Yunji Inc. (NASDAQ:YJ) Q2 2024 Earnings Conference Call August 23, 2024 7:30 AM ET Company Participants Kaye Liu - Investor Relations Director Shanglue Xiao - Chairman and Chief Executive Officer Yeqing Cui - Senior Financial Director Conference Call Participants Ethan Yu - First Trust Group Operator Good morning, and good evening, ladies and gentlemen. Thank you for standing by and welcome to Yunji's Second Quarter 2024 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Execu ...

Core Viewpoint - Yunji Inc. reported a significant decline in total revenues for Q2 2024, primarily due to soft consumer confidence and strategic adjustments in product selection and supplier optimization, while also focusing on enhancing its digital presence and offline initiatives to cater to the mature adult demographic [2][3][4]. Financial Performance - Total revenues for Q2 2024 were RMB106.0 million (US$14.6 million), down from RMB167.1 million in Q2 2023, representing a decrease of approximately 36.5% [2][4]. - Merchandise sales revenues were RMB83.0 million (US$11.4 million), compared to RMB131.2 million in the same period of 2023, a decline of about 36.7% [4]. - Marketplace business revenues decreased to RMB21.1 million (US$2.9 million) from RMB34.3 million, a drop of approximately 38.4% [4]. - Other revenues slightly increased to RMB1.9 million (US$0.3 million) from RMB1.6 million [4]. Cost and Expenses - Total cost of revenues decreased by 30.0% to RMB56.6 million (US$7.8 million), accounting for 53.4% of total revenues, down from 48.4% in Q2 2023 [5]. - Total operating expenses fell by 33.9% to RMB73.3 million (US$10.1 million) from RMB110.8 million in the same period of 2023 [5]. - Fulfillment expenses decreased by 30.9% to RMB20.7 million (US$2.8 million), while sales and marketing expenses dropped by 35.0% to RMB21.7 million (US$3.0 million) [6]. Profitability - Loss from operations was RMB23.1 million (US$3.2 million), compared to RMB11.8 million in Q2 2023 [8]. - Financial income, net was RMB10.9 million (US$1.5 million), a recovery from a financial loss of RMB12.7 million in the same period of 2023 [8]. - Net loss narrowed to RMB11.9 million (US$1.6 million) from RMB41.5 million in Q2 2023, indicating improved financial performance [8]. - Adjusted net loss (non-GAAP) was RMB9.7 million (US$1.3 million), compared to RMB39.8 million in the same period of 2023 [8]. Strategic Initiatives - The company is enhancing its focus on short videos and livestreaming while integrating offline initiatives to broaden its customer base and increase repeat purchases [3]. - Yunji is diversifying its product mix to better serve the mature adult demographic, reflecting its commitment to adaptability and sustainable growth [3]. - The company plans to construct a new headquarters in Hangzhou, with an expected total investment of approximately RMB600.0 million, funded through cash on hand and bank financing [30].

Core Viewpoint - Yunji Inc. plans to release its second quarter financial results on August 23, 2024, and will hold a conference call to discuss the earnings [1]. Group 1: Financial Results Announcement - The earnings release will be available on the Company's investor relations website [1]. - The conference call is scheduled for August 23, 2024, at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time [1]. Group 2: Conference Call Access - Listeners can access the call by dialing specific numbers for international, U.S., and China toll-free lines [2]. - A replay of the conference call will be available until August 30, 2024, with designated access codes [3]. Group 3: Company Overview - Yunji Inc. is a leading social e-commerce platform in China, utilizing a membership-based model to enhance social interactions [4]. - The platform offers high-quality products at competitive prices, catering to the daily needs of Chinese consumers [4]. - The Company employs advanced technologies such as big data and artificial intelligence to improve user experience and encourage member engagement [4].

Yunji Inc. (NASDAQ:YJ) Q1 2024 Earnings Conference Call June 11, 2024 7:30 AM ET Company Participants Shanglue Xiao - Chairman, Chief Executive Officer Yeqing Cui - Senior Financial Director Kaye Liu - Investor Relations Director Conference Call Participants Ethan Yu - First Trust Group Operator Good morning, and good evening ladies and gentlemen. Thank you for standing by and welcome to Yunji's First Quarter 2024 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive O ...

HANGZHOU, China, June 11, 2024 /PRNewswire/ -- Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the first quarter ended March 31, 2024[1].First Quarter 2024 HighlightsTotal revenues in the first quarter of 2024 were RMB127.9 million (US$17.7 million), compared with RMB178.7 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company's continued strate ...

