Company description

We operate as an off-price retailer, offering a broad spectrum of high-quality branded products at deep discounts. Our product offerings include womenswear and menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, supermarket and other products, and home goods and other lifestyle products from desirable domestic and international brands. As of December 31, 2025, we had 312.1 million cumulative customers, and promoted and sold products for over 52,000 popular domestic and international brands. Our GMV increased from RMB208.0 billion in 2023 to RMB209.3 billion in 2024, and further increased to RMB213.5 billion in 2025. The total orders were 812.3 million, 757.5 million and 732.4 million in 2023, 2024 and 2025, respectively. With our dedicated operations in the off-price retailer industry and through our continuous innovations to stimulate customers’ excitement in their shopping experience, we have accumulated a large number of highly engaged and loyal customers. The total number of our active customers was 87.4 million, 84.7 million and 84.8 million in 2023, 2024 and 2025, respectively. Our active Super VIP customers increased from 7.6 million in 2023 to 8.8 million in 2024, and further increased to 9.8 million in 2025. We are the first company in China to introduce “flash sale,” an online retail format that transforms how off-price products are transacted. Over the years, we have refined our business operations through innovation and commitment to quality.

Read the full filing description · filed 16 Apr 2026

At a glance

Sector

Consumer Cyclical

Industry

Retail-Catalog & Mail-Order Houses