Yunji Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
Fourth Quarter 2023 Highlights
-
Total revenues in the fourth quarter of 2023 were
RMB149.1 million (US$21.0 million ), compared withRMB288.7 million in the same period of 2022. 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
December 31, 2023 was 75.4%.
Mr. Shanglue Xiao, Chairman and Chief Executive Officer of
"We will continue to prioritize the efficient use of our working capital and judiciously optimize asset allocation to enhance support for our operations." said Mr.
Fourth Quarter 2023 Unaudited Financial Results
Total revenues were
- Revenues from sales of merchandise were
RMB112.3 million (US$15.8 million ), compared withRMB241.3 million in the same period of 2022. - Revenues from the marketplace business were
RMB34.3 million (US$4.8 million ), compared withRMB42.9 million in the same period of 2022. - Other revenues were
RMB2.5million (US$0.4 million ), compared withRMB4.5 million in the same period of 2022.
Total cost of revenues decreased by 53.3% to
Total operating expenses decreased by 28.1% to
-
Fulfillment expenses decreased by 21.9% to
RMB24.8 million (US$3.5 million ), or 16.7% of total revenues, fromRMB31.8 million , or 11.0% of total revenues, in the same period of 2022. The decrease was primarily due to (i) reduced warehousing and logistics expenses due to lower merchandise sales, (ii) reduced personnel costs as a result of staffing structure refinements, and (iii) decreased service fees charged by third-party payment settlement platforms. -
Sales and marketing expenses decreased by 51.7% to
RMB28.5 million (US$4.0 million ), or 19.1% of total revenues, fromRMB59.0 million , or 20.4% of total revenues, in the same period of 2022. The decrease was primarily due to (i) a decrease in member management fees, and (ii) reduced business promotion expenses. -
Technology and content expenses decreased by 29.2% to
RMB12.0 million (US$1.7 million ), or 8.1% of total revenues, fromRMB17.0 million , or 5.9% of total revenues, in the same period of 2022. The decrease was primarily due to (i) the reduction in personnel costs as a result of staffing structure refinements, and (ii) reduced server costs. -
General and administrative expenses decreased by 1.0% to
RMB44.5 million (US$6.3 million ), or 29.8% of total revenues, fromRMB44.9 million , or 15.6% of total revenues, in the same period of 2022. The decrease was primarily due to the reduction in personnel costs as a result of staffing structure refinements and share-based compensation expenses, partially offset by an increase in the allowance for credit losses.
Loss from operations was
Financial loss, 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
Fiscal Year 2023 Unaudited Financial Results
Total revenues were
- Revenues from sales of merchandise were
RMB500.7 million (US$70.5 million ), compared withRMB965.8 million in the full year of 2022. - Revenues from the marketplace business were
RMB130.2 million (US$18.3 million ), compared withRMB170.6 million in the full year of 2022. - Other revenues were
RMB9.3 million (US$1.4 million ), compared withRMB17.7 million in the full year of 2022.
Total cost of revenues decreased by 48.9% to
Total operating expenses were
-
Fulfillment expenses decreased by 33.1% to
RMB107.5 million (US$15.1 million ), or 16.8% of total revenues, fromRMB160.7 million , or 13.9% of total revenues, in the full year of 2022. The decrease was primarily due to the same factors that led to the quarterly decrease. -
Sales and marketing expenses decreased by 43.6% to
RMB121.0 million (US$17.1 million ), or 18.9% of total revenues, fromRMB214.8 million , or 18.6% of total revenues, in the full year of 2022.The decrease was primarily due to the same factors that led to the quarterly decrease. -
Technology and content expenses decreased by 34.3% to
RMB53.5 million (US$7.5 million ), or 8.4% of total revenues, fromRMB81.4 million , or 7.1% of total revenues, in the full year of 2022.The decrease was primarily due to the same factors that led to the quarterly decrease. -
General and administrative expenses decreased by 17.1% to
RMB121.0 million (US$17.1 million ), or 18.9% of total revenues, fromRMB145.9 million , or 12.6% of total revenues, in the full year of 2022. The decrease was primarily due to the same factors that led to the quarterly decrease.
