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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
25.
SEGMENT INFORMATION

 

Reportable operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and in assessing performance. The Group's CODM has been identified as the Chief Executive Officer. For the year ended December 31, 2021, the Group determined that it had only one reportable segment, which was selling beauty products. Due to operational changes, the Group adjusted the reporting segmentation in light of the development of the Skincare Brands business since 2022. The Group currently reports the results of operations in three segments on a product category basis, namely Color Cosmetics Brands, Skincare Brands and others. The CODM measures the performance of each segment based on metrics of net revenues and income (loss) from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. Given this change in the composition of the Group’s reportable segments, prior year segment information was retrospectively adjusted to reflect the current reporting structure for the segments.

 

The table below provides a summary of the Group’s reportable segment results for the years ended December 31, 2021, 2022 and 2023:

 

 

Year ended December 31,

 

 

2021

 

2022

 

2023

 

 

RMB

 

RMB

 

RMB

 

Net revenues

 

 

 

 

 

 

Color Cosmetics Brands

 

4,869,279

 

 

2,415,500

 

 

1,973,726

 

Skincare Brands

 

855,241

 

 

1,241,528

 

 

1,383,578

 

Others

 

115,453

 

 

49,094

 

 

57,470

 

Total net revenues

 

5,839,973

 

 

3,706,122

 

 

3,414,774

 

 

 

 

 

 

 

 

Loss from operations

 

 

 

 

 

 

Color Cosmetics Brands

 

(823,296

)

 

(476,998

)

 

(352,147

)

Skincare Brands

 

(220,854

)

 

(63,095

)

 

(431,268

)

Others

 

(8,081

)

 

755

 

 

1,859

 

Unallocated expenses (a)

 

(572,013

)

 

(389,560

)

 

(131,799

)

Total loss from operations

 

(1,624,244

)

 

(928,898

)

 

(913,355

)

Reconciliation

 

 

 

 

 

 

Financial income

 

45,658

 

 

34,656

 

 

89,020

 

Foreign currency exchange (loss) gain

 

(1,751

)

 

(35,357

)

 

7,218

 

Income from equity method investments, net

 

5,978

 

 

12,548

 

 

10,122

 

Impairment loss of investments

 

(1,375

)

 

(5,078

)

 

-

 

Other (expenses) income, net

 

27,775

 

 

103,501

 

 

53,558

 

Loss before income tax expenses

 

(1,547,959

)

 

(818,628

)

 

(753,437

)

 

(a) Unallocated expenses represent share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are not allocated to segments.

No asset information is provided for reportable segments as no such information provides to the CODM to evaluate the segment performance and most assets are managed at the group level.

Substantially all revenues and long-lived assets of Group are derived from and located in the PRC.