HANGZHOU, China, June 4, 2024 /PRNewswire/ -- Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced that it plans to release its first quarter financial results before the market opens on Tuesday, June 11, 2024. The earnings release will be available on the Company's investor relations website at https://investor.yunjiglobal.com/.The Company will hold a conference call on Tuesday, June 11, 2024 at 7:30 A.M. Eastern Time or 7:30 P.M. Beijin ...

Core Insights - Yunji Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC on April 25, 2024 [1] - The annual report includes audited consolidated financial statements and is available for shareholders and ADS holders upon request [1] Company Overview - Yunji Inc. is a leading social e-commerce platform in China, utilizing a membership-based model to enhance social interactions [2] - The platform offers high-quality products at competitive prices across various categories, catering to the daily needs of Chinese consumers [2] - The company employs advanced technologies such as big data and artificial intelligence to improve user experience and encourage members to promote the platform [2] - Yunji has established a reputation for trustworthy e-commerce through product curation, centralized sourcing, and efficient supply chain management, providing exclusive membership benefits like discounted prices [2]

VIE Structure and Regulatory Environment - Revenues contributed by the VIEs accounted for 23.8%, 30.3%, and 49.4% of total revenues for the years 2021, 2022, and 2023, respectively[13]. - The company has consolidated the financial results of the VIEs in accordance with U.S. GAAP, treating them as the primary beneficiary[14]. - The VIE structure is used to provide investors with exposure to foreign investment in China-based companies, where direct foreign investment is restricted[14]. - The company may incur substantial costs to enforce contractual arrangements with the VIEs, which are not equivalent to equity ownership[14]. - The contractual arrangements with the VIEs allow the company to direct their activities and receive economic benefits[23]. - The PRC government has significant authority in regulating operations, which may impact the ability to conduct business and accept foreign investments[16]. - The company faces substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations[28]. - Current PRC laws do not require the company or its subsidiaries to obtain permission from the CSRC for historical securities issuance to foreign investors[31]. - The PRC government has implemented new regulations requiring domestic companies seeking to list overseas to file with the CSRC, effective March 31, 2023[32]. - The company is currently compliant with PRC laws regarding cybersecurity and data protection, with no formal investigations or sanctions reported as of the date of the annual report[101]. - The company has established an integrated data compliance management structure and enacted various data compliance policies to ensure data security[102]. - There is uncertainty regarding compliance with PRC regulations related to the VIE structure, which could lead to severe penalties or loss of operational interests[214]. - Foreign ownership restrictions in certain business areas, such as value-added telecommunications services, limit the company's operational flexibility in China[215]. - The company operates as a Cayman Islands holding company with no direct equity ownership in VIEs, creating potential risks regarding the enforceability of contractual arrangements[216]. Financial Performance and Position - Total revenues for Yunji Inc. reached RMB 640,209 thousand, with third-party revenues contributing RMB 316,382 thousand, representing a significant portion of total revenues[48]. - The net loss attributable to Yunji Inc. was RMB 165,129 thousand, reflecting ongoing challenges in operational performance[48]. - Total operating costs and expenses amounted to RMB 735,726 thousand, with third-party operating costs accounting for RMB 272,602 thousand[48]. - For the year ended December 31, 2022, total revenues were RMB 1,154,114 thousand, with third-party revenues at RMB 349,259 thousand[49]. - The net loss for the year ended December 31, 2022, was RMB 138,173 thousand, indicating a continued trend of financial losses[49]. - In 2021, total revenues were RMB 2,155,361 thousand, with third-party revenues at RMB 513,299 thousand, showing a decline in revenue over the subsequent years[50]. - Cash and cash equivalents as of December 31, 2023, totaled RMB 64,070 thousand, indicating liquidity position[52]. - Total assets as of December 31, 2023, were RMB 1,553,784 thousand, reflecting the overall financial health of the company[52]. - The company reported total liabilities of RMB 362,689 thousand, suggesting a manageable debt level relative to assets[52]. - The investment in subsidiaries and VIEs was RMB 883,681 thousand, highlighting the company's strategic focus on its investments[52]. - As of December 31, 2022, total assets amounted to RMB 1,892,411 thousand, a decrease from RMB 2,349,970 thousand as of December 31, 2021, representing a decline of approximately 19.5%[53][54]. - Total liabilities as of December 31, 2022, were RMB 536,511 thousand, compared to RMB 871,455 thousand in 2021, indicating a reduction of about 38.4%[53][54]. - Cash and cash equivalents decreased from RMB 567,204 thousand in 2021 to RMB 414,634 thousand in 2022, reflecting a decline of approximately 26.9%[54][53]. - The company reported net cash used in operating activities of RMB (216,822) thousand for the year ended December 31, 2022, compared to RMB (94,555) thousand in 2021, indicating a worsening cash flow situation[57][56]. - Total shareholders' equity as of December 31, 2022, was RMB 1,355,900 thousand, a slight decrease from RMB 1,478,515 thousand in 2021, representing a decline of about 8.3%[53][54]. - The company had net cash generated from investing activities of RMB 92,565 thousand for the year ended December 31, 2022, compared to RMB 92,565 thousand in 2021, indicating stability in investment cash flow[57][56]. - The total current assets as of December 31, 2022, were RMB 1,212,513 thousand, down from RMB 1,705,136 thousand in 2021, a decrease of approximately 29%[53][54]. - The company reported a net cash decrease of RMB 172,989 thousand in cash, cash equivalents, and restricted cash for the year ended December 31, 2022[57]. - The amount due from group companies was RMB 1,845,206 thousand as of December 31, 2022, compared to RMB 1,281,468 thousand in 2021, reflecting an increase of approximately 44%[53][54]. - The company’s short-term investments increased from RMB 380,052 thousand in 2021 to RMB 212,003 thousand in 2022, a decrease of approximately 44.4%[54][53]. - The company incurred a net loss of RMB165.1 million (US$23.3 million) in 2023, compared to a net loss of RMB138.4 million in 2022 and a net income of RMB132.3 million in 2021[115]. - The company has experienced negative operating cash flow for the years ended December 31, 2021, 2022, and 2023[115]. - The company reported negative operating cash flow for the years ended December 31, 2021, 2022, and 2023, and may continue to experience