111, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
111, Inc. (NASDAQ: YI) has reported its Q4 and fiscal year 2024 financial results, marking significant milestones with its first-ever annual operating profit and positive operating cash flow. The company achieved income from operations of RMB2.1 million in 2024, a remarkable turnaround from an RMB350.1 million loss in 2023.
Q4 2024 net revenues were RMB3.8 billion (US$527.1 million), showing a 6.3% decrease YoY due to macroeconomic challenges. However, operating efficiency improved significantly, with total operating expenses decreasing by 470 basis points to 5.5% of net revenues.
For fiscal year 2024, net revenues reached RMB14.4 billion (US$2.0 billion), with operating expenses decreasing 230 basis points to 5.7%. The company generated positive operating cash flow of RMB263.0 million, ending the year with cash and equivalents of RMB518.3 million.
111, Inc. (NASDAQ: YI) ha riportato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, segnando traguardi significativi con il suo primo utile operativo annuale e flusso di cassa operativo positivo. L'azienda ha registrato un reddito operativo di 2,1 milioni di RMB nel 2024, un notevole cambiamento rispetto a una perdita di 350,1 milioni di RMB nel 2023.
I ricavi netti del Q4 2024 sono stati di 3,8 miliardi di RMB (527,1 milioni di USD), mostrando una diminuzione del 6,3% rispetto all'anno precedente a causa delle sfide macroeconomiche. Tuttavia, l'efficienza operativa è migliorata notevolmente, con le spese operative totali che sono diminuite di 470 punti base, arrivando al 5,5% dei ricavi netti.
Per l'anno fiscale 2024, i ricavi netti hanno raggiunto i 14,4 miliardi di RMB (2,0 miliardi di USD), con le spese operative che sono diminuite di 230 punti base, arrivando al 5,7%. L'azienda ha generato un flusso di cassa operativo positivo di 263,0 milioni di RMB, chiudendo l'anno con disponibilità liquide e mezzi equivalenti per 518,3 milioni di RMB.
111, Inc. (NASDAQ: YI) ha reportado sus resultados financieros del cuarto trimestre y del año fiscal 2024, marcando hitos significativos con su primer beneficio operativo anual y flujo de caja operativo positivo. La compañía logró un ingreso por operaciones de 2,1 millones de RMB en 2024, un notable cambio respecto a una pérdida de 350,1 millones de RMB en 2023.
Los ingresos netos del Q4 2024 fueron de 3,8 mil millones de RMB (527,1 millones de USD), mostrando una disminución del 6,3% interanual debido a desafíos macroeconómicos. Sin embargo, la eficiencia operativa mejoró significativamente, con los gastos operativos totales disminuyendo en 470 puntos base al 5,5% de los ingresos netos.
Para el año fiscal 2024, los ingresos netos alcanzaron los 14,4 mil millones de RMB (2,0 mil millones de USD), con los gastos operativos disminuyendo en 230 puntos base al 5,7%. La compañía generó un flujo de caja operativo positivo de 263,0 millones de RMB, cerrando el año con efectivo y equivalentes de 518,3 millones de RMB.
111, Inc. (NASDAQ: YI)는 2024년 4분기 및 회계연도 재무 결과를 발표하며 첫 연간 운영 이익 및 긍정적인 운영 현금 흐름이라는 중요한 이정표를 세웠습니다. 회사는 2024년에 210만 RMB의 운영 수익을 달성했으며, 이는 2023년 3억 5천만 RMB의 손실에서 괄목할 만한 전환을 이룬 것입니다.
2024년 4분기 순수익은 38억 RMB(5억 2,710만 달러)로, 거시경제적 도전으로 인해 전년 대비 6.3% 감소했습니다. 그러나 운영 효율성은 크게 개선되어 총 운영 비용이 순수익의 5.5%로 470bp 감소했습니다.
2024 회계연도 동안 순수익은 144억 RMB(20억 달러)에 도달했으며, 운영 비용은 230bp 감소하여 5.7%에 이르렀습니다. 회사는 2억 6,300만 RMB의 긍정적인 운영 현금 흐름을 창출하며, 연말에는 5억 1,830만 RMB의 현금 및 현금성 자산을 보유하고 있었습니다.
