Yunji Inc

NASDAQ:YJUnited States

Nov 21, 2024

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• Yunji Announces Third Quarter 2024 Unaudited Financial Results, from 5:00AM ET on Thursday Nov 21, 2024 by PR Newswire

  5:00AM ET on Thursday Nov 21, 2024 by PR Newswire
  Companies Mentioned: YJ

  Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the third quarter ended September 30, 2024[1].

• Press Release: Yunji Announces Third Quarter 2024 Unaudited Financial Results, from 5:00AM ET on Thursday Nov 21, 2024 by Dow Jones

  5:00AM ET on Thursday Nov 21, 2024 by Dow Jones
  Companies Mentioned: YJ

• Yunji Announces Third Quarter 2024 Unaudited Financial Results, from 5:00AM ET on Thursday Nov 21, 2024 by Dow Jones

  5:00AM ET on Thursday Nov 21, 2024 by Dow Jones
  Companies Mentioned: YJ
  net 628 509 73 (2,436) 627 89 --------- --------- -------- --------- --------- -------- Loss before income tax expense, and equity in loss of affiliates, net of tax (31,621) (28,993) (4,133) (87,801) (33,373) (4,758) Income tax expense (1,116) (348) (49) (6,523) (1,641) (234) Equity in loss of affiliates, net of tax (2,059) (704) (100) (4,945) (3,063) (437) --------- --------- -------- --------- --------- -------- Net loss (34,796) (30,045) (4,282) (99,269) (38,077) (5,429) Less: net loss attributable to non- controlling interests shareholders (1) (19) (3) (2) (20) (3) --------- --------- -------- --------- --------- -------- Net loss attributable to YUNJI INC. (34,795) (30,026) (4,279) (99,267) (38,057) (5,426) --------- --------- -------- --------- --------- -------- YUNJI INC. 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 Nine Months Ended ------------------------------------------- ------------------------------------------- September 30, September 30, September 30, September 30, 2023 2024 2023 2024 ------------- ---------------------------- ------------- ---------------------------- RMB RMB US$ RMB RMB US$ Net loss attributable to ordinary shareholders (34,795) (30,026) (4,279) (99,267) (38,057) (5,426) ============= ============= ============= ============= ============= ============= Net loss (34,796) (30,045) (4,282) (99,269) (38,077) (5,429) Other comprehensive income/(loss) Foreign currency translation adjustment 3,424 (8,290) (1,181) 32,480 (4,169) (594) ------------- ------------- ------------- ------------- ------------- ------------- Total comprehensive loss (31,372) (38,335) (5,463) (66,789) (42,246) (6,023) Less: total comprehensive loss attributable to non-controlling interests shareholders (1) (19) (3) (2) (20) (3) ------------- ------------- ------------- ------------- ------------- ------------- Total comprehensive loss attributable to YUNJI INC. (31,371) (38,316) (5,460) (66,787) (42,226) (6,020) ============= ============= ============= ============= ============= ============= Net loss attributable to ordinary shareholders (34,795) (30,026) (4,279) (99,267) (38,057) (5,426) Weighted average number of ordinary shares used in computing net loss per share, basic and diluted 1,966,929,108 1,967,086,032 1,967,086,032 1,972,493,551 1,967,062,401 1,967,062,401 ------------- ------------- ------------- ------------- ------------- ------------- Net loss per share attributable to ordinary shareholders Basic (0.02) (0.02) - (0.05) (0.02) - Diluted (0.02) (0.02) - (0.05) (0.02) - YUNJI INC. NOTES TO UNAUDITED FINANCIAL INFORMATION (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months For the Nine Months Ended Ended ----------------------- ---------------------- September September September September 30, 2023 30, 2024 30, 2023 30, 2024 --------- ------------ --------- ----------- RMB RMB US$ RMB RMB US$ Share-based compensation expenses included in: Technology and content 610 278 40 1,153 1,101 157 General and administrative 63 162 23 126 610 87 Fulfillment 76 21 3 (2,571) 57 8 Sales and marketing 95 35 5 (474) 79 11 --------- ---- ------ --------- ----- ---- Total 844 496 71 (1,766) 1,847 263 ========= ==== ====== ========= ===== ==== YUNJI INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended For the Nine Months Ended ------------------------------ ----------------------------- September September 30, September September 30, 30, 2023 2024 30, 2023 2024 ----------- ----------------- ---------- ----------------- RMB RMB US$ RMB RMB US$ Reconciliation of Net Loss to Adjusted Net Loss: Net loss (34,796) (30,045) (4,282) (99,269) (38,077) (5,429) Add: Share-based compensation 844 496 71 (1,766) 1,847 263 ----------- -------- ------- ---------- -------- ------- Adjusted net loss (33,952) (29,549) (4,211) (101,035) (36,230) (5,166) =========== ======== ======= ========== ======== ======= 1. This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.0176 to US$1.00, the exchange rate in effect as of September 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. 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 Yunji's platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. 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 September 30, 2024, Short-term loan receivables of amount RMB101,652 were included in the prepaid expenses and other current assets balance, which represent the principal and interest to be collected on loans provided by the Group to third-party companies. 5. In June 2024, the Company won the bid for a parcel of land located in Xiaoshan District, Hangzhou, China, covering approximately 10 thousand square meters (the "Hangzhou Land Parcel") and entered into an agreement with the local government to acquire the land use right of the Hangzhou Land Parcel for an aggregate consideration of approximately RMB171.5 million. In July 2024, the Company obtained the certificate of the land use right and carried the land use right at cost less accumulated amortization and impairment losses, if any. The Company intends to construct a new office building on the Hangzhou Land Parcel to use it as its new headquarters and also lease offices to external parties. The total amount for the land acquisition and office building construction is expected to be approximately RMB600.0 million. The Company intends to fund the land acquisition and building construction through cash on hand and bank financing. 6. As of September 30, 2024, the decrease in incentive payables was mainly due to derecognition of long-aged payables to inactive members. 7. The Group, as one of the five co-defendants, was involved in an on-going legal proceeding that arose in the ordinary course of business (the "Case"). The plaintiff sought monetary damages jointly and severally from all co-defendants and the amount involved was approximately RMB23.1 million. On September 30, 2024, the Guangzhou Intermediate People's Court concluded the appeal trial of the Case. The court's ruling determined that the Group bore no additional liabilities beyond the outstanding accounts, including interests and fees, payable to the plaintiff. As of the date of this earnings release, the payment has been settled in full.