Share Based Compensation - Summary of Share Option Activities (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of options Outstanding, Beginning Balance	12,300,341
Number of options, Granted	1,880,719
Number of options, Forfeited	(253,868)
Number of options, Exercised	(1,486,283)
Number of options Outstanding, Ending Balance	12,440,909	12,300,341
Number of options, Vest and expect to vest	12,440,909
Number of options, Exercisable	10,853,856
Weighted average exercise price per share, Outstanding, Beginning Balance	¥ 0.71
Weighted average exercise price per share, Granted	0.71
Weighted average exercise price per share, Forfeited	0.71
Weighted average exercise price per share, Exercised	0.71
Weighted average exercise price per share, Outstanding, Ending Balance	0.71	¥ 0.71
Weighted average exercise price per share, Vest and expect to vest	0.71
Weighted average exercise price per share, Exercisable	0.71
Weighted average grant date fair value per share, Outstanding, Beginning Balance	31.81
Weighted average grant date fair value per share, Granted	26.96	13.79	¥ 25.45
Weighted average grant date fair value per share, Forfeited	27.77
Weighted average grant date fair value per share, Exercised	29.38
Weighted average grant date fair value, Outstanding, Ending Balance	31.62	¥ 31.81
Weighted average grant date fair value, Vest and expect to vest	31.62
Weighted average grant date fair value, Exercisable	¥ 34.36
Weighted average remaining contractual life, Outstanding	4 years 11 months 8 days	5 years 2 months 1 day
Weighted average remaining contractual life, Exercisable	4 years 6 months 18 days
Aggregate intrinsic value, Outstanding	¥ 682,163	¥ 369,438
Aggregate intrinsic value, Exercisable	¥ 607,958

Ordinary Shares - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Ordinary stock, shares authorized	1,000,000,000	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
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
Common Class C
Class Of Stock [Line Items]
Number of voting rights	15 votes	15 votes
Ordinary stock, shares authorized	11,287,336	11,287,336

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Investments

12 Months Ended

Dec. 31, 2025

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,
	2024		2025
	RMB		RMB
Equity method investments:
Qingdao Qingle Venture Capital Partnership (“Qingle”) (1)		30,256		33,744
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”) (2)		56,654		72,137
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3)		21,830		20,391
Other equity method investments		44,767		29,431
Equity securities without readily determinable fair values:
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3)		63,430		63,430
AiFenLei Global Co., Ltd. (“AiFenLei”) (4)		248,846		176,581
Other equity securities without readily determinable fair values		32,693		32,715
Investments at fair value:
China Dynamic Fund I SP		57,660		56,972
Total		556,136		485,401

(1)

Qingle

As of December 31, 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. In December 2023, after finishing a series of equity transactions of Qingle, the Group held 17.54% equity interest of Qingle.

(2)

Wanwuchuangxin

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 July 2023 and April 2025, the Group made further investments with cash consideration of RMB17,400 and RMB11,600, respectively, with the equity interest remains at 29.0%.

(3)

Jinsong

As of December 31, 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 Jinsong and accounted for the investment in preferred shares of RMB63,430 under equity securities without readily determinable fair value as they are not in substance ordinary shares. In November 2023, Jinsong repurchased its ordinary shares and preferred shares from certain shareholders, which resulted an increase in the Group’s equity holding in ordinary shares and preferred shares. The total equity holding was 29.99% as of December 31, 2024 and 2025, respectively.

For the years ended December 31, 2023, 2024 and 2025, the Group recorded proportionately gains of RMB761, losses of RMB286, and losses of RMB1,439 in share of loss in equity method investments, respectively.

(4)

AiFenLei

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 in ordinary shares was accounted for under alternative measurement with minimal value at the time of the disposal due to the significant uncertainty associated with AiFenLei. Since then, the carrying amount of investment in the ordinary shares is nil.

Long-term investments —(Continued)

(4)

AiFenLei —(Continued)

In January 2022, the Group made an additional RMB16,844 investment in preferred shares. Since then, the Group’s investment in AiFenLei consists of preferred shares with a carrying amount of RMB16,844 and ordinary shares with a carrying amount of nil. The total equity holding was 33.9% as of December 31, 2022 due to passive dilution.

In March 2023, the Group made another investment to AiFenLei for a total consideration of US$40,000. Since then, the Group was entitled to nominate two members of the Board of Directors among seven members and had the ability to exercise significant influence over AiFenLei. As the carrying amount of investment in the ordinary shares is nil, the accumulative loss from equity pick up is recorded in the investment in preferred shares. The total equity holding was 41.9% as of December 31, 2023.

In April 2024, the Group completed additional investments to AiFenLei for a consideration of US$10,000 for new series of preferred shares investments and acquired certain shares from another shareholder of AiFenLei for a consideration of US$2,000. The total equity holding was 40.33% as of December 31, 2024.

For the years ended December 31, 2023, 2024 and 2025, the Group recorded proportionately share of loss of RMB63,029, RMB65,125 and RMB72,265 in share of loss in equity method investments, respectively.

Taxation - Summary of Income Tax Paid (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net income tax paid	¥ 18,722	¥ 2,488	¥ 0

Leases - Summary of Lease Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	¥ 71,430	¥ 60,232	¥ 50,183
Short-term lease expense	110,693	82,934	72,673
Total lease expense	¥ 182,123	¥ 143,166	¥ 122,856

Net (loss) earnings per share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net (loss) earnings per share

15.

Net (loss) earnings per share

Basic and diluted net (loss) earnings per share for each of the year presented were calculated as follows. The Group had share options and non-vested RSUs (Note 14) which could potentially dilute basic earnings per ordinary share in the future.


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Numerator:
Net loss		(156,250	)		(8,229	)		336,288
Denominator:
Weighted average number of ordinary shares used in computing basic and diluted loss per ordinary share (note)		—			—			—
Basic		162,160,835			161,618,799			161,315,074
Diluted		162,160,835			161,618,799			162,191,874
Net (loss) earnings per ordinary share
Basic		(0.96	)		(0.05	)		2.08
Diluted		(0.96	)		(0.05	)		2.07

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) earnings per ordinary share.

As of December 31, 2023 and 2024, the calculation of diluted net (loss) earnings per share does not include the effect of the following instruments, which are share options and non-vested restricted share units shares, as the effect of the inclusion was anti-dilutive. As of December 31, 2025, the Company included potentially dilutive shares in the computation of diluted net earnings per ordinary share.


	2023		2024
Share Options		13,881,531		12,300,341
Non-vested restricted share units		30,000		873,333
Total		13,911,531		13,173,674

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Intangible Assets, Net

Intangible assets consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
BCA		1,554,046			—
Brand names		321,000			321,000
NCC		79,141			—
Technology/platform		31,600			—
Total		1,985,787			321,000
Less: accumulated amortization		(1,722,259	)		(124,372	)
Less: accumulated impairment loss		(206,925	)		(185,975	)
Intangible assets, net		56,603			10,653

Long-Term Investments - Schedule of Long-Term Investments (Parenthetical) (Details) ¥ in Thousands, $ in Thousands		1 Months Ended				12 Months Ended
	Jul. 31, 2019 CNY (¥)	Apr. 30, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 31, 2022 CNY (¥)	Jan. 31, 2022 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Apr. 30, 2025 CNY (¥)	Jul. 31, 2023 CNY (¥)	Nov. 30, 2021 CNY (¥)
Schedule Of Equity Method Investments [Line Items]
Income (loss) in equity method investments						¥ (67,261)	$ (9,618)	¥ (64,664)	¥ (50,374)
Impairment loss						¥ 14,173		¥ 0	¥ 0
Qingdao Qingle Venture Capital Partnership (“Qingle”)
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage									17.54%	11.95%
Payment for purchasing shares of investment										¥ 30,000
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage											29.00%	29.00%	29.00%
Payment for purchasing shares of investment											¥ 11,600	¥ 17,400	¥ 29,000
Jinsong
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage						29.99%		29.99%
Payment to increase the investment of preferred shares										63,430
Payment to increase the investment of ordinary shares										¥ 28,370
Income (loss) in equity method investments						¥ (1,439)		¥ (286)	¥ 761
AiFenLei
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage	52.50%							40.33%	41.90%	33.90%
Share of loss in equity method investments	¥ (9,259)
Payment to increase the investment of preferred shares				¥ 16,844
Payment to increase in investment \| $		$ 10,000	$ 40,000
Income (loss) in equity method investments						(72,265)		¥ (65,125)	¥ (63,029)
Equity securities without readily determinable fair value						176,581		248,846
AiFenLei \| Ordinary Shares
Schedule Of Equity Method Investments [Line Items]
Payment to increase in investment \| $			$ 0		$ 0
AiFenLei \| Preferred Shares
Schedule Of Equity Method Investments [Line Items]
Payment to increase in investment \| $		$ 2,000
Other Equity Securities Without Readily Determinable Fair Values
Schedule Of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value						¥ 32,715		¥ 32,693

Supply Chain Financing

12 Months Ended

Dec. 31, 2025

Accounts Payable, Current [Abstract]

Supply Chain Financing

18.

Supply chain financing

Starting from 2023, China Merchants Bank (the “CMB”) offer supply chain financing services to the Group’s suppliers. Suppliers can sell one or more of the Group’s payment obligations at their sole discretion to the CMB to receive funds ahead of time to meet their cash flow needs. The Group’s rights and obligations are not impacted. The original payment terms, timing or amount, remain unchanged. The Group pledged cash in the amount of RMB132,000 and RMB1,000 as security of guarantees for the supply chain financing as of December 31, 2024 and 2025, respectively.

The amount of obligations outstanding under supply chain financing arrangements were recognized as accounts payable and were RMB98,398 and RMB210,365 as of December 31, 2024 and 2025, respectively.

The Group purchased from the suppliers of RMB641,518 and RMB889,830 and repaid to the supplier of RMB1,000,085 and RMB777,863 for the years ended December 31, 2024 and 2025, respectively.

Organization and Principal Activities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

Organization and principal activities

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 other channels 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”).

As of December 31, 2025, 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	Chinese Mainland	100%
AiHuiShou International Company Limited	January 13, 2012	Hong Kong	100%
Shanghai Aihui	August 16, 2012	Chinese Mainland	100%
Shanghai Yueyi Network Information Technology Co., Ltd (“Shanghai Yueyi”)	September 6, 2015	Chinese Mainland	100%
AHS Device Hong Kong Limited	March 8, 2017	Hong Kong	100%
Changzhou Yueyi Network Information Technology Co., Ltd (“Changzhou Yueyi”)	June 23, 2017	Chinese Mainland	100%
Qingdao Yueyi Network Information Technology Co., Ltd (“Qingdao Yueyi”)	October 11, 2023	Chinese Mainland	100%
Qingdao Yueqing Network Information Technology Co., Ltd (“Qingdao Yueqing”)	December 13, 2023	Chinese Mainland	100%
Jinan Yueqing Network Information Technology Co., Ltd (“Jinan Yueqing”)	April 24, 2024	Chinese Mainland	100%

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, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Product
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 19,379,932	$ 2,771,293	¥ 14,844,416	¥ 11,658,298
Product \| Chinese Mainland
Disaggregation Of Revenue [Line Items]
Net revenues	19,021,384		14,383,324	10,778,594
Product \| Hong Kong
Disaggregation Of Revenue [Line Items]
Net revenues	327,745		424,266	827,182
Product \| Others
Disaggregation Of Revenue [Line Items]
Net revenues	30,803		36,826	52,522
Service
Disaggregation Of Revenue [Line Items]
Net revenues	1,668,324	$ 238,567	1,483,984	1,307,484
Service \| Chinese Mainland
Disaggregation Of Revenue [Line Items]
Net revenues	1,668,209		1,481,427	1,305,727
Service \| Hong Kong
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 115		2,176	1,749
Service \| Others
Disaggregation Of Revenue [Line Items]
Net revenues			¥ 381	¥ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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+ Details

- 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

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+ Details

Schedule I - Additional Information of Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Cash Flow Statements Captions [Line Items]
Cash provided by (used in) operating activities	¥ (414,569)	$ (59,283)	¥ 642,807	¥ 243,898
Cash flows from investing activities:
Purchase of long-term investments	(14,850)	(2,124)	(150,181)	(120,900)
Purchases of short-term investments	(275,000)	(39,324)	(421,635)	(421,798)
Cash provided by (used in) investing activities	(136,152)	(19,470)	(424,401)	172,013
Cash flows from financing activities:
Proceeds from exercise of options	2,456	351	1,518	2,822
Deferred finance cost	(21,717)	(3,106)
Repurchase of ordinary shares	(92,274)	(13,195)	(184,295)	(160,068)
Repayment for short-term borrowings	(466,000)	(66,637)	(969,558)	(397,966)
Cash provided by (used in) financing activities	(13,680)	(1,957)	(307,708)	68,703
Net (decrease) increase in cash, cash equivalents	(564,222)	(80,684)	(88,013)	487,070
Cash, cash equivalent and restricted cash at the beginning of the year	2,102,683	300,680	2,190,696	1,703,626
Cash, cash equivalent and restricted cash at the end of the year	1,538,461	219,996	2,102,683	2,190,696
Supplemental cash flow disclosures of continuing operations:
Interest expenses paid	6,038	863	15,016	7,056
Parent Company
Condensed Cash Flow Statements Captions [Line Items]
Cash provided by (used in) operating activities	(70)	(10)	6,154	7,869
Cash flows from investing activities:
Purchase of long-term investments	0	0	(56,738)
Purchases of short-term investments				(71,570)
Investments in and loan to subsidiaries	(117,217)	(16,762)	(226,642)	(14,573)
Collection of investments in and loan to subsidiaries	234,796	33,576	450,071	223,171
Cash provided by (used in) investing activities	117,579	16,814	166,691	137,028
Cash flows from financing activities:
Proceeds from exercise of options	2,456	351	1,518	2,822
Deferred finance cost	(19,672)	(2,813)
Repurchase of ordinary shares	(92,274)	(13,195)	(184,295)	(160,068)
Cash provided by (used in) financing activities	(109,490)	(15,657)	(182,777)	(157,246)
Net (decrease) increase in cash, cash equivalents	8,019	1,147	(9,932)	(12,349)
Cash, cash equivalent and restricted cash at the beginning of the year	12,267	1,754	22,199	34,548
Cash, cash equivalent and restricted cash at the end of the year	¥ 20,286	$ 2,901	¥ 12,267	¥ 22,199

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, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Tax Disclosure [Abstract]
Current tax expenses	¥ 63,641		¥ 1,537	¥ 1,124
Deferred tax benefits	(6,892)		(58,414)	(43,654)
Total income tax (benefits) expenses	¥ 56,749	$ 8,115	¥ (56,877)	¥ (42,530)

- Definition

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

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Share Repurchase Program - Additional Information (Details) ¥ in Thousands				6 Months Ended				12 Months Ended
	Jun. 21, 2024 USD ($)	Mar. 12, 2024 USD ($)	Dec. 28, 2022	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Jun. 30, 2025 CNY (¥) shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026	Dec. 31, 2025 shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 28, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, expiring date			Dec. 27, 2023
2021 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount of shares authorized to be repurchased														$ 100,000,000
Cash consideration for shares repurchased												¥ 160,068	$ 22,647,000
Shares repurchased weighted average price													$ 3.46
2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount of shares authorized to be repurchased	$ 50,000,000	$ 20,000,000
Shares repurchase period		12 months
Share repurchase program, expiring date	Jun. 27, 2025
Cash consideration for shares repurchased						¥ 36,754	$ 5,191,000			¥ 184,295	$ 25,905,000
Shares repurchased weighted average price							3.93				$ 3.77
2025 Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount of shares authorized to be repurchased							$ 50,000,000
Cash consideration for shares repurchased				¥ 55,520	$ 7,880,000
Shares repurchased weighted average price					$ 6.49
2025 Share repurchase program \| Scenario Forecast
Equity, Class of Treasury Stock [Line Items]
Shares repurchase period								12 months
Treasury Shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares \| shares									(2,533,761)	(6,866,106)	(6,866,106)	(6,541,148)	(6,541,148)
Treasury Shares \| 2021 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares \| shares												6,541,148	6,541,148
Treasury Shares \| 2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares \| shares						1,320,105	1,320,105			6,866,106	6,866,106
Treasury Shares \| 2025 Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares \| shares				1,213,655	1,213,655

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A Ordinary Shares
Ordinary stock, par value	$ 0.001	$ 0.001	$ 0.001
Class B Ordinary Shares
Ordinary stock, par value	0.001	0.001	0.001
Class C Ordinary Shares
Ordinary stock, par value	$ 0.001	$ 0.001	$ 0.001

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses And Other Liabilities Current [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2024		2025
	RMB		RMB
Deposits from business partner		240,727		234,571
Fulfillment payable		78,834		72,448
Other tax payable		95,732		187,137
Operating lease liabilities - current		49,992		63,720
Refund liabilities		28,403		23,253
Others		28,690		63,653
Total		522,378		644,782