111, Inc. (NASDAQ: YI) a annoncé ses résultats financiers pour le quatrième trimestre et l'exercice 2024, marquant des étapes significatives avec son premier bénéfice opérationnel annuel et un flux de trésorerie opérationnel positif. L'entreprise a réalisé un revenu d'exploitation de 2,1 millions de RMB en 2024, un retournement remarquable par rapport à une perte de 350,1 millions de RMB en 2023.
Les revenus nets du Q4 2024 se sont élevés à 3,8 milliards de RMB (527,1 millions de USD), enregistrant une diminution de 6,3 % par rapport à l'année précédente en raison de défis macroéconomiques. Cependant, l'efficacité opérationnelle s'est considérablement améliorée, avec des dépenses d'exploitation totales réduites de 470 points de base à 5,5 % des revenus nets.
Pour l'exercice 2024, les revenus nets ont atteint 14,4 milliards de RMB (2,0 milliards de USD), les dépenses d'exploitation ayant diminué de 230 points de base à 5,7 %. L'entreprise a généré un flux de trésorerie opérationnel positif de 263,0 millions de RMB, terminant l'année avec des liquidités et équivalents de 518,3 millions de RMB.
111, Inc. (NASDAQ: YI) hat seine Finanzresultate für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht und dabei bedeutende Meilensteine mit seinem erstmaligen jährlichen Betriebsergebnis und positivem operativen Cashflow erreicht. Das Unternehmen erzielte 2024 einen Betriebsgewinn von 2,1 Millionen RMB, eine bemerkenswerte Wende von einem Verlust von 350,1 Millionen RMB im Jahr 2023.
Die Nettoumsätze für das 4. Quartal 2024 betrugen 3,8 Milliarden RMB (527,1 Millionen USD), was einem Rückgang von 6,3% im Vergleich zum Vorjahr aufgrund makroökonomischer Herausforderungen entspricht. Die Betriebseffizienz verbesserte sich jedoch erheblich, da die gesamten Betriebskosten um 470 Basispunkte auf 5,5% der Nettoumsätze sanken.
Für das Geschäftsjahr 2024 erreichten die Nettoumsätze 14,4 Milliarden RMB (2,0 Milliarden USD), während die Betriebskosten um 230 Basispunkte auf 5,7% sanken. Das Unternehmen erzielte einen positiven operativen Cashflow von 263,0 Millionen RMB und schloss das Jahr mit liquiden Mitteln und Äquivalenten in Höhe von 518,3 Millionen RMB ab.
- First-ever annual operating profit of RMB2.1 million in 2024
- First-ever positive operating cash flow of RMB263.0 million
- Operating expenses decreased significantly by 470 basis points in Q4
- Operating efficiency improved with expenses ratio dropping to 5.7% for full year
- Q4 net revenues declined 6.3% YoY to RMB3.8 billion
- Annual net revenues decreased 3.7% to RMB14.4 billion
- Net loss of RMB12.5 million in Q4 2024
- Cash position decreased to RMB518.3 million from RMB673.7 million YoY
Insights
111, Inc. has reached a significant inflection point in its financial trajectory, delivering its first-ever annual operating profit of RMB2.1 million, a dramatic turnaround from an RMB350.1 million operating loss in 2023. This RMB332.7 million year-over-year bottom line improvement demonstrates substantial progress in the company's path to sustainable profitability.
The company's focus on operational efficiency is evident with operating expenses decreasing 230 basis points year-over-year to 5.7% of revenue for 2024, and a more dramatic 470 basis point improvement in Q4 to 5.5%. Particularly notable is the achievement of positive operating cash flow of RMB263.0 million for the full year, a critical milestone for long-term viability.
Revenue performance was challenged, with Q4 net revenues of RMB3.8 billion down 6.3% year-over-year and full-year revenues of RMB14.4 billion declining 3.7%. However, this appears to reflect broader macroeconomic pressures rather than company-specific issues, as management referenced an "unfavorable macroeconomic environment" affecting consumer spending and retail pharmacy sales.
The company's cash position of RMB518.3 million provides some financial flexibility, though the outstanding RMB1.08 billion liability to investors of 1 Pharmacy Technology represents a significant financial obligation. The rescheduling agreements with 96.79% of investors provide improved payment terms, alleviating immediate liquidity pressure.
The dramatic operational improvements, particularly in expense control, position 111 for potential sustained profitability as market conditions improve. Management's indication that "the most difficult period is now behind us" suggests internal confidence in continuing the positive trajectory.
