Q2 2024 Yunji Inc Earnings Call Transcript
Key Points
- Yunji Inc (YJ) opened its first offline store focusing on traditional Chinese medicine, marking a new chapter in the health sector.
- The company plans to expand its presence into offline communities and establish wellness spaces, enhancing the connection between online and offline services.
- Yunji Inc (YJ) is committed to offering quality products at reasonable prices, ensuring value for users and fair profit margins for service managers.
- The company is innovating in marketing by combining technology and AI development with short video content creation, aiming to nurture talent and enhance service capabilities.
- Despite a decrease in total revenues, Yunji Inc (YJ) maintained a strong gross margin of 46.6%, attributed to customer loyalty towards private labels and an effective product creation strategy.
- Total revenues decreased to RMB106 million from RMB167.1 million a year ago, primarily due to softer consumer confidence and ongoing adjustments to the product range.
- Revenues from sales of merchandise and marketplace business both saw declines, impacting overall financial performance.
- Operating expenses, although reduced, still resulted in a loss from operations of RMB23.1 million compared to RMB11.8 million a year ago.
- Net loss was RMB11.9 million, although improved from the previous year's RMB41.5 million, it still indicates financial challenges.
- Liquidity assets decreased significantly to RMB324.5 million from RMB561.9 million as of December 31, 2023, raising concerns about long-term financial stability.
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 Executive Officer; Mr. Yeqing Cui, Senior Financial Director; and Ms. Kaye Liu, Investor Relations Director of the company. As a reminder, this conference call is being recorded. Now I would like to turn the conference over to our first speaker, Ms. Kaye Liu, IRD of Yunji. Please go ahead, ma'am.
Hello, everyone. Welcome to our second quarter 2024 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and current market operating conditions, and relate to events that involve known and unknown risks, uncertainties and other factors of the Yunji's industry.
These forward-looking statements can be identified by terminologies such as will, expect
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