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SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

Schedule of amounts and balances of the VIEs were included in the Group's consolidated financial statements after the elimination of intercompany balances and transactions

		As of December 31,
		2018		2019
Current Assets:
Cash and cash equivalents		8,527		40,964
Restricted cash		—		12,631
Accounts receivable, net		28,351		60,173
Notes receivable		—		23,274
Inventories		210,285		389,195
Prepayments and other current assets		133,655		171,318
Total current assets		380,818		697,555
Property and equipment		9,962		15,599
Intangible assets, net		382		774
Long-term investments		11,140		140
Operating lease right-of-use assets		—		67,103
Other non-current assets		1,446		2,078
Total assets		403,748		783,249
Current Liabilities:
Short-term borrowings		—		(65,081)
Accounts payable		(211,954)		(394,242)
Accrued expenses and other current liabilities		(50,356)		(149,111)
Total current liabilities		(262,310)		(608,434)
Long-term operating lease liabilities		—		(47,750)
Total liabilities		(262,310)		(656,184)

		Year Ended December 31,
		2017		2018		2019
Net revenues		959,153		1,785,757		3,302,818
Total cost and expenses		(930,567)		(1,809,656)		(3,383,187)
Net income (loss)		28,586		(23,899)		(80,369)

		Year Ended December 31,
		2017		2018		2019
Net cash used in operating activities		(124,409)		(112,425)		(263,750)
Net cash used in investing activities		(54)		(7,308)		(4,684)
Net cash provided by financing activities		—		—		87,892

Schedule of estimated useful lives

Leasehold improvements		Shorter of the lease term or their estimated useful lives
Furniture, fixtures and equipment		3 years
Electronic equipment		3 years
Vehicles		5 years

Schedule of concentration of customers and suppliers

		As of December 31,
		2018		2019
Accounts receivable:
A		*		18.8	%

The following supplier accounted for 10% or more of purchases for the years ended December 31, 2017, 2018 and 2019:

		Year Ended December 31,
		2017		2018		2019
Product purchases:
A		14.1	%	13.9	%	*
B		*		12.7	%	*

The following suppliers accounted for 10% or more of balances of accounts payable as of December 31, 2018 and 2019:

		As of December 31,
		2018		2019
Accounts payable:
A		18.9	%	*

* Less than 10%.

Schedule of product revenues and segment profit/(loss) generated by its segments

		Year Ended December 31,
		2017		2018		2019
B2C segment
Product revenues		862,327		847,476		763,254
Cost of products sold*		(780,137)		(767,073)		(654,796)
Segment profit for B2C Business		82,190		80,403		108,458
B2B segment
Product revenues		86,890		922,751		3,166,444
Cost of products sold*		(88,582)		(914,627)		(3,132,074)
Segment (loss) profit for B2B Model		(1,692)		8,124		34,370
Total segment profit		80,498		88,527		142,828

* For segment reporting purpose, purchase rebate is allocated to B2C segment and B2B segment primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses.

Schedule of reconciliation of reportable segments revenue to the Group's consolidated revenues

		Year Ended December 31,
		2017		2018		2019
Total revenues for reportable segments		949,217		1,770,227		3,929,698
Service revenues		10,269		15,743		22,355
Total consolidated revenues		959,486		1,785,970		3,952,053

Schedule of reconciliation of the reportable segments' measures of profit or loss to the Group's consolidated loss before income taxes

		Year Ended December 31,
		2017		2018		2019
Total profit for reportable segments		80,498		88,527		142,828
Unallocated amounts:
Service Revenues		10,269		15,743		22,355
Fulfillment expenses		(55,880)		(73,930)		(128,996)
Selling and marketing expenses		(190,074)		(260,040)		(340,562)
General and administrative expenses		(53,434)		(98,759)		(123,501)
Technology expenses		(48,133)		(71,248)		(61,902)
Other operating income (expenses), net		2,732		(668)		(3,735)
Interest income		4,013		4,352		4,802
Interest expense		(55)		—		(3,622)
Foreign exchange  (loss) gain		(3,492)		2,459		(10,328)
Other income (loss),net		4,229		11,531		834
Loss before income tax		(249,327)		(382,033)		(501,827)

Schedule of revenues from different product groups and services

		Year Ended December 31,
		2017		2018		2019
Product Revenues		949,217		1,770,227		3,929,698
Drugs		649,341		1,489,917		3,595,419
Nutritional supplements		123,214		190,425		245,644
Contact lenses.		107,275		47,295		18,110
Medical supplies and devices		49,414		26,563		50,178
Other products.		19,973		16,027		20,347
Service Revenues		10,269		15,743		22,355
MP Service		8,767		12,375		17,239
Other Services		1,502		3,368		5,116
Total		959,486		1,785,970		3,952,053

Schedule of impact on consolidated balance sheet

		December 31, 2018		January 1, 2019
				Effect of the adoption
		As reported		of ASC 842		As adjusted
ASSETS
Prepayments and other current assets		161,147		(1,371)		159,776
Operating lease right-of-use assets		—		62,408		62,408
Total assets		1,546,418		61,037		1,607,455
LIABILITIES AND EQUITY
Accrued expenses and other current liabilities		102,261		19,795		122,056
Long-term operating lease liabilities		—		41,242		41,242
Total liabilities		322,654		61,037		383,691
Total equity		1,223,764		—		1,223,764
Total liabilities and equity		1,546,418		61,037		1,607,455

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