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Major Subsidiaries


Subsidiaries	Date of incorporation/ establishment	Place of incorporation/ establishment	Percentage of direct/indirect ownership
Shanghai Wanwuxinsheng	May 21, 2010	Chinese Mainland	100%
AiHuiShou International Company Limited	January 13, 2012	Hong Kong	100%
Shanghai Aihui	August 16, 2012	Chinese Mainland	100%
Shanghai Yueyi Network Information Technology Co., Ltd (“Shanghai Yueyi”)	September 6, 2015	Chinese Mainland	100%
AHS Device Hong Kong Limited	March 8, 2017	Hong Kong	100%
Changzhou Yueyi Network Information Technology Co., Ltd (“Changzhou Yueyi”)	June 23, 2017	Chinese Mainland	100%
Qingdao Yueyi Network Information Technology Co., Ltd (“Qingdao Yueyi”)	October 11, 2023	Chinese Mainland	100%
Qingdao Yueqing Network Information Technology Co., Ltd (“Qingdao Yueqing”)	December 13, 2023	Chinese Mainland	100%
Jinan Yueqing Network Information Technology Co., Ltd (“Jinan Yueqing”)	April 24, 2024	Chinese Mainland	100%

Other Non-Current Assets - Schedule of Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating leases right-of-use assets	¥ 132,607		¥ 127,824
Term deposits	300,000		0
Others	56,602		24,270
Total	¥ 489,209	$ 69,956	¥ 152,094

Related Party Transactions - Summary of Amount Due From/To Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Related Party Transaction [Line Items]
Amount due from related parties	¥ 415,169		¥ 117,551
Less: allowance for credit losses	(390)		(390)
Amount due from related parties after allowance for credit losses	414,779		117,161
Amount due to related parties	178,224	$ 25,486	109,730
JD Group \| Other Payables
Related Party Transaction [Line Items]
Amount due to related parties	177,977		108,505
JD Group \| Disbursements In Advance
Related Party Transaction [Line Items]
Amount due from related parties	295,186		73,712
JD Group \| Advance To Suppliers
Related Party Transaction [Line Items]
Amount due from related parties	103,782		27,307
JD Group \| Deposits
Related Party Transaction [Line Items]
Amount due from related parties	640		840
Jinsong Group \| Accounts Receivables
Related Party Transaction [Line Items]
Amount due from related parties			4,495
Jinsong Group \| Disbursements In Advance
Related Party Transaction [Line Items]
Amount due from related parties	4,369
Jinsong Group \| Other Disbursements
Related Party Transaction [Line Items]
Amount due from related parties	4,110
AiFenLei Group \| Accounts Receivables
Related Party Transaction [Line Items]
Amount due from related parties			1,150
AiFenLei Group \| Other Disbursements
Related Party Transaction [Line Items]
Amount due from related parties	7,082		8,254
Quanfu \| Accounts Receivables
Related Party Transaction [Line Items]
Amount due from related parties			1,040
Quanfu \| Advance From Customers
Related Party Transaction [Line Items]
Amount due to related parties	¥ 247		1,122
Yuejun \| Other Disbursements
Related Party Transaction [Line Items]
Amount due from related parties			753
Amount due to related parties			83
Gulin Group \| Deposits
Related Party Transaction [Line Items]
Amount due to related parties			¥ 20

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accrued Expenses And Other Liabilities Current [Abstract]
Deposits from business partner	¥ 234,571		¥ 240,727
Fulfillment payable	72,448		78,834
Other tax payable	187,137		95,732
Operating lease liabilities - current	¥ 63,720		¥ 49,992
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total	Total
Refund liabilities	¥ 23,253		¥ 28,403
Others	63,653		28,690
Total	¥ 644,782	$ 92,203	¥ 522,378

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, 2025	Dec. 31, 2024
Short-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	¥ 242,641	¥ 333,764
Long-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	56,972	57,660
Level 1 \| Short-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	39,411	40,184
Level 2 \| Short-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	203,230	293,580
Level 2 \| Long-Term Investments
Summary Of Significant Accounting Policies [Line Items]
Assets fair value disclosure	¥ 56,972	¥ 57,660

Intangible Assets, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expenses related to intangible assets	¥ 45,950	¥ 214,028	¥ 274,019
Estimated amortization expenses for 2026	3,114
Estimated amortization expenses for 2027	3,114
Estimated amortization expenses for 2028	3,114
Estimated amortization expenses for 2029	¥ 1,311

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2025
Buildings
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	30 years
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	10 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, Plant and Equipment, Estimated Useful Lives	Over the shorter of the lease term or expected useful lives
Furniture and Office Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Furniture and Office Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	10 years
Motor Vehicles
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	3 years
Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	2 years
Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and Equipment Estimated useful lives	10 years

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Long-Term Investments

The Group's long-term investments consist of:


	As of December 31,
	2024		2025
	RMB		RMB
Equity method investments:
Qingdao Qingle Venture Capital Partnership (“Qingle”) (1)		30,256		33,744
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”) (2)		56,654		72,137
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3)		21,830		20,391
Other equity method investments		44,767		29,431
Equity securities without readily determinable fair values:
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3)		63,430		63,430
AiFenLei Global Co., Ltd. (“AiFenLei”) (4)		248,846		176,581
Other equity securities without readily determinable fair values		32,693		32,715
Investments at fair value:
China Dynamic Fund I SP		57,660		56,972
Total		556,136		485,401

(1)

Qingle

(2)

Wanwuchuangxin

(3)

Jinsong

(4)

AiFenLei

Long-term investments —(Continued)

(4)

AiFenLei —(Continued)

Related Party Transactions - Summary of Amount Due from Related Parties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gulin Group
Related Party Transaction [Line Items]
Loan to related party		¥ 10,000	¥ 25,000
Repayments from related party		10,000	25,000
AiFenLei Group
Related Party Transaction [Line Items]
Loan to related party	¥ 485,000	171,703	70,000
Repayments from related party	485,000	180,000	¥ 70,000
Yuejun
Related Party Transaction [Line Items]
Loan to related party		¥ 2,250
Repayments from related party	¥ 2,250

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Leases - Summary of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Leases [Abstract]
Operating leases right-of-use assets (note)	¥ 132,607		¥ 127,824
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	¥ 63,720		¥ 49,992
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	¥ 70,031	$ 10,014	¥ 79,934
Total operating lease liabilities	¥ 133,751		¥ 129,926
Weighted-average remaining lease term (in years) – operating leases	3 years 8 months 12 days	3 years 8 months 12 days	4 years 7 months 28 days
Weighted-average discount rate – operating leases	3.47%	3.47%	3.63%

Accounts Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Summary of Movements in Allowance for Credit Losses of Accounts Receivables

The movements in the allowance for credit losses for accounts receivables are as follows:


	As of December 31,
	2023			2024		2025
	RMB			RMB		RMB
Balance at beginning of the year		952			665		2,126
Current year provision, net of recovery		(287	)		1,461		(1,204	)
Current year write-off		—			—		—
Balance at end of the year		665			2,126		922

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
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
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
Document Financial Statement Error Correction [Flag]	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
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of ATRenew Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2025, the related consolidated statements of operations and comprehensive (loss) income, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the financial statement schedule (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 8, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.
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	87,809,969
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 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	CNY (¥) shares	USD ($) shares	Ordinary Shares Class A Ordinary Shares CNY (¥) shares	Ordinary Shares Class B Ordinary Shares CNY (¥) shares	Ordinary Shares Class C Ordinary Shares CNY (¥) shares	Treasury Shares CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Accumulated Deficit CNY (¥)	Accumulated Other Comprehensive Income (Loss) CNY (¥)
Beginning Balance at Dec. 31, 2022	¥ 3,881,672		¥ 609	¥ 305	¥ 7	¥ (217,920)	¥ 13,131,263	¥ (9,006,884)	¥ (25,708)
Beginning Balance, Shares at Dec. 31, 2022 \| shares			96,388,001	47,240,103	11,287,336
Beginning Balance, Shares at Dec. 31, 2022 \| shares						(5,699,315)
Net (loss) income	(156,250)							(156,250)
Repurchase of ordinary shares value	(160,068)					¥ (160,068)
Repurchase of ordinary shares \| shares						(6,541,148)
Issuance of ordinary shares upon exercise of options	2,822		¥ 0				2,822
Issuance of ordinary shares upon exercise of options Shares \| shares			3,648,341
Share-based compensation	134,402						134,402
Foreign currency translation adjustments	8,883								8,883
Ending Balance at Dec. 31, 2023	3,711,461		¥ 609	¥ 305	¥ 7	¥ (377,988)	13,268,487	(9,163,134)	(16,825)
Ending Balance, Shares at Dec. 31, 2023 \| shares						(12,240,463)
Ending Balance, Shares at Dec. 31, 2023 \| shares			100,036,342	47,240,103	11,287,336
Net (loss) income	(8,229)							(8,229)
Repurchase of ordinary shares value	(184,295)					¥ (184,295)
Repurchase of ordinary shares \| shares						(6,866,106)
Treasury shares issued to depositary bank for share incentive plan			¥ (19)			¥ 78,477	(78,458)
Treasury shares issued to depositary bank for share incentive plan, shares \| shares			(2,666,667)			2,666,667
Issuance of ordinary shares upon exercise of options	1,518		¥ 33				1,485
Issuance of ordinary shares upon exercise of options Shares \| shares			4,594,339
Issuance of ordinary shares upon vesting of restricted shares			¥ 18				(18)
Issuance of ordinary shares upon vesting of restricted shares Shares \| shares			2,500,001
Share-based compensation	166,741						166,741
Foreign currency translation adjustments	7,356								7,356
Ending Balance at Dec. 31, 2024	¥ 3,694,552		¥ 641	¥ 305	¥ 7	¥ (483,806)	13,358,237	(9,171,363)	(9,469)
Ending Balance, Shares at Dec. 31, 2024 \| shares	16,439,902	16,439,902				(16,439,902)
Ending Balance, Shares at Dec. 31, 2024 \| shares			104,464,015	47,240,103	11,287,336
Net (loss) income	¥ 336,288	$ 48,088						336,288
Repurchase of ordinary shares value	(92,274)					¥ (92,274)
Repurchase of ordinary shares \| shares						(2,533,761)
Treasury shares issued to depositary bank for share incentive plan			¥ (7)			¥ 29,626	(29,619)
Treasury shares issued to depositary bank for share incentive plan, shares \| shares			(1,000,000)			1,000,000
Issuance of ordinary shares upon exercise of options	¥ 2,456		¥ 11				2,445
Issuance of ordinary shares upon exercise of options Shares \| shares	1,486,283	1,486,283	1,486,283
Issuance of ordinary shares upon vesting of restricted shares			¥ 6				(6)
Issuance of ordinary shares upon vesting of restricted shares Shares \| shares			833,334
Share-based compensation	¥ 52,877						52,877
Foreign currency translation adjustments	(3,496)								(3,496)
Ending Balance at Dec. 31, 2025	¥ 3,990,403	$ 570,620	¥ 651	¥ 305	¥ 7	¥ (546,454)	¥ 13,383,934	¥ (8,835,075)	¥ (12,965)
Ending Balance, Shares at Dec. 31, 2025 \| shares	17,973,663	17,973,663				(17,973,663)
Ending Balance, Shares at Dec. 31, 2025 \| shares			105,783,632	47,240,103	11,287,336

Supply Chain Financing - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Cash pledged as security of guarantees	¥ 1,000	¥ 132,000
Supply chain financing arrangements obligations outstanding	¥ 210,365	¥ 98,398
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current
Purchase from suppliers	¥ 889,830	¥ 641,518
Payment to suppliers	¥ 777,863	¥ 1,000,085

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

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

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany balances and transactions and unrealized profit and losses have been eliminated in consolidation.

Use of Estimates

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 share-based compensation, assessment for impairment of long-lived assets, including intangible assets, long-term investments, discount rate of operating lease liabilities, inventory write-down, estimating the current expected credit losses on financial assets, depreciable lives of property, plant and equipment, and useful life of intangible assets and realization of deferred tax assets.

Fair Value Measurements

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.

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)

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, 2024 and 2025, 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		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
		RMB		RMB		RMB
2024	Short-term investments		333,764		40,184		293,580
2024	Long-term investments		57,660		—		57,660
2025	Short-term investments		242,641		39,411		203,230
2025	Long-term investments		56,972		—		56,972

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)

The Group had no asset measured at fair value on a non-recurring basis as of December 31, 2024. The following table presents the Group’s assets measured at fair value on a non-recurring basis for the year ended December 31, 2025:

           Year ended
December 31,

           Description

           Fair Value

           Significant Unobservable
Inputs (Level 3)

           Total Loss
for the Year

2025

Equity investments without readily determinable fair value which deemed to be impaired(Note 2.13)

—

—

14,173

The Group’s assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition include certain short-term and long-term investments that the Group elects to apply fair value option under ASC 825, Financial Instruments.

Investments at fair value which were classified as level 1 within the fair value hierarchy as all significant inputs are unadjusted quoted prices from active markets.

Wealth management products that have no quoted market prices were classified as level 2 within the fair value hierarchy, the Group estimates their fair value using the expected yield on similar instruments in the market, and classifies the valuation techniques that use these inputs as Level 2.

The Group’s assets and liabilities measured at fair value on a nonrecurring basis include the fair value of intangible assets, equity method investments and equity investments without readily determinable fair value when they are deemed to be impaired. The fair values of investments are determined using estimated disposal value, which represents significant unobservable inputs used in the fair value measurements. Accordingly, the fair value measurements 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 nil, nil and RMB14,173 for the years ended December 31, 2023, 2024 and 2025, respectively.

The Group’s financial instruments not measured at fair value include cash and cash equivalents, restricted cash, certain short-term investments, amount due from related parties, net, funds receivable from third party payment service providers, other receivables, net, equity investments without readily determinable fair values, term deposits, short-term borrowings, accounts payable, other current liabilities, amount due to related parties. 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. Save for the RMB14,173 of equity investments without readily determinable fair values recognized in the consolidated statements of operations for the year ended December 31, 2025, no other loss from such financial instruments was recognized in the consolidated statements of operations for the years ended December 31, 2023, 2024 and 2025.

Functional Currency And Foreign Currency Translation

2.5 Functional currency and foreign currency translation

The functional currency of the Company and its subsidiaries in the PRC is RMB. The functional currency of the Group’s entities incorporated in Hong Kong is Hong Kong dollars (“HKD”). The functional currency of the Group’s entities incorporated in the United States is US$. The functional currency of the Group’s entities incorporated in Japan is Japan Yen (“JPY”)

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) income.

Summary of significant accounting policies—(Continued)

2.5 Functional currency and foreign currency translation —(Continued)

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 operations and comprehensive (loss) income and the consolidated statements of change in shareholders’ equity.

Convenience Translation into United States Dollars

2.6 Convenience Translation into United States Dollars

Translations of balances in the consolidated balance sheet, consolidated statement of operations and comprehensive (loss) income and consolidated statement 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 = RMB6.9931 on December 31, 2025, 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 31, 2025, or at any other rate.

Cash and Cash Equivalents

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, 2024 and 2025, all cash and cash equivalents are unrestricted as to withdrawal and use.

Restricted Cash

2.8 Restricted cash

Cash that is restricted as to withdrawal or use or pledged as security is reported separately on the face of the consolidated balance sheets. Cash that is restricted as to withdrawal or use or pledged as security for other than current operations is reported in the other non-current assets. Restricted cash is included in the total cash, cash equivalents and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash primarily represents security deposits held in designated bank accounts as pledged guarantee provided for business partners.

Inventories

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. Net realizable value is the estimated selling prices in the ordinary course of business, less estimated costs necessary to make the sale. Write-down 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 or volatile changes in price levels, which is determined based upon factors such as historical and forecasted market demand and industry and economic trends that impact pricing. Write-down of inventory was recognized RMB45,749, RMB11,267 and RMB14,708 for the years ended December 31, 2023, 2024 and 2025, respectively.

Property, Plant and Equipment, Net

2.10 Property, Plant and Equipment, net

Property, plant 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
Buildings		30 years
Machinery		3-10 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3-10 years
Motor vehicle		3 years
Software		2-10 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, plant 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) income. The Group recognized nil of impairment loss for each of the three years ended December 31, 2025.

Intangible Assets, Net

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. in 2019 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

Impairment of Long-Lived Assets

2.12 Impairment of long-lived assets

The Group evaluates its long-lived assets including property, plant and equipment, right-of-use assets and 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, 2023, 2024 and 2025, the Group did not identify any impairment indicator for its long-lived assets as the financial performance and operation results were consistent with its expectation and budget for the given years as a growth company and no impairment loss was recognized for the long-lived assets.