Loss from operations was
Financial loss, net was
Net loss was
Adjusted net loss[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
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: |
|
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 |
3665337 |
|
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
About
For more information, please visit https://investor.yunjiglobal.com/
Investor Relations Contact
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
|
||||||
|
|
As of |
||||
|
|
2022 |
|
2023 |
||
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
414,634 |
|
517,542 |
|
72,894 |
Restricted cash |
|
42,109 |
|
27,169 |
|
3,827 |
Short-term investments |
|
212,003 |
|
7,195 |
|
1,013 |
Accounts receivable, net (Allowance for |
|
94,111 |
|
64,312 |
|
9,058 |
Advance to suppliers |
|
32,738 |
|
14,058 |
|
1,980 |
Inventories, net |
|
54,651 |
|
42,716 |
|
6,016 |
Amounts due from related parties |
|
202 |
|
1,361 |
|
192 |
Prepaid expenses and other current assets[
4]
|
|
362,065 |
|
134,247 |
|
18,908 |
|
|
|
|
|
|
|
Total current assets |
|
1,212,513 |
|
808,600 |
|
113,888 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property and equipment, net |
|
168,928 |
|
175,451 |
|
24,712 |
Long-term investments |
|
414,325 |
|
364,159 |
|
51,291 |
Operating lease right-of-use assets, net |
|
231 |
|
16,507 |
|
2,325 |
Other non-current assets (Allowance
for |
|
96,414 |
|
189,067 |
|
26,630 |
|
|
|
|
|
|
|
Total non-current assets |
|
679,898 |
|
745,184 |
|
104,958 |
|
|
|
|
|
|
|
Total assets |
|
1,892,411 |
|
1,553,784 |
|
218,846 |
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
|
||||||
|
|
As of |
||||
|
|
2022 |
|
2023 |
||
|
|
RMB |
|
RMB |
|
US$ |
LIABILITIES AND SHAREHOLDERS' |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
138,903 |
|
96,782 |
|
13,631 |
Deferred revenue |
|
21,748 |
|
9,412 |
|
1,326 |
Incentive payables to members[ 5] |
|
207,331 |
|
124,889 |
|
17,590 |
Member management fees payable |
|
11,087 |
|
4,373 |
|
616 |
Other payable and accrued liabilities |
|
145,527 |
|
109,200 |
|
15,381 |
Amounts due to related parties |
|
10,608 |
|
3,535 |
|
498 |
Operating lease liabilities - current |
|
1,162 |
|
3,376 |
|
476 |
|
|
|
|
|
|
|
Total current liabilities |
|
536,366 |
|
351,567 |
|
49,518 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Operating lease liabilities |
|
145 |
|
11,122 |
|
1,566 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
145 |
|
11,122 |
|
1,566 |
|
|
|
|
|
|
|
Total Liabilities |
|
536,511 |
|
362,689 |
|
51,084 |
YUNJI INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
|
||||||
|
|
As of |
||||
|
|
2022 |
|
2023 |
||
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Ordinary shares |
|
70 |
|
70 |
|
10 |
Less: |
|
(98,709) |
|
(116,108) |
|
(16,353) |
Additional paid-in capital |
|
7,333,144 |
|
7,328,680 |
|
1,032,223 |
Statutory reserve |
|
16,078 |
|
16,254 |
|
2,289 |
Accumulated other comprehensive income |
|
63,113 |
|
85,291 |
|
12,013 |
Accumulated deficit |
|
(5,958,666) |
|
(6,123,971) |
|
(862,543) |
Total Yunji Inc. shareholders' equity |
|
1,355,030 |
|
1,190,216 |
|
167,639 |
Non-controlling interests |
|
870 |
|
879 |
|
123 |
Total shareholders' equity |
|
1,355,900 |
|
1,191,095 |
|
167,762 |
Total liabilities and shareholders' equity |
|
1,892,411 |
|
1,553,784 |
|
218,846 |
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 Year Ended |
||||||||
|
|
202 2 |
|
2023 |
|
202 2 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales of merchandise, net |
|
241,278 |
|
112,330 |
|
15,821 |
|
965,796 |
|
500,651 |
|
70,515 |
Marketplace revenue |
|
42,921 |
|
34,259 |
|
4,825 |
|
170,561 |
|
130,188 |
|
18,337 |
Other revenues |
|
4,494 |
|
2,558 |
|
360 |
|
17,757 |
|
9,370 |
|
1,320 |
Total revenues |
|
288,693 |
|
149,147 |
|
21,006 |
|
1,154,114 |
|
640,209 |
|
90,172 |
Operating cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
(170,570) |
|
(79,613) |
|
(11,213) |
|
(651,578) |
|
(332,774) |
|
(46,870) |
Fulfilment |
|
(31,814) |
|
(24,845) |
|
(3,499) |
|
(160,680) |
|
(107,472) |
|
(15,137) |
Sales and marketing |
|
(58,942) |
|
(28,478) |
|
(4,011) |
|
(214,783) |
|
