Yunji Announces Second Quarter 2024 Unaudited Financial Results
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) ha riportato i risultati finanziari non auditati per il secondo trimestre del 2024. Le entrate totali sono diminuite a RMB106,0 milioni (US$14,6 milioni) rispetto ai RMB167,1 milioni nel secondo trimestre del 2023, a causa della bassa fiducia dei consumatori e di una selezione dei prodotti affinata. Il tasso di riacquisto è stato del 73,5%. L'azienda si è concentrata sul potenziamento dei video brevi, delle dirette streaming e delle iniziative offline per mirare all'economia della terza età. La perdita netta si è ridotta a RMB11,9 milioni (US$1,6 milioni) rispetto ai RMB41,5 milioni nel secondo trimestre del 2023. La perdita netta rettificata (non-GAAP) è stata di RMB9,7 milioni (US$1,3 milioni). L'azienda ha mantenuto una posizione finanziaria stabile mentre cercava opportunità di crescita in modo prudente.
Yunji Inc. (NASDAQ: YJ) reportó sus resultados financieros no auditados para el segundo trimestre de 2024. Los ingresos totales disminuyeron a RMB106,0 millones (US$14,6 millones) desde RMB167,1 millones en el segundo trimestre de 2023, debido a la baja confianza del consumidor y a la mejora en la selección de productos. La tasa de recompra fue del 73,5%. La compañía se centró en mejorar videos cortos, transmisiones en vivo e iniciativas fuera de línea para dirigirse a la economía de los mayores. La pérdida neta se redujo a RMB11,9 millones (US$1,6 millones) desde RMB41,5 millones en el segundo trimestre de 2023. La pérdida neta ajustada (no-GAAP) fue de RMB9,7 millones (US$1,3 millones). La empresa mantuvo una posición financiera estable mientras buscaba oportunidades de crecimiento de manera prudente.
윤지 주식회사(Yunji Inc.)(NASDAQ: YJ)는 2024년 2분기 비감사 재무 실적을 발표했습니다. 총 수익은 1억 6천만 위안 (1460만 달러)으로 감소했습니다, 2023년 2분기의 1억 6710만 위안에서 줄어든 것으로, 소비자 신뢰도 저조 및 제품 선택 조정이 원인입니다. 재구매율은 73.5%입니다. 회사는 실버 경제를 겨냥하여 짧은 동영상, 라이브 스트리밍 및 오프라인 이니셔티브를 강화하는 데 집중했습니다. 순손실은 1190만 위안 (160만 달러)으로 감소했습니다, 2023년 2분기의 4150만 위안에서 줄어든 수치입니다. 조정된 순손실(비 GAAP)은 970만 위안 (130만 달러)입니다. 회사는 성장 기회를 신중하게 추구하면서 안정적인 재무 상태를 유지하였습니다.
Yunji Inc. (NASDAQ: YJ) a publié ses résultats financiers non audités pour le deuxième trimestre 2024. Les revenus totaux ont diminué à 106,0 millions de RMB (14,6 millions de dollars) contre 167,1 millions de RMB au deuxième trimestre 2023, en raison d'une faible confiance des consommateurs et d'un raffinement de la sélection des produits. Le taux de réachat était de 73,5%. L'entreprise s'est concentrée sur l'amélioration des courtes vidéos, des diffusions en direct et des initiatives hors ligne pour cibler l'économie des seniors. La perte nette a été réduite à 11,9 millions de RMB (1,6 million de dollars) contre 41,5 millions de RMB au deuxième trimestre 2023. La perte nette ajustée (non-GAAP) était de 9,7 millions de RMB (1,3 million de dollars). L'entreprise a maintenu une position financière stable tout en poursuivant prudemment des opportunités de croissance.