Investments

2.13 Investments

Short-term investments include (i) Term deposits with original maturities longer than three months but less than one year, (ii) wealth management products with unsecured principal purchased from financial institutions which have original maturities of less than one year, and (iii) listed equity securities representing ordinary shares of an entity listed in Hong Kong. The Group elects to adopt the fair value option in accordance with ASC 825, Financial Instruments to record the investments in wealth management products in short-term investments in the consolidated balance sheets. Changes in the fair value of the investments are recorded as other income (loss), net in the consolidated statements of operations and comprehensive (loss) income. The Group recognized unrealized loss from fair value changes of RMB1,303, RMB38,418 and RMB880 of short-term investments for the years ended December 31, 2023, 2024 and 2025, respectively.

As of December 31, 2025, three term deposits totaling RMB300 million which were previously recorded in short-term investments have been reclassified to non-current assets. The reclassification was determined necessary, as the deposits held in two separate banks are involved in ongoing investigations being carried out by certain regulatory authorities, and as a result have been encumbered by the banks until such time as the investigations are completed, which is not expected to occur within the next 12 months. Based on the information obtained to date by the Group, these investigations are not related to the Group’s activities or any of its employees. After consulting with its legal counsel, the Group is of the view these deposits will be recovered when the investigations are completed. However, the timing and amount of the deposits that the Group will ultimately recover may vary depending on the outcome of the investigations.

Long-term investments include (i) equity method investments, (ii) equity securities without readily determinable fair value and (iii) long-term 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 stops to record its share of loss when losses have reduced the investment balance to zero and the Group does not have a requirement or commitment to advance additional funds to an investee. 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 other entity-specific information such as recent financing situation. 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. No impairment loss was recognized in other income (loss), net in the consolidated statements of operations and comprehensive (loss) income for the years ended December 31, 2023, 2024 and 2025.

Equity securities without readily determinable fair value

Following the adoption of ASU 2016-01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, the Company measures 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 income (loss), net.

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 income (loss), net. The Group recorded impairment losses of nil, nil and RMB14,173 in other income (loss), net in the consolidated statements of operations and comprehensive (loss) income for the years ended December 31, 2023, 2024 and 2025, respectively.

Summary of significant accounting policies—(Continued)

2.13 Investments—(Continued)

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 income (loss), net in the consolidated statements of operations and comprehensive (loss) income. The Group recognized unrealized losses from fair value changes of RMB3,470, unrealized gain from fair value changes RMB2,825, unrealized loss from fair value changes of RMB689 of long-term investments for the years ended December 31, 2023, 2024 and 2025, respectively.

Revenue Recognition

2.14 Revenue recognition

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

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 years ended December 31, 2023, 2024 and 2025, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Net product revenues generated from merchants		9,503,034		10,630,286		11,932,362
Net product revenues generated from end customers		2,155,264		4,214,130		7,447,570
Net product revenues (Note)		11,658,298		14,844,416		19,379,932
Net service revenues for PJT marketplace		707,000		801,772		813,757
Net service revenues for Paipai marketplace		497,338		463,036		487,786
Net service revenues from other channels		103,146		219,176		366,781
Net service revenues		1,307,484		1,483,984		1,668,324

Note: Comparative financial data has been reclassified to conform to the current year's presentation.

Net Product Revenues

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), Paipai Marketplace (“Paipai”) (B2C channel), and other channels the Group operates, including AHS Select, a self-developed 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.

Summary of significant accounting policies—(Continued)

2.14 Revenue recognition —(Continued)

For product sales through offline B2B 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 products and the sale of new products are accounted for as two separate transactions. Fair value of trade-in product is recognized as non-cash consideration for the sale of the new product.

Net Service Revenues

In addition to product sales, the Group’s PJT and Paipai 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, 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, 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) income 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, which is not considered as a separate performance obligation. The costs associated with the warranty was immaterial during the years presented.

The Company provides membership and extended warranties service. Such payment is paid at the inception of the contract for separately priced membership subscription fees and extended warranties. Revenues for membership subscription fees are recognized based on the proportion of actual usage relative to total purchased volume, over a period not exceeding twelve months. Revenues for extended warranties are recognized on a straight-line basis over the contract period, which is mainly within one year.

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, 2024 and 2025. Accounts receivables were RMB56,813, RMB61,104 and RMB132,521 as of December 31, 2023, 2024 and 2025.

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: (i) 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; (ii) membership subscription fees and extended warranties. As of December 31, 2024 and 2025, balances of the contract liabilities were RMB98,834 and RMB231,771. The opening balances of RMB195,369, RMB119,715 and RMB98,834 were recognized in the years ended December 31, 2023, 2024 and 2025. The contract liabilities as of December 31, 2025 is expected to be recognized in revenue in the year of 2026. There were no costs of obtaining a contract for the years ended December 31, 2023, 2024 and 2025.

Summary of significant accounting policies—(Continued)

2.14 Revenue recognition —(Continued)

Geographic information

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


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Chinese Mainland		10,778,594		14,383,324		19,021,384
Hong Kong		827,182		424,266		327,745
Others		52,522		36,826		30,803
Net product revenues		11,658,298		14,844,416		19,379,932
Chinese Mainland		1,305,727		1,481,427		1,668,209
Hong Kong		1,749		2,176		115
Others		8		381		—
Net service revenues		1,307,484		1,483,984		1,668,324

Merchandise Costs

2.15 Merchandise costs

Merchandise costs primarily consist of cost of acquired products, inbound shipping charges and inventory write-downs.

Fulfillment Expenses

2.16 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.

Research and Development Expenses

2.17 Research and development Expenses

Research and development Expenses consist primarily of payroll and related expenses for research and development 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. Research and development expenses are expensed as incurred.

Selling and Marketing Expenses

2.18 Selling and marketing expenses

Selling and marketing expenses consist primarily of platform promotion expenses, channel commissions, advertising expenses, amortization expense 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 BCA, NCC, and brand names arising from the acquisition of Paipai business. 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 RMB124,658, RMB122,484 and RMB196,806 for the years ended December 31, 2023, 2024 and 2025, respectively.

General and Administrative Expenses

2.19 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.

Summary of significant accounting policies—(Continued)

Other Operating Income, Net

2.20 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, net in the consolidated statements of operations and comprehensive (loss) income when the government subsidies are received and no further conditions need to be met.

Share-based Compensation

2.21 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 and comprehensive (loss) income as the cash compensation of those employees receiving the award.

Employee Benefit Expenses

2.22 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 RMB101,858, RMB104,966 and RMB119,185 for the years ended December 31, 2023, 2024 and 2025, respectively.

Income Taxes

2.23 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)

2.23 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, 2023, 2024 and 2025.

Operating Leases

2.24 Operating leases

Following the adoption of ASU No. 2016-02, Leases (Topic 842), the Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contract as of the adoption date is 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 Group 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 expense 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.

Comprehensive (Loss) Income

2.25 Comprehensive (loss) income

Comprehensive (loss) income is reported in the consolidated statements of operations and comprehensive (loss) income. 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.

Net (Loss) Earnings Per Share

2.26 Net (loss) earnings per share

Basic (loss) earnings per share is computed by dividing net (loss) income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year.

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 share options and non-vested restricted share units 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 ordinary shares issuable upon the exercise of outstanding share options and non-vested restricted share units is computed using the treasury stock method.

Certain Risks and Concentrations

2.27 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, restricted cash, short-term investments, amount due from related parties and funds receivable from third party payment service providers, accounts receivables, other receivables and term deposits. The Group places its cash and cash equivalents, restricted cash, short-term investments and term deposits with financial institutions with high-credit ratings and quality. 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.

Amount due from related parties mainly consists of disbursement in advance, advance payment for purchase of goods or services, accounts receivables and deposits. Account receivable are typically unsecured and are derived from revenue earned from the customers. Other receivables mainly consists of deposits paid to suppliers, customer deposits where the Group paid on behalf of the business buyers for the purchase deposit, loan to business partners, cash advance to customers and others. The Group conducts credit evaluations on customers, suppliers and business partners and require certain amounts of security deposits from them to manage its credit risk. The Group uses the length of time a balance has been outstanding, the payment history, creditworthiness and financial conditions of the customers and industry trend as credit quality indicators to monitor the Group’s amount due from related parties, accounts receivables and other receivables within the scope of expected credit losses model, along with reasonable and supportable forecasts as a basis to develop the Group’s expected loss estimates. The Group adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the receivable is likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. The amount due from related parties, accounts receivables and other receivables balances are written off after all collection efforts have been exhausted.

Segment Reporting

2.28 Segment reporting

Based on the criteria established by ASC 280, Segment Reporting, the Group’s chief operating decision maker (the “CODM”) 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. Hence, the Group has only one operating and reportable segment.

The CODM reviews net loss (income) in evaluating financial performance and determining how to allocate resources of the Group, including marketing strategy, efficiency evaluation and monitoring budget versus actual results.

Summary of significant accounting policies—(Continued)

2.28 Segment reporting —(Continued)

The table below provides Information about the Group’s segment and includes the reconciliation to net (loss) income.


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net product revenues		11,658,298			14,844,416			19,379,932
Net service revenues		1,307,484			1,483,984			1,668,324
Less: Significant and other segment expenses
Merchandise costs		(10,338,870	)		(13,086,418	)		(16,699,982	)
Other fulfillment expenses (Note I)		(1,100,604	)		(1,361,624	)		(1,747,496	)
Other selling and marketing expenses (Note I)		(944,871	)		(1,085,166	)		(1,598,074	)
Other general and administrative expenses (Note I)		(192,825	)		(247,152	)		(257,265	)
Other research and development expenses (Note I)		(173,135	)		(191,736	)		(232,671	)
Share-based compensation expenses		(134,402	)		(166,741	)		(52,877	)
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions, net of tax effects		(247,023	)		(155,614	)		(39,060	)
Other segment items (Note II)		9,698			(42,178	)		(84,543	)
Net (loss) income		(156,250	)		(8,229	)		336,288

Note I: The other operating expenses are expenses excluding share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions, net of tax effects.

Note II: Other segment items including other operating income, net, interest expense and interest income, other income (loss), net, current income tax expenses and share of loss in equity method investments.

Recent Accounting Pronouncements

2.29 Recent accounting pronouncements

Recently issued accounting pronouncements not yet adopted

On November 4, 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group plans to adopt the standard when it becomes effective beginning in our fiscal year 2027 annual financial statements, and the Group is currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Consolidated Financial Statements.

Summary of significant accounting policies—(Continued)

2.29 Recent accounting pronouncements —(Continued)

On May 12, 2025, the FASB released ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends ASC 805 and ASC 810 to improve the requirements for identifying the accounting acquirer. The ASU intends to enhance the comparability of financial statements across entities engaging in acquisition transactions effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (VIE) that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. For certain transactions, they replace the current requirement that the primary beneficiary is always the accounting acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. Entities shall apply the new guidance prospectively to any acquisition transaction that occurs after the initial application date. The Group is currently evaluating the impact of this guidance, but does not expect the adoption to have a material impact on the Consolidated Financial Statements.

On May 15, 2025, the FASB issued ASU 2025-04, which clarifies the guidance in both ASC 606 and ASC 718 on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer. The ASU is intended to reduce diversity in practice and improve existing guidance. In accordance with the ASU, a performance condition explicitly includes any condition related to achieving a specified performance target that is defined by reference to a grantee’s purchase of the grantor’s goods or services from the grantor (or the grantor’s customers) or a purchase of the grantor’s goods or services from the grantee (or the grantee’s customers). Therefore, under the ASU’s guidance, a vesting condition that is based on a specified volume or a specified monetary amount “of goods or services [purchased from the grantor] (including over a specified period of time)” is a performance condition. As a result of the revision to the definition of “performance condition,” fewer awards issued to customers are expected to have service conditions. However, ASU 2025-04 also amends the guidance in ASC 718-10-35-1D on service conditions in share-based payment arrangements, which permits entities to elect a policy of recognizing the effect of forfeitures when they occur. Thus, for service conditions associated with share-based consideration payable to a customer, entities are required to estimate the number of forfeitures expected to occur for the entire award. The ASU further clarifies that the guidance on constraining estimates of variable consideration in ASC 606 “should not be applied to share-based consideration payable to a customer that is measured and classified under Topic 718”. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating the impact of this guidance, but does not expect the adoption to have a material impact on the Consolidated Financial Statements.

In August 2025, the FASB issued ASU 2025-05, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Trade Receivables and Contract Assets”. This ASU provides a practical expedient and accounting policy election to allow entities to measure expected credit losses on certain trade receivables and contract assets using a provision matrix approach. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The Group is currently evaluating the impact of this guidance, but does not expect the adoption to have a material impact on the Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Group is currently evaluating the impact of this guidance, but does not expect the adoption to have a material impact on the Consolidated Financial Statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those fiscal years. with early adoption permitted. The Group is currently evaluating the impact of this guidance, but does not expect the adoption to have a material impact on the Consolidated Financial Statements.

Summary of significant accounting policies—(Continued)

2.29 Recent accounting pronouncements —(Continued)

Adopted pronouncement

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Group has adopted ASU2023-09 on a prospective basis (Note 11).

Net (Loss) Earnings Per Share - Summary of Diluted Net (Loss) Earnings Per Share not Include Following Instruments as their Inclusion would be Antidilutive (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	13,173,674	13,911,531
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	12,300,341	13,881,531
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	873,333	30,000

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 16K. Cybersecurity Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall enterprise risk management system. These procedures aim to identify, assess, and manage potential and existing cybersecurity threats. We have a strong information security department, led by our IT department, that identifies, assesses, and manages cybersecurity risks on a daily basis. We have ensured that our employees have full access to the basic knowledge and principles of information security, established a sound responding process and disposal mechanism for system security, external attacks and violations, and safeguarded the confidentiality of information and data of our employees, customers, as well as third parties on our platform, making sure information and data can only be obtained and used when necessary. We strive to ensure the highest standards and procedures to protect data and information security for the users on our platform. As of the date of this annual report, we have not experienced any material cybersecurity incidents that have affected or are reasonably likely to affect us, our business strategy, results of operations, or financial condition. Governance The nominating and corporate governance committee of our board of directors is responsible for overseeing risks related to cybersecurity. When appropriate, periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company. In the event that a material cybersecurity occurs, the nominating and corporate governance committee is responsible for reviewing the information and issues involved, disclosures to be made, and the procedures followed. Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. He reports to our management team and provides quarterly updates to nominating and corporate governance committee of our board of directors on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall enterprise risk management system.
Cybersecurity Risk Management Third Party Engaged [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The nominating and corporate governance committee of our board of directors is responsible for overseeing risks related to cybersecurity. When appropriate, periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company. In the event that a material cybersecurity occurs, the nominating and corporate governance committee is responsible for reviewing the information and issues involved, disclosures to be made, and the procedures followed. Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. He reports to our management team and provides quarterly updates to nominating and corporate governance committee of our board of directors on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The nominating and corporate governance committee of our board of directors is responsible for overseeing risks related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. He reports to our management team and provides quarterly updates to nominating and corporate governance committee of our board of directors on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	In the event that a material cybersecurity occurs, the nominating and corporate governance committee is responsible for reviewing the information and issues involved, disclosures to be made, and the procedures followed. Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. He reports to our management team and provides quarterly updates to nominating and corporate governance committee of our board of directors on any material cybersecurity incidents or material risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our head of IT department, who has many years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization and Principal Activities - Summary of Major Subsidiaries (Details) - Subsidiaries	12 Months Ended
	Dec. 31, 2025
Shanghai Wanwuxinsheng
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	May 21, 2010
Place of incorporation/ establishment	Chinese Mainland
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	Chinese Mainland
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	Chinese Mainland
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	Chinese Mainland
Percentage of direct/indirect ownership	100.00%
Qingdao Yueyi Network Information Technology Co., Ltd ("Qingdao Yueyi")
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Oct. 11, 2023
Place of incorporation/ establishment	Chinese Mainland
Percentage of direct/indirect ownership	100.00%
Qingdao Yueqing Network Information Technology Co., Ltd ("Qingdao Yueqing")
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Dec. 13, 2023
Place of incorporation/ establishment	Chinese Mainland
Percentage of direct/indirect ownership	100.00%
Jinan Yueqing Network Information Technology Co., Ltd ("Jinan Yueqing")
Organization And Principal Activities [Line Items]
Date of incorporation/ establishment	Apr. 24, 2024
Place of incorporation/ establishment	Chinese Mainland
Percentage of direct/indirect ownership	100.00%

Share Repurchase Program

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Share Repurchase Program

13.

Share repurchase program

On December 28, 2021, the Company’s Board of Directors authorized a share repurchase program (“2021 Share repurchase program”) under which the Company may repurchase up to US$100,000 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 2021 Share repurchase program for another twelve-month period expiring on December 27, 2023, with all other terms remain unchanged.

Under the 2021 Share repurchase program, for the years ended December 31, 2023, the Company has repurchased an aggregate of 6,541,148 shares for total cash consideration of US$22,647 (RMB160,068) on the open market, at a weighted average price of US$3.46 per share.