The fiscal results showcase 111's successful tech-driven operational transformation. Their investment in supply chain digitalization through the Kunpeng Network (now operating 28 transportation routes across five geographic super hubs) has yielded measurable efficiency gains, directly contributing to the dramatic reduction in operating expenses as a percentage of revenue.
The company's AI-first approach appears to be delivering tangible ROI, allowing 111 to simultaneously streamline logistics, reduce delivery times, and lower costs throughout its healthcare e-commerce platform. This technology-enabled efficiency is particularly evident in Q4 non-GAAP operating metrics, where losses narrowed by 95.8% year-over-year to just RMB2.3 million.
While specific technology expense figures show a 68.6% decrease in Q4 and 44% reduction for the full year, this reflects improved cost discipline rather than reduced innovation focus. The company appears to be strategically reallocating resources to high-impact digital initiatives rather than pulling back on digital transformation.
111's competitive positioning relies heavily on its technological infrastructure as evidenced by management's commitment to "continue to invest in AI and digital technologies" to cement market position. Their platform approach connecting upstream pharmaceutical suppliers with downstream retail pharmacies leverages network effects that should improve with scale as profitability continues.
The technology foundation 111 has built appears robust enough to support their ambition of becoming "the most efficient tech-enabled healthcare e-commerce platform," with infrastructure investments now beginning to generate meaningful financial returns despite challenging market conditions.
- Achieved First-Ever Annual Operating Profit
- Bottom Line Improved by
RMB332.7 Million YoY in 2024 - Operating Expenses as a Percentage of Revenues Decreased 230 Basis Points YoY in 2024
- Q4'24 Operating Expenses as a Percentage of Revenues Decreased 470 Basis Points YoY
- Achieved First-Ever Annual Positive Operating Cash Flow
Fourth Quarter 2024 Highlights
- Net revenues were
RMB3.8 billion (US ) and gross segment profit (1) was$527.1 million RMB202.5 million (US ). Due to an unfavorable macroeconomic environment, net revenues and gross segment profit had a$27.7 million 6.3% and5.5% decrease respectively. - Total operating expenses were
RMB209.8 million (US ), an improvement of$28.7 million 50.1% compared toRMB420.8 million in the same quarter of 2023. As a percentage of net revenues, total operating expenses decreased by 470 basis points to5.5% from10.2% in the same quarter of 2023, demonstrating continuous improvement in the Company's operational efficiency. - Loss from operations was
RMB7.3 million (US ), representing an improvement of$1.0 million 96.5% fromRMB206.5 million in the same quarter of 2023. As a percentage of net revenues, loss from operations accounted for0.2% in the quarter, down from5.0% in the same quarter of 2023. - Non-GAAP loss from operations (2) was
RMB2.3 million (US ), representing an improvement of$0.3 million 95.8% fromRMB55.2 million in the same quarter of 2023. As a percentage of net revenues, Non-GAAP loss from operations accounted for0.1% in the quarter, down from1.3% in the same quarter of 2023.
Fiscal Year 2024 Highlights
- Net revenues were
RMB14.4 billion (US ) and gross segment profit was$2.0 billion RMB829.2 million (US ). Net revenues and gross segment profit had a$113.6 million 3.7% and2.3% decrease respectively. - Total operating expenses were
RMB827.1 million (US ), an improvement of$113.3 million 31.0% compared toRMB1.2 billion in the previous year. As a percentage of net revenues, total operating expenses decreased by 230 basis points to5.7% from8.0% a year ago. - Income from operations was
RMB2.1 million (US ), compared to loss from operations of$0.3 million RMB350.1 million in 2023 to achieve first-ever annual operating profit. - Non-GAAP income from operations was
RMB22.3 million (US ), compared to non-GAAP loss from operations of$3.0 million RMB123.9 million in 2023. - Net cash from operating activities was
RMB263.0 million (US ), achieving first-ever positive operating cash flow for a year.$36.0 million - Cash and cash equivalents, restricted cash and short-term investments amounted to
RMB518.3 million (US ) as of December 31, 2024.$71.0 million
(1) Gross segment profit represents net revenues less cost of goods sold. |
(2) Non-GAAP loss (income) from operations represents loss (income) from operations excluding share-based compensation expenses. |
Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "2024 was a year of both challenges and transformation. The macroeconomic environment and ongoing healthcare reforms created headwinds across the industry, pressuring consumer spending, retail pharmacy sales, and profitability while also intensifying competition. Despite these challenges, we successfully navigated the evolving market landscape to achieve a historic milestone—our first-ever annual operational profitability and positive operating cash flow. Notably, income from operations for the full year 2024 was
"Our relentless focus on operational efficiency continues to drive impressive improvements through cost optimization and strategic infrastructure investments. In Q4, total operating expenses accounted for
"Meanwhile, we made further strides in supply chain management, primarily by streamlining logistics, reducing delivery times, and lowering costs through our Kunpeng Network, which now operates 28 transportation routes across our five major geographic super hubs. Our continued investments in AI-driven solutions and digital tools have also strengthened operational efficiency while enhancing customer engagement."