Yunji Inc. (NASDAQ: YJ) hat seine nicht testierten Finanz Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Der Gesamterlös fiel auf 106,0 Millionen RMB (14,6 Millionen USD), verglichen mit 167,1 Millionen RMB im zweiten Quartal 2023, bedingt durch eine schwache Verbrauchervertrauenslage und eine Optimierung der Produkt Auswahl. Die Wiederkaufrate betrug 73,5%. Das Unternehmen konzentrierte sich darauf, Kurzvideos, Livestreaming und Offline-Initiativen zu verstärken, um die Silberwirtschaft anzusprechen. Der Nettoverlust verringerte sich auf 11,9 Millionen RMB (1,6 Millionen USD), im Vergleich zu 41,5 Millionen RMB im zweiten Quartal 2023. Der angepasste Nettoverlust (Non-GAAP) betrug 9,7 Millionen RMB (1,3 Millionen USD). Das Unternehmen hielt eine stabile Finanzlage aufrecht, während es vorsichtig Wachstumschancen verfolgte.
- Net loss narrowed significantly to RMB11.9 million from RMB41.5 million year-over-year
- High repeat purchase rate of 73.5% in the twelve months ended June 30, 2024
- Total operating expenses decreased by 33.9% year-over-year
- Financial income improved to RMB10.9 million from a loss of RMB12.7 million in the same period last year
- Total revenues declined 36.6% year-over-year to RMB106.0 million
- Revenues from sales of merchandise decreased to RMB83.0 million from RMB131.2 million year-over-year
- Marketplace business revenues fell to RMB21.1 million from RMB34.3 million year-over-year
- Loss from operations increased to RMB23.1 million from RMB11.8 million in the same period last year
Insights
Yunji's Q2 2024 results paint a concerning picture. Total revenues declined significantly to
The company's cost-cutting efforts are evident, with total operating expenses decreasing by
While the repeat purchase rate of
Yunji's strategic shift towards the silver economy in China is a shrewd move, given the demographic trends. However, the
The
The e-commerce landscape in China remains highly competitive and Yunji's performance relative to peers should be closely monitored. The company's ability to successfully target the mature adult demographic while maintaining its existing customer base will be important for future growth. Investors should watch for signs of stabilization in revenue and improvements in customer acquisition metrics in the coming quarters.
Second Quarter 2024 Highlights
- Total revenues in the second quarter of 2024 were
RMB106.0 million (US ), compared with$14.6 million RMB167.1 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company's continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales. - Repeat purchase rate[2] in the twelve months ended June 30, 2024 was
73.5% .
Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, "In the second quarter of 2024, we continued to enhance our efforts in short videos and livestreaming while also integrating offline initiatives alongside our digital presence. Recognizing the significant potential within the silver economy in
"Our current financial position allows us to support our strategic initiatives. We regularly assess the profitability of both new and existing business lines, making thoughtful adjustments in response to market changes. This approach helps us maintain a stable financial position in a shifting business landscape. As we move forward, we will continue to pursue growth opportunities prudently while ensuring our financial stability," said Mr. Yeqing Cui, Senior Financial Director of Yunji.
Second Quarter 2024 Unaudited Financial Results
Total revenues were
- Revenues from sales of merchandise were
RMB83.0 million (US ), compared with$11.4 million RMB131.2 million in the same period of 2023. - Revenues from the marketplace business were
RMB21.1 million (US ), compared with$2.9 million RMB34.3 million in the same period of 2023. - Other revenues were
RMB1.9 million (US ), compared with$0.3 million RMB1.6 million in the same period of 2023.
Total cost of revenues decreased by
Total operating expenses decreased by
- Fulfillment expenses decreased by
30.9% toRMB20.7 million (US ), or$2.8 million 19.5% of total revenues, fromRMB29.9 million , or17.9% of total revenues, in the same period of 2023. The decrease was mainly due to (i) reduced warehousing and logistics expenses due to lower merchandise sales, and (ii) reduced personnel costs as a result of staffing structure refinements. - Sales and marketing expenses decreased by
35.0% toRMB21.7 million (US ), or$3.0 million 20.5% of total revenues, fromRMB33.4 million , or20.0% of total revenues, in the same period of 2023. The decrease was mainly due to the reduction in member management fees. - Technology and content expenses decreased by
14.4% toRMB12.2 million (US ), or$1.7 million 11.5% of total revenues, fromRMB14.3 million , or8.5% of total revenues, in the same period of 2023. The decrease was mainly due to (i) the reduction in personnel costs as a result of staffing structure refinements, and (ii) reduced server service fees. - General and administrative expenses decreased by
43.8% toRMB18.7 million (US ), or$2.6 million 17.6% of total revenues, fromRMB33.2 million , or19.9% of total revenues, in the same period of 2023. The decrease was mainly due to (i) the reduction in the allowance for credit losses, and (ii) reduced personnel costs as a result of staffing structure refinements.
