Yunji Announces Third Quarter 2024 Unaudited Financial Results

Core Viewpoint - Yunji Inc. reported a significant decline in total revenues for Q3 2024, primarily attributed to soft consumer confidence and strategic changes in product selection and supplier optimization [2][5][6]. Financial Performance - Total revenues for Q3 2024 were RMB 86.6 million (US$12.4 million), down from RMB 145.1 million in Q3 2023, representing a decrease of approximately 40.3$ 10.0 million) from RMB 114.1 million, while marketplace revenues fell to RMB 14.8 million (US$2.1 million) from RMB 28.7 million [6][24]. - The repeat purchase rate for the twelve months ending September 30, 2024, was 72.7$ 5.7 million), representing 46.0% of total revenues, down from 54.4% in the same period of 2023 [7]. - Total operating expenses decreased by 24.0% to RMB 73.9 million (US$10.6 million) from RMB 97.2 million in Q3 2023 [8]. Operational Efficiency - Fulfillment expenses decreased by 32.8$ 2.4 million), while sales and marketing expenses dropped by 34.8% to RMB 19.3 million (US$2.8 million) [9]. - General and administrative expenses decreased by 8.2$ 3.7 million) [9]. Losses - Loss from operations was RMB 26.2 million (US$3.7 million), an improvement from RMB 30.3 million in Q3 2023 [10]. - Net loss for Q3 2024 was RMB 30.0 million (US$ 4.3 million), compared to RMB 34.8 million in the same period of 2023 [11]. Strategic Focus - The company emphasized its commitment to quality through strategic collaborations with premium suppliers, particularly in the health-conscious market segment [3]. - The management highlighted ongoing efforts in prudent capital allocation and operational efficiency to support sustainable growth [4]. Company Overview - Yunji Inc. operates as a leading membership-based social e-commerce platform in China, focusing on high-quality products and leveraging social interactions to enhance user experience [21].