"While challenges remain, we believe the most difficult period is now behind us. Looking ahead into 2025, we remain confident in the long-term growth opportunities driven by the digitalization of healthcare, the transition of pharmaceutical sales toward retail pharmacies, and the rising healthcare needs of
Fourth Quarter 2024 Financial Results
Net revenues were RMB3.8 billion (
(In thousands RMB) | For the three months ended December 31, | ||||||
2023 | 2024 | YoY | |||||
B2B Net Revenue | |||||||
Product | 3,996,772 | 3,759,824 | -5.9 % | ||||
Service | 24,045 | 21,771 | -9.5 % | ||||
Sub-Total | 4,020,817 | 3,781,595 | -5.9 % | ||||
Cost of Products Sold(3) | 3,821,868 | 3,592,588 | -6.0 % | ||||
Segment Profit | 198,949 | 189,007 | -5.0 % | ||||
Segment Profit % | 4.9 % | 5.0 % | |||||
(In thousands RMB) | For the three months ended December 31, | ||||||
2023 | 2024 | YoY | |||||
B2C Net Revenue | |||||||
Product | 85,578 | 62,480 | -27.0 % | ||||
Service | 2,231 | 3,700 | 65.8 % | ||||
Sub-Total | 87,809 | 66,180 | -24.6 % | ||||
Cost of Products Sold | 72,504 | 52,705 | -27.3 % | ||||
Segment Profit | 15,305 | 13,475 | -12.0 % | ||||
Segment Profit % | 17.4 % | 20.4 % | |||||
(3) For segment reporting purposes, purchase rebates are allocated to | |||||||
Operating costs and expenses were RMB3.9 billion (
- Cost of products sold was RMB3.6 billion (
US ), representing a decrease of$499.4 million 6.4% from RMB3.9 billion in the same quarter of 2023. - Fulfillment expenses were RMB104.5 million (
US ), representing an increase of$14.3 million 3.1% from RMB101.3 million in the same quarter of 2023. Fulfillment expenses accounted for2.7% of net revenues this quarter as compared to2.5% in the same quarter of 2023. - Selling and marketing expenses were RMB76.2 million (
US ), representing a decrease of$10.4 million 56.1% from RMB173.5 million in the same quarter of 2023. Excluding the share-based compensation expenses ofRMB1.8 million for the quarter andRMB66.3 million for the same quarter of 2023, respectively, selling and marketing expenses as a percentage of net revenues accounted for1.9% in the quarter as compared to2.6% in the same quarter of 2023. - General and administrative expenses were RMB20.2 million (
US ), representing a decrease of$2.8 million 79.4% from RMB98.0 million in the same quarter of 2023. Excluding the share-based compensation expenses ofRMB2.3 million for the quarter andRMB62.1 million for the same quarter of 2023, respectively, general and administrative expenses as a percentage of net revenues accounted for0.5% in the quarter as compared to0.9% in the same quarter of 2023. - Technology expenses were RMB15.4 million (
US ), representing a decrease of$2.1 million 68.6% from RMB49.1 million in the same quarter of 2023. Excluding the share-based compensation expenses ofRMB1.0 million for the quarter andRMB22.9 million for the same quarter 2023, respectively, technology expenses as a percentage of net revenues accounted for0.4% in the quarter as compared to0.6% in the same quarter of 2023.
