Financial Performance - Net revenues for Q1 2024 were RMB3.5 billion (US$488.7 million), a decrease of 4.6% from RMB3.7 billion in the same quarter last year[2]. - Gross segment profit was RMB208.5 million (US$28.9 million), reflecting an 11.7% decrease year-over-year[2]. - Income from operations was RMB3.7 million (US$0.5 million), marking the first operational profit compared to a loss of RMB21.7 million in the same quarter last year[2][11]. - Non-GAAP income from operations increased by 259.2% to RMB8.9 million (US$1.2 million), accounting for 0.3% of net revenues[3][11]. - Net loss attributable to ordinary shareholders decreased to RMB13.8 million (US$1.9 million), down from RMB31.8 million in the same quarter last year[12]. - For the three months ended March 31, 2024, the company reported a net loss of RMB (2,685) thousand, a significant improvement from a net loss of RMB (19,357) thousand in the same period of 2023, representing a reduction of approximately 86%[31]. - Non-GAAP net loss attributable to ordinary shareholders was RMB (8,604) thousand for the three months ended March 31, 2024, compared to RMB (7,579) thousand for the same period in 2023, indicating a slight increase in losses[31]. Cash Flow and Assets - Cash and cash equivalents as of March 31, 2024, were RMB627.3 million (US$86.9 million), a decrease from RMB673.7 million as of December 31, 2023[13]. - Cash and cash equivalents, along with restricted cash, decreased to RMB 607,329 at the end of the period from RMB 619,281 at the beginning, reflecting a net decrease of RMB 16,219[30]. - The company experienced a net cash provided by operating activities of RMB 108,438 for the three months ended March 31, 2024, compared to a net cash used of RMB 121,328 for the same period in 2023[30]. - The company’s total assets increased to RMB 3,089,036 as of March 31, 2024, compared to RMB 2,924,573 as of December 31, 2023, marking a growth of 5.6%[27]. - Total current assets increased to RMB 2,933,331 as of March 31, 2024, compared to RMB 2,785,510 as of December 31, 2023, showing a growth of 5.3%[27]. - Total liabilities rose to RMB 2,812,932 as of March 31, 2024, compared to RMB 2,645,216 as of December 31, 2023, representing an increase of 6.3%[28]. Operational Efficiency - Operating expenses totaled RMB204.8 million (US$28.4 million), down 20.6% from RMB257.9 million in the same quarter last year, with operating expenses as a percentage of revenues decreasing to 5.8%[2][5]. - Fulfillment expenses were RMB88.5 million (US$12.3 million), a decrease of 13.8% from RMB102.7 million in the same quarter last year[9]. - The company anticipates further operational cost reductions and higher efficiency as it scales up its business[5][6]. - The company has launched a new delivery and transit model aimed at streamlining logistics and reducing fulfillment costs[5]. - The company is focusing on improving operational efficiency as indicated by the significant reduction in share-based compensation expenses[31]. - The company reported share-based compensation expenses of RMB 5,171 thousand for the three months ended March 31, 2024, down from RMB 24,208 thousand in the same period of 2023, a decrease of approximately 79%[31]. Earnings Per Share - The company reported a basic and diluted loss per ADS of RMB 0.16 for the three months ended March 31, 2024, an improvement from RMB 0.38 for the same period in 2023[29]. - The loss per ADS improved to (0.16) for the three months ended March 31, 2024, compared to (0.38) for the same period in 2023, indicating a reduction of approximately 58%[31]. - The company’s basic and diluted loss per ADS, including share-based compensation expenses, was (0.10) for both the three months ended March 31, 2024, and 2023, indicating stability in this metric[31]. Future Outlook - Future outlook and guidance details are not provided in the content, indicating a need for further information on strategic initiatives and market expansion plans[31].