Loss from operations was
Financial income, net was
Net loss was
Adjusted net loss (non-GAAP)[3] was
Basic and diluted net loss per share attributable to ordinary shareholders were both
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses adjusted net loss as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company presents adjusted net loss because it is used by management to evaluate operating performance and formulate business plans. Adjusted net loss enables management to assess operating performance without considering the impact of share-based compensation recorded under ASC 718, "Compensation-Stock Compensation." The Company also believes that the use of this non-GAAP measure facilitates investors' assessment of operating performance.
This non-GAAP financial measure is not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest
For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures" set forth at the end of this press release.
Conference Call
The Company will host a conference call on Friday, August 23, 2024, at 7:30 A.M. Eastern Time or 7:30 P.M.
International: | 1-412-902-4272 |
United States Toll Free: | 1-888-346-8982 |
Mainland China Toll Free: | 4001-201203 |
Hong Kong Toll Free: | 800-905945 |
Conference ID: | Yunji Inc. |
A telephone replay of the call will be available after the conclusion of the conference call for one week.
Dial-in numbers for the replay are as follows:
United States Toll Free | 1-877-344-7529 |
International | 1-412-317-0088 |
Replay Access Code | 3316837 |
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in
For more information, please visit https://investor.yunjiglobal.com/
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
YUNJI INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) | ||||||
As of | ||||||
December 31, 2023 | June 30, 2024 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current Assets | ||||||
Cash and cash equivalents | 517,542 | 299,255 | 41,179 | |||
Restricted cash | 27,169 | 25,253 | 3,475 | |||
Short-term investments | 7,195 | - | - | |||
Accounts receivable, net (Allowance for | 64,312 | 64,663 | 8,898 | |||
Advance to suppliers | 14,058 | 8,825 | 1,214 | |||
Inventories, net | 42,716 | 31,696 | 4,362 | |||
Amounts due from related parties | 1,361 | 861 | 118 | |||
Prepaid expenses and other current assets[4] | 134,247 | 150,578 | 20,720 | |||
Total current assets | 808,600 | 581,131 | 79,966 | |||
Non-current assets | ||||||
Property and equipment, net | 175,451 | 174,176 | 23,967 | |||
Long-term investments | 364,159 | 381,225 | 52,458 | |||
Operating lease right-of-use assets, net | 16,507 | 15,925 | 2,191 | |||
Other non-current assets[5] (Allowance for | 189,067 | 338,457 | 46,573 | |||
Total non-current assets | 745,184 | 909,783 | 125,189 | |||
Total assets | 1,553,784 | 1,490,914 | 205,155 |
YUNJI INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted)
| ||||||
As of | ||||||
December 31, 2023 | June 30, 2024 | |||||
RMB | RMB | US$ | ||||
LIABILITIES AND SHAREHOLDERS'
| ||||||
Current Liabilities | ||||||
Accounts payable | 96,782 | 79,810 | 10,982 | |||
Deferred revenue | 9,412 | 9,388 | 1,292 | |||
Incentive payables to members[6] | 124,889 | 86,726 | 11,934 | |||
Member management fees payable | 4,373 | 2,861 | 394 | |||
Other payable and accrued liabilities | 109,200 | 104,827 | 14,422 | |||
Amounts due to related parties | 3,535 | 2,976 | 410 | |||
Operating lease liabilities - current | 3,376 | 5,773 | 794 | |||
Total current liabilities | 351,567 | 292,361 | 40,228 | |||
Non-current liabilities | ||||||
Operating lease liabilities | 11,122 | 9,967 | 1,371 | |||
