements Captions [Line Items]
Net of issuance cost		¥ 46,931

Schedule I - Additional Information of Parent Company - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022
Parent Company
Condensed Financial Information Of Parent Company Only [Line Items]
Percentage of consolidated net assets	25