On March 12, 2024, the Company’s Board of Directors has authorized a share repurchase program (“2024 Share repurchase program”), under which the Company may repurchase up to US$20,000 of its shares over a twelve-month period starting from March 12, 2024. On June 21, 2024, the Company’s Board of Directors has approved modifications to the size and term of its existing share repurchase program adopted in March 2024, increasing the aggregate value of shares that may be repurchased from US$20,000 to US$50,000 and extending the effective term to June 27, 2025.

Under the 2024 Share repurchase program, for the year ended December 31, 2024 and six months ended June 30, 2025, the Company has repurchased an aggregate of 6,866,106 and 1,320,105 shares for total cash consideration of US$25,905 and US$5,191 (RMB184,295 and RMB36,754) on the open market, at a weighted average price of US$3.77 and US$3.93 per share for the year ended December 31, 2024 and six months ended June 30, 2025.

13.

Share repurchase program —(Continued)

On June 30, 2025, the Company’s Board of Directors has authorized a new share repurchase program (“2025 Share repurchase program”), under which the Company may repurchase up to US$50,000 of its shares (including ADSs) over a twelve-month period starting from June 30, 2025.

Under the 2025 Share repurchase program, for the six months ended December 31, 2025, the Company has repurchased an aggregate of 1,213,655 shares for total cash consideration of US$7,880 (RMB55,520) on the open market, at a weighted average price of US$6.49 per share for the six months ended December 31, 2025.

The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury shares as a component of the shareholders’ equity. The Company uses the weighted-average cost method for determining the cost of shares reissued for share-based awards.

Summary of Significant Accounting Policies - Schedule of Information about Group Segment and includes the Reconciliation to Net (Loss) Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Segment Reporting Information [Line Items]
Merchandise costs	¥ (16,699,982)	$ (2,388,066)	¥ (13,086,418)	¥ (10,338,870)
Other fulfillment expenses	(1,747,496)		(1,361,624)	(1,100,604)
Other selling and marketing expenses	(1,598,074)		(1,085,166)	(944,871)
Other general and administrative expenses	(257,265)		(247,152)	(192,825)
Other research and development expenses	(232,671)		(191,736)	(173,135)
Share-based compensation expense	(52,877)	(7,562)	(166,741)	(134,402)
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions, net of tax effects	(39,060)		(155,614)	(247,023)
Other segment items	(84,543)		(42,178)	9,698
Net (loss) income	336,288	48,088	(8,229)	(156,250)
Product [Member]
Segment Reporting Information [Line Items]
Net revenues	19,379,932	2,771,293	14,844,416	11,658,298
Service [Member]
Segment Reporting Information [Line Items]
Net revenues	¥ 1,668,324	$ 238,567	¥ 1,483,984	¥ 1,307,484

Related Party Transactions - Summary of Amount Due From/To Related Parties (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025 Supplier
Related Party Transaction [Line Items]
Number of new product supplier	1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

19.

Leases

The Group has leased office, operation centers and store premises under operating lease agreements for the periods from 2021 to 2034. As of December 31, 2024 and 2025, the Group had no long-term leases that were classified as a financing lease.

For the years ended December 31, 2023, 2024 and 2025, the lease expense is as follow:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Operating lease expense		50,183		60,232		71,430
Short-term lease expense		72,673		82,934		110,693
Total lease expense		122,856		143,166		182,123

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


	As of December 31,			As of December 31,
	2024			2025
Operating lease:	RMB			RMB
Operating leases right-of-use assets (note)		127,824			132,607
Current portion of lease liabilities		49,992			63,720
Non-current portion of lease liabilities		79,934			70,031
Total operating lease liabilities		129,926			133,751
Weighted-average remaining lease term (in years) – operating leases		4.66			3.70
Weighted-average discount rate – operating leases		3.63	%		3.47	%

Note: The amount of operating leases right-of-use assets is presented within other non-current assets in the consolidated balance sheets.

As of December 31, 2025, 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
2026		67,336
2027		31,524
2028		11,501
2029		6,271
2030 and thereafter		25,754
Total undiscounted cash flows		142,386
Less: imputed interest		8,635
Total		133,751

Lease liabilities due within one year		63,720
Lease liabilities due after one year		70,031


Short-term lease commitment:
2026			59,579

Related Party Transactions - Summary of Significant Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Interest income from loans provided to related parties		¥ 49	¥ 2,420
Jinsong Group
Related Party Transaction [Line Items]
Purchase from related party			242
Quanfu
Related Party Transaction [Line Items]
Service received from related party	¥ 9,519
Purchase from related party	48	1,553
AiFenLei Group
Related Party Transaction [Line Items]
Service received from related party	7,105	1,853
JD Group
Related Party Transaction [Line Items]
Service received from related party	900,441	566,549	438,431
Yuejun
Related Party Transaction [Line Items]
Service received from related party	2,345	470
Gulin Group
Related Party Transaction [Line Items]
Purchase from related party			49,115
Service \| Jinsong Group
Related Party Transaction [Line Items]
Net service revenues from related party	124,126	61,950	¥ 20,055
Service \| Quanfu
Related Party Transaction [Line Items]
Net service revenues from related party	1,416	2,506
Product \| AiFenLei Group
Related Party Transaction [Line Items]
Net service revenues from related party	9,724	1,115
Product \| Gulin Group
Related Party Transaction [Line Items]
Net service revenues from related party		119
Property, Plant and Equipment \| AiFenLei Group
Related Party Transaction [Line Items]
Purchase from related party		¥ 24,518
Property, Plant and Equipment \| Yuejun
Related Party Transaction [Line Items]
Purchase from related party	¥ 4,828

Summary of Significant Accounting Policies - Additional Information (Details) ¥ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) Customer Segment ¥ / shares	Dec. 31, 2025 USD ($) Customer Segment	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment loss of equity securities	¥ 14,173,000	$ 2,027
Calculated rate per share \| ¥ / shares	¥ 6.9931
Write-down of inventory	¥ 14,708,000		¥ 11,267,000	¥ 45,749,000
Property and equipment impairment loss	0		0	0
Impairment long-lived assets	0		0	0
Unrealized gain (loss) from fair value changes of short term investments	(880,000)		(38,418,000)	(1,303,000)
Short-term investments reclassified to non-current assets	300,000,000
Equity method investment impairment loss	0		0	0
Impairment loss of investments measured at measurement alternatives	14,173,000		0	0
Unrealized gains (losses) from fair value of long-term investments	¥ (689,000)		2,825,000	(3,470,000)
Revenues, extended warranties period	1 year	1 year
Contract asset	¥ 0		0
Contract liabilities	231,771,000		98,834,000
Contract liabilities revenue recognized	98,834,000		119,715,000	195,369,000
Contract cost	0		0	0
Advertising expense	196,806,000		122,484,000	124,658,000
Employee benefit expenses	119,185,000		104,966,000	101,858,000
Unrecognized tax benefits, income tax penalties and interest expense	0		0	0
Accounts receivables	131,599,000		58,978,000		$ 18,819
Accounts receivables	¥ 132,521,000		61,104,000	56,813,000
Number of operating segments \| Segment	1	1
Number of reportable segments \| Segment	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Board Of Directors Chairman and Chief Executive Officer [Member]	Board Of Directors Chairman and Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM reviews net loss (income) in evaluating financial performance and determining how to allocate resources of the Group, including marketing strategy, efficiency evaluation and monitoring budget versus actual results.2.Summary of significant accounting policies—(Continued)2.28 Segment reporting —(Continued)	The CODM reviews net loss (income) in evaluating financial performance and determining how to allocate resources of the Group, including marketing strategy, efficiency evaluation and monitoring budget versus actual results.2.Summary of significant accounting policies—(Continued)2.28 Segment reporting —(Continued)
Customer \| Net Revenues \| Customers
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	0	0
Percentage of concentration risk	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				true
ASU 2023-09
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true				true
Paipai Marketplace
Summary Of Significant Accounting Policies [Line Items]
Number of warranty period for pre-owned consumer	1 year	1 year
Level 3
Summary Of Significant Accounting Policies [Line Items]
Loss on assets and liabilities measured at fair value	¥ (14,173,000)		¥ 0	¥ 0
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)
Other Equity Securities Without Readily Determinable Fair Values
Summary Of Significant Accounting Policies [Line Items]
Other loss from financial instruments	¥ 0		¥ 0	¥ 0

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net

Property, plant and equipment, net consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
Cost
Machinery		75,597			82,228
Electronic equipment		89,606			136,937
Leasehold improvement		155,681			194,223
Furniture and office equipment		48,480			104,635
Buildings		24,518			24,518
Motor vehicles		1,466			1,466
Software		9,147			9,137
Total		404,495			553,144
Less: accumulated depreciation		(249,656	)		(316,176	)
Construction in progress		1,693			2,410
Property, plant and equipment, net		156,532			239,378

Depreciation expense was RMB43,053, RMB53,035 and RMB70,346 for the years ended December 31, 2023, 2024 and 2025, respectively.

Share Based Compensation - Summary of Restricted Stock Option Activities (Details) - Restricted Share Units - ¥ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares Outstanding, Beginning Balance	873,333
Number of shares, granted	30,000
Number of shares, vested	(853,333)
Number of shares Outstanding, Ending Balance	50,000	873,333
Weighted average grant date fair value, Outstanding	¥ 12.17
Weighted average grant date fair value, Granted	39.85	¥ 11.65
Weighted average grant date fair value, Vested	11.88
Weighted average grant date fair value, Outstanding	¥ 25.58	¥ 12.17
Weighted average remaining contractual life, Outstanding	2 years 3 days	2 months 1 day

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Taxation - Movement of Deferred Tax Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at beginning of the year	¥ 182,013	¥ 262,255	¥ 367,884
Additions (reductions), net of foreign exchange impacts	(21,379)	(80,242)	(105,629)
Balance at end of the year	¥ 160,634	¥ 182,013	¥ 262,255

Accounts Receivables, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivables, Net

Accounts receivables, net

The movements in the allowance for credit losses for accounts receivables are as follows:


	As of December 31,
	2023			2024		2025
	RMB			RMB		RMB
Balance at beginning of the year		952			665		2,126
Current year provision, net of recovery		(287	)		1,461		(1,204	)
Current year write-off		—			—		—
Balance at end of the year		665			2,126		922

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2025

Statutory Reserves And Restricted Net Assets [Abstract]

Statutory Reserves and Restricted Net Assets

16.

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 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 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 paid-in capital, additional paid-in capital, and the statutory reserve of the Company’s PRC subsidiaries.

The balance of restricted net assets was RMB3,692,933 and RMB3,944,871 as of December 31, 2024 and 2025, respectively.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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

2.3 Use of Estimates

2.4 Fair value measurements

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)


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		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
		RMB		RMB		RMB
2024	Short-term investments		333,764		40,184		293,580
2024	Long-term investments		57,660		—		57,660
2025	Short-term investments		242,641		39,411		203,230
2025	Long-term investments		56,972		—		56,972

Summary of significant accounting policies—(Continued)

2.4 Fair value measurements—(Continued)

           Year ended
December 31,

           Description

           Fair Value

           Significant Unobservable
Inputs (Level 3)

           Total Loss
for the Year

2025

Equity investments without readily determinable fair value which deemed to be impaired(Note 2.13)

—

—

14,173

Investments at fair value which were classified as level 1 within the fair value hierarchy as all significant inputs are unadjusted quoted prices from active markets.

2.5 Functional currency and foreign currency translation

Summary of significant accounting policies—(Continued)

2.5 Functional currency and foreign currency translation —(Continued)

2.6 Convenience Translation into United States Dollars

2.7 Cash and cash equivalents

2.8 Restricted cash

2.9 Inventories

Summary of significant accounting policies—(Continued)

2.10 Property, Plant and Equipment, net

Property, plant 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
Buildings		30 years
Machinery		3-10 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3-10 years
Motor vehicle		3 years
Software		2-10 years

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

2.12 Impairment of long-lived assets

Summary of significant accounting policies—(Continued)

2.13 Investments

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

Equity method investments

Equity securities without readily determinable fair value

Summary of significant accounting policies—(Continued)

2.13 Investments—(Continued)

Investments at fair value

2.14 Revenue recognition

Disaggregation of revenues

For the years ended December 31, 2023, 2024 and 2025, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Net product revenues generated from merchants		9,503,034		10,630,286		11,932,362
Net product revenues generated from end customers		2,155,264		4,214,130		7,447,570
Net product revenues (Note)		11,658,298		14,844,416		19,379,932
Net service revenues for PJT marketplace		707,000		801,772		813,757
Net service revenues for Paipai marketplace		497,338		463,036		487,786
Net service revenues from other channels		103,146		219,176		366,781
Net service revenues		1,307,484		1,483,984		1,668,324

Note: Comparative financial data has been reclassified to conform to the current year's presentation.

Net Product Revenues

Summary of significant accounting policies—(Continued)

2.14 Revenue recognition —(Continued)

Net Service Revenues

Reconciliation of contract balances

Summary of significant accounting policies—(Continued)

2.14 Revenue recognition —(Continued)

Geographic information

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


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Chinese Mainland		10,778,594		14,383,324		19,021,384
Hong Kong		827,182		424,266		327,745
Others		52,522		36,826		30,803
Net product revenues		11,658,298		14,844,416		19,379,932
Chinese Mainland		1,305,727		1,481,427		1,668,209
Hong Kong		1,749		2,176		115
Others		8		381		—
Net service revenues		1,307,484		1,483,984		1,668,324

2.15 Merchandise costs

Merchandise costs primarily consist of cost of acquired products, inbound shipping charges and inventory write-downs.

2.16 Fulfillment expenses

2.17 Research and development Expenses

2.18 Selling and marketing expenses

2.19 General and administrative expenses

Summary of significant accounting policies—(Continued)

2.20 Other operating income, net

2.21 Share-based compensation

2.22 Employee benefit expenses

2.23 Income taxes

Summary of significant accounting policies—(Continued)

2.23 Income taxes —(Continued)

2.24 Operating leases

2.25 Comprehensive (loss) income

2.26 Net (loss) earnings per share

Basic (loss) earnings per share is computed by dividing net (loss) income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year.

Summary of significant accounting policies—(Continued)

2.27 Certain risks and concentrations

2.28 Segment reporting

Summary of significant accounting policies—(Continued)

2.28 Segment reporting —(Continued)

The table below provides Information about the Group’s segment and includes the reconciliation to net (loss) income.


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net product revenues		11,658,298			14,844,416			19,379,932
Net service revenues		1,307,484			1,483,984			1,668,324
Less: Significant and other segment expenses
Merchandise costs		(10,338,870	)		(13,086,418	)		(16,699,982	)
Other fulfillment expenses (Note I)		(1,100,604	)		(1,361,624	)		(1,747,496	)
Other selling and marketing expenses (Note I)		(944,871	)		(1,085,166	)		(1,598,074	)
Other general and administrative expenses (Note I)		(192,825	)		(247,152	)		(257,265	)
Other research and development expenses (Note I)		(173,135	)		(191,736	)		(232,671	)
Share-based compensation expenses		(134,402	)		(166,741	)		(52,877	)
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions, net of tax effects		(247,023	)		(155,614	)		(39,060	)
Other segment items (Note II)		9,698			(42,178	)		(84,543	)
Net (loss) income		(156,250	)		(8,229	)		336,288

2.29 Recent accounting pronouncements

Recently issued accounting pronouncements not yet adopted

Summary of significant accounting policies—(Continued)

2.29 Recent accounting pronouncements —(Continued)

Summary of significant accounting policies—(Continued)

2.29 Recent accounting pronouncements —(Continued)

Adopted pronouncement

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedules of Related Party Transactions

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


Company Names		Relationships with the Group
JD.com, Inc., its subsidiaries and affiliates ("JD Group")		A shareholder of the Group
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 Yuejun Environmental Protection Technology Co., Ltd. (“Yuejun”)(1)		An investee of the Group
Shanghai Quanfu Information Technology Co., Ltd (“Quanfu”)		An investee of the Group

For the years ended December 31, 2023, 2024 and 2025, related party transactions were as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Net Product Revenues
Products sold to AiFenLei Group		—		1,115		9,724
Products sold to Gulin Group		—		119		—
Net Service Revenues
Services provided to Jinsong Group		20,055		61,950		124,126
Services provided to Quanfu		—		2,506		1,416
Merchandise costs
Purchase from Quanfu		—		1,553		48
Purchase from Jinsong Group		242		—		—
Purchase from Gulin Group(2)		49,115		—		—
Operating expenses
Service received from Yuejun		—		470		2,345
Service received from JD Group(3)		438,431		566,549		900,441
Service received from AiFenLei Group		—		1,853		7,105
Service received from Quanfu		—		—		9,519
Purchase of property, plant and equipment
Purchase from AiFenLei Group		—		24,518		—
Purchase from Yuejun		—		—		4,828
Interest income from loans provided to related parties		2,420		49		—


Loan and repayment with related parties
Loan to Gulin Group	25,000	10,000	—
Loan to AiFenLei Group	70,000	171,703	485,000
Repayments from AiFenLei Group	70,000	180,000	485,000
Repayments from Gulin Group	25,000	10,000	—
Loan to Yuejun	—	2,250	—
Repayments from Yuejun	—	—	2,250

As of December 31, 2024 and 2025, the amount due from/to related parties are as follows:


	As of December 31,
	2024			2025
	RMB			RMB
Due from JD Group (5)
Disbursements in advance		73,712			295,186
Advance to suppliers		27,307			103,782
Deposits		840			640
Due from Jinsong Group
Disbursements in advance		—			4,369
Accounts receivables		4,495			—
Other disbursements		—			4,110
Due from AiFenLei Group
Accounts receivables		1,150			—
Other disbursements		8,254			7,082
Due from Quanfu
Accounts receivables		1,040			—
Due from Yuejun
Other disbursements		753			—
		117,551			415,169
Less: allowance for credit losses		(390	)		(390	)
		117,161			414,779


Due to JD Group
Other payables to JD Group (4)		108,505			177,977
Due to Quanfu
Advance from customers		1,122			247
Due to Yuejun
Other disbursements		83			—
Due to Gulin Group
Deposits		20			—
		109,730			178,224

(1)

On December 31, 2025, the Group obtained a controlling interest in Yuejun. Accordingly, only transactions between the Group and Yuejun prior to the acquisition date are presented as related party transactions. The consideration and impact of this business acquisition on the consolidated financial statements were immaterial.