(121,039) |
|
(17,048) |
Technology and content |
|
(16,990) |
|
(12,033) |
|
(1,695) |
|
(81,382) |
|
(53,490) |
|
(7,534) |
General and administrative |
|
(44,920) |
|
(44,477) |
|
(6,264) |
|
(145,857) |
|
(120,951) |
|
(17,036) |
Total operating cost and expenses |
|
(323,236) |
|
(189,446) |
|
(26,682) |
|
(1,254,280) |
|
(735,726) |
|
(103,625) |
Other operating income |
|
1,404 |
|
780 |
|
110 |
|
21,599 |
|
14,898 |
|
2,098 |
Loss from operations |
|
(33,139) |
|
(39,519) |
|
(5,566) |
|
(78,567) |
|
(80,619) |
|
(11,355) |
Financial income/(loss) net |
|
8,353 |
|
(23,427) |
|
(3,300) |
|
(14,356) |
|
(60,226) |
|
(8,483) |
Foreign exchange income/(loss) net |
|
3,311 |
|
723 |
|
102 |
|
(15,697) |
|
(6,743) |
|
(950) |
Other non-operating income/(loss) net |
|
11 |
|
31 |
|
4 |
|
2,072 |
|
(2,405) |
|
(339) |
Loss before income tax expense, and |
|
(21,464) |
|
(62,192) |
|
(8,760) |
|
(106,548) |
|
(149,993) |
|
(21,127) |
Income tax expense |
|
(11,344) |
|
(1,328) |
|
(187) |
|
(24,791) |
|
(7,851) |
|
(1,106) |
Equity in loss of affiliates, net of tax |
|
(5,409) |
|
(2,331) |
|
(328) |
|
(7,051) |
|
(7,276) |
|
(1,025) |
Net loss |
|
(38,217) |
|
(65,851) |
|
(9,275) |
|
(138,390) |
|
(165,120) |
|
(23,258) |
Less: net income/(loss) attributable to |
|
6 |
|
11 |
|
1 |
|
(217) |
|
9 |
|
1 |
Net loss attributable to |
|
(38,223) |
|
(65,862) |
|
(9,276) |
|
(138,173) |
|
(165,129) |
|
(23,259) |
|
||||||||||||
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 Year Ended |
||||||||
|
|
202 2 |
|
2023 |
|
202 2 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net loss attributable to ordinary |
|
(38,223) |
|
(65,862) |
|
(9,276) |
|
(138,173) |
|
(165,129) |
|
(23,259) |
Net loss |
|
(38,217) |
|
(65,851) |
|
(9,275) |
|
(138,390) |
|
(165,120) |
|
(23,258) |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(15,242) |
|
(10,302) |
|
(1,451) |
|
78,777 |
|
22,178 |
|
3,124 |
Total comprehensive loss |
|
(53,459) |
|
(76,153) |
|
(10,726) |
|
(59,613) |
|
(142,942) |
|
(20,134) |
Less: total comprehensive |
|
6 |
|
11 |
|
1 |
|
(217) |
|
9 |
|
1 |
Total comprehensive loss |
|
(53,465) |
|
(76,164) |
|
(10,727) |
|
(59,396) |
|
(142,951) |
|
(20,135) |
Net loss attributable to ordinary |
|
(38,223) |
|
(65,862) |
|
(9,276) |
|
(138,173) |
|
(165,129) |
|
(23,259) |
Weighted average number of |
|
2,029,131,769 |
|
1,966,998,532 |
|
1,966,998,532 |
|
2,088,319,721 |
|
1,971,108,505 |
|
1,971,108,505 |
Net loss per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.02) |
|
(0.03) |
|
- |
|
(0.07) |
|
(0.08) |
|
(0.01) |
Diluted |
|
(0.02) |
|
(0.03) |
|
- |
|
(0.07) |
|
(0.08) |
|
(0.01) |
|
||||||||||||
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 Year Ended |
||||||||
|
|
202 2 |
|
2023 |
|
202 2 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Share-based compensation expenses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Technology and content |
|
1,152 |
|
401 |
|
57 |
|
4,388 |
|
1,554 |
|
219 |
General and administrative |
|
5,326 |
|
377 |
|
53 |
|
23,994 |
|
503 |
|
71 |
Fulfillment |
|
305 |
|
46 |
|
6 |
|
1,229 |
|
(2,525) |
|
(356) |
Sales and marketing |
|
479 |
|
57 |
|
8 |
|
539 |
|
(417) |
|
(59) |
Total |
|
7,262 |
|
881 |
|
124 |
|
30,150 |
|
(885) |
|
(125) |
|
||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE |
||||||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||||||||
|
||||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||
|
|
202 2 |
|
2023 |
|
202 2 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Reconciliation of Net Loss to Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(38,217) |
|
(65,851) |
|
(9,275) |
|
(138,390) |
|
(165,120) |
|
(23,258) |
Add: Share-based compensation |
|
7,262 |
|
881 |
|
124 |
|
30,150 |
|
(885) |
|
(125) |
Adjusted net loss |
|
(30,955) |
|
(64,970) |
|
(9,151) |
|
(108,240) |
|
(166,005) |
|
(23,383) |
[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 |
[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 |
[5]
As of |
[6]
As of |
View original content:https://www.prnewswire.com/news-releases/yunji-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302095688.html
SOURCE