Core Insights - 111, Inc. achieved operational profitability for the second consecutive quarter, demonstrating resilience in its business model despite a challenging macroeconomic environment [3][4] - The company reported net revenues of RMB3.4 billion (US$471.2 million), a slight decrease of 1.5% year-over-year [6] - Significant improvements in operational efficiency were noted, with total operating expenses decreasing by 18.1% year-over-year to RMB204.3 million (US$28.1 million) [2][9] Financial Performance - Gross segment profit remained relatively flat at RMB207.6 million (US$28.6 million) compared to the same quarter last year [2] - Income from operations was RMB3.3 million (US$0.5 million), a recovery from a loss of RMB41.4 million in the same quarter last year [11] - Non-GAAP income from operations improved to RMB8.5 million (US$1.2 million) from a loss of RMB17.2 million year-over-year [11] Operational Efficiency - Operating expenses as a percentage of net revenues decreased by 120 basis points to 6.0% from 7.2% in the same quarter last year [2][4] - The company maintained positive operating cash flow for two consecutive quarters, with net cash from operating activities at RMB93.3 million (US$12.8 million) compared to a negative RMB164.1 million in the same quarter last year [2][11] Strategic Initiatives - The company is focusing on enhancing digital capabilities and leveraging technology to improve operational performance and customer engagement [4][5] - Plans to strengthen partnerships with pharmaceutical companies and expand market presence are in place to drive revenue and profitability growth [5][4] - The shift towards retail pharmacies for drug sales and prescriptions is identified as a significant growth opportunity [4][5] Market Position - 111, Inc. positions itself as a leading tech-enabled healthcare platform in China, aiming to reshape the healthcare value chain through digital empowerment [23] - The company operates a comprehensive online retail pharmacy and a virtual pharmacy network, providing better access to pharmaceutical products and healthcare services [23]

Core Insights - 111, Inc. is a leading tech-enabled healthcare platform in China, focusing on reshaping the healthcare value chain through digital empowerment [3] - The company will participate in a fireside chat on September 5, 2024, to discuss its Q2 2024 earnings and strategic plans for the second half of the year [1] Company Overview - 111, Inc. provides consumers with improved access to pharmaceutical products and healthcare services via its online retail pharmacy, 1 Pharmacy, and an offline virtual pharmacy network [3] - The company offers online healthcare services through its internet hospital, 1 Clinic, which includes online consultations, electronic prescriptions, and patient management [3] - 111 operates the largest virtual pharmacy network in China, enabling offline pharmacies to enhance customer service through cloud-based solutions [3] - The company also provides an omni-channel drug commercialization platform, offering services like digital marketing, patient education, data analytics, and pricing monitoring to strategic partners [3]

SHANGHAI, July 29, 2024 /PRNewswire/ -- 111, Inc. (NASDAQ: YI) ("111" or the "Company"), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2024, before the U.S. market opens on Thursday, August 29, 2024.111's management team will host an earnings conference call at 7:30 AM U.S. Ea ...

Core Points - 111, Inc. has appointed Grant Thornton Zhitong Certified Public Accountants LLP as its new independent registered public accounting firm, effective July 19, 2024, replacing Deloitte Touche Tohmatsu Certified Public Accountants LLP [1] - The decision to change the accounting firm was made after a careful evaluation process and has received approval from the board of directors and audit committee of 111, Inc. [1] - Grant Thornton will audit and report on the consolidated financial statements of 111, Inc. for the year ending December 31, 2024, and assess the effectiveness of the company's internal control over financial reporting as of the same date [1]

SHANGHAIJuly 17, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced that it will participate in a fireside chat with Robert Sassoon, senior research analyst of Water Tower Research ("WTR") on Thursday, July 18, 2024 at 2:00 p.m. ET.Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of ...

SHANGHAI, June 11, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, announced that the Company has entered into a strategic direct supply partnership (the "Partnership") with Beijing Scrianen Pharmaceutical Co., Ltd. ("Scrianen"), a comprehensive pharmaceutical enterprise that integrates research and development, p ...

111, Inc. (NASDAQ:YI) Q1 2024 Earnings Conference Call May 23, 2024 7:30 AM ET Company Participants Junling Liu - Co-Founder, Chairman and CEO Luke Chen - CFO, 111's Major Subsidiary Haihui Wang - COO Conference Call Participants Operator Hello, everyone, and thank you for joining 111's Conference Call today. On the call today from the company are Dr. Gang Yu, Co-Founder and Executive Chairman; Mr. Junling Liu, Co-Founder, Chairman and CEO; Mr. Luke Chen, CFO of 111's Major Subsidiary; and Mr. Haihui Wang, ...

Turned to Quarterly Operational Profitability for the First TimeOperating Expenses as a Percentage of Revenues Decreased 120 Basis Points YoY to 5.8%Achieved Positive Operating Cash FlowSHANGHAI, May 23, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the first q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...