(2)

Gulin Group is one of the new product suppliers of the Group, the Group mainly purchases new products from Gulin.

(3)

JD Group mainly provides services related to the business on Paipai platform, including channel sales services, advertising services, logistic services and so on. In May 2024, the Group renewed the BCA with JD Group for a term from June 1, 2024 to December 31, 2027 regarding channel sales services, advertising services and so on.

(4)

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

(5)

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.

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Property Plant And Equipment [Line Items]
Property and equipment, gross	¥ 553,144		¥ 404,495
Less: accumulated depreciation	(316,176)		(249,656)
Construction in progress	2,410		1,693
Property, plant and equipment, net	239,378	$ 34,231	156,532
Machinery
Property Plant And Equipment [Line Items]
Property and equipment, gross	82,228		75,597
Electronic Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	136,937		89,606
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	194,223		155,681
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	104,635		48,480
Buildings
Property Plant And Equipment [Line Items]
Property and equipment, gross	24,518		24,518
Motor Vehicles
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,466		1,466
Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	¥ 9,137		¥ 9,147

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,537,461	$ 219,854	¥ 1,970,183
Restricted cash	500	71	132,000
Short-term investments (including the fair value measured investments of RMB333,764 and RMB242,641 as of December 31, 2024 and 2025, respectively)	267,641	38,272	583,764
Amount due from related parties, net (net of allowance for credit losses of RMB390 and RMB390 as of December 31, 2024 and 2025, respectively)	414,779	59,313	117,161
Inventories	1,074,080	153,591	535,070
Funds receivable from third party payment service providers	381,284	54,523	233,133
Accounts receivables, net (net of allowance for credit losses of RMB665, RMB2,126 and RMB922 as of December 31, 2023, 2024 and 2025, respectively)	131,599	18,819	58,978
Prepayments and other receivables, net (net of allowance for credit losses of RMB15,389, RMB15,683 and RMB1,132 as of December 31, 2023, 2024 and 2025, respectively)	933,959	133,555	539,067
Total current assets	4,741,303	677,998	4,169,356
Non-current assets:
Long-term investments (including the fair value measured investments of RMB57,660 and RMB56,972 as of December 31, 2024 and 2025, respectively)	485,401	69,411	556,136
Property, plant and equipment, net	239,378	34,231	156,532
Intangible assets, net	10,653	1,523	56,603
Other non-current assets	489,209	69,956	152,094
Total non-current assets	1,224,641	175,121	921,365
TOTAL ASSETS	5,965,944	853,119	5,090,721
Current liabilities:
Short-term borrowings	322,855	46,168	225,000
Accounts payable	335,622	47,993	171,356
Contract liabilities	231,771	33,143	98,834
Accrued expenses and other current liabilities	644,782	92,203	522,378
Accrued payroll and welfare	189,904	27,156	179,693
Amount due to related parties	178,224	25,486	109,730
Total current liabilities	1,903,158	272,149	1,306,991
Non-current liabilities:
Operating lease liabilities, non-current	70,031	10,014	79,934
Deferred tax liabilities	2,352	336	9,244
Total non-current liabilities	72,383	10,350	89,178
TOTAL LIABILITIES	1,975,541	282,499	1,396,169
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,383,934	1,913,877	13,358,237
Treasury shares (US$0.001 par value, 16,439,902 and 17,973,662 shares as of December 31, 2024 and 2025, respectively)	(546,454)	(78,142)	(483,806)
Accumulated deficit	(8,835,075)	(1,263,399)	(9,171,363)
Accumulated other comprehensive loss	(12,965)	(1,854)	(9,469)
TOTAL SHAREHOLDERS' EQUITY	3,990,403	570,620	3,694,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,965,944	853,119	5,090,721
Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	651	93	641
Common Class B
SHAREHOLDERS' EQUITY
Ordinary shares value	305	44	305
Common Class C
SHAREHOLDERS' EQUITY
Ordinary shares value	¥ 7	$ 1	¥ 7

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
		RMB		RMB		RMB
2024	Short-term investments		333,764		40,184		293,580
2024	Long-term investments		57,660		—		57,660
2025	Short-term investments		242,641		39,411		203,230
2025	Long-term investments		56,972		—		56,972

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 year ended December 31, 2025:

           Year ended
December 31,

           Description

           Fair Value

           Significant Unobservable
Inputs (Level 3)

           Total Loss
for the Year

2025

Equity investments without readily determinable fair value which deemed to be impaired(Note 2.13)

—

—

14,173

Property and Equipment Estimated Useful Lives

Property, plant 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
Buildings		30 years
Machinery		3-10 years
Electronic equipment		3 years
Leasehold improvement		Over the shorter of the lease term or expected useful lives
Furniture and office equipment		3-10 years
Motor vehicle		3 years
Software		2-10 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 years ended December 31, 2023, 2024 and 2025, the disaggregated revenues by revenue streams were as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Net product revenues generated from merchants		9,503,034		10,630,286		11,932,362
Net product revenues generated from end customers		2,155,264		4,214,130		7,447,570
Net product revenues (Note)		11,658,298		14,844,416		19,379,932
Net service revenues for PJT marketplace		707,000		801,772		813,757
Net service revenues for Paipai marketplace		497,338		463,036		487,786
Net service revenues from other channels		103,146		219,176		366,781
Net service revenues		1,307,484		1,483,984		1,668,324

Note: Comparative financial data has been reclassified to conform to the current year's presentation.

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


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Chinese Mainland		10,778,594		14,383,324		19,021,384
Hong Kong		827,182		424,266		327,745
Others		52,522		36,826		30,803
Net product revenues		11,658,298		14,844,416		19,379,932
Chinese Mainland		1,305,727		1,481,427		1,668,209
Hong Kong		1,749		2,176		115
Others		8		381		—
Net service revenues		1,307,484		1,483,984		1,668,324

Schedule of Information about Group Segment and includes the Reconciliation to Net (Loss) Income

The table below provides Information about the Group’s segment and includes the reconciliation to net (loss) income.


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net product revenues		11,658,298			14,844,416			19,379,932
Net service revenues		1,307,484			1,483,984			1,668,324
Less: Significant and other segment expenses
Merchandise costs		(10,338,870	)		(13,086,418	)		(16,699,982	)
Other fulfillment expenses (Note I)		(1,100,604	)		(1,361,624	)		(1,747,496	)
Other selling and marketing expenses (Note I)		(944,871	)		(1,085,166	)		(1,598,074	)
Other general and administrative expenses (Note I)		(192,825	)		(247,152	)		(257,265	)
Other research and development expenses (Note I)		(173,135	)		(191,736	)		(232,671	)
Share-based compensation expenses		(134,402	)		(166,741	)		(52,877	)
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions, net of tax effects		(247,023	)		(155,614	)		(39,060	)
Other segment items (Note II)		9,698			(42,178	)		(84,543	)
Net (loss) income		(156,250	)		(8,229	)		336,288

Related Party Transactions - Summary of Sets Forth Major Related Parties and Their Relationships with Group (Details)	12 Months Ended
	Dec. 31, 2025
JD Group
Related Party Transaction [Line Items]
Relationships with the Group	A shareholder 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
Yuejun
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group
Quanfu
Related Party Transaction [Line Items]
Relationships with the Group	An investee of the Group

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net (Loss) Earnings Per Share - Summary of Basic And Diluted Net (Loss) Earnings Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net (loss) income	¥ 336,288	$ 48,088	¥ (8,229)	¥ (156,250)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average number of ordinary shares used in computing basic loss per ordinary share (note)	161,315,074	161,315,074	161,618,799	162,160,835
Weighted average number of ordinary shares used in computing diluted loss per ordinary share (note)	162,191,874	162,191,874	161,618,799	162,160,835
Net (loss) earnings per ordinary share
Net (loss) earnings per ordinary share basic \| (per share)	¥ 2.08	$ 0.3	¥ (0.05)	¥ (0.96)
Net (loss) earnings per ordinary share diluted \| (per share)	¥ 2.07	$ 0.3	¥ (0.05)	¥ (0.96)

- Definition

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Summary of Significant Accounting Policies - Schedule of Assets Measured at Fair Value on Non-recurring Basis (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Fair Value, Nonrecurring
Summary Of Significant Accounting Policies [Line Items]
Equity investments without readily determinable fair value which deemed to be impaired	¥ 14,173

Prepayments and Other Receivables, Net - Schedule of Prepayments and Other Receivables, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)
Prepaid Expense and Other Assets [Abstract]
Loan to business partners	¥ 112,360	$ 14,500	¥ 134,463	$ 17,300
Deposits	155,284		59,809
Customer deposits	227,393		88,975
VAT recoverables	118,623		117,874
Advance to suppliers	206,884		88,795
Cash advanced to staff	11,230		41,831
Deferred finance cost	23,687		0
Others	79,630		23,003
Less: allowance for credit losses	(1,132)		(15,683)
Total	¥ 933,959	$ 133,555	¥ 539,067

Schedule I - Additional Information of Parent Company

12 Months Ended

Dec. 31, 2025

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,
	2024			2025			2025
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		12,267			20,286			2,901
Short-term investments		40,184			39,411			5,636
Funds receivable from third party payment service provider		—			2,569			367
Prepayments and other receivables		50,631			29,415			4,206
Total current assets		103,082			91,681			13,110
Non-current assets:
Long-term investments		51,783			51,153			7,315
Investments in and amounts due from subsidiaries		3,542,000			3,815,305			545,582
Other non-current assets		—			34,383			4,916
Total non-current assets		3,593,783			3,900,841			557,813
TOTAL ASSETS		3,696,865			3,992,522			570,923
LIABILITY
Current liability:
Accrued expenses and other current liabilities		2,313			2,119			303
Total current liability		2,313			2,119			303
TOTAL LIABILITY		2,313			2,119			303
SHAREHOLDERS’ EQUITY
Class A Ordinary shares (US$0.001 par value, 941,472,561 and 941,472,561 shares authorized, 106,787,392 and 106,787,392 shares issued and 88,024,113 and 87,809,969 shares outstanding as of December 31, 2024 and 2025, respectively)		641			651			93
Class B Ordinary shares (US$0.001 par value, 47,240,103 shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		305			305			44
Class C Ordinary shares (US$0.001 par value, 11,287,336 shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		7			7			1
Additional paid-in capital		13,358,237			13,383,934			1,913,877
Treasury shares (US$0.001 par value, 16,439,902 and 17,973,663 shares as of December 31, 2024 and 2025, respectively)		(483,806	)		(546,454	)		(78,142	)
Accumulated deficit		(9,171,363	)		(8,835,075	)		(1,263,399	)
Accumulated other comprehensive loss		(9,469	)		(12,965	)		(1,854	)
TOTAL SHAREHOLDERS’ EQUITY		3,694,552			3,990,403			570,620
TOTAL LIABILITY AND SHAREHOLDERS’ EQUITY		3,696,865			3,992,522			570,923

ATRENEW INC.

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

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


	Years ended December 31,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
Net revenues		—			—			—			—
(Loss) income and expenses
Selling and marketing expenses		(72	)		—			—			—
General and administrative expenses		(15,079	)		(15,285	)		(9,499	)		(1,358	)
Other operating income		9,512			18,360			13,355			1,910
Interest income		—			2			99			14
Share of loss in equity method investment		(12,644	)		(14,213	)		—			—
Other income (loss), net		50,480			7,921			(55,038	)		(7,870	)
Equity in (loss) income of subsidiaries		(188,447	)		(5,014	)		387,371			55,392
Net (loss) income		(156,250	)		(8,229	)		336,288			48,088
Foreign currency translation adjustments		8,883			7,356			(3,496	)		(500	)
Total comprehensive (loss) income		(147,367	)		(873	)		332,792			47,588

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,
	2023			2024			2025			2025
	RMB			RMB			RMB			US$
Cash provided by (used in) operating activities		7,869			6,154			(70	)		(10	)
Cash flows from investing activities:
Purchase of long-term investments		—			(56,738	)		—			—
Purchase of short-term investments		(71,570	)		—			—			—
Investments in and loan to subsidiaries		(14,573	)		(226,642	)		(117,217	)		(16,762	)
Collection of investments in and loan to subsidiaries		223,171			450,071			234,796			33,576
Cash provided by investing activities		137,028			166,691			117,579			16,814
Cash flows from financing activities:
Proceeds from exercise of options		2,822			1,518			2,456			351
Deferred finance cost		—			—			(19,672	)		(2,813	)
Repurchase of ordinary shares		(160,068	)		(184,295	)		(92,274	)		(13,195	)
Cash used in financing activities		(157,246	)		(182,777	)		(109,490	)		(15,657	)

Net (decrease) increase in cash, cash equivalents		(12,349	)		(9,932	)		8,019			1,147
Cash, cash equivalent at the beginning of the year		34,548			22,199			12,267			1,754
Cash, cash equivalent at the end of the year		22,199			12,267			20,286			2,901

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. For the parent company, the Company records its investments in subsidiaries 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 and amounts due from subsidiaries” and the subsidiaries’ profit or loss as “Equity in losses of 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 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 U.S. 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. Besides the guarantee on the short-term borrowings of the subsidiaries as of the year ended December 31, 2025, there were no other material contingencies, significant provisions of long-term obligations, guarantees of the Company for the years ended December 31, 2023, 2024 and 2025.

Taxation

12 Months Ended

Dec. 31, 2025

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 compliance 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 revenues.

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.

11.

Taxation —(Continued)

b) Income tax —(Continued)

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 HKD2 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 as a foreign company is generally not subject to 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.

Chinese Mainland

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the statutory enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. All of the Group’s PRC subsidiaries are subject to the statutory income tax rate of 25% except for Shanghai Wanwuxinsheng which obtained qualification as High and New Technologies Enterprises, or HNTE in 2021 and was entitled to a preferential EIT rate of 15% from 2021 to 2023 if certain conditions are met. In December 2024, Shanghai Wanwuxinsheng renewed the qualification as HNTE and is entitled to a preferential EIT rate of 15% from 2024 to 2026.

Rate Reconciliation

The country of domicile is determined to be Chinese Mainland, as the company’s primary place of business, headquarters, and core operational activities are all situated within Chinese Mainland.

The following is reconciliation between the statutory rate and the Company’s effective tax rate. For 2023, 2024 and 2025, the statutory rate represented the Chinese Mainland statutory rate of 25%.


	Years ended December 31,
	2023			2024
Statutory Rate		25.00	%		25.00	%
Expenses not deductible for tax purposes		(20.63	%)		(9,026.84	%)
Super deduction on research and development expenses		2.85	%		4,487.22	%
Effect of preferential tax rate for high-tech enterprises		(19.55	%)		1,105.04	%
Effect of different tax rates of a subsidiary operating in other jurisdiction		(7.33	%)		(2,880.81	%)
Effect of expired tax loss		(0.01	%)		0.00	%
Change in valuation allowance		71.18	%		18,154.30	%
True up		(22.85	%)		1,004.19	%
Total		28.66	%		12,868.10	%

11.

Taxation—(Continued)

b) Income tax—(Continued)

In accordance with the updated requirements of ASU No. 2023-09 for the year ended December 31, 2025, a reconciliation between the statutory rate and the Company’s effective tax rate is as follows (in thousands, except percentages).