Total non-current liabilities | 11,122 | 9,967 | 1,371 | |||
Total Liabilities | 362,689 | 302,328 | 41,599 |
YUNJI INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) | ||||||
As of | ||||||
December 31, 2023 | June 30, 2024 | |||||
RMB | RMB | US$ | ||||
Shareholders' equity | ||||||
Ordinary shares | 70 | 70 | 10 | |||
Less: Treasury stock | (116,108) | (116,045) | (15,968) | |||
Additional paid-in capital | 7,328,680 | 7,329,968 | 1,008,637 | |||
Statutory reserve | 16,254 | 16,254 | 2,237 | |||
Accumulated other comprehensive income | 85,291 | 89,412 | 12,304 | |||
Accumulated deficit | (6,123,971) | (6,131,951) | (843,785) | |||
Total Yunji Inc. shareholders' equity | 1,190,216 | 1,187,708 | 163,435 | |||
Non-controlling interests | 879 | 878 | 121 | |||
Total shareholders' equity | 1,191,095 | 1,188,586 | 163,556 | |||
Total liabilities and shareholders' equity | 1,553,784 | 1,490,914 | 205,155 |
YUNJI INC. | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data, unless otherwise noted) | ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2024 | June 30, 2023 | June 30, 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues: | ||||||||||||
Sales of merchandise, net | 131,231 | 82,979 | 11,418 | 274,189 | 185,025 | 25,460 | ||||||
Marketplace revenue | 34,269 | 21,110 | 2,905 | 67,226 | 45,167 | 6,215 | ||||||
Other revenues | 1,629 | 1,890 | 260 | 4,458 | 3,645 | 502 | ||||||
Total revenues | 167,129 | 105,979 | 14,583 | 345,873 | 233,837 | 32,177 | ||||||
Operating cost and expenses: | ||||||||||||
Cost of revenues | (80,831) | (56,566) | (7,784) | (174,293) | (121,311) | (16,693) | ||||||
Fulfilment | (29,888) | (20,660) | (2,843) | (57,006) | (42,568) | (5,857) | ||||||
Sales and marketing | (33,368) | (21,680) | (2,983) | (62,953) | (47,488) | (6,535) | ||||||
Technology and content | (14,253) | (12,205) | (1,680) | (27,605) | (25,531) | (3,513) | ||||||
General and administrative | (33,244) | (18,686) | (2,571) | (48,416) | (33,521) | (4,613) | ||||||
Total operating cost and expenses | (191,584) | (129,797) | (17,861) | (370,273) | (270,419) | (37,211) | ||||||
Other operating income | 12,668 | 729 | 100 | 13,577 | 4,161 | 573 | ||||||
Loss from operations | (11,787) | (23,089) | (3,178) | (10,823) | (32,421) | (4,461) | ||||||
Financial (loss)/income, net | (12,723) | 10,928 | 1,504 | (34,915) | 25,593 | 3,522 | ||||||
Foreign exchange (loss)/income, net | (9,741) | 2,571 | 354 | (7,378) | 2,330 | 321 | ||||||
Other non-operating (loss)/income, net | (3,550) | 118 | 16 | (3,064) | 118 | 16 | ||||||
Loss before income tax expense, and | (37,801) | (9,472) | (1,304) | (56,180) | (4,380) | (602) | ||||||
Income tax expense | (2,328) | (962) | (132) | (5,407) | (1,293) | (178) | ||||||
Equity in loss of affiliates, net of tax | (1,411) | (1,463) | (201) | (2,886) | (2,359) | (325) | ||||||
Net loss | (41,540) | (11,897) | (1,637) | (64,473) | (8,032) | (1,105) | ||||||
Less: net loss attributable to non- | (1) | (3) | - | (1) | (1) | - | ||||||
Net loss attributable to YUNJI INC. | (41,539) | (11,894) | (1,637) | (64,472) | (8,031) | (1,105) |
YUNJI INC. | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted)
| ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2024 | June 30, 2023 | June 30, 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net loss attributable to ordinary | (41,539) | (11,894) | (1,637) | (64,472) | (8,031) | (1,105) | ||||||
Net loss | (41,540) | (11,897) | (1,637) | (64,473) | (8,032) | (1,105) | ||||||
Other comprehensive income | ||||||||||||
Foreign currency translation | 40,983 | 2,706 | 372 | 29,056 | 4,121 | 567 | ||||||