negative cash flow in the future[190]. Market and Competitive Environment - The e-commerce industry in China is highly competitive, with major competitors having greater financial and technical resources, which may impact the company's market share and profitability[109]. - The company has faced intense competition, which could lead to a loss of market share and users if not managed effectively[64]. - The company launched its marketplace business in Q1 2019, allowing third-party merchants to sell products on its platform and pay commissions, contributing to future revenue diversification[82]. - Membership loyalty and growth are critical for the company's success, with recent changes in the membership system potentially impacting retention and engagement[78]. - The company relies on increasing the number of members and optimizing its cost structure to achieve profitability, which remains uncertain[75]. - Average spending per buyer decreased from RMB 2,061 in 2020 to RMB 1,195 in 2023, indicating a decline in consumer spending[75]. - Seasonal fluctuations in user traffic and sales could result in volatility in the company's results and affect the market price of its ADSs[186]. - The company faces risks related to natural disasters and health epidemics that could disrupt operations and adversely affect financial results[108]. - Geopolitical tensions, including the Russia-Ukraine conflict, have led to increased food prices and inflation, which may adversely affect consumer spending[211]. - Economic conditions in China are sensitive to global economic changes and domestic policies, which could lead to reduced consumer spending[211]. - The company may face difficulties in collecting payments from customers experiencing financial difficulties due to economic slowdowns[211]. Operational Risks and Challenges - The company faces significant risks related to its corporate structure, including reliance on contractual arrangements with VIEs, which may not be as effective as direct ownership[66]. - The company has incurred various operational risks associated with being based in mainland China, including regulatory changes and data privacy compliance[64]. - The company faces risks in adapting to evolving user needs and preferences, which could materially affect its business if it fails to provide satisfactory products and services[81]. - The company must manage relationships with third-party logistics providers to ensure reliable delivery services, as failures could harm business reputation[124]. - The fulfillment infrastructure is essential for success, but reliance on third-party vendors poses risks to operational efficiency[147]. - The company has experienced temporary supply shortages and delays in product launches due to disruptions caused by the COVID-19 pandemic[118]. - The company may incur additional costs to comply with existing and future PRC laws and regulations related to data security and personal information protection[105]. - The company faces challenges in managing a large volume of data, including protecting it from external attacks and ensuring compliance with applicable laws[94]. - The company may face significant costs and efforts in defending against claims related to counterfeit or unauthorized products sold on its platform[140]. - The company may incur liability for counterfeit or unauthorized products sold on its platform, despite measures taken to verify product authenticity[138]. - Changes in return and exchange policies may lead to increased costs and affect user satisfaction, impacting overall operations[178]. - The company has not maintained third-party liability insurance for most products sold, exposing it to material risks from product liability claims[167]. - Security breaches of user information could severely damage the company's reputation and business operations[168][169]. Strategic Initiatives and Future Outlook - The company intends to continue investing in its technology platform to support a curated selection of products and additional value-added services[115]. - The company has adjusted its business practices since February 2016 to comply with the Regulations on the Prohibition of Pyramid Selling, following a fine of approximately RMB9.6 million (US$1.4 million) imposed in May 2017[89]. - The company relies on third-party manufacturing partners for private label products, with significant revenue generated from brands like Suye and Qing Zi Yang[121]. - The company must continue to attract and maintain relationships with third-party merchants to ensure a diverse product offering on its platform[126]. - The company has granted a significant number of share-based compensation awards, which may increase expenses and impact financial results[185]. - Future investments or acquisitions may require significant management attention and could divert resources from existing operations, potentially adversely affecting business performance[189]. - The company faces potential liability under consumer protection laws due to products sold on its platform, which could result in significant financial repercussions[166][167]. - The company relies heavily on the continued services of its management, particularly the CEO, which is critical for its strategic direction and overall success[163]. - There is intense competition for talent in China, which may lead to increased compensation costs to attract and retain qualified personnel[164]. - The company may enter into strategic alliances with third parties, which could expose it to risks such as sharing proprietary information and increased expenses[188]. Legal and Compliance Risks - The company may be held liable for content displayed on its platform, which could lead to legal sanctions and affect its financial condition[160]. - Allegations or lawsuits against the company may harm its reputation and distract management from daily operations[150]. - The company is subject to risks related to anti-corruption laws, and violations could severely damage its reputation and financial condition[205]. - Regulatory and public scrutiny over consumer protection and data privacy may lead to legal responsibilities and negative publicity, impacting the company's reputation[207]. - The company has not received any penalties or disciplinary actions from governmental authorities regarding business operations without required licenses as of the report date[158]. - The company is in the process of applying for additional licenses and permits required for certain services on its platform[157]. Economic and Market Conditions - A severe downturn in the Chinese or global economy could materially and adversely affect the company's business and financial condition[210]. - The company's revenues are significantly impacted by economic conditions in China and globally, with a notable slowdown in the Chinese economy since 2010 and a population decline starting in 2022[211]. - The Federal Reserve and other central banks have raised interest rates, contributing to a challenging global macroeconomic environment[211]. - The company faces increased costs and risks of non-compliance due to changing laws and regulations, which divert management attention from revenue-generating activities[212].