	Years ended December 31,2025
	RMB			Percentage
Income before tax and share of loss of equity-method investees		460,298
Income tax expense at statutory rate		115,072			25.00	%
Foreign tax effects		2,995			0.65	%
Tax Credits
Effect of preferential tax rate for high-tech enterprises		(35,978	)		(7.82	%)
Super deduction on research and development expenses		(14,232	)		(3.09	%)
Changes in valuation allowances		(26,132	)		(5.68	%)
Nontaxable or nondeductible items
Share-based compensation expenses		7,932			1.72	%
Others		1,781			0.39	%
True up		5,311			1.16	%

Effective tax rate		56,749			12.33	%

If the preferential tax rate granted to an entity of the Group were not available, the Group’s income tax benefits (expenses) would have increased by RMB29,016, decreased by RMB4,907 and decreased by RMB35,978 for the years ended December 31, 2023, 2024 and 2025, respectively. The basic and diluted net loss (earnings) per share attributable to the Company would decrease by RMB0.18, increase by RMB0.03 and RMB0.22 for the years ended December 31, 2023, 2024 and 2025, respectively.

Income tax paid by jurisdictions

In accordance with the guidance in ASU 2023-09 (which was adopted prospectively in 2025), net income tax paid in 2025 to the following jurisdiction was as follow:


	Year ended December 31,2025
	RMB
China		18,722

We paid net income tax and related interest of RMB0 and RMB2,488 in 2023 and 2024, respectively.

(Loss) income by tax jurisdictions


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
(Loss) income from Chinese Mainland operations		(109,968	)		102,888			472,271
Income (loss) from Hong Kong operations		72			(72,313	)		(3,216	)
Loss from Cayman operations		(41,724	)		(25,479	)		(5,145	)
Income (loss) from operations in other tax jurisdictions		3,214			(5,538	)		(3,612	)
Total (loss) income before tax and share of loss of equity method investments		(148,406	)		(442	)		460,298

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) income are as follows:


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Current tax expenses		1,124			1,537			63,641
Deferred tax benefits		(43,654	)		(58,414	)		(6,892	)
Total income tax (benefits) expenses		(42,530	)		(56,877	)		56,749

Deferred tax assets and deferred tax liabilities:


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Deferred tax assets
Tax loss carried forward		134,981			73,415			37,498
Deductible temporary differences		111,726			95,404			109,180
Allowance for credit losses		4,111			3,888			611
Write-down of inventory		11,437			2,931			2,588
Unrealized fair value losses for certain investments		—			6,375			7,214
Impairment loss of long-term investments		—			—			3,543
Total deferred tax assets		262,255			182,013			160,634
Less: valuation allowance		(262,255	)		(182,013	)		(160,634	)
Net deferred tax assets		—			—			—
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired		67,658			9,244			2,352
Total deferred tax liabilities		67,658			9,244			2,352

The movement of deferred tax valuation allowance is as follows:


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		367,884			262,255			182,013
Additions (reductions), net of foreign exchange impacts		(105,629	)		(80,242	)		(21,379	)
Balance at end of the year		262,255			182,013			160,634

As of December 31, 2023, 2024 and 2025, the Group had net operating loss carry forwards of approximately RMB627,437, RMB418,469 and RMB270,390, respectively, which arose from the subsidiaries established in the PRC and Hong Kong. The loss carry forwards will expire until receipt of notice from local tax authorities. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2023, 2024 and 2025, as management is not able to conclude that the future realization of those net operating loss carries forwards and other deferred tax assets are more likely than not.

11.

Taxation—(Continued)

b) Income tax—(Continued)

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 presumption may be overcome if the Group has sufficient evidence to demonstrate that the undistributed dividends will be re-invested and the remittance of the dividends will be postponed indefinitely. No deferred tax liability has been accrued for the PRC dividend withholding taxes as the undistributed earnings and reserves of the Group’s PRC entities are deemed to be reinvested.

- Definition

The entire disclosure for income tax.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 235
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+ Details

Schedule I - Additional Information of Parent Company - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
(Loss) income and expenses
Selling and marketing expenses	¥ (1,653,702)	$ (236,476)	¥ (1,367,028)	¥ (1,250,860)
General and administrative expenses	(275,008)	(39,326)	(306,782)	(265,981)
Other operating income	42,241	6,040	53,434	36,264
Interest income	20,503	2,932	26,861	37,875
Share of loss in equity method investment	(67,261)	(9,618)	(64,664)	(50,374)
Other income (loss), net	(10,342)	(1,479)	(41,256)	(5,887)
Net (loss) income	336,288	48,088	(8,229)	(156,250)
Foreign currency translation adjustments	(3,496)	(500)	7,356	8,883
Total comprehensive (loss) income	332,792	47,588	(873)	(147,367)
Parent Company
(Loss) income and expenses
Selling and marketing expenses				(72)
General and administrative expenses	(9,499)	(1,358)	(15,285)	(15,079)
Other operating income	13,355	1,910	18,360	9,512
Interest income	99	14	2
Share of loss in equity method investment			(14,213)	(12,644)
Other income (loss), net	(55,038)	(7,870)	7,921	50,480
Equity in (loss) income of subsidiaries	387,371	55,392	(5,014)	(188,447)
Net (loss) income	336,288	48,088	(8,229)	(156,250)
Foreign currency translation adjustments	(3,496)	(500)	7,356	8,883
Total comprehensive (loss) income	¥ 332,792	$ 47,588	¥ (873)	¥ (147,367)

Taxation - Summary of (Loss) Income by Tax Jurisdictions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating Loss Carryforwards [Line Items]
(Loss) income from Chinese Mainland operations	¥ 472,271		¥ 102,888	¥ (109,968)
(Loss) income before income taxes and share of loss in equity method investments	460,298	$ 65,821	(442)	(148,406)
Other
Operating Loss Carryforwards [Line Items]
Income (loss) from foreign operations	(3,612)		(5,538)	3,214
Hong Kong \| Foreign
Operating Loss Carryforwards [Line Items]
Income (loss) from foreign operations	(3,216)		(72,313)	72
Cayman \| Foreign
Operating Loss Carryforwards [Line Items]
Income (loss) from foreign operations	¥ (5,145)		¥ (25,479)	¥ (41,724)

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

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+ Details

Statutory Reserves and Restricted Net Assets - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
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	¥ 3,944,871	¥ 3,692,933

Property, Plant and Equipment, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	¥ 43,053	¥ 53,035	¥ 70,346

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	21. Subsequent events On March 10, 2026, the Board has approved a cash dividend for the fiscal year 2025 (the “FY2025 Cash Dividend”) to implement its three-year shareholder return plan adopted in August 2025. The FY2025 Cash Dividend will be paid to holders of ordinary shares and holders of ADSs of record as of the close of business on April 6, 2026, in U.S. dollars, in an amount of US$0.1 per ADS or US$0.15 per ordinary share. The total amount of cash to be distributed for the FY2025 Cash Dividend is expected to be approximately US$23.5 million. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around April 24, 2026.

Schedule I - Additional Information of Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, shares authorized	1,000,000,000	1,000,000,000
Treasury stock, par value	$ 0.001	$ 0.001
Treasury stock, shares	17,973,663	16,439,902
Common Class A
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 0.001	$ 0.001
Ordinary stock, shares authorized	941,472,561	941,472,561
Ordinary stock, shares issued	106,787,392	106,787,392
Ordinary stock, shares outstanding	87,809,969	88,024,113
Common Class B
Condensed Balance Sheet Statements Captions [Line Items]
Ordinary stock, par value	$ 0.001	$ 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	$ 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	$ 0.001
Treasury stock, shares	17,973,663	16,439,902
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	106,787,392	106,787,392
Ordinary stock, shares outstanding	87,809,969	88,024,113
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

Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Total	¥ 321,000	¥ 1,985,787
Less: accumulated amortization	(124,372)	(1,722,259)
Less: accumulated impairment loss	(185,975)	(206,925)
Intangible assets, net	10,653	56,603
BCA
Finite Lived Intangible Assets [Line Items]
Total		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
Technology/platform
Finite Lived Intangible Assets [Line Items]
Total		¥ 31,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
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Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(1)
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

20.

Commitments and contingencies

Commitments

The Group has entered into contracts to use store premises that are not qualified 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, 2025 were RMB802. Future payments under these non- cancellable contracts are RMB34 for the years ending 2026.

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.

Prepayments and Other Receivables, Net - Schedule of Prepayments and Other Receivables, Net (Parenthetical) (Details) ¥ in Thousands, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)
Prepaid Expense and Other Assets [Abstract]
Loan to business partners	¥ 112,360	$ 14.5	¥ 134,463	$ 17.3
Loan interest rate	5.00%	5.00%	5.00%	5.00%

Long-Term Investments - Schedule of Long-Term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Schedule Of Equity Method Investments [Line Items]
Total	¥ 485,401	$ 69,411	¥ 556,136
Qingdao Qingle Venture Capital Partnership (“Qingle”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	33,744		30,256
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	72,137		56,654
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”)
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	20,391		21,830
Equity investments without readily determinable fair values	63,430		63,430
Other equity method investments
Schedule Of Equity Method Investments [Line Items]
Equity-method investments	29,431		44,767
AiFenLei Global Co., Ltd. (“AiFenLei”)
Schedule Of Equity Method Investments [Line Items]
Equity investments without readily determinable fair values	176,581		248,846
Other Equity Securities Without Readily Determinable Fair Values
Schedule Of Equity Method Investments [Line Items]
Equity investments without readily determinable fair values	32,715		32,693
China Dynamic Fund I SP
Schedule Of Equity Method Investments [Line Items]
Investments at fair value	¥ 56,972		¥ 57,660

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Lease Expense

For the years ended December 31, 2023, 2024 and 2025, the lease expense is as follow:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Operating lease expense		50,183		60,232		71,430
Short-term lease expense		72,673		82,934		110,693
Total lease expense		122,856		143,166		182,123

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,			As of December 31,
	2024			2025
Operating lease:	RMB			RMB
Operating leases right-of-use assets (note)		127,824			132,607
Current portion of lease liabilities		49,992			63,720
Non-current portion of lease liabilities		79,934			70,031
Total operating lease liabilities		129,926			133,751
Weighted-average remaining lease term (in years) – operating leases		4.66			3.70
Weighted-average discount rate – operating leases		3.63	%		3.47	%

Note: The amount of operating leases right-of-use assets is presented within other non-current assets in the consolidated balance sheets.

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


Years ending	RMB
2026		67,336
2027		31,524
2028		11,501
2029		6,271
2030 and thereafter		25,754
Total undiscounted cash flows		142,386
Less: imputed interest		8,635
Total		133,751

Lease liabilities due within one year		63,720
Lease liabilities due after one year		70,031


Short-term lease commitment:
2026			59,579

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule Of Other Non-current Assets

Other non-current assets consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
Operating leases right-of-use assets (Note 18)			127,824		132,607
Term deposits (Note 2.13)		—			300,000
Others			24,270		56,602
Total			152,094		489,209

Leases - Additional Information (Details) - CNY (¥)	12 Months Ended
Leases - Additional Information (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease agreement period description.	leased office, operation centers and store premises under operating lease agreements for the periods from 2021 to 2034.
Long-term finance lease liability	¥ 0	¥ 0

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2025
Equity [Abstract]
Ordinary Shares	12. Ordinary shares The Group’s ordinary shares was classified 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 15 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 as of December 31, 2024 and 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Operating (expenses) income
Merchandise costs	¥ (16,699,982)	$ (2,388,066)	¥ (13,086,418)	¥ (10,338,870)
Fulfillment expenses	(1,761,718)	(251,922)	(1,382,273)	(1,123,994)
Selling and marketing expenses	(1,653,702)	(236,476)	(1,367,028)	(1,250,860)
General and administrative expenses	(275,008)	(39,326)	(306,782)	(265,981)
Research and development expenses	(243,912)	(34,879)	(210,364)	(195,679)
Other operating income, net	42,241	6,040	53,434	36,264
(Loss) income from operations	456,175	65,231	28,969	(173,338)
Interest expense	(6,038)	(863)	(15,016)	(7,056)
Interest income	20,503	2,932	26,861	37,875
Other loss, net	(10,342)	(1,479)	(41,256)	(5,887)
(Loss) income before income taxes and share of loss in equity method investments	460,298	65,821	(442)	(148,406)
Income tax benefits (expenses)	(56,749)	(8,115)	56,877	42,530
Share of loss in equity method investments	(67,261)	(9,618)	(64,664)	(50,374)
Net (loss) income	¥ 336,288	$ 48,088	¥ (8,229)	¥ (156,250)
Net (loss) earnings per share
Basic \| (per share)	¥ 2.08	$ 0.3	¥ (0.05)	¥ (0.96)
Diluted \| (per share)	¥ 2.07	$ 0.3	¥ (0.05)	¥ (0.96)
Weighted average number of shares used in calculating net (loss) income per ordinary share
Basic	161,315,074	161,315,074	161,618,799	162,160,835
Diluted	162,191,874	162,191,874	161,618,799	162,160,835
Net (loss) income	¥ 336,288	$ 48,088	¥ (8,229)	¥ (156,250)
Foreign currency translation adjustments	(3,496)	(500)	7,356	8,883
Total comprehensive (loss) income	332,792	47,588	(873)	(147,367)
Product
Net revenues
Net revenues	19,379,932	2,771,293	14,844,416	11,658,298
Service
Net revenues
Net revenues	¥ 1,668,324	$ 238,567	¥ 1,483,984	¥ 1,307,484

Accounts Receivables, Net - Summary of Movements in Allowance for Credit Losses of Accounts Receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year	¥ 15,683
Balance at beginning of the year	2,126	¥ 665	¥ 952
Current year provision, net of recovery	(1,204)	1,461	(287)
Current year write-off	0	0	0
Balance at end of the year	1,132	15,683
Balance at end of the year	¥ 922	¥ 2,126	¥ 665

Account Payable - Schedule of Account Payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accounts Payable and Accrued Liabilities, Current [Abstract]
Total lease expense	¥ 335,622	$ 47,993	¥ 171,356

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 336,288	$ 48,088	¥ (8,229)	¥ (156,250)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Taxation - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Tax loss carried forward	¥ 37,498	¥ 73,415	¥ 134,981
Deductible temporary differences	109,180	95,404	111,726
Allowance for credit losses	611	3,888	4,111
Inventory provision	2,588	2,931	11,437
Unrealized fair value losses for certain investments	7,214	6,375
Impairment loss of long-term investments	3,543
Total deferred tax assets	160,634	182,013	262,255
Less: valuation allowance	(160,634)	(182,013)	(262,255)	¥ (367,884)
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired	2,352	9,244	67,658
Total deferred tax liabilities	¥ 2,352	¥ 9,244	¥ 67,658

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Reconciliation Between the Statutory Rate and The Company's Effective Tax Rate

The following is reconciliation between the statutory rate and the Company’s effective tax rate. For 2023, 2024 and 2025, the statutory rate represented the Chinese Mainland statutory rate of 25%.


	Years ended December 31,
	2023			2024
Statutory Rate		25.00	%		25.00	%
Expenses not deductible for tax purposes		(20.63	%)		(9,026.84	%)
Super deduction on research and development expenses		2.85	%		4,487.22	%
Effect of preferential tax rate for high-tech enterprises		(19.55	%)		1,105.04	%
Effect of different tax rates of a subsidiary operating in other jurisdiction		(7.33	%)		(2,880.81	%)
Effect of expired tax loss		(0.01	%)		0.00	%
Change in valuation allowance		71.18	%		18,154.30	%
True up		(22.85	%)		1,004.19	%
Total		28.66	%		12,868.10	%

11.

