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Yunji Inc. (YJ) is a pioneering social e-commerce platform based in China, known for its unique membership-based model that harnesses the power of social interaction. Headquartered out of Hangzhou, the company operates in the burgeoning e-commerce market of China, offering a diverse range of products such as beauty and personal care items, mobile phones, digital products, baby and maternal goods, toys, fresh fruits, and more. Yunji curates a selective inventory, optimizing its product categories and refining supplier and merchant selections to ensure high-quality offerings at competitive prices.
Yunji’s platform leverages advanced big data and AI technologies to enhance user experience and incentivize members to promote products within their social networks. This strategy fosters a robust community of engaged consumers who benefit from exclusive membership perks, including discounted prices and high-quality products sourced through efficient supply chain management.
In recent times, Yunji has been proactive in navigating the post-pandemic market landscape. They have focused on developing innovative private label products and seizing opportunities arising from the synergy between online and offline economies. Financially, Yunji has emphasized strategic optimization of asset allocation and prudent investment in new opportunities, even as they face short-term impacts on sales due to their product selection refinement strategy.
Despite a challenging economic environment, Yunji reported total revenues of RMB145.2 million for Q3 2023 and RMB149.1 million for Q4 2023. The company has implemented cost-reduction strategies, leading to significant decreases in the cost of revenues and operating expenses. However, Yunji has faced net losses, which they attribute to market conditions and strategic adjustments.
Leadership changes have also marked Yunji's recent trajectory. Notably, Mr. Peng Zhang resigned as Vice President of Finance, with Mr. Yeqing Cui stepping up as Senior Financial Director. Additionally, the company appointed Mr. Xuefeng Chen as an independent director, bringing extensive capital market experience to Yunji's board.
Yunji has faced compliance challenges with Nasdaq's minimum bid price requirement but has taken steps to address these, including transferring their listing from the Nasdaq Global Market to the Nasdaq Capital Market. The company is committed to regaining compliance and exploring available options, including a potential reverse stock split if necessary.
Looking ahead, Yunji remains focused on growth and innovation, recently celebrating its ninth anniversary. The company continues to refine operations, manage assets efficiently, and develop new products to meet evolving consumer needs. They have also acquired land in Hangzhou for a new headquarters, signaling long-term strategic investment in infrastructure to support future growth.
Yunji Inc. (NASDAQ: YJ) reported its Q3 2024 financial results, showing total revenues of RMB86.6 million (US$12.4 million), down from RMB145.1 million in Q3 2023. The decline was attributed to soft consumer confidence and the company's strategy to refine product selection. The company maintained a 72.7% repeat purchase rate for the twelve months ended September 30, 2024. Operating expenses decreased by 24.0% to RMB73.9 million, while net loss was RMB30.0 million compared to RMB34.8 million in the same period last year.
Yunji Inc. (NASDAQ: YJ), a membership-based social e-commerce platform, announced it will release its third quarter 2024 financial results on November 21, 2024, before market opens. The company will host a conference call at 6:30 A.M. Eastern Time (7:30 P.M. Beijing/Hong Kong Time) on the same day to discuss the results. The earnings release will be available on their investor relations website, and a replay of the conference call will be accessible through November 28, 2024.
Yunji Inc. (NASDAQ: YJ), a leading membership-based social e-commerce platform, has regained compliance with Nasdaq's minimum bid price requirement. The company received a notification letter from Nasdaq on September 27, 2024, confirming its compliance with Listing Rule 5450(a)(2).
Previously, on October 5, 2023, Yunji was notified of non-compliance as its ADS closing bid price had been below $1.00 for 30 consecutive business days. After transferring from the Nasdaq Global Market to the Nasdaq Capital Market, Yunji was granted until September 30, 2024, to regain compliance.
The company successfully met the requirement by maintaining a closing bid price of $1.00 or greater for 10 consecutive business days from September 13 to September 26, 2024. With this achievement, Nasdaq has closed the matter, ensuring Yunji's continued listing on the exchange.
Yunji Inc. (NASDAQ: YJ), a leading membership-based social e-commerce platform, has announced plans to change its American Depositary Shares (ADS) ratio. The new ratio will be 1 ADS to 400 Class A ordinary shares, compared to the current 1:100 ratio. This change, effective around September 13, 2024, will have the same effect as a one-for-four reverse ADS split. ADS holders will need to exchange every four existing ADSs for one new ADS. The company's ADSs will continue trading on Nasdaq under the symbol 'YJ'. While the ADS trading price is expected to increase proportionally, Yunji cannot guarantee it will be equal to or greater than four times the previous price.
Yunji Inc. (NASDAQ: YJ) reported its Q2 2024 unaudited financial results. Total revenues decreased to RMB106.0 million (US$14.6 million) from RMB167.1 million in Q2 2023, due to soft consumer confidence and product selection refinement. The repeat purchase rate was 73.5%. The company focused on enhancing short videos, livestreaming, and offline initiatives to target the silver economy. Net loss narrowed to RMB11.9 million (US$1.6 million) from RMB41.5 million in Q2 2023. Adjusted net loss (non-GAAP) was RMB9.7 million (US$1.3 million). The company maintained a stable financial position while pursuing growth opportunities prudently.
Yunji Inc. (NASDAQ: YJ), a leading membership-based social e-commerce platform, has announced its plans to release second quarter 2024 financial results on August 23, 2024, before the market opens. The company will host a conference call at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time on the same day to discuss the earnings. Investors can access the call using various toll-free and international numbers. A live and archived webcast of the conference call will be available on Yunji's investor relations website. The earnings release will also be accessible on the same website.
Yunji (NASDAQ: YJ) announced its unaudited financial results for Q1 2024, ending March 31, 2024. The company's total revenues were RMB 127.9 million (US$17.7 million), a decline compared to RMB 178.7 million in Q1 2023. This drop is attributed to soft consumer confidence and strategic optimization in product selection and supplier management. Despite lower revenues, Yunji achieved a net income of RMB 3.9 million (US$0.5 million), reversing a net loss of RMB 22.9 million in the same period last year. Additionally, the company reported a stable gross margin and decreased total operating expenses by 11% to RMB 75.9 million (US$10.5 million). Yunji also announced the acquisition of land in Hangzhou for new headquarters construction, costing RMB 171.5 million.
Yunji (NASDAQ: YJ), a leading membership-based social e-commerce platform, will release its first quarter financial results on June 11, 2024, before the market opens. The earnings release will be available on Yunji's investor relations website. A conference call to discuss the earnings is scheduled for the same day at 7:30 A.M. Eastern Time (7:30 P.M. Beijing/Hong Kong Time). The call can be accessed via various toll-free numbers for international listeners, with replay options available until June 18, 2024. A live and archived webcast of the conference call will also be available on the investor relations site.
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