Loss from operations was RMB7.3 million (
Non-GAAP loss from operations was RMB2.3 million (
Net loss was RMB12.5 million (
Non-GAAP net loss (4) was RMB7.5 million (
Net loss attributable to ordinary shareholders was RMB19.8 million (
Non-GAAP net loss attributable to ordinary shareholders (5) was
(4) Non-GAAP net loss represents net loss excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the fourth quarter and fiscal year ended December 31, 2024, non-GAAP net loss is used as a meaningful measurement of the operation performance of the Company. |
(5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. |
Fiscal Year 2024 Financial Results
Net revenues were
(In thousands RMB) | For the year ended December 31, | ||||||
2023 | 2024 | YoY | |||||
B2B Net Revenue | |||||||
Product | 14,483,935 | 14,033,543 | -3.1 % | ||||
Service | 86,831 | 89,609 | 3.2 % | ||||
Sub-Total | 14,570,766 | 14,123,152 | -3.1 % | ||||
Cost of Products Sold | 13,801,172 | 13,357,617 | -3.2 % | ||||
Segment Profit | 769,594 | 765,535 | -0.5 % | ||||
Segment Profit % | 5.3 % | 5.4 % | |||||
(In thousands RMB) | For the year ended December 31, | ||||||
2023 | 2024 | YoY | |||||
B2C Net Revenue | |||||||
Product | 357,975 | 261,197 | -27.0 % | ||||
Service | 19,388 | 16,900 | -12.8 % | ||||
Sub-Total | 377,363 | 278,097 | -26.3 % | ||||
Cost of Products Sold | 297,979 | 214,403 | -28.0 % | ||||
Segment Profit | 79,384 | 63,694 | -19.8 % | ||||
Segment Profit % | 21.0 % | 22.9 % |
Operating costs and expenses were RMB14.4 billion (
- Cost of products sold was RMB13.6 billion (
US ), representing a decrease of$1.9 billion 3.7% from RMB14.1 billion in 2023. - Fulfillment expenses were RMB381.0 million (
US ), representing a decrease of$52.2 million 4.9% from RMB400.5 million in 2023. Fulfillment expenses accounted for2.6% of net revenues in 2024 as compared to2.7% in 2023. - Selling and marketing expenses were RMB313.9 million (
US ), representing a decrease of$43.0 million 30.0% from RMB448.4 million in the previous year. Excluding the share-based compensation expenses ofRMB6.9 million for 2024 andRMB77.0 million for 2023, respectively, selling and marketing expenses as a percentage of net revenues, decreased to2.1% in 2024 from2.5% in 2023. - General and administrative expenses were RMB70.9 million (
US ), representing a decrease of$9.7 million 68.4% from RMB224.2 million in 2023. Excluding the share-based compensation expenses ofRMB9.2 million for 2024 andRMB113.5 million for 2023, respectively, general and administrative expenses as a percentage of net revenues, decreased to0.4% in 2024 from0.7% in 2023. - Technology expenses were RMB69.6 million (
US ), representing a decrease of$9.5 million 44.0% from RMB124.3 million in 2023. Excluding the share-based compensation expenses ofRMB4.0 million for 2024andRMB35.7 million for 2023, respectively, technology expenses as a percentage of net revenues, decreased to0.5% in 2024 from0.6% in 2023.
Income from operations was RMB2.1 million (
Non-GAAP income from operations was RMB22.3 million (
Net loss was RMB20.8 million (
Non-GAAP net loss was RMB0.6 million (
Net loss attributable to ordinary shareholders was RMB64.7 million (
Non-GAAP net loss attributable to ordinary shareholders was RMB44.6 million (
As of December 31, 2024, the Company held cash and cash equivalents, restricted cash and short-term investments totaling
Conference Call
111's management team will host an earnings conference call at 7:30 AM
Details for the conference call are as follows:
Event Title: 111, Inc. Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Registration Link: https://s1.c-conf.com/diamondpass/10045645-1mt3o7.html
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call.
Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call.
A telephone replay of the call will be available after the conclusion of the conference call until March 27, 2025 via:
International: +61 7 3107 6325
Conference ID: 10045645
A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/29mixmoj.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP income (loss) from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net loss as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that non-GAAP income (loss) from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income (loss) from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.
The non-GAAP financial measures are not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable
Reconciliation of the non-GAAP financial measures to the most comparable
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts into
Forward-Looking Statements
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in
For more information on 111, please visit: http://ir.111.com.cn/.
For more information, please contact:
111, Inc.
Investor Relations
Email: ir@111.com.cn
111, Inc.