Taxation—(Continued)

b) Income tax—(Continued)


	Years ended December 31,2025
	RMB			Percentage
Income before tax and share of loss of equity-method investees		460,298
Income tax expense at statutory rate		115,072			25.00	%
Foreign tax effects		2,995			0.65	%
Tax Credits
Effect of preferential tax rate for high-tech enterprises		(35,978	)		(7.82	%)
Super deduction on research and development expenses		(14,232	)		(3.09	%)
Changes in valuation allowances		(26,132	)		(5.68	%)
Nontaxable or nondeductible items
Share-based compensation expenses		7,932			1.72	%
Others		1,781			0.39	%
True up		5,311			1.16	%

Effective tax rate		56,749			12.33	%

Summary of Income Tax Paid

In accordance with the guidance in ASU 2023-09 (which was adopted prospectively in 2025), net income tax paid in 2025 to the following jurisdiction was as follow:


	Year ended December 31,2025
	RMB
China		18,722

Summary of (Loss) Income by Tax Jurisdictions

(Loss) income by tax jurisdictions


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
(Loss) income from Chinese Mainland operations		(109,968	)		102,888			472,271
Income (loss) from Hong Kong operations		72			(72,313	)		(3,216	)
Loss from Cayman operations		(41,724	)		(25,479	)		(5,145	)
Income (loss) from operations in other tax jurisdictions		3,214			(5,538	)		(3,612	)
Total (loss) income before tax and share of loss of equity method investments		(148,406	)		(442	)		460,298

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) income are as follows:


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Current tax expenses		1,124			1,537			63,641
Deferred tax benefits		(43,654	)		(58,414	)		(6,892	)
Total income tax (benefits) expenses		(42,530	)		(56,877	)		56,749

Summary of Deferred Tax Assets and Deferred Tax Liabilities

Deferred tax assets and deferred tax liabilities:


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Deferred tax assets
Tax loss carried forward		134,981			73,415			37,498
Deductible temporary differences		111,726			95,404			109,180
Allowance for credit losses		4,111			3,888			611
Write-down of inventory		11,437			2,931			2,588
Unrealized fair value losses for certain investments		—			6,375			7,214
Impairment loss of long-term investments		—			—			3,543
Total deferred tax assets		262,255			182,013			160,634
Less: valuation allowance		(262,255	)		(182,013	)		(160,634	)
Net deferred tax assets		—			—			—
Deferred tax liabilities
Identifiable intangible assets and deferred cost acquired		67,658			9,244			2,352
Total deferred tax liabilities		67,658			9,244			2,352

Movement of Deferred Tax Valuation Allowance

The movement of deferred tax valuation allowance is as follows:


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		367,884			262,255			182,013
Additions (reductions), net of foreign exchange impacts		(105,629	)		(80,242	)		(21,379	)
Balance at end of the year		262,255			182,013			160,634

Net (Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Basic And Diluted Net (Loss) Earnings Per Share


	Years ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Numerator:
Net loss		(156,250	)		(8,229	)		336,288
Denominator:
Weighted average number of ordinary shares used in computing basic and diluted loss per ordinary share (note)		—			—			—
Basic		162,160,835			161,618,799			161,315,074
Diluted		162,160,835			161,618,799			162,191,874
Net (loss) earnings per ordinary share
Basic		(0.96	)		(0.05	)		2.08
Diluted		(0.96	)		(0.05	)		2.07

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


	2023		2024
Share Options		13,881,531		12,300,341
Non-vested restricted share units		30,000		873,333
Total		13,911,531		13,173,674

Share Based Compensation - Additional Information (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands		1 Months Ended	12 Months Ended
	Jan. 01, 2027	Mar. 31, 2016	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2025	Mar. 31, 2023	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			¥ 52,877	¥ 166,741	¥ 134,402
Share options granted			1,880,719
Weighted average grant date fair value per share, Granted			¥ 26.96	¥ 13.79	¥ 25.45
Aggregate intrinsic value, Exercised			¥ 43,660	¥ 92,074	¥ 101,351
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			¥ 3,811	35,794	1,111
Number of shares, granted			30,000
Unrecognized compensation expense			¥ 1,169
Number of shares vested			853,333
Intrinsic value, vested			¥ 10,141	¥ 30,063	¥ 618
Intrinsic value, outstanding			¥ 1,710
Weighted average grant date fair value, Granted			¥ 39.85	¥ 11.65
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			¥ 49,066	¥ 130,947	¥ 133,291
Total unrecognized compensation expenses related to options for the future period			¥ 8,270
Unrecognized compensation expenses, weighted average recognition period			1 year
2016 Plan \| Ordinary Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares for issuance		21,920,964
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares for issuance						13,615,595
2021 Plan \| Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted				3,363,334
Number of shares granted percentage				25.00%
Number of shares vested				3,333,334
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				30,000
2021 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares for issuance							12,150,080
2021 Plan \| Ordinary Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares for issuance								6,021,619
2021 Plan \| Immediately Preceding Fiscal Year Ended December 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in ordinary shares percentage	1.00%
2016 Plan and 2021 Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Share options granted			1,880,719	3,150,586
2016 Plan and 2021 Plan \| Employee Stock Option \| Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share options granted					836,164

Summary of Significant Accounting Policies - Schedule of Identifiable Intangible Assets (Details)	Dec. 31, 2025
Brand Names
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	10 years
BCA \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Identifiable intangible assets amortization years	1 year
BCA \| 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

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net (loss) income	¥ 336,288	$ 48,088	¥ (8,229)	¥ (156,250)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	116,296	16,630	267,063	333,731
Noncash lease expense	67,030	9,585	53,061	47,075
Loss on the disposal of property and equipment	2,569	367	3,764	5,347
Provision for allowance for credit losses	21,363	3,055	13,147	24,672
Write-down of inventories	14,708	2,103	11,267	45,749
Share of loss in equity method investments	67,261	9,618	64,664	50,374
Impairment loss of equity securities	14,173	2,027
Unrealized fair value change of investments	1,569	224	35,593	4,773
Share-based compensation	52,877	7,562	166,741	134,402
Foreign exchange losses (gains)	(2,685)	(384)	3,000	10,106
Changes in operating assets and liabilities:
Inventories	(571,419)	(81,712)	461,547	(629,436)
Accounts receivables	(71,417)	(10,213)	(4,292)	93,808
Prepayments and other receivables, net	(395,268)	(56,523)	(26,346)	(49,904)
Amount due from related parties, net	(294,231)	(42,074)	(33,616)	25,661
Funds receivable from third party payment service providers	(148,151)	(21,185)	19,974	63,170
Other non-current assets	(32,332)	(4,623)	(1,303)	(5,180)
Accounts payable	164,266	23,490	(360,937)	458,957
Contract liabilities	132,937	19,010	(20,881)	(75,654)
Accrued expenses and other current liabilities	105,770	15,125	43,045	(89,672)
Accrued payroll and welfare	10,211	1,460	33,322	13,903
Amount due to related parties	68,494	9,795	31,698	30,428
Operating lease liabilities	(67,986)	(9,722)	(51,061)	(48,508)
Deferred tax liabilities	(6,892)	(986)	(58,414)	(43,654)
Net cash provided by (used in) operating activities	(414,569)	(59,283)	642,807	243,898
Cash flows from investing activities:
Purchase of property, plant and equipment	(144,280)	(20,632)	(59,857)	(85,183)
Proceeds from disposal of property and equipment	5,736	820	1,525	1,243
Purchases of short-term investments	(275,000)	(39,324)	(421,635)	(421,798)
Purchases of long-term investments	(14,850)	(2,124)	(150,181)	(120,900)
Proceeds from maturity of short-term investments	290,242	41,504	210,000	792,179
Loans to related parties	(485,000)	(69,354)	(183,953)	(95,000)
Loans to third parties			(27,200)	(131,691)
Collection of loan repayments from related parties	485,000	69,354	190,000	95,000
Collection of deposits on loans from third parties				124,163
Collection of loan repayments from third parties	2,000	286	16,900	14,000
Cash provided by (used in) investing activities	(136,152)	(19,470)	(424,401)	172,013
Cash flows from financing activities:
Proceeds from short-term borrowings	563,855	80,630	844,627	623,915
Repayment for short-term borrowings	(466,000)	(66,637)	(969,558)	(397,966)
Deferred finance cost	(21,717)	(3,106)
Proceeds from exercise of options	2,456	351	1,518	2,822
Repurchase of ordinary shares	(92,274)	(13,195)	(184,295)	(160,068)
Cash provided by (used in) financing activities	(13,680)	(1,957)	(307,708)	68,703
Effect of foreign exchange rate changes on cash and cash equivalents	179	26	1,289	2,456
Net (decrease) increase in cash, cash equivalents	(564,222)	(80,684)	(88,013)	487,070
Cash, cash equivalent and restricted cash at the beginning of the year	2,102,683	300,680	2,190,696	1,703,626
Cash, cash equivalent and restricted cash at the end of the year	1,538,461	219,996	2,102,683	2,190,696
Cash and cash equivalents	1,537,461	219,854	1,970,183	1,978,696
Restricted cash	500		132,000	210,000
Restricted cash included in the other non-current assets	500		500	2,000
Supplemental cash flow disclosures of operations:
Interest expenses paid	6,038	863	15,016	7,056
Cash paid for amounts included in the measurement of operating lease liabilities	68,823	9,842	50,962	49,335
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	71,894	10,281	124,959	28,003
Supplemental disclosure of non-cash investing and financing activities:
Payable for purchase of property and equipment	¥ (2,906)	$ (416)	¥ (2,273)	¥ (2,253)

Short-term Borrowings - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Short Term Debt [Line Items]
Proceeds from short-term borrowings	¥ 563,855,000	$ 80,630	¥ 844,627,000	¥ 623,915,000
Repayment of short-term borrowings	466,000,000	$ 66,637	969,558,000	¥ 397,966,000
Remaining balance of loan agreements	322,855,000		225,000,000		$ 46,168
Credit Facility Agreements
Short Term Debt [Line Items]
Remaining balance of loan agreements	¥ 322,855,000		225,000,000
Unsecured and unguaranteed borrowings			¥ 35,000,000
Weighted average interest rate	2.19%	2.19%	3.02%
Revolving Credit Facility
Short Term Debt [Line Items]
Debt instrument, term	1 year	1 year
2024 Revolving Credit Facility
Short Term Debt [Line Items]
Proceeds from short-term borrowings			¥ 844,627,000
Repayment of short-term borrowings			¥ 969,558,000
Weighted average interest rate			3.33%
2025 Revolving Credit Facility
Short Term Debt [Line Items]
Proceeds from short-term borrowings	¥ 563,855,000
Repayment of short-term borrowings	¥ 466,000,000
Weighted average interest rate	2.35%	2.35%
Maximum \| Revolving Credit Facility
Short Term Debt [Line Items]
Unused revolving credit facilities	¥ 852,145,000

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Lease Agreements Based On 842 (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	¥ 67,336
2027	31,524
2028	11,501
2029	6,271
2030 and thereafter	25,754
Total undiscounted cash flows	142,386
Less: imputed interest	8,635
Operating lease liabilities current and non-current	133,751	¥ 129,926
Lease liabilities due within one year	63,720
Lease liabilities due after one year	70,031
Short-term lease commitment:
2026	¥ 59,579

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

Property, plant and equipment, net consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
Cost
Machinery		75,597			82,228
Electronic equipment		89,606			136,937
Leasehold improvement		155,681			194,223
Furniture and office equipment		48,480			104,635
Buildings		24,518			24,518
Motor vehicles		1,466			1,466
Software		9,147			9,137
Total		404,495			553,144
Less: accumulated depreciation		(249,656	)		(316,176	)
Construction in progress		1,693			2,410
Property, plant and equipment, net		156,532			239,378

Short-term Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Short-term Borrowings

Short-term borrowings

The Group entered into primarily one-year credit facilities with several Chinese commercial banks that provide revolving line of credit for the Group.

In 2024, the Group drew-down RMB844,627 at the weighted average interest rate of 3.33% per annum and repaid short-term bank borrowings upon maturity in the amount of RMB969,558.

In 2025, the Group drew-down RMB563,855 at the weighted average interest rate of 2.35% per annum and repaid short-term bank borrowings upon maturity in the amount of RMB466,000.

As of December 31, 2024 and 2025, the remaining balance of these loan agreements was RMB225,000 (of which RMB35,000 was unsecured and unguaranteed) and RMB322,855 respectively, at weighted average interest rate of 3.02% and 2.19% per annum, respectively.

As of December 31, 2025, the Group had unused primarily one-year revolving credit facilities with several Chinese commercial banks to borrow up to RMB852,145 for working capital needs.

Taxation - Additional Information (Details) ¥ / shares in Units, ¥ in Thousands, $ in Millions	12 Months Ended						36 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2022	Dec. 31, 2019 HKD ($)	Dec. 31, 2018	Dec. 31, 2026
Income Tax Disclosure [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%
Effect of preferential tax treatment on income tax benefit	¥ (35,978)	¥ (4,907)	¥ 29,016
Effect of preferential tax treatment on basic and diluted net loss per share \| ¥ / shares	¥ 0.22	¥ 0.03	¥ (0.18)
Net income tax and related interest paid	¥ 18,722	¥ 2,488	¥ 0
Net operating loss carry forwards	270,390	¥ 418,469	¥ 627,437
Percentage of tax withholding rate if the investor holds at least 25% in foreign invested enterprises				5.00%
Percentage of tax withholding rate if the investor holds less than 25% in foreign invested enterprises				10.00%
Accrued deferred tax liabilities	¥ 0
PRC
Income Tax Disclosure [Line Items]
VAT regulations exempted percentage	1.00%
Statutory income tax rate	25.00%	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”) \| 2021 to 2023
Income Tax Disclosure [Line Items]
Preferential EIT rate				15.00%
PRC \| Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (Previously Shanghai Yueyee Network Information Technology Co., Ltd) (“Shanghai Yueyee” or “Shanghai Wanwuxinsheng”) \| 2024 to 2026 \| Scenario Forecast
Income Tax Disclosure [Line Items]
Preferential EIT rate							15.00%
Hong Kong
Income Tax Disclosure [Line Items]
Statutory income tax rate				16.50%	16.50%
Year of assessment						2018 2019
Threshold amount of profits earned for half the current tax rate \| $					$ 2
Percentage of half current tax rate on first profits earned					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%

Share Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share Based Compensation

14.

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. The Group amended and restated 2021 Plan in March 2023 to expand the award pool to 12,150,080 shares.

The Group made second amendment and restatement of 2021 Plan in May 2025 to expand the award pool to initially 13,615,595 with an increase in number of 1% of the total number of ordinary shares outstanding on the last day of the immediately preceding fiscal year, on the first day of each fiscal year during the term of 2021 Plan commencing with the fiscal year ended December 31, 2026, the source of which can be either new shares or treasury shares.

.Share options

Under the 2016 Plan and 2021 Plan, options granted to employees vest upon satisfaction of a service condition. The Group granted 836,164 share options with service condition generally vested over four years to certain employees in 2023. The Group granted 3,150,586 and 1,880,719 share options to certain employees in 2024 and 2025, which are generally vested upon grant and vested on the first anniversary date of grant. The options expire in ten years from the date of grant.

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 2023, 2024 and 2025 were as follows:


	For the years ended December 31,
	2023	2024	2025
Expected volatility	49.00%~51.00%	57.71%~66.26%	60.12%~85.13%
Risk-free interest rate (per annum)	2.40%~2.97%	1.67%~2.24%	1.71%~2.34%
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	RMB18.80~RMB32.19	RMB11.65~RMB29.22	RMB21.09~ RMB40.06
Fair value of share option	RMB18.10~RMB31.48	RMB10.93~RMB28.50	RMB20.38~ RMB39.36

14.

Share-based compensation—(Continued)

Share options—(Continued)

The Group estimated expected volatility by reference to the historical price volatilities of ordinary shares of the Company 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 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, 2025:


	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, 2024		12,300,341			0.71		31.81		5.17		369,438
Granted		1,880,719			0.71		26.96
Forfeited		(253,868	)		0.71		27.77
Exercised		(1,486,283	)		0.71		29.38
Outstanding as of December 31, 2025		12,440,909			0.71		31.62		4.94		682,163
Vested and expect to vest as of December 31, 2025		12,440,909			0.71		31.62
Exercisable at December 31, 2025		10,853,856			0.71		34.36		4.55		607,958

The weighted-average grant-date fair value of options granted during the years ended December 31, 2023, 2024 and 2025 was RMB25.45, RMB13.79 and RMB26.96, respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025, was RMB101,351, RMB92,074 and RMB43,660, respectively.

The share-based compensation expenses related to options of RMB133,291, RMB130,947 and RMB49,066 were recognized by the Group for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2025, there were RMB8,270 of total unrecognized compensation expenses related to options which is expected to be recognized over a weighted average period of 1.00 years.

Restricted share units (“RSU”)

In 2024, the Group granted a total of 3,363,334 RSUs to the management team under 2021 plan, among which 3,333,334 of them vested 25% on each quarter end after granted and 30,000 RSUs vested on the first, second and third anniversary date of grant. In 2025, the Group granted a total of 30,000 RSUs to the management team under 2021 plan, which vested on first, second and third anniversary date of grant. Compensation expenses based on fair value are amortized over the requisite service period of award using the straight-line vesting attribution method.

14.

Share-based compensation—(Continued)

Restricted share units (“RSU”) —(Continued)

A summary of the RSUs activities for the year ended December 31, 2025 is as follows:


	Number of RSU			Weighted average grant-date fair value		Weighted average remaining contractual life
				RMB		Years
Outstanding as of December 31, 2024		873,333			12.17		0.17
Granted		30,000			39.85
Vested		(853,333	)		11.88
Outstanding as of December 31, 2025		50,000			25.58		2.01

The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2023, 2024 and 2025 was nil, RMB11.65 and 39.85, respectively. The total intrinsic value of RSUs vested during the years ended December 31, 2023, 2024 and 2025 was RMB618, RMB30,063 and RMB10,141, respectively and total intrinsic value of outstanding RSUs as of December 31, 2025 was RMB1,710.

The share-based compensation expenses related to RSUs of RMB1,111, RMB35,794 and RMB3,811 were recognized by the Group for the years ended December 31, 2023, 2024 and 2025, respectively.