Total comprehensive loss | (557) | (9,191) | (1,265) | (35,417) | (3,911) | (538) | ||||||
Less: total comprehensive loss | (1) | (3) | - | (1) | (1) | - | ||||||
Total comprehensive loss | (556) | (9,188) | (1,265) | (35,416) | (3,910) | (538) | ||||||
Net loss attributable to ordinary | (41,539) | (11,894) | (1,637) | (64,472) | (8,031) | (1,105) | ||||||
Weighted average number of | 1,966,698,843 | 1,967,086,032 | 1,967,086,032 | 1,975,321,887 | 1,967,050,455 | 1,967,050,455 | ||||||
Net loss per share attributable to | ||||||||||||
Basic | (0.02) | (0.01) | - | (0.03) | - | - | ||||||
Diluted | (0.02) | (0.01) | - | (0.03) | - | - |
YUNJI INC. | ||||||||||||
NOTES TO UNAUDITED FINANCIAL INFORMATION (All amounts in thousands, except for share and per share data, unless otherwise noted)
| ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2024 | June 30, 2023 | June 30, 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Share-based compensation expenses included in: | ||||||||||||
Technology and content | 682 | 403 | 55 | 543 | 823 | 113 | ||||||
General and administrative | 778 | 1,696 | 233 | 63 | 448 | 62 | ||||||
Fulfillment | 173 | 154 | 21 | (2,647) | 36 | 5 | ||||||
Sales and marketing | 62 | (19) | (2) | (569) | 44 | 6 | ||||||
Total | 1,695 | 2,234 | 307 | (2,610) | 1,351 | 186 |
YUNJI INC. | ||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (All amounts in thousands, except for share and per share data, unless otherwise noted)
| ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2024 | June 30, 2023 | June 30, 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Reconciliation of Net Loss to Adjusted Net Loss: | ||||||||||||
Net loss | (41,540) | (11,897) | (1,637) | (64,473) | (8,032) | (1,105) | ||||||
Add: Share-based compensation | 1,695 | 2,234 | 307 | (2,610) | 1,351 | 186 | ||||||
Adjusted net loss | (39,845) | (9,663) | (1,330) | (67,083) | (6,681) | (919) |
1. This announcement contains translations of certain Renminbi (RMB) amounts into 2. "Repeat purchase rate" in a given period is calculated as the number of transacting members who purchased not less than twice divided by the total number of transacting members during such period. "Transacting member" in a given period refers to a member who successfully promotes Yunji's products to generate at least one order or places at least one order on Yunji's platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. "Repeat purchase rate" only considers orders placed through the Company's app. Repeat purchases made through the Company's mini-programs are excluded from the calculation. 3. Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expense. See "Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures" set forth at the end of this press release. 4. As of June 30, 2024, short-term loan receivables of amount 5. In June 2024, the Company won the bid for a parcel of land located in Xiaoshan District, 6. As of June 30, 2024, the decrease in incentive payables was mainly due to derecognition of long-aged payables to inactive members. 7. As of June 30, 2024, the Group, as one of the five co-defendants, was involved in an on-going legal proceeding that arose in the ordinary course of business (the "Case"). The plaintiff sought monetary damages jointly and severally from all co-defendants. As of the date of this earnings release, the Case is still under the appeal trial process and subject to final judgment by the Guangzhou Intermediate People's Court, and the amount involved is approximately |
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SOURCE Yunji Inc.
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