Media Relations
Email: press@111.com.cn
Phone: +86-021-2053 6666 (
111, Inc. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands, except for share and per share data) | ||||||
As of | As of | |||||
December 31, 2023 | December 31, 2024 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 603,523 | 462,289 | 63,333 | |||
Restricted cash | 20,025 | 56,043 | 7,678 | |||
Short-term investments | 50,143 | - | - | |||
Accounts receivable, net | 536,823 | 413,101 | 56,595 | |||
Notes receivable | 77,598 | 78,827 | 10,799 | |||
Inventories | 1,419,396 | 1,387,403 | 190,073 | |||
Prepayments and other current assets | 225,823 | 251,994 | 34,523 | |||
Total current assets | 2,933,331 | 2,649,657 | 363,001 | |||
Property and equipment, net | 34,340 | 32,903 | 4,508 | |||
Intangible assets, net | 2,256 | 1,437 | 197 | |||
Long-term investments | 2,000 | - | - | |||
Other non-current assets | 13,310 | 14,682 | 2,011 | |||
Operating lease right-of-use asset | 103,799 | 89,071 | 12,203 | |||
Total assets | 3,089,036 | 2,787,750 | 381,920 | |||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' | ||||||
Current liabilities: | ||||||
Short-term borrowings | 338,075 | 160,981 | 22,054 | |||
Accounts payable | 1,588,693 | 1,721,425 | 235,834 | |||
Accrued expense and other current liabilities | 818,295 | 460,173 | 63,043 | |||
Total current liabilities | 2,745,063 | 2,342,579 | 320,931 | |||
Long-term operating lease liabilities | 62,624 | 55,448 | 7,596 | |||
Other non-current liabilities | 5,245 | 8,961 | 1,228 | |||
Total liabilities | 2,812,932 | 2,406,988 | 329,755 | |||
MEZZANINE EQUITY | ||||||
Redeemable non-controlling interests | 870,825 | 1,038,914 | 142,331 | |||
SHAREHOLDERS' DEFICIT | ||||||
Ordinary shares Class A | 32 | 33 | 5 | |||
Ordinary shares Class B | 25 | 25 | 3 | |||
Treasury shares | (5,887) | (5,887) | (807) | |||
Additional paid-in capital | 3,169,114 | 3,172,820 | 434,675 | |||
Accumulated deficit | (3,819,249) | (3,883,992) | (532,105) | |||
Accumulated other comprehensive income | 72,514 | 74,357 | 10,187 | |||
Total shareholders' deficit | (583,451) | (642,644) | (88,042) | |||
Non-controlling interest | (11,270) | (15,508) | (2,124) | |||
Total deficit | (594,721) | (658,152) | (90,166) | |||
Total liabilities, mezzanine equity and deficit | 3,089,036 | 2,787,750 | 381,920 |
111, Inc. | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||
(In thousands, except for share and per share data) | |||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
Net revenues | 4,108,626 | 3,847,775 | 527,143 | 14,948,129 | 14,401,249 | 1,972,963 | |||||
Operating costs and expenses: | |||||||||||
Cost of products sold | (3,894,372) | (3,645,293) | (499,403) | (14,099,151) | (13,572,020) | (1,859,359) | |||||
Fulfillment expenses | (101,336) | (104,476) | (14,313) | (400,538) | (381,035) | (52,202) | |||||
Selling and marketing expenses | (173,507) | (76,173) | (10,436) | (448,387) | (313,897) | (43,004) | |||||
General and administrative expenses | (97,967) | (20,160) | (2,762) | (224,202) | (70,907) | (9,714) | |||||
Technology expenses | (49,098) | (15,410) | (2,111) | (124,341) | (69,635) | (9,540) | |||||
Other operating income (expenses), net | 1,116 | 6,418 | 879 | (1,607) | 8,359 | 1,145 | |||||
Total operating costs and expenses | (4,315,164) | (3,855,094) | (528,146) | (15,298,226) | (14,399,135) | (1,972,674) | |||||
(Loss) Income from operations | (206,538) | (7,319) | (1,003) | (350,097) | 2,114 | 289 | |||||
Interest income | 2,317 | 1,467 | 201 | 8,834 | 7,041 | 965 | |||||
Interest expense | (5,616) | (5,264) | (721) | (20,141) | (28,331) | (3,881) | |||||
Foreign exchange gain (loss) | 1,705 | (949) | (130) | 610 | (909) | (125) | |||||
Other income (loss), net | 3,060 | (479) | (66) | 7,612 | (595) | (82) | |||||
Loss before income taxes | (205,072) | (12,544) | (1,719) | (353,182) | (20,680) | (2,834) | |||||