As of December 31, 2025, there were RMB1,169 of total unrecognized compensation expenses related to RSUs for the future period.

The Group recorded share-based compensation expense of RMB134,402, RMB166,741 and RMB52,877 for the years ended December 31, 2023, 2024 and 2025, respectively, which were classified in the consolidated statements of operations as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Fulfillment expenses		23,390		20,649		14,222
Selling and marketing expenses		17,240		68,858		9,676
General and administrative expenses		73,156		59,630		17,738
Research and development expenses		20,616		17,604		11,241

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

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,
	2024		2025
	RMB		RMB
Deposits from business partner		240,727		234,571
Fulfillment payable		78,834		72,448
Other tax payable		95,732		187,137
Operating lease liabilities - current		49,992		63,720
Refund liabilities		28,403		23,253
Others		28,690		63,653
Total		522,378		644,782

Prepayments and Other Receivables, Net - Summary of Movements in Allowance for Credit Losses for Prepayments and Other Receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year	¥ 15,683
Current year provision, net of recovery	(1,204)	¥ 1,461	¥ (287)
Current year write-off	0	0	0
Balance at end of the year	1,132	15,683
Prepayments and Other Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year	15,683	15,389	1,406
Current year provision, net of recovery	22,567	11,686	24,710
Current year write-off	(37,118)	(11,392)	(10,727)
Balance at end of the year	¥ 1,132	¥ 15,683	¥ 15,389

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

Intangible assets, net

Intangible assets consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
BCA		1,554,046			—
Brand names		321,000			321,000
NCC		79,141			—
Technology/platform		31,600			—
Total		1,985,787			321,000
Less: accumulated amortization		(1,722,259	)		(124,372	)
Less: accumulated impairment loss		(206,925	)		(185,975	)
Intangible assets, net		56,603			10,653

Amortization expenses related to intangible assets were RMB274,019, RMB214,028 and RMB45,950 for the years ended December 31, 2023, 2024 and 2025, respectively. The Group expects to record amortization expenses of RMB3,114, RMB3,114, RMB3,114 and RMB1,311 for the years ending December 31, 2026, 2027, 2028 and 2029 respectively.

Prepayments and Other Receivables, Net

12 Months Ended

Dec. 31, 2025

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,
	2024			2025
	RMB			RMB
Loan to business partners (1)		134,463			112,360
Deposits (2)		59,809			155,284
Customer deposits (3)		88,975			227,393
VAT recoverables		117,874			118,623
Advance to suppliers (4)		88,795			206,884
Cash advanced to staff		41,831			11,230
Deferred finance cost		—			23,687
Others		23,003			79,630
Less: allowance for credit losses		(15,683	)		(1,132	)
Total		539,067			933,959

(1)

The amount mainly includes the loan to business partners with outstanding principal balances of US$17.3 million, and US$14.5 million as of December 31, 2024, and 2025, respectively, bearing a fixed annual interest rate of 5%.

(2)

The amount represents the refundable deposits paid to suppliers.

(3)

The amount relates to the refundable deposits paid to merchants to whom the Group provides platform service.

(4)

The amount represents the prepayment to suppliers, mainly for advertising expense and pre-owned electronics.

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


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		1,406			15,389			15,683
Current year provision, net of recovery		24,710			11,686			22,567
Current year write-off		(10,727	)		(11,392	)		(37,118	)
Balance at end of the year		15,389			15,683			1,132

Share Based Compensation - Schedule of Share Based Compensation Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	¥ 52,877	¥ 166,741	¥ 134,402
Fulfillment Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	14,222	20,649	23,390
Selling and Marketing Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	9,676	68,858	17,240
General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	17,738	59,630	73,156
Research and Development Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	¥ 11,241	¥ 17,604	¥ 20,616

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepayments and Other Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2024			2025
	RMB			RMB
Loan to business partners (1)		134,463			112,360
Deposits (2)		59,809			155,284
Customer deposits (3)		88,975			227,393
VAT recoverables		117,874			118,623
Advance to suppliers (4)		88,795			206,884
Cash advanced to staff		41,831			11,230
Deferred finance cost		—			23,687
Others		23,003			79,630
Less: allowance for credit losses		(15,683	)		(1,132	)
Total		539,067			933,959

(1)

(2)

The amount represents the refundable deposits paid to suppliers.

(3)

The amount relates to the refundable deposits paid to merchants to whom the Group provides platform service.

(4)

The amount represents the prepayment to suppliers, mainly for advertising expense and pre-owned electronics.

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


	As of December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		1,406			15,389			15,683
Current year provision, net of recovery		24,710			11,686			22,567
Current year write-off		(10,727	)		(11,392	)		(37,118	)
Balance at end of the year		15,389			15,683			1,132

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares
Related parties allowance for credit losses, net \| ¥	¥ 390	¥ 390
Accounts receivables, net, allowance for credit losses \| ¥	922	2,126
Prepayments and other receivables, net of allowance for credit losses \| ¥	¥ 1,132	¥ 15,683
Ordinary stock, shares authorized	1,000,000,000	1,000,000,000
Treasury stock, shares	17,973,663	16,439,902
Short-Term Investments
Investments including the fair value measured investments \| ¥	¥ 242,641	¥ 333,764
Long-Term Investments
Investments including the fair value measured investments \| ¥	¥ 56,972	¥ 57,660
Common Class A
Ordinary stock, shares authorized	941,472,561	941,472,561
Ordinary stock, shares issued	106,787,392	106,787,392
Ordinary stock, shares outstanding	87,809,969	88,024,113
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

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

17.

Related party transactions

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


Company Names		Relationships with the Group
JD.com, Inc., its subsidiaries and affiliates ("JD Group")		A shareholder of the Group
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 Yuejun Environmental Protection Technology Co., Ltd. (“Yuejun”)(1)		An investee of the Group
Shanghai Quanfu Information Technology Co., Ltd (“Quanfu”)		An investee of the Group

For the years ended December 31, 2023, 2024 and 2025, related party transactions were as follows:


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Net Product Revenues
Products sold to AiFenLei Group		—		1,115		9,724
Products sold to Gulin Group		—		119		—
Net Service Revenues
Services provided to Jinsong Group		20,055		61,950		124,126
Services provided to Quanfu		—		2,506		1,416
Merchandise costs
Purchase from Quanfu		—		1,553		48
Purchase from Jinsong Group		242		—		—
Purchase from Gulin Group(2)		49,115		—		—
Operating expenses
Service received from Yuejun		—		470		2,345
Service received from JD Group(3)		438,431		566,549		900,441
Service received from AiFenLei Group		—		1,853		7,105
Service received from Quanfu		—		—		9,519
Purchase of property, plant and equipment
Purchase from AiFenLei Group		—		24,518		—
Purchase from Yuejun		—		—		4,828
Interest income from loans provided to related parties		2,420		49		—


Loan and repayment with related parties
Loan to Gulin Group	25,000	10,000	—
Loan to AiFenLei Group	70,000	171,703	485,000
Repayments from AiFenLei Group	70,000	180,000	485,000
Repayments from Gulin Group	25,000	10,000	—
Loan to Yuejun	—	2,250	—
Repayments from Yuejun	—	—	2,250

17.

Related party transactions—(Continued)

As of December 31, 2024 and 2025, the amount due from/to related parties are as follows:


	As of December 31,
	2024			2025
	RMB			RMB
Due from JD Group (5)
Disbursements in advance		73,712			295,186
Advance to suppliers		27,307			103,782
Deposits		840			640
Due from Jinsong Group
Disbursements in advance		—			4,369
Accounts receivables		4,495			—
Other disbursements		—			4,110
Due from AiFenLei Group
Accounts receivables		1,150			—
Other disbursements		8,254			7,082
Due from Quanfu
Accounts receivables		1,040			—
Due from Yuejun
Other disbursements		753			—
		117,551			415,169
Less: allowance for credit losses		(390	)		(390	)
		117,161			414,779


Due to JD Group
Other payables to JD Group (4)		108,505			177,977
Due to Quanfu
Advance from customers		1,122			247
Due to Yuejun
Other disbursements		83			—
Due to Gulin Group
Deposits		20			—
		109,730			178,224

(1)

(2)

Gulin Group is one of the new product suppliers of the Group, the Group mainly purchases new products from Gulin.

(3)

(4)

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

(5)

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Schedule I - Additional Information of Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,537,461	$ 219,854	¥ 1,970,183	¥ 1,978,696
Short-term investments	267,641	38,272	583,764
Funds receivable from third party payment service providers	381,284	54,523	233,133
Prepayments and other receivables	933,959	133,555	539,067
Total current assets	4,741,303	677,998	4,169,356
Non-current assets:
Long-term investments	485,401	69,411	556,136
Other non-current assets	489,209	69,956	152,094
Total non-current assets	1,224,641	175,121	921,365
TOTAL ASSETS	5,965,944	853,119	5,090,721
Current liabilities:
Total current liabilities	1,903,158	272,149	1,306,991
TOTAL LIABILITIES	1,975,541	282,499	1,396,169
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,383,934	1,913,877	13,358,237
Treasury shares (US$0.001 par value, 12,240,463 and 16,439,902 shares as of December 31, 2023 and 2024, respectively)	(546,454)	(78,142)	(483,806)
Accumulated deficit	(8,835,075)	(1,263,399)	(9,171,363)
Accumulated other comprehensive loss	(12,965)	(1,854)	(9,469)
TOTAL SHAREHOLDERS' EQUITY	3,990,403	570,620	3,694,552	¥ 3,711,461	¥ 3,881,672
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,965,944	853,119	5,090,721
Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	651	93	641
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	20,286	2,901	12,267
Short-term investments	39,411	5,636	40,184
Funds receivable from third party payment service providers	2,569	367
Prepayments and other receivables	29,415	4,206	50,631
Total current assets	91,681	13,110	103,082
Non-current assets:
Long-term investments	51,153	7,315	51,783
Investments in and amounts due from subsidiaries	3,815,305	545,582	3,542,000
Other non-current assets	34,383	4,916
Total non-current assets	3,900,841	557,813	3,593,783
TOTAL ASSETS	3,992,522	570,923	3,696,865
Current liabilities:
Accrued expenses and other current liabilities	2,119	303	2,313
Total current liabilities	2,119	303	2,313
TOTAL LIABILITIES	2,119	303	2,313
SHAREHOLDERS' EQUITY
Additional paid-in capital	13,383,934	1,913,877	13,358,237
Treasury shares (US$0.001 par value, 12,240,463 and 16,439,902 shares as of December 31, 2023 and 2024, respectively)	(546,454)	(78,142)	(483,806)
Accumulated deficit	(8,835,075)	(1,263,399)	(9,171,363)
Accumulated other comprehensive loss	(12,965)	(1,854)	(9,469)
TOTAL SHAREHOLDERS' EQUITY	3,990,403	570,620	3,694,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	3,992,522	570,923	3,696,865
Parent Company \| Common Class A
SHAREHOLDERS' EQUITY
Ordinary shares value	651	93	641
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

Commitments and Contingencies - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Commitments and Contingencies Disclosure [Abstract]
Contractual expense	¥ 802
Contracts commitment, 2026	¥ 34

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, 2025 ¥ / shares $ / shares	Dec. 31, 2024 ¥ / shares $ / shares	Dec. 31, 2023 ¥ / shares $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	60.12%	57.71%	49.00%
Expected volatility, Maximum	85.13%	66.26%	51.00%
Risk-free interest rate (per annum), Minimum	1.71%	1.67%	2.40%
Risk-free interest rate (per annum), Maximum	2.34%	2.24%	2.97%
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	$ 21.09	$ 11.65	$ 18.8
Fair value of share option	$ 20.38	$ 10.93	$ 18.1
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	$ 40.06	$ 29.22	$ 32.19
Fair value of share option	$ 39.36	$ 28.5	$ 31.48

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, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Product
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 19,379,932	$ 2,771,293	¥ 14,844,416	¥ 11,658,298
Service
Disaggregation Of Revenue [Line Items]
Net revenues	1,668,324	$ 238,567	1,483,984	1,307,484
Merchants \| Product
Disaggregation Of Revenue [Line Items]
Net revenues	11,932,362		10,630,286	9,503,034
Customers \| Product
Disaggregation Of Revenue [Line Items]
Net revenues	7,447,570		4,214,130	2,155,264
PJT Marketplace \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	813,757		801,772	707,000
Paipai Marketplace \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	487,786		463,036	497,338
Other Channel \| Service
Disaggregation Of Revenue [Line Items]
Net revenues	¥ 366,781		¥ 219,176	¥ 103,146

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2023	2024	2025
Expected volatility	49.00%~51.00%	57.71%~66.26%	60.12%~85.13%
Risk-free interest rate (per annum)	2.40%~2.97%	1.67%~2.24%	1.71%~2.34%
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	RMB18.80~RMB32.19	RMB11.65~RMB29.22	RMB21.09~ RMB40.06
Fair value of share option	RMB18.10~RMB31.48	RMB10.93~RMB28.50	RMB20.38~ RMB39.36

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, 2025:


	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, 2024		12,300,341			0.71		31.81		5.17		369,438
Granted		1,880,719			0.71		26.96
Forfeited		(253,868	)		0.71		27.77
Exercised		(1,486,283	)		0.71		29.38
Outstanding as of December 31, 2025		12,440,909			0.71		31.62		4.94		682,163
Vested and expect to vest as of December 31, 2025		12,440,909			0.71		31.62
Exercisable at December 31, 2025		10,853,856			0.71		34.36		4.55		607,958

Summary of Restricted Stock Option Activities

A summary of the RSUs activities for the year ended December 31, 2025 is as follows:


	Number of RSU			Weighted average grant-date fair value		Weighted average remaining contractual life
				RMB		Years
Outstanding as of December 31, 2024		873,333			12.17		0.17
Granted		30,000			39.85
Vested		(853,333	)		11.88
Outstanding as of December 31, 2025		50,000			25.58		2.01

Schedule of Share Based Compensation Expense


	Years ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Fulfillment expenses		23,390		20,649		14,222
Selling and marketing expenses		17,240		68,858		9,676
General and administrative expenses		73,156		59,630		17,738
Research and development expenses		20,616		17,604		11,241

Subsequent Events - Additional Information (Details) - O 2026 A Dividends - USD ($) $ / shares in Units, $ in Millions	Apr. 24, 2026	Mar. 10, 2026
Scenario Forecast
Subsequent Event [Line Items]
Payment date expected for holders of ordinary shares and ADSs	Apr. 24, 2026
Subsequent Event
Subsequent Event [Line Items]
Dividend payable, declared date		Mar. 10, 2026
Amount of cash dividends		$ 23.5
Dividends payable, record date		Apr. 06, 2026
Ordinary Shares \| Subsequent Event
Subsequent Event [Line Items]
Dividends payable, per share		$ 0.15
American Depositary Shares \| Subsequent Event
Subsequent Event [Line Items]
Dividends payable, per share		$ 0.1

Other Non-Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-Current Assets

Other non-current assets

Other non-current assets consist of the following:


	As of December 31,
	2024			2025
	RMB			RMB
Operating leases right-of-use assets (Note 18)			127,824		132,607
Term deposits (Note 2.13)		—			300,000
Others			24,270		56,602
Total			152,094		489,209

Taxation - Schedule of Reconciliation Between the Statutory Rate and The Company's Effective Tax Rate (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Amount
Income before tax and share of loss of equity-method investees	¥ 460,298	$ 65,821	¥ (442)	¥ (148,406)
Income tax expense at statutory rate	115,072
Foreign tax effects	2,995
Tax Credits
Effect of preferential tax rate for high-tech enterprises	(35,978)
Super deduction on research and development expenses	(14,232)
Changes in valuation allowances	(26,132)
Nontaxable or nondeductible items
Share-based compensation expenses	7,932
Others	1,781
True up	5,311
Total income tax (benefits) expenses	¥ 56,749	$ 8,115	¥ (56,877)	¥ (42,530)
Percentage
Income tax expense at statutory rate	25.00%	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes			(9026.84%)	(20.63%)
Super deduction on research and development expenses			4487.22%	2.85%
Effect of preferential tax rate for high-tech enterprises			1105.04%	(19.55%)
Effect of different tax rates of a subsidiary operating in other jurisdiction	0.65%	0.65%	(2880.81%)	(7.33%)
Effect of expired tax loss			0.00%	(0.01%)
Tax Credits
Effect of preferential tax rate for high-tech enterprises	(7.82%)	(7.82%)
Super deduction on research and development expenses	(3.09%)	(3.09%)
Change in valuation allowance	(5.68%)	(5.68%)	18154.30%	71.18%
Nontaxable or nondeductible items
Share-based compensation expenses	1.72%	1.72%
Others	0.39%	0.39%
True up	1.16%	1.16%	1004.19%	(22.85%)
Effective tax rate, Percentage	12.33%	12.33%	12868.10%	28.66%