Aug 20, 2026 earnings call — Shift to organic private-label and cost discipline
Total revenues were RMB 196.3 million for the first half, while net loss narrowed to RMB 72.4 million.
Revenue $0.1B (est $0.0B)
Key quotes
"Self-operating merchandise now accounts for approximately 70% of the total sales, of which private label products accounted for 56%."
"In total, we conducted approximately 30 traceability events during the period, and these events collectively delivered strong sales conversion."
"As a result, total operating expenses in the first half of 2026 decreased to RMB 109.7 million from RMB 139.4 million in the same period of 2025, a 38.8% reduction."