Income tax expense | (149) | (3) | 0 | (251) | (96) | (13) | |||||
Net loss | (205,221) | (12,547) | (1,719) | (353,433) | (20,776) | (2,847) | |||||
Net loss attributable to non-controlling interest | 8,992 | 8,829 | 1,210 | 16,829 | 8,398 | 1,151 | |||||
Net loss attributable to redeemable non-controlling interest | 18,323 | 824 | 113 | 30,852 | 1,992 | 273 | |||||
Adjustment attributable to redeemable non-controlling interest | (32,460) | (16,947) | (2,322) | (86,941) | (54,357) | (7,447) | |||||
Net loss attributable to ordinary shareholders | (210,366) | (19,841) | (2,718) | (392,693) | (64,743) | (8,870) | |||||
Other comprehensive loss | |||||||||||
Unrealized gains of available-for-sale securities, | 408 | (320) | (44) | 4,343 | (1,073) | (147) | |||||
Realized gains of available-for-sale debt securities | (608) | 321 | 44 | (4,166) | 1,217 | 167 | |||||
Foreign currency translation adjustments | (7,483) | 1,754 | 240 | (3,249) | 1,699 | 233 | |||||
Comprehensive loss | (218,049) | (18,086) | (2,478) | (395,765) | (62,900) | (8,617) | |||||
Loss per ADS: | |||||||||||
Basic and diluted | (2.48) | (0.22) | (0.04) | (4.66) | (0.76) | (0.10) | |||||
Weighted average number of shares used in computation of loss per share | |||||||||||
Basic and diluted | 169,883,175 | 172,757,611 | 172,757,611 | 168,609,128 | 171,835,632 | 171,835,632 |
111, Inc. | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) | |||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
Net cash (used in) provided by operating activities | (197,014) | (48,547) | (6,652) | (447,244) | 263,016 | 36,033 | |||||
Net cash provided by investing activities | 59,830 | 37,517 | 5,140 | 151,743 | 37,376 | 5,120 | |||||
Net cash provided by (used in) financing activities | 1,748 | (35,783) | (4,902) | 205,978 | (406,236) | (55,654) | |||||
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (7,234) | 734 | 101 | (3,720) | 628 | 86 | |||||
Net decrease in cash and cash equivalents, and restricted cash | (142,670) | (46,079) | (6,313) | (93,243) | (105,216) | (14,415) | |||||
Cash and cash equivalents, and restricted cash at the beginning of the period | 766,218 | 564,411 | 77,324 | 716,791 | 623,548 | 85,426 | |||||
Cash and cash equivalents, and restricted cash at the end of the period | 623,548 | 518,332 | 71,011 | 623,548 | 518,332 | 71,011 |
111, Inc. | |||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||
(In thousands, except for share and per share data) | |||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(Loss) Income from operations | (206,538) | (7,319) | (1,003) | (350,097) | 2,114 | 289 | |||||
Add: Share-based compensation expenses | 151,352 | 5,027 | 689 | 226,170 | 20,149 | 2,760 | |||||
Non-GAAP (loss) income from operations | (55,186) | (2,292) | (314) | (123,927) | 22,263 | 3,049 | |||||
Net loss | (205,221) | (12,547) | (1,719) | (353,433) | (20,776) | (2,847) | |||||
Add: Share-based compensation expenses, net of tax | 151,352 | 5,027 | 689 | 226,170 | 20,149 | 2,760 | |||||
Non-GAAP net loss | (53,869) | (7,520) | (1,030) | (127,263) | (627) | (87) | |||||
Net loss attributable to ordinary shareholders | (210,366) | (19,841) | (2,718) | (392,693) | (64,743) | (8,870) | |||||
Add: Share-based compensation expenses, net of tax | 151,352 | 5,027 | 689 | 226,170 | 20,149 | 2,760 | |||||
Non-GAAP net loss attributable to ordinary shareholders | (59,014) | (14,814) | (2,029) | (166,523) | (44,594) | (6,110) | |||||
Loss per ADS(6): Basic and diluted | (2.48) | (0.22) | (0.04) | (4.66) | (0.76) | (0.10) | |||||
Add: Share-based compensation expenses per ADS(6), net of tax | 1.78 | 0.06 | 0.00 | 2.68 | 0.24 | 0.04 | |||||
Non-GAAP loss per ADS(6) | (0.70) | (0.16) | (0.04) | (1.98) | (0.52) | (0.06) | |||||
(6) Every one ADS represents two Class A ordinary shares. |
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SOURCE 111, Inc.