挖贝网2024年4月18日，云集数科（873683）近日发布2023年年度报,报告期内，公司实现营业收入33,794,857.15元；归属于挂牌公司股东的净利润3,354,161.72元。 报告期内研发费用4,433,013.37元，上年同期4,343,598.47元，同比增加2.06%。 挖贝网资料显示，云集数科的主要业务为专门面向省市级农信联社、农商银行、村镇银行等中小银行提供基于大数据技术的软件开发、模型开发、运维服务等一系列的IT解决方案。 ...

Core Viewpoint - Yunji Inc. has received approval from Nasdaq to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market due to non-compliance with the minimum bid price requirement [1][2][3]. Group 1: Listing Transfer Details - The transfer of Yunji's American Depositary Shares (ADSs) to the Nasdaq Capital Market will take effect on April 5, 2024, and will not impact trading under the symbol "YJ" [1]. - The transfer was initiated after Yunji received a notice on October 5, 2023, indicating that its ADSs had been trading below US$1.00 for 30 consecutive business days [2]. - As a result of the transfer, Yunji has been granted an additional 180 days, until September 30, 2024, to regain compliance with the minimum bid price requirement [3]. Group 2: Compliance and Future Actions - To regain compliance, Yunji must ensure that the closing bid price of its ADSs meets or exceeds US$1.00 for at least 10 consecutive business days by the deadline [3]. - The company has indicated its intention to actively monitor the minimum bid price requirement and will consider options such as a reverse stock split if necessary [4]. Group 3: Company Overview - Yunji Inc. is a leading social e-commerce platform in China, utilizing a membership-based model to enhance social interactions and offer high-quality products at competitive prices [5]. - The company leverages advanced technologies like big data and artificial intelligence to optimize user experience and incentivize member engagement [5].